Sign in

    Jason Gabelman • TD Cowen

    Jason Gabelman's questions to Calumet Inc (CLMT) leadership

    Jason Gabelman's questions to Calumet Inc (CLMT) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen asked for Calumet's view on the proposed RVO rule that would grant only half a RIN for imported feedstocks, and whether this is likely to be in the final rule. He also sought clarification on the PTC monetization, asking if any regulatory hurdles remain before the signed term sheets can be finalized.

    Answer

    CEO Todd Borgmann responded that Calumet believes imported feedstock is not necessary to meet the proposed RVO, given the nearly 7 billion gallons of domestic feedstock capacity. However, if imports were needed, he agreed that RIN prices would likely have to increase to incentivize that production. On the PTCs, Borgmann confirmed that no regulatory hurdles remain; the process is now just normal-course paperwork, and he expects the deals to be completed soon.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Calumet Inc (CLMT) leadership • Q1 2025

    Question

    Jason Gabelman of TD Cowen asked for clarification on the Production Tax Credit (PTC) amount booked in Q1, its potential future trajectory with feedstock changes, the use of capital freed up by the lower SAF expansion cost, and the gap between Q1 results and the company's mid-cycle EBITDA guidance.

    Answer

    EVP & CFO David Lunin confirmed the full $20 million PTC value was booked, reflecting higher SAF production, and stated future feedstock decisions will be driven by maximizing margin, not just the PTC. EVP Bruce Fleming explained that the DOE loan is for capital improvements, not working capital, and that the Q1 performance gap to the mid-cycle target is primarily due to seasonality, with stronger results expected in the summer quarters for fuels and asphalt.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Calumet Inc (CLMT) leadership • Q4 2024

    Question

    Jason Gabelman of TD Cowen asked about the Montana Renewables (MRL) margin outlook, focusing on the impact of PTC rules on canola oil feedstock, new renewable diesel restrictions in British Columbia, and alternative funding plans for MRL's equity component if cash flow proves insufficient.

    Answer

    EVP Bruce Fleming explained that MRL is feedstock-agnostic and views the PTC's complexity as an optimization opportunity, noting Canadian canola can still be used for Canadian renewable diesel. He sees the British Columbia rule as margin-accretive, creating backfill opportunities for MRL in other Canadian provinces. CEO Todd Borgmann addressed funding concerns by highlighting the $190 million cash on MRL's balance sheet and its ability to generate sufficient EBITDA, making alternative funding from Calumet unnecessary.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Calumet Inc (CLMT) leadership • Q3 2024

    Question

    Jason Gabelman inquired about the specific use of proceeds from the DOE loan, how renewable diesel margins might perform if the 45Z tax credit rules are delayed, and how the company could book revenue for the credit before rules are finalized.

    Answer

    CEO Todd Borgmann clarified the loan's purpose is to fund the MaxSAF expansion and clean up the existing balance sheet, with approximately $500 million allocated to debt cleanup. EVP Bruce Fleming added that the company plans to book the 45Z receivable from January 1, anticipating a secondary market to manage any timing delays, and noted that their lack of international feedstock use simplifies the credit computation.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Targa Resources Corp (TRGP) leadership

    Jason Gabelman's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Jason Gabelman asked about the direction of fixed G&P fees in the Permian given various market pressures and sought clarity on the risks to the high and low ends of the full-year EBITDA guidance.

    Answer

    CEO Matthew Meloy and President Jennifer Kneale emphasized that Targa's scale, reliability, and creative commercial approach allow it to compete effectively on fees. Regarding guidance, Kneale stated that strong, materializing volume growth underpins their confidence. Potential upside could come from commodity price tailwinds or stronger-than-forecasted marketing margins in the second half of the year.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Targa Resources Corp (TRGP) leadership • Q2 2025

    Question

    Jason Gabelman asked about the direction of fixed G&P fees in the Permian given competing factors, and about the risks to the high and low ends of the 2025 EBITDA guidance.

    Answer

    CEO Matthew Meloy stated that Targa's scale and reliability allow it to compete effectively. President Jennifer Kneale added their commercial team is creative in structuring long-term deals. Regarding guidance, she said strong volume growth supports the outlook, with potential upside from commodity prices and marketing, which typically strengthens in Q4.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Delek US Holdings Inc (DK) leadership

    Jason Gabelman's questions to Delek US Holdings Inc (DK) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen sought to clarify the Enterprise Optimization Plan (EOP), asking how much was realized in Q2 and how the benefits are split between the supply line and refinery margins. He also asked for an explanation of the net inflow from financing activities on the cash flow statement.

