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    Phillip Jungwirth • BMO Capital Markets

    Phillip Jungwirth's questions to EOG Resources Inc (EOG) leadership

    Phillip Jungwirth's questions to EOG Resources Inc (EOG) leadership • Q2 2025

    Question

    Phillip Jungwirth from BMO Capital Markets asked for details on the nine new development targets in the Delaware Basin and the potential maximum well density per unit. He also questioned if the Delaware's finding and development cost trend could replicate the Eagle Ford's success.

    Answer

    SVP Keith Trasko confirmed the new targets are across the Leonard, Bone Spring, and Wolfcamp zones, with shallower zones now delivering returns comparable to the Wolfcamp. He expressed confidence that the Delaware is on a similar trajectory to the Eagle Ford, with falling costs and rising productivity set to continue lowering finding costs.

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    Phillip Jungwirth's questions to ConocoPhillips (COP) leadership

    Phillip Jungwirth's questions to ConocoPhillips (COP) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked how the projected free cash flow inflection from major projects will improve Return on Capital Employed (ROCE) and how that compares to accelerating Lower 48 growth.

    Answer

    Chairman and CEO Ryan Lance responded that all new projects meet their stringent cost of supply hurdles, ensuring they will drive ROCE improvement. He stated the ultimate goal is to deliver returns competitive with the broader S&P 500, not just energy peers. As free cash flow and CFO grow, distributions to shareholders will also grow, directly contributing to superior, through-cycle returns.

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    Phillip Jungwirth's questions to Permian Resources Corp (PR) leadership

    Phillip Jungwirth's questions to Permian Resources Corp (PR) leadership • Q2 2025

    Question

    Phillip Jungwirth from BMO Capital Markets questioned the company's gas marketing strategy regarding new takeaway projects beyond the Gulf Coast and asked how achieving a full investment-grade rating could enhance marketing and deal-making opportunities.

    Answer

    Co-CEO James Walter stated their goal is to reverse their gas sales mix to 80% outside the Waha hub to maximize netbacks, exploring all new pipeline options. CFO Guy Oliphint added that an investment-grade rating is modestly helpful for marketing agreements and provides broader benefits like better debt terms and increased credit availability through cycles.

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    Phillip Jungwirth's questions to Murphy Oil Corp (MUR) leadership

    Phillip Jungwirth's questions to Murphy Oil Corp (MUR) leadership • Q2 2025

    Question

    Phillip Jungwirth asked about the confidence level in the Eagle Ford inventory following strong well results and sought details on the Vietnam appraisal well, questioning if it provides a clear path to the company's long-term production goals for the region.

    Answer

    President, CEO & Director Eric Hambly expressed high confidence in the Eagle Ford inventory, noting that recent successful infill wells have significantly derisked future locations. For Vietnam, he explained the appraisal well is testing reservoir continuity, and confirmed that existing discoveries already support the 30,000 to 50,000 net BOE/day target, with a successful appraisal potentially pushing output to the higher end of that range.

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    Phillip Jungwirth's questions to Civitas Resources Inc (CIVI) leadership

    Phillip Jungwirth's questions to Civitas Resources Inc (CIVI) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked for President & COO Clay Carrell's initial impressions of Civitas's operations, including areas of strength and opportunities for improvement. He also inquired about the rationale behind the specific asset package chosen for divestiture and the potential for future sales.

    Answer

    President & COO Clay Carrell shared positive impressions, highlighting strong assets and improving operational execution, with ongoing progress in facility optimization. CFO & Treasurer Marianella Foschi explained that the divested assets were chosen because they had minimal near-term development plans, and the company was patient to achieve a strong valuation. She added that while Civitas is not proactively marketing more assets, it remains open to opportunistic offers.

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    Phillip Jungwirth's questions to Devon Energy Corp (DVN) leadership

    Phillip Jungwirth's questions to Devon Energy Corp (DVN) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked for more detail on potential future midstream investments and inquired about Delaware Basin well performance versus expectations and the current state of completion design optimization.

