West Coast Pipeline Developments Align with Our Sector Investment Thesis

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West Coast Pipeline Developments Align with Our Sector Investment Thesis

TD SECURITIES INC. - CANADA QUICK TAKE: INDUSTRY UPDATE

July 3, 2026

■Canada: Energy Infrastructure West Coast Pipeline Developments Align with

Our Sector Investment Thesis

Aaron MacNeil, CA^ THE TD COWEN INSIGHT

403 292 1222

This announcement validates the industry thesis we outlined in our recent Ahead of the Curve

aaron.macneil@tdsecurities.com

report: Energy Opportunity Amid Global Conflict: Can Canada Meet the Moment? The use of

Mark Newson, CFA^ Trans Mountain as lead proponent materially de-risks a potential positive FID, while reinforcing

403 299 3207 our view that owning the indirect beneficiaries of new egress remains the preferred way to

mark.newson@tdsecurities.com

gain exposure to this theme.

Ben Fullarton^

416 308 8209 Event: The federal and Alberta governments, alongside Trans Mountain Corporation and

ben.fullarton@tdsecurities.com Pembina, announced the submission of a proposed ~1mmbbl/d West Coast crude oil pipeline

to the Major Projects Office.

Impact: POSITIVE

Details: The proposal contemplates a new crude oil pipeline from Alberta to the West Coast

utilizing the existing TMX corridor. Trans Mountain Corp. (TMC) would serve as lead proponent

and be responsible for permitting, stakeholder engagement, construction, and operations.

The project is being advanced through a partnership involving the Federal and Alberta

governments, Pembina, and Indigenous stakeholders.

This Announcement Reinforces Our Industry Thesis to Own the Indirect Beneficiaries

of Egress Expansions: In our recent Ahead of the Curve report, we argued that investors

need not underwrite a specific mega-project outcome to benefit from a more constructive

outlook for Canadian energy infrastructure.