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    Saumya Jain • UBS

    Saumya Jain's questions to Kinetik Holdings Inc (KNTK) leadership

    Saumya Jain's questions to Kinetik Holdings Inc (KNTK) leadership • Q2 2025

    Question

    Saumya Jain of UBS Group AG asked about the potential for further development in Delaware South following recent investments and how the company views the long-term CapEx split between its North and South systems. She also requested more color on producer activity for the second half of the year.

    Answer

    CEO Jamie Welch noted that while Delaware North has seen more recent investment due to high activity and less existing infrastructure, the ECCC pipeline unlocks new potential by connecting New Mexico gas to Texas, and capital will follow producer opportunities. SVP & CFO Trevor Howard stated the H2 2025 ramp is driven by Kings Landing and well developments in both Delaware North and South. SVP of Commercial, Kris Kindrick, added that producer delays are for varied reasons, but the underlying rock quality remains excellent for 2026.

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    Saumya Jain's questions to Hess Midstream LP (HESM) leadership

    Saumya Jain's questions to Hess Midstream LP (HESM) leadership • Q2 2025

    Question

    Saumya Jain from UBS inquired about near-term trends in gas-to-oil ratios (GORs), the long-term outlook for the Bakken, and the current cadence of gas processing and oil terminaling volumes.

    Answer

    President & COO John Gatling explained that GORs are increasing as expected for a maturing basin, with long-term gas volumes projected to grow while oil remains relatively flat. He also confirmed that throughput volumes are expected to continue growing through the third and fourth quarters, consistent with full-year guidance, with any long-term plan changes to be updated in January.

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    Saumya Jain's questions to Plug Power Inc (PLUG) leadership

    Saumya Jain's questions to Plug Power Inc (PLUG) leadership • Q4 2024

    Question

    Saumya Jain questioned the company's outlook on the data center backup power market and how Plug Power might benefit from it in 2025.

    Answer

    CEO Andrew Marsh stated directly that he does not see data center backup power as a significant opportunity in 2025, viewing it as a 2028-2029 prospect. He cited the need for extensive on-site hydrogen storage and pipeline infrastructure as major hurdles that must be overcome for the market to become viable.

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    Saumya Jain's questions to Plug Power Inc (PLUG) leadership • Q3 2024

    Question

    Saumya Jain asked about the likelihood of additional price hikes in 2025 and the company's strategic path to achieving positive gross margins.

    Answer

    CEO Andy Marsh indicated that significant price increases have already been implemented and future hikes would primarily be a response to new inflationary pressures, such as tariffs. CFO Paul Middleton added that the path to positive gross margin is driven by working through older backlog, increasing sales volume, reducing material costs, and workforce optimization, highlighting the 37% quarter-over-quarter gross margin improvement in Q3 as evidence of this progress.

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    Saumya Jain's questions to Calumet Inc (CLMT) leadership

    Saumya Jain's questions to Calumet Inc (CLMT) leadership • Q3 2024

    Question

    Saumya Jain asked for the EBITDA per gallon margin for the quarter, its outlook, and whether the full-year CapEx outlook of $100 million had changed.

    Answer

    CEO Todd Borgmann stated the EBITDA per gallon margin was consistent with the prior quarter, around $0.16, and would have been higher without a $6 million feedstock lag impact. He also confirmed that the full-year CapEx guidance range remains unchanged, though actual spending may come in slightly lower.

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    Saumya Jain's questions to Gevo Inc (GEVO) leadership

    Saumya Jain's questions to Gevo Inc (GEVO) leadership • Q3 2024

    Question

    Saumya Jain of UBS asked about Gevo's confidence in raising the equity portion of its project financing and inquired about the company's annualized RNG production outlook for the year.

    Answer

    CEO Dr. Patrick Gruber expressed high confidence in attracting equity investors for the Net-Zero 1 project, noting that the DOE's extensive due diligence has de-risked the project for potential partners. He stated that annualized RNG production is expected to reach approximately 400,000 million BTUs this year, an increase from the 325 million BTUs produced last year.

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