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    Craig Shere • Tuohy Brothers Investment Research Inc.

    Craig Shere's questions to Golar LNG Ltd (GLNG) leadership

    Craig Shere's questions to Golar LNG Ltd (GLNG) leadership • Q2 2025

    Question

    Craig Shere asked if Golar would consider divesting the Gimi FLNG given its lack of commodity upside and whether a future GTA expansion could include such terms. He also sought clarification on the company's growth strategy sequence, from ordering long-lead items to committing to a fourth and fifth FLNG unit.

    Answer

    CEO Karl Fredrik Staubo explained that the Gimi contract was crucial as a proof of concept for BP and the industry, and there are no current plans to divest it. He noted that any incremental capacity at GTA would likely come at a higher tariff, with the mix between fixed fees and commodity linkage being a point of negotiation. Staubo confirmed the growth sequence: secure long-lead items, order unit #4 upon sufficient comfort, secure a long-term contract for it, and only then order unit #5, all while ensuring the balance sheet is never challenged.

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    Craig Shere's questions to Oklo Inc (OKLO) leadership

    Craig Shere's questions to Oklo Inc (OKLO) leadership • Q2 2025

    Question

    Craig Shere of Tuohy Brothers Investment Research Inc. asked about the timeline for Power Purchase Agreements (PPAs) at the INL plant, the sufficiency of fuel for its full 75 MW capacity, and the potential for announcing multiple powerhouses at once.

    Answer

    Co-Founder, CEO & Director Jacob Dewitte noted growing offtake interest for the INL plant for both power and R&D. He stated there is 'way more than enough' potential fuel material available and that future announcements will likely involve larger campuses with multiple plants, a possibility enhanced by the favorable new policy environment and fuel availability.

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    Craig Shere's questions to Oklo Inc (OKLO) leadership • Q1 2025

    Question

    Craig Shere inquired about the CapEx difference and construction timelines between a fuel foundry and a recycling facility, and asked if potential executive orders would have the most significant impact on the fuel supply chain.

    Answer

    CEO Jacob Dewitte and CFO Richard Bealmear confirmed a recycling facility would require more capital and a longer construction timeline than a fresh fuel foundry, but would also unlock additional revenue streams. Regarding executive orders, Dewitte agreed there is a massive opportunity on the fuel side, but also highlighted significant potential for accelerating deployment through streamlined siting and regulation on federal lands, creating a favorable competitive dynamic.

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    Craig Shere's questions to Oklo Inc (OKLO) leadership • Q1 2025

    Question

    Craig Shere asked about the comparative capital expenditure and construction timelines for a fuel foundry versus a recycling facility, and questioned where new federal executive orders could have the most impact.

    Answer

    Co-Founder and CEO Jacob Dewitte confirmed a recycling facility would take longer to build and require more capital than a fresh fuel foundry, but also unlocks new revenue streams. Regarding executive orders, Dewitte suggested the impact is broad, creating opportunities across siting, regulation, and fuel supply. CFO Craig Bealmear stated it was too early to provide specific CapEx figures.

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    Craig Shere's questions to Oklo Inc (OKLO) leadership • Q3 2024

    Question

    Craig Shere from Tuohy Brothers asked if the Atomic Alchemy acquisition could improve the prospects for securing low-risk project financing for Oklo's future fuel recycling efforts. He also inquired about the expected customer and reactor size mix for the first 5 to 10 powerhouses, questioning the balance between different industries and the 15 MW versus 50 MW designs.

    Answer

    CEO Jake Dewitte explained that while fuel recycling is a margin enhancer and not a necessity, the Atomic Alchemy acquisition helps prove out radioisotope sales channels, which supports the economic case for future financing. CFO Craig Bealmear added that the recycling business has multiple value streams, providing optionality for a separate fundraising event. Regarding the customer mix, Dewitte stressed the value of diversification across data centers, energy transition, and industrial sectors. He anticipates near-term deployments will be more data center-focused (favoring the 50 MW design) but that the company will continue building its diversified pipeline.

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    Craig Shere's questions to Oklo Inc (OKLO) leadership • Q3 2024

    Question

    Craig Shere inquired about the future capital strategy for funding the fuel recycling business and whether the Atomic Alchemy acquisition could aid in securing project financing. He also asked about the expected customer and reactor size mix for the first 5 to 10 powerhouses.

    Answer

    CFO Richard Bealmear and CEO Jacob Dewitte clarified that fuel recycling is a future growth driver that would likely be funded via a separate capital raise, supported by its own value streams like co-product sales. Dewitte added that while data centers are the fastest-moving sector and favor the 50 MW design, Oklo intends to maintain a diversified customer base across industries to leverage both its 15 MW and 50 MW solutions.

