Why Jerome Hass Says Canadian Energy Stocks Are "Cheap"

How Fiscal Discipline, Long-Life Assets, and Unbeatable Valuations Are Setting the Stage for Western Canada’s Energy Sector Renaissance

Editorial Team (ET)August 5, 2026

Canadian oil and gas has spent years standing in the cold, but the underlying arithmetic is becoming far too compelling for smart money to ignore.

While daily swings in West Texas Intermediate (WTI) crude can turn on a dime, prompted by presidential social media comments or a sudden volley of overseas drones, the long-term foundational setup for Canadian producers is looking increasingly bullish.

According to Jerome Hass, Portfolio Manager at Lightwater Partners, Western Canada’s energy patch has quietly found financial religion. After a decade of strict fiscal discipline, balance sheets across the sector have shed bank debt and dramatically reduced overall leverage. Unlike global peers struggling with shrinking drilling inventories and depleted reserve lives following years of under-investment, Canadian operators sit on vast, long-life assets capable of pumping steady cash flow for decades. Couple that with a more conciliatory political tone out of Ottawa, where discussions around new West Coast pipeline capacity and a revived Keystone XL are gaining traction, and the stage is set for a sector re-rating as institutional capital flows back home.

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