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Yes. A lot of people focus on the Iran war right now, which is clearly having a big impact on the price of oil up and down 5% based on Trump's tweets.

But if you look at the longer-term picture, there are a couple of things. First, global underinvestment for the last 10-15 years in the sector, particularly E&D. So the reserve life of most of the global players is much lower than long-term averages. Increased E&D bodes well for spot demand balance going forward.

Secondly, the oil patch in Western Canada has really found religion in fiscal discipline. Companies are spending within their capex budgets. Also new-found enthusiasm for returning capital to shareholders -- paying down debt, share buybacks, or healthy dividends.

Because Canada can boast longer reserve life assets, our companies are very attractive. Most of the Canadian industry trades at a significant discount to global peers. Canada has not only better assets, but they're cheaper. Eventually people will realize that, and we should see more $$ flowing into Canada.

It'll be at least 12-18 months before we see things coming back to normal. We lost close to 1B barrels of production. A lot of places like the Philippines, which had to ration, are thinking about instituting a strategic reserve. Even Doug Ford was talking about it for Ontario. Damage to facilities will take some time to come back online as well.

He thinks the market's gotten ahead of itself with WTI down to $75 again today. He's looking at $80 for the second half of this year and the rest of 2027.

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%.

One of the leaders in horizontal drilling, and a great play on that. Valuation is 3-3.5x, pretty attractive. Small name at ~$500M market cap. Great story, take a look at it. Yield is 7.5%.

Yield is a bit lower than some of the others. Results were largely in line, market reaction may just be due to whipsawing from Iran war. As well, not immediately proceeding with an expansion. Still a very good name, though he owns PPL for its size and growth.

Any of Canada's 4 major pipelines are good investments for the long term.

Largest independent gas storage company in NA. Facilities in Alberta and California. Analysts recently questioned whether California's going to be able to have positive growth. His view is that there's still enough growth in this company. 

He likes that they can take advantage of volatility in nat gas pricing. This storage is needed, especially as LNG facilities become more prevalent. Sold off, now trading 8-8.5x EBIT/EBITDA. Good time to buy more, as it's out of favour. Likes the yield and the growth.

27% gas, the rest is oil. Now the 5th largest oil producer in Canada. Market cap of $20B. Extremely well run. Lots of contiguous land, long reserve life. Probably one of the strongest takeout candidates. Trades ~5x cashflow, with considerable upside. 

With ARX being taken out, more institutions will be interested. Yield is 4.6%.

Great company. Sold Ranger asset disliked by the market, used proceeds to pay down debt. Sitting on $500M in cash. Now focused on Western Canada. Added light oil to its heavy oil assets. Buying back shares aggressively. Reasonable yield of 1.2-1.3%.

About 2 years ago (and updated recently), his firm analyzed who was/was't investing in Canadian oil and gas. It was very clear that pension funds were not investing. His own view is that the Canadian pension fund model chooses "exciting" investments to visit around the world than solid investments "just down the street". Politics also comes into it.

The oil & gas sector is the most productive one in our country. When we talk about the productivity issues that Canada has, putting $$ into our most productive sector is how to stimulate our economy.

His team also looked at the 10 most actively managed funds in Canada. Two years ago, those funds had 6% energy exposure, now up to 10%. Getting better, but still massively underweight compared to the index weighting of 18%.

Because of the size of the pension funds compared to the rest of the market, they can really only invest in the top 5 or 6 names. There's a big gap in investing in companies whose market cap is less than $10B.

The banks aren't big players in the oil patch either. Average size of a Big 6 bank energy fund is $139M, average exposure to Canadian energy is only 27%. The bulk of them are invested in gold super majors and the big 6 Canadian energy names. 

No one's looking at the tier below the $10B mark, and that's what his new ETF (COIL) is trying to take advantage of.

Midcaps become successful by doing one thing and doing it well. This name has assets in Europe, Australia, and Western Canada. Not focused. Cheap valuation, but he's not interested until they sort that out.

Unusual hybrid of royalties plus long-term energy infrastructure assets. Royalty portfolio is very concentrated. Very well managed, and management is well connected. Exposure to the Clearwater, one of the most prolific basins in Western Canada. 

Royalties always look expensive on a valuation basis, but one analyst has pegged it at a 7.5% FCF yield. Royalty structure makes it relatively conservative. Yield is ~5%.

A pure play on the Clearwater, one of the most productive basins in all of NA. Paybacks of less than a year on its wells. Waterflooding keeps going from strength to strength. Great long-term story. Stick with it.

Very gassy company, as his team isn't fond of Canadian nat gas on fundamentals. Well run. Quite aggressive capex program, not approaching new-found fiscal discipline of peers. Good company, just not his cup of tea.