Episode Details

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)

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