The Trevor Rose Podcast

This episode we are joined by Mr. Will Ulrich - CEO of Presidio Production Company - a NYSE listed energy company with a market cap of ~$300 million. Will is co-CEO of Presidio since co-founding the company in 2017. He has over 18 years of energy experience and is focused on using technology and best practices to drive behavior change in the oilpatch. His mission is to create the industry's best return on capital employed by delivering the industry's lowest operating expenses, highest profitability and best emissions profile. He graduated from Harvard College with a degree in Economics and began his career as an investment banker at UBS. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp Bunch Projects STEP, Sanjel and Wayfinder - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro: What is Presidio Production? 01:21 Why buy wells instead of drilling them 05:59 From Harvard to Wall Street 08:19 Atlas Energy and the Cohen family 14:07 First deals: Midstates, Apache and Templar 20:08 How asset-backed bonds (ABS) work 26:50 Going public through a SPAC 32:11 Getting more oil out of existing wells 39:46 Using A.I. in the field 46:23 Oil and gas prices, M&A and Canada 51:47 Message to shareholders 2026 Support the show

This episode we are joined by Mr. Chris Carter - Managing Partner of NGP Energy Capital - a Dallas-based energy private equity firm that has invested since 1988 and raised over $25 billion in cumulative capital commitments. As Managing Partner, Chris oversees NGP's efforts in sourcing, structuring, executing and monitoring investments. He chairs the Investment, Investment Process and Monitoring Committees and is a member of NGP's Executive Committee. Chris joined NGP as an Associate in 2004. Previously, he was a summer Associate at McKinsey & Company and an Analyst with Deutsche Bank's Energy Investment Banking Group, where he focused on financing and merger and acquisition transactions. Chris received a B.B.A. and an M.P.A. in Accounting from the University of Texas at Austin in 2002, where he was a member of the Canfield Business Honors Program. He also received an M.B.A. from Stanford University Graduate School of Business in 2008, graduating as an Arjay Miller Scholar. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp STEP, Sanjel and Wayfinder - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro: What is NGP? 02:31 Fund 14's first close 11:23 Stanford, McKinsey and returning in 2008 20:15 Ken Hersh's lessons: management first 23:44 Skin in the game 26:02 Barclays, Carlyle and the 2025 restructure 30:08 The shale hangover and NGP's new model 36:20 The case for energy private equity 45:20 How NGP backs management teams 48:32 Why not PDP, and the Permian math 51:59 Finding good rock: Hibernia and Tap Rock 1:01:19 Underwriting, fund life and continuation vehicles 1:07:53 Investing in Canada 1:12:05 Listener question: ABS and private credit Support the show

Greetings & welcome back to the podcast. This episode we are joined by Terry Etam - energy executive, best-selling author of the The End of Fossil Fuel Insanity & contributor to the boereport.com Terry’s wide range of energy experience includes executive level positions , writing best selling novels & hands on experience in the field. You can find Terry's writing on the boereport.com as well as his personal website publicenergynumberone.com Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 00:40 Pacific Link: the $40B West Coast pipeline 04:05 Why Ottawa has to be involved 07:52 Northern Shield and the Prairie Connector 11:19 Pipeline announcements and the Alberta referendum 14:45 The Mackenzie Valley Highway problem 20:37 Wilkinson's 180 on peak oil 24:19 Gas prices, rail, and the carbon tax 32:27 Investors are coming back to Canada 36:54 Hormuz and the new oil price floor 47:06 Oil demand, supply, and listener questions Support the show

