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    Derrick Whitfield

    Managing Director at Texas Capital

    Derrick Whitfield is a Managing Director at Texas Capital specializing in equity research with a particular focus on the energy sector, including coverage of major companies in oil, gas, LNG infrastructure, and biofuels. He has previously served as Managing Director at Stifel Financial and held positions at GMP Securities, building a track record of successful investment calls and consistently ranking among top industry analysts with high performance on platforms such as TipRanks. Whitfield began his analyst career in the early 2000s and joined Texas Capital in 2024, leveraging deep industry expertise and holding FINRA Series 7, 63, and 86/87 licenses. His research coverage includes leadership in expanding Texas Capital’s offerings to 38 public companies and delivering actionable insights informed by sector trends and quantitative success metrics.

    Derrick Whitfield's questions to Gevo (GEVO) leadership

    Derrick Whitfield's questions to Gevo (GEVO) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital asked about the depth and contract structure of the CDR market, how Gevo optimizes low-carbon ethanol revenue, and the opportunity for third-party CO2 sequestration.

    Answer

    CBO Paul Bloom described the CDR market as developing, with Gevo focused on longer-term contracts for its high-integrity credits. He explained they balance selling carbon value within fuel markets or separately as CDRs based on returns. COO Chris Ryan and Bloom confirmed they are exploring third-party sequestration, balancing it with their own future capacity needs.

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    Derrick Whitfield's questions to Gevo (GEVO) leadership • Q1 2025

    Question

    Derrick Whitfield of Texas Capital Bank asked about the potential value Gevo could receive for its ethanol and dairy RNG under the proposed 45Z tax credit extension. He also inquired about the bill's outlook in the Senate and the value of credits from the Future Energy Global offtake agreement.

    Answer

    CEO Patrick Gruber stated the 45Z value is significant, as it's based on CI score, and Gevo's is already very low. He noted the dairy RNG pathway was a positive surprise that would be highly beneficial. Chief Business Officer Paul Bloom addressed the offtake value, stating that the credits are valued "well over in the hundreds of dollars a ton," which is substantially higher than LCFS markets.

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    Derrick Whitfield's questions to OPAL Fuels (OPAL) leadership

    Derrick Whitfield's questions to OPAL Fuels (OPAL) leadership • Q2 2025

    Question

    Asked about the competitive landscape for the downstream dispensing business, the impact of the Cummins X15 engine, and the progress of construction projects in relation to the company's reiterated guidance.

    Answer

    The company is seeing increased demand from large fleets for CNG/RNG due to favorable policy shifts and improved equipment availability, though the X15 engine's impact is not yet in the results. The project pipeline remains strong, with the Atlantic project coming online soon, which supports the reiterated guidance despite some project timeline shifts like the Kirby project moving to 2027.

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    Derrick Whitfield's questions to OPAL Fuels (OPAL) leadership • Q2 2025

    Question

    Derrick Whitfield inquired about the competitive landscape and customer demand for OPAL's downstream dispensing business, particularly after EV and hydrogen options for trucking have been delayed. He also asked for clarification on how guidance was reiterated despite weaker RNG production, seeking details on project progress.

    Answer

    Co-CEO Adam Comora explained that recent policy changes and improved equipment availability have led to a market shift, with large national fleets increasingly engaging with CNG and RNG. He noted that while macro headwinds slowed adoption earlier in the year, the business development funnel is strong for 2026. Co-CEO Jonathan Maurer addressed the production question, stating the Atlantic project is in advanced commissioning and will contribute meaningfully in Q4. He confirmed other projects are on track for 2026, though the Kirby project is delayed to 2027 due to permitting, but the company remains confident in its overall growth and guidance.

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    Derrick Whitfield's questions to OPAL Fuels (OPAL) leadership • Q4 2024

    Question

    Derrick Whitfield from Scotiabank inquired about the conservatism of OPAL's 2025 production guidance, asking for the expected production trajectory in H1 2025, and questioned the company's competitive M&A strategy and funding approach for potential large project portfolios coming to market.

    Answer

    Co-CEO Adam Comora and Co-CEO Jonathan Maurer explained that they anticipate sequential production increases throughout 2025 as new facilities complete their ramp-up and existing landfills increase gas output. They noted that while Q4 ramp-ups at Polk and Sapphire were slower than expected, those projects are now showing higher-than-forecasted gas resources. On M&A, Maurer stated that while organic growth is the primary focus, OPAL actively evaluates all opportunities and has good access to capital. Comora added that OPAL's strong execution track record and vertical integration make it highly competitive for new biogas rights.

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    Derrick Whitfield's questions to MACH NATURAL RESOURCES (MNR) leadership

    Derrick Whitfield's questions to MACH NATURAL RESOURCES (MNR) leadership • Q2 2025

    Question

    Derrick Whitfield inquired about the one-time events that led to a lower distribution payout than implied by cash flow and sought confirmation on the company's significant natural gas growth trajectory for 2026.

    Answer

    CFO Kevin White detailed two main factors for the lower distribution: an $8.2 million legal settlement ($0.07/unit impact) and lower-than-expected gas prices, including a widened Panhandle Eastern basis differential ($0.07/unit impact). CEO Tom Ward confirmed the company projects its natural gas mix to exceed 70% by 2026, driven by a strategic shift to gas drilling, and noted a large amount of its gas production is undedicated.

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    Derrick Whitfield's questions to MACH NATURAL RESOURCES (MNR) leadership • Q1 2025

    Question

    Derrick Whitfield asked about the shift in development from the oily Oswego play to gassier assets, questioning if a specific oil-to-gas price ratio or a simple $70 WTI price is the trigger. He also asked if there was potential upside to BOE guidance given the high productivity of deep Anadarko wells.

