The Global Gambit

The Global Gambit

North American Desk

CNQ & The Chevron Heist: A Masterclass in Capital Allocation

Why Canadian Natural Resources' $6.5B acquisition was the ultimate value-investor's triumph.

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The Global Gambit
Aug 17, 2026
∙ Paid

There is a stark difference between management teams that run companies for executive incentives and those that operate with true inside skin in the game. In the energy sector, capital allocation is the ultimate arbiter of long-term survival. You don’t build generational wealth by simply pulling hydrocarbons out of the ground; you build it by acquiring …

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