Alberta bank eyeing energy sector as ‘optimism’ mounts, new players emerge

After a years-long wave of consolidation in Canada’s oilpatch, the head of one Alberta bank says there’s a new generation of energy companies forming on the sidelines.

After a massive year of mergers and acquisitions for Canadian energy — totalling over $31 billion — smaller players are emerging in the wake, says Chris Turchansky, the chief executive of ATB Financial.

“After a cycle of consolidation, you see new companies start to form,” Turchansky said in an interview. “We’re in the early stages of that, which is really exciting for the energy sector.”

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More energy companies have approached the bank with new opportunities, he added, without being specific.

“They have boards of directors that have been through this before,” he said. “So we’re looking at those companies as this formation continues to happen, and see how we can step in to support.”

His remarks came as the Edmonton-headquartered bank reported its results for the most recent quarter, which show growing profits and more business from customers.

Since Turchansky took the helm at ATB in January, the sentiment around Canadian energy has shifted dramatically.

“We see a definite optimism on the energy side, and I think the price of (commodities) has definitely helped,” Turchansky said.

An effective closure of the Strait of Hormuz, a vital shipping artery for the world’s oil, has sent energy prices surging over the past several months. It’s also drawn renewed attention to Canada’s position as a secure, reliable supplier of crude.

At the same time, a landmark deal between Alberta and Ottawa that could send a new pipeline to the country’s west coast has also advanced significantly, but an exact route and proponent remain undetermined.

Although there is still more work ahead, ATB sees energy as a place of “tremendous” growth and it’s “excited to lean in” to the sector where possible, Turchansky said.

Real estate, agriculture and energy all contributed to profit growth in business banking at ATB, which totalled $75 million in 2026, a 29 per cent jump compared to April to June of last year.