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    David Deckelbaum • TD Cowen

    David Deckelbaum's questions to MP Materials Corp (MP) leadership

    David Deckelbaum's questions to MP Materials Corp (MP) leadership • Q2 2025

    Question

    David Deckelbaum asked if the record concentrate production is part of the 'Upstream 60k' initiative and inquired about the NDPR oxide sales strategy, questioning if production would be stockpiled ahead of the DoD price floor implementation in Q4.

    Answer

    COO Michael Rosenthal confirmed the concentrate improvements are part of the 'Upstream 60k' optimization efforts. CFO Ryan Corbett stated that they will continue selling NDPR oxide to a robust pipeline of third-party customers in Japan, South Korea, and Southeast Asia, not stockpiling it. Mr. Rosenthal added that they expect a 10-20% sequential increase in NDPR oxide production in Q3.

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    David Deckelbaum's questions to MP Materials Corp (MP) leadership • Q1 2025

    Question

    David Deckelbaum inquired about potential new partnerships amid the current global trade environment, asking where MP Materials sees the most opportunity to create value and how partners could help accelerate its business and supply chain development. He also followed up on how the company plans to manage its heavy rare earth supply chain for the Independence magnetics facility.

    Answer

    CEO Jim Litinsky described the current environment as a 'breakout' moment, with daily conversations with government and industry partners focused on accelerating MP's mission. He emphasized that any new capital deployed must yield 'extraordinary' returns backed by scaled commitments. CFO Ryan Corbett addressed the heavy rare earths question, stating that MP has proactively stockpiled the necessary materials for the Independence facility's startup and is positioned to be a global refiner of choice for third-party feedstocks, with recycling also being a key future source.

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    David Deckelbaum's questions to APA Corp (US) (APA) leadership

    David Deckelbaum's questions to APA Corp (US) (APA) leadership • Q2 2025

    Question

    David Deckelbaum from TD Cowen asked for details on the new Egyptian acreage award, including any performance requirements and infrastructure plans. He also inquired about the company's capital allocation priorities for free cash flow after the $3 billion net debt target is achieved.

    Answer

    CEO John Christmann explained the new Egyptian acreage involves a bonus payment and a well commitment, which will be integrated into their existing program, leveraging their current infrastructure backbone. Regarding future capital allocation, Christmann and CFO Ben Rodgers emphasized that reaching the debt target provides flexibility to fund exploration and decommissioning while maintaining shareholder returns. They highlighted the benefits of favorable new U.S. tax legislation and noted they will re-evaluate priorities once the debt target is met.

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    David Deckelbaum's questions to APA Corp (US) (APA) leadership • Q4 2024

    Question

    David Deckelbaum sought clarification on the new Egypt gas agreement, asking about its scope, economic comparison to oil, and duration. He also questioned if the overall rig count in Egypt is a logistical constraint.

    Answer

    CEO John Christmann and CFO Stephen Riney confirmed the agreement applies to new, incremental gas and is structured to make its full-cycle economics comparable to oil. Christmann clarified that the current 12-rig program is not a constraint and activity will be guided by the opportunities identified.

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    David Deckelbaum's questions to California Resources Corp (CRC) leadership

    David Deckelbaum's questions to California Resources Corp (CRC) leadership • Q2 2025

    Question

    David Deckelbaum of TD Cowen questioned how quickly CRC would move to a maintenance capital program in an unconstrained permitting environment and asked for an update on the company's experience with conditional use permits.

    Answer

    President & CEO Francisco Leon responded that the primary goal is maximizing cash flow per share, not just maintaining production, and that new permits would be a tool to enhance this growth. He also explained that while CRC continues to pursue all permitting avenues, the main focus has shifted to a potential legislative fix, which is seen as the best path forward.

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    David Deckelbaum's questions to California Resources Corp (CRC) leadership • Q1 2025

    Question

    David Deckelbaum from TD Cowen questioned why the remaining Aera merger synergies couldn't be pulled forward from 2026, given the rapid progress. He also asked about the significant CapEx underspend in Q1, while full-year guidance was maintained.

