Canada has spent years talking about its energy potential. Adam
Waterous thinks the country is finally ready to realize it.
In the third episode of our special summer innovation series, Can
Canada Meet the Moment?, host Amber Kanwar sits down with Adam
Waterous, CEO & Managing Partner of Waterous Energy Fund, to
discuss why he believes Canada has a once-in-a-generation
opportunity to become a global energy superpower.
Waterous lays out his “down five, up five” thesis: over the next
decade, he expects U.S. oil production to fall by roughly five
million barrels a day while Canada has the potential to add five
million—doubling its production and putting it in a position to
compete with Saudi Arabia as one of the world’s largest oil
producers.
But getting there won’t be simple. Waterous breaks down the
compromises behind Canada’s new energy ambitions, why the public
sector is taking a bigger role in pipeline development, the
regulatory and tax hurdles still facing producers, and what needs
to happen to attract investment and actually fill those
pipelines. He also explains why he believes the shift could be
transformational for the Canadian economy and fundamentally
change Canada’s leverage with the United States.
Plus, Waterous discusses how he’s positioning his own companies
for this new era, why long-life oil assets matter, what he looks
for when buying energy assets, and where he sees opportunities
after years of consolidation.
Can Canada meet the moment? Waterous is unequivocal: he believes
Canada’s position in the world has never been stronger.
This interview was recorded during the Calgary Stampede, prior to
Greenfire Resources announcing its $1.28-billion cash deal to
acquire privately held heavy oil producer Connacher Oil and Gas
Ltd on July 13, 2026.
Timestamps
00:00 Intro and sponsor message
02:44 Canada’s energy moment
03:23 The “down five, up five” thesis
06:46 The GDP impact of growth
08:03 The federal shift on energy
13:37 Public vs. private sector paths
17:09 Pipeline economics explained
23:09 Carbon tax and production incentives
28:33 Will investors come back?
31:26 Why U.S. energy is vulnerable
33:27 How he values assets
35:25 Why scale matters in oil sands
38:15 Greenfire and the neighborhood strategy
41:51 Can Canada meet the moment?
Sponsors
This show is brought to you by Forum Asset Management, presenting
sponsor of our Innovation Special: Can Canada Meet the Moment.
Learn more at https://forumam.com.
Thank you to our partners at ATB Financial. ATB Cormark
Capital Markets is a leading North American investment firm
providing holistic corporate and capital markets advice and
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For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Thank you to our partners at Hamilton ETFs. For more information
visit https://hamiltonetfs.com
Support for this podcast is brought to you by EQB – the company
behind EQ Bank, Canada’s Challenger Bank. For more information
visit https://https://www.eqbank.ca/
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DISCLAIMERS
The content provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
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making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and
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