Sign in

    John Abbott • Wolfe Research

    John Abbott's questions to Permian Resources Corp (PR) leadership

    John Abbott's questions to Permian Resources Corp (PR) leadership • Q2 2025

    Question

    John Abbott from Wolfe Research, LLC sought to quantify the free cash flow impact of new marketing agreements beyond 2026 and asked for specific details on operational synergies and savings from the recently closed Delaware acquisition.

    Answer

    Co-CEO James Walter indicated that the free cash flow uplift from marketing should grow beyond 2026 as more capacity comes online and new deals are signed. Co-CEO Will Hickey detailed that the acquisition integration was swift, with immediate synergies in personnel and water handling, and noted the most significant future value will come from the land team's work in trading and coring up the newly acquired acreage.

    Ask Fintool Equity Research AI

    John Abbott's questions to Permian Resources Corp (PR) leadership • Q4 2024

    Question

    John Abbott of Wolfe Research inquired if achieving further D&C cost efficiencies below the current $750 per lateral foot would require a major technological change. He also asked about the philosophy of letting efficiencies drive production growth versus managing to a specific production target in a backwardated oil market.

    Answer

    Co-CEO James Walter explained that further cost cuts could come from both incremental improvements and larger technological step-changes, which historically occur every year or two. Co-CEO William Hickey added that the production level is a balance between the program's excellent returns and the macro backdrop, leading to a 'middle ground' approach focused on delivering strong per-share growth.

    Ask Fintool Equity Research AI

    John Abbott's questions to Permian Resources Corp (PR) leadership • Q3 2024

    Question

    John Abbott asked about the strategic importance of maintaining a consistent rig and frac crew count for efficiency and whether the company would consider building DUCs.

    Answer

    Co-CEO William Hickey expressed confidence in the team's proven ability to flexibly manage rig and frac fleet counts without losing efficiency, noting the current 12-rig program works well but could be adjusted. He clarified that building a DUC inventory is not part of their strategy in a normal oil price environment and would only be considered in a severe downturn, as was done during COVID.

    Ask Fintool Equity Research AI

    John Abbott's questions to Civitas Resources Inc (CIVI) leadership

    John Abbott's questions to Civitas Resources Inc (CIVI) leadership • Q2 2025

    Question

    John Abbott of Wolfe Research, LLC asked how the company plans to coordinate its operations across three distinct basins to deliver a consistent and level-loaded program. He also had a bookkeeping question about the role of working capital changes in achieving the year-end net debt target.

    Answer

    President & COO Clay Carrell explained that they are focused on optimizing capital allocation, completion timing, and supply chain management across the basins to improve consistency, noting there is room for further improvement. CFO & Treasurer Marianella Foschi clarified that the Q2 working capital draw was a normal, seasonal event due to tax payments and is expected to partially reverse in the second half of the year, keeping the company on track for its debt target.

    Ask Fintool Equity Research AI

    John Abbott's questions to Civitas Resources Inc (CIVI) leadership • Q4 2024

    Question

    John Abbott asked about the expected trajectory of cash taxes over the next three years and when the company might be subject to the Alternative Minimum Tax (AMT). He also inquired about the company's willingness to pursue production growth if commodity prices improve.

    Answer

    CFO Marianella Foschi stated that cash taxes are guided at $10-$30 million for 2025 and are expected to be similar in 2026. She noted the company does not anticipate hitting the AMT threshold unless oil prices are around $80 per barrel. CEO Chris Doyle responded that while the company would be responsive to a stronger macro environment, any consideration of increasing activity would only come after making significant progress on its balance sheet and deleveraging targets.

    Ask Fintool Equity Research AI

    John Abbott's questions to Civitas Resources Inc (CIVI) leadership • Q3 2024

    Question

    John Abbott asked about the minimum activity level required in each basin to maintain operational momentum in a lower price environment. He also questioned if the company might ever return to a variable dividend as a market signal about its stock value.

