Adam Baker is a fundamentals analyst at Novi Labs, specializing in natural gas and NGL market fundamentals. He holds a B.S. in Economics from the University of Houston and began his career at RBN, supporting supply/demand analysis across diverse markets in the Lower 48 and Canada under the guidance of senior leadership. Adam authors the NGL Voyager publication and develops the firm's proprietary U.S. production forecast, and he contributes market fundamentals and quantitative analysis to NGL and natural gas-focused consulting engagements. Outside of work, Adam is a seasoned Dungeons & Dragons Dungeon Master, having hosted a campaign for the past 8 years, highlighting his commitment and storytelling prowess. Adam's music tastes are eclectic, but he currently favors the sounds of King Gizzard & The Lizard Wizard, JPEGMAFIA, and is currently on a Midwest Emo kick.
Posts by Adam Baker
Q3 2026 Earnings Calls: ConocoPhillips’ New CEO Leans on the Permian and LNG for Growth
On his first earnings call as CEO, Andy O’Brien pointed to the Lower 48 as ConocoPhillips’ growth engine. Total production was 2.302 MMboe/d in Q3, with guidance of 2.32-2.36 MMboe/d for Q4 and low-single-digit growth expected in 2027 on lower capital.
Q3 2026 Earnings Calls: Targa Adds Frac Train 14 as Permian NGLs Keep Coming
Targa Resources is adding another fractionator. Train 14 is a 150 Mb/d unit at Mont Belvieu that will split raw natural gas liquids into products like propane and butane. It’s due online in Q1 2029 and will raise Targa’s fractionation capacity at the Gulf Coast hub to about 1.8 MMb/d.
Q3 2026 Earnings Calls: Western Midstream Rides Rising Gas and Water Ratios in the Delaware
On the Western Midstream (WES) Q3 earnings call, management highlighted their Delaware gas throughput volumes rose 20% from Q2 to a record 2.56 Bcf/d. About two-thirds of that came from the former Brazos Delaware system which was acquired back in Q2.
Q3 2026 Earnings Calls: Westlake Leans Harder on Gulf Coast Supply as Europe’s Energy Costs Soar
On its Q3 call, Westlake said its low-cost U.S. feedstock position is carrying it through a long chemical downturn, and it is leaning on that advantage to support a European business squeezed by soaring energy costs.
Q3 2026 Earnings Calls: LyondellBasell Sees Ethane Costs Climb as Polyethylene Demand Holds
On LyondellBasell’s Q3 call, management said the Middle East conflict is only now showing up in the cost of petrochemical feedstocks.