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    Kaleinoheaokealaula Akamine • Bank of America

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

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

    Question

    Kaleinoheaokealaula Akamine from Bank of America asked if the 2025 drilling program shift would alter the 2026 capital plan and whether 2026 is still a 'harvest year.' She also inquired about what recent regional M&A indicates about market valuations and Infinity's ability to create value.

    Answer

    President and CEO Zack Arnold confirmed 2025 CapEx guidance is unchanged and that the 2026 plan is under evaluation, but the company remains a growth story. Regarding M&A, Arnold noted recent deals show the bid-ask spread for gas assets is bridgeable. EVP and CFO David Sproule added that recent deal valuations would have been 'significantly accretive' to Infinity and the company is well-positioned to be patient and find complementary assets.

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

    Kaleinoheaokealaula Akamine's questions to California Resources Corp (CRC) leadership • Q1 2025

    Question

    Kaleinoheaokealaula Akamine of Bank of America asked about the marketing and sale timeline for the Huntington Beach real estate asset. He also inquired about the funding strategy for the CalCapture CCS project, particularly its connection to securing a power purchase agreement (PPA).

    Answer

    President and CEO Francisco Leon confirmed the Huntington Beach asset is for sale, with a roughly three-year timeline anticipated for re-entitlement to maximize value. Regarding CalCapture, both Mr. Leon and CFO Clio Crespy emphasized that a final investment decision is linked to securing a long-term PPA. Ms. Crespy added that there is strong and advancing interest from data centers and other large offtakers for their behind-the-meter power solution.

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    Kaleinoheaokealaula Akamine's questions to California Resources Corp (CRC) leadership • Q4 2024

    Question

    Kaleinoheaokealaula Akamine from Bank of America questioned how CRC plans to ensure power redundancy for co-located data centers during plant maintenance. He also sought clarification on the Aera merger synergies, asking for the absolute dollar benefit in 2025 and 2026.

    Answer

    CEO Francisco Leon clarified that CRC's Elk Hills facility is a 24/7 baseload plant, not a peaker. Executive Jay Bys added that existing standby agreements and ample import/export capacity ensure power redundancy. On synergies, CFO Clio Crespy confirmed that of the $235 million target, $170 million in run-rate savings were actioned in 2024, leading to a $220 million cost improvement in 2025 versus the 2023 pro forma. An executive named Omar provided operational details on achieving these savings through supply chain and infrastructure consolidation.

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    Kaleinoheaokealaula Akamine's questions to California Resources Corp (CRC) leadership • Q3 2024

    Question

    Kaleinoheaokealaula Akamine asked for details on the work preceding the expected EPA Class VI permit and whether to anticipate more news flow following its approval. He also questioned why the California power market dynamics differ from others regarding behind-the-meter projects.

    Answer

    Francisco Leon (Executive) confirmed that significant effort led to the Kern County permit, which has built market confidence, and he expects more announcements as CRC is a first-mover with finite pore space. He described California's power market as unique due to decarbonization mandates, grid reliability issues from high renewable penetration, and excess natural gas capacity, which makes CRC's behind-the-meter CCS solutions particularly attractive and necessary.

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

    Kaleinoheaokealaula Akamine's questions to Ovintiv Inc (OVV) leadership • Q1 2025

    Question

    Kalei Akamine of Bank of America asked about the potential for lower steel prices to benefit Montney well costs, given Canada's different tariff environment, and inquired when the impact of Ovintiv's well designs would become visible in the newly acquired assets.

    Answer

    Executive Brendan McCracken acknowledged that access to global steel without U.S. tariffs could be a 'possible tailwind' for Canadian well costs. He stated that the first wells drilled and completed entirely with Ovintiv's design will come online late in the third quarter, with results likely to be a topic on the Q3 earnings call.

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    Kaleinoheaokealaula Akamine's questions to Ovintiv Inc (OVV) leadership • Q4 2024

    Question

    Kaleinoheaokealaula Akamine questioned the reasons for the difference between Ovintiv's 18% free cash flow yield guidance and street consensus, and asked for an explanation of the company's higher GP&T expenses in the Montney.

    Answer

    Executive Corey Code attributed the strong free cash flow outlook to outperformance on costs and strong realized pricing, particularly from natural gas leverage. Executive Brendan McCracken added that some analyst models had contained errors. Regarding GP&T costs, McCracken confirmed they are higher due to the use of third-party midstream assets, a legacy of how the position was built out.