    Answer

    President and CEO Francisco Leon and EVP Omar Hayat explained that some synergies are tied to infrastructure consolidation projects requiring upfront capital in 2025, with the full financial benefit being realized in 2026. Mr. Leon clarified the Q1 CapEx was intentionally light as per their plan, with activity set to ramp up in the second half of the year.

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    David Deckelbaum's questions to California Resources Corp (CRC) leadership • Q4 2024

    Question

    David Deckelbaum from TD Cowen sought clarification on whether the addition of a second rig in the latter half of 2025 was contingent on an improving permitting environment. He also asked about the drivers of capital efficiency in the 2025 program and the future runway for such opportunities.

    Answer

    CEO Francisco Leon stated definitively that the second rig is not contingent on new permits, as the company has a sufficient inventory of sidetrack and workover projects with permits already in hand, largely from the Aera assets. He credited the strong capital efficiency to the Aera merger and the high-grading of opportunities at fields like Belridge, and he expects this efficiency to continue as they develop deeper, stacked reservoirs.

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    David Deckelbaum's questions to California Resources Corp (CRC) leadership • Q3 2024

    Question

    David Deckelbaum asked if the Q3 outperformance on capital deployment was a one-time event or if ongoing optimization of Aera assets could lead to lower CapEx in 2025. He also followed up on the progress and demand for solar projects versus carbon capture opportunities.

    Answer

    Francisco Leon (Executive) clarified that Q3's capital efficiency is not a one-time event but reflects the ongoing strategy of using high-return workovers and sidetracks to manage the business, with a similar approach expected in 2025. He added that solar is part of a broader, complementary clean energy portfolio that also includes battery storage and enhanced geothermal, leveraging CRC's land and assets to incubate multiple technologies.

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    David Deckelbaum's questions to Gulfport Energy Corp (GPOR) leadership

    David Deckelbaum's questions to Gulfport Energy Corp (GPOR) leadership • Q2 2025

    Question

    David Deckelbaum from TD Cowen asked about Gulfport's capital allocation priorities post-preferred stock redemption, specifically questioning if the resulting leverage level would be considered comfortable or if further deleveraging would be prioritized over shareholder returns. He also inquired about the competitiveness of the Cage pad condensate area and whether its success with managed pressure flowback would lead to increased activity there.

    Answer

    EVP & CFO Michael Hodges stated that a leverage ratio around one times is a comfortable target, and the post-redemption capital allocation philosophy remains unchanged: reinvesting in high-quality inventory and opportunistically repurchasing equity. EVP & COO Matthew Rucker added that while the Cage pad condensate area generates strong returns (over 70% IRR), it currently trails other high-quality gas areas in the portfolio but provides valuable development flexibility.

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    David Deckelbaum's questions to Devon Energy Corp (DVN) leadership

    David Deckelbaum's questions to Devon Energy Corp (DVN) leadership • Q2 2025

    Question

    David Deckelbaum from TD Cowen asked if the commercial opportunity savings were concentrated in the Delaware Basin or if other areas like the Anadarko were also contributing, and whether the savings came from better rates or realizations.

    Answer

    President & CEO Clay Gaspar confirmed that while the largest wins were in the Delaware, the company is actively pursuing and achieving benefits in the Anadarko Basin as well. EVP & CFO Jeff Ritenour clarified that the savings are a mix of both improved realizations and lower gathering, processing, and transportation (GPT) rates, which can appear in different financial line items.

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    David Deckelbaum's questions to Coterra Energy Inc (CTRA) leadership

    David Deckelbaum's questions to Coterra Energy Inc (CTRA) leadership • Q2 2025

    Question

    David Deckelbaum from TD Cowen asked about the Anadarko asset, specifically how quickly a three-mile lateral program could become a significant part of the development plan. He also asked for an anticipated timeline for the remaining Harkey wells to dewater before remediation.

    Answer

    EVP of Business Units Michael Deshazer explained that transitioning to three-mile laterals in the Anadarko will be a longer-term process, as it depends on where existing unitization allows for extensions. Regarding the Harkey, EVP of Operations Blake Sirgo stated there is no specific timeline, expecting a 'slow gradual build over time,' and confirmed the volumes have been de-risked from the current year's guidance.

