David BurrowsTourmaline Oil CorpTOU.TOWAITAug 20, 2025

Her firm's replacement for ARX. Below $60 is a good time to buy. Largest nat gas producer in Canada, low cost. Nat gas prices are very low right now, but she's very positive on them in future.

About 80% gas, 20% oil. One of the big 6 names in Canada. Widely held, and by lots of institutions. ARX is being taken out, so this name is the last one standing that's predominantly gas. Very well run. Trades ~7x cashflow, fairly valued, not a lot of upside. Fairly heavy capex program.

Not a huge fan of Canadian nat gas, as pricing in Western Canada is atrocious. He's more favourable to Canadian oil. Dividend is ~3.5%.

A Hold right now. High-quality and diversified name, but premium valuation. Really exposed to Western Canadian gas prices and Pacific gas prices in the US. Both of those are under pressure, lots of inventory in storage.

He's long traded this. Its range is around $58 and $68 and that's where you trade it. You may buy it right now. Loves it. It's almost easy money.

Iran conflict prompted a lot of natural gas drilling in the US, and so the price collapsed. LNG Canada allows exports to higher-priced markets in Asia. New floating gasification plants will also add capacity. More upside. (You could take some of your oil profits and redeploy into gas names, which look really cheap.)

Her replacement for ARX, which is being bought by SHEL. Lots of upside with potential LNG expansion. Real disruption of supply with the Strait of Hormuz. Other countries are looking to our safe jurisdiction. 

Good management team, great assets. Yield is 3.28%. 

It's the biggest Canadian natural gas driller, but hasn't benefited from the US-Iran war, because North American nat gas prices have held (can't ship it abroad). TOU is managed well. They're building their infrastructure to lower the cost of the gas fields and this coincides with higher nat gas prices. Free cash flows will spike as capex falls and LNG contracts kick in.

The best-run natural gas play in Canada. The stock is volatile, so you can trade it.

Paying you really well to wait. At the time, he bought it for the nat gas market finally turning; all those catalysts are still in place. Still cheaper than it ought to be. Not an "if" story, just a matter of time. Sit and enjoy your dividend; will start to work probably in the not-too-distant future.

All energy stocks have come off because we've had (cynically) a "peace scare" in the Middle East. This company's big thing is natural gas, and he likes that. Energy sector will continue to be robust.

Also likes, and owns, CVE and PPL.

The US-Iran war changed the LNG world, given the Strait of Hormuz closure. This gives Canada a huge opportunity. TOU already supplies US producers.

He likes energy stocks. It's rangebound between $58 to nearly $70. So buy and sell at the bottom and top of this range. He collects the dividend.

Never discount the important of dividends to your total return! Underwhelming, while a lot of other energy stocks have really taken off. Has "oil" in its name, but it's actually Canada's largest nat gas producer. SHEL acquisition of ARX was a watershed moment in the Canadian oil patch and, in particular, nat gas.

Still grossly undervalued.

Exporting through LNG Canada to capture Asian pricing for nat gas is going to be big.

Like both, but TOU has been sideways, because they are investing in capex, but turning back to shareholder returns. So, TOU should return to vogue. TVE has been a tear lately but trades at 11x forward PE with good growth. TVE will be a little more volatile.