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    Roger Read • Wells Fargo

    Roger Read's questions to EQT Corp (EQT) leadership

    Roger Read's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    Roger Read from Wells Fargo Securities asked about behind-the-meter or off-grid demand growth beyond the large, high-profile projects. He also inquired how future midstream CapEx commitments might affect the company's hedging strategy.

    Answer

    President and CEO Toby Rice noted that getting new infrastructure built now requires higher-priced PPAs, a reality the market is accepting. CFO Jeremy Knop added that since gas plant construction costs have doubled, higher spark spreads are logical. On hedging, Mr. Knop stated they are less focused on it, viewing the balance sheet as very safe and believing programmatic hedging would be value-destructive in a structural bull market. He prefers providing investors unhedged exposure, which is supported by the durability of cash flows from new projects.

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    Roger Read's questions to EQT Corp (EQT) leadership • Q1 2025

    Question

    Roger Read inquired about potential out-of-basin opportunities for EQT that the market might be overlooking. He also asked if the company plans to divest any assets from its expanded portfolio, including the newly acquired Olympus assets, to enhance operational focus, similar to past non-operated sales.

    Answer

    CEO Toby Rice responded that EQT's primary focus is on the significant in-basin demand opportunities from power generation and data centers, which he described as the 'hottest trend' happening in their backyard. CFO Jeremy Knop addressed divestitures by stating that EQT continuously evaluates its portfolio to reallocate capital to the highest-return assets, citing last year's non-op sales as an example. He confirmed this process of strategic refocusing will continue.

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    Roger Read's questions to EQT Corp (EQT) leadership • Q4 2024

    Question

    Roger Read from Wells Fargo asked about the potential for increased natural gas flows to the Northeast and for insights into how temporarily opening well chokes impacts long-term reservoir management and capital plans.

    Answer

    President and CEO Toby Rice noted the current administration's shift towards 'energy addition,' which could support gas demand. Regarding well chokes, Rice explained that their managed program provides flexibility to increase production at virtually no cost. CFO Jeremy Knop added that this strategy captures significant value by flowing into high-priced local markets and clarified it is a temporary boost, not a sustained ramp-up.

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    Roger Read's questions to EQT Corp (EQT) leadership • Q3 2024

    Question

    Roger Read asked for early insights on the Equitrans acquisition synergies heading into 2025, specifically any positive surprises or potential challenges. He also questioned the strategy for rightsizing the balance sheet with asset sale proceeds, asking about the approach to early debt retirement.

    Answer

    CEO Toby Rice highlighted that the most significant operational synergy surprise is the potential uplift from compression, with pilots showing nearly double the benefit originally modeled. CFO Jeremy Knop added that the company has a well-defined and efficient plan to use asset sale proceeds to retire debt and smooth out maturity stacks without incurring penalties or inefficiencies.

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    Roger Read's questions to Halliburton Co (HAL) leadership

    Roger Read's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    Roger Read of Wells Fargo Securities asked if recent U.S. tax reform could positively influence the North American outlook. He also sought confirmation that Halliburton would continue to prioritize margins and returns over gaining market share in the current soft environment.

    Answer

    Chairman, President & CEO Jeff Miller stated that customer activity is driven by budgets and commodity prices, not tax bills. He strongly reaffirmed Halliburton's strategic commitment to maximizing returns, which includes refusing to work at uneconomic rates and stacking equipment if necessary, a strategy he noted the company has successfully executed in the past.

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    Roger Read's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    Roger Read of Wells Fargo Securities questioned whether recent U.S. tax reform could positively impact the North American outlook or if the forecast for softness was firm. He also asked if Halliburton would maintain its focus on returns and margins rather than engaging in a market share battle, a historical industry tendency.

    Answer

    Chairman, President & CEO Jeff Miller responded that he does not expect the tax bill to be a major factor, as customer decisions are driven by budgets, commodity prices, and returns. He strongly affirmed that Halliburton's strategy is to maximize value and returns, stating they will not work at uneconomic rates. He emphasized this is a proven approach the company has taken before, such as in the gas markets a year ago, and will continue to execute.

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    Roger Read's questions to Halliburton Co (HAL) leadership • Q1 2025

    Question

    Roger Read asked how the Zeus and Zeus IQ technologies can help sustain margins in the North American market during a softer period and also inquired about the strategy for using free cash flow, particularly regarding share repurchases, given the updated guidance.

    Answer

    CEO Jeffrey Miller described Zeus IQ as a key technology for improving recovery rates by using real-time reservoir data to optimize fracturing, which drives growth and value for long-term focused customers. CFO Eric Carre stated that despite free cash flow guidance being at the lower end of expectations, the company's perspective on cash returns and buybacks has not changed, and they remain on a pace similar to the previous year.

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    Roger Read's questions to Halliburton Co (HAL) leadership • Q4 2024

    Question

    Roger Read inquired about Halliburton's positioning for an anticipated increase in U.S. natural gas demand, asking how this would impact activity for the company and the industry. He also asked for perspective on where current pricing is versus a more equitable level for Halliburton and what the potential for margin expansion is when market conditions improve.