    Answer

    CEO M. Doyle stated that a one-rig program in the DJ and a three-rig program in the Permian could serve as a baseload to maintain momentum. Regarding the dividend, he said they are a 'long way away' from that debate, as the current focus is on buybacks to capitalize on what they see as a highly undervalued equity while protecting the balance sheet.

    Ask Fintool Equity Research AI

    John Abbott's questions to Chord Energy Corp (CHRD) leadership

    John Abbott's questions to Chord Energy Corp (CHRD) leadership • Q2 2025

    Question

    John Abbott of Wolfe Research, LLC questioned the implementation cost of Chord's AI initiatives and the benefits of internal development versus external vendors. He also asked about the key factors influencing the 2026 activity plan and how to gain confidence in future oil growth, given the Q4 2025 guidance.

    Answer

    CEO Daniel Brown explained that AI implementation cost is small, leveraging existing data and internal training, which builds momentum better than third-party solutions. CSO Michael Lou added they also work with vendors. Regarding 2026, Brown emphasized the focus is on free cash flow per share growth, not absolute production. He explained the Q4 production trough is due to completion timing, with a strong ramp-up expected in early 2026.

    Ask Fintool Equity Research AI

    John Abbott's questions to Chord Energy Corp (CHRD) leadership • Q4 2024

    Question

    John Abbott inquired about the potential impact of import tariffs on Chord's oil, gas, and NGL realizations. He also asked for the company's latest thinking on its non-operated Marcellus position in light of improving natural gas prices.

    Answer

    CEO Daniel Brown opined that tariffs would generally benefit domestic producers, likely creating a small incremental pull on domestic barrels and upward price pressure, though the broader economic effects are complex. Regarding the Marcellus asset, Brown described it as a great asset under a capable operator but reiterated that it is "not a core portion of the portfolio" and the company will look to maximize shareholder value from it over time.

    Ask Fintool Equity Research AI

    John Abbott's questions to Chord Energy Corp (CHRD) leadership • Q3 2024

    Question

    John Abbott asked for a comparison of Chord's current 35% base decline rate to its rate in 2022, to better quantify the impact of increased long-lateral development. He also questioned whether Chord's conservative spacing strategy might present an opportunity for future inventory expansion through infill drilling.

    Answer

    CEO Daniel Brown stated that the 2022 decline rate was likely higher but cautioned that a direct comparison is difficult due to the different asset profile of the newly acquired Enerplus properties. On spacing, Brown and COO Darrin Henke agreed it was a valid point. They confirmed the team is actively re-evaluating spacing and completion intensity, acknowledging they are not yet fully optimized and that even small changes could significantly impact inventory.

    Ask Fintool Equity Research AI

    John Abbott's questions to Suncor Energy Inc (SU) leadership

    John Abbott's questions to Suncor Energy Inc (SU) leadership • Q2 2025

    Question

    John Abbott of Wolfe Research, LLC inquired about Suncor's capacity for future dividend growth given its improving cost structure and asked about the strategy for potential divestitures, particularly non-operated East Coast assets.

    Answer

    CFO Kris Smith and President and CEO Rich Kruger reiterated their strategy of delivering consistent, reliable dividend growth, supported by a 'flywheel' effect where share buybacks fund future dividend-per-share increases. Regarding asset sales, Kruger stated the priority is maximizing the performance of all assets first. Decisions on divestitures will be based on whether an asset is worth more to Suncor or another party.

    Ask Fintool Equity Research AI

    John Abbott's questions to Crescent Energy Co (CRGY) leadership

    John Abbott's questions to Crescent Energy Co (CRGY) leadership • Q2 2025

    Question

    John Abbott from Wolfe Research, LLC asked about the company's flexibility to pivot capital between oil and natural gas for the remainder of 2025 and into 2026. He also inquired about the company's ability to offset cash taxes beyond 2027.

