This week on In the Money with Amber Kanwar, Canoe Financial’s
David Szybunka makes a bold call: we’re only in year 5 of a
15-year bull market for energy. David explains why the last three
years were just a “digestive phase,” why energy stocks are
quietly outperforming even with $60 oil, and why he sees the
cycle shifting from disbelief to the early stages of optimism. He
breaks down the flows, the fundamentals, and the global capital
piling back into Canadian energy—from private equity to pension
funds to supermajors—regardless of the prevailing political
narrative. The message is clear: scarcity is real, capital is
returning, and the setup only gets stronger from here.
From there, Amber and David dig into the mailbag, tackling names
investors are debating right now. They break down Whitecap (WCP)
and its growing dividend strategy, ABEX Technologies (ABXX) and
the structural LNG shift behind its explosive run, South Bow
(SBOW) and whether its high yield signals opportunity, ARC
Resources (ARX) and what the market misunderstood about Attachie,
Athabasca (ATH) and whether its surge puts it in takeover
territory, and Imperial (IMO), whose refining strength has driven
massive outperformance versus the rest of the sector.
The conversation then rolls seamlessly into David’s Pro Picks,
where he lays out how he’s positioning for the next leg of the
cycle. He highlights why CES Energy Solutions (CEU) is a
mispriced, market-share-gaining service company that doesn’t need
higher oil to re-rate; why he thinks investors should own
Clearwater names—Tamarack Valley Energy (TVE) and Headwater
Exploration(HWX)—given fast payouts, reservoir enhancements, and
long free-cash runways; and why PrairieSky (PSK) and Topaz (TPZ),
two of the sector’s premier royalty plays, remain undervalued
compounders that bring stability and upside to an energy
portfolio. He closes with Tourmaline (TOU), making the long-term
gas case and explaining why it’s the kind of stock where
long-horizon investors could “park capital and wake up rich.”
If you want to understand where the energy cycle is really
headed—and why David believes the biggest gains are still
ahead—this episode connects every dot.
Timestamps
00:00 Show intro
02:05 Who is David Szybunka?
04:10 How does David continue to outperform?
06:45 We’re year 5 of a 15-year energy bull cycle
10:00 Why are the stocks doing better than the commodity right
now?
12:30 Politics and the 15-year bull market. It’s more than just
policy
18:10 Price drives sentiment. How long does the Capex cycle in AI
last?
20:30 Is ESG dead?
22:40 M&A in energy
27:50 ITM Mailbag: Whitecap Resources stock (WCP)
30:00 Abaxx Technologies stock (ABXX.NE)
34:30 Southbow Corp. stock (SOBO)
35:50 Arc Resources stock (ARX)
37:50 Athabasca Oil chart (ATH)
40:15 Imperial Oil stock (IMO)
45:50 David’s Pro Picks (CEU, TVE, HWX, PSK, TPZ, TOU)
Sponsors
For 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.
The mailbag is brought to you by BMO ETFs. If you're a DIY
investor looking to take control of your portfolio, BMO ETFs
makes it easy.
Check out the ETF Compare Tool, Stock
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DISCLAIMERS
The information 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
consult with a qualified financial advisor or professional before
making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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