    Answer

    EVP Mohit Bhardwaj confirmed that $30 million in EOP benefits flowed through the Q2 financials, specifying that $10 million was at the El Dorado refinery and the rest was distributed between DK Trading and Supply and cost improvements. In response to the financing cash flow question, EVP and CFO Mark Hobbs explained that the inflow was driven by a successful high-yield offering at DKL, which provided liquidity to pay down its revolver and fund growth projects like the Libbey II plant.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Delek US Holdings Inc (DK) leadership • Q1 2025

    Question

    Jason Gabelman from TD Cowen questioned the Q2 operating expense guidance, noting it seemed high compared to prior periods with similar throughput, and asked for an outlook on OpEx trends for the second half of the year.

    Answer

    President and CEO Avigal Soreq explained that the higher Q2 OpEx guidance is driven by the addition of a new natural gas plant and a significant planned increase in system throughput of over 30,000 barrels per day. He also stated that further OpEx improvements are expected in Q3 and Q4 but declined to provide specific guidance for the second half of the year, while expressing optimism.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Delek US Holdings Inc (DK) leadership • Q4 2024

    Question

    Jason Gabelman inquired about the timeline and use of proceeds for the new DKL unit repurchase program and asked if the recent weakness in the supply and marketing segment represents a new seasonal norm.

    Answer

    Avigal Soreq, President and CEO, explained the DKL repurchase program is a flexible, tax-efficient tool running through 2026. He stated that proceeds at the DK level will support a balanced capital allocation strategy of dividends, balance sheet management, and share buybacks, which are active in Q1 2025. He declined to provide specific guidance on supply segment seasonality but highlighted progress on controllable optimization efforts.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Delek US Holdings Inc (DK) leadership • Q3 2024

    Question

    Jason Gabelman asked for an updated view on Delek's target net debt and cash balance at the parent company level following recent transactions. He also sought to clarify if the full-year 2024 CapEx guidance of $330 million excludes spending on the new gas processing plant.

    Answer

    President and CEO Avigal Soreq reiterated the company's capital strategy and a long-term net debt target of around $600 million, stating the retail sale's EBITDA was not significant enough to alter this target. An executive confirmed that the $330 million CapEx guidance for 2024 does not include the separate $90 million to $100 million of spending on the gas processing plant for the year.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Marathon Petroleum Corp (MPC) leadership

    Jason Gabelman's questions to Marathon Petroleum Corp (MPC) leadership • Q2 2025

    Question

    Jason Gabelman asked about the balance sheet, noting net debt appeared above target, and requested updates on strategic initiatives like moving Mid-Con barrels and petchem bolt-ons.

    Answer

    CFO John Quaid clarified that net debt was influenced by timing, as cash from the ethanol JV sale was received post-quarter-end, and cash levels have since returned to the ~$1B target. CCO Rick Hessling added that a new third-party pipeline expected in Q4 will help clear more Mid-Con barrels to the East.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Marathon Petroleum Corp (MPC) leadership • Q1 2025

    Question

    Jason Gabelman asked about the company's willingness to exceed its $7 billion debt target to manage working capital or support buybacks. He also inquired about the appetite for larger midstream M&A deals versus smaller bolt-on acquisitions.

    Answer

    CFO John Quaid stated they are not looking to increase debt to fund repurchases, which are driven by operating cash flow, but will use revolvers to manage working capital swings. CEO Maryann Mannen responded that all M&A opportunities, regardless of size, are evaluated through a strict capital discipline lens, focusing on mid-teens returns and strategic fit, as demonstrated by their recent deals.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Marathon Petroleum Corp (MPC) leadership • Q4 2024

    Question

    Jason Gabelman asked if cash from a planned debt refinancing could be used for share buybacks and whether asset drop-downs to MPLX are still a possibility. He also questioned why the company excluded the quarter-to-date buyback figure from its Q4 press release, a change from recent practice.

    Answer

    CFO John Quaid confirmed the $750 million from the refinancing would be available for allocation. CEO Maryann Mannen added that while some assets could be dropped down to MPLX, the resulting cash to MPC would be used for shareholder returns but the associated EBITDA would not count toward MPLX's growth targets. Quaid explained the quarter-to-date buyback figure was omitted because as the company normalizes its capital returns, a single month's activity is no longer considered as indicative or useful as it was in the past.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Marathon Petroleum Corp (MPC) leadership • Q3 2024

    Question

    Jason Gabelman questioned the timing of drawing down the cash balance to the stated $1 billion minimum, especially heading into a weaker environment. He also asked for specific drivers behind the company's capture rate outperformance relative to peers in the third quarter.

