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    Wade Suki • Capital One Financial

    Wade Suki's questions to Excelerate Energy Inc (EE) leadership

    Wade Suki's questions to Excelerate Energy Inc (EE) leadership • Q2 2025

    Question

    Wade Suki from Capital One Financial asked for details on the Jamaica project priorities, including timing and the nature of near-term versus long-term projects. He also inquired about the potential EBITDA contribution in 2026 and 2027, and sought specifics on other attractive markets in the Caribbean.

    Answer

    EVP & Chief Commercial Officer Oliver Simpson explained that near-term growth in Jamaica will focus on optimizing existing assets with minimal CapEx, such as adding new LNG or gas customers. Longer-term opportunities, requiring more significant CapEx, include new power generation and infrastructure. Simpson reiterated the 2030 EBITDA guidance of $80-$110 million but declined to provide year-by-year projections, noting early sales momentum is positive. For the broader Caribbean, he highlighted fuel switching for power generation and LNG bunkering as key growth areas.

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    Wade Suki's questions to Excelerate Energy Inc (EE) leadership • Q1 2025

    Question

    Wade Suki followed up on whether anxiety from U.S. trade partners is accelerating opportunities for Excelerate. He also requested an update on the company's LNG vessel conversion plans and how they fit into the strategy alongside the Jamaica acquisition.

    Answer

    CEO Steven Kobos agreed that trade-related anxieties are creating tailwinds and highlighted how the current environment proves the resilience of Excelerate's tariff-proof, take-or-pay business model. Regarding vessel conversions, CCO Oliver Simpson confirmed it is 'very much in the plan' to acquire an asset this year, with discussions underway. COO David Liner added that the initial engineering phase is progressing well and will conclude mid-year.

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    Wade Suki's questions to Western Midstream Partners LP (WES) leadership

    Wade Suki's questions to Western Midstream Partners LP (WES) leadership • Q2 2025

    Question

    Wade Suki of Capital One Financial asked about WES's plans for the non-traditional aspects of the ARRIS business, such as mineral extraction and industrial water. He questioned whether WES intends to retain and expand these ventures or potentially divest them.

    Answer

    President and CEO Oscar Brown responded that these ventures are appealing and exciting long-term opportunities, particularly advanced water treatment technologies. While the core focus will remain on the traditional midstream business supporting E&P customers, he expressed enthusiasm for these new areas and believes WES can provide more resources to advance them than ARRIS could as a standalone entity.

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    Wade Suki's questions to Montrose Environmental Group Inc (MEG) leadership

    Wade Suki's questions to Montrose Environmental Group Inc (MEG) leadership • Q2 2025

    Question

    Wade Suki of Capital One Financial Corporation inquired about any areas of concern among Montrose's customers due to macro or regulatory issues, and asked for an update on the company's M&A strategy and when acquisitions might resume.

    Answer

    President & CEO Vijay Manthripragada stated that while clients are navigating typical macroeconomic volatility, their long-term environmental planning cycles remain unchanged, resulting in "steady as she goes" demand for Montrose. Regarding M&A, he explained that the current pause is a deliberate strategy to showcase the strength of the company's organic growth engine. While the opportunity pipeline remains robust, a restart of acquisition activity is not imminent.

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    Wade Suki's questions to Genesis Energy LP (GEL) leadership

    Wade Suki's questions to Genesis Energy LP (GEL) leadership • Q2 2025

    Question

    Wade Suki from Capital One Financial asked about any new commercial opportunities on the horizon, management's satisfaction with the current asset portfolio, and whether the Monument discovery is the next major development after Salamanca.

    Answer

    CEO Grant Sims confirmed there are no new major capital projects planned, as the focus is on executing the offshore expansions and generating free cash flow. He expressed satisfaction with the current portfolio, citing strong macro fundamentals for all business segments. Sims also clarified that after Salamanca, the next incremental volumes will come from Shenandoah Phase two and the Monument tie-back, expected to ramp up in 2026 and early 2027.

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    Wade Suki's questions to Genesis Energy LP (GEL) leadership • Q1 2025

    Question

    Wade Suki from Capital One asked for segment margin guidance for the offshore business, questioned if tie-in opportunities should now be viewed as growth drivers rather than just offsetting declines, and inquired about any new large-scale projects on the horizon.

    Answer

    CEO Grant Sims declined to provide specific segment guidance but indicated the offshore segment would account for the growth needed to meet annual guidance. He confirmed that tiebacks, while factored into guidance, have the potential for upside and could be 'net additive' beyond offsetting declines. Sims also clarified that the company is currently focused on harvesting cash flow from recently completed projects rather than pursuing new large-scale developments.

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    Wade Suki's questions to Genesis Energy LP (GEL) leadership • Q4 2024

    Question

    Wade Suki from Capital One asked about capital allocation priorities, specifically the treatment of preferred units in leverage calculations by banks, the potential for distribution increases, and the dynamics of the recent soda ash contracting season and end-market demand.

    Answer

    CEO Grant Sims explained that their banks give the preferred units 100% equity treatment in leverage calculations, and the company intends to use excess cash flow to pay down debt and opportunistically redeem the preferreds. Regarding distributions, Sims stated the Board will evaluate it at the appropriate time, suggesting a balanced 'all of the above' approach. On soda ash, he noted the contracting season went as expected in a well-supplied market, with the company opting for shorter-term contracts to capitalize on an anticipated price recovery later in 2025 and into 2026, driven by synthetic supply rationalizations.

