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    Doug Irwin • Citi

    Doug Irwin's questions to Kodiak Gas Services Inc (KGS) leadership

    Doug Irwin's questions to Kodiak Gas Services Inc (KGS) leadership • Q2 2025

    Question

    Doug Irwin of Citigroup inquired about the outlook for 2026 CapEx and fleet additions, the potential for more non-core asset sales, and the intended use of any proceeds from such sales.

    Answer

    President & CEO Mickey McKee stated it was premature to provide a specific 2026 CapEx figure but noted that confidence in the backlog is consistent with prior years. EVP & CFO John Griggs added that the company will continue to high-grade its fleet through minor asset sales, describing future divestitures as "pruning around the edges," with proceeds being redeployed into large horsepower units or other capital return initiatives.

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    Doug Irwin's questions to Delek Logistics Partners LP (DKL) leadership

    Doug Irwin's questions to Delek Logistics Partners LP (DKL) leadership • Q2 2025

    Question

    Doug Irwin of Citi inquired about the Libbey II processing plant, asking for current volume trends post-commissioning and the potential timing and scope of future expansions, including sour gas treating capacity. He also followed up on the competitive landscape for sour gas treating in the Delaware Basin, referencing a recent M&A transaction in the area.

    Answer

    President & CEO Avigal Soreq and EVP Reuven Spiegel explained that the Libbey II plant is ramping up as planned and is expected to reach full capacity by year-end 2025. They confirmed progress on sour gas infrastructure, including AGI wells. Regarding the competitive environment, Soreq and EVP Mohit Bhardwaj noted that a recent high-multiple transaction (Northwind) serves as a positive valuation benchmark, while highlighting that DKL's comprehensive system of gathering, treating, and processing is a strategic advantage.

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    Doug Irwin's questions to Archrock Inc (AROC) leadership

    Doug Irwin's questions to Archrock Inc (AROC) leadership • Q2 2025

    Question

    Doug Irwin from Citigroup Inc. asked about Archrock's capital allocation priorities between share buybacks and dividend growth. He also requested a breakdown of the updated 2025 guidance to distinguish between recurring operational outperformance and non-recurring items.

    Answer

    President & CEO D. Bradley Childers explained that both dividends and buybacks are key tools, with dividend growth expected to be consistent with profit growth, while buybacks are more opportunistic and price-sensitive. CFO Doug Aron broke down the $20 million EBITDA guidance increase, attributing approximately $9 million to contract compression outperformance, $4 million to AMS strength, $4 million to asset sale gains, and $3 million to other income, offset by the sale of the Floco assets.

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    Doug Irwin's questions to Hess Midstream LP (HESM) leadership

    Doug Irwin's questions to Hess Midstream LP (HESM) leadership • Q2 2025

    Question

    Doug Irwin from Citi asked for clarification on the full-year guidance, noting that first-half performance was tracking above the midpoint, and also inquired about Chevron's expected participation in future share buybacks.

    Answer

    President & COO John Gatling and CFO Michael Chadwick clarified that while Q2 was exceptionally strong, the second half includes higher planned maintenance and a contingency for winter weather, justifying the decision to maintain the current guidance range. CEO Jonathan Stein stated there is no change to the buyback strategy and expects Chevron to participate proportionally over time, noting that public share liquidity is sufficient for the program.

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