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    Craig Shere's questions to Nuscale Power Corp (SMR) leadership

    Craig Shere's questions to Nuscale Power Corp (SMR) leadership • Q2 2025

    Question

    Craig Shere of Tuohy Brothers Investment Research Inc. asked about NuScale's capacity to handle concurrent orders and how it would prioritize them. He also questioned if the upcoming ramp in spending makes the second half of 2025 a critical period to secure a customer order to absorb costs.

    Answer

    President & CEO John Hopkins affirmed their manufacturing model supports multiple projects but the immediate priority is securing the first hard contract. CFO Ramsey Hamady addressed the spending ramp by stating it's a measured approach to invest in long-lead materials to expedite the first delivery, not to build a speculative inventory. He emphasized that contracts include flexibility and they are carefully managing shareholder funds.

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    Craig Shere's questions to Nuscale Power Corp (SMR) leadership • Q1 2025

    Question

    Craig Shere questioned NuScale's capacity to support two concurrent projects in the early 2030s and asked for the rationale behind continuing to use its ATM program given its strong liquidity position.

    Answer

    CEO John Hopkins affirmed they have the capacity for concurrent projects, citing Doosan's ability to produce 20 modules per year and a broad supplier base. CFO Ramsey Hamady added that while they model conservatively, a firm contract would spur further supply chain investment. Regarding the ATM, Hamady explained it's part of a conservative cash management strategy to maintain a two-year operating runway, ensuring they are not solely dependent on the timing of commercial deals.

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    Craig Shere's questions to Ameresco Inc (AMRC) leadership

    Craig Shere's questions to Ameresco Inc (AMRC) leadership • Q2 2025

    Question

    Craig Shere asked if recent legislation could moderate long-term U.S. growth, whether the company's geographic mix could shift towards 50% Europe, and about the timing and Ameresco's potential role (e.g., EPC) in small modular reactor (SMR) deployments.

    Answer

    George Sakellaris, Chairman, CEO & President, responded that while Europe (currently 20% of backlog) is expected to grow faster, the U.S. market is also expanding due to rising energy prices and reliability needs. On SMRs, he sees Ameresco's ideal projects in the $100M-$300M range, where the company would likely act as the EPC contractor for the associated power generation and storage infrastructure, leveraging its experience from other large, complex projects.

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    Craig Shere's questions to New Fortress Energy Inc (NFE) leadership

    Craig Shere's questions to New Fortress Energy Inc (NFE) leadership • Q1 2025

    Question

    Craig Shere questioned how NFE plans to bridge its LNG supply needs before its long-term Venture Global contracts commence. He also asked if management believes any perceived 'noise' around the company's liquidity and balance sheet could impact regulatory decisions in upcoming Puerto Rico and Brazil auctions.

    Answer

    Executive Wesley Edens responded that the company is well-positioned on supply, with volumes from FLNG 1 performing at nameplate capacity and expected to improve. He asserted that NFE has a very viable business with over $1 billion in liquidity and significant, hard-to-replicate infrastructure in place, making its competitive position strong and mitigating concerns about balance sheet perceptions in regulatory processes.

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    Craig Shere's questions to New Fortress Energy Inc (NFE) leadership • Q4 2024

    Question

    Craig Shere asked about the pricing mechanism for the long-term Puerto Rico contract, specifically the transition from diesel-linked to Henry Hub-based pricing, and confirmed if the $110 million payment was included in the 2025 EBITDA guidance.

    Answer

    Chairman and CEO Wesley Edens confirmed that a new long-term contract would likely be Henry Hub-based, as the diesel-link was an artifact of a previous savings initiative. He expressed confidence in maintaining respectable margins under a Henry Hub-plus structure. He also explicitly confirmed that the $110 million payment is included in the $1 billion guided 2025 EBITDA.

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    Craig Shere's questions to New Fortress Energy Inc (NFE) leadership • Q3 2024

    Question

    Craig Shere of Tuohy Brothers asked if NFE's long-term business model has shifted away from its historical build-and-monetize strategy towards a more stable, modelable operation by 2026. He also questioned the potential impact of a new U.S. administration on LNG liquefaction and long-term pricing, and how that might benefit NFE's downstream assets.

    Answer

    CEO Wesley Edens clarified that the core strategy remains unchanged: creating stable, long-term cash flows by matching gas supply with downstream demand, which he called the 'holy grail of an infrastructure investment.' He stated the goal is to realize the sum-of-the-parts value through strategic partnerships or asset sales. Edens also agreed that a more favorable political landscape for LNG exports would likely lower commodity prices, benefiting their downstream customer business and unlocking value in their underutilized assets.

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    Craig Shere's questions to New Fortress Energy Inc (NFE) leadership • Q2 2024

    Question

    Craig Shere asked about the outlook for downstream growth in 2025 beyond Nicaragua, questioning if it would be constrained by LNG supply and how that dynamic might change in 2026-2027. He also sought to clarify if the effective netback from FLNG 1 is additive to the company's average downstream margin.

