In short: Conference mention only: "if you want to talk to Mike Rose at Tourmaline" — a CEO attending Catch the Energy on Oct 17. No stated view.
38:18So if you want to talk to Mike Rose at Tourmaline or you want to talk to Chris Carlson at Birchcliff or you want to talk to Ken Gray at Petrus, all of these CEOs are going to be there, and so you have the ability to talk to the managements of these companies and that I think is really extremely good value because AGMs are mostly virtual now and if you own a stock and you want to have a comfort zone, asking questions of the CEO will make you more comfortable owning the stock.
In short: Named as the standout gas name inside a Canadian sector he is structurally positive on: "there's Tourmaline which has always been a very successful natural gas producer. They have their own version of integration with some midstream and takeaway capabilities." Sector context: he has "always been very positive on the Canadian oil and gas sector," thought it "underappreciated for how good the profitability was," and now sees Carney's turn toward pipelines and LNG making a good sector better.
Tourmaline is Canada's biggest natural-gas producer. Murti singles it out as the example of what he likes about the Canadian sector: it is not just a driller, it owns some of the pipes and processing plants that move its own gas to market ("their own version of integration with some midstream and takeaway capabilities"). Owning that middle layer means the company isn't hostage to whoever controls the pipeline when the gas has nowhere to go — which is the chronic problem for Canadian gas.
The mention sits inside a broader sector view he has held for a decade and repeats here: Canadian oil and gas has been "underappreciated for how good the profitability was," it "did well in a hostile environment" under Trudeau, and it now has a government under Carney that talks about building pipelines and LNG export terminals instead of leaving oil in the ground. His logic is simple — if the sector made money when policy was against it, a supportive policy backdrop is upside, not a reason to re-rate the risk. He also notes Canadian gas is "even more stranded" than US gas, so an LNG build-out is the single biggest unlock available to it.
Note this is a sector-level compliment with Tourmaline as the named exhibit, not a price target or a position disclosure.
1:03:03And then there's Tourmaline which has always been a very successful natural gas producer. They have their own version of integration with some midstream and takeaway capabilities. And there are definitely other kind of, you probably would call them junior E&Ps or something like that, that have had success as well.
In short: "The best AI play out there and a play on the war." A shareholder, waiting for it to move: wounding Middle-East gas hands a "huge fat check" to Canadian/US producers seeking safe jurisdictional risk — trapped Canadian gas powers relocated data centers.
Tourmaline is Canada's largest natural-gas producer, sitting on "trapped" gas — cheap because there aren't enough pipelines to ship it. He owns it and is "waiting for it to do something." His catalyst: military strikes that wound Middle-East gas production hand "a huge fat check" to North-American producers, because buyers who got burned now want gas from safe jurisdictions. Layer on the AI angle — move data centers to the cheap stranded gas — and he calls it "the best AI play out there and a play on the war."
29:55You took too much supply off the market. The demand comes from the summer driving season and all this CapEx and all this data centers. And then that gets you a big bounce in oil in the second, third quarter of this year. Favorite way to play it? Well, I love some of the Canadian, like the Tourmalines of the world, because one of the clients made this point at my dinner and it was like, I love that light bulb moment, and he said, imagine the United States military, they attack Iran, they wound all the natural gas production in the Middle East.
In short: "These Canadian natural gas names are screaming buys, companies like Tourmaline. They have that trapped gas." Institutions are cutting tech and adding gas/coal that directly benefits from AI infrastructure — move the data center to gas that could never otherwise be sold.
Tourmaline is Canada's biggest natural-gas producer, sitting on "trapped" gas — gas that is cheap because there's no pipeline to carry it anywhere worth selling it. Normally that's a curse. In the AI era it becomes an asset: instead of moving the gas to the customer, you move the customer to the gas, building the data center right next to a field whose output "would never even be sold because it's too far away from things."
He says the institutions he talks to are actively cutting technology exposure and adding natural gas and coal that feed AI infrastructure, and calls the Canadian gas names — Tourmaline by name — "screaming buys."
