Cenovus Energy (CVE.TO)

Has downstream refining, but she's indifferent to its necessity in a company. Paid off debt from MEG acquisition faster than expected, now returning to 75% payout of FCF. Nothing wrong with it, especially in the current environment. But her favourite is CNQ.

Likes it a lot, one of the best in the business. Great run, more to go. You have to be a bit cautious because it's run so hard. Last quarter was great, continues to do really well. Nice balance of assets, including refining (which not every company has).

A lot of oil companies have fallen since the highs of March/April. He added a new, integrated name (CNQ) just this morning -- chart's more attractive, price bouncing off 200-day MA. CNQ is higher quality than CVE.

CVE is not quite there yet, as it's closing in on its 100-day MA.

All energy stocks have come off because we've had (cynically) a "peace scare" in the Middle East. Energy sector will continue to be robust.

Also likes, and owns, TOU.

Lightened up a bit after the runup. Price of oil will come down, but the bigger question is where will it level out? A hard one to gauge, but his sense is that it will take longer to get supplies out. (He's not a big believer in the pending agreement yet.)

In general oil isn't going back to where it was, and these stocks will be pretty good buys. One of the best oil-levered plays. MEG purchase was brilliant.

He trimmed a bit. Firing on all cylinders. Refinery margins have been astronomical compared to recent history. Still quite a bit of upside. Still undervalued, even if oil stays here or goes a bit lower.

Set-it-and-forget-it way to get exposure to bullish oil thesis. New floor for oil is $80, and higher in years to come. Downstream exposure (refineries), with margins at record highs. Top decile oilsands assets. Another record quarter. Really likes management. Yield is 2.09%.

Higher energy prices should trickle down to its bottom line. Cashflow should increase, should start to pay down debt. MEG is a great asset. Lots of respect for it.

Discount to peers, mostly because of the MEG acquisition. Now has high debt load, and that will take a bit of time to work through. Long term, MEG will add synergies and volumes. OK buying here, but know that focus probably on reducing debt rather than on buybacks/dividends.

Extremely well run. He wouldn't hesitate to have a position in it.

He owns SU instead.

The war will eventually end and oil will resume flowing through the Strait of Hormuz. Meanwhile, the WTI-Brent oil spread will widen. Cenovus has very long-life assets in the Tar Sands, but also benefit huge from the refinery crack spreads.

Higher risk profile. Has come a long way in how assets are managed. An opportunity today if you believe energy prices will remain strong for a prolonged time. Be a bit careful. Dollar-cost average carefully.

CNQ tends to be his go-to producer in the Canadian energy patch.

At maximum weight in his fund. Most obvious Canadian large-cap name to own right now. Security of supply is the most paramount issue right now. Thinks it's a $50 stock at $80 oil; his own in-house estimates model $79.

Benefits from best rock in Canada and massive expansions in US refining.