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    Devin McDermott • Morgan Stanley

    Devin McDermott's questions to Chevron Corp (CVX) leadership

    Devin McDermott's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Devin McDermott of Morgan Stanley requested more detail on the business reorganization, asking for a comparison of the new and old structures and the tangible benefits expected beyond cost savings, such as in operational execution and project delivery.

    Answer

    Vice Chairman Mark Nelson explained the shift from a decentralized model to one that groups similar businesses (like deepwater) to accelerate best practices, standardizes work to leverage scale and technology (like digital twins for turnarounds), and simplifies processes for employees, leading to broad performance improvements.

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    Devin McDermott's questions to Chevron Corp (CVX) leadership • Q1 2025

    Question

    Devin McDermott asked about the specific market conditions or parameters that would prompt Chevron to adjust its short-cycle investment plans, particularly in areas like the Permian Basin.

    Answer

    CEO Mike Wirth stated that while the company has a playbook for various market scenarios, it is too early to make adjustments. He asserted that Chevron has never been in a better position to navigate a cycle. CFO Eimear Bonner added that the strong balance sheet, with 14% net debt, and ongoing cost and capital reduction programs provide a robust foundation.

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    Devin McDermott's questions to Chevron Corp (CVX) leadership • Q4 2024

    Question

    Devin McDermott inquired about the impact of recent U.S. energy policies on Chevron's operations, particularly in the Gulf of Mexico, its new energy ventures, and its operating license in Venezuela.

    Answer

    CEO Mike Wirth described the current policy environment as more 'balanced,' anticipating it will encourage more access and permit reform. Regarding Venezuela, he affirmed that Chevron's focus is on safe operations and compliance with all applicable laws and sanctions, stating the company does not set policy but engages with governments.

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    Devin McDermott's questions to Chevron Corp (CVX) leadership • Q3 2024

    Question

    Devin McDermott from Morgan Stanley inquired about Chevron's strategy for using its balance sheet to support shareholder returns, especially given commodity market volatility and a net debt level below long-term targets.

    Answer

    CEO Mike Wirth reiterated the firm's consistent financial priorities and unchanged share repurchase guidance, emphasizing a long track record of returns through various cycles, supported by a strong balance sheet. CFO Eimear Bonner added that with net debt under 12%, the company is underlevered and comfortable with its current position, expecting debt to decrease further with near-term asset sale proceeds.

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    Devin McDermott's questions to Exxon Mobil Corp (XOM) leadership

    Devin McDermott's questions to Exxon Mobil Corp (XOM) leadership • Q2 2025

    Question

    Devin McDermott of Morgan Stanley inquired about ExxonMobil's M&A strategy, asking how its strong organic pipeline and unique technology influence its approach to acquisitions.

    Answer

    Chairman and CEO Darren Woods explained that ExxonMobil's strategy is to leverage its competitive advantages for both organic and inorganic growth, seeking deals where 'one plus one equals three.' He cited the Pioneer acquisition as a prime example of creating value through technology and talent integration, not just acquiring volume. Woods stated that opportunities are being evaluated across all business sectors, with a high bar for value creation, talent accretion, and cultural fit.

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    Devin McDermott's questions to Exxon Mobil Corp (XOM) leadership • Q1 2025

    Question

    Devin McDermott of Morgan Stanley inquired about the impact of slowing global growth and U.S.-China tariffs on the new China chemicals project and the broader chemicals business.

    Answer

    Darren Woods, Chairman and CEO, acknowledged that the chemicals industry is in a supply-long position, pressuring margins. He emphasized that ExxonMobil's strategy of focusing on advantaged projects, cost reduction, and high-value products ensures sound results. The new China complex, built ahead of schedule and under budget, is positioned to competitively supply the domestic market, insulating it from tariffs. The facility is expected to be fully operational in 2026.

