Neal Dingmann • Truist Securities

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Co-CEO William Hickey attributed the efficiency gains to a deeply ingrained company culture of continuous improvement and a hyper-focus on the Delaware Basin, noting that M&A primarily serves to showcase this cost structure. Executive Hays Mabry stated that the primary goal for shareholder returns is to grow the base dividend annually, with excess cash allocated to the highest-return opportunities, including debt reduction, buybacks, or M&A.

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Co-CEO William Hickey stated that the 2025 capital allocation will remain focused on New Mexico, similar to previous years, and that regulatory easing would offer flexibility but is not essential. Co-CEO James Walter added that surface acreage could be monetized or developed for infrastructure, potentially tied to AI-driven power demand, while the goal for take-in-kind gas is to shift sales to higher-priced Gulf Coast markets over time.

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CEO Kimberly Dang stated that selling assets is not the preferred way to fund growth, as the company likes its current asset base and can fund its CapEx from cash flow, balance sheet capacity, or by bringing in project partners at an attractive cost of capital. Regarding M&A, she suggested that while market turbulence could present opportunities over the longer term if it causes distress, the initial reaction is often for participants to step back and let things settle.

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President Kimberly Dang detailed that strong performance in natural gas transmission and storage offset weakness in gathering volumes, and noted that 2025 would be influenced by G&P volumes, rate escalators, and project contributions. She also stated the backlog could potentially grow with new significant projects. Anthony Ashley, VP of CO2, confirmed the recent approval of a ~$145 million project but expects overall annual expansion spending to remain around $200 million without a material near-term increase.

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CEO Tom Ward responded that while the company evaluates all deals, it would currently lean towards a crude oil acquisition, especially with oil prices in the $60s. He affirmed that Mach plans to retain its midstream assets, as they are critical to operations and generate more EBITDA annually than their total purchase price.

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Executive Tom Ward confirmed Mach is actively looking at both oil and gas deals beyond the Mid-Con, including in the ArkLaTex and around the Permian. He described the Custer County deep gas wells as "extraordinarily good" and highly competitive from a rate-of-return perspective, even at current commodity prices.

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CEO Mickey McKee reported that equipment delivery times are holding steady at around 45 weeks and that Kodiak is proficient at managing these logistics. He expressed high confidence in retaining customers through M&A, noting the prohibitive costs of swapping providers and the need for even the largest producers to have strategic compression partners in basins like the Permian.

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CFO John Griggs explained that the margin recovery to pre-acquisition levels was driven by setting new units at higher market rates, repricing the existing fleet, and realizing the majority of the planned $30 million in synergies. He reiterated the capital allocation framework: grow EBITDA, pay a dividend of roughly 35% of discretionary cash flow, and achieve the 3.5x leverage target by year-end 2025.

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CEO Francisco Leon grouped the Net Power and National Cement MOUs as key long-term partnerships in hard-to-abate sectors that will provide sustainable cash flow for the CCS business. He emphasized that CRC is being highly selective, partnering with entities that bring their own capital for capture systems. Mr. Leon identified progress on lifting the CO2 pipeline moratorium as the next major catalyst to watch for these projects.

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CEO Ezra Yacob identified the U.S. Gulf Coast as a potential future hub for data centers located near energy sources, which would benefit the Dorado gas play. He also clarified that recent Utica leasing has focused on coring up positions within the volatile oil window, where the company is concentrating its current development and data gathering efforts.

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SVP of E&P Keith Trasko stated the current Utica focus is the volatile oil window, with declines behaving like a typical tight shale combo play, similar to the Eagle Ford. Chairman and CEO Ezra Yacob addressed inventory by emphasizing EOG's 10 billion BOE of premium resource. He explained that investment pace is set to maximize returns, not just inventory life, and that technology continues to unlock new potential, especially in the Delaware Basin, making a simple 'years remaining' calculation less relevant.

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CEO David Rockecharlie responded that while they are satisfied with the performance of recent acquisitions, they still see tremendous bolt-on opportunities, particularly in the Eagle Ford, and will remain disciplined. He confirmed that increased scale is driving efficiencies, from optimizing internal resources to securing better terms with service providers, especially when integrating assets from sellers who had a less unified operational approach.

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An executive, identified as Clay, confirmed that the SilverBow acquisition provides significant commodity mix optionality, allowing a current focus on liquids with the flexibility to switch to gas. David Rockecharlie, an executive, added that while they are in the 'early days' of realizing integration benefits, they are pleased with the progress and see significant opportunities for further efficiencies.