This episode we are joined by Mr. Adam Waterous - Executive Chairman of Strathcona Resources & Greenfire Resources - two TSX listed energy companies with market caps of ~$8 billion & ~$2 billion respectively. Mr. Waterous is also CEO of Waterous Energy Fund - a Calgary-based private equity firm with ~$3 billion under management. Prior to founding Waterous Energy Fund in January, 2017, Adam served as Global Head of Investment Banking and Head of Energy and Power, North America at Scotiabank, where he was responsible for all of Scotiabank's global Equity and Advisory activities and Scotia Waterous. Under Adam’s leadership from 2005 to 2016, Scotia Waterous was among the most active advisors in the oil and gas acquisition and divestiture market with transactions roughly evenly split between Canada, the United States and other countries. Adam co-founded Waterous & Co., a predecessor firm to Scotia Waterous, in September 1991 where he was a member of the firm's Executive Committee and the head of the firm. Scotia Capital acquired Waterous & Co. in 2005. Before co-founding Waterous & Co., Adam worked in the Mergers and Acquisitions department with First Boston Corporation in New York and in management consulting with McKinsey & Company in Toronto. Adam has been active in many industry, community, health, arts, and education organizations. In 2013, Adam was awarded the Queen Elizabeth II Diamond Jubilee Medal for his contributions to the community and, along with his wife Jan, the Queen Elizabeth II Platinum Jubilee Medal in 2022 for their work in advancing sustainable transportation solutions in their hometown of Banff. In 2017, Adam received the Lifetime Achievement Award from the Oil and Gas Council. Adam received the 2019 Lefaivre Award, presented to an individual each year by the United Way of Calgary for exceptional volunteer service and community involvement. Adam is a Member and serves on the Board of the Horatio Alger Society of Canada. Adam serves on the Advisory Board of the Fairfax Centre for Free Enterprise at Huron University. Adam is Executive Chairman of Waterous Energy Fund portfolio companies Strathcona Resources and Greenfire Resources. Adam holds an Honours Business Administration degree from the University of Western Ontario and a MBA from Harvard Business School. Being in the top five percent of his class at Harvard, he was designated a Baker Scholar. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 — Intro 01:24 — Why Adam bought Mt. Norquay 03:23 — Founding Waterous & Co. in 1991 07:35 — The first client: 1000 letters 13:11 — "Relationships will break your heart" 14:34 — What makes a deal work 20:07 — Access to capital and the returns record 23:47 — Three things the industry gets wrong 34:07 — Meota Central: modular SAGD build 39:01 — How Canada can 2x oil production 47:44 — The MOU: Who pays for the pipeline? 53:34 — Where does sidelined capital go? 58:33 — Questions from X Support the show

This episode we are joined by Mr. Travis Pace - CEO of Fortuna Operating - a private company that manages a non-op energy portfolio of ~30,000 boe/d on behalf of North Hudson Resource Partners - a private equity firm with ~$2 billion under management. Travis Pace serves as CEO of Fortuna Operating, which manages all non-op funds on behalf of Fortuna and North Hudson. Prior to Fortuna, Mr. Pace founded Corbin Development Group, LLC, a privately held non-op company where he built and led the successful exit of a non-op oil and gas portfolio in the Delaware Basin. Prior to that, Pace founded a financial and commercial advisory firm for large-scale natural gas infrastructure projects around the world. Mr. Pace holds an MBA and BA in English from Texas Tech University, and an MA in International Relations from the Fletcher School of Law and Diplomacy at Tufts University. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 00:09 Fortuna value proposition 02:54 Meeting Mark Bisso in 2017: How the North Hudson partnership works 08:04 Oil vs. gas mix 11:37 Fort Worth, Texas Tech, and buying Barnett leases at $200 a day 17:54 Selling Corbin Development Group 19:59 The non-op thesis 21:52 AFEs, drilling JVs & joint acquisitions 26:37 Fund mechanics: distributions & exits 41:52 The knock on non-op: paying for decisions you don't make 46:38 Why not just back operating teams directly? 49:12 Cygnet, Hawthorne and how Fund V rolled into HWN 1:00:31 Which basin excites Travis the most Support the show

This episode we are joined by Mr.Bobby Tudor - CEO of Artemis Energy Partners - and board member of Murphy Oil - a NYSE listed energy company with a market cap of ~$5.5 billion. Mr. Bobby Tudor is the founder and CEO of Artemis Energy Partners, an Investing and Advisory platform focused on companies involved in the Global Energy Markets. Mr. Tudor is also a Retired Founder and CEO of Tudor, Pickering, Holt & Co. Prior to forming TPH, Mr. Tudor was a Partner at Goldman Sachs and a leader of its worldwide Energy practice. Over his 30-plus year career in Investment Banking, he has worked on many of the defining transactions of the period, across most energy subsectors and geographies. Mr. Tudor lives in Houston with his wife, Phoebe. They have three children, Caroline, Margaret, and Harry. The Tudors are passionate supporters of the Arts, Public Education, Social Services, and Public Parks. Mr.Tudor chairs Greentown Labs and the Houston Energy Transition Initiative, and is past chair of the Greater Houston Partnership and Rice University's Board of Trustees. Mr. Tudor holds a BA in English and Legal Studies from Rice University, and a JD from Tulane. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 01:11 Basketball to Goldman Sachs 08:31 Becoming a Goldman Partner 17:16 Leaving Goldman to Build TPH 24:21 Winning the First Client 29:40 Breaking Into Calgary 34:39 Competing With Banks That Lend 39:36 Consolidation Over Growth 43:10 The SPR Is Running Dry 46:15 Canada Vs. Venezuela 49:57 Questions from X 53:25 Artemis & Energy Tech Support the show

