5 Top Canadian Oil and Gas Dividend Stocks in 2025

Dividend yield: 10.6 percent
Debt-to-equity ratio: 0.08
Market cap: C$1.08 billion

Cardinal Energy is an oil-focused company with operations centered on low-decline light, medium and heavy oil in Alberta and Saskatchewan, Canada. It also produces liquid and conventional natural gas.

The company reported that its Q3 2024 production decreased by 3 percent from the previous quarter to 21,128 barrels of oil equivalent per day (boe/d) "as planned Company owned and unplanned third-party facility turnarounds impacted the third quarter production."

Cardinal Energy pays a monthly dividend of C$0.06 per share. Its January dividend will be paid on February 18, 2025, to shareholders of record as of January 31.

Dividend yield: 10.11 percent
Debt-to-equity ratio: 0.2
Market cap: C$160.41 million

InPlay Oil is an oil and natural gas company with operations concentrated in West Central Alberta. In its financial and operating highlights for the period ending September 30, 2024, the company reported that its average production for the quarter came in at 8,206 boe/d, down from 8,657 in the prior quarter due in part to shut-ins on natural gas production with the plan of bringing it online during the winter season, which sees higher prices.

InPlay pays a monthly dividend of C$0.015 per share. It will pay its next dividend on January 31, 2025, to shareholders of record as of January 15.

Dividend yield: 8.33 percent
Debt-to-equity ratio: 0.2
Market cap: C$180.16 million

Petrus Resources has developed an extensive inventory of low risk oil and natural gas development assets in Alberta. Its operating areas are Ferrier, North Ferrier and Thorsby. For the period ending September 30, 2024, the company reported average production of 9,215 boe/d, a 3 percent drop from production reported in the previous quarter due to scheduled maintenance and "strategic shutins due to low natural gas prices."

Petrus Resources began paying dividends in Q4 2023 and pays a monthly dividend of C$0.01 per share. The company will pay its next dividend on January 31, 2025, to shareholders of record as of January 15.

Dividend yield: 8.18 percent
Debt-to-equity ratio: 0.31
Market cap: C$613.33 million

Surge Energy is an oil-focused exploration and production company with assets in two of Canada's premiere conventional oil growth plays: Sparky and SE Saskatchewan. In its financial and operating highlights for the period ending September 30, 2024, the company reported that in Q3 average production increased from the previous quarter to 23,795 boe/d.

Surge Energy pays a monthly cash dividend, which it raised from C$0.04 to C$0.043 per share in June 2024. On February 18, 2025, the company will make its next dividend payout, which will be made to shareholders of record as of January 31.

Dividend yield: 7.78 percent
Debt-to-equity ratio: 0.5
Market cap: C$3.36 billion

Last on this list of top Canadian oil and gas dividend stocks is Peyto Exploration & Development, which conducts unconventional natural gas exploration, development and production in the Deep Basin in Alberta. The company reported that its Q2 2024 production volumes averaged 120,031 boe/d, up 23 percent year-over-year, which it attributed mainly to the Repsol Canada Energy Partnership acquisition that closed in Q4 2023.

Currently, Peyto pays its shareholders a monthly dividend of C$0.11 per common share, and plans to make a dividend payout on February 14, 2025, to shareholders of record as of January 31.