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Energy

Cenovus convient d'acquérir Athabasca Oil, et les modalités sont un choix

Athabasca Oil Corporation (TSX: ATH) a convenu le 5 octobre 2026 d'être acquise par Cenovus Energy Inc. (TSX: CVE) dans une opération en espèces et en actions supposant une valeur des capitaux propres d'environ C$5.8 milliards. Athabasca a clôturé à C$12.01, au-dessus du choix en espèces de C$12.00, sur neuf fois le volume moyen. La contrepartie est assujettie à une répartition proportionnelle, le volet en actions flotte avec le cours de Cenovus, et aucun des deux communiqués ne divulgue d'indemnité de rupture ni le seuil d'approbation des actionnaires.

Par Daniel Okoye6 oct. 2026, 09 h 0010 min de lectureATH.TO

OpinionEnergy

The Pressure Event Is the Result: Reading QIMC's 30.0% Hydrogen Update at Bennett Hill

Québec Innovative Materials Corp. (CSE: QIMC) reported a record 30.0% H2 field reading at 413 metres in DDH-26-05 — then reported free gas reaching surface under apparent pressure between 413 and 416 metres, triggering repeated hydrogen alarms and halting the hole. Evidence for a mobile hydrogen-bearing system has strengthened. Evidence for reservoir performance has not. Benchmarked against MAX Power's completed-interval flow test at Lawson.

Par Daniel Okoye1 sept. 2026, 16 h 229 min de lectureQIMC.CN MAXX.CN

Energynatural hydrogen

The Number Is Not the Discovery: How to Read a Natural-Hydrogen Result

QIMC reported 27.8% hydrogen at Bennett Hill; MAX Power reported 28.6% at Lawson. The headline percentages look interchangeable. The measurements behind them are at different stages of proof.

Par Marc Belzile30 août 2026, 13 h 005 min de lectureQIMC.CN MAXX.CN

OpinionEnergy

QIMC Extends the Bennett Hill Hydrogen System: Reading DDH-26-05

Québec Innovative Materials Corp. (CSE: QIMC) has reported a company-record 27.8% hydrogen measurement at approximately 374 metres in DDH-26-05 at Bennett Hill, Nova Scotia. The readings are preliminary field measurements. Concentration establishes presence; it does not establish pressure, flow or recoverable volume.

Par Daniel Okoye26 août 2026, 17 h 476 min de lectureQIMC

Energy

Uranium Term Contracting: Why the Spot Price Is the Wrong Number

Uranium headlines quote the spot price. Producers barely sell into it. The realised price comes from a contract book negotiated years earlier, with floors, ceilings and escalators that mute both directions.

Par Daniel Okoye26 août 2026, 13 h 003 min de lectureCCO NXE DML

Energy

The WCS Differential: Tracing Heavy Oil Discounts Into Canadian Earnings

Every Canadian oil investor knows the WCS differential matters. Fewer can trace how a US$4 move in the discount travels through royalties, transport and refining margin to arrive at earnings per share.

Par Marc Belzile19 août 2026, 09 h 004 min de lectureCVE SU CNQ

Energy

Enbridge and the Take-or-Pay Illusion: How to Read DCF Per Share Properly

Enbridge sells itself on contracted, take-or-pay cash flow. That framing is largely accurate — and it is also the reason the stock's real risk sits in the financing stack rather than in commodity prices.

Par Marc Belzile14 août 2026, 13 h 004 min de lectureENB

EnergyUranium

NexGen Energy After Rook I Approval: What Comes Next?

NexGen trades as NXE on both the TSX and NYSE. It owns the Rook I property in Saskatchewan’s Athabasca Basin, including the Arrow uranium deposit. Rook I is a development-stage project with no operating revenue. On March 5, 2026, the Canadian Nuclear Safety Commission approved the project’s environmental assessment and Licence to Prepare Site and Construct. Q1 cash was approximately C$655 million, while reported current liabilities included significant convertible obligations.

Par Marc Belzile8 août 2026, 22 h 002 min de lectureNXE

EnergyUranium

Cameco Stock Analysis: A Full Nuclear-Fuel-Cycle Investment

Cameco trades as CCO on the TSX and CCJ on the NYSE. It produces uranium through McArthur River/Key Lake and Cigar Lake in Saskatchewan and holds an interest in Inkai in Kazakhstan. It also operates conversion and fuel-manufacturing businesses and owns 49% of Westinghouse. Q2 2026 adjusted EBITDA was C$391 million; cash and debt were approximately C$1.1 billion and C$1.0 billion, respectively.

Par Marc Belzile7 août 2026, 09 h 002 min de lectureCCO

EnergyPower

Hydro-Québec's Export Capacity and the Northeast Power Market

Interties to the United States turn Québec's hydro surplus into export revenue, when transmission exists.

Par Marc Belzile15 juill. 2026, 09 h 304 min de lecture

EnergyMidstream

Pembina, Egress and the Case for Owning the Toll Road

Pembina's fee-based infrastructure network profits from Western Canadian egress constraints rather than commodity prices, a dynamic often compared to owning a toll road. This piece explains why the analogy holds, where it breaks down, and what contract quality actually protects against.

Par Marc Belzile8 juill. 2026, 09 h 304 min de lecturePPL

EnergyUtilities

Fortis and the Regulated Utility Return Formula

A regulated utility earns an allowed return on its rate base. Growth comes from growing the base.

Par Marc Belzile22 juin 2026, 07 h 303 min de lectureFTS

EnergyUranium

Cameco and Westinghouse: The Vertical Integration Bet

Cameco's Westinghouse stake turned a cyclical uranium miner into a fuel-cycle business with recurring services revenue. This piece unpacks what integration adds, what it costs in leverage and reporting complexity, and how to read the segments separately.

Par Marc Belzile15 juin 2026, 07 h 303 min de lectureCCO

EnergyUranium

Uranium Term Contracting Picks Up as Utilities Extend Coverage

Uranium term-contracting volumes are rising as utilities extend coverage further out, a shift that matters more to producer revenue than the widely quoted spot price. The piece explains the term-versus-spot dynamic, the slow supply response, and how to read a producer's contracted position.

Par Marc Belzile15 mai 2026, 16 h 053 min de lectureCCO

EnergyMidstream

Enbridge's Contracted Cash Flow and the Case for Boring

Almost all of the cash flow is contracted or regulated, which is the point of owning it.

Par Marc Belzile13 mai 2026, 09 h 303 min de lectureENB

EnergyPricing

What the WCS Differential Actually Costs Canada

The discount on Western Canadian Select splits into a stable quality component and a volatile transport component driven by pipeline and rail capacity. Knowing which one is moving in a given quarter is key to reading heavy-oil producer earnings and forecasting when realizations might recover.

Par Marc Belzile6 mai 2026, 09 h 304 min de lecture

EnergyIntegrated

Suncor's Refining Margins Are Carrying the Quarter

Suncor's latest results show the integrated producer model working as intended, with downstream margins offsetting a weaker upstream quarter. This piece explains the natural-hedge mechanism, why utilisation and turnaround timing determine whether it holds, and where the offset has real limits.

Par Marc Belzile27 avr. 2026, 07 h 304 min de lectureSU

EnergyOil sands

Canadian Natural Resources and the Long-Life, Low-Decline Argument

The company's asset base needs less sustaining capital than most producers. That is the whole investment thesis, and it is testable.

Par Marc Belzile15 avr. 2026, 09 h 304 min de lectureCNQ