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    Devin McDermott's questions to Exxon Mobil Corp (XOM) leadership • Q4 2024

    Question

    Devin McDermott requested more detail on the timing of key project start-ups in 2025 and when the full $3 billion run-rate earnings impact would be realized.

    Answer

    CEO Darren Woods provided a detailed timeline for major 2025 projects: China Chemical complex (Q1), Fawley refinery upgrade (early Q2), Baytown advanced recycling (Q2 and Q4), Strathcona renewable diesel (Q2), Singapore resid upgrade (end of Q2), Proxima (Q2), Yellowtail (Q3), and Golden Pass LNG (end of 2025). He confirmed the full $3 billion earnings potential is expected to be realized in 2026, even at current challenging price margins.

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    Devin McDermott's questions to Expand Energy Corp (EXE) leadership

    Devin McDermott's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Devin Mcdermott from Morgan Stanley inquired about the price signals that would cause Expand Energy to adjust its 2026 production plans. He also asked for views on Haynesville well productivity, noting degradation among other producers in state data.

    Answer

    President, Director & CEO Domenic Dell’Osso stated the company is not bothered by short-term volatility but retains flexibility to adjust if conditions change. Executive VP & COO Josh Viets clarified the reporting issue is specific to Louisiana state data. He added that while Expand's core inventory is strong, industry-wide degradation is expected as activity moves outside the core.

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    Devin McDermott's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Devin McDermott asked about the company's capital allocation triggers given recent Henry Hub price weakness and what is needed to reaffirm the 2026 production target. He also asked about Haynesville well productivity and whether reporting issues are basin-wide.

    Answer

    President, Director & CEO Domenic Dell’Osso stated the company is not bothered by short-term volatility, as capital cycles are long and the demand outlook remains strong. Executive VP & COO Josh Viets clarified the reporting issue is specific to the state of Louisiana, likely impacting several operators, and noted that industry-wide, well productivity will likely degrade outside the core where inventory depth is lower.

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    Devin McDermott's questions to Expand Energy Corp (EXE) leadership • Q2 2025

    Question

    Devin McDermott from Morgan Stanley inquired about the market conditions or price duration that would prompt a change in the 2026 production plan and asked about the scope of the Haynesville well productivity reporting issues.

    Answer

    President & CEO Domenic Dell’Osso stated the company is not bothered by short-term volatility, as capital is deployed for long-term demand, but retains flexibility to adjust if the outlook changes. EVP & COO Josh Viets clarified the reporting issue is specific to Louisiana, likely impacting multiple operators, and noted that industry-wide, well productivity may degrade outside the core Haynesville area.

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    Devin McDermott's questions to EQT Corp (EQT) leadership

    Devin McDermott's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    Devin McDermott from Morgan Stanley inquired about the evolution of the base business capital budget, considering the roll-off of compression spending and D&C synergies, and how that creates capacity for strategic growth. He also asked about the future opportunity set for in-basin demand projects, given the rapid execution of deals.

    Answer

    CFO Jeremy Knop clarified that maintenance CapEx is expected to decrease into 2026-2027 while growth CapEx increases, which is a deliberate strategy driven by base business efficiencies. President and CEO Toby Rice added that EQT has already secured over 1.5 Bcf/d of power demand opportunities, exceeding initial expectations. He noted a potential "cluster effect" from AI data centers could expand this opportunity set further.

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    Devin McDermott's questions to EQT Corp (EQT) leadership • Q1 2025

    Question

    Devin McDermott asked about EQT's forward-looking M&A strategy, including the criteria for future acquisitions and the company's role in further industry consolidation. He also sought more detail on the in-basin demand opportunities, specifically their size, timeline, and potential contract structures.

    Answer

    CEO Toby Rice stated that while the bar for M&A is high, EQT will remain patient and focus on value, highlighting the company's strong organic operational momentum. CFO Jeremy Knop added that the primary criterion is maintaining a low-cost structure, making opportunities like Olympus rare. Regarding in-basin demand, Rice explained it's driven by blocked pipeline projects, positioning EQT to serve new power generation and data centers. He confirmed confidence in announcing a deal in 2025 but noted the complexity of these arrangements.

