In short: The other royalty name covered in the report ("we cover Topaz and Freehold").
30:57So we cover Topaz and Freehold. So people who are subscribers to our product get a nice mix of names and then they can decide what's appropriate if they do it on their own or if they talk to their investment advisor and say, "Okay, I'd like some exposure to the oil sands. I want some exposure to the Montney natural gas LNG market.
In short: "But Freehold Royalties is still there. Great company." Named as he pivots from the big caps to the smaller Canadian names he personally prefers — one of "seven or eight names up there that if somebody is willing to hold them till 2030 will by then think that you and I were very good guys for having talked about them now."
Freehold owns the mineral rights under land other companies drill, and collects a percentage of whatever they produce. It pays no drilling costs, no operating costs and no capital spending — the producers do all of that.
Rick calls it simply a "great company," and it is the listed version of what he does privately: "I have for my own account for many years bought mineral royalties and rights." In a thesis built on the industry being forced to spend more capital, owning a royalty means you capture the resulting production without paying for the drilling that produces it.
36:02I personally prefer smaller companies. We talked, I guess, a year, year and a half ago about ARC Resources. Somebody else liked it too — Shell. They took it over, lock stock and barrel. So that one's gone. But Freehold Royalties is still there. Great company. Tourmaline, maybe best return on capital employed of a decent-sized company in the Canadian oil space. Just fantastic operators.
In short: "Probably my remaining favorite in Canada" — a royalty company (owns a cut of production without operating the wells).
Freehold is Rick's "remaining favorite in Canada." It's a royalty company: rather than drilling and operating wells itself, it owns the right to a slice of the production revenue from land other companies operate. That means it collects cash from rising oil and gas without carrying the operating costs and capital spending of an actual producer — a lower-risk way to own the upside.
45:55Canadian Natural Resources, which is basically almost a mutual fund of Canadian oil and gas production. It's one company, but they inhabit almost every play up there. Freehold Royalty, which is probably my remaining favorite in Canada. Tormolene which I think is the best performer of the Canadian producers. Birchcliffe and PO, which are the two gas-centric players in Canada.
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