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    David Deckelbaum's questions to Coterra Energy Inc (CTRA) leadership • Q1 2025

    Question

    David Deckelbaum of TD Cowen sought clarification on whether the guided second-half production ramp assumes the return of the impacted Harkey volumes. He also asked if the current oil-to-gas price ratio could lead to more capital reallocation from oil to gas assets in the future.

    Answer

    EVP and CFO Shannon Young and Chairman, CEO and President Thomas Jorden both confirmed the production guidance does not assume the impacted Harkey volumes return, viewing it as potential upside. Jorden added that the company will continue to adjust its capital allocation based on market conditions to make the best financial decisions for shareholders.

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    David Deckelbaum's questions to Coterra Energy Inc (CTRA) leadership • Q4 2024

    Question

    David Deckelbaum questioned if the new longer-lateral design in the Marcellus is the go-forward plan and how it's weighed against inventory life. He also asked how much of the 2025 Marcellus budget is contingent on a strong gas market.

    Answer

    Chairman, CEO and President Thomas Jorden rejected the premise of inventory 'cannibalization,' stating the goal is maximum capital efficiency, and longer laterals are a win-win. He clarified that the base plan is not contingent on market strength, but a potential $50 million acceleration in spending would be dependent on favorable gas market conditions persisting.

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    David Deckelbaum's questions to Diamondback Energy Inc (FANG) leadership

    David Deckelbaum's questions to Diamondback Energy Inc (FANG) leadership • Q2 2025

    Question

    David Deckelbaum of TD Cowen asked for quantification of the opportunity in addressing production downtime and inquired about the use of cash from asset sales for debt reduction versus shareholder returns.

    Answer

    CEO Kaes Van't Hof and COO Danny Wesson explained that focusing on the 'production tail' through workover programs is a growing priority, with early results showing 20-100% production improvements on older wells, though it's too early to quantify the full impact. Van't Hof added that proceeds from asset sales will primarily pay down the term loan from the Double Eagle deal, positioning the company to increase share repurchases if market weakness occurs.

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    David Deckelbaum's questions to Diamondback Energy Inc (FANG) leadership • Q1 2025

    Question

    David Deckelbaum asked about the optimal level of drilled but uncompleted (DUC) wells and the decision to drop rigs instead of building DUCs, while also inquiring about the progress of non-core asset sales.

    Answer

    President Kaes Van’t Hof noted the company already has one of the largest DUC backlogs and is not looking to build more. COO Daniel Wesson added that dropping rigs is more capital-efficient than drilling given high steel costs. Regarding asset sales, Van't Hof confirmed the Deep Blue water deal is proceeding and the BANGL sale should close in July, but the EPIC pipeline sale may be slower, stressing that the company can be patient.

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    David Deckelbaum's questions to Diamondback Energy Inc (FANG) leadership • Q4 2024

    Question

    David Deckelbaum questioned the flexibility of exceeding the 50% capital return commitment given the current share valuation, and asked about the strategy and timeline for financing internal power needs to service the company's own wells, referencing the company's surface acreage.

    Answer

    President Kaes Van't Hof affirmed the 'at least 50%' return commitment will remain, with the potential to exceed it depending on market volatility, though a move to 75-100% is unlikely until asset sales are complete and debt is reduced. Regarding power, he distinguished between the budgeted $70-75 million for internal field infrastructure and a separate, larger initiative to partner with an IPP and a hyperscaler data center to build a behind-the-meter gas power plant, which is currently under discussion.

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    David Deckelbaum's questions to Diamondback Energy Inc (FANG) leadership • Q3 2024

    Question

    David Deckelbaum questioned the 2025 capital budget of $4.1-$4.4 billion, asking if the company was now trending toward the low end given that synergies were achieved early. He also requested an update on the timeline for monetizing other assets, particularly the royalty drop-down to Viper.

    Answer

    President and CFO Kaes Van't Hof confirmed that capital spending is trending toward the lower end of the 2025 range, noting that a $25 per lateral foot cost reduction saves approximately $125 million annually. On asset monetization, he prioritized the drop-down of mineral interests to Viper for early 2025, followed by discussions with Deep Blue and the sale of smaller non-core assets.

