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    Adam Gill • Ventum Financial

    Adam Gill is a Director of Energy Research at Ventum Financial, specializing in energy and basic materials sector analysis with direct coverage of numerous companies including TSE:JOY. Gill has made 27 stock recommendations with a success rate of 30% and an average return of -13.3%, reflecting a highly active but mixed performance record. His career began prior to 2016, and he held the role of Director of Energy Research at Echelon Wealth Partners before joining Ventum Financial. Gill holds notable experience in the sector, though formal credentials such as FINRA registration or securities licenses are not publicly verified.

    Adam Gill's questions to Saturn Oil & Gas Inc (OILSF) leadership

    Adam Gill's questions to Saturn Oil & Gas Inc (OILSF) leadership • Q1 2025

    Question

    Adam Gill inquired about Saturn's capital spending plans under various WTI price scenarios, the resulting impact on production, and the company's capital allocation priorities between production, share buybacks, and debt repayment.

    Answer

    CEO John Jeffrey detailed a flexible capital expenditure framework, stating that spending would align with guidance around $300 million at $70+ WTI, decrease to approximately $200 million at $60 WTI, and fall to $100-$150 million in a $50-$55 environment. He noted that any reduction would have a minimal impact on 2025 production due to the timing of capital deployment. Jeffrey also confirmed Saturn's focus on opportunistically repurchasing bonds at a discount using free cash flow, while firmly rejecting the use of their credit facility for such buybacks to maintain a defensive strategy and liquidity.

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    Adam Gill's questions to Saturn Oil & Gas Inc (OILSF) leadership • Q1 2025

    Question

    Adam Gill inquired about Saturn's capital spending plans under various WTI oil price scenarios, the potential impact on year-end production, and the company's capital allocation priorities between production, share buybacks, and debt repayment.

    Answer

    CEO John Jeffrey detailed a flexible capital expenditure framework, stating that spending would align with guidance above $70 WTI, but would be reduced to approximately $200 million at $60 WTI and $100-$150 million at $50-$55 WTI, with minimal impact on 2025 production. Jeffrey emphasized a focus on shareholder returns, noting the company actively repurchases its bonds when they trade at a significant discount, viewing it as a high-yield investment. He confirmed this is funded by free cash flow and firmly stated the company would not use its credit facility for debt buybacks to maintain a defensive strategy.

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    Adam Gill's questions to Saturn Oil & Gas Inc (OILSF) leadership • Q4 2024

    Question

    Adam Gill from Ventum Financial inquired about the 2025 tax outlook amid falling oil prices, the balance between debt repayment and share buybacks under the NCIB, and the potential to convert booked frac locations to more capital-efficient open-hole multilateral wells.

    Answer

    CFO Scott Sanborn confirmed there is no significant change to the tax outlook, with the company still forecasting it will become tax payable in late 2025 or 2026. CEO John Jeffrey emphasized a strong commitment to the NCIB, viewing Saturn's shares as the 'cheapest barrels in Calgary.' He also noted that FX hedges protect principal and interest payments, mitigating the impact of a weaker Canadian dollar on debt service. CDO Justin Kaufmann explained that while most Bakken locations will be drilled as booked, some could be converted to open-hole multilaterals. Jeffrey highlighted that recent Spearfish open-hole successes were entirely new additions to inventory, not conversions.

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    Adam Gill's questions to Saturn Oil & Gas Inc (OILSF) leadership • Q4 2024

    Question

    Adam Gill from Ventum Financial asked about the 2025 tax outlook, the company's capacity for both debt repayment and share buybacks under the NCIB, and whether booked frac locations could be converted to more efficient open-hole multilateral wells.

    Answer

    CFO Scott Sanborn indicated no significant change to the tax outlook, with taxes expected to be payable in late 2025 or 2026. CEO John Jeffrey confirmed the company is actively repurchasing shares, viewing them as undervalued. He noted that debt repayments are secure, as the weaker Canadian dollar boosts revenue while FX hedges fix principal and interest costs for three years. CDO Justin Kaufmann explained that while most Bakken frac locations will be drilled as booked, some could be converted. However, CEO John Jeffrey emphasized that recent successes, like in the Spearfish play, represent entirely new, additive locations, not just conversions.

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    Adam Gill's questions to Saturn Oil & Gas Inc (OILSF) leadership • Q3 2024

    Question

    Adam Gill from Ventum Financial inquired about the company's strategy for tuck-in acquisitions, including activity level and budget, and asked about the expansion of open-hole multilateral drilling to new plays.

    Answer

    CEO John Jeffrey stated that Saturn will continue to pursue accretive, cash-flow-funded tuck-in acquisitions in core areas. Chief Development Officer Justin Kaufmann explained that applying multilateral drilling to new areas like the Spearfish is driven by reservoir characteristics and aims to improve economics and expand inventory.

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