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Absolutely. We're in a structural bull market for natural gas, and AI is certainly part of the reason. There's massive demand by the hyperscalers for power needs today. Certainly nuclear will be part of the mix, and that rollout will be measured in decades.

Natural gas has really gone from being a bridge fuel to the fuel. Not just for data centres and AI, which he thinks will be about 10B cubic feet a day of increasing demand by 2030. What really excites his team in the here and now is the meaningful increase in LNG demand both in Canada and in the US. It's a very visible, measurable, high-confidence increase in demand.

At the same time, the cost of supply has gone up over recent years. It's roughly $4. At this price, companies are trading at 11-14% free cashflow yield. Natural gas is very attractive right now. He has roughly 70% equity exposure to nat gas producers.

Yes. It took us longer to build our first LNG facility than it took the US to land a man on the moon. Things take longer in Canada than in almost any other investible jurisdiction in the world.

No. The budget was nonsense. It was a lot of talk, and we have yet to see action. Still waiting for this government to recognize the importance of even just the oil industry to Canada. It's 20% of all of Canadian exports, by far our biggest product at $100B.

We'll run out of oil pipeline by about 2031. The importance of this is that it will cost producers roughly $12-13B per year. With a trickle-down impact on taxes and royalties. Though there's this grand deal between the feds and the provinces, we really need results very soon. It takes about 8 years to build a new pipeline, though it can be done much faster when there's a national will and urgency to get something done. 

Huge announcement last week of divesting in US to focus on Canada. As a result, will have ~$900M net cash. He expects lion's share to be used for share buybacks. Mispriced. One hindrance is less inventory depth compared to Canadian names in the patch. So for now, deserves its discount.

He's a bit hesitant on the price of oil. Prefers natural gas.

Poor performer. Poster child of a US mid-cap oil company, when all anyone wants to buy is bitcoin or NVDA. Actively buying back stock. Operationally doing just fine. Better-than-average inventory depth. Trades at 3.3x cashflow, very cheap.

No one cares about energy on the S&P. Can't see how this name could outperform. Consider using it for tax-loss selling. See his Top Picks for a place to put the proceeds.

Massively buying back stock. Roughly 70+ years of stay-flat inventory. Plus, has probably benefited from sellers of MEG looking for a similar name. Bit of a premium valuation at 8.2x forward cashflow. Sees meaningful long-term upside, especially with his prediction for $80 oil.

Sees $80 oil before too long. Demand coming in much stronger than consensus believes. Everyone's expecting the largest supply-driven glut in history, but he doesn't see that. Marginal increase in barrels from US shale is coming to an end. Believes OPEC has fully normalized its spare capacity.

Sentiment is uncertain in the short term. At some point in 2026, people will look beyond that to a world where we've run out of OPEC's spare capacity, we've lost the largest source of incremental barrels, and the IEA just revised peak demand to 2050 and beyond.

Liquidity challenges. Failed takeover of MEG was a bid to improve that much faster. Better names to invest in based on premium valuation, leverage, and asset quality.

It's really a total return name -- you get organic growth, re-contracting, plus the dividend. So the total return is roughly 15%. We keep talking about increasing demand for nat gas, but there's been no increase in storage. Can take advantage of increased demand, which means increased pricing. He took profits, as it trades a little thinly for him. 

Intriguing name. Hold, collect the dividend, and let it ride. Yield is ~5%.

Tremendous respect for the company and management. Fairly valued right now. Barring some geopolitical event, such as Ukraine striking actual production facility in Russia, he's challenged to see oil spiking over the short term. 

Trades at 8.4x cashflow, 7.5% forward FCF yield, yield of 5%. Everyone's been hiding out here, but eventually people want to go down-cap when oil starts to recover.

Tremendous respect for the company and the CEO. Fairly valued right now, though multiple is a bit less than CNQ. Barring some geopolitical event, such as Ukraine striking actual production facility in Russia, he's challenged to see oil spiking over the short term. No reason to own right now.

See his Top Picks for a name that can make his clients more money.

Too much debt.

Good leverage to US natural gas. Meaningful call in natural gas growth in the US as demand grows.

Stumbled recently, so it was easy for people to take profits. Services sector is very tough. Homogenized service, and there are always a number of bad actors. You might have pricing power, but at the first whiff of a downturn someone cuts their price and you have to match it, so your margins go near zero.

(Acquired by CVE on 14 November 2025)  Such a special name, he's so disappointed to see it go. The takeover is symptomatic of a market where sentiment remains challenged, fundamentals and balance sheets are extremely strong, and US companies are coming to Canada and sniffing around.

His fear is that we're going to lose even more of the best companies near the bottom of the cycle.