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    Gabriel Daoud • Cowen and Company

    Gabriel Daoud's questions to Permian Resources Corp (PR) leadership

    Gabriel Daoud's questions to Permian Resources Corp (PR) leadership • Q1 2025

    Question

    Gabriel Daoud asked for details on the development targets and well spacing strategy in the Parkway asset area. He also inquired about the status of regional gas processing capacity.

    Answer

    Executive Hays Mabry identified the Second Bone Spring Sand and the X/Y as primary development zones, with significant long-term potential from other formations. He assured that the company has experienced no gas processing capacity issues due to strong midstream partnerships and does not anticipate any future constraints.

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    Gabriel Daoud's questions to Permian Resources Corp (PR) leadership • Q4 2024

    Question

    Gabriel Daoud of TD Cowen sought clarification on the 2025 CapEx plan, asking if the projected $400 million in facility spending is a sustainable run rate and whether the D&C cost target of $750 per foot has already been achieved. He also asked about the potential for quarterly lumpiness in the 2025 program.

    Answer

    Co-CEO William Hickey confirmed that the $750 per foot D&C cost is the current, real-time cost. He characterized the ~$400 million in facility spending as a good short-to-midterm run rate, noting it could decline further in several years without M&A. He also indicated slight lumpiness in the 2025 plan, with CapEx being front-half weighted and production back-half weighted.

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    Gabriel Daoud's questions to Permian Resources Corp (PR) leadership • Q3 2024

    Question

    Gabe Daoud asked for clarification on infrastructure spending trends into 2025 and inquired about the potential for taking an equity stake in a long-haul natural gas pipeline.

    Answer

    Co-CEO William Hickey confirmed that 2024 infrastructure spending was elevated by about $100 million due to the Earthstone acquisition and should decrease year-over-year, though recent smaller deals could moderate the decline. Co-CEO James Walter described a potential pipeline equity stake as one of several tools available to improve downstream market access, part of a longer-term strategy without specific projects to announce today.

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    Gabriel Daoud's questions to Civitas Resources Inc (CIVI) leadership

    Gabriel Daoud's questions to Civitas Resources Inc (CIVI) leadership • Q1 2025

    Question

    Gabriel Daoud asked for more details on Civitas's 2025 outlook, questioning the company's confidence in achieving its production and free cash flow ramp to meet its year-end debt target. He also inquired about the company's contingency plan if oil prices were to fall to a sustained $55 per barrel or lower.

    Answer

    CEO M. Doyle expressed strong confidence in the full-year guidance, attributing second-half production growth to a high number of wells turned-in-line (TILs) in Q2 and Q3. He stated that unless oil prices sustain in the mid-to-low $50s, the current plan remains intact. If prices were to deteriorate, Mr. Doyle outlined that the first response would be to cut completion capital and build a small inventory of DUCs in the DJ Basin, followed by reductions in drilling capital if the low-price environment persisted.

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    Gabriel Daoud's questions to Civitas Resources Inc (CIVI) leadership • Q4 2024

    Question

    Gabriel Daoud asked for more detail on the decision to shift capital allocation toward debt reduction instead of share buybacks, the meaning of 'opportunistic' buybacks, the expected production ramp-up in 2025, and the potential production impact from the $300 million asset sale target.

    Answer

    CEO Chris Doyle explained that prioritizing debt reduction builds a more sustainable business amid market volatility, making it the best use of cash flow after the base dividend. He noted that Q1 2025 production is a low point due to reduced activity in late 2024 and weather, with a significant ramp-up expected as 50-60 new wells come online. The impact of the $300 million divestiture is yet to be determined, as it may include non-producing assets like midstream infrastructure.

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    Gabriel Daoud's questions to Ovintiv Inc (OVV) leadership

    Gabriel Daoud's questions to Ovintiv Inc (OVV) leadership • Q1 2025

    Question

    Gabriel Daoud of TD Cowen inquired about the Permian production outlook, asking if the guided 120,000 bbl/d run-rate contained conservatism, and also asked for the company's perspective on the recent Canadian election's impact on Montney operations.

    Answer

    Executive Brendan McCracken stated that strong Q1 Permian results were driven by a front-loaded well schedule and that volumes are expected to stabilize at the guided 120,000 bbl/d. Regarding the Canadian election, he outlined key opportunities for the new government to enhance market access, simplify regulations, and attract investment to support the energy sector.

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    Gabriel Daoud's questions to Ovintiv Inc (OVV) leadership • Q4 2024

    Question

    Gabriel Daoud asked about Ovintiv's A&D preferences between the Montney and Permian basins given valuation differences, and inquired about the long-term strategic fit of the Anadarko basin within the company's portfolio.

    Answer

    Executive Brendan McCracken stated that the bar for new acquisitions is very high due to the strength of the current portfolio but acknowledged the significant valuation arbitrage between the Montney and Permian. He affirmed the Anadarko basin's value, noting its low decline rate 'supercharges' free cash flow and delivers returns comparable to the company's other core assets.

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    Gabriel Daoud's questions to Gulfport Energy Corp (GPOR) leadership

    Gabriel Daoud's questions to Gulfport Energy Corp (GPOR) leadership • Q1 2025

    Question

    Gabriel Daoud asked about Utica D&C costs, specifically if the company is currently achieving its target of less than $900 per foot and if there is potential for further cost reductions. He also requested management's thoughts on the potential for larger-scale M&A in the basin and Gulfport's role.

    Answer

    EVP and COO Matthew Rucker confirmed they are currently achieving the sub-$900 per foot D&C cost target, which is incorporated in the reaffirmed capital guidance, and that sustained efficiencies could drive costs lower. President and CEO John Reinhart stated that while Gulfport assesses all potentially accretive M&A opportunities, the company maintains a very high bar for deals, which must compete with other capital uses like share repurchases.

