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    Tim Rezvan • KeyBanc Capital Markets

    Tim Rezvan's questions to Infinity Natural Resources Inc (INR) leadership

    Tim Rezvan's questions to Infinity Natural Resources Inc (INR) leadership • Q2 2025

    Question

    Tim Rezvan from KeyBanc Capital Markets highlighted the complexity of modeling the company's variable commodity mix, especially with deferred oil production. He asked for more detailed guidance on the expected production mix between oil and natural gas for the remainder of the year and suggested this be a standard part of future guidance.

    Answer

    President and CEO Zach Arnold acknowledged the modeling challenge and provided a detailed turn-in-line schedule for the rest of the year, outlining the number of oil and gas wells expected to come online in Q3 and Q4 to provide more clarity on the production ramp. However, EVP & CFO David Sproule declined to commit to a specific percentage breakdown for the year-end commodity mix at this time.

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    Tim Rezvan's questions to Infinity Natural Resources Inc (INR) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets highlighted the difficulty in modeling Infinity's production due to its dynamic commodity mix and requested more specific detail on the anticipated shift towards natural gas for the remainder of the year.

    Answer

    President and CEO Zach Arnold acknowledged the modeling challenge and provided a forward-looking turn-in-line schedule for both oil and gas wells to illustrate the production ramp. However, when pressed for a specific year-end percentage, EVP and CFO David Sprowl declined to provide a quantitative commodity mix breakdown at this time.

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    Tim Rezvan's questions to Kimbell Royalty Partners LP (KRP) leadership

    Tim Rezvan's questions to Kimbell Royalty Partners LP (KRP) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets inquired about Kimbell's strategic interest in an upstream partnership, similar to the recent Citio/Viper transaction, and asked how the company is re-evaluating its acquisition and development strategy given a potential slowdown in Permian oil production and rising gas-directed activity.

    Answer

    President and CFO R. Davis Ravnaas stated that while an operator partnership is an option the company explores, its primary focus remains on accretive M&A deals under $500 million. He reiterated Kimbell's basin-agnostic, return-focused approach, noting that the recent outsized Permian activity was opportunity-driven and that they are currently seeing a slowdown in Permian packages coming to market. Chairman and CEO Robert Ravnaas added well wishes to the leadership team at Citio.

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    Tim Rezvan's questions to Talos Energy Inc (TALO) leadership

    Tim Rezvan's questions to Talos Energy Inc (TALO) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets asked for an update on the Zama project, referencing recent news about Pemex and the delayed sell-down of Talos's interest, and sought clarity on the state of the deepwater M&A market.

    Answer

    VP & Interim CFO Gregory Babcock explained the Zama transaction closing was delayed to late Q3 due to refiling paperwork. President and CEO Paul Goodfellow added that the partnership is strong and working with Pemex to optimize the development plan. Regarding M&A, Goodfellow noted strong interest in deepwater assets and confirmed Talos is actively evaluating opportunities.

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    Tim Rezvan's questions to Gulfport Energy Corp (GPOR) leadership

    Tim Rezvan's questions to Gulfport Energy Corp (GPOR) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets sought clarification on the pace of share repurchases in the current quarter, asking if the preferred stock redemption process would create any blackout windows or otherwise inhibit the company's ability to buy back stock. He also asked if the discretionary acreage acquisition program could be considered a perpetual, ongoing part of Gulfport's strategy.

    Answer

    EVP & CFO Michael Hodges explained that while they must be mindful of the ongoing preferred redemption, there are ways to continue common share repurchases, such as using pre-established trading plans. CEO John Reinhart described the acreage acquisition program as a continuation of a multi-year effort, noting that the land team continues to find sufficient high-quality opportunities in the Utica and surrounding areas, making it a very effective use of cash that they intend to pursue.

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    Tim Rezvan's questions to Crescent Energy Co (CRGY) leadership

    Tim Rezvan's questions to Crescent Energy Co (CRGY) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets questioned the realism of achieving the 1.0x leverage target in the next two years and asked about the appropriate absolute debt balance for the company. He also asked if Crescent would be comfortable with net debt increasing for a leverage-neutral acquisition.