    Answer

    Chairman, President and CEO Jeffrey Miller responded that a pickup in gas activity would tighten the frac market meaningfully and quickly due to industry-wide equipment attrition. He believes margins can move up well above 2024 levels with only a little market tightness. Miller added that catalysts like increased gas demand and private operators re-entering the market make an upward pricing move more likely than a downward one.

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    Roger Read's questions to Halliburton Co (HAL) leadership • Q3 2024

    Question

    Roger Read asked for a comparison of productivity and efficiency trends between North America and international markets, questioning if similar efficiency headwinds exist globally. He also inquired about the future penetration of advanced rotary steerable systems in North America to accelerate drilling speeds.

    Answer

    Chairman, President and CEO Jeffrey Miller stated that international markets are far behind North America in technology application and are currently in a growth phase of equipment consumption, not an efficiency-driven reduction phase. He added that it is 'crystal clear' the rotary steerable market will continue to grow in North America and internationally, driven by well complexity and the proven performance of tools like iCruise.

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    Roger Read's questions to Chevron Corp (CVX) leadership

    Roger Read's questions to Chevron Corp (CVX) leadership • Q1 2025

    Question

    Roger Read inquired about Chevron's resiliency in a lower oil price environment, such as a $50 world, asking about changes to the company's base decline rate and sustaining capital needs.

    Answer

    CEO Mike Wirth highlighted two key factors enhancing resiliency: a portfolio with more low-decline assets like LNG and TCO, and significant flexibility in the capital budget. He noted that nearly two-thirds of capital is short-cycle or near completion, providing the ability to reduce spending if necessary, as demonstrated in 2020.

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    Roger Read's questions to Chevron Corp (CVX) leadership • Q3 2024

    Question

    Roger Read from Wells Fargo asked for Chevron's outlook on the global LNG markets, specifically regarding potential tightness in 2025 and the company's exposure to contract versus spot pricing.

    Answer

    CEO Mike Wirth stated that while demand is growing, healthy inventories in Europe and the U.S. suggest the 2025 market is not setting up to be particularly tight, especially with new supply coming. He clarified that over 80% of Chevron's LNG portfolio is sold under long-term, primarily oil-indexed contracts, with less than 20% spot exposure.

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    Roger Read's questions to Exxon Mobil Corp (XOM) leadership

    Roger Read's questions to Exxon Mobil Corp (XOM) leadership • Q1 2025

    Question

    Roger Read of Wells Fargo asked for an update on the sources of future cost savings as the company moves from the $12.7 billion achieved toward its $18 billion target.

    Answer

    CEO Darren Woods noted the $12.7 billion in structural savings achieved since 2019. CFO Kathryn Mikells elaborated that future savings will be driven by centralized organizations like logistics and procurement, focusing on broad efficiencies and technology adoption, such as automation in accounting and data-driven maintenance improvements, to achieve sustainable cost reductions.

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    Roger Read's questions to Exxon Mobil Corp (XOM) leadership • Q4 2024

    Question

    Roger Read inquired how a potential change in the EPA's CO2 endangerment finding might affect ExxonMobil's investment decisions in renewables and low-carbon solutions.

    Answer

    CEO Darren Woods explained that the company's low-carbon strategy is based on the fundamental, long-term societal need to reduce emissions, not on any specific short-term policy. He stated their focus is on developing cost-efficient, effective solutions that leverage their competitive advantages, regardless of the political environment. CFO Kathy Mikells added that they look forward to any regulatory streamlining that could accelerate project permitting and execution.

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    Roger Read's questions to Shell PLC (SHEL) leadership

    Roger Read's questions to Shell PLC (SHEL) leadership • Q1 2025

    Question

    Roger Read asked if a lower oil price environment would create more urgency for cost savings and how Shell would weigh M&A against buybacks in such a scenario.

    Answer

    CEO Wael Sawan asserted that the urgency on the cost agenda is already 'massive' and is a critical part of demonstrating operational excellence, independent of the oil price. Executive Sinead Gorman reiterated that value creation is the 'north star,' and all capital allocation, including M&A, must compete against the highly attractive option of buying back Shell's own shares, for which the company is well-positioned with its strong balance sheet.

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    Roger Read's questions to Shell PLC (SHEL) leadership • Q2 2024

    Question

    Roger Read of Wells Fargo inquired about Shell's view on its optimal cash balance, given its strong performance and low net debt. He also asked if the progress on growth projects would lead to any changes in the company's volume outlook.

    Answer

    CEO Wael Sawan confirmed no change to the growth project outlook, with 500,000 boe/d of peak production still expected to come online by 2025. CFO Sinead Gorman explained that while the cash balance is significant, the focus is on the net debt position. She stated the company is comfortable with current levels, holding cash because existing debt is at attractive rates, making it sensible to maintain the net debt position.

