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    Matt Portillo

    Partner and Head of Research at TPH

    Matt Portillo is a Partner and Head of Research at Tudor, Pickering, Holt & Co., specializing in equity research for the energy sector with a focus on upstream oil and gas companies. He has covered major firms impacted by shale developments and supply trends, offering analysis on market shifts such as natural gas price movements and rig activity. Portillo joined TPH after serving as a Portfolio Manager at Enso Capital Management and previously worked as an Industrials and Energy Analyst at Haitong Securities. He holds the CFA designation and earned his BA in Economics and a Certificate in Finance from Princeton University.

    Matt Portillo's questions to MRO leadership

    Matt Portillo's questions to MRO leadership • Q1 2024

    Question

    Asked for a comparison of the return profile for 3-mile laterals in the Bakken's Ajax area versus the Hector area, and inquired about recent drilling and completion efficiency gains and their impact on full-year guidance.

    Answer

    The Ajax program is becoming more competitive with over 20% well cost savings and solid initial production, though more long-term data is needed. The company has seen significant D&C efficiency gains across all basins, including drilling 40% faster than peers on a recent Permian pad. These efficiencies increase confidence in hitting full-year targets but primarily affect the intra-year phasing of activity rather than changing the total number of wells brought online for the year.

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