Research archive
Every Halvren writeup, by sector.
Deep reads on Canadian operators in energy, materials, and infrastructure. Each writeup carries FY data at the top, business analysis in the middle, and the Halvren Checklist applied at the end. Public writeups are free to read; the position-level commentary lives in the private letters. The full working universe, every name on the desk by sector and status, is on the coverage page.
Energy
Oil & gas · Uranium · MidstreamUranium has become a narrative asset. Cameco is still a Saskatchewan business that trades on pounds produced. McArthur restart economics, Westinghouse contribution, contract-book dynamics.
Low-decline long-life assets. A dividend that survived 2015 and 2020. FY 2025 generated C$15.5B of adjusted funds flow and returned C$9.0B to shareholders. The succession question, honestly discussed.
U.S. shale destroyed more capital than any other public sub-sector last cycle. EOG did not. The premium drilling philosophy, the Utica oil-window expansion, and why EOG sat out the 2024–25 consolidation wave.
Materials
Precious metals · Industrial metals · FertilizersWorld's largest potash producer, North America's largest agricultural retailer, headquartered in Saskatoon. FY 2025: US$26.9B sales, US$6.05B adjusted EBITDA, US$551M of buybacks. The Saskatchewan cost curve, the Retail-segment quality question, and capital allocation through cycle.
Silver is a narrative metal. First Majestic's FY 2025 revenue print was spectacular. The real questions live one layer down: the true cost curve, the Mexico tax overhang, and whether per-share value was actually created or just ounces were.