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CEO Christopher Conoscenti emphasized that Sitio's M&A success is driven by a consistent, relationship-based approach focused on high-return, small- to medium-sized deals, with only 2 of 16 deals in 2024 coming from auctions. He highlighted a 20% compounded annual growth in production per debt-adjusted share since going public. Regarding 2025 activity, Conoscenti noted that guidance is underpinned by already spudded wells and permits, providing high confidence, and that any M&A would be additive to the projected 3% organic growth.

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CEO Christopher Conoscenti and COO Jarret Marcoux responded, directing attention to the investor deck which illustrates broad activity across the entire asset footprint, not just one or two basins. They highlighted the diversity of locations in the Midland and Delaware Basins, Texas, New Mexico, and the DJ Basin. Marcoux added that the 9,000 gross normalized line-of-sight wells provide significant confidence in future activity.

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CEO Christopher Conoscenti stated that operator activity has not seen a meaningful change, as efficiency gains allow them to 'do more with less.' He confirmed the line-of-sight well inventory remains strong despite a quarterly decrease from a high Q1. For M&A, Conoscenti identified the Permian and DJ Basins as the most active areas, noting the Permian remains highly competitive.

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Executive Brendan McCracken noted that while low single-digit deflation is factored in, the majority of gains are from true operational efficiencies. Executive Gregory Givens highlighted record drilling speeds as a key driver. On M&A, McCracken reiterated that the bar is very high, and the focus is on swaps and coring up existing acreage rather than bolt-on deals.

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CEO Daniel Brown affirmed that efficiency gains will continue through incremental improvements on 3-mile laterals and more significant gains on the newer 4-mile program as the company gets more practice. On M&A, Brown emphasized that while scale is advantageous, any deal must make the company "better, not just bigger." He stated Chord will remain patient and only pursue transactions that deliver clear, full-cycle shareholder value.

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CEO Daniel Brown explained that future operational efficiencies would prioritize increasing free cash flow over raising activity levels. He stated the 3-year plan is stable at current commodity prices but could be adjusted in response to significant market shifts. Brown also noted that longer laterals and wider spacing in the western part of the basin are delivering economic returns comparable to the historic core, enhancing the value of the entire portfolio.

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CCO Sheridan Swords confirmed that production expectations are 'at or above' prior levels, citing benefits from producer consolidation in the Bakken and increased activity in the Mid-Continent. He expressed significant optimism for the EnLink assets, highlighting a focused team pursuing growth in the Permian and an expanded footprint in the Mid-Continent that is creating new opportunities to serve producers.

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CFO Walter Hulse stated that the 2025 outlook was directional and that detailed guidance would be provided in February. Sheridan Swords, Executive Vice President, reiterated that ethane recovery decisions are primarily driven by the price of natural gas in specific regions, such as the Bakken, Mid-Continent, and Permian, rather than a single national price.

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President Kaes Van't Hof explained that the improved free cash flow breakeven is a result of capital efficiency improvements and accretive deals like Endeavor. He noted that the DUC drawdown is significant due to being ahead of schedule and acquiring DUCs in recent deals, but the company has the flexibility to drill more if conditions are favorable. He also highlighted that SimulFRAC fleets are now completing about 100 wells per year, up from 80, with potential upside to 110-120.

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President and CFO Kaes Van't Hof explained that the Endeavor assets improve free cash flow margins and have lowered the post-dividend corporate breakeven from $40 to $37 per barrel, creating capacity for a potential base dividend increase in 2025. Regarding the TRP trade, he stated that while PDP values were similar, Diamondback upgraded its portfolio by swapping lower-quartile inventory for 18 DUCs and 55 top-quartile locations in its core Midland Basin operating area.

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President Avigal Soreq attributed the strong guidance to the combined impact of the H2O Midstream and Gravity acquisitions, the Wink to Webster pipeline contribution, and the Libby plant expansion with its associated acid gas injection project. Regarding the 3Bear assets, he confirmed that strong producer demand and the success of the company's comprehensive crude, gas, and water offering justified the ongoing expansion projects.

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President Avigal Soreq confirmed the H2O Midstream integration is 'pretty much done' across operations and systems, creating valuable bundling opportunities for crude and water services. On capital allocation, Soreq emphasized a commitment to continuing the streak of distribution increases (currently 47 consecutive) while balancing growth and maintaining a long-term leverage target of 3.5x. SVP Odely Sakazi added that the company is managing its growth opportunities in a sustainable manner.

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SVP of Operations Blake Sirgo highlighted ongoing gains in drilling, frac, and well management, with a new focus on rightsizing frac designs using ML models. SVP of Business Units Michael Deshazer confirmed that the 2025 plan includes both overfilling with Upper Marcellus wells and co-development. Chairman, CEO and President Thomas Jorden added that the new lower cost structure makes both zones highly attractive.