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    Wade Suki's questions to Genesis Energy LP (GEL) leadership • Q3 2024

    Question

    Wade Suki of Capital One asked if the revised 2025 EBITDA outlook was primarily due to soda ash market weakness. He also sought confirmation that the 2026 view remains intact and requested more detail on the specific technical issues impacting the Offshore segment.

    Answer

    CEO Grant Sims confirmed the primary driver for the revised 2025 outlook is the recent 'sloppy' soda ash market, but affirmed that the long-term view for 2026 and beyond remains '100% intact' assuming market normalization. Regarding the offshore issues, Sims provided examples like a dropped casing damaging subsea equipment and a failed mechanical sleeve in a well, describing them as a series of rare, unexpected, and coincidental events beyond Genesis's control.

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    Wade Suki's questions to Antero Midstream Corp (AM) leadership

    Wade Suki's questions to Antero Midstream Corp (AM) leadership • Q2 2025

    Question

    Wade Suki of Capital One Financial Corp. asked for commentary on the current environment for inorganic growth and what the company is seeing in the asset acquisition market.

    Answer

    Brendan Krueger, CFO of Antero Midstream, stated that the company continues to evaluate bolt-on acquisition opportunities that are synergistic with its existing asset footprint, similar to deals completed in past years. However, he noted there was nothing immediate to discuss.

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    Wade Suki's questions to New Fortress Energy Inc (NFE) leadership

    Wade Suki's questions to New Fortress Energy Inc (NFE) leadership • Q1 2025

    Question

    Wade Suki asked for an update on further asset sales following the Jamaica deal, referencing a prior $2 billion goal. He also requested the current status of the FLNG 2 project and an update on the Nicaragua project.

    Answer

    CFO Christopher Guinta noted that while other assets could be sold, the real goal is to use securitization-type transactions to refinance debt at a cheaper rate. He also stated that FLNG 2 is still under construction but the focus has been on the Jamaica sale and refinancing. Executive Wesley Edens added that the Nicaragua PPA is in the final stages of restructuring to create a structure similar to CELBA, with a capacity payment and marginal gas cost.

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    Wade Suki's questions to New Fortress Energy Inc (NFE) leadership • Q4 2024

    Question

    Wade Suki sought clarification on the moving parts in the 2025 EBITDA guidance change, inquired about the third-party LNG supply book for the 2026-2027 timeframe, and asked about creative ways to participate in the upcoming Brazil auction.

    Answer

    CFO Christopher Guinta clarified that the change in guidance to $1 billion was simply due to the exclusion of the FEMA claim. Chairman and CEO Wesley Edens added that for the out-years, long-term gas supply is readily available. Regarding Brazil, Edens emphasized a strategy focused on maximizing terminal cash flows and pursuing partnerships to minimize CapEx, rather than building new power plants on NFE's balance sheet.

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    Wade Suki's questions to New Fortress Energy Inc (NFE) leadership • Q3 2024

    Question

    Wade Suki of Capital One asked for clarification on LNG ship logistics, particularly how to interpret vessel movements between locations like Jamaica and Puerto Rico. He also inquired about the expected cargo frequency from FLNG 1 going forward and sought an explanation for the recent uptick in SG&A expenses and the future outlook.

    Answer

    CEO Wesley Edens explained that the logistics from FLNG 1 to Puerto Rico will simplify into a regular shuttle route, with a cargo expected every 18-20 days at full capacity. He noted that operational flexibility from storage capacity mitigates weather-related delays. CFO Christopher Guinta addressed SG&A, clarifying that core SG&A has decreased for three consecutive quarters and the recent uptick was due to non-cash items and transaction costs. He guided for core SG&A to be around $25 million per quarter in 2025.

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    Wade Suki's questions to Aris Water Solutions Inc (ARIS) leadership

    Wade Suki's questions to Aris Water Solutions Inc (ARIS) leadership • Q1 2025

    Question

    Wade Suki of BofA Securities inquired about Aris Water Solutions' expectations for water cuts and volumes if producers shift to maintenance mode, and asked for an update on the M&A landscape, including impacts from market volatility on bid-ask spreads.

    Answer

    President and CEO Amanda Brock stated that while the second half is uncertain, customers haven't signaled material changes yet. If they did, Aris could reduce CapEx by 25-30%. She noted water cuts would remain the same, with the impact being on total volume. On M&A, Founder and Executive Chairman Bill Zartler commented that the bid-ask spread has widened due to stock price changes and that few large transactions are currently happening. Brock added that Aris's strong balance sheet positions them well to capitalize on opportunities.

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    Wade Suki's questions to Aris Water Solutions Inc (ARIS) leadership • Q3 2024

    Question

    Wade Suki requested an update on the commercial front, specifically regarding opportunities with new customers, and asked about the state of the M&A market, including whether the bid-ask spread has narrowed.

    Answer

    CEO Amanda Brock confirmed a robust market for organic growth, stating they are actively working with potential new customers and anticipate signing new contracts. On M&A, both Amanda Brock and Executive William Zartler emphasized their disciplined approach, noting that while they are evaluating opportunities, the bid-ask spread has not yet narrowed enough for a target to meet their strict financial and strategic criteria.

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