RBC Capital Markets has kept 16 equities on its June 2026 Global Energy Best Ideas list, presenting what it characterizes as its highest-conviction opportunities across multiple segments of the energy sector. The selections span integrated oil majors, exploration and production firms, midstream infrastructure operators, oilfield service providers and renewable developers.
In a notable adjustment this month, RBC removed TotalEnergies from the list, citing the company’s strong recent share price performance. Despite that change, the broker reiterated the characteristics it prioritizes when choosing ideas - companies that generate resilient cash flows, deliver attractive shareholder returns, operate long-life assets and offer exposure to ongoing growth in global energy demand.
RBC’s June 2026 Best Ideas (selection and rationale)
- Suncor Energy - RBC points to improving operational execution, lower break-even costs and meaningful shareholder returns as the basis for its view on the Canadian integrated producer.
- California Resources - The broker highlights the company’s mix of conventional oil production and a growing set of carbon capture and storage opportunities.
- Chord Energy - RBC emphasizes Chord’s robust free-cash-flow profile, low leverage and a capital return approach oriented toward shareholders.
- ConocoPhillips - The firm remains constructive on ConocoPhillips because of its diversified global asset base, financial strength and a low-cost inventory.
- Permian Resources - RBC values the company’s premium Permian acreage, operational efficiency and the shareholder returns it is delivering as sources of upside.
- PrairieSky Royalty - As a royalty company, PrairieSky offers diversified exposure to Western Canadian energy production while avoiding the operating risk tied to production activities.
- Canadian Natural Resources - The broker cites long-life assets, strong free-cash-flow generation and disciplined capital allocation as the fundamentals supporting its view.
- Ovintiv - RBC sees value in Ovintiv’s simplified portfolio, deeper inventory and a commitment to returning cash to shareholders.
- Woodside Energy - The broker remains constructive on Woodside’s LNG-led growth strategy and its expanding portfolio of large-scale energy projects.
- Enerflex - Enerflex is singled out for exposure to power generation opportunities, notably the rising demand from data centers.
- AltaGas - RBC expects continued improvement in AltaGas’s balance sheet and points to growth projects that should strengthen long-term earnings.
- Pembina Pipeline - The fee-based business model, free-cash-flow generation and leverage to higher Canadian production volumes are cited as positives for Pembina.
- Cheniere Energy - Cheniere’s highly contracted cash flows, strong shareholder returns and opportunities to expand its LNG export footprint underpin RBC’s view.
- Williams Companies - The midstream operator is viewed as a likely beneficiary of rising natural gas demand and investment in power infrastructure.
- EDP Renováveis - RBC sees a discounted valuation, an improving earnings outlook and U.S. growth prospects as reasons for interest in the renewable developer.
- Northland Power - The broker expects that major offshore wind projects nearing completion will improve market sentiment and potentially unlock additional value.
Context and positioning
RBC’s list reflects a cross-section of exposure to both traditional hydrocarbons and energy transition segments. The broker’s emphasis is consistent across the chosen names: resilient, contractable or high-quality long-life cash flows; shareholder-return-oriented capital policies; and asset bases that can participate in expected growth in global energy demand. The June 2026 roster therefore mixes producers, midstream fee-based businesses, a number of LNG-related names and renewable developers.
Summary
RBC retained 16 stocks on its June 2026 Global Energy Best Ideas list and removed TotalEnergies after its share price strengthened notably. The remaining picks are favored for cash-flow resilience, shareholder return characteristics, long-life assets and exposure to rising energy demand across oil, gas, midstream and renewables.
Key points
- RBC maintained a 16-stock Best Ideas list for June 2026, spanning integrated energy, E&P, midstream, oilfield services and renewables.
- TotalEnergies was removed from the list this month following strong share price performance.
- The broker’s criteria emphasize resilient cash flows, shareholder returns, long-life asset bases and exposure to global energy demand - themes that cut across oil, gas, infrastructure and renewable developers.
Risks and uncertainties
- Share price movements can prompt list changes, as demonstrated by the removal of TotalEnergies; market performance therefore remains a variable that can alter recommended rosters - this affects investors across energy equities.
- Execution risk tied to project delivery and balance-sheet improvement could influence outcomes for companies highlighted for growth projects or balance-sheet repairs, such as AltaGas and Northland Power - this impacts capital-intensive segments including renewables and infrastructure.