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Tom Jorden, CEO, confirmed they have a deep inventory in the Anadarko but would consider value-accretive bolt-on acquisitions. Shannon Young, CFO, addressed shareholder returns, reaffirming the commitment to return 50% or more of free cash flow. He noted that continued buybacks are supported by the company's view of its intrinsic value, its strong free cash flow profile, and its robust liquidity position.

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CEO Kaes Van’t Hof quantified the upside at a minimum of $50 million in cash flow in 2026 at $70 oil, with potential for growth, and noted active M&A opportunities in Reagan County. Outgoing CEO Travis Stice expressed strong confidence in Viper's team and growth runway, calling it a 'category killing company'.

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Austen Gilfillian, Vice President, explained that near-term growth will be driven by a significant increase in Diamondback-operated work-in-progress wells, followed by a step-up in activity from third-party operators, partly due to the Tumble Wheat acquisition. CEO Travis Stice clarified that the 83% payout was a one-time event to accommodate new shareholders from the Tumble Wheat deal and that the company's policy remains a 75% minimum payout, which he noted is well-protected.

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CEO Chris Doyle explained that after optimizing development plans to extend lateral lengths, the company is increasing capital allocation to the higher-return Delaware Basin, with activity growing from 20% of completions in 2024 to about 40% in 2025. Regarding infrastructure, Doyle acknowledged a Q1 third-party processor issue in the DJ but stated the team managed it well and feels confident in its ability to execute the 2025 plan, including managing water and gas takeaway.

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CEO M. Doyle stated that returns, not a fixed ratio, will drive activity splits between basins, with a focus on maximizing free cash flow and maintaining flat production. CFO Marianella Foschi added that the current shareholder return framework effectively balances debt reduction and buybacks, and while they aim for a peer-leading yield, the priority remains on strengthening the balance sheet.

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CEO Matt Meloy explained that the Badlands asset is synergistic, as its NGLs feed into Targa's downstream fractionation and export system, and owning 100% enhances strategic flexibility. President, Logistics and Transportation, Scott Pryor clarified that the system has existing operating leverage, and third-party offload agreements provide flexibility on the timing for a new long-haul pipeline expansion.

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Executive Patrick McDonie stated that one in every three rigs in the Permian is on Targa acreage, with robust activity from diverse producers driving a strong gas growth outlook. Executive Matt Meloy affirmed confidence in achieving a 'significant amount of free cash flow in 2025' and noted that while they evaluate bolt-on M&A, the bar remains 'very high,' with the priority being organic execution.

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CEO Nicholas O'Grady explained that the 2026 growth confidence stems from spudding more wells than are being completed in 2025, with back-half weighted completions providing a full-year contribution in 2026. He reaffirmed a strong, long-term conviction in the Uinta asset, stating it's too early to judge its performance and that recent market transactions validate their purchase price.

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CEO Nicholas O'Grady highlighted the business model's flexibility, citing the ability to pivot capital to the Ground Game during downturns, as seen in 2020. He confirmed the capital allocation framework remains return-driven, prioritizing organic drilling, followed by Ground Game and acquisitions. CFO Chad Allen added that due to recent acquisitions, near-term focus will include debt reduction while keeping all capital return options open.

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President and CEO Herbert Vogel and COO Beth McDonald confirmed the 2025 activity plan for Utah is unchanged by refinery maintenance, which only affects sales timing. Regarding reserves, Ms. McDonald explained the Midland decrease was not due to performance but primarily from PUDs falling outside the 5-year development window as activity was reallocated post-acquisition. She noted Uinta reserves will be optimized and grown over time.

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Katie Hill, SVP and COO, confirmed that the Point Energy assets are outperforming initial expectations due to better-than-expected downtime, strong new wells, and reduced LOE costs. President and CEO Mikell Pigott explained that the Upton County well underperformance was isolated to tests in newer formations (Wolfcamp A, Lower Spraberry) on the eastern edge of the play and that the company's overall inventory of 925 locations has already been adjusted for these results.

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CEO Mikell Pigott expressed excitement about the progress, after which COO Katie Hill provided details. Hill explained that the $925/foot target is driven by a combination of operational efficiencies already achieved (like reducing drilling cycle times from 25-30 days to ~20 days), future planned improvements, and the ability to drill longer laterals. For 2025, she stated that approximately 75% of capital will be allocated to the Delaware Basin (split between Point and other assets) and 25% to the Midland. Regarding LOE, Hill noted that while Q4 guidance is higher ($9.35/BOE) due to integration, they expect to drive costs back down to the high $8 range by the end of 2025.

