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    Josh Silverstein • UBS

    Josh Silverstein's questions to California Resources Corp (CRC) leadership

    Josh Silverstein's questions to California Resources Corp (CRC) leadership • Q2 2025

    Question

    Josh Silverstein from UBS Group asked about the company's free cash flow allocation strategy after retiring its 2026 notes, particularly regarding share buybacks, and questioned the reason for the CTV one project's first injection date moving to early 2026.

    Answer

    EVP & CFO Clio Crespy stated that CRC will remain opportunistic with its over $200M share repurchase program, balancing buybacks with debt redemption. President & CEO Francisco Leon clarified the CTV one timeline, explaining that construction remains on track for year-end 2025 completion, but the injection start is slated for early 2026 to account for the uncertain timing of final EPA approval for the first-of-its-kind project.

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    Josh Silverstein's questions to Chevron Corp (CVX) leadership

    Josh Silverstein's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Josh Silverstein from UBS Group asked about the strong operational performance at TCO, which is producing 18% above nameplate. He questioned if this level is sustainable and if there are further debottlenecking opportunities.

    Answer

    Vice Chairman Mark Nelson confirmed the strong performance, attributing it to the integrated operation control center that optimizes the entire system. He noted the 18% above nameplate figure applies to the first and second-generation projects and that they are 'just scratching the surface' of the potential for the whole integrated system. A planned maintenance 'pit stop' in Q4 may allow for further improvements.

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    Josh Silverstein's questions to Expand Energy Corp (EXE) leadership

    Josh Silverstein's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Josh Silverstein of UBS Group asked for an update on basis differential expectations for the Haynesville and Appalachia regions for the remainder of the year and into 2026, and also sought the company's view on total Lower 48 production trends.

    Answer

    EVP of Marketing & Commercial Dan Turco projected a gradual improvement in Appalachian basis. For the Haynesville, he noted that while new pipeline capacity is a near-term wash due to transport costs, the significant long-term LNG demand pull should lead to increased realizations. He also acknowledged the recent upside in Lower 48 production but stated that expected demand growth should outpace supply.

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    Josh Silverstein's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Josh Silverstein asked for an update on basis differential expectations for the Haynesville and Appalachia for the second half of 2025 and into 2026, as well as the company's view on total Lower 48 production trends.

    Answer

    EVP of Marketing & Commercial Dan Turco projected a 'grinding up' of basis in Appalachia over the medium-term. For the Haynesville, he expects a significant long-term demand pull from LNG to increase realizations, though the near-term impact of NG3 will be a wash due to capacity payments. He also noted that while recent production prints have been surprisingly high, growing LNG demand is expected to outpace supply.

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    Josh Silverstein's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Josh Silverstein of UBS Group asked for an update on basis differential expectations for the Haynesville and Appalachia for the rest of the year and into 2026. He also sought the company's view on the recent step-up in total Lower 48 natural gas production.

    Answer

    EVP of Marketing & Commercial Dan Turco projected a gradual improvement of basis in Appalachia and long-term basis improvement in the Haynesville driven by strong LNG demand. He acknowledged the surprising recent production increase but stated that growing LNG demand is expected to outpace that supply.

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    Josh Silverstein's questions to Ovintiv Inc (OVV) leadership

    Josh Silverstein's questions to Ovintiv Inc (OVV) leadership • Q2 2025

    Question

    Josh Silverstein asked for details on the Permian turn-in-line cadence for the year and inquired about opportunities for OpEx reduction in the Montney beyond the well-publicized D&C cost savings.

    Answer

    EVP & COO Greg Givens confirmed the full-year turn-in-line count is unchanged, with a more front-loaded first half due to faster-than-expected completions. President and CEO Brendan McCracken and Givens highlighted that OpEx is being reduced through higher run times, faster production restoration via automation, and optimized gas lift, contributing to the overall free cash flow increase.

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    Josh Silverstein's questions to EQT Corp (EQT) leadership

    Josh Silverstein's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    Josh Silverstein from UBS Group asked how EQT plans to deliver mid-single-digit growth, questioning the infrastructure needs and whether a DUC backlog would be built. He also requested an updated view on the company's LNG contracting strategy in light of the new power deals.

    Answer

    President and CEO Toby Rice stated that new midstream infrastructure will be built to connect demand projects to existing networks, leveraging EQT's commercial footprint for optimization. CFO Jeremy Knop addressed LNG, stating the long-term goal is to contract 5-10% of volume directly with end-users, similar to the power deals. He noted that discussions with LNG facilities have recently improved and sees it as a significant opportunity for 2030 and beyond.

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    Josh Silverstein's questions to Exxon Mobil Corp (XOM) leadership

    Josh Silverstein's questions to Exxon Mobil Corp (XOM) leadership • Q1 2025

    Question

    Josh Silverstein of UBS asked if the strategy to de-emphasize dry gas production might shift given an improving demand outlook.

    Answer

    Darren Woods, Chairman and CEO, confirmed there will be no shift in strategy. He explained that while the company has competitive dry gas assets, the priority remains on liquids-rich associated gas due to its higher value proposition. He emphasized that investment decisions are anchored to long-term fundamentals, not short-term market fluctuations.

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    Josh Silverstein's questions to Civitas Resources Inc (CIVI) leadership

    Josh Silverstein's questions to Civitas Resources Inc (CIVI) leadership • Q4 2024

    Question

    Josh Silverstein asked if Civitas would revert to its 50%+ free cash flow return policy after hitting its 2025 debt target or if it would accelerate deleveraging. He also questioned the status of the Wolfcamp D inventory and its inclusion in the 1,200 Permian location count.

    Answer

    CFO Marianella Foschi clarified that the company would prioritize accelerating its deleveraging goals rather than immediately reverting to a formulaic shareholder return model. CEO Chris Doyle confirmed that Wolfcamp D locations are included in the 1,200-location count and that the 2025 program will increase its focus on this formation to about 20% of Permian activity, up from 10% in 2024, due to strong well productivity.

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