The Canadian Oil & Gas Investor Perspective with Eric Nuttall
This week, our guest is Eric Nuttall, Partner and Senior Portfolio Manager at Ninepoint Partners. Eric manages the Ninepoint Energy Fund (NNRG) and the Ninepoint Energy Income Fund (NRGI). Here are some of the questions Peter and Jackie asked Eric: How would you compare investing in Canadian oil and gas producers versus U.S. companies? Do you still believe Canada is undervalued relative to the U.S., as you did when we spoke a few years ago? With OPEC announcing on September 7, 2025, that it will add even more supply to the market, why are oil prices remaining so resilient, and what is Saudi Arabia’s strategy? What are your expectations for North American natural gas prices, particularly in Canada, which has experienced exceptionally weak pricing this year? Canada has seen a wave of consolidation in the oil patch—how do you view corporate consolidation in this context? You have long advocated for oil and gas producers to buy back shares, but if Canada succeeds in building new export pipelines for oil and gas, would you support companies growing production to create value rather than relying solely on buybacks? How can new export pipelines be built if investors continue to prefer buybacks over growth? Finally, do you believe Canadian oil and gas companies still trade at a “green discount” due to climate policies that burden the sector?Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify
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We’re Back! Catching Up on Summer’s Energy Headlines
After a summer break, Peter and Jackie are back with their weekly podcast. This week, they catch up on the events and news headlines from the summer, including: Geoeconomics – recap examples where countries use economic tools to influence foreign affairs – as well as more moves towards state capitalism by the United States, where the government exercises more control over institutions and companies. Canadian oil patch M&A news. Updates regarding the federal government’s Bill C-5 and its plans for advancing nation-building projects. Tariff negotiation tactics, including news that Canada is removing countervailing tariffs on the United States. The United States is exerting more influence over the International Energy Agency (IEA), with the organization planning to reintroduce the Current Policies Scenario in the next World Energy Outlook to be released in the fall of 2025. Content referenced in this podcast: CTV, “Hodgeson ‘hopeful’ first batch of major projects announcements to start in the fall” (August 20, 2025) Calgary Herald, “Varcoe: Carney has opened the door to Canadian LNG exports — one closed by Trudeau government, says Liberal natural resources minister” (August 27, 2025) The Vassy Kapelos Show, “I know there are buyers: Federal Energy Minister bullish on LNG as a nation-building project” (August 12, 2025) Oilprice.com, “Republicans Move to Cut U.S. Funding for the IEA” (July 24, 2025) E&ENEWS by Politico, “Trump team pushes for ouster of top IEA official” (August 7, 2025) Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify
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The Geoeconomics of Energy and Superpower Ambitions
This week on the podcast, Jackie and Peter start by talking about Jackie’s recent op-ed in the Globe and Mail, titled “Yes, absolutely – Canada needs more oil and gas pipelines to our coasts,” also available on the ARC Energy Research Institute website. Next, Peter and Jackie review the fundamentals of oil prices, the muted effect of the 12-day Iran-Israel war, and why oil prices have been creeping up despite weaker short-term fundamentals. Peter argues that the growing importance of “geoeconomics” - where countries use economic tools to influence foreign affairs - means that predicting oil prices will no longer be just about counting barrels. In the future, one of the most significant factors shaping oil markets will be the geoeconomic strategies of nations, including actions such as sanctions, tariffs, and withholding supply. Finally, Jackie and Peter discuss President Trump’s recent letters to numerous countries threatening higher tariffs effective August 1st, including a letter to Canada with 35% tariffs on Canadian goods. Washington also introduced global copper tariffs. This is the last podcast before a break; the podcast will resume at the end of summer. Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify
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Is the US Clean Energy Boom Over?
The President of the United States signed the “Big, Beautiful Bill” into law on July 4th. The new legislation brings big changes to the future of U.S. clean energy development. It reduces many (though not all) of the Biden-era subsidies from the Inflation Reduction Act of 2022 (IRA). This week on the podcast, our guest is Mike Carr, Executive Director at SEMA Coalition—an organization supporting the U.S.-based solar supply chain. Mike has extensive experience in U.S. federal energy policy, including past positions at the Department of Energy and the U.S. Senate Committee on Energy. Jackie and Peter asked Mike: How would you characterize the Bill’s impact on U.S. clean energy, and what damage has it caused? At a high level, does this major policy shift lessen the appetite for investment, even in areas where subsidies remain, due to concerns about political uncertainty? For clean technology manufacturing, such as solar panels, do the newly introduced restrictions on Foreign Entities of Concern (like China) regarding content, intellectual property, and investment make it more challenging to qualify for the production tax credit (45X)? Renewable energy projects that commence construction within a year of the Bill’s passage can still be eligible for subsidies for the following four years; does this create a construction boom, and what happens afterward? Given China’s dominant position in manufacturing many types of clean energy technology, how should the U.S. compete? Is it better to leapfrog China with innovation, rather than simply following and producing the same technology?Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify
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Shipping Canadian Oil to Tidewater: What’s Next for Trans Mountain
This week, our guest is Mark Maki, Chief Executive Officer of Trans Mountain Corporation. The original Trans Mountain pipeline was built in 1953, and the Expansion Project was completed just over one year ago, nearly tripling the pipeline’s capacity to 890,000 B/d (from 300,000 B/d). Here are some of the questions that Jackie and Peter asked Mark: How much do you expect to pay your shareholder (the Canadian Government) in 2025 and 2026? What are the logistics of moving the oil by tanker? Where are the tankers going, and what type of crude is shipped in the pipeline? How has the pipeline improved Canadian oil prices? What is the expected timing for a resolution on the tolls, as a Canadian Energy Regulator (CER) hearing is currently underway that could adjust the cost for shipping oil? What is the potential to increase pipeline flows, and is there potential for a northern leg as proposed in the early days of the expansion? The Federal Government has stated it plans to sell the pipeline; do you have any updates on that and the potential timing? What are your thoughts on Bill C-5 and the potential for this type of legislation to avoid the high costs and many delays faced by the Trans Mountain Expansion?Content referenced in this podcast: Globe and Mail, “Trans Mountain expects to pay federal government $1.25 billion in 2025” (May 2025)Financial Post, “Canada must maximize existing pipelines before building more, Guilbeault says” (May 2025) Financial Post, “Northern Leg to Trans Mountain pipeline attracts interest amid brewing trade war” (February 2025)Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ Check us out on social media: X (Twitter): @arcenergyinstLinkedIn: @ARC Energy Research Institute Subscribe to ARC Energy Ideas PodcastApple PodcastsAmazon MusicSpotify
Join Peter Tertzakian and Jackie Forrest from the ARC Energy Research Institute as they explore trends that influence the energy business, including financial, political, environmental, technological, social and economic forces.
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