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    Bob Brackett • Bernstein Research

    Bob Brackett's questions to Kosmos Energy Ltd (KOS) leadership

    Bob Brackett's questions to Kosmos Energy Ltd (KOS) leadership • Q2 2025

    Question

    Bob Brackett of Bernstein Research sought clarification on the base decline rate for the Jubilee field, asking if 15-20% was a better estimate than the top-down 40% figure. He also inquired about any changes to fiscal terms or work commitments in the Ghana license extension MOU.

    Answer

    Chairman & CEO Andrew Inglis confirmed that a 15-20% base decline, managed by 3-4 wells per year, is the correct way to view the Jubilee field long-term. Regarding the license extension, Inglis stated it is a 'win-win' with no changes to fiscal terms under existing law. The agreement includes a commitment to increase gas volumes with a small price discount and to drill up to 20 wells, enabling long-term investment.

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    Bob Brackett's questions to Kosmos Energy Ltd (KOS) leadership • Q1 2025

    Question

    Bob Brackett asked about the Tiberius project in the Gulf of Mexico, specifically whether the new lower-cost development plan is being driven by evolving policy from the Department of the Interior.

    Answer

    CEO Andrew Inglis clarified that the optimization of the Tiberius development plan is not driven by specific policy changes. Instead, it is a result of leveraging new Ocean Bottom Node (OBN) seismic technology for better imaging and collaborative engineering work with partner Oxy to optimize a tie-back to the existing Lucious facility.

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    Bob Brackett's questions to Kosmos Energy Ltd (KOS) leadership • Q3 2024

    Question

    Bob Brackett inquired about the potential 2025 capital implications of a successful Akeng Deep well and asked about the strategy for the Tiberius project's farm-down process given the delayed Final Investment Decision (FID).

    Answer

    CEO Andrew Inglis clarified that a success at Akeng Deep would primarily impact capital allocation from 2026 onwards, allowing the company to high-grade opportunities without rushing in 2025. Regarding Tiberius, he stated the intent remains to farm-down to a ~40% working interest, and the deferral is about pacing growth, not changing the project strategy.

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    Bob Brackett's questions to Cheniere Energy Inc (LNG) leadership

    Bob Brackett's questions to Cheniere Energy Inc (LNG) leadership • Q1 2025

    Question

    Bob Brackett pointed out that annualizing Q1 EBITDA would lead to a number well above the full-year guidance and asked for more color on the key drivers causing the expected deceleration.

    Answer

    EVP and CFO Zach Davis clarified that annualizing Q1 is misleading due to strong seasonality, with Q1 and Q4 being the highest production quarters. He cited three key factors for the difference: higher realized margins in Q1 (over $8) versus the rest of the year ($5-$6), planned major maintenance in the summer making Q2 the lowest production quarter, and the gradual ramp-up of Stage 3 trains.

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    Bob Brackett's questions to Cheniere Energy Inc (LNG) leadership • Q3 2024

    Question

    Bob Brackett noted that the 2025 production guide for Sabine Pass appears flat despite planned major maintenance and asked for clarification on the maintenance scale.

    Answer

    EVP and CCO Anatol Feygin clarified that the planned major maintenance at Sabine Pass trains 3 and 4 will be longer in 2025 than in 2024. However, the impact is offset by the benefits of previously completed debottlenecking projects, allowing the existing nine-train platform to maintain its approximate 45 million-tonne run rate.

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    Bob Brackett's questions to Diamondback Energy Inc (FANG) leadership

    Bob Brackett's questions to Diamondback Energy Inc (FANG) leadership • Q1 2025

    Question

    Bob Brackett questioned whether capital reductions involved 'high-grading' by selecting better crews and locations, and asked about the process for renewing the share buyback authorization.

    Answer

    COO Daniel Wesson clarified that there is not significant high-grading of crews or projects, as resources are consistent and the company is already developing its top-tier inventory, a point echoed by Chairman and CEO Travis Stice. President Kaes Van’t Hof added that the board is supportive of buybacks and will consider increasing the authorization as the current limit is approached.

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    Bob Brackett's questions to Diamondback Energy Inc (FANG) leadership • Q3 2024

    Question

    Bob Brackett inquired about the flexibility of the 2025 operational plan, asking how the company can adjust to the macro environment and whether these adjustments would be gradual, like deferring wells, or more significant, like dropping rigs.

    Answer

    President and CFO Kaes Van't Hof emphasized that the company has significant flexibility to dial activity up or down in response to the macro environment, which he currently views as weak. He confirmed they already make tactical adjustments, such as dropping rigs mid-year when ahead of schedule. COO Danny Wesson added that the supply chain is structured without long-term obligations, enabling the company to pivot activity levels to protect free cash flow.

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    Bob Brackett's questions to Chevron Corp (CVX) leadership

    Bob Brackett's questions to Chevron Corp (CVX) leadership • Q1 2025

    Question

    Bob Brackett asked about the potential impact of tariffs on Chevron's capital expenditures and projects, and what measures the company can take to control related costs.

    Answer

    CEO Mike Wirth stated that the impact is manageable, as direct exposure is limited. He explained that energy is largely exempt from tariffs, 80% of third-party spend is on services, and goods are often sourced domestically. He estimated a potential impact of only 1% on the cost of a shale well, which they are mitigating through supplier engagement.

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    Bob Brackett's questions to Chevron Corp (CVX) leadership • Q4 2024

    Question

    Bob Brackett asked about the Permian Basin, leveraging Chevron's unique insight from its royalty interests to gauge the level of capital discipline being practiced by other operators.

