Josef Schachter — research hub

Josef Schachter · president and author of the Schachter Energy Report; 40-year energy-industry veteran (buy and sell side).

Sections: stock index · overall thesis · the product · transcripts. Last updated 2026-SEP-14.

Stock & name index

▲ Positive

Ticker	Name	Current thesis	Research	Seen in	Total $k
BIR.TO	Birchcliff Energy	Gas producer at 2.8x cash flow vs a 7.2-yr PDP / 31-yr 2P reserve life — the lead example of his multiple-to-PDP rerating screen.	SA · STK · FA	2026-SEP-14	—
BNE.TO	Bonterra Energy	Cheapest oil name on his screen: 1.6x cash flow vs 6.2 PDP years / 19.7 2P.	SA · STK · FA	2026-SEP-14	—
—	Cavvy Energy (probable — caption "cavy energy"; ticker not verified)	Gas producer (probable ID, caption “cavy energy”) at 3.5x cash flow vs 12.7 PDP years / 31 2P.	—	2026-SEP-14	—
CEU.TO	CES Energy Solutions	Oil-service name to own; service stocks very cheap vs history.	SA · STK · FA	2026-SEP-14	—
CNQ	Canadian Natural Resources	Low-risk-tolerance large-cap for the long energy cycle, alongside Suncor.	QT · SA · STK · FA	2026-SEP-14	27
CVE	Cenovus Energy (probable — caption "soes")	Third low-risk integrated (probable ID, caption “soes”) alongside Suncor and CNQ.	QT · SA · STK · FA	2026-SEP-14	26
ESI.TO	Ensign Energy Services ("Ensign Drilling")	Driller named alongside Precision in his oil-service list.	SA · STK · FA	2026-SEP-14	—
FRU.TO	Freehold Royalties	Royalty name covered in the Schachter Energy Report — the dividend-income sleeve.	SA · STK · FA	2026-SEP-14	—
HWX.TO	Headwater Exploration	Ahead on Clearwater waterflooding (declines falling); merger with Tamarack brings scale and institutional liquidity.	SA · STK · FA	2026-SEP-14	—
IPO.TO	InPlay Oil	Light-oil producer at 3.5x cash flow vs 6.7 PDP years / 16.8 2P — multiple should first double to PDP.	SA · STK · FA	2026-SEP-14	—
Ksi Lisims LNG	Ksi Lisims LNG (probable — caption "Cass CM"; private Nisga'a-led project)	Possible next LNG FID (probable ID, caption “Cass CM”) as Ottawa streamlines approvals.	—	2026-SEP-14	—
LNG Canada	LNG Canada (Shell-led joint venture, Kitimat BC)	Canada's 2 Bcf/d LNG today; phase-2 FID possible as buyers seek non-Middle-East supply, 6–7 Bcf/d by 2031–32.	—	2026-SEP-14	—
OBE	Obsidian Energy (TSX / NYSE American)	Oil producer at 4.2x cash flow vs 6.9 PDP years / 16.8 2P; rerates as the market pays up for cash flow.	QT · SA · STK · FA	2026-SEP-14	—
PD.TO	Precision Drilling	Driller named in his oil-service list; services lag the oil move.	QT · SA · STK · FA	2026-SEP-14	—
PEY.TO	Peyto Exploration & Development	Low-cost gas producer at 3.9x cash flow vs 9.9 PDP years / 28.2 2P — multiple well below producing reserve life.	SA · STK · FA	2026-SEP-14	—
SCR.TO	Strathcona Resources	Long-recommended oil-sands pick — very long reserve life anchors a mixed Canadian energy book.	SA · STK · FA	2026-SEP-14	—
SU	Suncor Energy	Low-risk-tolerance way into the energy cycle, alongside CNQ; integrated refining benefits from ~$100 crack spreads.	QT · SA · STK · FA	2026-SEP-14	17
TCW	Trican Well Service	Named service-sector bargain: C$6.30 vs an 8.40 high / 5.19 low — services are where the bargains are today.	SA · STK · FA	2026-SEP-14	—
TOT.TO	Total Energy Services	Oil-service name to own; part of the service-sector bargain rotation.	SA · STK · FA	2026-SEP-14	—
TPZ.TO	Topaz Energy (royalty)	Royalty name covered in the Schachter Energy Report — the dividend-income sleeve.	SA · STK · FA	2026-SEP-14	—
Trans Mountain	Trans Mountain Corporation — TMX pipeline (federal Crown corporation)	TMX plans C$2.9B to reach 1.2 Mb/d, then +1 Mb/d by 2032–34 — export egress that lets Canadian producers grow.	—	2026-SEP-14	—
TVE.TO	Tamarack Valley Energy	One-for-one Headwater merger creates an 80k boe/d pure Clearwater play that should earn a premier multiple; C$5.20 low to 13.58.	SA · STK · FA	2026-SEP-14	—