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    David Deckelbaum's questions to SM Energy Co (SM) leadership

    David Deckelbaum's questions to SM Energy Co (SM) leadership • Q2 2025

    Question

    David Deckelbaum asked about the outlook for Uinta basis differentials for the rest of the year and sought more color on the reasons for the increased non-operated capital budget.

    Answer

    President & CEO Herbert Vogel and EVP & COO Beth McDonald explained that Uinta pricing is complex, with the marketing team optimizing margins by choosing between various end markets. Regarding the non-op budget, Vogel clarified that the increase reflects a better line of sight into high-return projects that were previously uncertain, not a fundamental change in strategy.

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    David Deckelbaum's questions to Antero Resources Corp (AR) leadership

    David Deckelbaum's questions to Antero Resources Corp (AR) leadership • Q2 2025

    Question

    David Deckelbaum asked for a summary of the capital return philosophy and questioned the sustainability of NGL price premiums into 2026 with new LPG capacity coming online.

    Answer

    CFO Michael Kennedy reiterated that capital returns are opportunistic, weighing the value of share buybacks against the company's valuation and forward outlook. SVP David Cannelongo projected that NGL export premiums would likely be more modest in 2026 compared to 2025's double-digit levels, resembling the $6-$7 premiums seen in 2020-2022 when dock capacity was also ample.

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    David Deckelbaum's questions to Antero Resources Corp (AR) leadership • Q4 2024

    Question

    David Deckelbaum asked what productivity assumptions are included in the 2025 guidance and if they offset shorter lateral lengths. He also questioned if Antero had considered signing direct offtake agreements with LNG facilities instead of relying on open basis markets.

    Answer

    CFO Michael Kennedy confirmed that the efficiency gains achieved in 2024 are baked into the 2025 forecast, offsetting slightly shorter average laterals. He stated that while Antero evaluates all commercial opportunities, the company prefers to retain optionality by selling into the open market, believing the competition for gas among new LNG facilities will drive basis differentials higher than current market assumptions.

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    David Deckelbaum's questions to Antero Resources Corp (AR) leadership • Q3 2024

    Question

    David Deckelbaum sought clarification on the financial impact of the non-recurring drilling carry from 2024. He also asked if the forward maintenance production level fully incorporates recent productivity gains or if it's more a function of shifting activity to higher BTU areas.

    Answer

    CFO Michael Kennedy clarified the drilling carry benefit was approximately $30 million and is not assumed in the 2025 maintenance capital plan. He explained that the company is capturing the recent efficiency gains, which allows them to achieve the 3.3 to 3.4 Bcfe/d maintenance production level with lower capital activity.

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    David Deckelbaum's questions to Albemarle Corp (ALB) leadership

    David Deckelbaum's questions to Albemarle Corp (ALB) leadership • Q2 2025

    Question

    David Deckelbaum of TD Cowen asked if 2026 volume growth would come exclusively from Greenbushes and inquired about the company's deleveraging strategy and balance sheet priorities for 2026-2027 in a sustained low-price environment.

    Answer

    CEO Kent Masters and CFO Neal Sheorey explained that growth will come from multiple sources, including Wodgina, the Salar yield project, and incremental gains in Specialties, not just Greenbushes. Sheorey reiterated the goal of a sub-2.5x leverage ratio and stated that deleveraging remains a top capital allocation priority to strengthen the balance sheet for a "lower for longer" price scenario.

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    David Deckelbaum's questions to Albemarle Corp (ALB) leadership • Q1 2025

    Question

    David Deckelbaum from TD Cowen asked about the normalized EBITDA margin for Energy Storage in a low-price scenario and the incentive price required for Albemarle to resume growth capital spending.

    Answer

    CFO Neal Sheorey highlighted several tailwinds for 2026 margins, including ramped assets and cost savings, even at flat prices. CEO Jerry Masters stated that shoring up the balance sheet is the current priority and the company will be cautious about restarting major growth projects, needing to see a sustained price recovery first.

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    David Deckelbaum's questions to Albemarle Corp (ALB) leadership • Q4 2024

    Question

    David Deckelbaum from TD Cowen questioned the rationale for converting capacity at Qinzhou from hydroxide to carbonate and asked about the availability of tolling capacity for further carbonate expansion.

