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 Replacement Tool , and News and Insights under the Tools section at www. bmoetfs.com — perfect for analyzing your options, spotting trends, and building a portfolio that fits your goals and timeline. Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more information Links https://inthemoneypod.com/ https://instagram.com/inthemoneypod https://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@inthemoneypod
[email protected] 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:
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