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    John Annis • Texas Capital

    John Annis's questions to Granite Ridge Resources Inc (GRNT) leadership

    John Annis's questions to Granite Ridge Resources Inc (GRNT) leadership • Q2 2025

    Question

    John Annis from Texas Capital asked for management's thoughts on what is driving their confidence to lean into growth and acquisitions, and how the new CEO views the balance between adding inventory, pursuing growth, and managing leverage.

    Answer

    President and CEO Tyler Farquharson attributed the confidence to a highly constructive A&D environment, created by a lack of private equity capital for smaller transactions, which fits Granite Ridge's model. He explained that the current priority is leaning into growth and scale by adding inventory, which is deemed a valuable long-term investment, even at the expense of near-term free cash flow.

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    John Annis's questions to Granite Ridge Resources Inc (GRNT) leadership • Q1 2025

    Question

    John Annis asked for details on which specific basins drove the outperformance of non-op wells and how the shifting oil and gas price environment impacts capital allocation strategy across its portfolio.

    Answer

    President and CEO Luke Brandenberg attributed the Q1 production beat to both accelerated well timing in the Delaware and Utica basins and outperformance from existing wells, some of which saw increased production as operators opened chokes in response to better gas prices. He emphasized that all opportunities compete for capital based on full-cycle returns, highlighting the value of the company's diversified, 50/50 oil and gas asset base.

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    John Annis's questions to Kimbell Royalty Partners LP (KRP) leadership

    John Annis's questions to Kimbell Royalty Partners LP (KRP) leadership • Q2 2025

    Question

    John Annis from Texas Capital Bank asked for the reasons behind the resilience of Kimbell's rig activity relative to the broader industry and inquired about the outlook for natural gas growth and its potential impact on the company's production mix into 2026.

    Answer

    President and CFO R. Davis Ravnaas attributed the rig count resilience to Kimbell's high-quality, diversified asset base, which has been carefully curated through an active acquisition program over 25 years. Regarding the production mix, he noted that while they are optimistic about natural gas, any shift would be slight and lumpy, with no substantial or noteworthy change expected in the near term.

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    John Annis's questions to Kimbell Royalty Partners LP (KRP) leadership • Q1 2025

    Question

    John Annis asked for an outlook on production volume trends for the remainder of 2025, questioning if any factors were causing a conservative stance despite strong activity metrics like line-of-sight wells exceeding maintenance levels.

    Answer

    Davis Ravnaas, President and CFO, responded that Kimbell is reaffirming its existing guidance, consistent with its history of being conservative. He emphasized that despite strong near-term activity indicators—including rig counts, DUCs, permits, and surprisingly robust lease bonus activity—prudence is warranted given broader market uncertainty. He described the growth runway as 'considerable' with no foreseeable end.

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

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

    Question

    John Annis of Texas Capital asked for details on the specific operational factors required to drill top-decile wells and requested more color on the chemical and power optimization projects that helped maintain low lease operating expenses (LOE).

    Answer

    Co-CEO Will Hickey explained that top wells require near-zero non-productive time and no unplanned trips, noting the best wells are drilled in nearly half the time of an average well. He also described their power optimization projects, such as 'microgrids,' which centralize power generation to improve runtime and have cut power costs by 30% in implemented areas.

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    John Annis's questions to Permian Resources Corp (PR) leadership • Q1 2025

    Question

    John Annis asked how the D&C design and well spacing of the legacy operator on the bolt-on assets compare to Permian Resources' standards. He also inquired about the potential for organic inventory growth from secondary zones.

    Answer

    Hays Mabry, an executive, noted that the legacy operator's spacing and well productivity were strong and similar to their own. The primary opportunity lies in applying Permian Resources' leading D&C cost structure. Regarding inventory, he stated that while secondary zones like deeper Wolfcamp and Bone Spring shales offer long-term potential, the current development program remains focused on the existing high-return core inventory.

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    John Annis's questions to Black Stone Minerals LP (BSM) leadership

    John Annis's questions to Black Stone Minerals LP (BSM) leadership • Q2 2025

    Question

    John Annis from Texas Capital inquired about any emerging positive activity on Blackstone's acreage given the recent increase in gas-directed rigs, and how the Revenant agreement and Permian developments are expected to shape the 2026 production trajectory. He also asked for a geological comparison of the newly delineated Shelby Trough areas versus the Western Haynesville.

    Answer

    Taylor DeWalch, SVP & CFO, responded that while overall activity has been subdued, Blackstone is focused on its specific development agreements, such as the one with Revenant which begins drilling in 2026. He noted the geological similarities between the Western Shelby Trough and Western Haynesville, with formations getting thicker and deeper. Chairman & CEO Thomas Carter added that industry conversations suggest these two areas may ultimately bridge into a single continuous play.

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    John Annis's questions to Black Stone Minerals LP (BSM) leadership • Q1 2025

    Question

    John Annis inquired about current activity levels in the Haynesville shale given the rerate in natural gas prices, including the completion cadence for Aethon's remaining wells. He also asked about the company's acquisition strategy and whether lower oil prices might shift focus from the Shelby Trough to oilier basins.

    Answer

    Taylor DeWalch, President, CFO, and Treasurer, stated that Black Stone Minerals is encouraged by gas price strength and expects development from Aethon and others to continue on schedule through 2025. On acquisitions, DeWalch confirmed that while the company evaluates all market opportunities, its strategic focus remains on gas-rich areas like the Shelby Trough that align with its long-term strategy and proximity to Gulf Coast demand.

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    John Annis's questions to Black Stone Minerals LP (BSM) leadership • Q4 2024

    Question

    John Annis asked about the focus of Black Stone's Q4 acquisitions, specifically their geographic region and commodity type, and inquired about the current bid-ask spread for mineral opportunities. He also questioned the duration of the accelerated drilling agreements (ADAs) in the Louisiana Haynesville and how the positive natural gas outlook impacts the strategy of executing more ADAs versus waiting for organic activity.

    Answer

    Tom Carter, Chairman, CEO and President, stated that the acquisition program is focused on expanding their Shelby Trough footprint in the Gulf Coast region to capitalize on long-term natural gas and LNG growth, and they are not actively looking in other basins. Carrie Clark, SVP and Chief Commercial Officer, explained that ADAs are targeted opportunities to ensure predictable production volumes, differing from broader multiyear contracts. Taylor DeWalch, SVP and CFO, added that while current agreements are targeted, there are additional opportunities to continue the program in future years.

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

    John Annis's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    John Annis from Texas Capital inquired about the opportunity set for securing power deals in Northeast Pennsylvania, given recent announcements were concentrated in Southwest Appalachia. He also asked a housekeeping question about how recent tax legislation impacts the outlook for cash taxes.

    Answer

    President and CEO Toby Rice stated that opportunities exist across EQT's entire footprint, though there is currently a strong gravitation of tech companies to Southwest Appalachia. CFO Jeremy Knop explained that the new tax bill is highly beneficial, deferring about $500 million in taxes over the next couple of years. He added that the return of 100% bonus depreciation for gathering CapEx will allow EQT to expense new project spending immediately, further deferring taxes as growth investments ramp up.

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