    Answer

    Executive Tom Ward clarified the decision is driven purely by project rate of return, not a specific price ratio. With current commodity prices, other areas offer returns superior to their 50% IRR target, unlike the Oswego play. Executive Kevin White and Tom Ward confirmed that the shift to deep Anadarko drilling is expected to drive dramatic gas production growth in 2026, suggesting potential upside to total production volumes.

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    Derrick Whitfield's questions to AEMETIS (AMTX) leadership

    Derrick Whitfield's questions to AEMETIS (AMTX) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital requested an update on the Section 45Z tax credits, focusing on the timing of final Treasury rules, the GREET model, Aemetis's registration status, and the potential for retroactive application, while also probing the expected value per MMBtu.

    Answer

    Todd Waltz, Executive VP & CFO, stated that Aemetis is actively working with the DOE to update the GREET model, which could happen within weeks. He confirmed that current guidance is sufficient for transactions and the target value is approximately $82 per MMBtu. He also affirmed that Aemetis is fully registered with the IRS to claim these credits on a timely basis.

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    Derrick Whitfield's questions to AEMETIS (AMTX) leadership • Q4 2024

    Question

    Derrick Whitfield asked about Aemetis's 2025 spending plans considering regulatory uncertainty, the expected impact of E15 approvals on ethanol margins, and the likely effective date for the updated CARB policy.

    Answer

    CEO Eric McAfee detailed a $75 million capital budget for 2025, primarily for biogas expansion, funded by USDA loans, grants, and tax credit sales. He described E15 adoption as a 'slow megatrend' that should significantly improve ethanol margins by 2027. He offered a personal opinion that the CARB LCFS amendments could be finalized in 2-3 months but stressed this was not based on official information.

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    Derrick Whitfield's questions to AEMETIS (AMTX) leadership • Q1 2025

    Question

    Derrick Whitfield of Texas Capital inquired about the progress and timing of final 45Z tax credit rules from the Treasury and whether a unique pathway for Dairy RNG is expected. He also asked for Aemetis's view on ethanol and corn crush margins if E15 were adopted more widely.

    Answer

    Chairman and CEO Eric McAfee expressed optimism about the 45Z rules, citing the incoming Head of Tax Policy's commitment to implement the provisional emissions rate process, which could increase the credit's value for their Dairy RNG by over 5x. Executive Andrew Foster and McAfee then discussed ethanol fundamentals, noting that while the E15 waiver provides certainty, the real boost would come from California adopting E15. They see a positive near-term outlook from lower corn costs and record exports, with the company's MVR system set to dramatically improve cash flow in 2026.

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    Derrick Whitfield's questions to NGL Energy Partners (NGL) leadership

    Derrick Whitfield's questions to NGL Energy Partners (NGL) leadership • Q1 2026

    Question

    Derrick Whitfield asked for clarification on the quarter's produced water volumes, which appeared lighter than expected, and also sought management's perspective on the ARRIS acquisition by Western.

    Answer

    EVP of Water Solutions Doug White clarified that volumes were close to internal budgets and that Q2 would see a ramp-up from recent recycling jobs. CEO H. Michael Krimbill added that reported figures do not include all MVC volumes that will be recognized in the following quarter. Regarding the ARRIS deal, Krimbill stated it was a premium price NGL would not have paid, while White viewed industry consolidation as a positive trend that improves efficiency and reduces duplicative capital spending.

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    Derrick Whitfield's questions to NGL Energy Partners (NGL) leadership • Q1 2026

    Question

    Derrick Whitfield asked for clarification on the quarter's produced water volumes, which appeared lighter than expected, and also sought management's perspective on the recent acquisition of ARRIS by Western.

    Answer

    EVP of Water Solutions Doug White clarified that Q1 water volumes were close to internal budgets and that increased recycling activity in June is expected to boost takeaway volumes in the next quarter. CEO H. Michael Krimbill added that reported figures do not include all MVC volumes that will be recognized later. Regarding the ARRIS deal, Krimbill noted that NGL would not have paid such a premium, while White viewed industry consolidation as a positive development that enhances efficiency and reduces duplicative capital spending.

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    Derrick Whitfield's questions to NGL Energy Partners (NGL) leadership • Q1 2026

    Question

    Derrick Whitfield asked for clarification on the quarter's produced water volumes, which appeared lighter than expected, and also sought management's perspective on the ARRIS acquisition by Western and its implications for the Delaware Water thesis.

    Answer

    EVP of Water Solutions Doug White clarified that water volumes were close to internal expectations, exceeding their budget, and noted that recycling jobs from June are now contributing to takeaway volumes. CEO & Director H. Michael Krimbill added that reported figures don't include all MVC volumes that will be recognized in the next quarter. Regarding the ARRIS deal, Krimbill stated NGL wouldn't have paid that premium, while White viewed industry consolidation as a positive trend that improves efficiency and reduces duplicative capital expenditures.

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    Derrick Whitfield's questions to NGL Energy Partners (NGL) leadership • Q4 2025

    Question

    Derrick Whitfield of Texas Capital inquired about NGL's fiscal 2026 guidance, the macro environment for the water business, and the impact of new regulatory guidelines for Permian water disposal.

    Answer

    EVP & CFO Brad Cooper clarified that the FY26 guidance accounts for a $20 million headwind from lower crude prices and nearly $10 million from recent asset sales. EVP of Water Solutions Doug White addressed the macro questions, stating that NGL is well-positioned with its existing contracts and permits. He expressed skepticism that announced competitor pipelines would proceed quickly given market uncertainty and noted that new Texas Railroad Commission guidelines do not impact NGL's operations due to its portfolio of legacy permits.

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    Derrick Whitfield's questions to NGL Energy Partners (NGL) leadership • Q3 2025

    Question

    Derrick Whitfield of Texas Capital inquired about the future EBITDA of the remaining Liquids Logistics assets, the growth path for the Grand Mesa pipeline to its 100,000 bpd target, and whether the recent dip in water logistics volumes was due to seasonality.