17:59And what I can tell you is that people are selling down their exposure to technology and increasing exposure to natural gas, to coal companies that are going to directly benefit from artificial intelligence infrastructure. These Canadian natural gas names are screaming buys, companies like Tourmaline. They have that trapped gas.
In short: Trapped Canadian gas as "the next artificial intelligence play": move data centers to the gas (private turbines), in discussion with hyperscalers now; Hormuz makes North-American gas more valuable. "One of the best trades over the next 5–10 years" — downside 15–20%, upside 200%.
Tourmaline is Canada's largest natural-gas producer, sitting on "trapped" gas — gas that's cheap because there aren't enough pipelines to take it anywhere. His twist: instead of moving the gas to the customer, move the customer to the gas. With 800–1,000 data centers and ~$5 trillion of spending coming and towns increasingly refusing them ("not in my backyard"), AI companies can build next to the stranded gas and power themselves with private turbines — and he says Tourmaline is talking with the hyperscalers (the giant cloud companies) right now.
Two tailwinds: Canada's Carney government is friendlier to this kind of investment, and the Hormuz crisis has stranded Middle-East LNG, making North-American gas structurally more valuable to world buyers. He frames it as 15–20% downside versus ~200% upside over 5–10 years.
41:44It's difficult to get to. Over the next 5, 10 years, all of this trapped gas in Canada and especially in Texas is going to be harnessed and extremely valuable because you're going to be able to take those data centers and move them in and create like a private turbine near that natural gas and really harness that cheap, relatively worthless natural gas because it's trapped.
In short: Asked about Canadian gas names — he's more focused on US gas (better markets/pricing + data-center take-or-pay optionality); Canadian gas needs much more LNG-export build-out to re-rate.
Tourmaline is a big Canadian natural-gas producer. Asked about it, he steers toward US gas instead: US producers get better prices and can sign long, locked-in contracts to supply gas-fired power plants feeding data centers. He thinks Canadian gas can't really re-rate until Canada builds far more LNG export capacity.
32:47What does Dan think about natural gas plays like Tourmaline and Paramount? Um, this question coming from Garrett. We can even throw Peyto in there if you want. — Sure. So, there's one area where we're more focused on the US. So, if we're focused on oil for Canada, we're we're more focused in uh the US for natural gas. Uh I believe that uh the US gas producers are going to have access to better markets with better pricing with the optionality that they may uh enter into long-term take-or-pay agreements with gas-fired power plants if the
In short: Example of "trapped," cheap Canadian gas — data centers will relocate to where the gas is cheap and stranded.
Tourmaline is a large Canadian natural-gas producer. He uses it to explain "trapped" gas: in some regions there aren't enough pipelines to move the gas to market, so it sits there and stays very cheap.
His insight is that AI data centers will move to where the cheap, stranded gas is, rather than forcing the gas to come to them. That turns trapped gas from a problem into an advantage — and makes producers like Tourmaline winners in a multi-year gas boom.
5:54If you look at the FCG ETF — and the outperformance of natural gas equities versus the S&P, they're really breaking out. Great valuations. You've got a lot of trapped gas in Canada, for example. Companies like Tourmaline. Imagine you've got really cold weather in Canada. You've got gas in Texas and in Canada because it's trapped.
In short: Not owned. If forced to own one gas name, "Tourmaline" — Mike Rose is "the best capital allocator in the space." A big, liquid stock. But Smead doesn't own any direct gas; he prefers oil (gas has "negative convexity" at the lows). Rose took Waterous's Montney gas for stock, signaling gas is relatively pricey.
43:46but just all things equal I think he's been the best capital in the space too is Micros all right well let's now get into your pro picks your highest conviction ideas in the Case [Music] RPIX is brought to you by ATB Financial. With 62 billion in assets, ATB Financial is powering possibilities for more than 820,000 financial services clients in Alberta and beyond.
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