Morning Energy Live Morning Energy Live With Adam Waterous | What’s Driving Canadian Oil’s Next Chapter?
Aug 19, 2025
Adam Waterous, CEO of Waterous Energy Fund and visionary behind Strathcona Resources, dives into the dynamic landscape of Canadian oil. He discusses the potential of the oil sands to deliver scalable supply amidst rising global demand and the investment strategies shaping the industry's future. Waterous reveals insights on Strathcona's merger with MEG and its implications for capital returns. Excitingly, he explores opportunities for carbon capture leadership in North America, setting the stage for the next chapter in energy.
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U.S. Peak Production Shifts The Marginal Barrel
- Adam Waterous argues the U.S. became the marginal oil producer for ~15 years but is now near peak production.
- He predicts future developed-country supply growth will come mainly from Canada and OPEC.
Demand Rises With Global GDP Per Capita
- Waterous links liquids consumption closely to GDP per capita and sees rising global oil demand as poorer countries grow.
- He expects long-term demand growth as 7 billion people raise living standards toward developed-world consumption.
Prefer Value Over Growth Equity In Oil
- Waterous recommends a value-investing approach over growth-equity for oil private equity to preserve capital.
- He advises buying on-stream, lower-risk assets rather than backing many early-stage technical bets.