Sign in

    Zach Parham

    Research Analyst at JPMorgan Chase & Co.

    Zach Parham is an Executive Director and equity analyst at JPMorgan Chase & Co., specializing in U.S. energy sector research with an emphasis on covering oil and natural gas producers such as SM Energy, Permian Resources Corp, and Civitas Resources Inc. He has achieved a visible track record, including price target adjustments and earnings call participation, known for providing decisive analysis on company performance and strategic positioning. Parham has held his current role at JPMorgan Chase in New York City since at least 2023 and has distinguished himself in energy sector research through active coverage of multiple listed companies, though prior career history is not publicly detailed. He is recognized in industry platforms and is likely compliant with relevant FINRA securities licensing requirements for research analysts, underlining his role’s regulatory and professional rigor.

    Zach Parham's questions to Permian Resources (PR) leadership

    Zach Parham's questions to Permian Resources (PR) leadership • Q2 2025

    Question

    Zach Parham of JPMorgan Chase & Co. followed up on marketing by asking if Permian Resources is considering power deals linked to electricity pricing and requested an update on the company's go-forward hedging strategy.

    Answer

    Co-CEO James Walter explained that while they have evaluated power deals, they have not yet found opportunities that offer better netbacks than their current options, particularly in New Mexico where power is most needed. CFO Guy Oliphint reiterated their hedging strategy remains roughly 30/20/10% for the next three years, but they remain flexible and opportunistic, as shown by hedges added in June.

    Ask Fintool Equity Research AI

    Zach Parham's questions to CIVITAS RESOURCES (CIVI) leadership

    Zach Parham's questions to CIVITAS RESOURCES (CIVI) leadership • Q2 2025

    Question

    Zach Parham from JPMorgan Chase & Co. questioned the strategic shift back to aggressive share buybacks, asking what gives Civitas comfort given that net debt is higher and oil prices are lower than when the buybacks were initially paused. He also asked for an update on 2026 production plans following the recent asset sale.

    Answer

    CFO & Treasurer Marianella Foschi explained that recent de-risking actions, including increased hedging, cost optimizations, and asset sales, have solidified their plan to reach the $4.5 billion year-end net debt target, providing the confidence to resume buybacks. President & COO Clay Carrell added that for 2026, the company still plans a maintenance capital program, but with oil production now expected to be in the 145,000 to 150,000 bbl/d range due to the divestiture.

    Ask Fintool Equity Research AI

    Zach Parham's questions to CIVITAS RESOURCES (CIVI) leadership • Q4 2024

    Question

    Zach Parham inquired about the development timeline for the newly acquired Midland Basin bolt-on locations and asked for the long-term view on capital allocation between M&A, cash returns, and debt reduction after reaching the near-term leverage target.

    Answer

    CEO Chris Doyle stated that activity on the new Midland assets would likely begin late in 2025 but ramp up more significantly in 2026. CFO Marianella Foschi reiterated that the primary focus is the 2025 net debt target of $4.5 billion, with most free cash flow allocated to debt reduction. She emphasized that any further M&A or buybacks would be opportunistic and balanced for long-term value, not formulaic.

    Ask Fintool Equity Research AI

    Zach Parham's questions to California Resources (CRC) leadership

    Zach Parham's questions to California Resources (CRC) leadership • Q2 2025

    Question

    Zach Parham from JPMorgan Chase & Co. asked for the potential timing of a power deal for the Elk Hills plant and inquired about the company's medium-to-long-term dividend growth strategy.

    Answer

    President & CEO Francisco Leon stated that CRC plans to provide an update on a potential power deal before the end of the year, citing strong interest from hyperscalers. He also affirmed that dividend growth is a key part of their shareholder return policy, noting a four-year track record of annual increases, and that it remains a mainstay of their capital allocation framework.

    Ask Fintool Equity Research AI

    Zach Parham's questions to GULFPORT ENERGY (GPOR) leadership

    Zach Parham's questions to GULFPORT ENERGY (GPOR) leadership • Q2 2025

    Question

    Zach Parham of JPMorgan Chase & Co inquired about the significant increase in discretionary leasehold spending, asking for details on the geographic location within the Utica and its integration into the development schedule. He also asked about the mechanics of the preferred stock redemption, including how it would be funded and its impact on open market share buybacks.

    Answer

    CEO John Reinhart explained that the $75-$100 million in leasehold spending targets 40-50 wells in Belmont and Northern Monroe County, adjacent to Gulfport's current footprint to leverage existing infrastructure. EVP & CFO Michael Hodges detailed the preferred stock redemption, stating holders have until September 5th to decide on conversion or a cash repurchase. He noted the company could use its revolver for any cash portion, preserving flexibility to continue buying back common stock opportunistically.