    Answer

    CEO David Rockecharlie stated that the company has proven flexibility to shift capital, noting that about 20% of the program can be moved relatively quickly at the margin. CFO Brandi Kendall addressed the tax question, explaining that due to recent legislation, Crescent anticipates roughly $250 million in cash tax savings over the next five years, with federal taxes expected to be near zero for the next couple of years under current assumptions.

    Ask Fintool Equity Research AI

    John Abbott's questions to Crescent Energy Co (CRGY) leadership • Q4 2024

    Question

    John Abbott followed up on the Uinta, asking about the process and potential timeline for delineating the new zones. He also questioned how commodity price outlooks for oil versus gas influence the strategy and timing of asset divestitures.

    Answer

    EVP & COO Clay Rynd and CEO David Rockecharlie explained the Uinta delineation is a methodical, returns-focused process of data gathering, not a rapid, full-scale delineation, noting they also benefit from the activities of other operators in the basin. Regarding divestitures, David Rockecharlie stated that while commodity prices are a factor, the core focus is on value creation and portfolio optimization, and management believes now is a reasonable time to consider larger-scale non-core asset sales.

    Ask Fintool Equity Research AI

    John Abbott's questions to Crescent Energy Co (CRGY) leadership • Q3 2024

    Question

    John Abbott asked a strategic question about maintaining the company's underlying decline rate while growing through acquisitions and inquired about the specific triggers, such as price or ratios, for shifting activity to dry gas acreage.

    Answer

    David Rockecharlie, an executive, explained that they maintain a low corporate decline rate by integrating acquired assets, whether high or low decline, into their disciplined, free-cash-flow-focused business model. He stated that the trigger for allocating capital to any area, including dry gas, is purely driven by achieving their target returns on capital, which is a function of price, costs, and well performance.

    Ask Fintool Equity Research AI

    John Abbott's questions to Vital Energy Inc (VTLE) leadership

    John Abbott's questions to Vital Energy Inc (VTLE) leadership • Q1 2025

    Question

    John Abbott sought clarification on the company's breakeven oil price, asking if the cited $53 per barrel figure was a well-head or corporate breakeven. He also inquired about the potential for additional non-core asset sales throughout the year.

    Answer

    CEO Mikell Pigott clarified that the breakeven figures discussed ($57/bbl today, potentially moving toward $50/bbl) are corporate breakevens. Regarding asset sales, he explained the recent deal was a unique opportunity to monetize acreage they didn't value as inventory. He confirmed the company continuously evaluates its portfolio for similar transactions that can accelerate debt reduction without impacting production guidance.

    Ask Fintool Equity Research AI

    John Abbott's questions to Vital Energy Inc (VTLE) leadership • Q4 2024

    Question

    John Abbott asked about the portion of the 2025 drilling program aimed at testing new zones, the timeline for derisking the 250 upside locations, and the expected oil production exit rate for the year.

    Answer

    SVP and COO Katie Hill clarified that very little of the 2025 capital is allocated to appraisal, with the focus being on high-confidence development, particularly on the Point asset. She described the derisking of the 250 upside locations as a deliberate, multi-year effort. President and CEO Mikell Pigott added that the 2025 production profile will be 'V-shaped,' with a dip mid-year followed by a ramp-up toward year-end.

    Ask Fintool Equity Research AI

    John Abbott's questions to Antero Resources Corp (AR) leadership

    John Abbott's questions to Antero Resources Corp (AR) leadership • Q1 2025

    Question

    John Abbott, on for Doug Leggate, asked about the capital return framework, questioning if there's a share price at which Antero would cease buybacks and how they balance repurchases against cash generation in a higher gas price environment. He also inquired about the breakeven economics of their NGL inventory and at what price point they might reduce activity.

    Answer

    CFO Michael Kennedy explained their approach is countercyclical and opportunistic, aiming to buy shares when they are undervalued and pay down debt when the share price is higher. He emphasized that buying back shares always adds value. Kennedy also addressed NGLs, noting that the breakeven is dynamic with natural gas prices, citing that even with backwardated oil prices, Antero would generate significant free cash flow at the current gas strip due to its product diversity.