    Answer

    CFO John Quaid affirmed the company's comfort with the $1 billion minimum cash target even through a down cycle, citing the competitiveness of operations and the durable $2.5 billion annual distribution from MPLX. Executive Rick Hessling attributed the strong Q3 capture rate primarily to excellent execution by the Specialty Products teams, who capitalized on favorable market turns in asphalt, pet chems, butane, and propane.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Williams Companies Inc (WMB) leadership

    Jason Gabelman's questions to Williams Companies Inc (WMB) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen questioned the impact of steel tariffs on CapEx and project multiples for builds like NESE. He also asked how an increased LNG export forecast affects the outlook for Gulf Coast projects and storage opportunities.

    Answer

    EVP & COO Larry Larsen stated that steel tariff impacts are manageable at 1-3% of total project costs. President & CEO Chad Zamarin added that permitting reform offers far greater cost-saving opportunities. On LNG, Zamarin confirmed the demand upside is driving projects like the Haynesville gathering expansion, while Larsen noted the Pine Prairie storage expansion is seeing demand beyond its capacity, prompting work on future expansions.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Williams Companies Inc (WMB) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen inquired about the impact of steel tariffs on project CapEx and returns for projects like NESE. He also asked how the rising LNG export forecast affects Williams' project outlook and storage opportunities.

    Answer

    EVP & COO Larry Larsen stated that steel tariffs would have a manageable 1-3% impact on total project costs. President & CEO Chad Zamarin added that permitting reform presents a much larger opportunity for cost savings. Regarding LNG, Zamarin confirmed the demand is driving new projects, like expansions in the Haynesville, while Larsen noted that the Pine Prairie storage expansion is already seeing demand exceed its initial capacity.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Chevron Corp (CVX) leadership

    Jason Gabelman's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Jason Gabelman from TD Cowen sought clarification on the share buyback outlook for 2026, asking if the company still plans a $2.5 billion step-up as guided when the Hess deal was announced, or if the current rate is the new baseline.

    Answer

    Chairman & CEO Michael Wirth explained that the original guidance assumed a prompt deal closure. Due to the delay, Chevron has already repurchased over 50% of the shares issued for the transaction during the interim period, effectively accomplishing the goal of the accelerated buyback. He directed investors to the November Investor Day for an updated forward outlook on share repurchases.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Chevron Corp (CVX) leadership • Q1 2025

    Question

    Jason Gabelman revisited the topic of share buyback guidance, asking for more clarity on the pace of repurchases throughout the year and for an update on the buyback rate following the Hess acquisition.

    Answer

    CEO Mike Wirth reiterated that Chevron will not use a fixed formula, preferring a steady, through-cycle approach rather than one that 'yo-yos' with market volatility. He emphasized that the current $10-$20 billion annual range is historically robust. CFO Eimear Bonner added that the current pace still represents a very strong program.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Chevron Corp (CVX) leadership • Q4 2024

    Question

    Jason Gabelman questioned the TCO distribution guidance for 2025-2026, asking if it reflected a higher price deck and whether an increase in TCO's operating expenses was factored into the free cash flow outlook.

    Answer

    CFO Eimear Bonner clarified the free cash flow inflection is driven by higher production and a significant reduction in affiliate CapEx as the FGP project completes. She added that they anticipate operating expenses will be optimized and reduced as the new, larger asset base stabilizes.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Exxon Mobil Corp (XOM) leadership

    Jason Gabelman's questions to Exxon Mobil Corp (XOM) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen inquired about Guyana production, asking when to expect output to come off its plateau and what activities are underway to mitigate declines.

    Answer

    Chairman and CEO Darren Woods reiterated the 2030 plan for 1.7 million barrels per day of gross capacity with production around 1.3 million, which accounts for natural declines. While he did not provide a specific timeline for the plateau ending, he expressed high confidence in the local team's ability to 'keep our boats full' through optimization and infill drilling, suggesting they are working to outperform the official plan.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Exxon Mobil Corp (XOM) leadership • Q4 2024

    Question

    Jason Gabelman questioned the $3 billion earnings potential from the 2025 project slate, suggesting it seemed low by excluding projects like TCO, and asked about the cash flow contribution.