This episode we are joined by Mr. Darcy Reding - CEO of Cavvy Energy - a TSX listed energy company with a market cap of ~$700 million. Mr. Reding previously served as the Vice President of Operations & Geoscience at NAL Resources Management until the acquisition by Whitecap Resources in Q1 2021. Mr. Reding has 35 years of energy technical and leadership experience that spans across the upstream and midstream segments at NAL and previously with Norcen Energy, Northrock Resources, Samson Exploration and Enterra Energy Trust. Mr. Reding graduated from the University of Calgary with a Bachelor of Science in Chemical Engineering and is a Professional Member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA). Among other things we learned about Building North America's #1 Independent Gas Storage Company. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 00:12 What Cavvy Energy Is & the $1,000–$1,100/Ton Sulphur Story 02:56 The Cavvy Rebrand: From Pieridae to Working Horses 04:36 The Goldboro LNG Story & Why It Died 07:09 Darcy's Path to CEO 10:04 Phase One to Phase Two: Debt Paydown & Growth Strategy 17:48 Sulphur 101: Why Cavvy Has So Much of It 35:53 Sulphur Pricing History & the 2026 Windfall 43:05 Locking In 2027: The $525/Ton Deal & What's Next for Sulphur 52:18 Natural Gas Properties: Waterton, Caroline & Jumping Pound 1:02:09 Wellbore Liability & the AER's New LCA Standard 1:04:37 Third-Party Processing: Three Deep-Cut Sour Gas Plants 1:11:45 Capital Allocation & the 2027 Drilling Program 1:18:40 The AIMCo Story: From 20 Cents to 44% Ownership 1:23:54 Questions From X Support the show

This episode we are joined by Mr. Toby McKenna - CEO of Rockpoint Gas Storage - a TSX listed gas storage company with a total equity value of ~$3.4 billion. Mr. McKenna is the Chief Executive Officer at Rockpoint responsible for the management and performance of the corporation’s storage and retail distribution assets. He brings to Rockpoint Gas Storage over 30 years of experience in the energy industry with leadership roles across a wide spectrum of disciplines including gas storage and marketing, midstream operations, energy trading, business development and Acquisitions and Divestitures. From 2014 to 2020 he was cofounder of Tidewater Midstream Ltd. where he served in multiple roles including Director, President and CEO, Vice President of Business Development & Commercial and most recently as President, Midstream. From 2010 to 2014, he was Vice President, Natural Gas Trading for Castleton Commodities Canada and prior thereto was cofounder of its predecessor, Louis Dreyfus Energy Canada in 2003. Mr. McKenna obtained his Bachelor of Business Administration from Saint Francis Xavier University, Nova Scotia (1994). Among other things we learned about Building North America's #1 Independent Gas Storage Company. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Remote Power Corp - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 00:29 What Rockpoint Is: ~280 BCF & Six Facilities 03:12 The Put Option That Didn't Exist for 30 Years 04:08 Going Public: $700 Million, 10x Oversubscribed 07:13 New Brunswick to St. FX: Early Days 10:41 Learning the Business: Trading, Losses & Lessons 16:29 Building an NGL Business Plan 25:11 Trading Storage at AECO, Then Running Rockpoint 30:58 The Oversupply Story & What Changed 33:54 New Demand: 20 BCF Gulf Exports, LNG, Data Centers 37:03 The Gulf of Mexico Analogue: Storage Values Up 300% 40:03 Depleted Reservoirs vs. Salt Caverns 43:34 Why You Can't Just Build Your Own: The White Space Problem 58:12 Leverage, Dividends & Capital Allocation 1:08:39 Brookfield, the Lockup & the CPUC Application 1:15:09 Access Gas, Questions From X & Why He's Bullish on Canada Support the show