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Founder, Chairman and CEO Joseph Wm. Foran explained that they discuss midstream strategy daily and will continue to expand the system to ensure flow assurance as long as they are active in the basin. Executive Gregg Krug added that they are focused on projects enhancing flow assurance and noted the Ameredev acquisition included 180 miles of pipeline not yet integrated into their San Mateo system, representing further opportunity.

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Joseph Wm. Foran, Founder, Chairman, and CEO, explained that the company favors a growing fixed dividend as it benefits all long-term shareholders, a preference he stated has been overwhelmingly confirmed by investors at annual meetings. While open-minded about buybacks, Foran noted they can sometimes just provide an exit for short-term investors. He added that once leverage is reduced, buybacks could receive greater consideration.

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President and CEO Christopher Stavros explained that the company is now primarily in a development phase in Giddings, with scientific testing limited to newer areas. Regarding the cash balance, he noted a past instance where cash grew to $700 million and was patiently deployed on attractive acquisitions, indicating comfort with holding cash for a period to await the right opportunities.

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President and CEO Christopher Stavros attributed the Giddings success to a talented team and a deep understanding of the asset developed over six years, which allows for a subtler decline rate and strong well performance. He explained that acquisitions expand on this knowledge base. Regarding midstream issues, Stavros acknowledged the lack of control and expressed ongoing concern about power grid reliability, stating that while they work with third-party providers, significant capital investment in their own infrastructure is unlikely at this time.

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Richard Jackson, President, U.S. Onshore Resources and Carbon Management, detailed an expected 7% improvement in 2025 drilling and completion costs, driven by both operational efficiencies and market deflation. Vicki Hollub, President and CEO, stated that OXY is focused on organic growth within its existing high-quality international assets in Algeria, Oman, and Abu Dhabi, rather than pursuing new international M&A.

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COO Clay Gaspar clarified that the Rockies program, with three rigs at Grayson Mill, is designed to maintain relatively flat production while maximizing capital efficiency and returns. CFO Jeff Ritenour credited a multi-year team effort in securing gathering, processing, and long-haul capacity for oil, gas, NGLs, and water, which has de-risked operations in the Delaware Basin.

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Chief Financial Officer Jeff Ritenour prioritized the fixed dividend, which he expects to grow, followed by a clear bias towards share repurchases given the stock's current valuation. On JVs, President and CEO Richard Muncrief confirmed active discussions with utilities and power pools, while COO Clay Gaspar added that the company is creatively exploring ways to connect its vast Delaware Basin gas resources to address regional electricity needs.

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CEO Alan Armstrong stated that demand for capacity expansions in the Northwest has accelerated faster than expected in the last 6-9 months and that recent service requests suggest this growth will continue. COO Michael Dunn confirmed that the Huntington connector is a "nonfactor" regarding cross-border impacts.

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CEO Alan Armstrong confirmed that yes, they can and are looking at making relatively small, direct expansions of Transco to serve data center demand. He noted that the feasibility and requirements are highly dependent on the size and scale of the specific facility, differentiating between smaller loads and hyperscale data centers.

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Jeremy Goebel, an executive, indicated that new Eastern Eagle Ford opportunities would likely materialize next year, as the immediate focus is on integration. Al Swanson, EVP and CFO, reiterated that share buybacks are opportunistic and reserved for significant market dislocations, with the company's preference being to return capital via distribution increases.

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EVP & CCO Jeremy Goebel confirmed producer activity is on track, noting that while some constraints like New Mexico gas takeaway existed, the industry is actively resolving them. Chairman & CEO Willie Chiang explained that the NGL segment's shift from margin-based to fee-based contracts is designed to create more stable and durable cash flows, reducing volatility even if it means forgoing some of the upside from commodity price spreads.

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Executive Jeremy Goebel reiterated Plains' disciplined M&A approach, stating they would only pursue deals where they can extract significant synergies and be more competitive than others. On hedging, he confirmed that the company is rigorous in locking in economics and does not leave significant unhedged exposure for its NGL barrels.

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Chairman and CEO Ryan Lance responded that industry consolidation will continue, but the landscape of high-quality opportunities is shrinking following recent transactions. He reiterated the company's strict M&A criteria: any deal must fit their financial framework, the assets must be improved within their portfolio, and the transaction must make the overall company and its 10-year plan better. He described the Marathon deal as a unique opportunity that arose, rather than the result of an active search.