    Answer

    CFO Kathy Mikells explained that the $3 billion figure focuses on new projects where ExxonMobil is the operator, excluding non-operated projects like TCO and those already underway like the Permian pipeline. CEO Darren Woods confirmed that the benefits from those other projects are baked into the company's overall corporate plan. Regarding cash flow, Mikells noted that for new projects, there is typically a slight lag in earnings relative to cash flow.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to PBF Energy Inc (PBF) leadership

    Jason Gabelman's questions to PBF Energy Inc (PBF) leadership • Q2 2025

    Question

    Jason Gabelman asked for clarification on the sequencing of insurance proceeds related to the Martinez incident, particularly how they cover both capital costs and lost profits.

    Answer

    President & CEO Matthew Lucey explained that it is a 'fool's errand' to forensically separate proceeds between property damage and business interruption, as it is a single policy. He stated that, to date, insurance collections have roughly matched the economic impact of the incident and that PBF expects to receive further interim payments, similar to the one received in Q2.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to PBF Energy Inc (PBF) leadership • Q1 2025

    Question

    Jason Gabelman of TD Cowen sought clarification on the Martinez outage, including the total repair cost, the payment schedule for business interruption insurance, and the critical path for restart. He also asked about the amount of non-core EBITDA in the logistics segment.

    Answer

    President and CEO Matthew Lucey reiterated the restart target is around the end of September and did not provide a total rebuild cost, noting it will be covered by insurance. He explained insurance payments will be part of a collaborative process, not a fixed schedule. Regarding logistics, Lucey did not quantify non-core EBITDA but confirmed the company continually evaluates its asset portfolio for value creation.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to PBF Energy Inc (PBF) leadership • Q4 2024

    Question

    Jason Gabelman of TD Cowen sought clarity on the Martinez incident, asking if the entire facility was shut down, which unit was affected, and if PBF needed to source third-party products. He also questioned a guided increase in the Q1 share count.

    Answer

    President and CEO Matthew Lucey confirmed the entire Martinez refinery was taken down as a result of the fire, which occurred near the PADD 3 hydrotreater during preparations for a turnaround. He stated PBF can manage its commercial obligations without issue. CFO Karen Davis attributed the guided share count increase to potential dilution from incentive compensation.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to PBF Energy Inc (PBF) leadership • Q3 2024

    Question

    Jason Gabelman questioned whether the $200 million in cost savings is an absolute reduction or intended to offset inflation. He also asked for an approximation of the headwinds from crude backwardation and co-products on margin capture in a more normalized environment.

    Answer

    Executive Michael A. Bukowski clarified that the $200 million savings target is an absolute reduction based on 2023 actual expenses, focused on efficiency initiatives rather than just offsetting inflation. Executive Thomas O'Connor addressed capture headwinds, explaining that Q3 was impacted by a confluence of events creating an unusually tight and expensive cash crude market. He noted that looking forward, the loosening of crude supply should be the primary benefit to refiners, more so than changes in co-product markets like pet coke or asphalt.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Enterprise Products Partners LP (EPD) leadership

    Jason Gabelman's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen questioned the strategic rationale for the LPG export build-out, asking if it's driven by upstream customer needs. He also asked how the need for a robust growth backlog to attract investors frames capital allocation decisions.

    Answer

    SVP Tug Hanley and Co-CEO A.J. Teague emphasized that their competitive position is based on brownfield economics and long-standing, sticky customer relationships. Co-CEO Randall Fowler explained that they are well-positioned for organic growth and that as capital needs moderate in 2026-2027, a step-up in free cash flow will allow for greater capital returns to investors.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Enterprise Products Partners LP (EPD) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen asked about the strategic drivers behind the LPG export build-out, questioning if it's necessary to compete for upstream volumes. He also asked how important maintaining a robust growth backlog is for attracting equity investment and framing capital allocation decisions.

    Answer

    SVP Tug Hanley and Co-CEO A.J. Teague highlighted their competitive advantages, including brownfield economics, the Mont Belvieu pricing hub, and long-standing international relationships. Co-CEO Randall Fowler stated the company is well-positioned in key basins and expects discretionary free cash flow to increase significantly in 2026-2027, allowing for greater capital return to investors.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Phillips 66 (PSX) leadership

    Jason Gabelman's questions to Phillips 66 (PSX) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen asked if Phillips 66 is conducting a special deep-dive review of its Midstream business structure following the activist campaign. He also inquired about the outlook for the Chemicals cycle and whether Renewable Fuels production would be reduced due to weak margins.

