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    Doug Irwin

    Senior Equity Analyst at Citigroup Inc.

    Doug Irwin is a Senior Equity Analyst at Citigroup Inc., specializing in general U.S. market coverage with a focus on stocks such as Kodiak Gas Services, Inc. and several other publicly listed companies. He maintains a strong performance record, featuring a 70% success rate with investment ratings and an average return of 9.5% per rating as tracked by independent platforms. Irwin has been with Citigroup since at least 2023 and brings several years of sector expertise to his role, utilizing both quantitative and qualitative analysis in his coverage. His professional credentials include FINRA securities licenses, supporting his reputation for thorough investment research.

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

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

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

    Question

    Doug Irwin of Citi inquired about the Libbey II processing plant's current volume ramp following its commissioning and the potential timing and scope of future expansions, including sour gas treating capacity. He also asked for Delek's perspective on a recent competitor asset sale in the Delaware Basin and the broader competitive landscape for sour gas treating.

    Answer

    President and CEO Avigal Soreq, along with EVP Reuven Spiegel, confirmed the Libbey II plant is operational and expected to reach full capacity by year-end 2025. Spiegel noted the current focus is on developing sour gas treating and acid gas injection capabilities. Regarding the competitive landscape, Soreq and EVP Mohit Bhardwaj viewed the high valuation of a recent asset sale (Northwind) as a positive reaffirmation of their strategy, highlighting that DKL's comprehensive system includes gathering, treating, and processing, offering a more complete solution than competitors.

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

    Question

    Doug Irwin of Citi inquired about the new 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 asked for a comparison of DKL's Delaware Basin assets to recently transacted properties and the broader competitive environment.

    Answer

    President, CEO & Director Avigal Soreq and EVP Reuven Spiegel explained that the Libbey II plant is operational and expected to ramp to full capacity by year-end, reaffirming full-year guidance. They noted that future expansion plans are under consideration but will be announced when finalized. Regarding the competitive landscape, Avigal Soreq and EVP Mohit Bhardwaj highlighted that a recent high-multiple transaction in the area affirms the value of DKL's assets and that DKL's comprehensive system (gathering, treating, and processing) offers a superior value proposition compared to competitors with only treating capacity.

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

    Question

    Doug Irwin of Citi inquired about the volume ramp-up at the newly commissioned Libbey II gas plant, the potential timing for future expansions, and Delek's competitive position in sour gas treating, especially in light of recent M&A activity in the Delaware Basin.

    Answer

    President & CEO Avigal Soreq, EVP Reuven Spiegel, and EVP Mohit Bhardwaj responded. They confirmed the Libbey II plant is ramping up and expected to reach full capacity by year-end, supporting their annual EBITDA guidance. They are now focusing on sour gas capabilities. Regarding a recent competitor asset sale, management viewed the high valuation as a positive benchmark, emphasizing that Delek's integrated system, which includes gathering, treating, and processing, is more comprehensive than the acquired asset.

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

    Question

    Doug Irwin of Citi inquired about the new Libbey II processing plant, asking for current volume trends post-commissioning and the potential timing of future expansions. He also asked for Delek's perspective on a recent competitor asset sale in the Delaware Basin and the broader competitive environment for sour gas treating.

    Answer

    President & CEO Avigal Soreq and EVP Reuven Spiegel explained that the Libbey II plant is operational and expected to ramp to full capacity by year-end, reaffirming full-year guidance. They noted a focus on developing sour gas capabilities. Regarding a competitor's asset sale, Soreq viewed the high valuation as a positive benchmark for DKL's assets. EVP Mohit Bhardwaj added that DKL's comprehensive system, which includes processing, is superior to the competitor's treating-only assets.

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    Doug Irwin's questions to USA Compression Partners (USAC) leadership

    Doug Irwin's questions to USA Compression Partners (USAC) leadership • Q2 2025

    Question

    Doug Irwin of Citi inquired about the trajectory of gross margins, noting that recent price increases seemed to be offset by higher operating expenses, and asked about the potential for new, higher-margin horsepower to improve them.

    Answer

    Christopher Wauson, VP & COO, explained that margins historically fluctuate between 65% and 67% and are expected to return to this range. He noted that while the company is incurring higher overtime costs to fill staffing needs, these are temporary and margins should normalize as the year progresses.

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    Doug Irwin's questions to USA Compression Partners (USAC) leadership • Q2 2025

    Question

    Doug Irwin inquired about the future trajectory of gross margins, considering the impact of increased operating expenses versus higher pricing on new horsepower. He also asked about the current mix of long-term versus month-to-month contracts in the Northeast and the potential to secure more long-term agreements.

    Answer

    Chief Operating Officer Christopher Wauson explained that gross margins, typically ranging from 65% to 67%, were impacted by temporary overtime costs which are being addressed through active recruitment. He anticipates margins will normalize to historical levels. Wauson also noted that 25-30% of their Northeast business is month-to-month, presenting an opportunity to improve revenue per horsepower as those contracts are renewed in Q3 and Q4.

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    Doug Irwin's questions to Archrock (AROC) leadership

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

    Question

    Doug Irwin asked about Archrock's capital allocation priorities, specifically the balance between share buybacks and dividend growth. He also requested a breakdown of the updated 2025 guidance to distinguish between recurring operational performance and non-recurring gains.

    Answer

    President & CEO D. Bradley Childers stated that dividend growth is expected to be consistent with profit growth, while buybacks are used opportunistically based on market price. CFO Doug Aron detailed the $20 million EBITDA guidance increase, attributing approximately $13 million to operational outperformance in contract compression and AMS, $4 million to asset sale gains, and $3 million to other income, which was partially offset by the Floco asset sale.

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

    Question

    Doug Irwin from Citigroup Inc. asked about Archrock's capital allocation strategy, specifically the balance between share buybacks and dividend growth. He also requested a breakdown of the updated guidance to distinguish recurring operational outperformance from nonrecurring items.

    Answer

    President & CEO D. Bradley Childers stated that continued profit growth supports both consistent dividend increases and opportunistic share buybacks, which are activated when the market price presents a value opportunity. SVP & CFO Doug Aron detailed the $20 million EBITDA guidance increase, attributing approximately $13 million to recurring operational outperformance in both business segments and the remaining $7 million to nonrecurring gains on asset sales and other income.

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

    Question

    Doug Irwin from Citigroup Inc. asked about Archrock's capital allocation strategy, specifically the balance 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 like asset sale gains.

    Answer

    President & CEO D. Bradley Childers stated that both dividends and buybacks are key tools, with dividend growth expected to be consistent and buybacks used opportunistically based on market price. SVP & CFO Doug Aron broke down the $20 million EBITDA guidance increase, attributing approximately $13 million to operational outperformance in contract compression and aftermarket services, with the remainder from a $4 million gain on asset sales and $3 million in other income, partially offset by the sale of the gas lift business.

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

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

    Question

    Doug Irwin from Citigroup Inc. asked for clarification on full-year guidance, given strong first-half performance, and questioned the strategy for future share buybacks, including Chevron's participation and the impact of public share liquidity.

    Answer

    CFO Michael Chadwick and President & COO John Gatling noted that while H1 was strong, guidance is maintained due to planned second-half maintenance and weather contingencies. CEO Jonathan Stein confirmed the return of capital strategy is unchanged, expecting proportional participation in buybacks from Chevron and affirming that public float is sufficient for the program.

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    Doug Irwin's questions to Hess Midstream (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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