    Answer

    Executive Brad Cooper estimated the divested businesses represented 15-20% of historical segment EBITDA. CEO H. Krimbill deferred specific guidance on crude oil growth until fiscal '26 but noted a 50% volume increase could imply a similar EBITDA lift. Regarding water volumes, Brad Cooper and Executive Douglas White attributed the Q3 slowdown to increased customer recycling and a return to a typical holiday slowdown, noting volumes were already recovering.

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    Derrick Whitfield's questions to Clean Energy Fuels (CLNE) leadership

    Derrick Whitfield's questions to Clean Energy Fuels (CLNE) leadership • Q2 2025

    Question

    Derrick Whitfield questioned the key drivers behind the raised financial guidance, particularly in fuel dispensing, and asked for management's perspective on the valuation of downstream assets following recent industry transactions.

    Answer

    CFO Robert Vreeland attributed the stronger guidance to continued strong fuel volume and an improved customer mix at stations, which boosted margins despite lower LCFS prices. President & CEO Andrew Littlefair commented on valuation, stating that replicating their downstream network would cost billions and take a decade. He believes the network is well-positioned with significant unutilized capacity to capture future demand, validating its high strategic value.

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    Derrick Whitfield's questions to Clean Energy Fuels (CLNE) leadership • Q1 2025

    Question

    Derrick Whitfield sought clarity on the expected timing and retroactive application of California's CARB policy updates and asked about the level of support in Washington D.C. for the cellulosic category RVO.

    Answer

    President and CEO Andrew Littlefair stated that while not certain, the company and CARB staff expect the final policy to be in place by June 1 and be retroactive. Regarding federal policy, he noted that while the company is engaging with policymakers, he does not have a specific view on where the EPA will land on the cellulosic RVO but feels the administration understands the need for a balanced RFS program.

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    Derrick Whitfield's questions to Clean Energy Fuels (CLNE) leadership • Q4 2024

    Question

    Derrick Whitfield asked about the company's project development strategy beyond the Maas JV given regulatory uncertainty with 45Z and AFTC, and also questioned the likelihood of a positive revision to the Treasury's 45Z guidance for dairy RNG.

    Answer

    President and CEO Andrew Littlefair stated that given the lack of regulatory clarity, the company is not focused on new greenfield projects beyond its current funded pipeline. He expressed optimism that the 45Z guidance could be revised favorably, arguing the Treasury used an incorrect model that undervalues dairy RNG's methane capture. He believes the new administration will be constructive and that their case for a revision is strong.

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    Derrick Whitfield's questions to Chord Energy (CHRD) leadership

    Derrick Whitfield's questions to Chord Energy (CHRD) leadership • Q2 2025

    Question

    Derrick Whitfield questioned how low Chord Energy could drive its corporate breakevens with four-mile laterals and other initiatives, and asked about the potential materiality of cost savings from AI and machine learning.

    Answer

    President, CEO & Director Daniel Brown estimated that shifting 50% of inventory to four-mile laterals could lower breakevens by approximately $5 per barrel, complementing other cost-saving efforts. Regarding AI, he described it as a nascent but rapidly expanding, organic initiative that is permeating the business, making it difficult to quantify but noting it is already having an impact and building steam.

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    Derrick Whitfield's questions to Chord Energy (CHRD) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital asked about the potential for lowering corporate-level breakeven costs, driven by four-mile laterals and other cost initiatives. He also inquired about the materiality of cost savings from AI and machine learning and which applications are the biggest needle-movers.

    Answer

    CEO Daniel Brown estimated that shifting 50% of inventory to four-mile laterals could improve breakevens by approximately $5 per barrel, which is amplified by other cost-saving initiatives. Regarding AI, Brown stated it's still early but highlighted numerous organic projects underway. He emphasized that empowering employees with data analytics is permeating every aspect of the business, driving efficiency and improving capital allocation.

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    Derrick Whitfield's questions to Chord Energy (CHRD) leadership • Q1 2025

    Question

    Derrick Whitfield of Texas Capital inquired about the maintenance capital required to sustain production in 2026 and the potential materiality of cost-saving opportunities from lease operating expenses (LOE) and marketing contracts.

    Answer

    CEO Daniel Brown stated that a single frac crew program would likely result in a one-third reduction in operated activity and associated capital in 2026, which would not sustain the current production rate. Both Brown and COO Darrin Henke emphasized significant opportunities to lower cash costs by renegotiating expiring marketing contracts and leveraging scale to improve LOE efficiency and well run times.

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    Derrick Whitfield's questions to Chord Energy (CHRD) leadership • Q4 2024

    Question

    Derrick Whitfield asked for details on 3-mile laterals, specifically when their production curves per foot converge with 2-mile wells and if cycle times are improving. He also inquired about the first 4-mile lateral, asking about any operational challenges and the expected cost-benefit versus 3-mile wells.

    Answer

    CEO Daniel Brown stated that 3-mile well production curves per foot start to converge with 2-mile wells after about six months and are fully converged within a year. COO Darrin Henke added that the first 4-mile well has gone "without a hitch," setting a basin record for spud to rig release time. Henke expects a similar economic uplift moving from 3-mile to 4-mile wells as was seen moving from 2-mile to 3-mile wells.

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    Derrick Whitfield's questions to Texas Pacific Land (TPL) leadership

    Derrick Whitfield's questions to Texas Pacific Land (TPL) leadership • Q2 2025

    Question

    The analyst inquired about the outlook for the water resources business for the second half of the year, the company's perspective on the ARRIS acquisition by Western, the objectives and strategic importance of the new desalination facility, and expectations for future power generation projects in the Permian basin.

