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    Menno Hilsoff

    Managing Director and Senior Equity Analyst at TD Cowen

    Menno Hulshof is a Managing Director and Senior Equity Analyst at TD Cowen, specializing in the energy sector with direct coverage of prominent companies including Cenovus Energy, Suncor Energy, and Ovintiv. His performance track record features a price target met ratio of 76.3%, average potential upside of 38.7%, and a most profitable recommendation boasting a +179.5% return on MEG Energy. Hulshof began his analyst career in 2012, previously holding roles at TD Securities before joining TD Cowen, and has published over 111 price targets spanning 11 stocks. He is registered with FINRA and holds multiple securities licenses, which underpin his recognized expertise in the energy equity space.

    Menno Hilsoff's questions to CANADIAN NATURAL RESOURCES (CNQ) leadership

    Menno Hilsoff's questions to CANADIAN NATURAL RESOURCES (CNQ) leadership • Q2 2025

    Question

    Menno Hilsoff from TD Cowen asked about the sustainability of the high synthetic crude oil (SCO) production rate seen in July and questioned what is driving the better-than-expected turnaround execution across the industry.

    Answer

    President Scott Seltz confirmed that a 600,000 bbl/d run rate for SCO is a reasonable expectation, with no major obstacles anticipated. He attributed the accelerated turnaround at AOSP to the company's continuous improvement culture, where teams are incentivized to find efficiencies, noting that schedules have minimal built-in contingency of around 10%.

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