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    Michael Shaula

    Managing Director at Stephens Inc.

    Michael Scialla is a Managing Director at Stephens Inc., where he leads the firm’s energy equity research with a focus on the oil and gas sector. He covers major companies including APA Corporation, Matador Resources, and SM Energy, with a historical success rate of 38% and an average return per recommendation of -1.5%, though his most profitable call yielded a 735% return on SM Energy. Scialla began his career as a Geophysical Analyst at Chevron and held senior sell-side analyst roles at A.G. Edwards, Thomas Weisel Partners, and Stifel before joining Stephens in November 2022. He holds a BS in Geophysical Engineering from Colorado School of Mines, an MS in Finance from the University of Colorado, and maintains active FINRA registration.

    Michael Shaula's questions to INFINITY NATURAL RESOURCES (INR) leadership

    Michael Shaula's questions to INFINITY NATURAL RESOURCES (INR) leadership • Q2 2025

    Question

    Michael Shaula from Stephens Inc. questioned how pulling a project forward into Q3 would impact Q4 activity given the unchanged annual budget. He also asked about the potential long-term efficiency benefits of moving to a two-rig program with dedicated rigs for each of the Ohio and Pennsylvania plays.

    Answer

    President and CEO Zach Arnold clarified that accelerating the gas pad does not alter the overall capital plan because the D&C cost per foot is nearly identical for both gas and oil wells. He confirmed the company will maintain a one-rig, one-frac crew program for the remainder of the year. While acknowledging some efficiency gains from dedicated rigs, he noted that the current rig moves between states are already highly efficient.

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