Derrick Whitfield

Ty Glover framed the step-out acquisition as capturing the broader West Texas power/compute value chain while staying capital-light.

Robert Crain described strong interest spanning consumptive cooling and freeze-technology direct chip cooling, tied to water-neutrality goals.

Glover confirmed the project is not BOLT-related and mentioned brackish water to start with potential for desalinated water, but could not disclose counterparty or size.

Glover explained that grid power is largely spoken for, pushing hyperscalers toward behind-the-meter gas power, which makes more TPL acreage viable and increases water usage.

Robert Crain cited legacy contract positioning, out-of-basin pore space strategy, and infrastructure scale expansion as drivers of higher highs and higher lows.

Tyler Glover confirmed the per-gigawatt water revenue estimates as reasonable under certain designs and noted some power generators cite even higher water usage.

Tyler Glover emphasized TPL's unrivaled scale in land, gas and water, with a few deals in commercial negotiations for multi-gig energy campuses.

Robert Crain explained quarter-to-quarter water sales volatility is driven by consolidation-related spatial variation in completion activity rather than structural decline.

Tyler Glover highlighted relationship-sourced deal success, with interesting opportunities emerging across Delaware, Midland and Central Basin Platform for power and data centers.

Robert Crain emphasized 2026 focus on waste heat capture synergies with power gen rather than volume expansion, with NGL permits still in draft phase at TCEQ.

Robert Crain described Coterra as first of many power gen announcements, noting accelerating conversations and significant near-term power demand in the Permian.

Robert Crain attributed water sales weakness to both commodity prices and spatial variation in completions, with Q3 looking very strong.

Robert Crain emphasized desal as R&D at scale with synergies across waste heat capture, cogen power and data center cooling expected to improve economics.

Robert Crain confirmed the Western-Aris acquisition supports TPL's Delaware water thesis and creates more opportunity for land and pore space owners.

Tyler Glover noted pipeline projects benefit TPL mineral development and that TPL will receive payments on Western Pathfinder volumes in both phases.

Tyler Glover confirmed higher water cuts in deeper intervals, expecting produced water to grow rapidly over next 10 years, driving need for alternatives to disposal.

Tyler Glover indicated a friendly M&A environment with lot of opportunity in the backlog, though bid-ask spreads may widen if commodity prices continue declining.

Robert Crain confirmed trending toward all three 75% targets and emphasized nat gas generation as key to achieving $0.75/bbl cost.

Management indicated no awareness of federal policy changes for NM pore space, noting changes would likely be more state level than Fed level.

Tyler Glover highlighted a strong deal pipeline for 2025 with larger, higher-quality packages becoming available across surface, mineral and water.

Robert Crain explained the synergies between behind-the-grid power, waste heat capture for desal, and water supply for data centers in the Permian.

Chris Steddum provided detailed well inventory walkthrough suggesting 14-15 net wells could turn in line in 2025, a very robust run rate.

Heckman named phosphates rather than nitrogen as the watch item and flagged Argentine yield risk if the constraint persists.

Neppl set out the winter canola cover crop work and said the economics hold even if CSA is not included; Heckman cited the switchable Destrehan plant.

Neppl stated preference for 5.6B gallons, noted half-RIN likely kicked to 2027, hopes high end given that delay. Specific and transparent on policy expectations.

Neppl confirmed SAF not in 2026 forecast (pure upside), described it as nascent but potentially massive demand. Heckman added partnerships with Chevron and Repsol plus novel seed/cover crop capabilities position Bunge well.

Neppl acknowledged uncertainty around half-RIN technical implementation but confirmed industry is pushing for it and hoping for implementation beginning early 2026.

Neppl confirmed Viterra had only modest CapEx pipeline (debottlenecking projects). Combined sustaining + growth CapEx expected at about $1 billion/year post-2026. Heckman added teams are refreshing combined strategy and project list.

CEO noted food customers will switch to other oils on functionality and price as SBO tightens. BG sees opportunity in offering full suite of seed oils to customers.

CFO said ILUC removal is significant, putting SBO/canola on par with low-CI feedstocks. 45Z includes all NA feedstocks, benefiting Canadian canola crush. Bonus depreciation a tailwind for big CapEx projects.

CEO said too early for specific volumes but strategy is to provide optionality across novel crops, soy oil, and UCO. Winter canola program seeing great farmer uptake in US.

