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    Matthew Portillo • Tudor, Pickering, Holt & Co.

    Matthew Portillo's questions to Occidental Petroleum Corp (OXY) leadership

    Matthew Portillo's questions to Occidental Petroleum Corp (OXY) leadership • Q2 2025

    Question

    Matthew Portillo asked about the Permian production mix, specifically the reasons for a lower oil cut, and whether it would improve. He also inquired about the company's strategy for water handling and disposal in the basin.

    Answer

    President, U.S. Onshore, Richard Jackson, confirmed the oil cut is expected to increase in the second half of the year, attributing the current mix to the strategic development of secondary benches to reuse infrastructure. On water management, he highlighted a proactive strategy involving well placement, partnerships, and recycling technology to manage costs effectively.

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    Matthew Portillo's questions to Coterra Energy Inc (CTRA) leadership

    Matthew Portillo's questions to Coterra Energy Inc (CTRA) leadership • Q2 2025

    Question

    Matthew Portillo from TPH&Co asked for more color on the successful Dimock Box wells, including the number of additional locations and development timing. He also inquired about views on power demand growth and infrastructure opportunities in Northeast Pennsylvania.

    Answer

    CEO Thomas Jorden confirmed the Dimock Box wells are 'truly phenomenal' and that Coterra will be drilling there for the 'next year or two,' but did not provide specific well counts. Regarding Northeast PA, Jorden and EVP Blake Sirgo noted the power growth opportunity is real and exciting, but any long-term commitment would require a differentiated price structure, not just in-basin pricing.

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    Matthew Portillo's questions to Coterra Energy Inc (CTRA) leadership • Q1 2025

    Question

    Matthew Portillo of TPH&Co. asked for an update on the maintenance capital required to hold oil volumes flat over a multi-year period. He also questioned how the returns in the Anadarko Basin compare to the Permian program in the current strip price environment.

    Answer

    SVP of Business Units Michael Deshazer estimated that holding the 2025 oil volume of 160 MBo/d flat would require around $1.5-1.6 billion in capital for the Anadarko and Permian. Chairman, CEO and President Thomas Jorden noted that at a 15:1 oil-to-gas ratio or lower, the returns across all three basins become a very competitive 'horse race'.

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    Matthew Portillo's questions to Coterra Energy Inc (CTRA) leadership • Q4 2024

    Question

    Matthew Portillo asked for the new return threshold for the Upper Marcellus given cost improvements, and requested detail on the number of wells and zone split for the 2025 drilling program.

    Answer

    Chairman, CEO and President Thomas Jorden maintained the return threshold in the mid-$3s for gas, emphasizing that investment resiliency against price drops is as important as the headline return. He declined to provide specific well counts or splits for the 2025 program, stating it was more detail than would be productive given the multiple pivot points available.

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    Matthew Portillo's questions to Coterra Energy Inc (CTRA) leadership • Q3 2024

    Question

    Matthew Portillo asked about the drivers of strong Q3 gas volumes in the Permian and the impact of the Matterhorn pipeline. He also sought clarity on the operational plan for new Marcellus wells and the timeline to ramp up activity if prices improve.

    Answer

    Blake Sirgo, SVP of Operations, attributed the Permian gas growth to higher-than-expected gas-oil ratios (GOR), not operational changes, and noted Matterhorn primarily improves pricing on Waha-exposed gas. For the Marcellus, he confirmed new wells are dewatered and then managed as part of a field-wide, month-to-month curtailment program. He emphasized they have 'shovel-ready' projects and can respond quickly to price signals.

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    Matthew Portillo's questions to Devon Energy Corp (DVN) leadership

    Matthew Portillo's questions to Devon Energy Corp (DVN) leadership • Q1 2025

    Question

    Matthew Portillo asked for confirmation of the Bakken capital budget for 2025 and inquired about cost savings achieved since the Grayson acquisition. He also questioned if the seemingly elevated capital in the Powder River Basin could be a lever for reductions in 2026.

    Answer

    SVP, Asset Management John Raines confirmed the Rockies well count was on track. SVP, E&P Operations Tom Hellman detailed significant post-acquisition savings in the Williston, including a 15% reduction in drill costs and 8% in completion costs. Regarding the Powder River, John Raines explained the capital is focused on appraising the Niobrara. President and CEO Clay Gaspar added that upfront infrastructure investments are impacting current costs but are key to driving long-term well costs down significantly.

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    Matthew Portillo's questions to Devon Energy Corp (DVN) leadership • Q4 2024

    Question

    Matthew Portillo of TPH&Co. requested an update on inventory depth in the Anadarko Basin and asked for details on the Permian program, specifically the allocation to the Wolfcamp B zone and its impact on the basin's oil cut.

    Answer

    COO Clay Gaspar explained the Anadarko program currently relies on the Dow JV to compete economically. SVP John Raines specified that the Wolfcamp B co-development will increase from ~10% of the Delaware program in 2024 to ~30% in 2025, while the basin's overall oil mix will remain consistent year-over-year at just under 47%.

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