The Trevor Rose Podcast

This episode we are joined by Mr. Alex Verge - CEO of Journey Energy - a TSX listed energy company with a market cap of ~$400 million. Mr. Verge is the President and CEO at Journey and has more than 40 years of experience in the oil and natural gas industry. He has served as Director, CEO and President of NuVista Energy Ltd., and is a Member of the Association of Professional Engineers, Geoscientists of Alberta. He received a Bachelor of Science degree in Chemical Engineering from the University of Toronto, and a Masters of Engineering degree in Chemical and Petroleum Engineering from the University of Calgary. Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power CorpBunch ProjectsSTEP, Sanjel and Wayfinder-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Journey Energy Today02:43 A $31M Power Plant for $5M06:35 Alex's Stake and the IPO08:44 Early Career and Education23:16 Sword Energy Origins28:20 Redwater and Bank Line Cuts32:01 Spotting the Duvernay36:58 2020: Shares Hit 6 Cents43:14 Enerplus Deal and Recovery48:06 Forming the Spartan JV1:02:54 2027 Drilling Outlook1:11:39 Medicine Hat and Power PlantsSupport the show

This episode we are joined by Mr. Will Ulrich - CEO of Presidio Production Company - a NYSE listed energy company with a market cap of ~$300 million. Will is co-CEO of Presidio since co-founding the company in 2017. He has over 18 years of energy experience and is focused on using technology and best practices to drive behavior change in the oilpatch.His mission is to create the industry's best return on capital employed by delivering the industry's lowest operating expenses, highest profitability and best emissions profile.He graduated from Harvard College with a degree in Economics and began his career as an investment banker at UBS.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power CorpBunch ProjectsSTEP, Sanjel and Wayfinder-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Intro: What is Presidio Production?01:21 Why buy wells instead of drilling them05:59 From Harvard to Wall Street08:19 Atlas Energy and the Cohen family14:07 First deals: Midstates, Apache and Templar20:08 How asset-backed bonds (ABS) work26:50 Going public through a SPAC32:11 Getting more oil out of existing wells39:46 Using A.I. in the field46:23 Oil and gas prices, M&A and Canada51:47 Message to shareholders 2026Support the show

This episode we are joined by Mr. Chris Carter - Managing Partner of NGP Energy Capital - a Dallas-based energy private equity firm that has invested since 1988 and raised over $25 billion in cumulative capital commitments.As Managing Partner, Chris oversees NGP's efforts in sourcing, structuring, executing and monitoring investments. He chairs the Investment, Investment Process and Monitoring Committees and is a member of NGP's Executive Committee.Chris joined NGP as an Associate in 2004. Previously, he was a summer Associate at McKinsey & Company and an Analyst with Deutsche Bank's Energy Investment Banking Group, where he focused on financing and merger and acquisition transactions.Chris received a B.B.A. and an M.P.A. in Accounting from the University of Texas at Austin in 2002, where he was a member of the Canfield Business Honors Program. He also received an M.B.A. from Stanford University Graduate School of Business in 2008, graduating as an Arjay Miller Scholar.Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power CorpSTEP, Sanjel and Wayfinder-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Intro: What is NGP?02:31 Fund 14's first close11:23 Stanford, McKinsey and returning in 200820:15 Ken Hersh's lessons: management first23:44 Skin in the game26:02 Barclays, Carlyle and the 2025 restructure30:08 The shale hangover and NGP's new model36:20 The case for energy private equity45:20 How NGP backs management teams48:32 Why not PDP, and the Permian math51:59 Finding good rock: Hibernia and Tap Rock1:01:19 Underwriting, fund life and continuation vehicles1:07:53 Investing in Canada1:12:05 Listener question: ABS and private creditSupport the show

