Episode Details

On this episode of In the Money with Amber Kanwar, Amber sits down with Josh Young, founder of Bison Interests, for a sharp, high-conviction conversation on the state of oil and gas investing. Based in Houston, Texas, Josh is a U.S. energy investor with a soft spot for Canadian oil and gas names. From small-cap bargains to activist shakeups, mergers, and Josh’s contrarian take on the oil cycle—this episode is a must-watch for investors looking to find value where others see risk.

Josh fields mailbag questions on some of the most closely watched names in energy. He breaks down why Whitecap’s (WCP) U.S. listing debate matters, Strathcona’s bid for MEG Energy (SCR, MEG), and why Canadian Natural Resources (CNQ) could be a surprise buyer. He compares CNQ and Suncor (SU), weighing their capital discipline and reserve outlook, and also takes a question on Cenovus (CVE)—where he doesn’t rule out the potential for activist involvement given its underperformance. Josh also shares his thoughts on Baytex (BTE), SandRidge (SD), and more.

In Pro Picks, Josh reveals he’s active in Journey Energy (JOY), which he believes holds major untapped value in conventional oil assets, power generation, and Duvernay shale. He sees Ensign Energy Services (ESI), which is backed by CNQ’s Murray Edwards and Prem Watsa’s Fairfax, as a misunderstood deep-value play, and he highlights Vital Energy (VTLE), a Permian name whose stock has been unfairly punished despite improved operations.

Timestamps

00:00 Show intro and why Josh has a soft spot for Canadian energy
03:20 Why U.S. and Canadian valuations look similar right now
04:45 How much risk tolerance do you need to be invested in this space?
07:20 How much M&A does Josh expect in the sector?
09:45 Is institutional money coming back into the space?
11:50 What does Josh think about Mark Carney and what he means for the sector?
13:40 Josh’s contrarian view on the oil price and why he thinks it’s going higher
18:40 What about the Saudis and OPEC? Is this a price war?
21:30 As an investor how does Josh think about Canada’s wildfires
24:45 Josh’s approach to finding oil & gas companies 

27:20 ITM Mailbag: Did Whitecap (WCP) talk about a U.S. listing when Josh met with them? And will the company cut its dividend?
32:50 Josh’s view on Strathcona’s (SCR) bid for MEG Energy (MEG) and who might step in with a richer price
39:00 Josh’s thoughts on a long-term price for Cenovus (CVE)
40:15 Josh’s thoughts on Suncor (SU) vs. CNQ
46:00 Will Baytex (BTE) ever recover?
49:00 Does Josh still like Sandridge? (SD.NYSE)

50:30 Josh’s Pro Picks 

Sponsors
This episode is sponsored by BMO InvestorLine. We all want to make the most of our investments. That’s why BMO InvestorLine is here. Start investing today with BMO InvestorLine. wealth.bmo.com/wealth/onboard/onlineinvesting/#/set-expectation?lang=en&ecid=pr-2886232INV1-JNBMO20

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial. Visit 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

questions@inthemoneypod.com

DISCLAIMERS 

The information provided in this podcast is for informa