Canada, the world’s fourth-largest oil producer, is advancing at least six crude oil export pipeline projects. According to Reuters calculations, these projects could add a combined 2.25 million barrels per day of export pipeline capacity by 2035, supporting higher oil exports and moving the country closer to Prime Minister Mark Carney’s “energy superpower” ambition.
Against this backdrop, Enbridge (TSX:ENB), Pembina Pipeline (TSX:PPL) and TC Energy (TSX:TRP) are drawing attention from income-focused investors.
| Project name | Added capacity (bpd) | Project status | Target in-service date |
| Enbridge Mainline Phase One Optimization | 150,000 | Approved | 2027 |
| Trans Mountain drag reducing agent project | 90,000 | Approved | 2027 |
| Enbridge Mainline Optimization Phase Two | 250,000 | Proposed | Undetermined |
| Trans Mountain Mainline optimization | 210,000 | Proposed | 2028 |
| South Bow/Bridger Prairie Connector | 550,000 | Proposed | 2028 |
| Alberta West Coast pipeline | 1,000,000 | Proposed | 2033–2034 |
| Total | 2,250,000 |
Enbridge operates more than 200 income-generating assets, with roughly 98% of earnings backed by long-term take-or-pay contracts and regulated assets. A significant portion of earnings is also protected by inflation-linked mechanisms, helping the company generate stable and predictable cash flow across different economic conditions. That financial resilience has allowed Enbridge to pay dividends for more than 70 years and raise its dividend for 31 consecutive years. The stock currently offers a dividend yield of 5.5%.
Enbridge is also advancing a $41 billion secured capital program to expand its asset base and meet growing demand for energy infrastructure and services, supported by rising oil and natural gas production across North America. These investments could boost cash flow, while the company’s strong financial position supports sustainable dividend payments.
Pembina Pipeline does not pay a monthly dividend, but at a 4.4% yield, a $5,000 investment would earn $53.66 quarterly, or about $17.88 on a monthly basis. The company has a solid balance sheet and multiple growth opportunities, providing essential energy infrastructure across Western Canada.
Pembina’s high proportion of contracted income supports its dividend. Over the next five years, major projects including LNG terminals, data centre powering and ethane extraction are expected to deliver mid-single-digit growth. The stock has recently pulled back by about 6%, which some investors view as an opportunity to start a position.
TC Energy owns and operates an extensive natural gas pipeline network across North America, along with a power generation portfolio of about 4.7 gigawatts of capacity. Around 98% of earnings come from rate-regulated assets and long-term take-or-pay contracts, making financial performance relatively resilient to commodity price fluctuations and broader economic conditions. The company has raised its dividend for 26 consecutive years and currently offers a forward yield of 3.96%.
Rising North American natural gas production continues to support demand for TC Energy’s infrastructure. The company has $2 billion in projects already in service and another $3.5 billion expected to come online this year, with about $20 billion in its development pipeline. TC Energy expects adjusted EBITDA of $12.6 billion to $13.1 billion by 2028, with the midpoint implying an annualized growth rate of 5.4%.