    Answer

    The company stated that while Q2 water sales were weaker due to commodity prices and activity deferrals, Q3 looks strong. They view the ARRIS acquisition by Western as a positive validation of the Delaware water thesis. The desalination facility is a key R&D project at scale, crucial for enabling beneficial reuse and attracting industries like power generation and data centers. They anticipate more power generation announcements, believing the Permian has all the necessary components to meet its own growing power demands.

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    Derrick Whitfield's questions to Texas Pacific Land (TPL) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital inquired about the second-half outlook for TPL's water business, the strategic implications of the ARRIS acquisition by Western, cost objectives for the new desalination facility, and the potential for more power generation projects in the Permian.

    Answer

    EVP of Texas Pacific Water Resources, Robert Crain, explained that while Q2 water sales were impacted by customer delays and spatial variation, Q3 looks strong. He detailed the desalination project's role in enabling data centers and power generation, noting it's a multiyear effort. President and CEO Tyler Glover added that industry consolidation, like the ARRIS deal, creates more opportunities for TPL as a landowner.

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    Derrick Whitfield's questions to Texas Pacific Land (TPL) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital asked about the second-half outlook for TPL's water business, the strategic implications of the ARRIS acquisition by Western, the cost objectives for the new desalination facility, and the potential for attracting power generation and data center projects to the Permian.

    Answer

    EVP of Texas Pacific Water Resources, Robert Crain, explained that Q2 water sales were impacted by commodity prices and spatial variation, but he anticipates a strong Q3. President and CEO Tyler Glover viewed the ARRIS acquisition as a positive development that supports TPL's water thesis. Robert Crain further detailed that the desalination project is 'research and development at scale,' crucial for enabling beneficial reuse and attracting new industries like data centers. He also expressed confidence that recent power generation announcements are the first of many, given the Permian's abundant resources.

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    Derrick Whitfield's questions to Texas Pacific Land (TPL) leadership • Q1 2025

    Question

    Derrick Whitfield of Stifel Financial Corp. inquired about the water business fundamentals in the Delaware Basin, the impact of major new water pipeline projects on TPL, and the current M&A landscape for mineral and surface assets.

    Answer

    CEO Tyler Glover confirmed that produced water volumes are growing rapidly as operators target deeper formations, a trend that benefits TPL's water segment. He explained that new pipeline projects, particularly the Western Pathfinder pipeline, are a net positive for the basin and will generate direct revenue for TPL. Regarding M&A, Glover described the environment as friendly with a strong backlog of opportunities, though he noted the bid-ask spread could widen if commodity prices fall further. EVP Robert Crain added that Delaware produced water volumes are forecasted to grow from ~12-15 million barrels per day to 18-20 million by 2028-2030, underscoring the need for TPL's water infrastructure and solutions.

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    Derrick Whitfield's questions to Texas Pacific Land (TPL) leadership • Q4 2024

    Question

    Derrick Whitfield asked about synergies between desalination, data centers, and power generation, as well as progress on the company's desalination cost and efficiency targets. He also inquired about the M&A landscape for royalties versus surface assets, potential federal policy impacts on New Mexico pore space, and the expected 2025 turn-in-line rate for oil and gas royalties.

    Answer

    Executive Robert Crain detailed the significant synergies between behind-the-grid power, data centers, and desalination, stating the company is on track with its efficiency goals and that the $0.75/barrel cost target is '100% achievable' at scale. CEO Tyler Glover described the 2025 M&A pipeline for both surface and mineral assets as very strong. CFO Chris Steddum projected that, based on current inventory, 14-15 net wells could be turned online in 2025, contingent on oil prices and operator activity levels.

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    Derrick Whitfield's questions to LandBridge Co (LB) leadership

    Derrick Whitfield's questions to LandBridge Co (LB) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital sought management's perspective on the acquisition of ARRIS by Western Midstream (WES) and its implications for the valuation of pore space. He also asked for clarification on the new power partner (IPP), questioning if it was a new developer in the Delaware Basin and if they had secured a combined cycle gas turbine.

    Answer

    CFO Scott McNeely stated that from LandBridge's perspective, the WES/ARRIS transaction underscores the critical importance of pore space, reinforcing LandBridge's core thesis. Regarding the independent power producer (IPP), McNeely confirmed it is a brand-name partner but declined to provide further details, citing a joint press release planned for the coming weeks.

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    Derrick Whitfield's questions to LandBridge Co (LB) leadership • Q1 2025

    Question

    Derrick Whitfield from Texas Capital asked about the underlying growth in produced water volumes given the shift to deeper intervals and inquired about the company's perspective on desalination opportunities.

    Answer

    CEO Jason Long confirmed that a shift to deeper, more water-heavy benches, coupled with flatter PDP declines in their core area, means water growth is expected to 'meaningfully eclipse' oil growth for the foreseeable future. On desalination, Long clarified it is primarily a WaterBridge initiative. While LandBridge is supportive, he noted the technology's cost curve still needs to improve for large-scale feasibility. He stressed that LandBridge remains agnostic, as any such projects would require their land and generate royalties.

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    Derrick Whitfield's questions to LandBridge Co (LB) leadership • Q4 2024

    Question

    Derrick Whitfield from Texas Capital asked about the strategy behind acquiring BLM and state leases in Lea County and for a broader perspective on the potential for more data centers in the Permian Basin.

    Answer

    Executives Jason Long and Scott McNeely clarified that the primary value in New Mexico acquisitions is the fee surface, with government leases being an incidental part of the land package. Jason Long expressed increased bullishness on Permian data centers, noting that hyperscalers are growing more comfortable with remote locations and that LandBridge's access to surface, power, and gas provides a significant competitive advantage.

