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    Oliver Huang • TPH&Co.

    Oliver Huang's questions to Civitas Resources Inc (CIVI) leadership

    Oliver Huang's questions to Civitas Resources Inc (CIVI) leadership • Q2 2025

    Question

    Oliver Huang from TPH&Co. asked if faster operational cycle times could push capital spending and well completions toward the high end of guidance. He also inquired if there is a long-term absolute net debt target beyond the goal of reaching one-times leverage.

    Answer

    President & COO Clay Carrell acknowledged that faster cycle times pull activity forward and stated the company is actively balancing this to maintain a level-loaded program into 2026. CFO & Treasurer Marianella Foschi noted that while there isn't a specific absolute debt number, the company will continue to pay down debt materially post-2025, focusing on holistically de-risking the business through its capital structure, maturity profile, and hedging.

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    Oliver Huang's questions to Civitas Resources Inc (CIVI) leadership • Q3 2024

    Question

    Oliver Huang asked about the primary levers for further productivity gains in the Midland Basin over the next year. He also inquired about the outlook for service costs in 2025 and the deflation assumptions baked into the maintenance capital forecast.

    Answer

    CEO M. Doyle explained that future gains will come from focusing on incremental well returns, which may mean drilling fewer wells per section, alongside continuous improvements in subsurface targeting and completion designs like simul-fracs. He noted it's too early to predict 2025 service costs given market volatility but stated recent deflation was mainly in consumables.

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    Oliver Huang's questions to Chord Energy Corp (CHRD) leadership

    Oliver Huang's questions to Chord Energy Corp (CHRD) leadership • Q2 2025

    Question

    Oliver Huang of TPH&Co. sought detailed takeaways from the first four-mile Rysted well, including drilling, completion, and productivity, and asked if the company might tweak its approach for subsequent wells. He also questioned how a significant shift to four-mile laterals could expand the company's economic inventory.

    Answer

    COO Darrin Henke described the Rysted well's execution as nearly flawless, with drilling performance exceeding expectations and production outperforming its type curve by 30%. He noted the company will have seven four-mile wells online by year-end to gather more data. CEO Daniel Brown explained that the superior economics of four-mile wells will make peripheral acreage more competitive for capital and that these longer laterals could constitute up to 50% of future development.

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    Oliver Huang's questions to Crescent Energy Co (CRGY) leadership

    Oliver Huang's questions to Crescent Energy Co (CRGY) leadership • Q2 2025

    Question

    Oliver Huang of TPH&Co inquired if lower D&C costs were driven by service cost deflation or purely by efficiency gains. He also asked about the possibility of building DUCs if the company runs ahead of schedule, versus slowing down or pulling forward 2026 activity.

    Answer

    CFO Brandi Kendall clarified that the 3% reduction in the capital guide was entirely due to drilling and completion efficiencies, not service cost deflation. She noted that the resulting $100 million in incremental free cash flow would be retained for shareholder benefit rather than reinvested. CEO David Rockecharlie affirmed that the company's outlook for the year remains the same and they would not change their plan absent large commodity price moves.

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    Oliver Huang's questions to SM Energy Co (SM) leadership

    Oliver Huang's questions to SM Energy Co (SM) leadership • Q2 2025

    Question

    Oliver Huang asked for specific drivers of the improved Uinta well performance, given the wells were from an inherited DUC backlog, and questioned the expected oil production trajectory into Q4 and 2026.

    Answer

    EVP & COO Beth McDonald pointed to a comprehensive development strategy, including landing zone optimization and lateral extensions, as drivers for performance. President & CEO Herbert Vogel acknowledged a likely Q4 production rolloff due to well timing and provided a preliminary 2026 outlook of flattish BOE production with a six-rig program, emphasizing a focus on maximizing free cash flow.

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    Oliver Huang's questions to Magnolia Oil & Gas Corp (MGY) leadership

    Oliver Huang's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q2 2025

    Question

    Oliver Huang of TPH&Co inquired about the economic criteria for adding new acreage to the core Giddings development program and asked for an outlook on oilfield service cost trends.

