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    Christopher Degner • Water Tower Research LLC

    Christopher Degner is a Managing Director at Water Tower Research LLC, specializing in equity research and market analysis across sectors such as technology, energy, and healthcare. As Managing Director, he provides in-depth coverage of a range of public companies in these sectors, though specific firm names and detailed performance metrics such as success rates or rankings are not publicly available. Degner joined Water Tower Research with prior experience likely gained in the investment research or financial services industry, with a career marked by advancing leadership roles. His professional credentials and securities licenses are not explicitly listed, but his executive position and industry tenure suggest a strong foundation in financial analysis and compliance.

    Christopher Degner's questions to Prairie Operating Co (PROP) leadership

    Christopher Degner's questions to Prairie Operating Co (PROP) leadership • Q2 2025

    Question

    Christopher Degner of Water Tower Research LLC inquired about Prairie Operating's methodology for evaluating M&A returns against internal development and the key drivers for reducing well costs from $5.6 million to a target of $5.0 million.

    Answer

    Co-Founder, Chairman & CEO, Edward Kovalik, explained that Prairie maintains discipline by targeting acquisitions at 2-2.5x EBITDA, well below peer multiples, primarily through off-market deals. On cost reduction, Kovalik detailed a strategy of running a full one-rig program for efficiency and creating a competitive national RFP process to invite bids from out-of-basin vendors, breaking the local market's pricing power.

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