    Answer

    President & CEO Clay Gaspar and EVP & CFO Jeff Ritenour emphasized that their midstream strategy is driven by value creation, whether buying or selling, to support E&P and marketing goals. SVP John Raines noted that Q1 well productivity was skewed by well mix but that overall performance is consistent with expectations, and the company is continuously optimizing completion designs.

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    Phillip Jungwirth's questions to Marathon Petroleum Corp (MPC) leadership

    Phillip Jungwirth's questions to Marathon Petroleum Corp (MPC) leadership • Q2 2025

    Question

    Phillip Jungwirth inquired about potential midstream growth opportunities in Appalachia and how regulatory changes in California could affect market conditions.

    Answer

    CSO David Heppner detailed NGL and natural gas strategies focused on Gulf Coast integration and Permian takeaway. On California, SVP James Wilkins noted that state agencies have become more receptive to discussions on expediting permitting to ensure adequate fuel supply, signaling a potentially more collaborative environment.

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    Phillip Jungwirth's questions to Coterra Energy Inc (CTRA) leadership

    Phillip Jungwirth's questions to Coterra Energy Inc (CTRA) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked for an expansion on the delineation of new zones on the Avant acreage and how results compare to acquisition underwriting. He also asked if the proposed Northeast Supply Enhancement (NESE) project would benefit Coterra and impact the attractiveness of other projects like Constitution.

    Answer

    EVP Michael Deshazer noted that shallower intervals like the First Bone Spring and Avalon are showing tremendous results, playing to Coterra's geological strengths. Regarding infrastructure, CEO Thomas Jorden and EVP Blake Sirgo explained that NESE is prioritized over Constitution due to more immediate market access, but any commitment requires a differentiated price structure that enhances their portfolio.

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    Phillip Jungwirth's questions to Flowco Holdings Inc (FLOC) leadership

    Phillip Jungwirth's questions to Flowco Holdings Inc (FLOC) leadership • Q2 2025

    Question

    Phillip Jungwirth asked for perspective on the reduction in Permian spending, specifically the differing impacts from public versus private operators and the implications for FloQo's customer base. He also requested clarification on maintenance CapEx and a framework for thinking about growth capital sensitivity.

    Answer

    President, CEO & Director Joe Bob Edwards noted that private operators are reducing activity more aggressively than public ones, but the overall slowdown is beginning to impact broader production trends. He reiterated that FloQo remains well-positioned due to its non-discretionary, OpEx-focused services. CFO Jon Byers added that maintenance CapEx is around $20 million annually, while 2026 growth CapEx is expected to be more moderate than in prior years, partly due to the Archrock acquisition.

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    Phillip Jungwirth's questions to Flowco Holdings Inc (FLOC) leadership • Q1 2025

    Question

    Phillip Jungwirth asked about the primary factors influencing rental margins for the remainder of the year and questioned whether HPGL's reliability and lower upfront cost are becoming more critical selling points as producers focus on managing cash flow.

    Answer

    CFO Jonathan Byers indicated that rental margins are expected to remain stable in the 70% range, with pricing power being a key lever. CEO Joseph Edwards confirmed that HPGL's mechanical availability and avoidance of high upfront ESP capital costs are crucial selling points, resonating strongly with customers who are trimming CapEx and focusing on the reliability of their existing production base.

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    Phillip Jungwirth's questions to Flowco Holdings Inc (FLOC) leadership • Q4 2024

    Question

    Phillip Jungwirth inquired about the new e-Grizzly electric multi-well HPGL unit, its opportunity set, and customer benefits. He also asked for details on the company's vertically-integrated manufacturing and how it mitigates execution risk and inflationary pressures.

    Answer

    CEO Joe Bob Edwards explained that the e-Grizzly unit is an electric-powered version of their multi-well compression technology, designed for customers with available power infrastructure. Regarding manufacturing, he emphasized that Flowco's U.S.-based, vertically-integrated supply chain allows them to quickly adjust capital investment, limits capital at risk to about six months, and provides a competitive advantage against competitors who may have more exposure to overseas tariffs.

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    Phillip Jungwirth's questions to Diamondback Energy Inc (FANG) leadership

    Phillip Jungwirth's questions to Diamondback Energy Inc (FANG) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked about the relative cost of capital between Viper and Diamondback and its impact on capital allocation, and also inquired about Permian cycle times.

