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Analyst
Zach Parham
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters).
- Questions
- 12on tracked calls
- Challenge rate
- 0%none of 12 questions
- Companies
- 1questioned 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 12 of 12 questions from 1 company
EXEExpand Energy12 questions · 6 reporting periods · 0 of 12 challenging
Calendar 2026 Q1
Are we getting closer to a price where you would consider moderating some activity or at least maybe building some deferred productive capacity
Show response
Josh said the plan is predicated on $3.50 to $4 range, still in that range today. Toolkit includes deferring TILs, slowing completions, as demonstrated in 2024-2025. Will absolutely respond if markets soften further.
Should we think about that going mostly to buybacks at this point?
Show response
Confirmed that with Q1 debt reduction exceeding full-year target, the rest of the year can rebalance capital allocation with more emphasis on share buybacks and shareholder distributions.
Calendar 2025 Q4
Can you talk about that a little bit? What drove that expected increase? And if you see that as sustainable going forward?
Show response
Josh attributed improvement to drilling efficiency, self-sourced sand, and completion design evolution from Gen 1 to Gen 3. The combination of lower cost sand with higher proppant loading changes well decline parameters, translating to long-term value rather than just higher initial rates.
can you talk about your ability to potentially drive that number even lower going forward?
Show response
Josh cited two key drivers: improved tool reliability for high-temperature Haynesville environment through service provider partnerships, and significant AI advancements for real-time drilling parameter optimization and well design refinement.
Calendar 2025 Q3
Is that mostly efficiency gains that you factored in, in 2026? Or is there some level of OFS deflation built into those numbers?
Show response
Josh said OFS markets expected relatively stable year-over-year from 2025 to 2026, so cost reductions are purely efficiency-driven. Focus on continuing to strengthen operations and build upon 2025 success.
would you expect to be back at 7.5 Bcfe a day in January?
Show response
Josh confirmed ability to reach 7.5 Bcf per day early in 2026 but emphasized production will be shaped around demand. Target is to average 7.5 Bcf per day across 2026 with flexibility to push higher or lower based on market conditions.
Calendar 2025 Q2
Could you give us a little more detail on what's driven those increases? Maybe talk about where you could see those numbers going over the next few quarters?
Show response
Josh Viets described a highly collaborative approach spanning contractors, engineers, operations center, and data scientists. AI agents research 15 years of combined drilling history to provide real-time optimization insights. Believes they are just scratching the surface.
It also looks like you've seen better -- a little bit better productivity year-over-year in 2025. Anything specific you'd highlight that's driving that increase?
Show response
Josh attributed 2024 weakness to conservative drawdown in poor pricing plus smaller data set. 2025 benefits from more constructive pricing allowing aggressive drawdown plus 15-20% higher proppant intensity enabled by self-sourced sand mine.
Calendar 2025 Q1
you show you're up to four frac crews there. That compares to the prior disclosure that it indicated you'd average three crews from the year
Show response
Josh clarified the fourth crew was always planned for Q2 into early Q3 to work down DUC inventory, averaging 3 to 3.5 crews for the full year.
Can you just give some detail on how you're thinking about cash return from that bucket? Do you plan to be active buying back the stock
Show response
Mohit emphasized strong balance sheet as competitive advantage, cited $3.7 billion returned to investors historically. Signaled buyback activity at appropriate stock price levels.
Calendar 2024 Q4
Have you built any of those incremental D&C declines into the CapEx budget?
Show response
Josh confirmed $400M synergy target includes some efficiency gains but expects additional upside opportunities. Nick noted the line between merger synergies and ongoing improvements will blur over time.
do you see any scenarios where you would move production higher from that 7.5 Bcf a day level in 2026
Show response
Nick said moving above 7.5 Bcf/day requires underwriting $4+ gas prices with 2-3 year confidence. Key upside drivers: sustained LNG utilization near 100%, accelerated U.S. power demand growth.
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 |
|---|---|---|
| EXE Expand Energy | 12 | 0%none of 12 questions |
- EXEExpand Energy · 12 questions0%none of 12 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 | 0%none 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 | 2 | 0%none of 2 questions | 1 |
- 2024 Q42 questions · challenge rate 0% (none 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 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Capex Investment7
- Innovation & R&D4
- Cost Pressure4
- Macroeconomic3
- Capital Allocation2
- Demand1