    Answer

    Chairman & CEO Mark Lashier confirmed they continuously evaluate the Midstream business with expert input, stating nothing is off the table for value creation. He noted the Chemicals cycle is expected to firm up in 2026-27. Both Lashier and EVP of Marketing & Commercial Brian Mandell confirmed that Renewable Fuels are running at reduced rates due to unacceptable losses and that they are actively engaged with regulators to improve the asset's profitability.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Phillips 66 (PSX) leadership • Q4 2024

    Question

    Jason Gabelman asked if further refining asset rationalization is possible to optimize the system and support the Midstream multiple, or if the asset base is now competitive post-L.A. shutdown. He also asked for an explanation for the larger-than-seasonal decline in the Marketing business in Q4.

    Answer

    CEO Mark Lashier stated that while they continuously evaluate all assets, no other shutdowns are imminent, though they would entertain offers. Brian Mandell (Marketing and Commercial) explained the Q4 Marketing decline was primarily due to a $100 million negative sequential impact from the reversal of a Q3 inventory hedging gain. He expects Q1 to follow historical seasonal trends.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Phillips 66 (PSX) leadership • Q3 2024

    Question

    Jason Gabelman from TD Cowen questioned the progress on the 5% margin capture improvement target and asked for the preferred debt metric for investors to monitor.

    Answer

    Rich Harbison of Refining confirmed they are on track to meet the 5% capture improvement target by 2025 through a series of small, high-return capital projects. CFO Kevin Mitchell identified the 25%-30% net debt-to-capital ratio as the primary leverage target, while also aiming for absolute net debt below $18 billion.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Valero Energy Corp (VLO) leadership

    Jason Gabelman's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen asked for Valero's perspective on the global distillate outlook, specifically whether lower exports from regions like Spain and the Middle East are transitory. He also inquired how many incremental OPEC barrels are expected to flow to North America, considering potential stockpiling by China.

    Answer

    EVP & COO Gary Simmons detailed that low global distillate inventories are due to multiple factors, including weak prior-year margins, a cold winter, and lower biofuel production. Regarding crude flows, Simmons stated that while he lacks insight into China's plans, Valero has recently re-engaged with Middle Eastern suppliers, indicating an expectation that some of their increased production will make its way to the U.S. market.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen asked for Valero's view on whether lower distillate exports from other global regions are transitory and how much new OPEC supply might reach North America given potential Chinese stockpiling.

    Answer

    EVP & COO Gary Simmons detailed a confluence of factors tightening the global distillate market, including low utilization, weather, and lighter crude slates, suggesting a complex situation. He also expressed confidence that some increased Middle Eastern crude production will flow to the U.S., noting that Valero has re-engaged with historic suppliers in the region.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Valero Energy Corp (VLO) leadership • Q1 2025

    Question

    Jason Gabelman from Cowen inquired about the impact of U.S. natural gas price volatility on operating expenses and whether lower European gas prices were enabling higher refinery runs in that region.

    Answer

    An executive identified as Greg explained that due to U.S. natural gas volatility, Valero is buying on an as-needed basis rather than hedging. He noted that in Europe, current gas prices are not altering their operational mode, and they continue to maximize throughput with typical fuel source optimization.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Valero Energy Corp (VLO) leadership • Q1 2025

    Question

    Jason Gabelman asked a two-part question about natural gas dynamics: whether rising U.S. prices are impacting operating expenses and if lower European prices are enabling higher secondary unit rates at its Pembroke refinery.

    Answer

    An executive named Greg explained that due to regional volatility driven by LNG facility performance, Valero is cautiously buying U.S. natural gas on an as-needed basis. For the Pembroke refinery in Europe, he stated that current natural gas prices are not causing a change in operations, and the refinery continues to run to maximize throughput and production, with typical optimization between fuel sources.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Valero Energy Corp (VLO) leadership • Q4 2024

    Question

    Jason Gabelman asked why the 2025 sustaining CapEx budget of $1.6 billion is higher than average and if it signals increased turnaround activity. He also sought clarification on whether Valero's Foreign Trade Zones (FTZs) would offer protection from potential tariffs.

    Answer

    Lane Riggs, CEO, confirmed that the higher sustaining capital budget is due to the lumpy nature of spending, with 2025 having additional turnaround work. Rich Walsh, an executive, explained that the impact of FTZs on tariffs is uncertain until a program is structured, noting their primary benefit is for managing import/export operations.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Valero Energy Corp (VLO) leadership • Q3 2024

    Question

    Jason Gabelman of TD Cowen asked if Valero's target cash balance is designed to support buybacks in a downturn and whether weak cracks are forcing the U.S. to 'push' exports.