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    Devin McDermott's questions to Occidental Petroleum Corp (OXY) leadership

    Devin McDermott's questions to Occidental Petroleum Corp (OXY) leadership • Q1 2025

    Question

    Devin McDermott inquired about the specifics of the 2025 CapEx and OpEx reductions, their impact on 2026, and the breakdown of the future free cash flow inflection between operating cash flow and lower capital spending.

    Answer

    Richard Jackson, President, U.S. Onshore, detailed efficiency gains in the Permian, infrastructure optimization, and OpEx levers like reduced downhole maintenance. Kenneth Dillon, President, International Operations, explained the deferral of a Gulf of America well. Sunil Mathew, CFO, broke down the ~$1 billion 2026 free cash flow improvement, attributing it to lower chemicals CapEx and higher cash flow ($460M), midstream contract benefits and STRATOS roll-off ($450M), and interest savings ($135M).

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    Devin McDermott's questions to ConocoPhillips (COP) leadership

    Devin McDermott's questions to ConocoPhillips (COP) leadership • Q1 2025

    Question

    Devin McDermott inquired about the specific drivers behind the capital budget reduction and what macro conditions would prompt the company to exercise its capital program flexibility.

    Answer

    Andy O'Brien, SVP of Strategy, explained that the $0.5 billion capital reduction stems from broad-based capital efficiency improvements and plan optimization, not from material changes to scope in the Lower 48. He stated that the company is taking a measured approach, monitoring the macro environment's depth and duration before making significant program changes, while remaining focused on maximizing returns through the cycle.

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    Devin McDermott's questions to ConocoPhillips (COP) leadership • Q4 2024

    Question

    Devin McDermott of Morgan Stanley asked for an update on the Willow project in Alaska, including near-term milestones and spending cadence, and for broader thoughts on the Western North Slope opportunity given the political environment.

    Answer

    Kirk Johnson, SVP of Global Operations, reported that the Willow project is on track, with the current winter construction season—the project's largest—progressing well and slightly ahead of plan. He confirmed 2025 is the peak spending year, with capital expected to be about $500 million higher than in 2024 and front-loaded in Q1. Regarding the political environment, Johnson noted the recent executive order reversing prior restrictions on the NPRA was welcome news, and the company looks forward to partnering with the DOI and the state of Alaska to continue exploration west of Willow.

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    Devin McDermott's questions to ConocoPhillips (COP) leadership • Q3 2024

    Question

    Devin McDermott asked for an updated outlook on pro forma shareholder returns for 2025, considering the increased synergies, capital efficiency, and commodity price volatility.

    Answer

    Chairman and CEO Ryan Lance stated it was too early to provide a specific 2025 distribution target due to market volatility. He pointed to the company's history of returning approximately 45% of CFO to shareholders and its commitment to a compelling return, suggesting the 2025 payout will be significantly higher than the 30% floor. He emphasized the company's flexibility and strong operational performance as key factors in navigating the market.

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    Devin McDermott's questions to Murphy Oil Corp (MUR) leadership

    Devin McDermott's questions to Murphy Oil Corp (MUR) leadership • Q1 2025

    Question

    Devin McDermott asked for details on the drivers behind the expected production increase in the second half of the year and inquired about the conditions under which Canadian natural gas assets would compete for more growth capital.

    Answer

    President and CEO Eric Hambly expressed high confidence in the production profile, citing that the most productive onshore wells are already online and exceeding expectations, with current output already over 180,000 boe/d. Regarding Canadian gas, Hambly explained that while the assets are highly capital-efficient, the Tupper West plant is at capacity. A durable, higher gas price signal, potentially driven by LNG Canada, would be needed to justify short-cycle investment to keep the plant full longer, but they remain cautious of historical boom-bust cycles in the basin.

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