This episode we are joined by Mr. Arjun Murti - Partner at Veriten LLC and a Senior Advisor at Warburg Pincus. Mr. Murti has spent over 30 years on Wall Street as a sell-side equity research analyst, buy-side investor, advisor and board member covering the global energy sector. Mr. Murti previously served as a Partner at Goldman Sachs from 2006 to 2014. Prior to becoming Partner, he served as Managing Director from 2003 to 2006 and as Vice President from 1999 to 2003. During his time at Goldman Sachs, Mr. Murti worked as a sell-side equity research analyst covering the energy sector. He was co-director of equity research for the Americas from 2011 to 2014. Previously, Mr. Murti held equity analyst positions at JP Morgan Investment Management from 1995 to 1999 and at Petrie Parkman from 1992 to 1995. Mr. Murti serves on the board of directors of ConocoPhillips & Liberty Energy Inc. He also serves on the advisory boards of ClearPath and Columbia Center on Global Energy Policy and as a board observer to Welligence Energy Analytics. Mr. Murti graduated with a business degree specializing in finance from the University of Denver. Since November 2021, Mr. Murti has published Super-Spiked , a Substack newsletter and podcast about the energy transition. Among other things we learned about $20 to $147 Oil: Super Spike vs. Super Vol. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 – Intro & Episode #300 02:47 – Joining Goldman in 1999 06:02 – Steve Strong, Jeff Currie & the commodities franchise 09:29 – How Goldman research worked 14:57 – Leaving Goldman 19:09 – The Super Spike call 26:56 – Data, China & making a contrarian call 32:59 – Super Spike vs Revenge of the Old Economy 35:48 – Paulson, Blankfein & research independence 39:57 – The profitability miss 46:31 – Super Vol vs Super Spike 51:02 – Canada’s opportunity 54:00 – $64 crack spreads & why crude didn’t spike 1:04:08 – Questions from X 1:16:17 – What would change the Super Vol thesis Support the show

This episode we are joined by Mr. Steve Glanville - CEO of STEP Energy Services - a private energy services company with revenues of ~$1 billion. Mr. Glanville has served as STEP’s president and CEO since October 2022. A co-founder of STEP, he previously held the role of COO from the company’s inception in March 2011 before being appointed president in July 2021. In 2026, Mr. Glanville led the successful amalgamation of STEP and Sanjel, creating a stronger, integrated organization that includes the Wayfinder Corporation and delivers a comprehensive suite of coiled tubing, hydraulic fracturing, nitrogen, pumping, fluid pumping, cementing services and proppant supply. Mr. Glanville is a certified engineering technologist with 30 years of oilfield experience and a strong background in operations and management. His career includes 10 years with SLB, formerly Schlumberger, in its North American oilfield services divisions, seven years with Sanjel Energy Services managing the Canadian coiled tubing and nitrogen business unit, and two years with Calfrac Well Services Ltd. as manager of their Canadian coiled tubing division. Mr. Glanville has contributed significantly to industry organizations. He is a former board member of the Enserva Association (formerly the Petroleum Services Association of Canada) and a past director of Enserva’s Stars and Spurs Gala supporting STARS Air Ambulance. Additionally, he served as president of the Intervention & Coiled Tubing Association, Canadian Chapter (ICoTA). Mr. Glanville earned his diploma from the Southern Alberta Institute of Technology. Mr. Glanville is a holder of the Institute of Corporate Directors Director designation. Among other things we learned about 4 Mile Laterals, COIL+™ & Building an Energy Services Platform. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Introduction 00:16 What STEP Does Today 03:36 From a Melfort Farm to Ten Years in the Field 08:31 Spotting the Gap: Deep Capacity Coil Tubing 12:35 The ARC Pitch and the 2015 US Pivot 14:05 Buying Sanjel Out of Bankruptcy 19:21 IPO, COVID, and Taking STEP Private 24:21 Sanjel and Wayfinder: Building the Platform 31:58 COIL+™ and How Long Laterals Can Get 42:08 Where the Demand Is: Sand, LNG, and the Basins 47:23 No New Frack Fleet Since 2016 55:58 Labor, Tariffs, and Closing Thoughts Support the show