CEO expressed optimism but deferred specifics, noting engagement with policymakers. CSA practices for seed oils generating significant industry interest.

CFO noted spring canola doesn't have a 45Z path currently but winter canola could be differentiated. Currently flowing to Europe where demand exists.

CEO noted margin shift from refined to crude SBO as expected, but BG's specialty oils customer base and global footprint differentiate its portfolio from a pure NA player.

Whitfield asked for PVI comparison across basins in context of Kimmeridge letter. Jorden confirmed Marcellus delivers highest PVIs in 2025 portfolio, reinforcing multi-basin value proposition.

Whitfield probed Waha exposure management strategy. Deshazer acknowledged Q3 struggles with low Waha gas prices and active engagement in new pipeline conversations for flow assurance and price improvement.

Michael Deshazer identified longer laterals, Permian/Marcellus technology transfer, and potential consistent frac crew as cost compression drivers. Tom noted Anadarko has best price realizations and NGL yields despite higher per-foot cost.

Blake Sirgo credited years of negotiations to find differentiated deals beyond Waha pricing. Tom added investment-grade balance sheet and reputation are prerequisites for initial conversations. Deal also provides access to purchase power.

Tom Jorden said the oil-to-gas ratio doesn't significantly shift capital within the Permian. Culberson is gassier which helps OpEx and productivity, and a stronger Waha price would marginally help but not enough to flex.

Tom Jorden identified below $50 oil as the next tipping point for further activity reductions beyond the current cuts.

Tom Jorden enthusiastically confirmed the hope, emphasizing internal capital competition between basins. Blake Sirgo added the focus is on returns not growth, with relative oil/gas price ratios driving allocation.

Blake Sirgo identified Permian as primary focus for power discussions with inbounds across all basins, but noted commercial terms are still uncharted waters with room for negotiation.

Danny attributed the savings mainly to longer laterals and minimizing non-productive infrastructure capital.

CEO maintained mid-cycle at mid-60s WTI, mid-teens NGLs, $3 gas. Too early to raise. Cost curve going up industry-wide from geologic degradation. FANG positioned at low end.

CEO confirmed position growing via trades for longer laterals, small PE-backed packages coming to market. Sizable base in place to continue growth.

Kaes provided quantified results: 60-well test, ~$0.5M/job, avg ~100 bbl/d uplift with some multi-hundred results. Not yet enough Viper data to assess new-well surfactant impact from peers.

Kaes said Delaware Woodford will be more expensive than Midland Barnett; not ready for a big Delaware program. Viper's consolidated Delaware map will provide learnings as peers test.

Kaes said most industry peers and investors were supportive; activity declines confirmed their predictions with 60+ rigs and 20-25 frac spreads removed.

Travis provided the stoplight framework: red at sub-$50, yellow at $50s, green at mid-to-high $60s with path to $70.

Kaes clarified the Double Eagle development agreement requires zero capital from FANG and generates ~$100M consolidated FCF in 2026.

Wes said demand is unchanged at very high levels, 2027 largely contracted, and expects materially higher lease rates.

Wes expects build costs roughly equal in dollars to the U.S., but a longer delivery timeline in Europe.

Wes explained the higher-end per-MW cost comes from front-loading full campus costs (substations, transmission, land) into the first buildings, working down with scale.

Wes reported no demand softening from inflation; rising market pricing signals demand outstripping supply, with robust demand across both hyperscaler tiers.

Ezra said three-year scenario includes Gulf States capital with slight activity increase but minor production assumption given exploration phase. Assumes success and commerciality declaration but within scenario timeframe international impact is relatively minor. Trinidad has longer line of sight with robust ongoing program.

Keith said activity higher in UAE than Bahrain due to concession size. Production results expected in both countries in Q2 2026. First UAE wells drilled smoothly with completions upcoming. Working to refine subsurface understanding and bring latest unconventional technology to the region.

Jeff said unclear where high-spec service prices break over but EOG maintains maximum flexibility in contracts to step up or down activity quickly. Multi-basin portfolio enables rapid reallocation.

Jeff outlined strategy of counter-cyclic gas sales agreements with Brent, JKM, and Henry Hub exposure. FOB stateside only, no gas-on-water risk. Focus on offshore exposure plus diverse pricing indices.