    Answer

    CEO Mike Wirth confirmed their extensive mineral rights provide a broad view of the basin. Based on this, he sees other operators 'sticking with their plans,' focusing on productivity and efficiency rather than reverting to a 'growth-at-all-costs' strategy, indicating a continuation of industry-wide discipline.

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    Bob Brackett's questions to Exxon Mobil Corp (XOM) leadership

    Bob Brackett's questions to Exxon Mobil Corp (XOM) leadership • Q1 2025

    Question

    Bob Brackett from AllianceBernstein questioned how tariffs affect the project organization, particularly regarding equipment for U.S. projects, and the measures taken to meet CapEx and timeline targets.

    Answer

    Darren Woods, Chairman and CEO, stated that existing projects are 'pretty well shielded' from tariff impacts due to contract structures. While new projects have more exposure, he expressed confidence that the organization has many levers to manage the situation and does not currently foresee a material impact on its project portfolio, decisions, or economics.

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    Bob Brackett's questions to Exxon Mobil Corp (XOM) leadership • Q4 2024

    Question

    Bob Brackett asked about the final investment decision (FID) cadence for major LNG projects like Papua LNG and Rovuma, and the criteria needed to proceed.

    Answer

    CEO Darren Woods emphasized that the primary criterion for all major projects is ensuring they are low-cost of supply and competitive, leading to advantaged returns. He noted that the company's project organization and technology provide a competitive edge. While aware of local stability, it is not the largest variable. He confirmed they are working towards a 2026 FID for Rovuma and hope for a PNG FID near the end of 2025.

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    Bob Brackett's questions to Cameco Corp (CCJ) leadership

    Bob Brackett's questions to Cameco Corp (CCJ) leadership • Q1 2025

    Question

    Bob Brackett inquired about Westinghouse's relationship with China following its announcement of 10 new reactors, especially amidst ongoing trade disputes. He also asked about the potential for this business to impact the trade balance and the timing for new reactor announcements to become capital commitments.

    Answer

    CEO Tim Gitzel affirmed that both Westinghouse and Cameco have strong, enduring business-to-business relationships with China, which is a critical driver of future nuclear demand. CFO Grant Isaac added that energy deals are compelling in geopolitical discussions and that Westinghouse's involvement in China, through contracts for instrumentation and fabrication, benefits the U.S. He also highlighted that China's success in building AP1000s validates the technology's efficiency.

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    Bob Brackett's questions to ConocoPhillips (COP) leadership

    Bob Brackett's questions to ConocoPhillips (COP) leadership • Q4 2024

    Question

    Bob Brackett from Bernstein asked for a comparison of the company's global LNG strategy against the emerging opportunity to supply natural gas for U.S. data center power demand.

    Answer

    Chairman and CEO Ryan Lance acknowledged that the company is studying data center opportunities and receiving inbounds, given its large natural gas production, commercial power desk, and land position. However, he framed the primary strategy as being bullish on North American gas volumes but bearish on domestic price, making LNG an attractive way to move molecules to higher-valued markets. While power demand is a potential growth area, any investment must compete for capital and fit the company's established financial framework.

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    Bob Brackett's questions to ConocoPhillips (COP) leadership • Q3 2024

    Question

    Bob Brackett sought the company's perspective on the anticipated 'wave of global LNG' and whether a significant surge in liquefaction capacity is likely to materialize in the coming years.

    Answer

    Chairman and CEO Ryan Lance acknowledged that while projections show a potential supply overhang later in the decade, project FIDs and timelines often shift to the right. He emphasized that ConocoPhillips is investing for the long-term based on bullish demand growth over decades and that its full value chain strategy, including liquefaction, shipping, and regasification, is designed to navigate market volatility.

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    Bob Brackett's questions to Freeport-McMoRan Inc (FCX) leadership

    Bob Brackett's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    Bob Brackett asked for an update on the Lone Star oxide expansion and the progress of the Jetti Resources sulfide leaching trial at Bagdad.

    Answer

    President and CEO Kathleen Quirk reported that the Safford/Lone Star oxide project is essentially complete and performing well. Regarding Jetti, she noted the trial had mixed results. Executive Cory Stevens added that Freeport is highly focused on its own internal additives program, using AI to develop candidates, with a commercial-scale deployment planned at Morenci soon.

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    Bob Brackett's questions to Freeport-McMoRan Inc (FCX) leadership • Q3 2024

    Question

    Bob Brackett questioned if the language regarding the IUPK extension filing in Indonesia had become more vague compared to the prior quarter and asked for details on the scale of the opportunity outlined in the new Safford Lone Star pre-feasibility study.

    Answer

    Chairman Richard Adkerson explained that the presidential transition in Indonesia delayed the IUPK extension process but affirmed the company's confidence that it will be secured under the new government. President and CEO Kathleen Quirk detailed that the Safford Lone Star project has the potential to more than double current production to over 600 million pounds of copper per year, positioning it as a future cornerstone asset with a potentially faster development timeline than other projects due to a more straightforward permitting path.

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    Bob Brackett's questions to APA Corp (US) (APA) leadership

    Bob Brackett's questions to APA Corp (US) (APA) leadership • Q3 2024

    Question

    Bob Brackett asked if the lower Q3 cash return percentage was simply a matter of timing and requested an update on the Permian gas takeaway situation, particularly regarding the Matterhorn pipeline and curtailment strategy.

    Answer

    CEO John Christmann confirmed the lower Q3 cash return was 'definitely... just timing,' influenced by market access restrictions due to material corporate events. CFO Stephen Riney addressed gas pricing, stating that recent Waha price volatility was primarily due to temporary maintenance on other pipelines, not Matterhorn delays, and he expected the situation to improve shortly.

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