(Recorded August 6, 2026). This episode we are joined by Mr. Tony Marino - CEO of Tenaz Energy - a TSX listed energy company with a market cap of ~$2 billion. Mr. Marino is the former President and Chief Executive Officer of Vermilion Energy, Baytex Energy and Dominion Exploration Canada, with additional management and technical experience at AEC, Santa Fe Snyder, Plains Resources and Atlantic Richfield. He holds a Bachelor of Science in Petroleum Engineering from the University of Kansas and an MBA from California State University, and holds the Chartered Financial Analyst (CFA) designation. In addition, Mr.Marino is a Non-Independent Director, Board, Tenaz Energy. Among other things we learned about $65 Million to $2 Billion: Building The Netherlands' #1 Gas Producer. Enjoy. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 01:55 What Tenaz Is Today: 90% Netherlands Gas 06:53 The Core Strategy: Undervalued Assets Overseas 10:20 $65 Million to $2 Billion: Three Years 15:24 The NAM Offshore Deal: Buying From Shell & Exxon 23:35 The Earn-Out: How the Deal Worked 29:06 GEMS & N05-A Platform 35:26 Sourcing Deals 41:06 Learning the Business 47:46 Drilling, Stimulation & Completion Design 50:56 $300 Million Capital Program 56:28 Getting Gas to Shore 58:41 Decommissioning & Offshore Liabilities 1:03:48 Debt, Dividends & Buybacks 1:07:14 Questions From X Support the show

(Recorded August 13, 2026). This episode we are joined by Mr. Jeff Currie - Chief Strategy Officer at Altis Partners and Senior Advisor to Carlyle , a global investment firm with ~$485 billion under management. Mr. Currie is also Executive Co-Chairman of Abaxx Markets, a co-founder and non-executive director of 1947 Oil & Gas, a director of Borr Drilling, and Chair of the Advisory Group at the Energy Policy Institute at the University of Chicago. Mr. Currie is the former Global Head of Commodities Research at Goldman Sachs, where he helped to build their commodities business. During his nearly three decades at the firm, he became one of the leading commodity market strategists on Wall Street, known for advising clients through the commodity "super cycle" of the 2000s, the shale supply shock of the 2010s, and most recently the twin shocks of the pandemic and the Russia-Ukraine war. Mr. Currie is a graduate of Pepperdine University and holds a Master of Arts in Economics and a PhD in Economics from the University of Chicago, where he was awarded the Zellner Award for his dissertation on the geographic extent of the US petroleum market. Among other things we learned about $83 Crack Spreads & Why Canadian Oil Became Valuable. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 00:48 Eggs, Oil & the Zellner Award 03:26 Eugene Fama & Efficient Markets 05:37 Joining Goldman in 1996: The Liquidity Explosion 10:41 $60 Crack Spreads: "Nobody Consumes Crude Oil" 19:54 The End of Bretton Woods 27:32 "The Buffers Are Gone": Carter's Sweater Speech 31:32 Everything Reprices: A Calgary Lesson from 2016 34:21 1947 Oil & Gas: Shallow Water, Deep Value 38:33 Canada: The End of "One Commodity, One Customer" 42:50 Growth Is a Dirty Word 47:19 What Would Change His Mind — and Buying Gold Support the show

This episode we are joined by Mr. Steve Fagan - Vice Chairman of Strathcona Resources - a TSX listed energy company with a market cap of ~$9 billion. Mr. Fagan has more than 40 years of experience in the Canadian energy industry, building and monetizing exploration and production companies. He co-founded Strath Resources in January 2017, which later merged into Strathcona Resources, initially acquiring the Kakwa Montney for $280 million and with production growing from approximately 5,000 boe/d to over 40,000 boe/d. Those assets were subsequently divested to ARC Resources in 2025 for just under $1.7 billion. Previously, Mr. Fagan served as President and Chief Executive Officer of Mosaic Energy Ltd., a Natural Gas Partners-backed producer where he led the company's transition from conventional development into the liquids-rich Montney and assembled the Kakwa land position. Mr. Fagan joined Addison Energy Inc. in 1999 as part of the leadership team, becoming President and Chief Executive Officer in 2003, as the company grew to more than 11,000 boe/d through development and more than 50 acquisitions prior to its sale to NAL Oil & Gas Trust in 2005. He founded his first company, Sequoia Exploration, in 1996, after spending the early years of his career at Imperial Oil and Consumers' Gas. Mr. Fagan holds a Bachelor of Commerce from Memorial University of Newfoundland and an MBA from the Ivey Business School at Western University. He holds the ICD.D designation from the Institute of Corporate Directors. Outside of energy, Mr. Fagan is a documentary photographer (Steve Fagan Photography) and founder of the Fagan Foundation, which supports education initiatives in Nepal's Tsum Valley. Among other things we learned about Building 4 Companies in 40 Years: Sequoia to Strathcona. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 01:32 Growing Up in Newfoundland: Ten Kids, One Bathroom 04:45 Memorial, Imperial Oil & the Move West 07:23 Founding Sequoia: Mortgaging the House 11:02 Addison Energy: $3 Million to $80 Million 14:29 EXCO, Private Equity & the $550 Million Exit 19:24 Mosaic Energy and the Move to Kakwa 27:38 When It All Went Wrong: 2015 35:32 Receivership — and the Coffee With Adam Waterous 42:28 Strath: Rebuilding From 5,000 Boe/d 50:58 The Paramount Resthaven Deal 57:41 Photography, Nepal & the Fagan Foundation Support the show

