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    Jason Ursaner • Bumbershoot Holdings

    Jason Ursaner's questions to Intrepid Potash Inc (IPI) leadership

    Jason Ursaner's questions to Intrepid Potash Inc (IPI) leadership • Q2 2025

    Question

    Jason Ursaner of Bumbershoot Holdings asked for context on recent capital expenditures in relation to long-term injection rates and brine saturation. He also questioned the cause of declining brine grades and pressed for details on the company's capital allocation strategy, given its rapidly accumulating cash balance.

    Answer

    CFO Matthew Preston explained that the lower brine grade forecast for 2026 is due to the need to pull harder on existing caverns without the Amax source, which reduces brine residence time. CEO Kevin Crutchfield addressed capital allocation, stating it is a constant board-level discussion. He emphasized the current priority is stabilizing core operations but acknowledged that a significant cash event, such as a payment from Exxon, would bring the discussion of shareholder returns 'to the fore'.

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    Jason Ursaner's questions to Intrepid Potash Inc (IPI) leadership • Q1 2025

    Question

    Jason Ursaner asked for clarification on the significant cash flow generation in April, seeking to understand the timing of cash conversion during the spring season. He also requested an update on the XTO land deal within the Oilfield Solutions segment and questioned the company's capital allocation strategy given its growing cash balance.

    Answer

    CFO Matt Preston confirmed that Q2 is seasonally the strongest cash flow quarter and the early May cash balance likely represents a high point for the year, with a drawdown expected in H2 for capital spending. Zachry Adams, VP of Sales and Marketing, stated there was no new insight into Exxon's (XTO) drilling plans. Regarding capital allocation, Matt Preston reiterated the focus on strengthening core assets to ensure consistent performance, after which a board discussion on deploying excess cash would become more pertinent.

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    Jason Ursaner's questions to Intrepid Potash Inc (IPI) leadership • Q4 2024

    Question

    Jason Ursaner of Bumbershoot Holdings asked for clarification on unit cost trends, brine grade improvements, the strategic value of the Oilfield Solutions segment given recent M&A in the Permian, and the rationale for delaying a capital return program.

    Answer

    CFO Matt Preston clarified that the next major drop in unit costs is expected in H2 2025 with improvements at the Wendover facility and confirmed that brine grades are strong following recent capital projects. CEO Kevin Crutchfield addressed the oilfield assets, stating that while valuable, the company is open to discussions if another party sees greater value. He also emphasized that establishing consistent free cash flow from core assets is the primary focus and a prerequisite before the board will consider a capital return program.

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    Jason Ursaner's questions to Intrepid Potash Inc (IPI) leadership • Q3 2024

    Question

    Jason Ursaner of Bumbershoot Holdings asked about the impact of potential global supply shifts on the U.S. market, distributor inventory levels, the role of byproduct sales in cost calculations, and sought clarification on the potash production pull-forward from 2025 into 2024.

    Answer

    CFO Matt Preston noted that potential global production cuts highlight how balanced the current market is. VP Zachry Adams added that distributors are managing capital carefully by not carrying excess inventory between seasons, but demand for spring fill is expected to be strong. Preston clarified that byproduct sales are accounted for separately and do not directly reduce potash production costs; the cost improvements are purely from higher production volumes over a fixed cost base. He also confirmed that the higher 2024 production forecast is partly due to pulling forward tons that were previously expected in H1 2025.

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    Jason Ursaner's questions to Orion Group Holdings Inc (ORN) leadership

    Jason Ursaner's questions to Orion Group Holdings Inc (ORN) leadership • Q3 2024

    Question

    Jason Ursaner of Bumbershoot Holdings asked about management's confidence in achieving long-term profitability and margin targets, especially in the Marine segment, given the strong demand outlook. He also requested a reminder of the specific margin goals for the Marine business.

    Answer

    Executive Travis Boone affirmed his confidence is higher than ever, attributing it to the company's improved operational performance and ability to scale. CFO Scott Thanisch added that the company is different than it was two years ago due to investments in operations and business development. Boone reiterated the target for the Marine business is low double-digit EBITDA margins, achievable once the company scales to over $1 billion in revenue.

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