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    Derrick Whitfield's questions to Vital Energy (VTLE) leadership

    Derrick Whitfield's questions to Vital Energy (VTLE) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital asked about Vital Energy's production trajectory into 2026 and how capital efficiency gains from H2 2025 would project forward. He also requested details on the assumptions behind LOE projections and other cost initiatives not yet in guidance.

    Answer

    SVP & COO Katie Hill explained that H2 2025 capital efficiency improvements are driven by larger well packages and extended laterals. She noted that expiring service contracts in 2026 present a cost-saving opportunity. For LOE, Hill detailed progress from shifting to high-line power and optimizing chemicals, and mentioned a 2026 focus on reducing workover spend by converting wells to gas lift.

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    Derrick Whitfield's questions to Vital Energy (VTLE) leadership • Q2 2025

    Question

    Derrick Whitfield inquired about Vital Energy's production trajectory into 2026 and how capital efficiency gains from the second half of 2025 would project forward. He also requested more detail on the assumptions behind the LOE projections and other cost-saving initiatives not yet included in guidance.

    Answer

    Katie Hill, SVP & COO, explained that significant improvements in capital efficiency are expected in the second half of the year due to larger well packages and drilling best practices. She noted that expiring contracts in 2026 present an opportunity for renegotiation. For LOE, Hill highlighted progress from shifting to high-line power and optimizing chemicals, with future savings expected from transitioning to gas lift, which will reduce workover spend in 2026.

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    Derrick Whitfield's questions to Vital Energy (VTLE) leadership • Q2 2025

    Question

    Derrick Whitfield inquired about Vital Energy's production and capital efficiency trajectory into 2026, and sought details on the drivers behind the company's LOE projections and other cost-saving initiatives.

    Answer

    SVP & COO Katie Hill explained that capital efficiency improvements in the second half of 2025, driven by larger well packages and extended laterals, are expected to carry into 2026. She noted that expiring service contracts in 2026 present an opportunity for renegotiation in a favorable market. Hill also detailed that LOE savings are being achieved by shifting to high-line power and optimizing chemical usage, with future reductions expected from converting high-cost ESPs to more efficient gas lift systems.

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    Derrick Whitfield's questions to Vital Energy (VTLE) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital inquired about Vital Energy's production trajectory into 2026, the projection of capital efficiency gains, the assumptions behind LOE guidance, and other cost initiatives not yet reflected in forecasts.

    Answer

    SVP & COO Katie Hill explained that significant cost reductions and capital efficiency improvements seen in H2 2025 are driven by larger well packages, extended laterals, and enhanced drilling practices. She anticipates further efficiencies in 2026 as long-term service contracts are renegotiated. For operating expenses, Hill detailed sustainable progress in reducing LOE through power optimization and scale, and noted a key 2026 initiative is shifting to more efficient gas lift systems to lower workover costs.

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    Derrick Whitfield's questions to Vital Energy (VTLE) leadership • Q1 2025

    Question

    Derrick Whitfield asked about the company's forward-looking maintenance capital requirements, considering recent D&C efficiencies and the roll-off of higher-priced service contracts. He also requested details on successful lease operating expense (LOE) reduction initiatives and areas for further improvement.

    Answer

    CEO Mikell Pigott stated the goal is flat year-over-year production and positive free cash flow in 2026. He noted service contracts expiring by March 2026 could yield significant savings, potentially lowering the corporate breakeven from $57/bbl toward $50/bbl. COO Katie Hill added that Q1 LOE was $103 million, reflecting a run rate closer to $110 million after a prior-period adjustment, and detailed successes in reducing failure rates and fixed costs.

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    Derrick Whitfield's questions to Viper Energy (VNOM) leadership

    Derrick Whitfield's questions to Viper Energy (VNOM) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital noted Viper's stock underperformance since the Sitio acquisition announcement and asked which aspects of the deal might be underappreciated by investors. He also inquired about the potential for accretion from Sitio's back-office systems for identifying royalty underpayments.

    Answer

    CEO & Director Kaes Van’t Hof suggested the market misunderstands the combined company's scale and the growth visibility provided by Diamondback. On back-office synergies, he expressed excitement about integrating Sitio's advanced automation and machine learning systems for royalty payment verification, which he believes will accrue significant long-term benefits to shareholders.

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    Derrick Whitfield's questions to Viper Energy (VNOM) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital asked for management's perspective on Viper's stock underperformance since the Sitio acquisition announcement. He also inquired about the potential for value creation from integrating Sitio's advanced back-office systems for identifying royalty underpayments.

    Answer

    CEO Kaes Van’t Hof suggested the market currently misunderstands the significant scale and financial accretion of the combined entity, expressing confidence that strong execution will lead to a re-rating. He praised Sitio's automation and AI-driven processes for royalty management, stating these technologies will be integrated to enhance efficiency and benefit Viper's shareholders.

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    Derrick Whitfield's questions to Viper Energy (VNOM) leadership • Q1 2025

    Question

    Derrick Whitfield from Texas Capital asked about Viper's potential exposure to a 10% industry activity reduction and sought clarity on quarter-over-quarter changes in work-in-progress and line-of-sight wells, including recent acquisitions.

    Answer

    CEO Kaes Van't Hof noted that the immediate impact on Viper is minimal as high-interest projects are prioritized, though a prolonged downturn would have an effect. President Austen Gilfillian added that overall activity is increasing, driven by both Diamondback and key third-party operators like Exxon, EOG, and Occidental.

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    Derrick Whitfield's questions to Viper Energy (VNOM) leadership • Q4 2024

    Question

    Derrick Whitfield inquired about the economic competitiveness of deeper intervals versus traditional zones and any related leasing tailwinds. He also asked about the opportunity for surface ownership in the Midland Basin, particularly for water sourcing and royalties.