This episode we are joined by Mr. Pat Daniel - former CEO of Enbridge - a TSX listed infrastructure company with a market cap of ~$170 billion. Pat Daniel served as President & CEO of Enbridge Inc. from 2001 to 2012, leading the company through a transformative decade in which its market value grew roughly fourfold - from approximately $7 billion to $30 billion - while delivering an average annual shareholder return near 16%. His career began at Occidental Petrochemicals before he returned to Alberta to join Hudson's Bay Oil and Gas, followed by Home Oil and Interprovincial Pipeline - the company that would become Enbridge - where he rose through planning, systems, and business development roles over nearly three decades before being named CEO. Pat led Enbridge through the Line 6B pipeline incident near Kalamazoo, Michigan in 2010, personally relocating to Michigan for months to oversee the response, and championed the Northern Gateway pipeline project in pursuit of Canadian crude access to Asian markets. Since retiring from Enbridge in 2012, Pat has served as Chairman of Cenovus Energy and held board positions with CIBC and Capital Power. He is an avid hiker and fly fisherman, and divides his time between family, travel, and the outdoors. A chemical engineer by training, Pat holds a Bachelor of Science in Chemical Engineering from the University of Alberta and a Master of Applied Science in Chemical Engineering from the University of British Columbia. Among other things we learned about $7B to $30B: 11 Years Building Enbridge. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 01:42 Early Days: Growing Up in Alberta 03:50 First Job: Hudson's Bay Oil and Gas 06:04 Meeting Dick Haskayne 09:16 From Home Oil to Interprovincial Pipeline 17:17 Becoming CEO in 2001 20:53 Enbridge as a "Bond Proxy" 29:51 The Transformation: $7B to $30B 40:47 The Midcoast Deal 46:54 Kalamazoo: A Teaser for Part Two 48:49 Northern Gateway Pipeline 1:01:01 Advice to a 30-Year-Old Pat Daniel Support the show

This episode we are joined by Mr. Don Streu - CEO of Condor Energies - a TSX listed energy company with a market cap of ~$300 million. Mr. Streu has over 37 years experience in the oil and gas industry including 22 years with Chevron working in Angola, Indonesia, Nigeria, Canada and the United States. Mr. Streu was the asset manager of Angola’s first deepwater production: a 100,000 bopd operation that went from discovery to first oil in only 30 months. As Chevron Indonesia’s Planning Manager, Mr. Streu was responsible for developing strategic and tactical plans for an organization producing in excess of 350,000 bopd. Mr. Streu was also the Asset Manager for Chevron Nigeria Limited, managing the entire offshore production of 250,000 bopd. He has been the President and CEO of Condor since September 2008. Mr. Streu is currently the Honorary Consul of the Republic of Kazakhstan for Alberta. He is also a Board Director for Tethys Petroleum Ltd, a TSX-V listed oil and gas company. Among other things we learned about 85 TCF: Building Central Asia's 1st LNG. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 02:01 Why Uzbekistan & Kazakhstan 04:25 From Chevron to Condor: A Career in Energy 05:04 Angola, Indonesia & Nigeria: Lessons Abroad 11:28 Operating Frontier Assets 22:08 The Reserve Base: 65 TCF in Uzbekistan 31:25 Currency, Repatriation & Getting Profits Out 34:29 Cost of Capital & Netbacks 38:40 Central Asia's First LNG: First Production Q1 2027 45:28 LNG to Displace Diesel: The Payback Story Support the show