    Answer

    EVP and CFO Jason Fraser confirmed that the $4-5 billion target cash balance provides flexibility to maintain their buyback approach during a downturn. EVP and COO Gary Simmons refuted the 'push' theory for exports, arguing that very low gasoline inventories indicate a market 'pull,' and noted that Valero is currently receiving an export premium for its barrels.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to TotalEnergies SE (TTE) leadership

    Jason Gabelman's questions to TotalEnergies SE (TTE) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen asked how recent changes to U.S. tax credits affect the Integrated Power business and where CapEx would slow to meet the annual target. He also questioned if a potential Mozambique LNG FID was included in the budget.

    Answer

    Patrick Pouyanné, Chairman & CEO, explained that U.S. tax credit changes have had minimal impact on their project portfolio, with the main challenge being tariffs on imported components. He noted strong investor appetite for farm-downs continues. He reiterated the commitment to the annual CapEx guidance, citing project financing timing as one reason for a slower H2 spend. He also confirmed that a Mozambique LNG project would be externally financed, limiting its direct impact on the CapEx budget.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to TotalEnergies SE (TTE) leadership • Q1 2025

    Question

    Jason Gabelman asked about the earnings contribution from the SapuraOMV acquisition, which was not apparent in Q1 results. He also inquired if the trading environment has become more difficult due to new macroeconomic risks.

    Answer

    CEO Patrick Pouyanné acknowledged he didn't have the specific contribution figure for SapuraOMV but confirmed it is contributive and part of a larger strategy in Malaysia. He agreed that the trading environment is more complex due to unpredictable geopolitical events. However, he noted that TotalEnergies' trading is focused on valorizing its physical assets. While gas trading was hit by an unexpected market reversal, oil trading and LNG trading performed well, and the overall trading contribution remains in line with full-year guidance.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to TotalEnergies SE (TTE) leadership • Q2 2024

    Question

    Jason Gabelman of TD Cowen asked if the company's gearing level could impact shareholder distribution decisions and questioned the reason for the quarterly increase in E&P operating expenses.

    Answer

    CEO Patrick Pouyanné stated that the gearing level, whether at 10% or a target of 8%, does not impact decisions on the buyback, which is driven by the policy of returning more than 40% of CFFO. He explained the E&P OpEx increase was due to seasonal maintenance and work programs in the North Sea (U.K. and Denmark) and affirmed the company's ability to maintain its cost leadership below $5 per barrel.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Kinder Morgan Inc (KMI) leadership

    Jason Gabelman's questions to Kinder Morgan Inc (KMI) leadership • Q2 2025

    Question

    Jason Gabelman of TD Cowen asked about KMI's strategy for gaining volumes in the Bakken following the Outrigger acquisition. He also questioned if KMI is hearing concerns from LNG customers about a potential market oversupply and a slowdown in future projects.

    Answer

    Sital Mody, President of Natural Gas Pipelines, stated the Outrigger integration is going well but had no new updates on the Highland Express project. CEO Kimberly Dang said they are not seeing any slowdown in LNG project development. President Tom Martin added that global gas demand is projected to grow 25% by 2050, with the U.S. well-positioned to increase its market share of LNG supply due to its reliable resources and infrastructure.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Cheniere Energy Inc (LNG) leadership

    Jason Gabelman's questions to Cheniere Energy Inc (LNG) leadership • Q1 2025

    Question

    Jason Gabelman asked about the remaining items needed for the mid-scale trains FID, the timeline for the Sabine Pass expansion FID, and whether the company's funding outlook for the year had shifted.

    Answer

    President and CEO Jack Fusco identified the finalization of FERC, DOE, and air permits as key remaining items. EVP and CFO Zach Davis added that the Sabine expansion is being optimized for a potential FID in late '26 or early '27. Davis confirmed no shift in funding strategy, stating strong cash flow allows them to fund growth and draw on their term loan later than initially forecast.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Cheniere Energy Inc (LNG) leadership • Q4 2024

    Question

    Jason Gabelman asked if Cheniere has a specific equity-to-debt funding target for the combined Stage 3 and mid-scale expansion projects.

