Equity Research Associate – Oil and Gas

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TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs.

As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.

Job Description:

TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience.

With more than 6,900 professionals operating out of 32 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions. In 2023, we acquired Cowen Inc., offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise, while growing our strong, diversified investment bank.

We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.

The TD Securities provides equity sales, trading, research, underwriting and distribution from offices in Canada and the U.S.
As an Associate in Equity Research (Large Cap Oil and Gas), you will work directly with an equity research analyst on the daily publication of company and industry research reports. You will hone research skills, gain detailed understanding of the sectors covered, and obtain insight into the institutional equity business.

Some of the accountabilities are as follow (but not limited to):

• Lead and maintain advanced financial models for Oil & Gas companies, including full operating models, NAV/SOTP valuations, decline-curve analysis, type-curves, and commodity price sensitivity frameworks.
• Analyze upstream, midstream, and integrated operator data: production trends, well performance, drilling programs, capital efficiency, reserve updates, and cost structures.
• Monitor and interpret key industry catalysts such as commodity price trends, storage data, M&A, regulatory developments, project milestones, and capital allocation strategies.
• Prepare high-impact written research including earnings previews/reviews, deep dives, primers, and thematic reports as necessary.
• Deliver differentiated insights to institutional clients, explaining valuation drivers, operational assumptions, and market implications.
• Manage the full earnings process—model updates, monitoring disclosures, synthesizing results quickly, and preparing internal and external deliverables.
• Conduct primary research through expert calls, discussions with management, engineering discussions, field visits, competitive benchmarking, and analysis of regulatory/industry filings as required.
• Collaborate closely with the senior analyst, sales, trading, corporate access, and other business partners support marketing efforts and client engagement.
• Mentor and support junior team members, ensuring consistency in modeling standards, data integrity, and quality of written work.
• Ensure full compliance with regulatory research rules and policies.

Job Requirements:

• 2+ years of experience in Equity Research, Investment Banking, Corporate Finance, Engineering, or another analytically intensive role; Oil & Gas experience strongly preferred.
• Deep understanding of business models across upstream, midstream, or integrated subsectors.
• Advanced financial modeling skills, including DCF/NAV valuation, operating model construction, scenario analysis, and strong fluency in Excel.
• Strong ability to interpret operational data—production profiles, drilling design, capex programs, well-level economics, reserves, and corporate disclosures.
• Exceptional written and verbal communication skills with the ability to produce client-ready research under tight deadlines.
• High comfort with data tools such as Bloomberg, FactSet, Drillinginfo.
• Ability to work independently, manage complex workflows, and take ownership of research outputs with minimal supervision.
• Strong commercial instincts, with confidence interacting directly with institutional clients and sales on models, assumptions, and investment views.
• Detail-oriented, intellectually curious, and committed to producing high-quality analytical work.

Education:

• University degree in Finance, Accounting, Engineering, Economics, or related field.

#LI-onsite

Who We Are:

TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience. With more than 6,500 professionals operating out of 40 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions. In 2023, we acquired Cowen Inc., offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise, while growing our strong, diversified investment bank. We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.

Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical, and mental well-being goals. Total Rewards at TD includes a base salary, variable compensation, and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off, banking benefits and discounts, career development, and reward and recognition programs. Learn more

Additional Information:
We're delighted that you're considering building a career with TD. Through regular development conversations, training programs, and a competitive benefits plan, we're committed to providing the support our colleagues need to thrive both at work and at home.

Please be advised that this job opportunity is subject to provincial regulation for employment purposes. It is imperative to acknowledge that each province or territory within the jurisdiction of Canada may have its own set of regulations, requirements.

Colleague Development
If you're interested in a specific career path or are looking to build certain skills, we want to help you succeed. You'll have regular career, development, and performance conversations with your manager, as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities. Whether you have a passion for helping customers and want to expand your experience, or you want to coach and inspire your colleagues, there are many different career paths within our organization at TD – and we're committed to helping you identify opportunities that support your goals.

Training & Onboarding
We will provide training and onboarding sessions to ensure that you've got everything you need to succeed in your new role.

Interview Process
We'll reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.

Accommodation
Your accessibility is important to us. Please let us know if you'd like accommodations (including accessible meeting rooms, captioning for virtual interviews, etc.) to help us remove barriers so that you can participate throughout the interview process.
We look forward to hearing from you!

Language Requirement (Quebec only):