    Ask Fintool Equity Research AI

    Zach Parham's questions to GULFPORT ENERGY (GPOR) leadership • Q3 2024

    Question

    Zach Parham asked about the decision-making process behind reducing the capital budget by $15 million while redeploying the other $10 million of savings, and also inquired about the future trajectory of oil production.

    Answer

    EVP and CFO Michael Hodges characterized the capital allocation as a 'hybrid approach' to balance shareholder returns with reinvestment in high-return projects. He projected that for 2025, the company's production mix will shift from ~92% natural gas to the high 80s, resulting in a meaningful increase in oil and NGL volumes that will significantly boost margins.

    Ask Fintool Equity Research AI

    Zach Parham's questions to SM Energy (SM) leadership

    Zach Parham's questions to SM Energy (SM) leadership • Q2 2025

    Question

    Zach Parham asked about SM Energy's long-term cash tax outlook following a recent tax bill and the production trajectory for the Uinta asset for the remainder of 2025 and into 2026.

    Answer

    EVP & CFO A. Wade Pursell stated that cash taxes are expected to remain at similarly low levels for the foreseeable future, assuming current laws and spending hold. EVP & COO Beth McDonald explained that Uinta's strong Q2 production was due to the timing of wells coming online and outperformance, and the asset will remain a strong contributor while other basins see more activity in the second half of the year.

    Ask Fintool Equity Research AI

    Zach Parham's questions to Magnolia Oil & Gas (MGY) leadership

    Zach Parham's questions to Magnolia Oil & Gas (MGY) leadership • Q2 2025

    Question

    Zach Parham questioned the oil production trajectory for the second half of 2025 and into 2026, noting that the company had already hit its previous Q4 target in Q2. He also asked about the M&A outlook for bolt-on acquisitions.

    Answer

    CEO Christopher Stavros projected that oil production would be similar to or slightly higher than Q2 levels for the remainder of the year, following the total volume trajectory. For 2026, he anticipates mid-single-digit total production growth, with oil growth likely at a slightly lower rate. Regarding M&A, Stavros sees continued opportunities for smaller bolt-on deals with individuals and families, but noted that larger, more complex transactions are less likely, especially with recent price volatility.

    Ask Fintool Equity Research AI

    Zach Parham's questions to Magnolia Oil & Gas (MGY) leadership • Q2 2025

    Question

    Zach Parham of JP Morgan Chase & Co asked about the expected trajectory for oil production for the remainder of 2025 and into 2026, and inquired about the M&A outlook for bolt-on acquisitions.

    Answer

    CEO Christopher Stavros projected that oil production would be "similar to slightly higher" for the rest of 2025, following the general trajectory of total production. For 2026, he anticipates mid-single-digit total growth, with oil growth likely at a slightly lower rate. On M&A, Stavros indicated that smaller bolt-on opportunities with individuals and families remain available, while larger, more complex deals are less likely, especially given commodity price volatility.

    Ask Fintool Equity Research AI

    Zach Parham's questions to Magnolia Oil & Gas (MGY) leadership • Q1 2025

    Question

    Zach Parham asked about Magnolia's capital allocation strategy between gassier and oilier assets in the current macro environment and the outlook for M&A activity.

    Answer

    President and CEO Christopher Stavros stated that the Giddings asset's strong returns across the commodity mix provide flexibility, eliminating the need to strategically favor oil or gas unless a dramatic price separation occurs. On M&A, Stavros noted that the market for bolt-on acquisitions has slowed due to a wider bid-ask spread amid economic uncertainty, though the company continues to evaluate small, accretive opportunities.

    Ask Fintool Equity Research AI

    Zach Parham's questions to NATIONAL FUEL GAS (NFG) leadership

    Zach Parham's questions to NATIONAL FUEL GAS (NFG) leadership • Q3 2025

    Question

    Zach Parham of JPMorgan Chase & Co inquired about the drivers for pausing the stock buyback program and asked for a quantification of the cash tax impact from the recent federal tax bill for fiscal 2026 and beyond.

    Answer

    President & CEO David Bauer explained the buyback pause is driven by capital allocation priorities, specifically preserving balance sheet flexibility for potential growth opportunities. Principal Financial Officer & Treasurer Timothy Silverstein added that the tax bill will lower the cash tax rate by 200-300 basis points in the near term, with a larger impact expected around 2027.

    Ask Fintool Equity Research AI

    Zach Parham's questions to EXPAND ENERGY (EXE) leadership

    Zach Parham's questions to EXPAND ENERGY (EXE) leadership • Q2 2025

    Question

    Zach Parham asked for details on the drivers behind the significant increases in drilling footage per day and whether further improvements are expected. He also inquired about the drivers of year-over-year well productivity increases in the Haynesville.

