In the Money with Amber Kanwar · Sep 29, 2026 · 1h 5m · 44m saved
With David Szybunka, Senior Portfolio Manager and Managing Director, Energy Team, Canoe Financial
Canadian energy stocks are up nearly 30% since David Szybunka last appeared on the show in November, and oil producers are up 40%. He is now selling some of what worked.
Most investors are still watching the oil price and the large producers that led the rally. Szybunka is moving money into natural gas producers, mid-sized oil companies and oilfield services, which he says have not yet had their turn, and he expects a wave of takeovers to close the gap.
"Follow the cash and good things happen. That's the old rule in energy."
David Szybunka, Senior Portfolio Manager at Canoe Financial, on In the Money with Amber Kanwar, runs energy funds that held more than 90% Canadian stocks through the years when Canadian energy was unpopular, and is the largest institutional shareholder in Abaxx Technologies, a stake he called "an absolute home run."
The full interview is covered here so you can skip it. 65 minutes of audio, 21 minutes of reading.
Here are the 14 calls that matter.
Key Takeaways
Energy is still only 3.8% of the S&P 500, Szybunka said, so the sector has not had its big inflow of money
He is trimming what worked, such as large integrated oil companies, to buy unloved gas, mid-cap and services names
This oil shock lifted only near-term prices; the price for delivery 12 to 24 months out has barely moved, unlike the China-driven boom of the 2000s
North American gas is priced far below the $25 global price, and he says large gas reserves are mispriced
The largest gas producers are flat to down 20% this year
Industry cash flow is up and debt is down, which he expects to produce more mergers and acquisitions
Canada has under 15 energy companies worth more than $2 billion, against 30 at the last peak
Tourmaline's production went from 100,000 to 650,000 barrels a day after 2014, while its market value only went from $12B to $24B
Athabasca trades at 7 times against a peer group at 6, a gap he calls wrong for a company with 50 to 70 years of resource
The oilfield services cycle is only starting, driven by spending in the Middle East, Argentina and Venezuela
1. Six Years Into 15
The host opened by reminding Szybunka that in November he had said the sector was five years into a 15-year cycle. Since then, she said, the TSX energy index is up nearly 30% and oil producers are up 40%. She asked whether the best is still ahead.
Two new themes that will last for years
Szybunka said the sector is now about six years into the cycle. He named two themes that were not present at the last interview: geopolitical risk, with what he called the biggest energy shock since World War II, and electricity demand tied to AI and technology. He said both will last for quarters and years, and that the geopolitical risk does not go away just because traffic through the Strait of Hormuz returns to something like normal.
Still a small slice of the market
Energy was just over 3% of the S&P 500 at the last interview and is 3.8% now, Szybunka said.
"So it's still quite low and we haven't had our multi-year thematic day in the sun." — David Szybunka
