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Neal Dingnann

Research Analyst in the Energy and Power Technologies group at William Blair

Neal Dingmann is a Research Analyst in the Energy and Power Technologies group at William Blair, specializing in extensive coverage of the energy sector, including major oil and gas exploration and production companies such as Devon Energy, Diamondback Energy, Magnolia Oil & Gas, and Chevron. Within the past year, he has issued 80 ratings with an average return of 8.2% and a success rate of 0%, focusing primarily on energy equities and demonstrating a consistently active track record. Dingmann joined William Blair in July 2025 after spending 15 years at Truist Securities, and previously held roles at Wunderlich Securities, Dahlman Rose, Pritchard Capital Partners, Banc of America, and RBC Capital Markets. He holds a B.S.B.A. in finance from the University of Arkansas and an M.B.A. from the University of Minnesota, and is registered with FINRA with the Series 7, 63, 86, and 87 securities licenses.

Neal Dingnann's questions to OCCIDENTAL PETROLEUM CORP /DE/ (OXY) leadership

Question · Q3 2025

Neal Dingnann asked about the primary drivers behind Occidental's exceptionally low Permian well costs, specifically inquiring if larger projects contributed significantly to this achievement. He also sought clarification on the expected returns from the incremental upside generated by Enhanced Oil Recovery (EOR) projects.

Answer

Richard Jackson (SVP and COO) explained that the low Permian well costs resulted from a combination of operational efficiency improvements, strategic re-evaluation of service contracts, and the benefits of scale in the Midland Basin through integrating best practices from Oxy and legacy CrownRock teams. He stated that current EOR returns are in the 25%-35% range, with expectations for these to improve further with increased uplift, underscoring the competitive nature of capital allocation within the portfolio.

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