Canadian oil provides 8x the sustainable free cash flow of US shale 

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Inside the PRAGMA New York Energy Investment Series

An Exclusive Conversation Between Adam Waterous, Founder & Executive Chairman, Waterous Energy Fund and Amandeep Singh, Managing Director, Alvarez & Marsal

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As part of a special edition of The Energy Pragmatist, we are giving listeners exclusive access to one of the conversations recorded live at the invitation-only PRAGMA New York Energy Investment Series, held at Nasdaq MarketSite.

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In this episode, Alvarez & Marsal sits down with Adam Waterous, Founder and Executive Chairman of Waterous Energy Fund, to discuss the investment philosophy that has shaped one of Canada's leading energy investment firms.

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The conversation explores where long-term value is created in the upstream sector, why a contrarian investment approach has consistently delivered opportunities, and how investors can manage commodity price risk by focusing on asset quality, including low break-even costs and long reserve lives.

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Adam also shares his perspective on the evolving outlook for the Canadian and U.S. energy markets, discussing reserve decline rates, Canada's growing production potential, and why stronger North American energy integration could create significant long-term opportunities.

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This special episode offers a rare insight into the discussions taking place behind closed doors at one of the industry's leading forums for institutional investors, executives, and energy leaders.

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Watch the full episode.

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