    Answer

    CEO David Rockecharlie reiterated the company's framework of operating between 1.0x and 1.5x leverage and its focus on paying down debt with free cash flow. CFO Brandi Kendall detailed the path to deleveraging, including paying down the RBL by year-end, and confirmed that for M&A, the company is comfortable going up to 1.5x leverage as long as the deal meets its return and accretion criteria.

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    Tim Rezvan's questions to Black Stone Minerals LP (BSM) leadership

    Tim Rezvan's questions to Black Stone Minerals LP (BSM) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets asked for clarification on the updated production guidance, questioning why Blackstone's acreage isn't participating in the broader Haynesville activity uplift. He also sought more specific numbers on the goal to double development obligations and inquired about the expected oil/gas mix for the 2026 production growth.

    Answer

    Chairman & CEO Thomas Carter explained the production lag stems from Aethon's drilling slowdown in late 2023, a decision that takes 18-24 months to impact volumes. He detailed a strategic shift to diversify operators beyond Aethon, which will take time to ramp but is expected to significantly increase well counts by 2028-2030. SVP & CFO Taylor DeWalch added that recent rig additions have not been on Blackstone's high-interest acreage and projected the 2026 production mix would be around 25-26% oil, similar to 2024 levels.

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    Tim Rezvan's questions to SM Energy Co (SM) leadership

    Tim Rezvan's questions to SM Energy Co (SM) leadership • Q2 2025

    Question

    Tim Rezvan asked for details on Uinta logistics improvements at the Price River Terminal and the company's strategic outlook on natural gas prices heading into 2026.

    Answer

    EVP & COO Beth McDonald characterized the record volumes moved through the terminal as strong operational execution in response to higher production, not a change in marketing strategy. President & CEO Herbert Vogel reiterated a cautious stance on natural gas, waiting for sustained price signals and structural demand growth before shifting capital, while noting they are happy to hedge future gas production.

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    Tim Rezvan's questions to Magnolia Oil & Gas Corp (MGY) leadership

    Tim Rezvan's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets questioned the strategy behind the gassier, high-performing wells brought online earlier in the year and asked why the company doesn't target higher growth given its strong balance sheet and inventory.

    Answer

    CEO Christopher Stavros confirmed it was a "tactical decision" to pivot to a gassier area to capture better gas pricing, but the prolific nature of the wells, including strong oil production, exceeded expectations. Regarding growth, he reiterated that the business model targets mid-single-digit growth (4-6%) to avoid accelerating decline rates. He noted that the current 10% growth is an outcome of exceptional well performance, not a change in the disciplined capital strategy.

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    Tim Rezvan's questions to Matador Resources Co (MTDR) leadership

    Tim Rezvan's questions to Matador Resources Co (MTDR) leadership • Q2 2025

    Question

    Tim Rezvan of KeyBanc Capital Markets questioned why Matador's full-year midstream EBITDA guidance remained unchanged despite a record second quarter and lower operating expense guidance.

    Answer

    Brian Willey, EVP of Midstream, explained that the record Q2 performance was driven by connecting approximately 30 new Matador wells, leading to record production. However, he noted that the full-year guidance is still appropriate as Matador's drilling activity will shift to areas outside of the San Mateo operational footprint in the second half of the year, balancing out the strong first-half results.

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    Tim Rezvan's questions to Sitio Royalties Corp (STR) leadership

    Tim Rezvan's questions to Sitio Royalties Corp (STR) leadership • Q2 2024

    Question

    John, on for Tim Rezvan, questioned if the quarter's pattern of small acquisitions is repeatable and asked about the company's comfort with leverage ticking higher, particularly in relation to its 1.0x target.

    Answer

    CEO Christopher Conoscenti affirmed that the pipeline for smaller, bolt-on acquisitions remains robust and repeatable, contrasting them with more episodic large-scale M&A. On leverage, he stated the strategy is unchanged: maintain a strong balance sheet, use retained cash to pay down debt, and preserve flexibility. He explained they will borrow for accretive deals and then work leverage back towards the 1.0x goal.

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