Next month marks the 15-year anniversary of the so-called “Halloween Massacre”—when Canada’s then Prime Minister Stephen Harper reversed a pledge not to tax income trusts, and brought the investment boom to an abrupt end.
At the time, Canada’s oil patch was flying high. The combination of surging oil and gas prices combined with the popularity of trusts’ high dividend model had triggered a funding bonanza for producers. And the result was an unprecedented wave of energy development for both conventional oil and gas and especially oil sands.
Ending income trust IPOs and ordering corporate conversions of most of the rest by January 1, 2011 didn’t end Canada’s energy boom right away. The drop in oil prices from nearly $150 a barrel to barely $30 in second half 2008, however, triggered a massive shakeout from which many never recovered.
Your complete guide to energy investing, from growth stocks to high-yielders.
In October 2012, renowned energy expert Elliott Gue launched the Energy & Income Advisor, a twice-monthly investment advisory that's dedicated to unearthing the most profitable opportunities in the sector, from growth stocks to high-yielding utilities, royalty trusts and master limited partnerships.
Elliott and Roger on Jun. 29, 2022