MEET THE
DMS NATURAL RESOURCES TEAM
DEBORAH STEPHENSON
MANAGING DIRECTOR
Deborah Stephenson founded DMS Natural Resources in 2011. DMS is an advisory firm specializing in water right management, water right technical services, water valuation, water investment advisory, and water transaction services. Mrs. Stephenson manages large water right portfolios across the Western United States for which she provides water right database and inventory management, historical research and document interpretation, GIS mapping and aerial photo interpretation, change application and permitting services, adjudication support, due diligence in property transactions, and expert witness support in water right law suits. Mrs. Stephenson also has nine years of experience helping entities across the western United States acquire or sell water assets. From identifying water assets suitable for purchase, to negotiating terms, and through the administrative permitting process, Mrs. Stephenson helps clients navigate the entire water right transactional process. An in-depth technical understanding of water rights combined with a business and economics background makes Mrs. Stephenson one of the country’s leading experts in water valuation and water investment advisory. Mrs. Stephenson maintains detailed water market transaction data and performs water valuations based on multiple valuation techniques. Lastly, Mrs. Stephenson advises investors in making decisions regarding water related investments.
Prior to forming DMS Natural Resources LLC, Deborah worked as a Senior Associate at WestWater Research (WWR). While at WWR, she worked on a variety of projects including water right appraisals, market research reports, water investment due diligence and water right portfolio management. At WWR, Deborah managed projects and teams of Associates.
Previous experience also includes working as a Commodity Trader for Archer Daniels Midland (ADM). While at ADM, Deborah bought and sold agricultural commodities. In this position, she worked with producers to negotiate long term commodity purchase and supply contracts. She also hedged risk through trading in the futures markets.
During her undergraduate studies, Deborah worked as a Research Analyst at the Property and Environment Research Center (PERC). During her tenure at PERC, Deborah published “The Caribou Question,” PERC Reports, June 2001. At PERC she played a contributing role in advising the country of Singapore in their water supply negotiations with Malaysia.
Deborah graduated with a BS in Agricultural Business and Economics from the Montana State University in 2001 and a Master's of Business Administration from Stanford Graduate School of Business in 2005.
WILLIAM MOORE
RESEARCH ASSOCIATE
William has over five years of professional experience in GIS mapping and GPS data collection on a gamut of environmentally related projects. He has specialized in records research, cartography, spatial analysis, database management, and GPS field data collection on a range of projects encompassing geology, hydrology and water rights, soil science, environmental assessment and monitoring, and oil and gas development. He is a member of the Montana Association of Geographic Information Professionals (MAGIP). William Moore graduated with highest honors from Montana State University in 2012 with a BS in Geospatial and Environmental Analysis and a minor in Geographic Information Systems (GIS). He has received several honors for his academic achievements, including induction into the Phi Kappa Phi Honor Society, Alpha Lambda Delta Honor Society, and the National Society of Collegiate Scholars.
As a Research Associate at DMS Natural Resources, William produces cartographic products as well as creates, edits, and manages the spatial data needed for water rights management projects. He conducts records research for documents pertaining to water rights, land patents, deeds and land ownership, stream flow records, and water rights regulations. He also assists in water right permitting, change applications, and writing reports. He is also active in music and photography, and is working on his Spanish language skills.
Kendall Kirby
Office Administrator & Research Associate
Kendall graduated in 2021 from Montana State University, Jake Jabs College of Business & Entrepreneurship (JABS) with a Bachelors of Science in Business Management, with Summa Cum Laude recognition from the Honors College. During her time at MSU, Kendall assisted JABS as an Ambassador, held multiple leadership positions campus-wide, and maintained her position at DMS.
Kendall aids in records research for documents pertaining to water rights adjudication, land patents, chain of title analysis and land ownership. Various other roles of hers include client relations, recruiting efforts for the DMS team, and supporting the daily functions of operating a successful business such as DMS.
RYDER Bechtold
GIS Technician & Research Associate
Ryder graduated in 2023 from Montana State University, College of Agriculture with a Bachelor of Science in Environmental Science, Geospatial & Environmental Analysis Emphasis, finishing every semester on the Dean’s or President’s List. Ryder enjoys mountain biking, snowboarding, and hunting as well as volunteering at the Bozeman Bike Kitchen.
Ryder assists clients by producing cartographic products and creating, editing, and managing spatial data crucial to visualizing client’s water rights. In addition, he assists in records research pertaining to water rights, land patents, deeds, and land ownership.