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    Carlos Escalante • Wolfe Research

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

    Carlos Escalante's questions to Murphy Oil Corp (MUR) leadership • Q2 2025

    Question

    Carlos Escalante asked if low AECO gas prices could lead to a reduction in the Montney program and requested a comparison of the Cote D'Ivoire and Vietnam exploration opportunities, referencing a nearby discovery by ENI.

    Answer

    President, CEO & Director Eric Hambly explained that the Montney program remains robust due to high capital efficiency, existing plant commitments, and price diversification. He contrasted the exploration plays by stating that Cote D'Ivoire has more favorable fiscal terms and a higher working interest, making a potential discovery there more financially significant for Murphy than one in Vietnam.

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    Carlos Escalante's questions to Murphy Oil Corp (MUR) leadership • Q4 2024

    Question

    Carlos Escalante from Wolfe Research asked if Murphy's strategy for its Tupper Montney asset in Canada is changing given recent progress on Canadian LNG projects and strong winter gas demand. He also inquired about the development plan for the Hai Su Vang discovery in Vietnam, noting the fluvial geology could imply a need for more wells if the reservoirs are not well-connected.

    Answer

    President and CEO Eric Hambly explained that the Tupper Montney asset is at plant capacity, and any expansion would be a multi-year project. They are evaluating adding capital for more wells to maintain higher throughput but need a durable price signal first. Regarding Hai Su Vang, he clarified that the well found pay in two zones. The deeper, flow-tested zone is expected to be laterally extensive and form the core development. The shallower zone is expected to be less extensive and represents upside volume to be appraised over time.

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

    Carlos Escalante's questions to Gulfport Energy Corp (GPOR) leadership • Q2 2025

    Question

    Carlos Escalante from Wolfe Research, LLC inquired about Gulfport's potential to participate in the growing trend of in-basin power contracting and whether the company would strategically prioritize volume growth or improved basis differentials from this new demand. He also asked for a detailed walkthrough of the preferred equity buyback scenario, assuming all holders opt for a cash repurchase.

    Answer

    EVP & CFO Michael Hodges responded that Gulfport is likely to participate in new power demand through intermediaries or aggregation strategies rather than as a direct anchor supplier. He clarified that the company would prioritize benefiting from rising in-basin prices and narrowing differentials over pursuing significant production growth. Regarding the preferreds, he explained a full cash buyback would be absorbed by the RBL, temporarily increasing leverage, which would then be paid down with strong projected free cash flow.

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

    Carlos Escalante's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q2 2025

    Question

    Carlos Escalante of Wolfe Research LLC asked about Magnolia's long-term strategy for balancing production growth and capital efficiency to optimize free cash flow, and also questioned the capital allocation strategy regarding the product mix in the Giddings asset.

    Answer

    CEO Christopher Stavros emphasized the company's "appraise, acquire, grow, and exploit" strategy in Giddings, which has driven capital efficiency, allowing for higher production with less spending. He stated the goal is to drill the best wells for the highest free cash flow. Regarding product mix, Stavros clarified that even gassier wells in Giddings are rich in liquids and oil, and the company focuses on strong returns across the entire field rather than targeting specific product types.

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    Carlos Escalante's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q4 2024

    Question

    An analyst on behalf of Carlos Escalante asked what the 2025 capital program implies for long-term sustaining capital and how close the company is to potentially dropping a rig.

    Answer

    President and CEO Christopher Stavros affirmed confidence in the $460-$490 million capital plan to achieve 5-7% production growth. He stated that dropping a rig is not under consideration at current commodity prices and would only be a possibility if oil prices fell below $60 per barrel, emphasizing the program's flexibility and stability.

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    Carlos Escalante's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q3 2024

    Question

    On behalf of Carlos Escalante, an analyst asked about the capital accounting for the pulled-forward 4-well pad and whether the minimal capital uptick is a proxy for ongoing efficiency gains. A follow-up question sought more color on the drivers of the LOE reduction and the right go-forward number.

    Answer

    President and CEO Christopher Stavros clarified that the Q4 capital forecast includes approximately $10 million to $15 million for the drilling costs of the new pad. Regarding LOE, he reiterated that positive inroads were made in nearly every cost bucket, especially direct LOE, and that the Q3 level is a good proxy going forward, suggesting a range of $5.25 to $5.35 per BOE feels appropriate for 2025.

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

    Carlos Escalante's questions to Comstock Resources Inc (CRK) leadership • Q2 2025

    Question

    Carlos Escalante of Wolfe Research LLC asked about the key takeaways from drilling the step-out well in the Northwest Western Haynesville, its impact on capital costs, and the ramifications of the reduced 2025 well turn-in-line (TIL) count on the 2027 lease-holding plan.

    Answer

    COO Daniel Harrison and CEO M. Jay Allison explained that the shallower Jennings well was faster and cheaper to drill, offering cost savings by not requiring tubing. They also noted that tweaked completion designs on the Elijah, Bellmire, and MEN wells are showing excellent results. President and CFO Roland Burns and COO Daniel Harrison clarified that the change in TILs from 17 to 13 was due to minor timing shifts and the drilling of pilot holes, not a significant delay to the overall HBP program.

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