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    Kaleinoheaokealaula Akamine's questions to Devon Energy Corp (DVN) leadership

    Kaleinoheaokealaula Akamine's questions to Devon Energy Corp (DVN) leadership • Q1 2025

    Question

    Kaleinoheaokealaula Akamine asked about the productivity of recent Wolfcamp B wells in the Permian Basin compared to Tier 1 zones. He also explored whether Devon sees opportunities to acquire midstream assets to reduce fixed GP&T costs, potentially using proceeds from the Matterhorn sale.

    Answer

    SVP, Asset Management John Raines reported that Wolfcamp B well performance is consistent with expectations, noting that the oil cut varies across the basin. President and CEO Clay Gaspar clarified that the Matterhorn proceeds are for the balance sheet and are separate from the business optimization plan. He reiterated that Devon remains objective about midstream ownership, open to both acquiring and divesting assets based on value creation potential.

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    Kaleinoheaokealaula Akamine's questions to Devon Energy Corp (DVN) leadership • Q3 2024

    Question

    Kaleinoheaokealaula Akamine sought clarity on the 2025 outlook, asking if Delaware Basin oil production is expected to be flat or grow and about the production cadence for the newly acquired Bakken assets. He also asked about the company's debt reduction plan, specifically if the strategy is to retire notes as they come due.

    Answer

    Chief Operating Officer Clay Gaspar deferred detailed 2025 guidance to the February call, stating they would stick to the current high-level soft guide. Chief Financial Officer Jeff Ritenour confirmed the debt reduction game plan is to retire maturities as they come due, including approximately $485 million next year, as part of the broader goal to reduce absolute debt by roughly $2.5 billion over the next few years while continuing shareholder returns.

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

    Kaleinoheaokealaula Akamine's questions to Coterra Energy Inc (CTRA) leadership • Q1 2025

    Question

    Kaleinoheaokealaula Akamine from Bank of America asked if the impacted Harkey wells were online long enough to assess their productivity relative to the Wolfcamp. He also inquired about the potential run-rate capital and oil plateau if the new, more Wolfcamp-focused program becomes the template.

    Answer

    Chairman, CEO and President Thomas Jorden confirmed they have high confidence it's a mechanical issue, as some Harkey wells are performing as expected, and reiterated the three-year plan is reaffirmed. EVP and CFO Shannon Young added that even with the current program, the opportunity set extends well through the end of the decade.

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    Kaleinoheaokealaula Akamine's questions to Coterra Energy Inc (CTRA) leadership • Q4 2024

    Question

    Kaleinoheaokealaula Akamine asked for the drivers behind the year-over-year increase in unit OpEx guidance and whether the high end of the 2025 oil guide implies a significant second-half production ramp.

    Answer

    SVP of Operations Blake Sirgo explained that the higher unit cost is driven by the newly acquired, high-margin, oily assets which have a higher per-unit LOE, and the overall production mix shifting toward oil. He declined to provide an exit rate for oil production but characterized the plan as generating consistent growth.

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    Kaleinoheaokealaula Akamine's questions to Coterra Energy Inc (CTRA) leadership • Q3 2024

    Question

    Kaleinoheaokealaula Akamine inquired about the potential for more aggressive frac designs, the company's water infrastructure capabilities, the mechanics of its new LNG netback contracts, and its natural gas hedging strategy.

    Answer

    Blake Sirgo, SVP of Operations, noted they are cautious about more aggressive fracs to avoid cost increases but confirmed their water and power infrastructure can support such programs. He could not detail the LNG contract mechanics but affirmed they are true netback deals. An executive added that the gas hedging strategy is a blend of financial and physical hedges, covering about 30% of expected production for the next year.

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

    Kaleinoheaokealaula Akamine's questions to Comstock Resources Inc (CRK) leadership • Q1 2025

    Question

    Kaleinoheaokealaula Akamine asked when to expect the next well result from the Olajuwon area and where the company plans to step out next. He also questioned if adding a seventh rig suggests the upper half of the full-year production guidance is achievable.

    Answer

    COO Daniel Harrison explained the next well in the Olajuwon area is scheduled for Q4, with timing dependent on midstream build-out. He noted a 2-well pad is planned near the Olajuwon, with more wells fanning out in 2026. President and CFO Roland Burns clarified that the recently added seventh rig's production impact will primarily be felt in 2026 due to long cycle times, and its addition was a strategic move for 2026 demand.

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

    Kaleinoheaokealaula Akamine's questions to EQT Corp (EQT) leadership • Q1 2025

    Question

    Kaleinoheaokealaula Akamine asked about the potential for midstream synergies with the Olympus acquisition, specifically linking its system to Equitrans and finding compression opportunities. He also questioned if EQT factored in any upside from applying its own well design best practices to the acquired Olympus assets.

