At the Calgary Stampede, it's cowboy boots, not oxfords, but still time to strike a deal

Globe and Mail

a day ago

The Calgary Stampede is famous for its business networking. Outside the rodeo grandstand, and sometimes within it, corporate parties overtake the workday throughout the 10-day festival.
This year, the improved fortunes of the energy sector are lifting spirits, though the uncertain political climate is preventing unbridled enthusiasm in the city's business community as the annual Western institution gets under way and the ties and black oxfords are left at home in favour of boots, buckles and cowboy hats.
After years of delays, Calgary's oil patch is celebrating the first shipment of liquefied natural gas to sail across the Pacific from a massive plant on the West Coast, a positive development for gas producers that have long struggled with low prices. And the $34-billion Trans Mountain pipeline expansion has been in operation for more than a year, making it possible to transport a whole lot more of Alberta's oil to export markets.
Mark Carney may not have been the first choice for prime minister for many in the industry, but at least he has been sounding the right notes for them by declaring that Canada should be an energy superpower.
At the Calgary Stampede, nobody cares if it's your first rodeo
Oh, and then there's the whole Alberta separation threat thing, and Premier Danielle Smith's efforts to either prevent it or foment it, depending on who you talk to.
These will be topics of conversation shouted over the din of Garth Brooks's Friends in Low Places blasted at top volume in bars and on rooftop patios across the city. As is customary, each venue is adorned with straw bales and rough-hewn fence boards. One thing's for sure: There is no shortage of bashes this year hosted by energy companies, investment houses and the burgeoning agri-food and tech sectors.
'I thought last year was busy, but this year is busier,' said Deborah Yedlin, the president of the Calgary Chamber of Commerce. 'It's amazing how people are trying to squeeze in more events. I'm still getting invitations and it's just, like, 'No – there's no time.''
The benefit of the Stampede for locals and out-of-towners alike is the ease of connecting with so many people in one place over a short period of time, Ms. Yedlin said. 'The rodeo and the chucks are not the sideshow, but there's a whole lot more going on outside than there ever has been. It's crazy.'
Calgary Mayor Jyoti Gondek started early, flipping the first pancakes for the 2025 edition of the event on Thursday morning. She says her Stampede dance card is also jammed with more events and meetings with elected officials and business leaders than ever before, a reflection of renewed optimism in the city.
Corporate sponsorships are in excellent shape, and the chuckwagon tarp auction – a rough gauge of the local economy – set new records this year, topping $3.8-million. Gas producer Birchcliff Energy Ltd., De Havilland Aircraft of Canada Ltd. and tech consultancy MobSquad are among the companies that will have their logos emblazoned on the horse-drawn wagons. The Stampede generates an economic impact of more than $280-million for Alberta, most of it in Calgary.
Ms. Gondek expects her Stampede conversations with colleagues at the federal and provincial level will centre on investing in energy and trade infrastructure.
'This is the best time to get deals done,' she said. 'It's the best time to have conversations. And if they want to talk about very real things, like a new Canadian economy – one Canadian economy – now is the time to do that.'
Adam Legge, the president of the Business Council of Alberta, says he's hearing more optimism from the oil patch than he has in years – though it is tempered. Largely it's a reflection of what he called 'a newish federal government,' along with its energy-superpower messaging and early moves to speed up project construction.
But a lot still needs to happen to meet those goals, Mr. Legge said – something he expects to come up a lot over barbecue and brisket or while taking in the rodeo. 'I think there will probably be lots of talk about how we actually get this moving from ambition and words to action?'
The Stampede is certainly where the political and financial worlds collide, and this year marks major changes in that intersection with U.S. President Donald Trump's anti-trade moves disrupting the bilateral relationship, a new Prime Minister touting a more pro-development suite of policies and some separatist sentiment simmering in Alberta.
Mr. Carney was scheduled to tour the Stampede grounds and take part in the opening ceremony Friday. He will also host a Liberal Party fundraiser on Saturday.
His Energy and Natural Resources Minister, Tim Hodgson, arrived in the region a day before to sprinkle $21.5-million in federal funding on five Alberta carbon capture and storage projects.
Last year, Conservative Leader Pierre Poilievre was the sole federal party leader in attendance. He received a political hero's welcome, with his party at the time poised to win the next election. This year he's in a much different situation: His Conservatives made gains in the April 28 election, nearly sweeping Alberta, but he failed to oust the Liberals and lost his own seat. He is trying to return to the House of Commons as the MP for the Alberta riding of Battle River-Crowfoot in a by-election. He will take time out from campaigning, though, to headline his party's annual Stampede barbecue, scheduled for Saturday.
The U.S. consulate held its annual Independence Day party Thursday, marking the unofficial kickoff to the Stampede party agenda. Because of the trade war, the event wasn't a sure thing back in the spring, Consul-General Emily Fleckner told the crowd. But a raft of sponsors, including U.S.-controlled oil companies, stepped up.
Sure, there was chatter about Mr. Trump and his trade policies. But Ms. Fleckner, Ms. Smith and Ms. Gondek all spoke to the importance of maintaining friendships, given how important the U.S. remains to Alberta's economy.
'Whether it's politics-politics, whether it's business-business, whether it's business-politics and whether it's business-politics policy, all these conversations are happening. You just get such a concentration of people in town for a week,' said Martha Hall Findlay, the director of the School of Public Policy at the University of Calgary – herself a former politician and business executive.
The informality of the occasion lends itself to frank conversations and even constructive dialogue, which is important given the decade of tension between Alberta's government and Ottawa, Ms. Hall Findlay said. 'It makes a difference when you go and have a beer together at some reception. It makes a difference if you run into people that you wouldn't necessarily have a meeting with.'
But jurisdiction friction remains. Mr. Legge is a member of the Alberta Next panel, convened by Ms. Smith to 'gather input, discuss solutions, and provide feedback to government on how Alberta can better protect its interests, defend its economy, and assert its place in Confederation,' according to the provincial government.
The panel will hear from Albertans at town halls across the province and via an online survey. It will submit its recommendations to the government by the end of the year.
The issue will absolutely be discussed over drinks and is a frequent query among people who arrive from other parts of Canada and are not aware that sovereignty is being pushed by a noisy minority. In some quarters of the business community, it's argued that it's precisely such talk that will hurt both Alberta and the country as a whole, as the provincial government pushes for B.C. to get on board with a proposal for a new oil pipeline to the West Coast.
'There's enough political uncertainty to spare. We don't need to generate our own,' Ms. Yedlin said. 'It causes risk premiums to go up. This is not how we attract and grow investment in this province.'
With a file from Stephanie Levitz