    Answer

    CEO Jerry Masters explained the Qinzhou conversion is a low-capital, flexible response to stronger market demand for carbonate, which is growing faster than hydroxide. He confirmed that tolling capacity is available in China, which the company has used in the past to provide flexibility in its supply chain, complementing its own growing carbonate production from Chile.

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    David Deckelbaum's questions to Albemarle Corp (ALB) leadership • Q3 2024

    Question

    David Deckelbaum asked if the reduced 2025 CapEx of $800-$900 million represents a new maintenance level and questioned the outlook for cash conversion following a strong Q3.

    Answer

    CEO Kent Masters explained that the 2025 CapEx includes maintenance capital (targeting 4-6% of normalized revenue) plus high-return, brownfield growth projects. CFO Neal Sheorey added that while the exceptional >100% cash conversion of Q3 is not repeatable, it remains a key focus. He cautioned that Q4 conversion would be lower, impacted by an expected zero dividend from the Talison JV, the timing of working capital, and cash outflows for restructuring.

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    David Deckelbaum's questions to Ovintiv Inc (OVV) leadership

    David Deckelbaum's questions to Ovintiv Inc (OVV) leadership • Q2 2025

    Question

    David Deckelbaum asked about the lumpy turn-in-line cadence in the Montney and whether service cost deflation could be a tailwind for the 2026 program, given that 2025 gains appear to be efficiency-driven.

    Answer

    President and CEO Brendan McCracken explained the higher Q2 Montney turn-in-lines were due to integrating the acquired assets and activity tail. He also noted that 2025 service cost deflation has matched expectations and is not a factor in the guidance update, but the company is optimistic about potential deflation in 2026.

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    David Deckelbaum's questions to CNX Resources Corp (CNX) leadership

    David Deckelbaum's questions to CNX Resources Corp (CNX) leadership • Q2 2025

    Question

    David Deckelbaum questioned if the Utica should be expected to take a larger share of the development program in coming years. He also asked about the company's stance on signing long-term supply agreements now versus waiting for AI-driven demand to tighten the market.

    Answer

    CFO & President Alan Shepard reiterated that Utica wells are now competitive and will be included in the program based on full-cycle IRR. Regarding long-term contracts, Shepard indicated a 'wait and see' approach is prudent, as the company is hesitant to lock in economics until the first data centers are actually taking power from gas plants, which will clarify the value chain.

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    David Deckelbaum's questions to Lithium Argentina AG (LAR) leadership

    David Deckelbaum's questions to Lithium Argentina AG (LAR) leadership • Q1 2025

    Question

    David Deckelbaum inquired about the installation plans for the Direct Lithium Extraction (DLE) circuit, its expected impact on production volumes, and the anticipated ramp-up of the pilot facility.

    Answer

    CEO Sam Pigott clarified that the DLE pilot's primary purpose is to demonstrate the technology for future growth projects, not to add significant incremental production to Stage 1. He stated that commissioning is expected to be swift, taking only a few months, leveraging partner Ganfeng's expertise. While the cost improvements on total production will be minor from this pilot, its main goal is to validate the technology's cost advantages for future large-scale applications.

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    David Deckelbaum's questions to ConocoPhillips (COP) leadership

    David Deckelbaum's questions to ConocoPhillips (COP) leadership • Q1 2025

    Question

    David Deckelbaum asked about the future cadence of non-core asset sales now that the post-Marathon target has been met, and whether the portfolio is now considered fully optimized.

    Answer

    Chairman and CEO Ryan Lance stated that portfolio optimization is a continuous process, with typical annual divestitures ranging from hundreds of millions to $0.5 billion. While the larger $2 billion target related to the Marathon deal is mostly complete, the company constantly evaluates all assets. He explained that if an asset's future investments are not competitive within the portfolio, it may be considered for sale.

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    David Deckelbaum's questions to EQT Corp (EQT) leadership

    David Deckelbaum's questions to EQT Corp (EQT) leadership • Q1 2025

    Question

    David Deckelbaum asked how EQT compares its in-basin data center opportunities against its LNG strategy in terms of contracting and commercial benefits. He also sought clarification on the strategic rationale for the Olympus acquisition, questioning if it was driven by emerging demand opportunities in a specific area.