    Answer

    CEO Toby Rice confirmed that EQT plans to connect the Olympus midstream system with the Equitrans network to optimize delivery and service new in-basin demand, viewing it as a synergy upside. Regarding well design, Rice stated that the acquisition was underwritten conservatively and does not include potential upside from tweaking well designs, such as spacing or completion intensity. Any improvements from applying EQT's practices would be additional value.

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    Kaleinoheaokealaula Akamine's questions to EQT Corp (EQT) leadership • Q4 2024

    Question

    Kaleinoheaokealaula Akamine from Bank of America Merrill Lynch sought clarification on whether 'premium to index' pricing refers to Henry Hub or a local index and requested an update on the NBG South Gate project.

    Answer

    President and CEO Toby Rice confirmed that 'premium to index' refers to Henry Hub. CFO Jeremy Knop described the NBG South Gate project as a strong example of an uncounted synergy, where EQT provided a holistic upstream/midstream solution to shorten the project's route and cost while ensuring reliable gas delivery, stating that the project is currently on track.

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    Kaleinoheaokealaula Akamine's questions to EQT Corp (EQT) leadership • Q3 2024

    Question

    Kaleinoheaokealaula Akamine asked for details on water-related operational synergies, specifically how improved water delivery enables dropping a frac crew and the potential capital impact. He also asked if this efficiency gain was part of the official synergy target and inquired about current curtailment levels and winter MVP flows.

    Answer

    CEO Toby Rice explained that faster water delivery reduces non-productive time, increasing daily frac footage. This efficiency gain could allow EQT to drop from 3 to 2 frac crews, saving ~$50 million annually, and he confirmed this is separate from the original synergy target. CFO Jeremy Knop added that all curtailed volumes were already back online and that MVP is expected to flow near full capacity during the winter months.

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    Kaleinoheaokealaula Akamine's questions to Viper Energy Inc (VNOM) leadership

    Kaleinoheaokealaula Akamine's questions to Viper Energy Inc (VNOM) leadership • Q4 2024

    Question

    Kaleinoheaokealaula Akamine questioned whether Diamondback's data center development plans might be dropped down into Viper, noting that peers with surface rights have been well-received by the market.

    Answer

    CEO Kaes Van’t Hof acknowledged the market's interest in surface rights but stated that keeping these assets within the operator (Diamondback) provides greater operational flexibility. He affirmed the strategy to keep Viper as a pure-play royalty company, stating they are 'good at 2' public companies.

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    Kaleinoheaokealaula Akamine's questions to Antero Resources Corp (AR) leadership

    Kaleinoheaokealaula Akamine's questions to Antero Resources Corp (AR) leadership • Q4 2024

    Question

    Kaleinoheaokealaula Akamine asked if the guided 50 million cubic feet per day production increase was intended for in-basin sales or supported by new takeaway capacity. She also inquired about the company's plans for return of capital once it approaches zero net debt.

    Answer

    CFO Michael Kennedy clarified that the production variance is managed within their existing transportation portfolio, utilizing local flexibility with counterparties like TCO, and does not involve selling into the basin. He reiterated that once the initial $500 million in debt is repaid, the company will begin buying back shares, eventually moving to a 50/50 split between buybacks and further debt reduction.

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    Kaleinoheaokealaula Akamine's questions to EOG Resources Inc (EOG) leadership

    Kaleinoheaokealaula Akamine's questions to EOG Resources Inc (EOG) leadership • Q3 2024

    Question

    Kaleinoheaokealaula Akamine noted the consistent increases in gas guidance and asked if Permian outperformance could accelerate midstream development timelines. She also inquired about the Dorado asset, asking whether production would be optimized around its low cash cost or a specific return threshold that might trigger curtailments.

    Answer

    COO Jeff Leitzell confirmed that midstream project timelines, including the Janus gas plant, are on schedule and will not be accelerated. Chairman and CEO Ezra Yacob explained that investment in Dorado is governed by its overall returns profile, which competes with EOG's oil plays, rather than just its cash cost. The pace is set to optimize NPV and capture efficiencies, balanced against the broader market environment.

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    Kaleinoheaokealaula Akamine's questions to ConocoPhillips (COP) leadership

    Kaleinoheaokealaula Akamine's questions to ConocoPhillips (COP) leadership • Q3 2024

    Question

    Kalei Akamine inquired about the long-term outlook for the APLNG asset, specifically asking about plans for backfilling the facility as upstream production is expected to decline post-2030.

    Answer

    Kirk Johnson, SVP of Global Operations, expressed confidence that current upstream supply will meet long-term contracts extending through the mid-2030s. He confirmed that as declines are anticipated in the late 2030s and 2040s, the APLNG joint venture is actively focused on identifying and pursuing opportunities for continued backfill to the facility, a process ConocoPhillips supports.

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