BMO Capital Markets energy research analyst (Canadian oil & gas) — running synthesis of his video/podcast appearances, with per-transcript breakdowns and a stock index.
Top pick. Clearwater multilateral oil producer; grew ~2,000→25,000 boe/d in ~4 years with zero equity raises — the showcase for fast 2–3× payout, cheap-well economics.
Royalty name with ‘huge optionality’ — captures new plays that emerge on its acreage (Duvernay went 0→~10–15% of oil volumes); risk-averse basin exposure.
Royalty name — risk-averse way to own basin growth; Clearwater + Mannville royalties, benefits from production/price gains with no drilling risk (lacks E&P torque, big optionality).
Infrastructure context — the mainline + Express systems carry much of today's ~5 mb/d of egress; the backbone the new pipeline proposals add to. Not a rated pick.
In one line: BMO's Canadian-energy analyst sees a genuine structural re-rating of the oil patch — egress finally arriving (~5 mb/d crude toward a proposed ~8, plus 8.2 bcf/d of West Coast LNG proposals), WCS differentials compressing, and multilateral drilling making the sector more profitable than it's ever been. Own it through fast-payout multilateral producers (Headwater, Tamarack) and, for the risk-averse, royalties (Topaz, PrairieSky).
Egress is the whole story. After a decade of dead pipelines, three new crude-export proposals in six months take proposed capacity from ~5 to ~8 mb/d (Prairie Connector + ~800 kb/d of optimizations ≈ 1.3 mb/d of near-term growth). Even one built = "Canada is back."
Differential compression → cost of capital → multiple. New egress should kill the recurring WCS heavy-oil blowouts ($20–30 vs a normal $10–12) → less volatility → lower cost of capital → higher valuations.
The flow is real. ~$4B of 13F inflows into Canadian energy last quarter (best in 5 years), led by sticky long-only money, partly the AI "halo trade" rotating out of software into heavy assets.
Multilateral economics. The Clearwater/Mannville "pitchfork" wells (up to 8 legs off one bore) at ~$1.5–2.5M deliver 2–3× payout by re-entering developed pools — "full-cycle economics for half-cycle costs." Top picks: Headwater (HWX.TO) & Tamarack (TVE.TO); royalties Topaz (TPZ.TO) / PrairieSky (PSK.TO) for basin growth with less risk.
Gas: most negative sentiment in years = the contrarian setup. LNG Canada phase 1 disappointed, but 8.2 bcf/d of proposals (LNG Canada 2, Ksi Lisims, Cedar, Woodfibre…) coming ~2029–31 would end Canada's "end-of-the-pipeline" discount; Canadian gas is the lowest-cost feedstock (F&D ~25–50¢/mcf).
Oil fair value = the marginal-cost band. Supply destruction ~$65–70 / demand destruction ~$120; marginal cost ~$73–75 (Dallas Fed new-well survey $66). Capital efficiency means "not going to $150."
M&A + rebirth. Record ~$30B 2025 M&A (Ovintiv/NuVista, Shell/ARC, ~$1.3B Greenfire) plus ~35 new "farm-team" startups — the Clearwater's 6–7 operators are ripe for a consolidation that finally creates an institution-sized pure-play.
Transcripts
One dated page per appearance — each has its full stock table, talking points, and the saved transcript. Newest first.
Jeremy McCrea appearances discovered via YouTube search (Jeremy McCrea), not yet processed — verify publish dates & channels, newest first. Limited to the last ~2 years. None queued yet.