TD’s Oil Picks Are Ready to Flow, If Carney Opens the Valves
TD Securities backs Imperial Oil, Athabasca Oil, and Strathcona Resources as Canada awaits Prime Minister Mark Carney’s new “major projects” announcement that could reshape the country’s energy future.
Editorial Team (ET)November 14, 2025
As Canada’s oil sector holds its breath for Prime Minister Mark Carney’s upcoming list of “major projects,” analysts at TD Securities are already placing their bets on which energy players stand to gain. With the announcement set for Thursday in Prince Rupert, B.C., the focus is squarely on one word that has defined Canada’s energy narrative for decades: pipelines.
For a nation rich in oil but constrained by infrastructure, the return of pipeline politics marks both an opportunity and a risk. TD’s latest research report doesn’t mince words—future profits will hinge on “takeaway capacity,” the industry’s ability to move crude efficiently from Alberta’s oil sands to overseas markets.
Pipeline Progress and Political Theater
Carney’s government has teased a “living list” of major infrastructure projects, following September’s first batch of fast-tracked proposals that included LNG Canada’s Phase 2, a small modular nuclear reactor, and several port and mining expansions. But the oil industry’s attention remains fixed on whether pipelines will make the cut.
When pressed about new projects during a recent Canadian Club event, Carney brushed off the question with characteristic wit, saying, “Don’t worry, we’re on the pipeline stuff. Danielle’s on line one,” referring to Alberta Premier Danielle Smith. The remark drew laughs, but behind the levity lies a tension that defines Canada’s energy future: the clash between political caution and industrial urgency.
