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    Alexa Petrick • Goldman Sachs

    Alexa Petrick's questions to Calumet Inc (CLMT) leadership

    Alexa Petrick's questions to Calumet Inc (CLMT) leadership • Q2 2025

    Question

    Alexa Petrick of Goldman Sachs inquired about the mid-cycle earnings outlook for Calumet's renewable diesel business amid the challenging regulatory environment and asked about the company's strategy for further debt reduction, including the role of potential future divestitures.

    Answer

    CEO Todd Borgmann addressed the questions, stating that mid-cycle renewable diesel margins of $1.50 per gallon could generate approximately $140-150 million in adjusted EBITDA for Montana Renewables. He identified regulatory clarity on the RVO and SREs as key catalysts for margin recovery. Regarding debt, Borgmann outlined a three-pronged approach: utilizing free cash flow, pursuing strategic asset sales, and ultimately completing the Montana Renewables monetization to reach their $800 million restricted group debt target.

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    Alexa Petrick's questions to Delek US Holdings Inc (DK) leadership

    Alexa Petrick's questions to Delek US Holdings Inc (DK) leadership • Q2 2025

    Question

    Alexa Petrick from Goldman Sachs asked about Delek's capital allocation strategy, specifically how the company balances shareholder returns with balance sheet improvements using cash from the EOP. She also requested an outlook for Q3, including demand trends and crude differentials.

    Answer

    President and CEO Avigal Soreq reiterated Delek's consistent and balanced capital allocation strategy, highlighting the maintenance of dividends and counter-cyclical share buybacks, which positioned them as a leader in shareholder returns among peers. For the Q3 outlook, Soreq noted constructive market fundamentals, citing low diesel inventories and steady demand. EVP Mohit Bhardwaj added that PADD 2 distillate inventories are well below five-year averages, suggesting an optimistic outlook, especially for diesel.

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    Alexa Petrick's questions to Kosmos Energy Ltd (KOS) leadership

    Alexa Petrick's questions to Kosmos Energy Ltd (KOS) leadership • Q2 2025

    Question

    Alexa Petrick from Goldman Sachs asked for a breakdown of the higher-than-expected GTA costs in the Q3 guidance and how to model these costs on a per BOE basis for 2026. She also inquired about the company's outlook for normalized free cash flow.

    Answer

    SVP & CFO Neal Shah detailed the three components of GTA costs: the FLNG toll (which included a one-time bonus in Q2), the FPSO lease (targeted for refinancing), and field OpEx (where startup costs will decrease). He reiterated that the company's normalized free cash flow breakeven target remains in the $50-$55 per barrel range, with approximately $100 million of additional free cash flow for every $5 increase in oil price.

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    Alexa Petrick's questions to Par Pacific Holdings Inc (PARR) leadership

    Alexa Petrick's questions to Par Pacific Holdings Inc (PARR) leadership • Q1 2025

    Question

    Alexa Petrick of Goldman Sachs asked for insights into Q2 demand trends, particularly in China and Asia, and requested directional guidance on refining capture rates for the upcoming quarter.

    Answer

    President and CEO Will Monteleone noted steady to increasing demand across all of Par Pacific's markets, with the Singapore market experiencing mid-cycle conditions. SVP and CFO Shawn Flores provided detailed Q2 capture rate guidance, expecting Hawaii at 100-110% and Tacoma improving to 85-95%. He noted that Montana and Wyoming would be noisy due to turnaround and outage impacts, respectively.

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    Alexa Petrick's questions to Chart Industries Inc (GTLS) leadership

    Alexa Petrick's questions to Chart Industries Inc (GTLS) leadership • Q3 2024

    Question

    Alexa Petrick inquired about market demand for hydrogen liquefiers, asking if 30 tonnes per day (tpd) is becoming a common size, and requested more details on the mining project award expected in Q4.

    Answer

    CEO Jillian Evanko explained that the market trend is toward larger hydrogen liquefiers, with some well-capitalized companies exploring 100 tpd plants to build out a true infrastructure. Regarding the mining project, she confirmed it is an international award valued at approximately $40 million and will primarily utilize Howden legacy equipment.

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