    Answer

    EVP and CFO Zach Davis clarified that for current projects like Stage 3 and Mid-scale 8 & 9, the company plans to use its existing cash balance and undrawn term loan, avoiding the need for new incremental debt. For future projects like the Sabine Pass expansion, he stated the target funding mix is approximately 50/50 debt-to-equity, a structure that aligns with maintaining an investment-grade rating and keeping leverage under 4x during construction.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Par Pacific Holdings Inc (PARR) leadership

    Jason Gabelman's questions to Par Pacific Holdings Inc (PARR) leadership • Q1 2025

    Question

    Jason Gabelman of TD Cowen asked about the company's margin profile in a declining oil price environment and requested an update on the Sustainable Aviation Fuel (SAF) project, including market development and its potential earnings profile.

    Answer

    SVP and CFO Shawn Flores stated that a falling price environment presents more tailwinds than headwinds, citing lower fuel costs and better asphalt netbacks, with inventory well-hedged. President and CEO Will Monteleone expressed a constructive outlook on the Hawaii SAF project due to its competitive cost structure, efficient logistics, and encouraging commercial interest from international airlines in the Asia Pacific region.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Par Pacific Holdings Inc (PARR) leadership • Q4 2024

    Question

    Jason Gabelman from TD Cowen inquired about the extent of insurance coverage for the Wyoming outage, covering both lost profits and repair costs, and asked if the company would need to purchase products to meet contractual obligations. He also questioned the diverging capture rate trends between the strong performance in Hawaii and weaker results in Washington, and asked for an update on the M&A environment.

    Answer

    SVP and CFO Shawn Flores confirmed Par Pacific has adequate property and business interruption insurance and intends to manage repair costs within existing CapEx guidance. President and CEO William Monteleone added they are comfortable meeting all contractual obligations. Mr. Flores attributed Hawaii's strong capture rate to high clean product freight costs and Washington's weakness to seasonal asphalt demand, noting the company is well-positioned for volatility. On M&A, Mr. Monteleone stated the focus is internal execution and the bar for acquisitions is currently very high.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Par Pacific Holdings Inc (PARR) leadership • Q3 2024

    Question

    Jason Gabelman of TD Cowen asked about the 2024 CapEx trajectory and the outlook for 2025 spending, the rationale for the new on-balance sheet inventory financing structure, and the current trends in the Pacific product tanker market affecting the Hawaii business.

    Answer

    SVP and CFO Shawn Flores confirmed 2024 CapEx would be at the low end of guidance, with a Q4 increase due to the Hawaii renewables project. For 2025, he guided directionally to significant turnaround and renewables spending. Flores also clarified that the new ABL financing is viewed separately from term debt and that total working capital financing has materially decreased year-over-year. President and CEO William Monteleone added that Q4 product tanker rates have softened but remain elevated compared to historical levels.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to HF Sinclair Corp (DINO) leadership

    Jason Gabelman's questions to HF Sinclair Corp (DINO) leadership • Q1 2025

    Question

    Jason Gabelman inquired about the turnaround cadence for the remainder of the year and its impact on cash management and share buybacks. He also asked about potential headwinds or tailwinds for the Lubricants business from trade tariffs.

    Answer

    Executive Valeria Pompa stated that Q1 was a heavy turnaround quarter, with one more planned for Q3, and expects workloads to decrease in future years. CFO Atanas Atanasov affirmed that excess cash flow generated for the rest of the year would be returned to shareholders. Regarding tariffs, executive Matt Joyce and CEO Timothy Go explained the Lubricants business is largely 'tariff-proofed,' with over 95% of its activity being USMCA compliant, mitigating significant impacts.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to HF Sinclair Corp (DINO) leadership • Q4 2024

    Question

    Jason Gabelman asked if there was an appetite for a large, transformative acquisition in the lubricants space or if the current scale is appropriate. He also inquired about the potential impact of Canadian crude oil tariffs on the company's inland refineries and their operational flexibility.

    Answer

    CEO Timothy Go confirmed the primary focus is organic growth, stating any M&A in lubricants would likely be smaller, bolt-on acquisitions to accelerate strategy, not a transformational deal. EVP, Commercial Steven Ledbetter addressed tariffs by explaining that the company has significant flexibility to lighten its crude slate by sourcing from various hubs and believes a large portion of any tariff cost would be borne by the producer.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to HF Sinclair Corp (DINO) leadership • Q3 2024

    Question

    Jason Gabelman asked for clarification on the strong cash flow from operations, questioning if it was due to a working capital benefit. He also inquired about HF Sinclair's strategic positioning to supply western markets following recent refinery shutdown announcements in California.