    Answer

    Executive VP & COO Josh Viets attributed the drilling efficiency to the integration of data sets post-merger, team collaboration, and the growing use of AI and data analytics, stating they are 'just scratching the surface.' He noted Haynesville productivity gains were driven by optimized drawdown strategies in a better price environment and a 15-20% increase in proppant intensity, made economic by the company's own sand source.

    Ask Fintool Equity Research AI

    Zach Parham's questions to EXPAND ENERGY (EXE) leadership • Q2 2025

    Question

    Zach Parham from JPMorgan Chase & Co. sought details on the drivers behind the significant increases in drilled footage per day and asked about the potential for future gains. He also inquired about the specific factors driving year-over-year productivity improvements in the Haynesville.

    Answer

    Executive VP & COO Josh Viets attributed the efficiency gains to the integration of data sets, collaborative efforts, and the maturing use of AI and data analytics for real-time optimization. He noted that improved drawdown strategies and a 15-20% increase in proppant intensity, made economic by their own sand source, have boosted Haynesville well productivity.

    Ask Fintool Equity Research AI

    Zach Parham's questions to EXPAND ENERGY (EXE) leadership • Q2 2025

    Question

    Zach Parham questioned the key drivers behind the significant increases in drilling footage per day and asked about the factors contributing to improved well productivity in the Haynesville.

    Answer

    Executive VP & COO Josh Viets attributed the drilling efficiency gains to post-merger data integration, collaborative efforts, and the growing use of AI and data analytics. Regarding Haynesville productivity, Viets explained that improvements stem from optimized drawdown strategies in a better price environment and enhanced completion designs with higher proppant intensity, made economic by the company's proprietary sand source.

    Ask Fintool Equity Research AI

    Zach Parham's questions to CNX Resources (CNX) leadership

    Zach Parham's questions to CNX Resources (CNX) leadership • Q2 2025

    Question

    Zach Parham inquired about the timing, cash realization, and duration of the 45Z tax credit. He also asked about CNX's plans for E&P activity levels, the potential for volume growth, and the capital profile of a maintenance program in 2026.

    Answer

    CFO & President Alan Shepard clarified that the first eligibility for 45Z credits is 2025, with the first cash opportunity in 2026, and the program currently runs through 2029. Regarding activity, Shepard stated that due to high gas storage levels, CNX will maintain its current activity plan with no growth. He provided a capital efficiency ratio of approximately $0.85 per million as the key metric for future maintenance capital.

    Ask Fintool Equity Research AI

    Zach Parham's questions to Matador Resources (MTDR) leadership

    Zach Parham's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Zach Parham of JP Morgan Chase & Co asked for details on rig activity plans for the second half of 2025 and into 2026, questioning what production growth an eight-rig program could deliver and the criteria for adding a ninth rig.

    Answer

    EVP & CFO William Lambert explained that the rig count was adjusted in April to optimize capital efficiency amid market volatility. He emphasized that looking ahead, the primary goal is to work production growth and free cash flow margin in tandem. Lambert noted that Matador has the flexibility to defer a decision on adding another rig until later in the year while still being positioned to achieve above-average growth in 2026.

    Ask Fintool Equity Research AI

    Zach Parham's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Zach Parham of JPMorgan Chase & Co. inquired about rig activity plans for the second half of 2025 and into 2026, asking what production growth an eight-rig program could deliver.

    Answer

    EVP and CFO William Lambert stated that the company will be at eight rigs shortly. He explained that any decision to add a ninth rig in 2026 will be based on balancing robust free cash flow margins with oil production growth. Lambert emphasized that Matador has the flexibility to defer this decision until later in the year while still aiming to achieve above-average growth in 2026.

    Ask Fintool Equity Research AI

    Zach Parham's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Zach Parham from JP Morgan Chase & Co inquired about rig activity plans for the second half of 2025 and into 2026, asking if the eight-rig program is for maintenance or growth and what would trigger adding a ninth rig.

    Answer

    EVP and CFO William Lambert stated that the rig count was adjusted in April to optimize capital efficiency amid market volatility. He explained that for 2026, the focus is on balancing oil production growth with free cash flow margins. The company has the flexibility to defer a decision on adding another rig until later in the year while still aiming for above-average growth.

    Ask Fintool Equity Research AI

    Zach Parham's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Zach Parham of JPMorgan Chase & Co. inquired about the company's rig activity plans for the second half of 2025 and into 2026, asking what level of production growth an eight-rig program could deliver.

    Answer

    EVP and CFO William Lambert stated that the decision to reduce rig activity in April was a response to market volatility to enhance 2025 capital efficiency. He explained that any decision to add a ninth rig would be based on the ability to drive incremental growth while maintaining superior free cash flow margins. Lambert noted that Matador has the flexibility to defer this decision until late 2025 or early 2026 and still achieve above-average industry growth.

    Ask Fintool Equity Research AI