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Analyst
Michael Scialla
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 6).
- Questions
- 11on tracked calls
- Challenge rate
- 9%1 of 11 questions
- Companies
- 3questioned at least once
- Reporting periods
- 6with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 11 of 11 questions from 3 companies
APAAPA Corporation6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2025 Q4
could move 130 locations from the technical to the economic inventory is that a correct read
Show response
Riney confirmed: 4-well First Bone Spring spacing test could prove up a full year of drilling inventory (~130 locations). 40-50% of 1,700 technical upside locations are in shallow Delaware (Avalon, First/Second Bone Springs). Multiple appraisal and spacing tests planned in both basins in 2026.
Is all that going toward the FPSO? Or is there actually a development drilling that's going to take place
Show response
Christmann confirmed $230M covers everything: FPSO, umbilicals, and development drilling that starts with multiple rigs coming on late 2026/early 2027.
Calendar 2025 Q3
I want to get your thoughts on the dynamics there. And you mentioned you're hedging more gas. I just want to get your updated thoughts on potentially hedging oil
Show response
Christmann emphasized disciplined mindset for 2026 at ~$60 WTI. Not hedging oil in backwardated market. Rodgers explained gas transport hedging strategy: 1/3 hedged locking in ~$140M, capturing Waha-to-Ship Channel/Henry Hub spread rather than crude hedging.
Is that where you would kind of pull the trigger and pull back on Permian activity? What would that look like
Show response
Christmann confirmed Delaware breakevens in low 50s, Midland in mid-to-low 30s. Lots of flexibility, could move rigs from Delaware to Midland or drop rigs entirely depending on price environment.
Calendar 2025 Q2
is it fair to say that the fact you're increasing the budget for GranMorgu milestone payments reflects that the project is moving more quickly
Show response
Christmann clarified it's just timing of milestone payments shifting from 2026 to 2025, FPSO milestones moving slightly earlier. No change to overall project cost or timeline.
did I hear you correctly that it's just seismic reprocessing for a while and no drilling until the '26-'27 winter
Show response
Christmann explained the priority is reprocessing seismic to integrate multiple surveys, place the next exploration well optimally, and plan the Sockeye appraisal. Winter access is the limiting factor.
EXEExpand Energy3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
is it fair to assume that you might be pushing toward the high end of your CapEx guidance for the year?
Show response
Josh Viets expects second-half spend to wind down but stays opportunistic on accretive organic leasing.
Calendar 2025 Q1
you mentioned you expect free cash flow inflection next year, which is interesting, given how capital efficient 2025 is with the return of the deferred TILs
Show response
Nick attributed 2026 FCF inflection primarily to production growth to 7.5 Bcfe/day creating operating leverage in a higher-priced environment, plus final synergy realization.
I'm wondering if you could talk more broadly just from a high level how you think about that potentially impacting LNG markets
Show response
Dan confirmed no slowdown in LNG facility construction or supply discussions despite tariffs. China tariffs caused cargo reoptimization globally but no demand destruction.
EQTEQT Corporation2 questions · 1 reporting period · 1 of 2 challenging
Calendar 2024 Q4
Were all of those intended to be in the Marcellus or any of those in the Utica? Just want to get your thoughts on the deep Utica returns
Show response
Toby confirmed Marcellus remains the best investment; deep Utica in WV is winding down with less than five wells finishing, not part of core program.
my impression was that you talked about the capacity constraints out of the Appalachia, yet MVP wasn't running at full capacity last summer
Show response
Toby explained MVP flows seasonally until Transco expansion in 2027-28 but highlighted MVP flowing over 2 Bcf/day this winter with Station 165 pricing over $25/MMBtu.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| APA APA Corporation | 6 | 0%none of 6 questions |
| EXE Expand Energy | 3 | 0%none of 3 questions |
| EQT EQT Corporation | 2 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 50%1 of 2 questions | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | No questions recorded | — | — |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 50% (1 of 2 questions) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q1No questions recorded
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment6
- Capital Allocation3
- Innovation & R&D2
- Geographic Expansion2
- Demand2
- Macroeconomic1
- Margin1
- Revenue Growth1
- Trade Tariffs1
- Competitive Dynamics1
Show all 11 topics
- Supply Chain1