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Philip Jungwirth

Managing Director and Senior Equity Analyst at BMO Nesbitt Burns Inc.

Philip Jungwirth is a Managing Director and Senior Equity Analyst at BMO Capital Markets, specializing in the energy and basic materials sectors with a particular focus on crude petroleum, natural gas, and oilfield services. He covers more than 40 publicly traded companies, including Baker Hughes, Weatherford International, Civitas Resources, and Flowco, and has maintained an analyst success rate between 45% and 53% with average returns ranging from 2.7% to 12% per rating. Having started his analyst career in the early 2010s, Jungwirth has delivered standout calls such as a +332% return on Cimarex Energy and holds prominent rankings among Wall Street analysts for recommendation performance. He possesses professional securities licenses and FINRA registration, supporting credentials required to serve as a senior analyst at a major investment bank.

Philip Jungwirth's questions to VALERO ENERGY CORP/TX (VLO) leadership

Question · Q3 2025

Philip Jungwirth asked about the dynamics of the heavy sour crude mix in the Gulf Coast, considering declining Mexican production, Venezuelan uncertainty, Canadian TMX capacity, and the role of fuel imports. He also inquired about coker margins, given high diesel cracks but still tight differentials. Additionally, he asked about the 'point of no return' for the planned Benicia refinery closure, considering the state's desire to keep it open and scheduled turnarounds.

Answer

Gary Simmons, Executive Vice President and COO, noted that declining Mexican production is largely offset by increased Canadian volumes and returning Venezuelan barrels, with additional OPEC+ production (Basra, Kirkuk) leading to a heavier crude diet in Q4. He stated that high sulfur fuel oil has been strong, limiting the incentive to buy it for cokers. Rich Walsh, Executive Vice President and General Counsel, confirmed that discussions with California regarding Benicia have not materialized, and Valero's plans for closure are moving forward as scheduled, with no changes anticipated.

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Philip Jungwirth's questions to EQT (EQT) leadership

Question · Q3 2025

Philip Jungwirth inquired about an update on MVP Southgate, whether market changes warrant revisiting its scope, and how LNG offtake terms have evolved before and after the LNG export pause.

Answer

Toby Rice, President and CEO, expressed increased excitement for MVP Southgate's future potential given strong demand signals and federal support, and confirmed they are studying optimization. Jeremy Knop, CFO, explained that LNG offtake terms became more favorable for buyers after the export pause, allowing EQT to secure better credit conditions and project quality, strategically entering at the tail end of the current wave.

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Question · Q3 2025

Philip Jungwirth asked for an update on MVP Southgate and whether market changes provide reason to revisit its scope. He also inquired about how LNG offtake terms have evolved before and after the LNG export pause, specifically if EQT is seeing more favorable deals.

Answer

Toby Rice (President and CEO, EQT) stated that MVP Boost's strong pull environment increases excitement for Southgate's future potential and expansion, with Jeremy Knop (CFO, EQT) confirming EQT is moving ahead with the project. Jeremy Knop explained that the LNG export pause shifted the market to a buyer's favor, allowing EQT to secure more favorable credit terms and strategically enter at the tail end of the current FID wave.

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