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    Jonathan Mardini • KeyBanc Capital Markets

    Jonathan Mardini's questions to BKV Corp (BKV) leadership

    Jonathan Mardini's questions to BKV Corp (BKV) leadership • Q2 2025

    Question

    Jonathan Mardini from KeyBanc Capital Markets asked about the potential structure of Power Purchase Agreements (PPAs) with hyperscalers and how BKV's Temple power plants are expected to perform for the remainder of the year.

    Answer

    CEO Chris Kalnin explained that BKV has significant headroom to increase its power plant capacity factor and can offer flexible contract structures, from fixed-price to tolling arrangements, due to its integrated gas and power model. CFO David Tameron added that while Q3 started slow, the company is confident in its full-year Power JV EBITDA guidance of $130-170 million, noting Q4 2025 will not have the major maintenance downtime that impacted Q4 2024.

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    Jonathan Mardini's questions to Diversified Energy Company PLC (DEC) leadership

    Jonathan Mardini's questions to Diversified Energy Company PLC (DEC) leadership • H1 2025

    Question

    Jonathan Mardini of KeyBanc Capital Markets inquired about the strategic role of the Oklahoma joint venture within the portfolio, its potential for expansion, and the progress of the Carlyle partnership in sourcing accretive PDP acquisitions.

    Answer

    CEO Rusty Hutson characterized the Oklahoma JV as a "steady as you go" program with significant development runway and strong returns, mentioning the potential for similar partnerships in other basins like the Permian. Regarding the Carlyle JV, Hutson and CFO Brad Gray confirmed they are actively evaluating deals with discipline, expressing confidence in executing transactions in the near term, particularly given the current commodity price environment.

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    Jonathan Mardini's questions to Vital Energy Inc (VTLE) leadership

    Jonathan Mardini's questions to Vital Energy Inc (VTLE) leadership • Q2 2025

    Question

    Jonathan Mardini questioned how net debt and leverage would trend in 2026, considering the strip price is significantly below the company's 2025 hedge levels. He also asked about the opportunity to continue focusing on larger-scale well pad developments into 2026.

    Answer

    Bryan Lemmerman, EVP & CFO, confirmed 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 that they would likely add more hedges. Katie Hill, SVP & COO, affirmed that the inventory in early 2026 supports continuing the efficient, large-scale development strategy with 8-13 well pads, similar to H2 2025.

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    Jonathan Mardini's questions to Vital Energy Inc (VTLE) leadership • Q1 2025

    Question

    Jonathan Mardini asked about improving WAHA natural gas price realizations and whether management was seeing activity reductions from smaller operators. He also questioned how Vital would adjust its own activity in a lower price environment, specifically whether they would build DUCs or drop rigs.

    Answer

    Executive Benjamin Klein confirmed they are seeing an improvement in the WAHA basis, likely driven by reduced activity, and that they constantly evaluate takeaway options. CEO Mikell Pigott responded that while the goal is to remain free cash flow positive in 2026, it is too early to decide on specific actions like building DUCs versus dropping rigs. He emphasized that contract expirations in March 2026 provide full flexibility to adapt as needed.

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    Jonathan Mardini's questions to Kimbell Royalty Partners LP (KRP) leadership

    Jonathan Mardini's questions to Kimbell Royalty Partners LP (KRP) leadership • Q4 2024

    Question

    Jonathan Mardini, on for Tim Rezvan, asked for the rationale behind the 2025 production guidance being below the Q4 pro forma run rate, sought commentary on the quality of recently acquired assets, and requested an update on plans to redeem preferred shares.

    Answer

    President and CFO Davis Ravnaas explained that the 2025 guidance midpoint reflects a conservative, flat-growth outlook consistent with peers. He characterized the newly acquired assets as 'outstanding' and a key future contributor. He also confirmed the plan to redeem approximately half of the Apollo preferreds in May remains on track and would not hinder the pursuit of new, accretive acquisitions.

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    Jonathan Mardini's questions to Gulfport Energy Corp (GPOR) leadership

    Jonathan Mardini's questions to Gulfport Energy Corp (GPOR) leadership • Q4 2024

    Question

    Jonathan Mardini asked if the front-loaded 2025 CapEx program is conducive to driving further capital efficiencies and if this will be the standard approach. He also questioned future capital allocation plans, particularly regarding medium-sized asset packages versus continuing with substantial share repurchases.

    Answer

    President and CEO John Reinhart affirmed that a front-loaded capital program enhances capital efficiency and is a consistent strategy the company expects to maintain. EVP and CFO Michael Hodges reiterated that their capital allocation framework, which prioritizes share repurchases and organic inventory additions, has been highly effective and sets a high bar for M&A, though they continue to evaluate all opportunities.

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