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Chairman and CEO Ryan Lance confirmed that capital spending on major projects will ramp down as the current slate, including Willow and LNG projects, reaches completion. He clarified there is not another wave of similar-sized projects waiting for execution, which will drive the company's anticipated free cash flow inflection. He assured that investment in the base business across all regions will continue as planned.

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Andy O'Brien, SVP of Strategy, stated that the situation is a continuation of existing trends, with Europe remaining heavily dependent on LNG. He pointed to the end of a Russia-Ukraine pipeline deal and recent price action as evidence of ongoing need. He affirmed that ConocoPhillips' strategy is unchanged: building out 10-15 MTPA of offtake with regasification capacity in Europe and sales into Asia, and that events are playing out as they expected.

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Chairman and CEO Ryan Lance confirmed the company actively pursues such opportunities via rights of first refusal (ROFRs). Kirk Johnson, SVP of Global Operations, detailed the Alaska deal, where they exercised preemptive rights on a Chevron sale for ~$300 million. He noted the price implied a PDP-only valuation, making it a compelling opportunity to increase ownership in assets they know well with low-cost, high-margin development upside.

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President and CEO Eric Hambly explained that while drilling activity in the Eagle Ford is now steady year-round, the timing of completions naturally leads to new wells coming online weighted to the first half of the year, a cadence that is difficult to smooth further at current capital levels. Regarding rigs, he noted a softening in rates for both jack-ups and drillships, with significant availability in Africa and a 'significantly lower' rate secured for the upcoming Vietnam appraisal well.

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President and CEO Francisco Leon stated the corporate breakeven is approximately $34 per barrel Brent, achieved through a multi-year strategy of M&A, hedging, maintaining a strong balance sheet, and cost discipline. He expressed no concern over refinery shutdowns, explaining that California refineries are optimized for CRC's low-sulfur crude, which ensures high price realizations.

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CEO Francisco Leon affirmed the Brookfield JV is working "extremely well" and the payment delay was a timing adjustment to better align capital deployment with project execution, not a change in strategy. He expects 4-5 additional Class 6 permits to be approved in 2025 or early 2026, which will facilitate the conversion of existing MOUs into definitive agreements, particularly as CRC expands its focus to Northern California.

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Francisco Leon (Executive) and Jay Bys (Executive) explained that strong in-state demand and the need for local crude as a blending stock support high realizations. Omar Hayat (Executive) then detailed the next phase of synergies, which will come from infrastructure consolidation, including optimizing power costs, connecting gas fields to leverage processing capacity, creating optimal oil blends, and consolidating water disposal.

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CEO Daniel Brown reiterated that the Marcellus asset is considered non-core, and the company will seek to maximize its value over time, acknowledging the more constructive current gas price environment. On Williston M&A, he noted that rapid price swings can create a bid-ask spread that challenges deal-making, but he has not yet observed a significant impact on valuations.

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CEO Daniel Brown reiterated that share repurchases are a capital allocation decision and noted the company has used its balance sheet for compelling opportunities in the past, calling the shares "pretty compelling" at current levels. On inventory, he described the current estimate as conservative, based almost entirely on a Middle Bakken-only, conservatively spaced program, with potential upside from longer laterals or tighter spacing.

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Executive Brendan McCracken clarified that maintaining activity is driven by the 'free cash flow flywheel,' as it doesn't make sense to preemptively shrink the business when it's generating strong returns. He characterized the current Montney gas situation as a unique, non-recurring event tied to the start-up of LNG Canada.

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Chairman, CEO and President Thomas Jorden indicated there is no significant limit and noted the company is seriously watching the Constitution Pipeline development as a potential growth opportunity. SVP of Operations Blake Sirgo added that while they are always looking for more power pricing deals, they are difficult to replicate, with a focus on greenfield projects.

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SVP of Operations Blake Sirgo confirmed the Marcellus is not capacity constrained and has room to grow. An executive, clarifying for the CFO, stated the buyback is not on hold, but debt repayment is the priority for 2025, suggesting repurchases would be more back-end loaded.

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CEO Mike Wirth stated that they do not see any pullback in activity from their partners, who are primarily large-cap companies. He expressed a high degree of confidence in the planned activity for the year, noting that for most non-op joint venture and royalty interest wells planned for the year, the wells have already been spud.

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CEO Mike Wirth pointed to ongoing efforts in feedstock flexibility, reliability, and cost control. He highlighted the Pasadena refinery expansion as a key example of a capital-efficient investment that enhances integration with Permian production and the Pascagoula refinery, improving the ability to control margin outcomes.

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CFO Eimear Bonner detailed the program, stating a large portion comes from portfolio actions like recent asset sales, which remove direct and overhead costs. The remainder comes from improvement initiatives, such as leveraging technology and centralizing work in global capability centers. She described the first $2 billion as firm plans, with the third billion being an additional target from initiatives not yet fully quantified.

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Darren Woods, Chairman and Chief Executive Officer, stated clearly that he does not see a shift in strategy. He explained that while the company has competitive dry gas assets, its investment priorities are anchored to long-term fundamentals. The company will not alter its core strategy based on short-term market dynamics, though it will capitalize on them if the opportunity provides durable value.

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CFO Ann Janssen stated that share buybacks will remain opportunistic, not programmatic, as part of the commitment to return a minimum of 70% of free cash flow to shareholders. COO Jeff Leitzell explained that the increased activity in the Dorado play is set at an optimal long-term pace to drive efficiency gains, rather than being a reaction to short-term gas prices.

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Executive Hays Mabry stated the deleveraging is a natural result of strong cash flow, not a strategy for a stock rerating, and that a strong balance sheet provides opportunism. Co-CEO James Walter explained that while they look at royalty deals, they've had more success acquiring working interests that include royalties. He confirmed that capital is allocated to the highest-return projects, which often have the benefit of high net royalty interests.

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CFO Jeremy Knop emphasized that a strong balance sheet with lower debt enables countercyclical buybacks, and the company will be patient and opportunistic rather than buying shares at 10-year highs. President and CEO Toby Rice responded that while EQT's operational edge creates M&A opportunities, the company will maintain a disciplined framework for evaluating potential deals.

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CFO Jeremy Knop confirmed that after factoring in the non-op sale ($75M reduction) and efficiency gains ($50M reduction), the 2025 capital budget is indeed trending toward the lower end of the prior range. He specified that the key trigger for curtailment decisions is the local Appalachia price, with a threshold of approximately $1.50/Mcf at the M2 hub being their cash cost breakeven.

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Chief Operating Officer Clay Gaspar stated that the Grayson Mill midstream assets are highly strategic, enabling lower operating costs and higher margins, and are therefore more likely to be retained and even expanded. Regarding 2025 capital allocation, Gaspar indicated it would be "directionally similar" to 2024, with the main shift being a larger allocation to the Williston Basin and a corresponding decrease for the Delaware Basin from ~60% to ~50% of the total budget.

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CFO Michael Kennedy stated that Antero is on its second of a two-pad e-fleet trial and will evaluate locking it in for 2025 after the trial's completion. Chairman and CEO Paul Rady added that while the company is monitoring the 2026 price curve for opportunities, no decisions on hedging have been made.

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