Greetings & welcome back to the podcast. This episode we are joined by Terry Etam - energy executive, best-selling author of the The End of Fossil Fuel Insanity & contributor to the boereport.com Terry’s wide range of energy experience includes executive level positions , writing best selling novels & hands on experience in the field. You can find Terry's writing on the boereport.com as well as his personal website publicenergynumberone.comNewsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power CorpBunch Projects-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Intro00:40 Pacific Link: the $40B West Coast pipeline04:05 Why Ottawa has to be involved07:52 Northern Shield and the Prairie Connector11:19 Pipeline announcements and the Alberta referendum14:45 The Mackenzie Valley Highway problem20:37 Wilkinson's 180 on peak oil24:19 Gas prices, rail, and the carbon tax32:27 Investors are coming back to Canada36:54 Hormuz and the new oil price floor47:06 Oil demand, supply, and listener questionsSupport the show

This episode we are joined by Mr. Adam Waterous - Executive Chairman of Strathcona Resources & Greenfire Resources - two TSX listed energy companies with market caps of ~$8 billion & ~$2 billion respectively. Mr. Waterous is also CEO of Waterous Energy Fund - a Calgary-based private equity firm with ~$3 billion under management.Prior to founding Waterous Energy Fund in January, 2017, Adam served as Global Head of Investment Banking and Head of Energy and Power, North America at Scotiabank, where he was responsible for all of Scotiabank's global Equity and Advisory activities and Scotia Waterous.Under Adam’s leadership from 2005 to 2016, Scotia Waterous was among the most active advisors in the oil and gas acquisition and divestiture market with transactions roughly evenly split between Canada, the United States and other countries.Adam co-founded Waterous & Co., a predecessor firm to Scotia Waterous, in September 1991 where he was a member of the firm's Executive Committee and the head of the firm. Scotia Capital acquired Waterous & Co. in 2005.Before co-founding Waterous & Co., Adam worked in the Mergers and Acquisitions department with First Boston Corporation in New York and in management consulting with McKinsey & Company in Toronto.Adam has been active in many industry, community, health, arts, and education organizations. In 2013, Adam was awarded the Queen Elizabeth II Diamond Jubilee Medal for his contributions to the community and, along with his wife Jan, the Queen Elizabeth II Platinum Jubilee Medal in 2022 for their work in advancing sustainable transportation solutions in their hometown of Banff. In 2017, Adam received the Lifetime Achievement Award from the Oil and Gas Council. Adam received the 2019 Lefaivre Award, presented to an individual each year by the United Way of Calgary for exceptional volunteer service and community involvement. Adam is a Member and serves on the Board of the Horatio Alger Society of Canada. Adam serves on the Advisory Board of the Fairfax Centre for Free Enterprise at Huron University.Adam is Executive Chairman of Waterous Energy Fund portfolio companies Strathcona Resources and Greenfire Resources.Adam holds an Honours Business Administration degree from the University of Western Ontario and a MBA from Harvard Business School. Being in the top five percent of his class at Harvard, he was designated a Baker Scholar.Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power CorpBunch Projects-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 — Intro01:24 — Why Adam bought Mt. Norquay03:23 — Founding Waterous & Co. in 199107:35 — The first client: 1000 letters13:11 — "Relationships will break your heart"14:34 — What makes a deal work20:07 — Access to capital and the returns record23:47 — Three things the industry gets wrong34:07 — Meota Central: modular SAGD build39:01 — How Canada can 2x oil production47:44 — The MOU: Who pays for the pipeline?53:34 — Where does sidelined capital go?58:33 — Questions from XSupport the show

This episode we are joined by Mr. Travis Pace - CEO of Fortuna Operating - a private company that manages a non-op energy portfolio of ~30,000 boe/d on behalf of North Hudson Resource Partners - a private equity firm with ~$2 billion under management.Travis Pace serves as CEO of Fortuna Operating, which manages all non-op funds on behalf of Fortuna and North Hudson. Prior to Fortuna, Mr. Pace founded Corbin Development Group, LLC, a privately held non-op company where he built and led the successful exit of a non-op oil and gas portfolio in the Delaware Basin. Prior to that, Pace founded a financial and commercial advisory firm for large-scale natural gas infrastructure projects around the world. Mr. Pace holds an MBA and BA in English from Texas Tech University, and an MA in International Relations from the Fletcher School of Law and Diplomacy at Tufts University.Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power Corp-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Intro00:09 Fortuna value proposition02:54 Meeting Mark Bisso in 2017: How the North Hudson partnership works08:04 Oil vs. gas mix11:37 Fort Worth, Texas Tech, and buying Barnett leases at $200 a day17:54 Selling Corbin Development Group19:59 The non-op thesis21:52 AFEs, drilling JVs & joint acquisitions26:37 Fund mechanics: distributions & exits41:52 The knock on non-op: paying for decisions you don't make46:38 Why not just back operating teams directly?49:12 Cygnet, Hawthorne and how Fund V rolled into HWN1:00:31 Which basin excites Travis the mostSupport the show