This episode we are joined by Mr. Jeremy McCrea - Managing Director of Equity Research at BMO Capital Markets. Previously Mr. McCrea has held similar positions at Raymond James, AltaCorp Capital and National Bank Financial - with more than 20 years of experience exclusively covering the energy sector. Mr. McCrea also holds a Bachelor of Commerce degree from the University of Calgary and is a CFA® charterholder. Since 2004, Mr. McCrea’s views on energy are frequently sought after by institutional funds, as well as various media outlets including The Globe and Mail, National Post, Bloomberg and BNN. Among other things we discussed 8.3 Million Barrels: Canada's Pipeline Revival. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 02:22 3 New Pipelines 03:48 8 Million Barrels a Day: The Egress Map 07:59 WCS Differential Explained 12:27 Can We Fill It? Tons of Reserves 14:47 48%: Confidential Well Signal 22:04 Canada's LNG Wave 27:50 Consolidation and the M&A Wave 33:10 The Mannville: 14% Growth From an Old Play 37:56 Where the Best-Positioned Names Sit 45:32 US Investors: "Canada Is Back" Support the show

Greetings, and welcome back to the podcast. This episode we are joined by Mr. Cole Smead - CEO of Smead Capital Management - a registered investment advisor headquartered in Phoenix, AZ with offices in Jersey City, NJ and London, UK., with assets of approximately $6 billion under management. Cole Smead, CFA is Chief Executive Officer and Portfolio Manager where he oversees all activities of the firm. He is the final decision maker for all investment decisions in the firm’s international equity portfolios. Cole has been with the firm since its founding in 2007. Prior to joining Smead Capital Management, he was a Financial Advisor with Wachovia Securities in Scottsdale, AZ. He is a member of the CFA Institute. Among other things we learned about 25% ROE at 2x Book: Finding Value in Canadian Energy. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 04:39 Smead Comes to Canada 05:40 Why Mutual Funds & Why Now 10:05 Inside The Canadian Energy Book 10:49 Strathcona, MEG & The Waterous Playbook 16:26 Sizing The Positions: Cenovus, Strathcona, IPCO 19:21 Buybacks & Shrinking The Share Count 22:55 Half The Float Doesn't Trade 37:45 Oil, Macro & Barrel Counting 40:15 Beyond E&P: Glencore & Frontline 51:48 25% ROE At Two Times Book 52:25 Cenovus At 1.6x Capital 01:01:17 Most Mispriced Asset In The Market Support the show

This episode we are joined by Mr. Matt Rachiele - President & CEO of XXIII Capital - an industrial real estate firm with ~$100 million under management. Matt co-founded XXIII Capital Inc. in January 2023 and has nearly two decades of diversified commercial real estate, private equity and capital markets experience. He has played a key role on the execution of over $40 billion in completed transactions throughout his career. Matt's background includes holding various senior positions with one of the world's largest commercial real estate services firms, including managing a commercial brokerage team of over 80 in Calgary (the largest in Alberta at the time), serving as the interim Canadian chair of global capital markets and investment sales. Prior thereto, Matt spent 12 years in Capital Markets, including Investment Banking (Calgary) and Mergers & Acquisitions (Toronto) roles with two of Canada's largest banks. Matt is a CFA® charterholder and graduated from the Haskayne School of Business at the University of Calgary with a Bachelors of Commerce in Finance. He is a member of the Board of Directors of Wilmington Capital Management Inc. (TSX: WCM.A; WCM.B) & Brown Bagging For Calgary Kids, a completely privately funded non-profit organization providing meals to ~8,000 students across Calgary in ~300 schools and ~30 communities with a volunteer force of over 1,000. Among other things we learned about 180 Million Sq Ft: Calgary's Industrial Real Estate Boom. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 01:10 180 Million Square Foot Market 03:45 Staples Sale-Leaseback Playbook 08:00 Cheap Leverage & Non-Recourse Debt 09:28 $250 Million In Deals & $115 Million AUM 11:47 From TD To Boots On The Ground 16:21 Spotting Calgary's Mispriced Market 19:29 Toronto Capital Can't Match 21:09 660%: The West Coast Freight Story 29:27 Labour, Infrastructure, And Why Calgary Wins 30:51 3% Vacancy: Tightest Market In Years 45:21 Value-Add, Refresh, Refinance 54:52 Where The Growth Goes Next Support the show

