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    Carlos Andres E. Escalante • Wolfe Research

    Carlos Andres E. Escalante's questions to Murphy Oil Corp (MUR) leadership

    Carlos Andres E. Escalante's questions to Murphy Oil Corp (MUR) leadership • Q1 2025

    Question

    Carlos Andres E. Escalante asked for an apples-to-apples comparison of reservoir quality between the two recent Vietnam discoveries and questioned what would define success for the upcoming exploration program in Cote d'Ivoire.

    Answer

    President and CEO Eric Hambly explained the lower flow rate at the Lac Da Hong discovery was due to its thinner pay sand compared to Hai Su Vang; adjusted for thickness, productivity is similar. For Cote d'Ivoire, he outlined that success would involve testing sizable resource potential (mean of 150M to 440M barrels per prospect) with compelling well costs ($50-60M) and strong fiscal terms, with success opening up significant follow-on opportunities.

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    Carlos Andres E. Escalante's questions to Murphy Oil Corp (MUR) leadership • Q3 2024

    Question

    Carlos Andres E. Escalante asked about Murphy's perspective on consolidation and M&A to mitigate share price volatility, and inquired about the persistent downtime at the non-operated Terra Nova asset and whether Murphy would consider operating it.

    Answer

    CEO Roger Jenkins and President and COO Eric Hambly emphasized the strength of their existing organic portfolio, which supports growth for decades without M&A. Hambly noted they continuously evaluate M&A, primarily in the offshore, but focus on low-cost entry into underexplored basins rather than acquiring recent discoveries. Regarding Terra Nova, Hambly expressed extreme disappointment with its 55% uptime versus the expected 75-80%, confirming it is highly unlikely Murphy would seek to operate the asset with its 18% working interest.

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    Carlos Andres E. Escalante's questions to Gulfport Energy Corp (GPOR) leadership

    Carlos Andres E. Escalante's questions to Gulfport Energy Corp (GPOR) leadership • Q1 2025

    Question

    Carlos Andres E. Escalante asked for the guiding principle behind pivoting to dry gas Utica acreage from a Marcellus well, specifically the commodity price levels that trigger such a decision. He also questioned if the company's hedging philosophy changes with increased exposure to liquids.

    Answer

    President and CEO John Reinhart explained the decision is dynamic, but the current pivot is driven by a favorable macro outlook for natural gas in late 2025 and 2026, contrasted with potential volatility in oil prices. EVP and CFO Michael Hodges added that the hedging strategy remains consistent and strategic, enabled by a strong balance sheet. He noted their bullish gas view is reflected in their hedge positions and that the liquids component is not yet large enough to alter their overall gas-focused approach.

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    Carlos Andres E. Escalante's questions to Gulfport Energy Corp (GPOR) leadership • Q4 2024

    Question

    Carlos Escalante questioned if the production management strategy tested on the Lake VII pad would influence future Utica development. He also asked for clarification on the Marcellus development pace, noting the 2025 plan seems slower than what is implied by the company's stated multi-year inventory life for the asset.

    Answer

    EVP and COO Matthew Rucker confirmed that learnings from the Lake VII pad were encouraging and will lead to slight tweaks in their choke management strategy for new wells. EVP and CFO Michael Hodges clarified that the inventory life figure is a corporate-level metric, and the actual Marcellus development will be paced over several years due to capital allocation and midstream infrastructure build-out.

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    Carlos Andres E. Escalante's questions to Comstock Resources Inc (CRK) leadership

    Carlos Andres E. Escalante's questions to Comstock Resources Inc (CRK) leadership • Q1 2025

    Question

    Carlos Andres E. Escalante asked about the expected capital allocation in 2026 between wells drilled to hold by production (HBP) and delineation wells in the Western Haynesville. He also inquired if management is concerned about potential new Permian gas takeaway capacity.

    Answer

    President and CFO Roland Burns stated that for 2025 and 2026, the priority in the Western Haynesville remains drilling the ~70 wells required to hold leased acreage, with location choices driven by this and midstream availability. For the legacy Haynesville, drilling is more price-driven. Regarding the Permian, Burns acknowledged that its gas supply growth is expected and necessary to meet future LNG and power demand.

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    Carlos Andres E. Escalante's questions to Comstock Resources Inc (CRK) leadership • Q4 2024

    Question

    Carlos Andres E. Escalante of Wolfe Research inquired about the typical development plan for a Western Haynesville pad, including the number of wells and spacing, and asked for more detail on how completion cost savings would be achieved given the hotter, deeper environment.

    Answer

    COO Daniel Harrison stated it's too early to define optimal spacing but the company aims for two-well pads where possible, estimating 50-60% of wells will be on them in the near term. He believes there is more room for cost reduction on the drilling side than the completion side. CEO Miles Allison added that the goal for 2025 is to use new wells to delineate the entire footprint and fully derisk the play by the end of 2026.

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    Carlos Andres E. Escalante's questions to Comstock Resources Inc (CRK) leadership • Q3 2024

    Question

    Carlos Andres E. Escalante of Wolfe Research asked about the geographical distribution of the 64 new horseshoe well locations and how this translates to free cash flow generation. He also inquired if the Western Haynesville would present similar lease line challenges as the legacy Haynesville and what the expected average lateral length would be in the new play.

    Answer

    COO Daniel Harrison clarified that the 64 horseshoe locations are evenly distributed across the company's Haynesville acreage. He explained that the Western Haynesville in Texas has more flexible, abstract-based units, avoiding the rigid section-line constraints of Louisiana. He projected an average lateral length of approximately 10,000 feet for the Western Haynesville program, noting that geo-hazards are a bigger limiting factor than drilling temperatures.

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    Carlos Andres E. Escalante's questions to HF Sinclair Corp (DINO) leadership

    Carlos Andres E. Escalante's questions to HF Sinclair Corp (DINO) leadership • Q1 2025

    Question

    Speaking for Doug Leggate, Carlos Andres E. Escalante asked at what point the company would consider mothballing its renewable diesel facilities given market risks. He also inquired about potential opportunities in the LPG market related to tariff discussions.

    Answer

    CEO Timothy Go responded that the company believes its renewable diesel assets have a competitive advantage and can operate at breakeven or slightly positive in current conditions, positioning them for an eventual market recovery. Regarding LPG, executive Steven Ledbetter stated that it is not a core part of their Midstream business or a current growth platform, resulting in minimal exposure to market dislocations or tariff impacts.

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    Carlos Andres E. Escalante's questions to Magnolia Oil & Gas Corp (MGY) leadership

    Carlos Andres E. Escalante's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q1 2025

    Question

    Carlos Andres E. Escalante inquired about the characteristics of Magnolia's new high-performing wells in Giddings, their impact on development acreage, and the implications for the company's underlying sustaining capital.

    Answer

    President and CEO Christopher Stavros explained that while the specific location is competitive information, the new area expands their development acreage. He highlighted the wells' strong financial returns, shallow decline profiles, and low F&D costs. Stavros added that deferring a half-dozen completions into next year, combined with a stable service cost environment, provides capital flexibility for both the current year and the next.

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