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    Gabriel Daoud's questions to SM Energy Co (SM) leadership

    Gabriel Daoud's questions to SM Energy Co (SM) leadership • Q1 2025

    Question

    Gabriel Daoud sought clarification on the second-half production trajectory, asking if Q3 growth would be similar to Q2's, and requested an explanation of the revenue recognition process for Uinta sales, questioning if a mismatch with production will persist.

    Answer

    COO Beth McDonald confirmed that the sequential growth rate seen in Q2 is a fair expectation for Q3. CFO Wade Pursell explained that due to transport and sales timing, a slight, ongoing lag between production and sales volumes is a normal characteristic of the business and not something that requires a 'true-up'.

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    Gabriel Daoud's questions to SM Energy Co (SM) leadership • Q4 2024

    Question

    Gabriel Daoud asked for clarity on the wide range of the 2025 oil production guidance, the expected production growth trajectory throughout the year, the potential maintenance capital required for 2026, and the reasons for negative performance revisions in the Midland Basin reserves.

    Answer

    President and CEO Herbert Vogel explained the oil guidance range is a function of a fixed oil percentage applied to the total BOE guidance. COO Beth McDonald confirmed production will grow through Q3 and then level off. For 2026, Mr. Vogel projected flat-to-single-digit growth with a focus on capital returns, likely with similar capital spending. Regarding reserves, both executives clarified that the negative revisions were minimal and the primary change was PUDs moving beyond the 5-year window due to shifting activity, not poor well performance.

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    Gabriel Daoud's questions to Matador Resources Co (MTDR) leadership

    Gabriel Daoud's questions to Matador Resources Co (MTDR) leadership • Q1 2025

    Question

    Gabriel Daoud of TD Cowen inquired about the prioritization of Matador's newly authorized share buyback program against potential inorganic growth opportunities, especially in a volatile market.

    Answer

    CEO Joseph Wm. Foran explained that the company has created maximum flexibility and optionality by paying down debt, hedging, and selling non-core assets. He stated that Matador is not forced into any single path and will evaluate whether acquisitions, drilling, or share buybacks create the most shareholder value. Van Singleton, President, added that increasing the dividend is another key component of their capital return strategy.

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    Gabriel Daoud's questions to Matador Resources Co (MTDR) leadership • Q3 2024

    Question

    Gabriel Daoud of TD Cowen asked if the $66 million in Q3 acquisitions included any production volumes and whether the 200 MBOE/d target for 2025 contemplates any future inorganic opportunities.

    Answer

    Brian Willey, EVP and CFO, clarified that the acquisitions added minimal production of about 600 BOE/d, which was already factored into prior guidance. Joseph Wm. Foran, Founder, Chairman, and CEO, emphasized that the primary driver for these deals was to secure undeveloped inventory for future growth, not immediate production. The 200 MBOE/d target is based on currently closed transactions.

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    Gabriel Daoud's questions to CNX Resources Corp (CNX) leadership

    Gabriel Daoud's questions to CNX Resources Corp (CNX) leadership • Q1 2025

    Question

    Gabriel Daoud followed up on production, asking for more detail on the volume trajectory for the second half of the year and into 2026, and what level of capital expenditure would be required to maintain a flat production profile. He also asked for CNX's perspective on recent M&A activity in its operating area.

    Answer

    Chief Financial Officer Alan Shepard reiterated that the company solves for free cash flow per share rather than a specific production target, but noted the TIL schedule could inform quarterly estimates. Regarding regional M&A, he commented that the transactions reinforce CNX's long-held view about the high quality of the rock in that part of the basin and that the company is excited to have a new neighbor who validates its thesis.

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    Gabriel Daoud's questions to CNX Resources Corp (CNX) leadership • Q4 2024

    Question

    Gabriel Daoud asked for clarification on CNX's interpretation of the 45V hydrogen tax credit guidance and its impact on the KeyState partnership, and also inquired about the 2025 production outlook, particularly regarding a potential reacceleration of activity in the second half of the year.

    Answer

    Ravi Srivastava, President of New Technologies, explained that while 45V recognizes coal mine methane (CMM), new restrictions require further clarity before investment decisions can be made. Chief Financial Officer Alan Shepard added that the 2025 capital plan is front-loaded, creating flexibility to potentially increase activity later in the year if market conditions are favorable.

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    Gabriel Daoud's questions to Enovix Corp (ENVX) leadership

    Gabriel Daoud's questions to Enovix Corp (ENVX) leadership • Q3 2024

    Question

    Gabriel Daoud requested details on the key milestones required to finalize the new OEM order by Q4 2025, such as performance targets for energy density and cycle life. He also asked about the company's capital needs and potential funding options.

    Answer

    CFO Farhan Ahmad outlined the timeline: receive final dimensions in Q1, ship samples in Q2, and expect a final order in Q3. CEO Raj Talluri confirmed they have clear performance targets. On capital, Farhan Ahmad stated the company has a cash runway into 2026 but will likely need more capital to reach profitability, which it is pursuing through capital markets, government, and customer avenues.

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    Gabriel Daoud's questions to Enovix Corp (ENVX) leadership • Q2 2024

    Question

    Gabriel Daoud of Cowen and Company asked for more precision on the qualification timeline, questioning if a first purchase order could be expected around mid-2025. He also asked about plans for multiple production lines in 2026 and requested a quantification of the energy density of EX-1M and EX-2M batteries.

    Answer

    CEO Raj Talluri reiterated that the timeline for a first PO is dependent on customer qualification and maintained the 'later half of next year' forecast. He confirmed the goal for multiple lines in 2026 is dependent on customer ramp volumes. He declined to provide specific energy density numbers, stressing that battery performance is a balance of multiple factors, not just a single metric.

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