    Answer

    CEO Kaes Van’t Hof stated that deeper intervals are expected to become competitive with core development in the next 2-3 years. Outgoing CEO Travis Stice added that deep rights leasing provides a 'slight tailwind'. Regarding surface rights, Travis Stice reiterated that the core strategy is to own the best rock and let activity come to them, rather than bundling surface/water assets.

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    Derrick Whitfield's questions to Coterra Energy (CTRA) leadership

    Derrick Whitfield's questions to Coterra Energy (CTRA) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital asked about the drivers of Coterra's success in securing power sales agreements in the Permian. He also inquired about the potential for further cost compression in the Anadarko basin, its highest-cost asset, through greater capital allocation or longer wells.

    Answer

    EVP of Operations Blake Sirgo attributed the power deal success to 'a lot of really hard work,' finding a good partner, and structuring a differentiated deal not tied to local gas prices. CEO Thomas Jorden added that Coterra's investment-grade balance sheet is critical. On Anadarko costs, EVP Michael Deshazer noted that while lateral extensions will help, the lack of a consistent frac crew, unlike in the Permian, is a key factor limiting further cost reductions at current scale.

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    Derrick Whitfield's questions to Coterra Energy (CTRA) leadership • Q1 2025

    Question

    Derrick Whitfield from Texas Capital asked if a persistently low oil-to-gas price ratio would alter development plans within the Delaware Basin over the three-year forecast. He also inquired about the oil price level that would act as a tipping point for further activity reductions.

    Answer

    Chairman, CEO and President Thomas Jorden stated that the current strip price would not significantly change capital allocation within the Permian's different areas. He also indicated that a price below $50 per barrel would be a tipping point where the company would seriously re-evaluate its oil activity levels.

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    Derrick Whitfield's questions to Coterra Energy (CTRA) leadership • Q4 2024

    Question

    Derrick Whitfield asked if both the Anadarko and Marcellus basins could return to growth over the next three years given a constructive gas market, and sought more detail on downstream partnership conversations for data centers.

    Answer

    Chairman, CEO and President Thomas Jorden expressed hope for growth, emphasizing that capital allocation is driven by competition for the best returns. SVP of Operations Blake Sirgo added that growth would be a result of returns, not a target itself. Sirgo also noted that while Permian gas is attracting the most interest for data centers, the commercial models are still developing.

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    Derrick Whitfield's questions to Diamondback Energy (FANG) leadership

    Derrick Whitfield's questions to Diamondback Energy (FANG) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital asked about the industry response to Diamondback's cautious Q1 commentary and sought details on the performance differences between their record-setting fast wells and the average.

    Answer

    CEO Kaes Van't Hof stated that most of the industry and investors were supportive of their Q1 macro view, and the subsequent drop in rig count proved their assessment correct. COO Danny Wesson explained that their record four-day wells are in the top decile of performance, and the key to improving the average is consistency and eliminating issues like extra trips, which they are optimizing through data analysis.

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    Derrick Whitfield's questions to Diamondback Energy (FANG) leadership • Q1 2025

    Question

    Derrick Whitfield asked for the specific oil price that would serve as the next 'tipping point' to further reduce activity and how much non-D&C capital could be removed in a prolonged downturn.

    Answer

    President Kaes Van’t Hof provided a 'traffic light' analogy: oil prices with a '4' handle are a red light (cut more), a '5' handle is yellow, and mid-to-high $60s to $70 is green (accelerate). He also mentioned that after an initial $50 million cut to the non-D&C budget, another $50-60 million could potentially be removed if needed.

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    Derrick Whitfield's questions to COMSTOCK RESOURCES (CRK) leadership

    Derrick Whitfield's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital sought confirmation that the increased rig activity in the legacy Haynesville was a strategic move to stabilize production and not an indication of changing views on the Western Haynesville's value. He also asked about the rationale for testing restricted choke management.

    Answer

    Chairman & CEO M. Jay Allison emphatically stated the legacy rig addition was to ensure production stability and offset exploration risk, with no change in their positive outlook on the Western Haynesville. President & CFO Roland Burns added that it reflects lower service costs and the opportunity to drill high-return Horseshoe wells. Regarding choke management, COO Daniel Harrison explained that given the play's high pressures and temperatures, a more disciplined drawdown is expected to improve long-term EURs, a strategy supported by internal modeling and competitor data.

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    Derrick Whitfield's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital sought confirmation that the increased capital allocation to the legacy Haynesville was a strategic move to stabilize production and not an indication of changing views on the Western Haynesville's value. He also asked about the rationale for testing restricted choke management.

    Answer

    CEO M. Jay Allison emphatically stated that the rig addition in the legacy area in no way implies doubt about the Western Haynesville, but rather serves to balance risk while the new play is de-risked. President & CFO Roland Burns added that the decision was influenced by lower service costs and excitement about new Horseshoe well opportunities. Regarding choke management, COO Daniel Harrison explained that disciplined drawdowns are being tested to enhance long-term EURs in the high-pressure play, based on internal modeling and competitor data.

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    Derrick Whitfield's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital sought confirmation that increased spending in the legacy Haynesville does not indicate a change in the Western Haynesville's value. He also asked about the rationale for testing restricted choke management in the Western Haynesville.

    Answer

    Chairman & CEO M. Jay Allison emphatically stated the legacy rig addition is to stabilize production and in no way reflects doubt about the Western Haynesville. President/CFO Roland Burns added that the decision was driven by lower costs, service availability, and excitement for new Horseshoe wells. COO Daniel Harrison explained that restricted choke management is being tested to improve long-term EURs in the high-pressure play by implementing a more disciplined drawdown strategy.

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    Derrick Whitfield's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital sought confirmation that the increased capital allocation to the legacy Haynesville was a strategic move to stabilize production and not an indication of changing views on the Western Haynesville's value. He also asked about the rationale for testing restricted choke management.

