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    David Round

    Director and Senior Equity Analyst at Stifel Financial Corp

    David Round is a Director and Senior Equity Analyst at Stifel Financial Corp., specializing in international oil & gas equity research with a particular focus on exploration and production (E&P) companies. He covers companies such as Kosmos Energy and has issued buy ratings, but recent performance metrics indicate an average return of -44.81% and a TipRanks success rate of 41.78% across 35 covered stocks. Round began his analyst career at Oriel Securities covering UK Oilfield Services, then spent seven years at BMO Capital Markets before joining Stifel in January 2021. He holds a master's degree in Chemistry, is ACA qualified, and has established a reputation for advising institutional investors and senior corporate management.

    David Round's questions to Diversified Energy Co (DEC) leadership

    David Round's questions to Diversified Energy Co (DEC) leadership • H1 2025

    Question

    David Round of Stifel Financial Corp asked for clarification on the $70 million in asset sales, which exceeded the $40 million guidance, and requested an update on the well retirement business, specifically its third-party activities.

    Answer

    CFO Brad Gray explained that the higher asset sale proceeds resulted from better-than-expected per-acreage prices and opportunistic sales to developers. CEO Rusty Hutson added that while they are evaluating more acreage, they are not providing new guidance yet. On well retirements, Gray noted they are on pace to plug nearly 400 wells this year and that third-party activity, while less robust than in 2023, remains a consistent contributor.

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    David Round's questions to Diversified Energy Co (DEC) leadership • H1 2025

    Question

    David Round from Stifel Financial Corp asked for clarification on the $70 million in asset sale proceeds, which surpassed the $40 million guidance, and requested an update on the well retirement business, specifically its third-party activities.

    Answer

    CFO Brad Gray explained that the higher-than-expected proceeds from asset sales were due to better-than-anticipated per-acreage prices and additional interest from developers in the Western Anadarko Basin. CEO Rusty Hutson added that he is continually surprised by the level of interest and values for their acreage. Regarding well retirements, Gray stated that while third-party activity is consistent, it is less robust than in 2023 due to the initial flow of federal funds, and the company is on pace to plug approximately 400 wells this year.

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    David Round's questions to Kosmos Energy (KOS) leadership

    David Round's questions to Kosmos Energy (KOS) leadership • Q1 2025

    Question

    David Round asked about the timeline for testing the Greater Tortue Ahmeyim (GTA) project's nameplate capacity and what is needed to confirm sustainable higher rates. He also inquired about the company's current and future breakeven points.

    Answer

    CEO Andrew Inglis stated that testing of the FLNG vessel's capacity will continue through the second quarter, with individual trains showing performance about 10% above nameplate capacity. Regarding breakevens, he noted the company is free cash flow positive at current prices and targets a breakeven of around $50 per barrel Brent in 2026, supported by cost controls and production growth from high-return Jubilee wells, which have a project breakeven of approximately $30 per barrel.

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    David Round's questions to Kosmos Energy (KOS) leadership • Q4 2024

    Question

    David Round of Stifel followed up on the Jubilee guidance, asking how much of the optimistic view was based on recent voidage replacement results and when the underlying issues might be considered fully resolved. He also asked for thoughts on the terminated M&A discussions with Tullow Oil.

    Answer

    Chairman and CEO Andrew Inglis stated the Jubilee guidance is based on a clear plan to address known issues, primarily power generation reliability, and that the year has started positively. Regarding M&A, Inglis confirmed that Kosmos is not planning to revisit discussions with Tullow, noting the talks were very preliminary and the company would not use its 'depressed' equity for a transaction.

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