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    Nathaniel Pendleton

    Research Analyst at Stifel

    Nathaniel Pendleton is an Equity Research Analyst at Stifel specializing in energy sector research, with coverage including companies such as California Resources and Talos Energy. He has delivered notable stock recommendations, including recent price target adjustments and consistent Buy ratings, reflecting a keen focus on upstream oil and gas equities and valuations. Pendleton's career at Stifel has been marked by detailed company coverage and active engagement in equity research, with an emphasis on actionable investment calls—however, publicly available information does not specify his full analyst career timeline, prior firm experience, or quantifiable performance metrics. His professional credentials, including formal securities licenses or FINRA registrations, are not detailed in standard industry resources.

    Nathaniel Pendleton's questions to Berry Corp (bry) (BRY) leadership

    Nathaniel Pendleton's questions to Berry Corp (bry) (BRY) leadership • Q1 2025

    Question

    Nathaniel Pendleton asked about the scalability of Berry's thermal diatomite program, including potential operational or permitting bottlenecks for its 1,000+ locations, and also inquired about key learnings and the production timeline for the recently drilled Uinta Basin 4-well pad.

    Answer

    CEO Fernando Araujo explained that the thermal diatomite program has significant running room, with 125 PUD sidetracks providing at least two years of drilling inventory, plus additional new well PUDs and 1,000 future locations. He noted that sidetrack permitting is progressing well, with 45 received this year. For the Uinta Basin, Araujo highlighted drilling efficiency, including a 13-day spud-to-rig-release on the last well and cost savings of $90,000 per well from using produced gas as fuel. He stated that fracking will begin in June, with first production expected in August.

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    Nathaniel Pendleton's questions to California Resources (CRC) leadership

    Nathaniel Pendleton's questions to California Resources (CRC) leadership • Q1 2025

    Question

    Nathaniel Pendleton of Texas Capital asked about California Resources Corporation's appetite for further bolt-on acquisitions in the state. He also inquired about how advancements in carbon capture technology are influencing discussions with potential CO2 emitters.

    Answer

    President and CEO Francisco Leon responded that while M&A is part of the long-term strategy, the immediate focus is on executing the Aera integration, setting a very high bar for any potential bolt-ons. Regarding technology, he stated CRC is agnostic, focusing on its core advantage in owning pore space and providing a 'sandbox' for technology partners to develop cost-competitive solutions.

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    Nathaniel Pendleton's questions to TALOS ENERGY (TALO) leadership

    Nathaniel Pendleton's questions to TALOS ENERGY (TALO) leadership • Q1 2025

    Question

    Nathaniel Pendleton asked about the potential for cost deflation or increased rig availability amid softer oil prices and inquired about any specific cash-on-hand targets for capitalizing on growth opportunities.

    Answer

    President and CEO Paul Goodfellow noted it's early to see significant cost reductions but acknowledged some softness may be coming in the rig market. He emphasized that the focus is on total project efficiency through strong relationships. EVP and CFO Sergio Maiworm stated there is no specific cash balance target; cash will be deployed to the best opportunity, whether organic/inorganic growth, buybacks, or debt reduction.

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    Nathaniel Pendleton's questions to TALOS ENERGY (TALO) leadership • Q4 2024

    Question

    Nathaniel Pendleton inquired about the Katmai field's performance relative to initial acquisition expectations, potential upside to its 200 million barrel resource estimate, and the expected production trajectory for 2025 given new project startups and planned downtime.

    Answer

    Interim Co-President and CFO Sergio Maiworm confirmed that the Katmai field is performing better than anticipated with potential upside beyond the 200 million barrel estimate. He outlined the 2025 production shape, noting Q1 would be strong, Q2 would have heavy planned maintenance, and Q3/Q4 would be impacted by maintenance and hurricane risking.

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    Nathaniel Pendleton's questions to Gevo (GEVO) leadership

    Nathaniel Pendleton's questions to Gevo (GEVO) leadership • Q4 2024

    Question

    Nathaniel Pendleton of Texas Capital inquired about the impact of recent tariffs on the ATJ60 project costs, key future milestones for the ethanol-to-olefins (ETO) technology, and plans for the Luverne facility.

    Answer

    President and COO Christopher Ryan clarified that tariffs are not significantly impacting the project costs. Chief Business Officer Paul Bloom and CEO Patrick Gruber explained the ETO technology is in a 12-18 month development and derisking phase with Axens to prepare it for commercial scale. Gruber added that there are plans for the Luverne facility, but details could not be disclosed at this time.

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