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    Kalei Akamine • Bank of America

    Kalei Akamine's questions to Infinity Natural Resources Inc (INR) leadership

    Kalei Akamine's questions to Infinity Natural Resources Inc (INR) leadership • Q2 2025

    Question

    Kalei Akamine from Bank of America inquired about Infinity Natural Resources' preliminary plans for its 2026 activity program, specifically regarding capital expenditure levels, and also asked for the company's perspective on evolving in-basin natural gas demand in Ohio.

    Answer

    President and CEO Zach Arnold stated that while it's early for 2026 guidance, he does not expect CapEx to decrease from 2025 levels as the company will continue to focus on growth. Regarding in-basin demand, Arnold expressed excitement about new power generation and data centers creating significant local demand, potentially improving local pricing differentials.

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    Kalei Akamine's questions to Infinity Natural Resources Inc (INR) leadership • Q2 2025

    Question

    Kalei Akamine from Bank of America inquired about Infinity Natural Resources' preliminary thoughts on its 2026 activity program, specifically regarding capital expenditure levels and the balance between growth and free cash flow. He also asked for the company's perspective on in-basin demand and egress in Ohio, referencing a recent power plant acquisition and the Borealis pipeline project.

    Answer

    President and CEO Zach Arnold responded that while it's early for 2026 guidance, he does not expect capital expenditures to decrease, as the company will continue to focus on developing its high-return inventory to drive growth while maintaining free cash flow. Regarding in-basin demand, Arnold expressed excitement, stating that new power generation and data center demand effectively supplants the need for new takeaway pipelines, which should lead to improved pricing differentials in Ohio, West Virginia, and Pennsylvania.

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    Kalei Akamine's questions to Infinity Natural Resources Inc (INR) leadership • Q1 2025

    Question

    Kaleinoheaokealaula Akamine from Bank of America inquired about the capital outlook for 2026, questioning if it would be a 'harvest year' following 2025's growth. She also asked what recent M&A transactions in the region signal about asset valuations and Infinity's ability to create value through acquisitions.

    Answer

    President and CEO Zack Arnold stated that while 2025 CapEx guidance is firm, the 2026 plan is still under evaluation, but the company remains focused on growth. Regarding M&A, Arnold noted that recent deals provide confidence that the bid-ask spread for gas assets is bridgeable. EVP and CFO David Sproule added that recent transaction multiples would have been accretive to Infinity and that the company's strong balance sheet allows them to be patient and selective.

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    Kalei Akamine's questions to ConocoPhillips (COP) leadership

    Kalei Akamine's questions to ConocoPhillips (COP) leadership • Q2 2025

    Question

    Kalei Akamine of Bank of America asked if the company can now achieve its long-term production targets without the significant capital ramp previously forecasted, given the major efficiency gains.

    Answer

    Chairman and CEO Ryan Lance affirmed that achieving growth with high capital efficiency is precisely the goal. He noted that since the last long-term plan was issued, the Marathon acquisition and significant efficiency improvements have allowed them to deliver production growth without adding rigs. He reiterated a preference for stable, consistent execution, letting production growth be an output of an efficient capital program.

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    Kalei Akamine's questions to California Resources Corp (CRC) leadership

    Kalei Akamine's questions to California Resources Corp (CRC) leadership • Q2 2025

    Question

    Kalei Akamine of Bank of America sought details on a proposed permitting bill, including a potential P&A requirement, and asked about the Elk Hills Power Plant's potential PPA, including breakeven economics and resource adequacy pricing.

    Answer

    President & CEO Francisco Leon advised that details on the permitting bill were premature but stated CRC's existing P&A program of ~1,500 wells/year would prevent it from being a bottleneck. Regarding Elk Hills, Leon declined to provide specific 2026 guidance but emphasized the focus is on securing a long-term, premium-priced contract with a behind-the-meter customer, leveraging the value of reliable power paired with CCS.

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    Kalei Akamine's questions to Coterra Energy Inc (CTRA) leadership

    Kalei Akamine's questions to Coterra Energy Inc (CTRA) leadership • Q2 2025

    Question

    Kalei Akamine of Bank of America challenged the use of cash, asking why Coterra prioritizes term loan repayment over more aggressive share buybacks, especially given the stock's discount and strong balance sheet. He also inquired about plans to participate in federal lease sales in New Mexico.

    Answer

    EVP & CFO Shane Young defended the debt paydown as a facilitator for more robust and consistent buybacks in the long term by reducing volatility. He did not rule out an increased pace of buybacks in the second half of the year. CEO Thomas Jorden confirmed Coterra hopes to be a competitive participant in upcoming federal lease sales, which he noted were an important part of the calendar in the past.