This episode we are joined by Mr.Bobby Tudor - CEO of Artemis Energy Partners - and board member of Murphy Oil - a NYSE listed energy company with a market cap of ~$5.5 billion. Mr. Bobby Tudor is the founder and CEO of Artemis Energy Partners, an Investing and Advisory platform focused on companies involved in the Global Energy Markets.Mr. Tudor is also a Retired Founder and CEO of Tudor, Pickering, Holt & Co.Prior to forming TPH, Mr. Tudor was a Partner at Goldman Sachs and a leader of its worldwide Energy practice. Over his 30-plus year career in Investment Banking, he has worked on many of the defining transactions of the period, across most energy subsectors and geographies.Mr. Tudor lives in Houston with his wife, Phoebe. They have three children, Caroline, Margaret, and Harry. The Tudors are passionate supporters of the Arts, Public Education, Social Services, and Public Parks.Mr.Tudor chairs Greentown Labs and the Houston Energy Transition Initiative, and is past chair of the Greater Houston Partnership and Rice University's Board of Trustees.Mr. Tudor holds a BA in English and Legal Studies from Rice University, and a JD from Tulane.Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power CorpBunch Projects-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Intro01:11 Basketball to Goldman Sachs08:31 Becoming a Goldman Partner17:16 Leaving Goldman to Build TPH24:21 Winning the First Client29:40 Breaking Into Calgary34:39 Competing With Banks That Lend39:36 Consolidation Over Growth43:10 The SPR Is Running Dry46:15 Canada Vs. Venezuela49:57 Questions from X53:25 Artemis & Energy TechSupport the show

This episode we are joined by Mr. Darcy Reding - CEO of Cavvy Energy - a TSX listed energy company with a market cap of ~$700 million. Mr. Reding previously served as the Vice President of Operations & Geoscience at NAL Resources Management until the acquisition by Whitecap Resources in Q1 2021. Mr. Reding has 35 years of energy technical and leadership experience that spans across the upstream and midstream segments at NAL and previously with Norcen Energy, Northrock Resources, Samson Exploration and Enterra Energy Trust. Mr. Reding graduated from the University of Calgary with a Bachelor of Science in Chemical Engineering and is a Professional Member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA).Among other things we learned about Building North America's #1 Independent Gas Storage Company.Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power CorpBunch Projects-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Intro00:12 What Cavvy Energy Is & the $1,000–$1,100/Ton Sulphur Story02:56 The Cavvy Rebrand: From Pieridae to Working Horses04:36 The Goldboro LNG Story & Why It Died07:09 Darcy's Path to CEO10:04 Phase One to Phase Two: Debt Paydown & Growth Strategy17:48 Sulphur 101: Why Cavvy Has So Much of It35:53 Sulphur Pricing History & the 2026 Windfall43:05 Locking In 2027: The $525/Ton Deal & What's Next for Sulphur52:18 Natural Gas Properties: Waterton, Caroline & Jumping Pound1:02:09 Wellbore Liability & the AER's New LCA Standard1:04:37 Third-Party Processing: Three Deep-Cut Sour Gas Plants1:11:45 Capital Allocation & the 2027 Drilling Program1:18:40 The AIMCo Story: From 20 Cents to 44% Ownership1:23:54 Questions From XSupport the show