    Answer

    CEO Toby Rice explained that in-basin opportunities are lower cost to access and easier to tailor solutions for compared to LNG projects. CFO Jeremy Knop added that EQT already has 1.2 Bcf/day of Gulf Coast exposure and prefers to serve domestic demand more efficiently rather than take on the financial risk of large LNG commitments. Regarding Olympus, Rice noted its proximity to the Pittsburgh industrial corridor increases EQT's ability to serve emerging power and data center projects in that specific region.

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    David Deckelbaum's questions to EQT Corp (EQT) leadership • Q3 2024

    Question

    David Deckelbaum requested an update on the regulated midstream asset sales process, including the timeline and EQT's desired ownership stake. He also asked about the direct commercial impact of AI-driven demand in the Southeast, questioning the potential for new contracted sales and the timing of basis improvements.

    Answer

    CFO Jeremy Knop reported that the regulated asset sale process has seen robust interest and better-than-expected cost of capital, accelerating the timeline for a potential deal to year-end 2024. He explained that rising demand in Appalachia (to ~42 Bcf/day by 2030) will benefit EQT through both tighter in-basin differentials and volume growth opportunities, which the company's integrated model is uniquely positioned to capture.

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    David Deckelbaum's questions to Chord Energy Corp (CHRD) leadership

    David Deckelbaum's questions to Chord Energy Corp (CHRD) leadership • Q4 2024

    Question

    David Deckelbaum asked how Chord strategically views its Marcellus position now and if it could be a source of funds for share buybacks. He also questioned the drivers of 2025 capital efficiency improvements, asking if it's based on holding productivity flat while extending laterals and improving cycle times.

    Answer

    CEO Daniel Brown reiterated that the Marcellus asset is non-core and that monetization is an option being considered to maximize shareholder value, with proceeds subject to a capital allocation decision. On capital efficiency, he clarified that the 2025 plan does not incorporate significant future improvements, meaning any gains from better cycle times or a successful 4-mile program would provide upside to the current free cash flow outlook.

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    David Deckelbaum's questions to Chord Energy Corp (CHRD) leadership • Q3 2024

    Question

    David Deckelbaum asked about future development on legacy Enerplus acreage, specifically whether well spacing would be consistent with Chord's current strategy or tighter. He also sought to understand the primary driver of the company's improved base decline rate, questioning if it was due to longer laterals or base production management.

    Answer

    CEO Daniel Brown and COO Darrin Henke explained that spacing on Enerplus assets will be tailored to the local geology, likely resulting in some tighter spacing and more Three Forks wells, consistent with development in the basin's core. Brown attributed the improved base decline to a combination of factors: a maintenance-level program, enhanced operational uptime, wider spacing in recent years, and the growing, though still small, impact of 3-mile wells.

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    David Deckelbaum's questions to Piedmont Lithium Inc (PLL) leadership

    David Deckelbaum's questions to Piedmont Lithium Inc (PLL) leadership • Q3 2024

    Question

    David Deckelbaum from TD Cowen asked for the strategic outlook for the Carolina Lithium project over the next two years, including the role of the ATVM loan and 45X tax credit, and whether corporate capital requirements would be minimal in 2025.

    Answer

    President and CEO Keith Phillips explained that the Carolina Lithium timeline is market-dependent, with the top priority being to secure a strategic partner that brings capital and operating expertise, which would precede advancing through the ATVM loan process. He confirmed that Piedmont's corporate cash burn has declined significantly, and if markets remain muted, 2025 capital requirements will be modest. For the Ewoyaa project, the focus is shifting to joint project-level debt financing to minimize equity contributions.

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    David Deckelbaum's questions to Piedmont Lithium Inc (PLL) leadership • Q2 2024

    Question

    David Deckelbaum from TD Cowen sought clarification on the Ewoyaa project's future, asking if it would now operate without a dedicated conversion partner. He also questioned if the Carolina mine could be developed in a staggered fashion ahead of the conversion facility.

    Answer

    Keith Phillips, President and CEO, confirmed Ewoyaa is now viewed as a spodumene mining project where Piedmont will sell its share of concentrate to offtake partners. For Carolina, he emphasized that strategic partners are interested in an integrated chemical supply project, which captures more value by eliminating logistics costs, making a staggered approach less likely.

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