Canada has spent years talking about its energy potential. Adam Waterous thinks the country is finally ready to realize it.In the third episode of our special summer innovation series, Can Canada Meet the Moment?, host Amber Kanwar sits down with Adam Waterous, CEO & Managing Partner of Waterous Energy Fund, to discuss why he believes Canada has a once-in-a-generation opportunity to become a global energy superpower.Waterous lays out his “down five, up five” thesis: over the next decade, he expects U.S. oil...
Canada has spent years talking about its energy potential. Adam Waterous thinks the country is finally ready to realize it.
In the third episode of our special summer innovation series, Can Canada Meet the Moment?, host Amber Kanwar sits down with Adam Waterous, CEO & Managing Partner of Waterous Energy Fund, to discuss why he believes Canada has a once-in-a-generation opportunity to become a global energy superpower.
Waterous lays out his “down five, up five” thesis: over the next decade, he expects U.S. oil production to fall by roughly five million barrels a day while Canada has the potential to add five million—doubling its production and putting it in a position to compete with Saudi Arabia as one of the world’s largest oil producers.
But getting there won’t be simple. Waterous breaks down the compromises behind Canada’s new energy ambitions, why the public sector is taking a bigger role in pipeline development, the regulatory and tax hurdles still facing producers, and what needs to happen to attract investment and actually fill those pipelines. He also explains why he believes the shift could be transformational for the Canadian economy and fundamentally change Canada’s leverage with the United States.
Plus, Waterous discusses how he’s positioning his own companies for this new era, why long-life oil assets matter, what he looks for when buying energy assets, and where he sees opportunities after years of consolidation.
Can Canada meet the moment? Waterous is unequivocal: he believes Canada’s position in the world has never been stronger.
This interview was recorded during the Calgary Stampede, prior to Greenfire Resources announcing its $1.28-billion cash deal to acquire privately held heavy oil producer Connacher Oil and Gas Ltd on July 13, 2026.
Timestamps
00:00 Intro and sponsor message
02:44 Canada’s energy moment
03:23 The “down five, up five” thesis
06:46 The GDP impact of growth
08:03 The federal shift on energy
13:37 Public vs. private sector paths
17:09 Pipeline economics explained
23:09 Carbon tax and production incentives
28:33 Will investors come back?
31:26 Why U.S. energy is vulnerable
33:27 How he values assets
35:25 Why scale matters in oil sands
38:15 Greenfire and the neighborhood strategy
41:51 Can Canada meet the moment?
Sponsors
This show is brought to you by Forum Asset Management, presenting sponsor of our Innovation Special: Can Canada Meet the Moment. Learn more at https://forumam.com.
Thank you to our partners at ATB Financial. ATB Cormark Capital Markets is a leading North American investment firm providing holistic corporate and capital markets advice and full-service financial solutions. Visit https://ATB.com/inthemoney for more information.
For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.
Thank you to our partners at Hamilton ETFs. For more information visit https://hamiltonetfs.com
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DISCLAIMERS
The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.
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