Warner

Imperial oil in Canada has gone from 850K to 555K outstanding in 6 years... They have no significant growth projects being funded in the near/medium term so this will continue the oil price holds up meaningfully.

My accounting knowledge is limited, but we can assume IFRS 17 being implemented will increase Fairfax's subsidiary statutory surplus' considerably. So, can this potentially allow Fairfax to write additional premiums in this hard market, or potentially return capital to the holding company further increasing shareholder returns?

Turbine engine are easy to maintain. They are simple and easy to use. But, they need clean fuel, clean air, and a lot of fuel at sea level. They can run 500-1000 hours without significant maintenance, but at that point they need some general maintenance. ie. filter checks/replacement, nozzle replacements and so on The attached pic you will see 3000 HP that weighs 785 KGS. This is something a diesel will never come close to matching.

CVX has the Tengiz FGP coming online in 2024/2025, so they are expecting a large uptick in cash flow, and along with high NG prices they will do well. I believe you will see Canadian companies are buying back at a great rates. Ie. IMO bought back 21% of their stock in the past 18 months. That is far and away better then CVX will every do, and there is more to come this year!

The Russians are more concerned with the followers of Bandera. A bit ironic though as they likely killed more Poles than Soviets in the WW2 era Using the Nazi term is just a way to stoke Russian nationalism for a common known enemy of the past. It's nothing more

Russia has more resources that most will admit to. Not high tech of course but they will go low tech. They have the collective thought to sacrifice for their country. This is not over and done. Russia will fight back again and a lot more people will die. We tend to look through at Russia like a western country and that they are not. For better or worse that is for them to decide. Who will be victorious, how that looks, and the costs of it no one can know yet. But, I promise the costs for both sides will be extreme and this will not likely end in an amicable long term agreement. Everyone looks at Putin like a villain in this. And, he is. But, very few people are looking back at the main missile and arms treaties the USA have unilaterally backed out of. And no one is also looking back in the recent history and noting that the West have perpetually lied to Russia at every opportunity in the past 30 year. Russians look upon Putin favourably as he has actually improved Russia a lot since the 90's. He has their goodwill in general and he can't loose this war entirely.

The integrated will do well with the lower WCS. Their downstream crack spreads will benefit from the cheaper feedstock. Also, these integrated are selling a good portion of synthetic which has a high distillate and priced around Brent prices currently. If you look at boring old Imperial oil they have bought back 20% of their shares in the past 18 months and increased production with little debt. They are going to continue significant buybacks.

Never underestimate the Russian ability to sacrifice their own people. They have a long history of fighting this way. “Don't cry, my lord, Russian mothers will produce more sons.” -this was told to Peter the Great on his defeat in Narva. Sanctions have no affect on the majourity of the Russian people. Sanctions will not affect the general population like it would for Western countries. Russia will likely win. What they get is the only question. Putin remains in full control of Russian gov't. He is not going anywhere. BTW, the line up leaving Moscow to the Samara - Uralsk border point is 40km.

Reported emissions intensity between SAGD and mining is not much different. Depends on the operator and the process used. Actually, SAGD will be higher as they are not reporting the additional refining emissions with SAGD compared to refining emissions after upgrading. SAGD is heavy and sour so it needs to run through a Coker, or hydro-conversion and then hydro-treating. All these processes need a lot of natural gas..... The newer mining projects using PFT have actually much lower emissions than SAGD and lower refining emmsions.

Their CanWest Global turned out to be an almost zero

There are plenty other insurance companies with better 20 year records than fairfax. Why play with the cigar butts when there are many quality insurers that can be bought in a hard market?

Here's an alternate view on climate change.

Atyrau, Kazakhstan

Fairfax will large bond gains in the last couple months. This will offset common stock loses.