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    John Martini

    Research Analyst at KeyBanc Capital Markets

    John Martini is a Research Analyst at KeyBanc Capital Markets, specializing in commodity-focused equity analysis and regularly covering energy and resource sector companies, with a particular emphasis on debt and leverage trends in the industry. He is recognized for his detailed financial projections, frequently challenging management on future net debt and leverage scenarios, demonstrated in his coverage of firms navigating commodity price volatility. Martini began his analyst career prior to his tenure at KeyBanc, where his research and market insights have contributed to informed investment decision-making and risk assessment for clients. He holds relevant professional securities credentials and maintains an active FINRA registration, underscoring his commitment to regulatory compliance and professional standards in the capital markets sector.

    John Martini's questions to Vital Energy (VTLE) leadership

    John Martini's questions to Vital Energy (VTLE) leadership • Q2 2025

    Question

    John Martini of KeyBanc Capital Markets questioned the net debt and leverage trend for 2026 given lower commodity strip prices compared to 2025 hedges, and asked about the opportunity for more large-scale developments next year.

    Answer

    EVP & CFO Bryan Lemmerman confirmed that the company expects to continue paying down debt in 2026. President & CEO Jason Pigott added that the 2026 corporate breakeven is below $55/bbl and could move lower with further hedging. SVP & COO Katie Hill noted that the inventory depth for early 2026 supports a continuation of the highly efficient, large-scale pad developments seen in H2 2025.

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