    Answer

    CEO M. Jay Allison emphatically stated that the rig addition in the legacy area is solely to stabilize production and in no way reflects any doubt about the Western Haynesville. President and CFO Roland Burns added that the decision was driven by lower service costs and excitement about new Horseshoe well opportunities. Regarding well management, COO Daniel Harrison explained that given the play's high pressures and temperatures, they are testing more disciplined drawdowns to optimize long-term value and EURs, a strategy supported by internal models and competitor data.

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    Derrick Whitfield's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital sought confirmation that reallocating a rig to the legacy Haynesville does not signal a change in the perceived value of the Western Haynesville. He also asked for the rationale behind testing restricted choke management on Western Haynesville wells.

    Answer

    Chairman & CEO M. Jay Allison emphatically confirmed the rig addition in the legacy area is to stabilize production and add predictability, not due to any doubts about the Western Haynesville. President and CFO Roland Burns added that lower costs and excitement about Horseshoe wells in the legacy play also drove the decision. Regarding choke management, COO Daniel Harrison explained that given the play's high pressures and temperatures, a more disciplined, conservative drawdown is being tested to optimize long-term EURs and value, a strategy supported by internal modeling and competitor data.

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    Derrick Whitfield's questions to COMSTOCK RESOURCES (CRK) leadership • Q1 2025

    Question

    Derrick Whitfield asked about the reservoir quality of the new Olajuwon well compared to southern wells and how much of the Western Haynesville position has now been delineated. He also inquired about the structure and strategic value of the BKV carbon capture partnership.

    Answer

    COO Daniel Harrison stated the Olajuwon's reservoir quality is "every bit as good" as the core area and greatly derisks a substantial portion of the northeast acreage. CEO Miles Allison added that the well was deepened to test the Haynesville, which showed "exemplary" rock quality. Regarding the BKV partnership, President and CFO Roland Burns explained the aim is to create a low-carbon footprint asset ideal for power generation and data centers, with BKV leading the development. Allison noted BKV's proven track record and the potential for zero-emission gas to be more attractive for exports.

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    Derrick Whitfield's questions to Bunge Global (BG) leadership

    Derrick Whitfield's questions to Bunge Global (BG) leadership • Q2 2025

    Question

    Derrick Whitfield from Texas Capital inquired about the interplay between soybean oil and other seed oils for food use in the U.S. and asked about the materiality of the ILUC removal in the 45Z policy.

    Answer

    CEO Greg Heckman explained that Bunge is well-positioned to offer a full suite of oils as food customers may switch based on price and functionality. CFO John Neppl described the removal of the indirect land use charge (ILUC) as significant, making soybean and canola oil more competitive with lower carbon-intensity feedstocks. He also noted bonus depreciation is a helpful tailwind.

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    Derrick Whitfield's questions to Bunge Global (BG) leadership • Q1 2025

    Question

    Derrick Whitfield inquired about the potential feedstock mix for the Repsol biorefinery and the outlook for a favorable assessment of certain seed oils under the 45Z tax credit.

    Answer

    CEO Greg Heckman explained it's too early for a specific feedstock mix, as the strategy is to provide Repsol with optionality across various low-carbon feedstocks, with economics ultimately driving the choice, as CFO John Neppl noted. Regarding 45Z, Heckman stated that Bunge is optimistic and actively engaged in advocating for policies beneficial to farmers and the value chain.

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    Derrick Whitfield's questions to Bunge Global (BG) leadership • Q4 2024

    Question

    Derrick Whitfield asked for an outlook on where the collapsed spread between refined and crude soybean oil might stabilize and questioned the rationale behind canola's higher carbon intensity score compared to soybean oil.

    Answer

    CEO Gregory Heckman noted the margin shift from refined to crude oil was expected as renewable diesel capacity grew, and highlighted Bunge's resilient specialty oils portfolio. CFO John Neppl added that soft demand from the energy sector represents future upside. Regarding carbon scores, Neppl distinguished between spring canola (assessed in the policy) and winter canola, expressing hope the latter will be reviewed and treated differently.

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    Derrick Whitfield's questions to DARLING INGREDIENTS (DAR) leadership

    Derrick Whitfield's questions to DARLING INGREDIENTS (DAR) leadership • Q2 2025

    Question

    Derrick Whitfield of Texas Capital asked about the impact of the 45Z tax credit's cap on SAF margins relative to renewable diesel and sought an update on the synergies and growth prospects for the planned NexTyta joint venture.

    Answer

    CFO Robert Day explained that the lower 45Z credit would require higher SAF premiums to maintain margins, with the market ultimately driven by supply and demand. COO Matt Jansen highlighted DGD's flexibility to switch between SAF and RD production. Regarding NexTyta, Day expressed excitement about the JV's complementary geographic footprint and access to critical production capacity, which will drive both cost and revenue synergies.

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    Derrick Whitfield's questions to DARLING INGREDIENTS (DAR) leadership • Q4 2024

    Question

    Derrick Whitfield asked for a macro perspective on how the renewable fuels market will firm up under 45Z, which pressures soybean oil-based producers. He also questioned if Darling's competitors are improving their ability to process waste fats.

    Answer

    CFO Bob Day responded that 45Z's complexity will likely reduce overall biofuel production and imports, leading to higher RIN and LCFS credit values over time. COO of North America Matt Jansen confirmed that they are observing increased demand for waste fats from other producers, though the trend is still in its early stages as the market adapts to the new tax credit.

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    Derrick Whitfield's questions to Riley Exploration Permian (REPX) leadership

    Derrick Whitfield's questions to Riley Exploration Permian (REPX) leadership • Q1 2025

    Question

    Derrick Whitfield inquired how the newly acquired Silverback asset will compete for capital against existing assets and whether the revised, lower capital plan provides enough runway for future upstream growth.

