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    Carlos Escalante

    Senior Associate and Equity Analyst at Wolfe Research

    Carlos Escalante is a Senior Associate and Equity Analyst at Wolfe Research, specializing in coverage of select U.S. companies—most notably rating Gulfport Energy Corp and three other stocks—with a primary focus on the General sector. Since joining Wolfe Research in January 2024 after serving as an Associate at BofA Securities, Escalante has maintained a 33.33% success rate on rated transactions and an average return of -3.4%, with his most profitable call generating a 0.3% return. His career in equity research began at BofA Securities, concluding in early 2024 when he transitioned to his current role. Escalante operates at a FINRA-registered firm and is expected to hold securities industry registrations, supported by his ongoing analyst responsibilities.

    Carlos Escalante's questions to MURPHY OIL (MUR) leadership

    Carlos Escalante's questions to MURPHY OIL (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 (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 (GPOR) leadership

    Carlos Escalante's questions to GULFPORT ENERGY (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 (MGY) leadership

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

    Question

    Carlos Escalante inquired about the future trend of free cash flow, asking for a framework on the 2026 growth versus capital efficiency trade-off. He also followed up on the product mix within the Giddings asset and how capital is allocated between oilier and gassier areas.

    Answer

    CEO Christopher Stavros explained that capital efficiencies are improving due to the company's "appraise, acquire, grow, and further exploit" strategy in the Giddings field. He highlighted that the goal is to drill the best wells with the least capital to maximize free cash flow, noting the company is now spending less capital for higher production growth than initially guided. Regarding product mix, Stavros stated that even gassier wells in Giddings have significant liquids and oil, and the company focuses on drilling good wells across the entire field rather than targeting specific product mixes, as returns are strong broadly.

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

    Carlos Escalante's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Carlos Escalante of Wolfe Research LLC inquired about the key learnings from the shallower Jennings step-out well in the Western Haynesville and its impact on capital costs. He also asked about the ramifications of the reduced 2025 turn-in-line (TIL) forecast on the company's long-term lease-holding strategy.

    Answer

    COO Daniel Harrison explained that the shallower Jennings well was their fastest and cheapest to date, and that future wells in that depth range could see costs drop below $2,000/foot by forgoing tubing. Chairman & CEO M. Jay Allison highlighted successful completion tweaks on other wells. Regarding the TIL forecast, both Daniel Harrison and President & CFO Roland Burns clarified that the change represents a minor timing shift of about a month and does not significantly impact their long-term development plan, which is more dependent on drilling speed improvements.

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    Carlos Escalante's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Carlos Escalante of Wolfe Research LLC asked about the key takeaways from drilling the shallower Jennings well in the Western Haynesville, its impact on capital costs, and the ramifications of reducing the 2025 turn-in-line count from 17 to 13 on the 2027 HBP target.

    Answer

    COO Daniel Harrison explained that the shallower Jennings well was the company's fastest and cheapest drilled to date, and that future similar wells could see costs drop below $2,000 per foot by forgoing tubing. CEO M. Jay Allison highlighted successful completion tweaks on other key wells. Regarding the reduced well count for 2025, both Harrison and President & CFO Roland Burns clarified it was due to minor timing shifts of a few weeks and the scheduling of pilot holes, not a significant delay impacting long-term development goals.

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    Carlos Escalante's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Carlos Escalante of Wolfe Research, LLC inquired about key learnings from the shallower Northwest step-out well in the Western Haynesville, its effect on capital costs, and the impact of reducing the 2025 turned-in-line (TIL) well count from 17 to 13 on the 2027 HBP target.

    Answer

    COO Daniel Harrison explained that the shallower well was the fastest and cheapest drilled to date, and future similar wells may not require tubing, further reducing costs. Chairman & CEO M. Jay Allison highlighted that tweaked completion designs on recent wells have yielded excellent results. Regarding the TIL reduction, both Harrison and President/CFO Roland Burns clarified it's due to minor timing shifts and pilot hole drilling, not a significant delay to the overall HBP plan, with faster drilling speeds offsetting some changes.

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    Carlos Escalante's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Carlos Escalante of Wolfe Research LLC inquired about the key learnings from the northwestern step-out well in the Western Haynesville, its impact on capital costs, and the ramifications of a lower 2025 well count on long-term development targets.

    Answer

    COO Daniel Harrison explained that the shallower Jennings well was drilled at a record pace of 37 days, resulting in significantly lower costs. He noted future wells in that area could be even cheaper as they won't require tubing. CEO M. Jay Allison highlighted that tweaked completion designs on other recent wells have yielded some of the best results to date. Regarding the 2027 development timeline, both Harrison and President/CFO Roland Burns clarified that the reduction in 2025 turn-in-lines is a minor timing shift of about a month and does not materially impact the long-term plan, especially as drilling speeds are increasing.

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    Carlos Escalante's questions to COMSTOCK RESOURCES (CRK) leadership • Q2 2025

    Question

    Carlos Escalante of Wolfe Research LLC inquired about the key learnings from the shallower Northwest step-out well in the Western Haynesville and its impact on costs. He also asked about the ramifications of reducing the 2025 well turn-in-line count for the Western Haynesville on the company's 2027 leasehold preservation targets.

    Answer

    COO Daniel Harrison explained that the shallower Jennings well was their fastest and cheapest drilled to date, and future similar wells could see costs drop below $2,000/ft by forgoing tubing. Chairman & CEO M. Jay Allison highlighted that tweaked completion designs on other recent wells have resulted in some of the best wells the company has ever drilled. Regarding the well count, Harrison and President and CFO Roland Burns clarified the change is not a significant impediment to 2027 goals, attributing it to minor timing shifts of a month or so rather than major delays.

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