This episode we are joined by Mr. Toby McKenna - CEO of Rockpoint Gas Storage - a TSX listed gas storage company with a total equity value of ~$3.4 billion. Mr. McKenna is the Chief Executive Officer at Rockpoint responsible for the management and performance of the corporation’s storage and retail distribution assets. He brings to Rockpoint Gas Storage over 30 years of experience in the energy industry with leadership roles across a wide spectrum of disciplines including gas storage and marketing, midstream operations, energy trading, business development and Acquisitions and Divestitures. From 2014 to 2020 he was cofounder of Tidewater Midstream Ltd. where he served in multiple roles including Director, President and CEO, Vice President of Business Development & Commercial and most recently as President, Midstream. From 2010 to 2014, he was Vice President, Natural Gas Trading for Castleton Commodities Canada and prior thereto was cofounder of its predecessor, Louis Dreyfus Energy Canada in 2003.Mr. McKenna obtained his Bachelor of Business Administration from Saint Francis Xavier University, Nova Scotia (1994). Among other things we learned about Building North America's #1 Independent Gas Storage Company.Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsRemote Power Corp-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 Intro00:29 What Rockpoint Is: ~280 BCF & Six Facilities03:12 The Put Option That Didn't Exist for 30 Years04:08 Going Public: $700 Million, 10x Oversubscribed07:13 New Brunswick to St. FX: Early Days10:41 Learning the Business: Trading, Losses & Lessons16:29 Building an NGL Business Plan25:11 Trading Storage at AECO, Then Running Rockpoint30:58 The Oversupply Story & What Changed33:54 New Demand: 20 BCF Gulf Exports, LNG, Data Centers37:03 The Gulf of Mexico Analogue: Storage Values Up 300%40:03 Depleted Reservoirs vs. Salt Caverns43:34 Why You Can't Just Build Your Own: The White Space Problem58:12 Leverage, Dividends & Capital Allocation1:08:39 Brookfield, the Lockup & the CPUC Application1:15:09 Access Gas, Questions From X & Why He's Bullish on CanadaSupport the show

This episode we are joined by Mr. Arjun Murti - Partner at Veriten LLC and a Senior Advisor at Warburg Pincus. Mr. Murti has spent over 30 years on Wall Street as a sell-side equity research analyst, buy-side investor, advisor and board member covering the global energy sector. Mr. Murti previously served as a Partner at Goldman Sachs from 2006 to 2014. Prior to becoming Partner, he served as Managing Director from 2003 to 2006 and as Vice President from 1999 to 2003. During his time at Goldman Sachs, Mr. Murti worked as a sell-side equity research analyst covering the energy sector. He was co-director of equity research for the Americas from 2011 to 2014. Previously, Mr. Murti held equity analyst positions at JP Morgan Investment Management from 1995 to 1999 and at Petrie Parkman from 1992 to 1995. Mr. Murti serves on the board of directors of ConocoPhillips & Liberty Energy Inc. He also serves on the advisory boards of ClearPath and Columbia Center on Global Energy Policy and as a board observer to Welligence Energy Analytics. Mr. Murti graduated with a business degree specializing in finance from the University of Denver. Since November 2021, Mr. Murti has published Super-Spiked, a Substack newsletter and podcast about the energy transition. Among other things we learned about $20 to $147 Oil: Super Spike vs. Super Vol. Enjoy.Newsletter: Subscribe HereThank you to our sponsors.Without their support this episode would not be possible:Connate Water SolutionsATB Capital MarketsBunch Projects-*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.TIMECODES:00:00 – Intro & Episode #30002:47 – Joining Goldman in 199906:02 – Steve Strong, Jeff Currie & the commodities franchise09:29 – How Goldman research worked14:57 – Leaving Goldman19:09 – The Super Spike call26:56 – Data, China & making a contrarian call32:59 – Super Spike vs Revenge of the Old Economy35:48 – Paulson, Blankfein & research independence39:57 – The profitability miss46:31 – Super Vol vs Super Spike51:02 – Canada’s opportunity54:00 – $64 crack spreads & why crude didn’t spike1:04:08 – Questions from X1:16:17 – What would change the Super Vol thesisSupport the show