    Answer

    Chairman and CEO Wesley Edens stated that while the LNG market will remain tight through 2026, making the FLNG 1 asset highly valuable, a more normalized market is expected in 2027 and beyond. He emphasized that the company's extensive downstream portfolio provides significant organic growth opportunities. Edens clarified that the FLNG's economic benefit is already integrated into the company's overall $7 average margin, not additive to it, reinforcing the 'rock solid' $1.3 billion EBITDA guidance.

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    Craig Shere's questions to Excelerate Energy Inc (EE) leadership

    Craig Shere's questions to Excelerate Energy Inc (EE) leadership • Q4 2024

    Question

    Craig Shere of Tuohy Brothers Investment Banking asked if the LNG carrier acquisition for conversion would be a modest cost and questioned the company's confidence in securing shipyard access. He also noted that commentary on growth projects had become more vague and asked if it was reasonable to expect one or two significant opportunities to be finalized by year-end.

    Answer

    CEO Steven Kobos stated that they are considering all types of vessels and would not take options off the table regarding cost, while expressing high confidence in their ability to secure shipyard capacity. On growth projects, he confirmed they are actively pursuing near-term opportunities and are 'paddling hard beneath the surface,' but could not include them in guidance until they are finalized.

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    Craig Shere's questions to Cheniere Energy Inc (LNG) leadership

    Craig Shere's questions to Cheniere Energy Inc (LNG) leadership • Q4 2024

    Question

    Craig Shere questioned the catalyst for reducing the 'stubbornly high' C-corp cash balance to a more sustainable level. He also asked for clarification on the math behind the prospective 90+ MTPA enterprise platform and the ultimate potential capacity of the Corpus Christi site.

    Answer

    EVP and CFO Zach Davis responded that the cash balance will be methodically deployed to fund over $2 billion in 2025 CapEx while continuing opportunistic buybacks. President and CEO Jack Fusco explained the 90+ MTPA potential includes an additional 20 MTPA at the Corpus Christi site, enabled by a recent 500-acre land acquisition. Mr. Davis added this growth would be pursued in phases, contingent on achieving target returns of 6x-7x CapEx to EBITDA.

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    Craig Shere's questions to Cheniere Energy Inc (LNG) leadership • Q3 2024

    Question

    Craig Shere asked about the strategy for funding future growth given the high corporate cash balance and whether Cheniere's emissions work could mitigate the need for CCS under a stricter regulatory regime.

    Answer

    EVP and CFO Zach Davis responded that the plan is to continue deploying capital at a pace likely exceeding distributable cash flow to reduce the cash balance toward its $1B+ target, funding buybacks and Stage 3. President and CEO Jack Fusco stated that Cheniere's science-based, data-driven approach to emissions measurement positions it well for any future regulatory environment, providing a potential advantage over peers.

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    Craig Shere's questions to Chart Industries Inc (GTLS) leadership

    Craig Shere's questions to Chart Industries Inc (GTLS) leadership • Q3 2024

    Question

    Craig Shere followed up on the nuclear topic, asking if different SMR technologies affect Chart's offerings, and also inquired if the high water usage of data centers creates a multi-segment opportunity for the company.

    Answer

    CEO Jillian Evanko confirmed Chart can serve various SMR technologies and noted increased activity in Europe. On data centers, she agreed it is a broad opportunity, with Chart providing air coolers for heat rejection and solutions for water treatment. She described the linkage between data centers and their water treatment business as being in 'early days' but affirmed the company is well-positioned to capitalize on it.

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    Craig Shere's questions to Chart Industries Inc (GTLS) leadership • Q2 2024

    Question

    Craig Shere requested clarification on the free cash flow bridge, specifically the 'long-term balance sheet changes' and how to reconcile second-half cash tailwinds with the reduced full-year guidance.

    Answer

    CEO Jillian Evanko explained the 'long-term' items are mainly deferred tax changes beyond one year and are excluded from their annual cash outlook. While two specific project payments are tailwinds for H2, the full-year free cash flow guidance was lowered to reflect the reduced EBITDA outlook and to build in a more conservative buffer for potential timing movements.

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    Craig Shere's questions to ONEOK Inc (OKE) leadership

    Craig Shere's questions to ONEOK Inc (OKE) leadership • Q3 2024

    Question

    Craig Shere of Tuohy Brothers asked if a relaxation in drilling or LNG permitting regulations could create upside for the recent acquisitions and enhance ONEOK's interest in liquids exports.

    Answer

    Sheridan Swords, Executive Vice President, agreed that regulatory relaxation would create upside, particularly for the acquired EnLink assets in Louisiana, which are well-positioned to serve as the 'last mile' to LNG facilities. He added that as U.S. energy production grows, exports will be necessary, and ONEOK will evaluate expanding its export capabilities at the appropriate time.

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