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    Margaret Drefke • Goldman Sachs

    Margaret Drefke's questions to Viper Energy Inc (VNOM) leadership

    Margaret Drefke's questions to Viper Energy Inc (VNOM) leadership • Q1 2025

    Question

    Margaret Drefke of Stifel asked if the current macroeconomic volatility affects Viper's M&A strategy and inquired about any changes to development assumptions in Reagan County following the Double Eagle acquisition.

    Answer

    CEO Kaes Van't Hof stated that while the desire to consolidate remains, volatile markets can make mineral deals harder to complete. He noted that development plans for Reagan County, originally slated for 2026, could be delayed if low commodity prices persist but are expected to proceed in a normalized price environment.

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    Margaret Drefke's questions to Talos Energy Inc (TALO) leadership

    Margaret Drefke's questions to Talos Energy Inc (TALO) leadership • Q1 2025

    Question

    Margaret Drefke inquired about the timeline for deploying the increased share repurchase authorization and the flexibility within the second-half 2025 capital program, particularly concerning unnamed projects and potential adjustments due to market conditions.

    Answer

    EVP and CFO Sergio Maiworm confirmed the share repurchase plan is effective immediately and can be executed outside of blackout periods. President and CEO Paul Goodfellow explained that while guidance is flat, there is about 20% flexibility in the CapEx budget. He noted that projects remain robust with low breakevens (around $35/barrel), and decisions on postponements will depend on macro developments in Q2.

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    Margaret Drefke's questions to Comstock Resources Inc (CRK) leadership

    Margaret Drefke's questions to Comstock Resources Inc (CRK) leadership • Q1 2025

    Question

    Margaret Drefke inquired about the potential for further increases in lateral lengths in the legacy Haynesville and asked about the outlook for D&C cost concessions heading into 2026, given macro uncertainty.

    Answer

    CEO Miles Allison stated that average lateral lengths in the legacy Haynesville are likely nearing a plateau around 12,000-13,000 feet. COO Daniel Harrison added that the average should improve slightly as fewer short laterals are drilled due to the use of horseshoe wells. Regarding costs, President and CFO Roland Burns expressed optimism for price concessions on services and rigs heading into 2026, driven by the oil price environment and potential activity shifts in the Permian.

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    Margaret Drefke's questions to National Fuel Gas Co (NFG) leadership

    Margaret Drefke's questions to National Fuel Gas Co (NFG) leadership • Q2 2025

    Question

    Margaret Drefke of Goldman Sachs questioned the outlook for in-basin demand growth and power-related agreements, and also asked about the current environment for regulated M&A.

    Answer

    Justin Loweth, President of Seneca, noted opportunities from competitor pullback and growing industrial and power-gen demand. CEO David Bauer added that the pipeline business is the most attractive for counterparties valuing speed. On M&A, Bauer confirmed a continued focus on acquiring regulated LDCs to gain scale, viewing it as a more likely path for large transactions than upstream M&A.

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    Margaret Drefke's questions to National Fuel Gas Co (NFG) leadership • Q1 2025

    Question

    Margaret Drefke asked about the company's capital return priorities, specifically weighing incremental share repurchases against dividends and debt reduction, and also inquired about the M&A outlook, including whether the preference remains for scaling the regulated business.

    Answer

    David Bauer, President and CEO, stated that the company is about halfway through its current share repurchase authorization and will evaluate the best use of incremental free cash flow, including dividends and buybacks, given the strong balance sheet. On M&A, he confirmed the preference for larger regulated acquisitions but did not rule out smaller, bolt-on E&P deals.

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    Margaret Drefke's questions to Murphy Oil Corp (MUR) leadership

    Margaret Drefke's questions to Murphy Oil Corp (MUR) leadership • Q3 2024

    Question

    Margaret Drefke asked about the long-term role of the Canadian onshore assets in the portfolio and the company's view on asset diversification. She also inquired about levers for further operational efficiencies, particularly in the Eagle Ford.

    Answer

    CEO Roger Jenkins highlighted Murphy's 70-year history in Canada and its unique position for West Coast LNG opportunities. President and COO Eric Hambly added that the Tupper Montney is a highly capital-efficient asset, while the Kaybob Duvernay provides a deep, oily inventory for future decades. On efficiencies, Hambly credited operational improvements—not just service costs—for achieving the lowest-ever cost per lateral foot in the Eagle Ford, and he anticipates his team will continue to find new ways to improve.

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