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Nick Olds, EVP of Lower 48, credited the outperformance to multiple factors, including strong base production, continued operating efficiencies leading to more feet per day, and the use of technology like the Drilling Intelligence Group. He highlighted record production in the Permian and Eagle Ford, a successful turnaround in the Eagle Ford, and strong performance from 3-mile laterals in the Midland Basin, while noting the well cadence created some lumpiness.

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An executive noted that processing spreads are expected to remain stable, largely influenced by low Waha gas prices. On the macro front, another executive commented that oil prices appear range-bound due to OPEC+ actions, Permian rich gas production continues to exceed expectations, and the long-term outlook for natural gas is constructive due to LNG and power generation demand.

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Executive F. D'Anna confirmed they are expanding their ethylene pipeline and export capacity, citing a significant growth opportunity from expected cracker shutdowns in Europe. Executive Brent Secrest affirmed that with 370 million cubic feet per day of open capacity exposed to the Waha spread, the marketing business is expected to remain a strong contributor.

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CEO Mike Wirth attributed the weak quarter to a confluence of factors, including soft margins, turnaround activity, and significant negative inventory accounting effects. He characterized it as a quarter where multiple items moved in a negative direction but affirmed there was no structural deterioration in the business.

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CFO Kathy Mikells reiterated guidance from the corporate plan: cash CapEx of $27-29 billion in 2025, rising to $28-33 billion annually from 2026-2030. She noted that while growth brings new expenses, they are being offset by structural cost reductions, with a target of an additional $6 billion in savings by 2030. CEO Darren Woods added that from 2019-2024, the company more than offset costs from growth and inflation, demonstrating their ability to grow value while reducing costs.

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President and CEO Eric Hambly detailed a fairly active workover schedule for the first half of the year in the Gulf of Mexico, including the Samurai 3, a Marmalard sidetrack, and a Khaleesi safety valve fix, noting no further workovers are planned for the second half. An unnamed executive added specific production rates for these wells. Regarding Vietnam, Hambly specified a $110 million net capital allocation for the Lac Da Vang development in 2025, a $10 million net cost for the Lac Da Vang exploration well, and a ballpark estimate of $20 million net for the Hai Su Vang appraisal well.

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President and COO Eric Hambly stated that the company remains committed to its plan for low single-digit CAGR oil-weighted growth through 2026 with roughly $1.1 billion in average annual CapEx. He noted 2025 production should be similar to or slightly higher than 2024, with higher oil output from the Eagle Ford. Hambly detailed the significant potential of the Vietnam prospects, with the Hai Su Vang well targeting a mean of 170 million barrels of oil equivalent, potentially creating a material business producing 30,000-50,000 bbl/d by the end of the decade. CEO Roger Jenkins added that this strategy mirrors their past success in Malaysia.

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EVP and COO Gregory Floerke confirmed that Marcellus activity is proceeding as expected, with high utilization supporting the new Harmon Creek III plant. President and CEO Maryann Mannen reiterated that the distribution is the primary capital return tool, followed by disciplined investment in high-return projects, with share repurchases remaining an opportunistic tool to be used when the equity is seen as undervalued.

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Executive Gregory Floerke stated that they see no material impact from DUC deferrals, as producer plans vary. He confirmed that MVP's progress is a boost for the entire region by increasing residue gas takeaway capacity. He also noted that the shift toward rich gas production, an MPLX sweet spot, further opens up capacity on existing pipelines.

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CEO John Christmann confirmed the 8-rig Permian program is designed to sustain oil production around 130k bbl/d. In Egypt, he noted the 11 oil-focused rigs result in a slight gross production decline. CFO Stephen Riney added that a focus on waterflood management in Egypt could help mitigate this decline. Regarding buybacks, John Christmann acknowledged the attractive share price but stated the priority for asset sale proceeds is debt reduction.

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CEO Paul McKinney acknowledged a shorter inventory runway (~450 opportunities) compared to larger peers, which drives their M&A focus. He noted the company is building its geoscience team for organic growth and is optimistic about future acquisition opportunities. EVP of Engineering and Corporate Strategy, Alexander Dyes, added that reduced D&C costs have improved the economics for both vertical and horizontal wells, making the investment landscape more robust.

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Paul McKinney, Chairman and CEO, stated that the current capital allocation mix effectively maximizes cash flow and manages infrastructure constraints. He noted a handsome short-to-medium-term inventory but emphasized the need for acquisitions for long-term growth, highlighting a robust M&A market of non-core assets from larger operators. McKinney also mentioned the company is testing new ideas to organically grow its inventory. Alex Dyes, EVP of Engineering and Corporate Strategy, pointed to a presentation slide detailing the large scale of potential acquisition targets.

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