This episode we are joined by Mr. Adam Rozencwajg - co-founder & managing partner of Goehring & Rozencwajg - a natural resource investment firm with ~$2.5 billion under management. Adam Rozencwajg is a Co-Founder and Managing Partner at Goehring & Rozencwajg (G&R), a premier global natural resource investment firm based in New York. With 17 years of investment management experience in the natural resource sector, Mr. Rozencwajg is recognized as a leading authority on commodities, renowned for his contrarian, deep-value investment philosophy and original research spanning decades of long-term market cycles. His prescient investment themes and industry renowned and widely followed quarterly commentaries have cemented his status as one of the foremost experts in natural resources worldwide. Mr. Rozencwajg’s expertise spans the entire commodity spectrum, including oil, natural gas, uranium, precious metals, base metals, and agriculture. His ability to uncover long-term commodity trends and identify undervalued opportunities poised for reversal has delivered exceptional results for investors. An innovator in applying technology to investment research, Mr. Rozencwajg has also successfully integrated proprietary neural network artificial intelligence models into G&R’s research process. These enhanced models offer unparalleled predictive capabilities, providing deep insights into recoverable reserves for oil and natural gas deposits and further enhancing the firm's strategic edge. A sought-after speaker, Mr. Rozencwajg frequently presents at prestigious industry conferences globally and is regularly featured in leading financial publications, including The Wall Street Journal, Barron’s, and The Financial Times. His thought leadership continues to shape the natural resource investment landscape, influencing both institutional investors and industry operators. Before co-founding G&R, Mr. Rozencwajg served as Vice President at Chilton Investment Company, where he partnered with Leigh Goehring to manage the Chilton Global Natural Resource Fund from 2007 to 2015. Under their leadership, the fund reached peak assets exceeding $5 billion, driven by their disciplined, research-intensive, and deep-value approach to investing. Earlier in his career, Mr. Rozencwajg gained valuable experience in financial markets as part of the Investment Banking division at Lehman Brothers from 2006 to 2007. Mr. Rozencwajg holds a Bachelor of Arts degree with a dual major in Economics and Philosophy from Columbia University and is a CFA Charterholder. Among other things we learned about $70 Oil: Setting Up the Next Bull Market Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Contrarian Bets: Left-For-Dead Sector 00:33 Investing When No One Else Survived 09:25 From Lehman Brothers To Buy Side 11:17 Launching A Long Only Fund 16:15 The Revenge Of The Old Economy 18:08 The CapEx Cycle That Drives Every Boom 24:13 Top-Down Calls & Bottom-Up Picks 28:24 Why The IEA Is Wrong 32:22 The Coming Energy Crisis 39:38 China's Refining Squeeze Misread 46:44 Why US Natural Gas Could Spike 50:28 Betting On Canada's Oil Sands Support the show

This episode we are joined by Mr. Ben Dell - co-founder & managing partner of Kimmeridge - a private equity firm with ~$6 billion under management. Ben Dell is a Managing Partner of Kimmeridge and oversees investment activity across the firm. He is closely involved in the screening of new geological opportunities and in the negotiation and execution of investment strategies. Prior to founding Kimmeridge, Mr. Dell was a Senior Equity Research Analyst for Oil and Gas Exploration and Production (E&P) at Sanford C. Bernstein, where he was ranked first three times in the Institutional Investor Research Survey for coverage of E&Ps. Mr. Dell was also ranked for Natural Gas and for Oil Services and Equipment coverage. Mr. Dell joined Sanford C. Bernstein in 2003. Prior to joining Bernstein, Mr. Dell was employed at British Petroleum (BP) in its M&A and finance group. Before moving into the finance field, Mr. Dell also held positions as an exploration geologist and geophysicist across several of BP’s regional business units. Mr. Dell is currently CEO of Chestnut Carbon, a nature-based carbon removal developer and is on the Board of Caturus HoldCo, LLC., a large private natural gas producer in South Texas. He previously held positions as Chairman of the Board and interim CEO of Civitas Resources, Inc. (“Civitas”), a company that formed from the merger of Extraction Oil & Gas, Inc. and Bonanza Creek Energy, Inc. Mr. Dell earned an undergraduate degree and a master’s degree in Earth Sciences from St. Peter’s College, Oxford. Among other things we learned about $40M to $6 Billion: Building a Private Equity Firm in Energy. Enjoy. Newsletter: Subscribe Here Thank you to our sponsors. Without their support this episode would not be possible: Connate Water Solutions ATB Capital Markets Bunch Projects - *This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions. TIMECODES: 00:00 Intro 03:43 From London Geologist To BP 08:28 Wall Street Years At Bernstein 12:54 Cracking The Permian Shale 17:16 Target Returns 23:32 Owning The Front Of The Cost Curve 29:05 Hunting For Mispriced Rock 38:21 The Activist Case For Capital Discipline 48:40 Catarus & The Global Gas Bet 01:03:57 Oil Supply Glut Support the show