    Answer

    CEO Christopher Stavros explained that the recent bolt-on acquisitions were viewed as a low-cost entry point for high-upside acreage adjacent to their core position, offering opportunities for lengthening laterals and new wells. Regarding service costs, he noted some ongoing deflation due to reduced industry activity, estimating a several percent benefit in Q3. However, he cautioned this could flatten out in Q4 due to steel tariffs, with a potential for costs to rise again with activity in 2026.

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    Oliver Huang's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q3 2024

    Question

    Oliver Huang inquired about the current state of service costs and how they might trend into 2025. He also asked if recent large acquisitions introduced any new required drilling or lease obligations that could impact near-term capital allocation.

    Answer

    President and CEO Christopher Stavros noted that service costs have been softer than anticipated, contributing to Q3 capital savings. He sees potential for additional mid-single-digit savings into next year across categories like OCTG, pressure pumping, and rigs. He anticipates 2025 capital will not be much higher than 2024. On the second point, Stavros confirmed that recent deals did not create any meaningful new drilling obligations.

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    Oliver Huang's questions to Matador Resources Co (MTDR) leadership

    Oliver Huang's questions to Matador Resources Co (MTDR) leadership • Q2 2025

    Question

    Oliver Huang from Tudor, Pickering, Holt & Co. asked for details on the cadence of frac activity for the rest of the year, noting that spending guidance implies a slowdown in Q4.

    Answer

    EVP and CFO William Lambert confirmed the spending trajectory, explaining that operational efficiencies allowed the team to pull activity from Q4 into Q3. He noted that wells completed late in Q3 will primarily benefit Q4 production. Lambert advised investors to expect some 'lumpiness' in production going forward due to the longer cycle times of large, multi-zone development pads in the Delaware Basin.

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    Oliver Huang's questions to Matador Resources Co (MTDR) leadership • Q3 2024

    Question

    Oliver Huang from Tudor, Pickering, Holt & Co. asked about Lease Operating Expense (LOE) trends, considering the impact of Ameredev volumes, and inquired about specific plans to reduce operating costs on the newly acquired assets.

    Answer

    Glenn Stetson, EVP of Production, clarified that while Ameredev's assets have a higher initial operating cost, the company has already identified $1 million per month in potential savings. These efficiencies will come from increased use of recycled produced water, optimizing production chemical programs, and consolidating operations to be field-based in New Mexico. He noted the Pinyon sale does not affect these properties' opex.

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    Oliver Huang's questions to APA Corp (US) (APA) leadership

    Oliver Huang's questions to APA Corp (US) (APA) leadership • Q1 2025

    Question

    Oliver Huang of TPH & Co. asked for APA's updated corporate breakeven oil price required to cover capital expenditures and the dividend, given the accelerated cost savings. He also requested quantification of the shift toward denser well spacing from 2024 to 2025.

    Answer

    CEO John Christmann stated that with the full $350 million annual run-rate savings, APA can fund its entire program, including exploration and the dividend, at a $50 WTI price. Regarding well spacing, he explained that a significant portion of the current program already utilizes the denser design, driven by operational changes like using slimmer casing, and that it is a dynamic optimization process rather than a fixed percentage shift.

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    Oliver Huang's questions to Permian Resources Corp (PR) leadership

    Oliver Huang's questions to Permian Resources Corp (PR) leadership • Q3 2024

    Question

    Oliver Huang asked if Permian Resources is considering larger pads or developing more zones to lower costs, and inquired about power reliability and related capital needs.

    Answer

    Co-CEO William Hickey explained that while development is rock-dictated, the company's tolerance for larger pad sizes has increased with scale and pad sizes will likely be slightly higher next year. He clarified that power is reliable and not a production risk, but improving it by moving off generators presents a significant opportunity for future LOE savings, not a major capital concern.

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