    Answer

    CFO Atanas Atanasov confirmed that the strong cash flow included a working capital tailwind from reducing inventory levels. CEO Timothy Go stated that the California shutdowns align with their long-term strategy. He explained that the Puget Sound refinery can produce CARB-compliant gasoline for California, while the Woods Cross and New Mexico refineries are well-positioned to capture increased market share in Las Vegas and Phoenix, respectively, as those markets lose supply from California.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Equinor ASA (EQNR) leadership

    Jason Gabelman's questions to Equinor ASA (EQNR) leadership • Q1 2025

    Question

    Jason Gabelman asked about Equinor's engagement with U.S. authorities regarding the Empire Wind stop order and who is controlling the timeline. He also questioned the drivers behind strong U.S. gas price realizations and the company's appetite for further U.S. gas acquisitions.

    Answer

    Torgrim Reitan, an Equinor executive, stated the government has not provided a reason for the stop order, which Equinor considers "unlawful," and that the company is engaging on all levels with urgency. He attributed the strong U.S. gas realizations to a marketing strategy that captures price volatility from events like cold spells, rather than hedging. He did not comment on future M&A appetite.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Jason Gabelman from TD Cowen inquired about the key factors that will determine whether next year's shareholder distributions fall at the low or high end of the guided $4 billion to $6 billion share buyback range.

    Answer

    Executive Torgrim Reitan clarified that the decision is not linked to specific events like the Empire Wind farm-down. Instead, he stated that the primary factors considered will be the strength of the balance sheet and the macroeconomic outlook at the time the decision is made. The final determination will be communicated at the next Capital Markets Day.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to BP PLC (BP) leadership

    Jason Gabelman's questions to BP PLC (BP) leadership • Q1 2025

    Question

    Jason Gabelman from TD Cowen asked about the high tax rate in the Gas and Low Carbon Energy segment and across the company, seeking expectations for the future. He also inquired about BP's gas hedging program for its Lower 48 assets and the pricing locked in for the year.

    Answer

    Executive Katherine Thomson explained the group's high Q1 effective tax rate of 50% was driven by the composition of profits, with higher-taxed oil production being a larger contributor. She reiterated the full-year guidance remains around 40%. Executive Murray Auchincloss addressed gas hedging, stating that while specific details are commercially sensitive, the majority of BPX's gas production profile for the year is locked in at around $4.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Lanzatech Global Inc (LNZA) leadership

    Jason Gabelman's questions to Lanzatech Global Inc (LNZA) leadership • Q3 2024

    Question

    Jason Gabelman asked whether potential Q4 revenues would shift to Q1 2025 if delayed, what constitutes the '$10 million base business' and its growth drivers, and how the ArcelorMittal offtake revenue is calculated regarding ethanol prices and volume changes.

    Answer

    CEO Jennifer Holmgren confirmed that any delayed Q4 revenues are a matter of 'when, not if,' and would likely be recognized in early 2025. CFO Geoff Trukenbrod described the $10 million base business as recurring revenue from engineering services and JDA/contract research, which is expected to grow as more projects advance. Jennifer Holmgren explained the ArcelorMittal revenue figures are based on offtake volumes (5,000 then 10,000 tons) and approximate ethanol/CarbonSmart values, reflecting a strategy to secure long-term supply.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Lanzatech Global Inc (LNZA) leadership • Q2 2024

    Question

    Jason Gabelman of TD Cowen requested details on the key terms of the newly announced $40 million convertible note financing and asked for an update on the company's cash position and its path to achieving breakeven EBITDA.

    Answer

    CFO Geoffrey Trukenbrod provided the key terms for the convertible note, including an 8% paid-in-kind (PIK) coupon and a base conversion price of $1.52, noting it's part of a potential $150 million facility. He confirmed the additional capital provides sufficient funding through 2025. CEO Jennifer Holmgren emphasized the strategic value of partnering with Carbon Direct Capital, a specialist investor in the carbon management space.

    Ask Fintool Equity Research AI

    Jason Gabelman's questions to Lanzatech Global Inc (LNZA) leadership • Q1 2024

    Question

    Jason Gabelman inquired about the nature of the nine new projects added to the pipeline and asked for an update on the company's previously mentioned 2025 breakeven EBITDA target.

    Answer

    CEO Jennifer Holmgren described the project pipeline additions as inherently lumpy but noted growing interest from partners in replicating projects. CFO Geoffrey Trukenbrod stated that the company has not provided guidance beyond 2024 and reiterated that the path to profitability is a function of significant top-line growth.

    Ask Fintool Equity Research AI