► Neutral / referenced

Ticker	Name	Current thesis	Research	Seen in	Total $k
Anthropic	Anthropic (private)	Analogy only: Anthropic's private valuation as an example of how fast value gets recognized.	—	2026-SEP-14	—
NVDA	NVIDIA	Analogy only: value recognition sent Nvidia soaring — a rerating that “hasn't happened yet in energy.”	QT · SA · STK · FA	2026-SEP-14	—
PRQ.TO	Petrus Resources	Conference mention only — CEO Ken Gray presenting at Catch the Energy; no stated view.	SA · STK · FA	2026-SEP-14	—
TOU	Tourmaline Oil	Conference mention only — CEO Mike Rose presenting at Catch the Energy; no stated view.	SA · STK · FA	2026-SEP-14	—

▼ Negative

Ticker	Name	Current thesis	Research	Seen in	Total $k

Overall thesis

In one line: A commodity super-cycle that began in 2020 and could run to the mid-2030s, with record oil above US$147 by decade-end — and Canadian energy equities, still trading at cash-flow multiples below their proved-producing reserve life, only on "the fifth hole of the golf course."

Oil: a ~$30 war premium that won't fade this year. WTI ~$101 "would probably be in the 70s" without the Iran war; Iran "wins just by not losing," a settlement may leave a Hormuz toll, and Houthi gains near Bab el-Mandeb add a second-strait risk. The report's deck ($80 this year, $90 next) sits below spot on purpose. (2026-SEP-14)
Structural tightness beneath the headline. US SPR at 285 Mb heading to 180–200; China's 1.4 Bbbl stockpile was the buffer that capped the spike; crack spreads ~$100/bbl on NIMBY-constrained refining; winter demand +1.5 Mb/d. Q3 and Q4 energy earnings "unbelievably strong." (2026-SEP-14)
Canada is a security-of-supply winner. LNG Canada phase 2 and other FIDs, TMX expansion, the Carney government streamlining approvals, and a loonie that could reach 80–85¢. (2026-SEP-14)
The screen: cash-flow multiple → PDP years → 2P years. Multiples should first rise to proved-developed-producing reserve life, then toward 2P late in the cycle — as gold-stock multiples did after gold. Birchcliff 2.8x vs 7.2 PDP years, Peyto 3.9x vs 9.9, Bonterra 1.6x vs 6.2. (insights)
Where to put money now: gas/NGL producers and oil services. Trican near its 52-week low; oily names can wait for a pullback (a forced end to the war could send oil to the 70s). Low-risk investors: Suncor and CNQ. Buy oversold pullbacks, harvest names that run ahead. (2026-SEP-14)
Beyond energy, smaller and longer. Uranium, copper, nickel, gold, lithium and graphite belong in a resource book, but as small positions — their longer discovery-to-production cycle demands bigger upside. (2026-SEP-14)

The product — Schachter Energy Report

What it is: a subscription research report on Canadian energy stocks, founded in 2017 by Josef Schachter (Calgary) to fill the coverage gap as brokerages cut analysts — aimed at self-directed individual investors. It covers 35 companies (originally 20; aiming for 40) across producers, oil sands, services and royalty names, plus an annual in-person investor conference, Catch the Energy. Pricing is not stated in the archive.

Grounded in what he said on the 2026-SEP-14 Investing News Network interview.

Offering	What it is	How he runs it	Seen in the index
Company coverage	Research on medium and smaller energy companies the big brokerages don't cover	35 names across "the whole matrix" — gas, conventional oil, oil sands, services and royalties; a forecast price deck ($80 WTI this year, $90 next)	BIR.TO, PEY.TO, BNE.TO, IPO.TO, OBE, SCR.TO, TCW, TPZ.TO, FRU.TO
Buy-zone calls	Timing guidance on when names are oversold vs overextended	Flags "attractive buy zone" after pullbacks and names that "get ahead of themselves"; a "table-pounding" buy call when oil was in the 50s	TCW (near 52-week low)
Catch the Energy conference	One-day investor conference, Saturday Oct 17, Mount Royal University (Calgary)	~45 presenting companies (30-minute slots plus booths) with CEOs on hand; subscribers get two complimentary tickets; 800–900 attendees expected	TOU, BIR.TO, PRQ.TO (CEOs named)

How it serves retail investors:

Coverage where the sell side left. Small and mid-cap energy names lost analyst coverage; the report exists to give DIY investors (RRSP/TFSA, Wealthsimple, Gen Z) research on them.
Face time with management. With AGMs mostly virtual, the conference lets holders question CEOs directly "to make you more comfortable owning the stock."
A mix to choose from, sized by risk. Subscribers pick exposures (oil sands, Montney gas/LNG, Clearwater) themselves or with an advisor; he steers low-risk investors to the large integrateds.

Transcripts

One dated page per appearance — each has its stock table, talking points, and the saved transcript. Newest first.

Date	Title / analysis page	Show	Link	Transcript	Actionable insights
2026-SEP-14	Oil Prices Break US$100 Again, Here's What's Next	Investing News Network (Charlotte McLeod)	▶ YouTube	transcript	actionable insights

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