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    Kalei Akamine's questions to Diamondback Energy Inc (FANG) leadership

    Kalei Akamine's questions to Diamondback Energy Inc (FANG) leadership • Q2 2025

    Question

    Kalei Akamine of Bank of America asked about the company's 2026 oil hedging strategy and potential operational synergies from the pending Endeavor water asset sale.

    Answer

    CEO Kaes Van't Hof explained their patience on 2026 hedges is due to the high cost of deferred puts, and the need for hedging decreases as the balance sheet strengthens. He stated that the base dividend is protected at $37-$38 oil. Regarding the water assets, he noted that while a sale would create synergies for the combined system, it would not meaningfully change Diamondback's own operational capabilities, which are already set up for large-scale development.

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    Kalei Akamine's questions to Diamondback Energy Inc (FANG) leadership • Q1 2025

    Question

    Kalei Akamine asked for an update on frac efficiency goals (wells per crew) and inquired about the conditions that would lead to hitting the low end of the revised capital guidance range.

    Answer

    President Kaes Van’t Hof confirmed that the goal of 120 wells per crew per year is achievable, which could mean needing fewer fleets in the future. He clarified that reaching the low end of the capital range ($3.4 billion) would be a negative outcome, likely triggered by a 'red light' macro scenario with sub-$50 oil prices, forcing another crew to be dropped.

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    Kalei Akamine's questions to Diamondback Energy Inc (FANG) leadership • Q4 2024

    Question

    Kalei Akamine asked about the potential financial structure of a data center deal, including how benefits like land sales or gas pricing would flow back to Diamondback. He also inquired about the possibility of creatively using Viper Energy (VNOM) shares to manage the Endeavor share overhang.

    Answer

    President Kaes Van't Hof indicated the main benefit of a data center deal would be equity participation in the power plant and supplying the gas, rather than a simple land sale. The structure is flexible, with discussions ongoing about fixed price, collars, or index pricing for gas. He declined to comment on specific strategies for the share overhang but reiterated that Diamondback is happy with its majority ownership in Viper (VNOM), which was structured to keep Viper under-levered for future consolidation.

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    Kalei Akamine's questions to Diamondback Energy Inc (FANG) leadership • Q3 2024

    Question

    Kalei Akamine requested more detail on the 2025 CapEx plan, including original well cost assumptions and non-D&C spending. He also asked about the potential deal structure for the Deep Blue asset drop-down and whether the large royalty drop-down to Viper would be a single transaction.

    Answer

    President and CFO Kaes Van't Hof noted the original well cost assumption was ~$625/foot, now down to $600. He mentioned some one-time environmental and infrastructure spending in 2025 that should normalize lower. For asset sales, he stated a preference for cash from Deep Blue but will remain flexible. For the Viper transaction, the preference is to complete most, if not all, of the drop-down at once to quickly establish the new, larger scale of the business.

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    Kalei Akamine's questions to Comstock Resources Inc (CRK) leadership

    Kalei Akamine's questions to Comstock Resources Inc (CRK) leadership • Q2 2025

    Question

    Kalei Akamine of Bank of America asked about the strategy for the non-core asset sale, including its size and potential PDP impact, and for metrics to value drilling locations. He also asked about the goals of the coring program in the Western Haynesville.

    Answer

    President/CFO Roland Burns and CEO M. Jay Allison clarified the non-core asset sale will focus on divesting undeveloped drilling inventory that the company cannot develop in the near term, rather than selling significant production. COO Daniel Harrison confirmed the coring program is designed to gain well control for steering laterals and to gather scientific data (TOC, mechanical properties) to understand gas-in-place and optimize completions.

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    Kalei Akamine's questions to Ovintiv Inc (OVV) leadership

    Kalei Akamine's questions to Ovintiv Inc (OVV) leadership • Q2 2025

    Question

    Kalei Akamine questioned the capital efficiency trajectory in the Montney, asking if the full impact of well cost savings is reflected in the current year's program, and also asked if Ovintiv would consider monetizing its Permian water infrastructure assets.

    Answer

    EVP & COO Greg Givens clarified that the $1.5 million per well savings in the Montney were already baked into the original guidance and that future improvements would be in the low single digits annually. President and CEO Brendan McCracken responded that monetizing the valuable water infrastructure is something the company evaluates on an ongoing basis.

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    Kalei Akamine's questions to EQT Corp (EQT) leadership

    Kalei Akamine's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    Kalei Akamine of Bank of America asked for guardrails on the CapEx profile for EQT's new growth options and inquired about leading-edge D&C capital efficiency metrics compared to 2024, as well as the remaining runway for improvement.

    Answer

    President and CEO Toby Rice indicated a low single-digit production growth profile to meet new demand, enabled by EQT's scale and low-cost structure. He highlighted single-digit well cost improvements from 2024 to H1 2025, with more benefits expected from the compression program and Olympus integration. CFO Jeremy Knop added that past infrastructure investments are a key driver of current well cost reductions, reinforcing their strategy of "spending money to make money."

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