Cale Smith

Preserving the Past, One Stroke at a Time – Swim for Alligator Lighthouse Draws Global Competitors southfloridareporter.com/preserving-the…

@JosieinParadise Ty Josie!

#National401KDay 💸 #assets @CaleInTheKeys Assets, investments, experience, connections, capabilities and even real estate can also make one a target 🎯 Talk to a pro, an adviser and know your capital worth in life and business

@AdamWelch_ Hey Adam, great to hear from you! Should catch up more soon! Will ping ya via email, thx for reaching out

@CaleInTheKeys @VGDeepDive @Shalennial $AR 👀🙂 Hi Cale! Hope all is well down there in the sunny keys.

@AmericanGwyn Fantastic - and "a mere 5 percent of the author’s sprawling personal library." It's not hoarding if it's books!

Cormac McCarthy’s personal library.

@retailLNG @Shalennial That's right. Why give away margin? Better to sell steak than cattle

@CaleInTheKeys @Shalennial American LNG doesn't need to pay expensive "marketing fees" anymore...

@retailLNG @Shalennial Yep, SRE release mentioned FOB. Gotta wonder if they evolve into a hybrid-producer-plus-LNG marketer...so more like a mini Shell than a Vitol...tho would obvs take a while. Will see.

@CaleInTheKeys @Shalennial Merchant model wins over Tolling model. Merchant is Nike. Tolling is the sweatshop which makes shoes for Nike.

@VGDeepDive @Shalennial Yep. Raises the intriguing question of how they intend to get more FT capacity to the GC in a few years...and have some ideas, but that's probably another thread!

@CaleInTheKeys @Shalennial Yes, I agree. But most of that pipeline capacity is booked. That’s why there’s a price differential. If it was easy, the market opportunity wouldn’t exist.

“infrastructure build” = pipe capacity + marketing capability, tho, not steel-in-the-ground, right? Need FT southbound space on Transco, TCO, Rover, or MVP (when finished) and to add a marketing desk. Shouldn't be a problem. Bigger lift is contracting, but still not too hard a solve. Plus, have years. Neither project at FID yet.

@CaleInTheKeys @Shalennial And yet… it is a massive unhedged risk until they build the infrastructure to hedge it.

Market will be cautious until we know if they go tolling, FOB or DES. If go capacity reservation/resell, would de-risk that glut scenario. Either way, zero chance EQT signs up for massive unhedged volume exposure, IMHO. Rice = pretty vocal in past about not taking that kind of risk.

@CaleInTheKeys @Shalennial $EQT opened financial exposure without pipeline capacity to close the arbitrage. I’d expect markets to discount this heavily until there’s a bit more evidence that they can connect basins. If there’s an LNG glut for a few years, this strategy could lose billions.

@Justin_McD01 @LNG_Investor_ @Shalennial Small manner of a year-long moratorium in there on new export permit approvals in the US too, tho, eh?

@LNG_Investor_ @CaleInTheKeys @Shalennial Lol exactly smh

@TheOneLanceB Yep, internal bogey of 4.5 so would be almost there. Come on, COP, pool's open, dive on in

@CaleInTheKeys If similar size to the $EQT / $SRE deal, should just about get them to FID on train 5!

@tylerhnorris Original study here: nicholasinstitute.duke.edu/sites/default/…

Tip of the hat to @tylerhnorris goldmansachs.com/what-we-do/gol…

Happy Birthday to the US Coast Guard who, let's be real here, still remains the 2nd coolest military organization in this country. Army ain't got shit on this.

We gotta do better. wsj.com/health/healthc…

@dustinnoe Roger that. Shoot, I'm gonna need another 5 GW myself by the end of the week.

@CaleInTheKeys From this point forward, humanity will have an insatiable appetite for compute. Data centers are just scratching the surface of the compute infrastructure that will be deployed in the decades to come. Energy is critical.

meh. know a guy who can go 24/7 on just a pack of reds and circle k coffee

Now we have video showing what two metric tons of West Virginia graphite looks like as it's extruded by our friends at Amsted Graphite Materials. This is the first reactor order of American-made, nuclear-grade graphite in over a decade, and it's coming to @RadiantNuclear!

@EQTCorp @Shalennial @SullyCNBC @CNBC ~1.4 Bcfpd of supply deals for $EQT and better in-basin pricing and demand for other Appa NG E&Ps, too. Congrats @Shalennial

CEO @Shalennial joined @SullyCNBC on @CNBC at the Pennsylvania Energy and Innovation Summit to discuss why natural gas is essential infrastructure for America’s AI-driven future. From repowering legacy sites to fueling the world’s largest gas-powered data campus, EQT is delivering scalable, reliable energy to meet the demands of the digital age—while supporting economic growth and energy security. Watch the full interview: cnbc.com/video/2025/07/… #EQT #NaturalGas #AIInfrastructure #EnergyInnovation #EnergySecurity #CNBC

David served as a search and rescue swimmer in the Coast Guard — a role that came with a hard truth: you can’t save everyone. The weight of that reality took a heavy toll. Today, his Service Dog Al helps him get through each day — a true miracle.