    Answer

    CEO Kaes Van't Hof acknowledged temporary technical factors affecting Viper's stock but pointed to its recent successful investment-grade debt deal as a sign of strong investor support. COO Danny Wesson described full DSU development as a roughly twelve-month cycle, longer than often perceived. Van't Hof added that despite these cycle times, the significant rig count reduction in the Permian will inevitably lead to a production response.

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    Phillip Jungwirth's questions to Diamondback Energy Inc (FANG) leadership • Q1 2025

    Question

    Phillip Jungwirth asked about the industry's ability to 'high-grade' capital in the current downturn compared to past cycles and inquired about Diamondback's appetite for new natural gas pipeline commitments.

    Answer

    Chairman and CEO Travis Stice argued that most high-grading has already occurred in recent years. President Kaes Van’t Hof added that capital decisions are now more about preserving scarce inventory than protecting balance sheets. He also confirmed Diamondback will continue to support new gas pipelines out of the Permian, believing in the long-term gas thesis.

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    Phillip Jungwirth's questions to Chevron Corp (CVX) leadership

    Phillip Jungwirth's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked about Kazakhstan's petrochemical investment plans, the importance of domestic production to these ambitions, and the potential of the untapped gas resource at Tengiz.

    Answer

    Chairman & CEO Michael Wirth acknowledged Kazakhstan's goal to diversify its economy using its energy wealth. He noted that a large portion of associated gas at Tengiz is currently reinjected. Chevron engages with the republic on these opportunities and supports its goals, though it has not directly participated in a petrochemical plant there. He also mentioned the need for domestic infrastructure investment.

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    Phillip Jungwirth's questions to Chevron Corp (CVX) leadership • Q1 2025

    Question

    Phillip Jungwirth asked about the future development pipeline in the Gulf of America, including prospects for Paleogene or brownfield tiebacks, and how the cost structure of deepwater now compares to shale.

    Answer

    CEO Mike Wirth stated the near-term focus is on infill and staged developments for recent startups, like 'Anchor Phase 2' and 'Ballymore 2'. He noted 80% of their exploration portfolio is within tieback range of existing hubs. He also emphasized that deepwater development costs have fallen to the low teens, making them highly competitive with shale.

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    Phillip Jungwirth's questions to HF Sinclair Corp (DINO) leadership

    Phillip Jungwirth's questions to HF Sinclair Corp (DINO) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked for details on the margin trajectory in the Lubricants segment beyond the turnaround and FIFO headwinds, and how the third quarter is shaping up. He also sought thoughts on a proposed California bill regarding a uniform gasoline spec for Western states.

    Answer

    Matt Joyce, SVP of Lubricants & Specialties, explained that in addition to FIFO and turnaround impacts, long supply in Group 2 and Group 3 base oils pressured margins, a trend expected to continue into Q3. CEO Timothy Go added that the business is now more stable and less susceptible to market fluctuations. Regarding the gasoline spec, Steven Ledbetter, EVP of Commercial, expressed skepticism about a more stringent regional spec being adopted but affirmed HF Sinclair's flexibility to adapt and supply the markets regardless of the outcome.

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    Phillip Jungwirth's questions to Antero Resources Corp (AR) leadership

    Phillip Jungwirth's questions to Antero Resources Corp (AR) leadership • Q2 2025

    Question

    Phillip Jungwirth inquired about the potential ceiling for the TGP 500 leg premium due to LNG demand and whether the Appalachian supply response to in-basin demand might differ from historical patterns.

    Answer

    SVP of Gas Marketing, Justin B. Fowler, suggested the TGP 500 premium could see additional upside as LNG facilities ramp up, creating a 'Citygate' type dynamic. CFO Michael Kennedy acknowledged that while industry consolidation could alter the supply response, Antero will not plan on it, remaining prepared to grow into any sustained price improvement with its vast dry gas inventory.

