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    Hsu-Lei Huang • Tudor, Pickering, Holt & Co.

    Hsu-Lei Huang's questions to Civitas Resources Inc (CIVI) leadership

    Hsu-Lei Huang's questions to Civitas Resources Inc (CIVI) leadership • Q1 2025

    Question

    Hsu-Lei Huang (Oliver Wang) followed up on the $4.5 billion net debt target, asking about the flexibility to achieve it if oil prices track closer to $55, and whether adjustments would come from CapEx or timing. He also inquired about the key operational focus areas for optimizing productivity in the Delaware Basin as activity ramps up.

    Answer

    CFO Marianella Foschi addressed the debt target, stating it's achievable at $60 oil and that levers like cost reductions, accretive divestments, and opportunistic hedging could accelerate it. She noted that while CapEx adjustments are possible if prices fall further, the current plan already absorbs much of the recent price shift. CEO M. Doyle added that in the Delaware, the focus has been on extending laterals to enhance returns, and the team is executing well by targeting known, productive zones, resulting in some of the best returns in the portfolio.

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    Hsu-Lei Huang's questions to Chord Energy Corp (CHRD) leadership

    Hsu-Lei Huang's questions to Chord Energy Corp (CHRD) leadership • Q1 2025

    Question

    Hsu-Lei Huang of Scotiabank inquired about the factors influencing the decision to potentially add a second frac crew in Q4 and the expected timeline for transitioning from a 2-mile to a 4-mile lateral development program.

    Answer

    CEO Daniel Brown explained that reinstating the second frac crew is a capital allocation decision contingent on service costs, Chord's share price, and a durable oil price outlook in the $60s. Regarding the 4-mile program, he stated the transition could be even faster than the previous shift to 3-mile laterals, as the company has built operational capability, though it will require significant re-permitting and development plan reconfiguration.

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    Hsu-Lei Huang's questions to Chord Energy Corp (CHRD) leadership • Q4 2024

    Question

    Hsu-Lei Huang (Oliver) asked about gas and NGL realizations, seeking a rule of thumb for cash flow sensitivity to higher gas prices given the fixed-cost component in contracts. He also requested color on the non-operated activity in the Williston, including key operators and locations.

    Answer

    Executive Bob Bakanauskas and Chief Strategy and Commercial Officer Michael Lou confirmed that as gas prices rise, realizations will scale up incrementally. Lou addressed the non-op program, stating it's a good mix of operators across the basin, acting as a proxy for overall basin activity, which remains concentrated in the core. He noted the returns are very similar to Chord's operated program.

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    Hsu-Lei Huang's questions to Chord Energy Corp (CHRD) leadership • Q3 2024

    Question

    Oliver Huang, also known as Hsu-Lei Huang, asked about the adoption of simul-frac completions, inquiring what percentage of the program it could reach and if the associated savings were included in the latest cost figures. He also questioned if the preference for share buybacks would be programmatic or opportunistic.

    Answer

    COO Darrin Henke stated that one full-time frac crew is planned to use simul-fracs for the entire upcoming year, and the resulting cost efficiencies are already incorporated into the 3-year plan. CEO Daniel Brown and CFO Richard Robuck clarified that share repurchases have always been a component of their return framework and are particularly compelling at current valuations. Robuck noted that recent inactivity was due to merger-related blackout periods, not a strategic shift.

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    Hsu-Lei Huang's questions to SM Energy Co (SM) leadership

    Hsu-Lei Huang's questions to SM Energy Co (SM) leadership • Q1 2025

    Question

    Hsu-Lei Huang questioned the ability to meet Uinta productivity targets when co-developing the primary lower cube with historically less prolific zones and asked if the recent increase in Lease Operating Expense (LOE) is a one-time event or a recurring cost.

    Answer

    COO Beth McDonald expressed high confidence in the Uinta forecasts, noting 90% of the program targets the lower cube. She clarified that the LOE increase from fuel gas usage is ongoing but is offset by revenue, as noted by CFO Wade Pursell, while other costs like workovers may persist to some degree.

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    Hsu-Lei Huang's questions to SM Energy Co (SM) leadership • Q4 2024

    Question

    Hsu-Lei Huang asked for initial takeaways on Uinta well productivity relative to acquisition type curves and inquired if the 10-plus years of inventory assumes a sustaining program run rate, also asking about the associated average lateral length.

    Answer

    COO Beth McDonald compared Uinta well performance to the Spraberry Wolfcamp, noting different production profiles for different zones. President and CEO Herbert Vogel clarified that the inventory life calculation is based on a 5-year sustainable program view and that 2025's higher completion count is an anomaly from the acquisition. He stated assumed lateral lengths are 10,000 feet in Utah and over 11,000 feet in Texas.

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    Hsu-Lei Huang's questions to Crescent Energy Co (CRGY) leadership

    Hsu-Lei Huang's questions to Crescent Energy Co (CRGY) leadership • Q4 2024

    Question

    Hsu-Lei Huang inquired about the rationale behind the 2025 capital allocation, particularly the shift towards gas, and sought details on the drivers for improved Q4 operating expenses and oil realizations.

    Answer

    CEO David Rockecharlie explained that the capital allocation is a dynamic process to maximize returns across their newly expanded and flexible Eagle Ford portfolio, which now includes significant oil, mixed, and dry gas assets. CFO Brandi Kendall added that improved oil realizations stem from marketing synergies due to increased scale, a benefit expected to continue. She noted that while Q4 OpEx benefited from ongoing synergy capture, it also included some one-off items, and the 2025 guidance provides a more normalized run-rate.

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    Hsu-Lei Huang's questions to Crescent Energy Co (CRGY) leadership • Q3 2024

    Question

    Oliver Huang (Hsu-Lei Huang) asked for an update on maintenance capital expenditure levels post-SilverBow and inquired about the performance of Uinta's Uteland Butte C wells versus the traditional B-dominant program.

    Answer

    Brandi Kendall, an executive, stated that while formal 2025 guidance is pending, the high-level maintenance capital view remains around $1 billion for 240-250k boe/d. David Rockecharlie, an executive, addressed the Uinta question, explaining that the focus on proven formations aligns with their disciplined strategy of prioritizing capital efficiency and free cash flow over exploration.

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    Hsu-Lei Huang's questions to Magnolia Oil & Gas Corp (MGY) leadership

    Hsu-Lei Huang's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q4 2024

    Question

    Hsu-Lei Huang, also known as Oliver Huang, asked about the potential to develop the company's extensive gas inventory and inquired about further levers for well cost reduction, such as longer laterals.

    Answer

    President and CEO Christopher Stavros stated that an improved cost structure has enhanced the economics of previously marginal gas areas, and ongoing appraisal work will clarify their potential. He confirmed there are no barriers to drilling longer laterals and that the company is actively testing new concepts to expand the field, which has already added significant lateral feet to its inventory.

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