In short: Not held, but his Canadian example of why "royalties are amazing business": an oil royalty that keeps buying more fields and land while the operating and refining risk sits with others — "almost no risk," a durable, safe way to own oil.
A royalty company doesn't produce oil or gas. It owns a slice of the revenue from land that others drill, in return for money paid up front. Topaz, listed in Toronto, is Boyer's Canadian example of why he thinks this is one of the best business models in commodities. The operator pays for the wells, the equipment and the running costs. Topaz collects its share and uses the cash to buy more land and royalties.
He does not own it, but calls royalties "a really safe way" to hold energy. Their main weakness is that a field eventually runs dry, and the answer is to keep buying new land.
34:31They have margin of, it's crazy. It's like 99% or 97% gross margin. So it's really crazy margin. So I think usually royalties are amazing business. You have some companies in Canada, it's Topaz Energy which is oil royalties and it's amazing because you just, you land the assets, you buy more fields and land and you have almost no risk because the risk is with the refineries and everything after so it's not really a problem.
In short: Covered in the Schachter Energy Report as one of its royalty names ("we cover Topaz and Freehold") — the income sleeve of a dividend-focused energy book.
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: Royalty name he flags as a risk-averse way to play the whole basin theme — royalties on the Clearwater + big Mannville exposure, benefiting from growth without operational risk.
Topaz is a "royalty" company: rather than drilling wells itself, it owns the right to a slice of the revenue from land that other companies drill. That means it collects cash as production grows but carries none of the drilling cost or operational risk.
McCrea calls royalties the risk-averse way to bet on the whole Canadian basin getting better. Topaz already earns royalties across the fast-growing Clearwater and has big exposure to the Mannville, so as more oil (and maybe gas) is produced at better prices, its income rises. The trade-off: royalties don't have the explosive upside ("torque") of a driller if oil spikes — but they have "huge optionality" because they benefit wherever the next play turns up.
42:38lot of new plays that are opening up. you don't know exactly where the next big play is generally going to go. But you can see the sentiment is building within the sector here. And that's where I look at the royalty names as probably a good way to play the whole overall theme in the sectors here. So, both Topaz and Prairie Sky have royalties on a lot of the Clear Water already here depending on your operator.
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