    Ask Fintool Equity Research AI

    John Abbott's questions to PBF Energy Inc (PBF) leadership

    John Abbott's questions to PBF Energy Inc (PBF) leadership • Q1 2025

    Question

    John Abbott, on for Douglas Leggate of Wolfe Research, questioned the company's net debt trajectory, its potential need for additional financing, and whether the recently announced capital expenditure reductions are permanent.

    Answer

    CFO Karen Davis stated that the company's liquidity is comfortable and she does not anticipate needing to access capital markets again. President and CEO Matthew Lucey and SVP Michael A. Bukowski clarified that the capital reductions are part of the ongoing RBI program aimed at permanent cost savings, with a goal of sustainable reductions in how capital is spent, even though the specific 2025 cuts were discretionary projects.

    Ask Fintool Equity Research AI

    John Abbott's questions to EOG Resources Inc (EOG) leadership

    John Abbott's questions to EOG Resources Inc (EOG) leadership • Q4 2024

    Question

    John Abbott of Wolfe Research, on behalf of Doug Leggate, asked about the company's philosophy on dividend growth and sought clarification on the drivers of the 2025 cash tax rate increase.

    Answer

    CEO Ezra Yacob affirmed that a sustainably growing dividend, funded by expanding margins and a strong balance sheet, is the foundation of their value proposition. CFO Ann Janssen explained that the 2025 cash tax rate will be higher because $212 million in Alternative Minimum Tax (AMT) credits were fully utilized in 2024 and are no longer available.

    Ask Fintool Equity Research AI

    John Abbott's questions to Coterra Energy Inc (CTRA) leadership

    John Abbott's questions to Coterra Energy Inc (CTRA) leadership • Q4 2024

    Question

    John Abbott inquired about the impact of recent acquisitions on future cash taxes and at what point the capital intensity of the Permian asset might change as they progress through their inventory.

    Answer

    EVP and CFO Shannon Young guided to a 20-25% effective tax rate with a 90-100% cash basis, an improvement due to the acquired assets. SVP of Operations Blake Sirgo stated he doesn't see a stark inflection point in capital intensity, as the team is constantly improving inventory quality and finding efficiencies in zones beyond the Wolfcamp A.

    Ask Fintool Equity Research AI

    John Abbott's questions to Occidental Petroleum Corp (OXY) leadership

    John Abbott's questions to Occidental Petroleum Corp (OXY) leadership • Q4 2024

    Question

    John Abbott, on for Doug Leggate, asked about production visibility in the Gulf of America beyond 2025 and the strategy for sustainable production. He also requested an update on the current production level of the EOR business.

    Answer

    Kenneth Dillon, SVP & President, International Oil and Gas Operations, explained the long-term goal for the Gulf of America is to maintain flat production through a combination of primary drilling, exploration, and 'Gulf of America 2.0' EOR projects. Richard Jackson, President, U.S. Onshore Resources and Carbon Management, stated that EOR production levels are similar to past years with slight declines, but the business has delivered excellent cost efficiencies and is positioned for future growth with lower-cost CO2 from carbon capture.

    Ask Fintool Equity Research AI

    John Abbott's questions to EQT Corp (EQT) leadership

    John Abbott's questions to EQT Corp (EQT) leadership • Q4 2024

    Question

    John Abbott of Bank of America Merrill Lynch inquired about the risk assessment for EQT's 2025 maintenance CapEx and its future evolution, as well as the current understanding and incorporation of benefits from added compression into the company's guidance.

    Answer

    President and CEO Toby Rice explained that maintenance CapEx is based on asset quality, historical performance, and structural efficiency gains from the Equitrans (E-Train) integration. He noted that reserve development capital intensity will continue to decline. CFO Jeremy Knop added that peak spend for compression investments was pulled forward into 2025 ($130M), accelerating value, and that the current modeling of these projects remains conservative despite recent outperformance in production and CapEx.

    Ask Fintool Equity Research AI