Gabrielle Cerny

Gabrielle Cerny inquired about the well economics of Barnett versus the Midland Basin, comparing 12-month CUM and lateral costs. She also asked about inventory replenishment and reinvestment, noting minimal year-over-year decrease in total drilled feet with Barnett additions.

Answer

CEO Kaes Van't Hof stated core Midland development costs are $510-$520/ft, with a target to reduce Barnett costs from $1,000/ft to $800/ft for competitive returns. COO Danny Wesson detailed cost reduction strategies, including multi-pad development, simul-frac, and targeting 15,000 ft laterals. Kaes Van't Hof emphasized continuous organic and M&A efforts for inventory, highlighting increased average lateral lengths in 2025.