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    Phillip Jungwirth's questions to Phillips 66 (PSX) leadership

    Phillip Jungwirth's questions to Phillips 66 (PSX) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked if more non-core Midstream asset divestitures are planned. He also sought to understand the drivers of the Central Corridor's strong refining performance and opportunities for improvement in the Gulf Coast.

    Answer

    Chairman & CEO Mark Lashier confirmed that the company has a considerable list of non-core, primarily non-operated, midstream assets that it could continue to monetize. EVP of Marketing & Commercial Brian Mandell attributed Mid-Continent strength to commercial positioning and high reliability. SVP of Refining Richard Harbison noted an opportunity in the Gulf Coast is to better utilize secondary processing units to generate more clean products.

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    Phillip Jungwirth's questions to Ovintiv Inc (OVV) leadership

    Phillip Jungwirth's questions to Ovintiv Inc (OVV) leadership • Q2 2025

    Question

    Phillip Jungwirth asked if there is a tipping point where consolidation in the Montney leads to greater supply discipline and inquired about Ovintiv's long-term gas marketing strategy as existing fixed-price contracts approach renewal.

    Answer

    President and CEO Brendan McCracken suggested that consolidation directionally points toward more discipline, similar to what has occurred in the Lower 48. He also noted that legacy firm transportation contracts have renewal rights in perpetuity, and the company sees a strong, diversified North American gas market evolving due to LNG and data center demand.

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    Phillip Jungwirth's questions to Valero Energy Corp (VLO) leadership

    Phillip Jungwirth's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked if Valero's outlook on vehicle efficiency gains has changed and inquired about the supply and affordability conversation in Europe following recent refinery closures.

    Answer

    EVP & COO Gary Simmons stated that while EV penetration may slow, the main driver of efficiency gains, CAFE standards, remains a factor. He also explained that the Lindsay refinery closure in the UK will likely tighten the local gasoline market, creating an opportunity for Valero's Pembroke refinery to increase local sales, potentially reducing its exports.

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    Phillip Jungwirth's questions to Valero Energy Corp (VLO) leadership • Q2 2025

    Question

    Phillip Jungwirth of BMO Capital Markets asked for Valero's medium-term outlook on vehicle efficiency gains and whether a slowdown is possible. He also inquired about the supply and affordability conversation in the UK and Europe, especially in light of recent refinery closures like Lindsay.

    Answer

    EVP & COO Gary Simmons stated that while EV penetration may slow, CAFE standards continue to drive efficiency gains in the vehicle fleet. Regarding Europe, he noted the Lindsay refinery closure creates a supply void for gasoline in the UK, which Valero's Pembroke refinery is positioned to fill. This could increase local netbacks and potentially reduce product available for export to other markets.

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    Phillip Jungwirth's questions to Matador Resources Co (MTDR) leadership

    Phillip Jungwirth's questions to Matador Resources Co (MTDR) leadership • Q2 2025

    Question

    Phillip Jungwirth from BMO Capital Markets inquired about a potential San Mateo IPO, asking how important Matador's own organic growth profile is versus third-party volumes for public investors.

    Answer

    EVP and CFO William Lambert positioned Matador as a 'relative grower' that balances growth with free cash flow, a key factor for San Mateo's profile. EVP Brian Willey noted that San Mateo has growth opportunities from both Matador and third parties, with its new Marlin plant already fully committed on reserves. CEO Joseph Foran emphasized that attracting third-party business was a foundational strategy to prove quality, resulting in repeat customers and high reliability.

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    Phillip Jungwirth's questions to EQT Corp (EQT) leadership

    Phillip Jungwirth's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    Phillip Jungwirth from BMO Capital Markets asked if EQT expects to supply the gas for the West Virginia power project where it is building midstream infrastructure. He also inquired about the MVP Boost open season and the likelihood of other third-party pipelines reaching FID given potentially high tariffs.

    Answer

    CFO Jeremy Knop confirmed the expectation is that EQT will supply the ~100 MMcf/d of gas for the West Virginia project, which should reach FID in H2 2025. President and CEO Toby Rice added that being an integrated player provides a significant competitive advantage. Regarding MVP Boost, Mr. Knop was cautious due to the active open season but expects new pipelines will be driven by demand-pull from end-users rather than supply-push from producers.

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