    Answer

    CEO Bobby Riley stated that the eastern part of the Silverback asset is of identical quality to their existing assets and will compete well for capital, with initial development likely focused near existing infrastructure. CFO Philip Riley explained the capital reduction includes deferrals of some infrastructure projects and a re-allocation of the land acquisition budget to this transaction, ensuring flexibility for future growth.

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    Derrick Whitfield's questions to Riley Exploration Permian (REPX) leadership • Q4 2024

    Question

    Derrick Whitfield asked about the strategic rationale for building the New Mexico gas midstream project in-house versus seeking a third-party solution, and also requested details on D&C cost progression and the 2025 outlook for location mix and lateral length.

    Answer

    CEO Bobby Riley explained that limited regional takeaway capacity and difficult permitting for new treating plants in New Mexico drove the decision to build their own 56-mile pipeline. This provides long-term flow assurance. CFO Philip Riley added that with an average 60% working interest, the project will generate revenue from partners. Bobby Riley also noted the 11% D&C cost-per-foot reduction in 2024 and explained the 2025 plan is weighted to New Mexico in the back half of the year, pending infrastructure completion.

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    Derrick Whitfield's questions to Sitio Royalties (STR) leadership

    Derrick Whitfield's questions to Sitio Royalties (STR) leadership • Q1 2025

    Question

    Derrick Whitfield inquired about Sitio's production trajectory for the next two quarters, the comparative value of share repurchases versus M&A, and whether the company is observing any changes in well productivity relative to its underwriting assumptions, referencing a less constructive outlook from Diamondback.

    Answer

    CEO Christopher Conoscenti expressed confidence in the near-term production outlook, noting it's underpinned by already spud wells. He highlighted the compelling value of share repurchases as a unique, long-term call option on commodities with a current yield, while also noting the M&A market remains active. Regarding well productivity, Mr. Conoscenti and executive Jarret Marcoux stated that their forecasts are based on achieved results and current geologic facts, not future improvements, and cautioned against underestimating the innovation of U.S. E&P companies.

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    Derrick Whitfield's questions to Sitio Royalties (STR) leadership • Q4 2024

    Question

    Derrick Whitfield from Texas Capital sought clarity on the 2025 production guidance, questioning the trajectory given line-of-sight activity, and asked about potential outsized Q4 contributions. He also explored how the natural gas outlook and Sitio's AI-driven asset management system might influence future M&A strategy, particularly regarding diversified asset packages.

    Answer

    CEO Christopher Conoscenti clarified that missing revenue recovery adds to cash but not incremental revenue, as it's already accrued. He stated that 2025 production growth is primarily from the Permian and DJ Basins. Executive Jarret Marcoux added details on asset concentration in the Texas Delaware Basin. Conoscenti explained that their proprietary systems provide an advantage of scale, not necessarily geographic diversification. He also noted the favorable long-term macro tailwinds for natural gas. Marcoux highlighted that the AI tools enhance post-acquisition value by recovering previously missed revenue, improving the return on all deals.

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    Derrick Whitfield's questions to Kodiak Gas Services (KGS) leadership

    Derrick Whitfield's questions to Kodiak Gas Services (KGS) leadership • Q1 2025

    Question

    Derrick Whitfield of Texas Capital asked how customer behavior has evolved in the current environment compared to prior industry down cycles. He also questioned at what point the industry might lose pricing power amid a potential Permian slowdown.

    Answer

    CEO Mickey McKee explained that today's customer base is more consolidated with stronger balance sheets, making them more resilient. He emphasized that the compression industry has never been more highly utilized, which protects against pricing pressure from 'bad actors.' CFO John Griggs added that large horsepower utilization is near 99%, creating a significant buffer before any meaningful pricing weakness would occur.

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    Derrick Whitfield's questions to Aris Water Solutions (ARIS) leadership

    Derrick Whitfield's questions to Aris Water Solutions (ARIS) leadership • Q1 2025

    Question

    Derrick Whitfield from Texas Capital inquired if the cost for desalination could be brought under $1 per barrel and asked which minerals beyond iodine appear most promising for future extraction.

    Answer

    President and CEO Amanda Brock confirmed that achieving an OpEx below $1 per barrel for desalination is a goal and is possible. Regarding other minerals, she cautiously mentioned lithium, noting price volatility, and identified magnesium as another attractive possibility that the company is looking at, suggesting it would be the next focus after iodine.

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    Derrick Whitfield's questions to Aris Water Solutions (ARIS) leadership • Q4 2024

    Question

    Derrick Whitfield asked about the commercial strategy for attracting non-disposal activities to the McNeill Ranch and questioned the cost and ramp-up plan for the beneficial reuse desalination project.

    Answer

    President and CEO Amanda Brock noted that interest in the ranch for activities like solar and power has been inbound due to its strategic location and infrastructure, and the company is now allocating resources to manage these opportunities. For beneficial reuse, she stated that significant progress has been made on cost-effective desalination technology and that the project will be modular, allowing for a phased ramp-up with partners.

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    Derrick Whitfield's questions to Permian Resources (PR) leadership

    Derrick Whitfield's questions to Permian Resources (PR) leadership • Q4 2024

    Question

    Derrick Whitfield of Texas Capital inquired about the potential for the company's grassroots leasing program to consistently add acreage and reduce the need for larger M&A. He also asked for the company's perspective on a capital efficiency metric concerning the oil price needed in 2025 to match 2024's free cash flow.

    Answer

    Co-CEO William Hickey stated that a sustainable base case for the grassroots program is likely 4,000-6,000 acres per year, making 10,000 acres a high-end target. Executive Hays Mabry addressed capital efficiency, stating that due to significant operational improvements, the company could generate the same absolute free cash flow as 2024 at a much lower oil price, around $63 per barrel compared to last year's $75.

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