Neil Singhvi Mehta

Neil Singhvi Mehta inquired about ConocoPhillips' future strategic focus, specifically whether the company prioritizes organic growth given its strong inventory and project pipeline, or if it sees a role in further industry consolidation.

Answer

Ryan Lance, Chairman and CEO, explained that ConocoPhillips has completed its significant M&A activities over the past 4-5 years and currently has no strategic gaps in its globally diverse portfolio. The company's primary focus has shifted to organic opportunities, leveraging its resource-rich position and significant internal project pipeline, including LNG developments and the Willow project.

Neil Singhvi Mehta inquired about ConocoPhillips' strategic direction, specifically whether the company views itself primarily as an organic growth story or if it anticipates playing a role in the accelerating industry consolidation, given its strong inventory and project pipeline.

Answer

Ryan Lance, Chairman and CEO of ConocoPhillips, stated that the company has completed its major M&A activities over the past 4-5 years and is now focused on organic opportunities. He emphasized the strength and diversity of their existing portfolio, including leading Lower 48 resources, global assets, and LNG/Willow projects, positioning ConocoPhillips as resource-rich with no strategic gaps.

Neil Singhvi Mehta inquired about the lower Q4 crude charge guidance, early thoughts on 2026 turnarounds, and HF Sinclair's go-forward strategy for return of capital.

Answer

Steve Ledbetter, EVP of Commercial, attributed the Q4 guidance to the planned Puget Sound turnaround and deferred maintenance. Valerie Pompa, EVP of Operations, anticipated lower costs and fewer turnarounds in 2026. Atanas Atanasov, CFO, stated the 50% payout ratio is a minimum, and excess cash flow will be returned to shareholders. Tim Go, CEO, highlighted a strong historical track record of cash returns and a balanced capital allocation strategy.

Neil Singhvi Mehta asked about Valero's insights into the significant volume of crude on the water, its likely destination (OECD vs. China), and its potential as a catalyst for widening crude differentials, specifically mentioning Iraq. He also sought an update on the performance of Valero's non-refining businesses, particularly the sustainability of ethanol margins and the path to profitability for Diamond Green Diesel (DGD) post-RVO.

Answer

Gary Simmons, Executive Vice President and COO, confirmed an increase in Iraqi crude barrels (Basra and Kirkuk) flowing to the US, while most other barrels are directed to Asia. Eric Fisher, Senior Vice President Product Supply, Trading and Wholesale, stated that ethanol's outlook remains positive due to a record corn crop, strong domestic and export demand, and global E0/E10/E15/E20/E30 transitions. For DGD, he noted that recent softening of fat prices has led to positive EBITDA, but challenges remain for 2026 with PTC changes and RVO policy uncertainty.

Neil Singhvi Mehta inquired about Halliburton's focus on the Middle East for power opportunities, including existing constraints and strategies to overcome them, and sought early insights into the 2026 market outlook, especially for North America, based on initial customer conversations.

Answer

Jeffrey Miller, Chairman, President, and CEO, explained the Middle East is a key focus due to its developing economy, investment-forward approach, available energy, and capital. For 2026, he described the outlook as 'overall flattish with some bright spots,' noting North America is likely operating below maintenance spending levels, and the market dynamics, including OPEC Plus barrels, are creating an inflection point for future tightness and a strong recovery.