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    Amir Arif

    Research Analyst at ATB Capital Markets

    Amir Arif is Managing Director and lead analyst of E&P Research at ATB Capital Markets, specializing in energy sector equity research, with a focus on small- and mid-cap Canadian exploration and production companies such as Whitecap Resources, Surge Energy, Advantage Energy, and Hemisphere Energy. Arif has achieved notable recognition for his in-depth industry analysis, demonstrated leadership, and actionable investment strategies, though precise performance metrics and rankings are not publicly disclosed. He began his financial career after earning his undergraduate degree from the University of Alberta and MBA from the University of Calgary, and has held senior research roles at firms including Stifel Nicolaus, Cormark Securities, Waterous Securities, and FBR Capital Markets before joining ATB Capital Markets as Managing Director in August 2022. Amir Arif holds the CFA designation and is registered with securities regulators, reflecting his credentials in research and financial analysis.

    Amir Arif's questions to BAYTEX ENERGY (BTE) leadership

    Amir Arif's questions to BAYTEX ENERGY (BTE) leadership • Q2 2025

    Question

    Amir Arif of ATB Capital Markets inquired about Baytex Energy's operational performance, specifically asking for the average well cost in the Duvernay following a 12% improvement, the expected rig program for 2026, the decline rates on Eagle Ford refracs, and the drivers behind the 11% cost reduction in the Eagle Ford.

    Answer

    President and CEO Eric T. Greager stated that Duvernay well costs are averaging $12.5 million and that the 2026 program will target 12-15 wells, ramping up to a full one-rig program in 2027. He noted it's too early to determine specific decline rates for the Eagle Ford refracs but that early indications are strong. Chief Operating Officer Chad Lundberg attributed the 11% Eagle Ford cost improvement to a 50/50 split between service cost reductions and sticky efficiency gains, such as using field gas for power.

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    Amir Arif's questions to BAYTEX ENERGY (BTE) leadership • Q2 2025

    Question

    Amir Arif of ATB Capital Markets inquired about Baytex's Duvernay operations, asking for the average well cost following a 12% improvement and the timeline for moving to full commercialization. He also questioned the decline rates of Eagle Ford refracs and the drivers behind the 11% cost improvement in that play.

    Answer

    President and CEO Eric T. Greager stated Duvernay well costs are averaging $12.5 million and clarified that full commercialization with a one-rig program is targeted for 2027, with 12-15 wells planned for 2026. Regarding the Eagle Ford, Greager noted it's too early for specific refrac decline data but that initial results are strong. COO Chad Lundberg added that the 11% cost improvement in the Eagle Ford is split 50/50 between service cost reductions and durable efficiency gains, such as using field gas.

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    Amir Arif's questions to BAYTEX ENERGY (BTE) leadership • Q2 2025

    Question

    Amir Arif of ATB Capital Markets inquired about Baytex's operational advancements, asking for the current average well cost in the Duvernay following a 12% improvement, the expected drilling pace for 2026 leading into full commercialization, the decline rates of recent Eagle Ford refracs, and the drivers behind the significant 11% cost reduction in the mature Eagle Ford play.

    Answer

    President and CEO Eric T. Greager stated that Duvernay well costs are currently $12.5 million and confirmed the 2026 drilling plan is for 12-15 wells, ramping up to a full one-rig program in 2027. He also noted it's too early for specific Eagle Ford refrac decline rates but initial performance is strong. COO Chad Lundberg attributed the 11% Eagle Ford cost improvement to a 50/50 split between service cost reductions and sticky efficiency gains, such as using field gas for frac power.

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    Amir Arif's questions to VERMILION ENERGY (VET) leadership

    Amir Arif's questions to VERMILION ENERGY (VET) leadership • Q4 2024

    Question

    Amir Arif from ATB Capital Markets asked for details on the next planned exploration wells in Germany and the capital costs for the recent Wisselshorst discovery and future development wells. He also questioned how the operating costs of the newly acquired Westbrick assets compare to Vermilion's legacy Deep Basin assets.

    Answer

    CEO Dion Hatcher stated a plan for two German wells per year, with potential for more capital allocation given recent success. VP Darcy Kerwin provided a CAD $40 million gross capital cost for the Wisselshorst well and noted development well costs could be optimized. Regarding operations, Dion Hatcher and VP of North America Brandon McCue explained that while Westbrick's unit costs are slightly lower, they see significant upside from combining infrastructure and achieving synergies.

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    Amir Arif's questions to VERMILION ENERGY (VET) leadership • Q4 2024

    Question

    Inquired about plans for future exploration wells in Germany, the total capital cost for the successful Wisselshorst well and future development wells, and how the operating costs of the newly acquired Westbrick assets compare to Vermilion's legacy assets.

    Answer

    Vermilion plans to drill about two wells per year in Germany and will review capital allocation annually given recent success. The Wisselshorst well cost approximately CAD 40 million gross, with future development wells expected to be cheaper. The operating costs for Westbrick assets are comparable to Vermilion's legacy Deep Basin assets, with potential for synergies and cost reductions through infrastructure optimization.

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    Amir Arif's questions to Saturn Oil & Gas (OILSF) leadership

    Amir Arif's questions to Saturn Oil & Gas (OILSF) leadership • Q3 2024

    Question

    Amir Arif of ATB Capital Markets questioned the strategy for monetizing one-off hedges and asked if Saturn has the systems and staff to manage its increased capital spending pace.

    Answer

    CEO John Jeffrey clarified that the hedge monetization was an opportunistic move to align the hedge book with their $70-$90 oil price outlook and was not limited by liquidity. He affirmed that the company is appropriately staffed to execute its larger capital program effectively.

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