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    Roger Read's questions to Antero Resources Corp (AR) leadership

    Roger Read's questions to Antero Resources Corp (AR) leadership • Q1 2025

    Question

    Roger Read asked why the full-year production guidance remains unchanged despite a faster-than-expected ramp-up in LNG demand. He also requested an update on the company's visibility into improvements in in-basin demand.

    Answer

    CFO Michael Kennedy responded that the company is committed to its maintenance capital plan because it optimally fills their existing firm transport and processing capacity, which maximizes returns through premium pricing. He stated that a change would require substantial, timed local demand, which they do not foresee in the current or next year. He affirmed they have high visibility into local demand developments as a major regional producer.

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    Roger Read's questions to Antero Resources Corp (AR) leadership • Q4 2024

    Question

    Roger Read inquired about the potential impact of steel tariffs on the CapEx budget and whether any contingency was included. He also asked about in-basin demand opportunities, particularly from new power generation capacity in the PJM Interconnection.

    Answer

    CFO Michael Kennedy stated that the impact of a 25% tariff would be minimal, around $5-$10 million, which is well within the guidance range, as much of the required pipe is pre-bought. SVP of Natural Gas Marketing Justin Fowler added that Antero holds the 'toggle' between selling locally or to the Gulf Coast, giving it the option to capitalize on any favorable local price spreads that develop from new power demand.

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    Roger Read's questions to PBF Energy Inc (PBF) leadership

    Roger Read's questions to PBF Energy Inc (PBF) leadership • Q1 2025

    Question

    Roger Read of Wells Fargo Securities inquired about the repair timeline for the Martinez refinery, the operational status of transferring intermediates to Torrance, and the financial outlook for St. Bernard Renewables (SBR) given the volatility in RINs and changes to tax credits.

    Answer

    President and CEO Matthew Lucey confirmed the Martinez restart timeline remains unchanged, with long-lead items ordered, and stated that the transfer of intermediates to Torrance is actively occurring. Lucey also detailed the drivers of the D4 RIN price surge and explained that despite a lower value from the new PTC, the higher RIN price has improved the overall financial outlook for SBR.

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    Roger Read's questions to PBF Energy Inc (PBF) leadership • Q4 2024

    Question

    Roger Read from Wells Fargo Securities asked for a timeline on assessing the Martinez refinery damage and inquired about the financial levers PBF could use to maintain liquidity given the outage and recent cash usage.

    Answer

    President and CEO Matthew Lucey explained that access to the fire's origin is still limited but expects a better assessment soon, promising transparency. He and CFO Karen Davis emphasized PBF's strong balance sheet, noting the 16% net debt-to-cap ratio and $2.4 billion ABL availability, stating that deleveraging will be a priority over share repurchases as markets improve.

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    Roger Read's questions to PBF Energy Inc (PBF) leadership • Q3 2024

    Question

    Roger Read inquired about PBF Energy's outlook on the California market, considering the challenging regulatory environment and a competitor's planned exit, and also asked for the rationale behind the 10% dividend increase amidst market weakness.

    Answer

    President and CEO Matthew Lucey responded that the regulatory "assault" in California continues, creating an increasingly difficult operating landscape but also tightening supply, which benefits PBF's complex refineries. Regarding the dividend, Lucey explained that the company views it on an annual basis and designs it to be stable through cycles. He stated that based on their constructive medium- to long-term outlook and mid-cycle free cash flow expectations, management is very comfortable with the increased dividend.

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    Roger Read's questions to Nov Inc (NOV) leadership

    Roger Read's questions to Nov Inc (NOV) leadership • Q1 2025

    Question

    Roger Read of Wells Fargo Securities requested more perspective on the long-term offshore growth thesis and asked what key milestones, such as FIDs, investors should monitor.

    Answer

    Chairman and CEO Clay Williams reiterated his conviction that strong deepwater project economics and the eventual plateau of U.S. shale will establish offshore as the next key source of incremental global oil supply. He advised watching for continued FIDs and noted that the strong margin performance in NOV's Energy Equipment segment already reflects this trend.

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    Roger Read's questions to Nov Inc (NOV) leadership • Q4 2024

    Question

    Roger Read asked about the offshore market outlook, specifically what signs NOV is monitoring that could signal a recovery in equipment orders in the latter half of 2025, given the current "white space" in offshore drillers' schedules.

    Answer

    CEO Clay Williams explained that the "white space" is viewed as a temporary supply chain mismatch as drilling activity pauses for FPSO construction to catch up. He noted that while some customers defer projects, others are using the downtime for rig upgrades in anticipation of a stronger 2026. Williams highlighted that NOV's project pipeline remains flat year-over-year and that strong FIDs, new discoveries, and the viability of offshore natural gas support a positive long-term outlook.

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    Roger Read's questions to BP PLC (BP) leadership

    Roger Read's questions to BP PLC (BP) leadership • Q1 2025

    Question

    Roger Read of Wells Fargo inquired about the outlook for the BPX business, particularly how the company is navigating the current commodity price environment and whether it might adjust activity in its Haynesville, Eagle Ford, or Permian assets.

    Answer

    Executive Murray Auchincloss stated that BPX's plans, including the $2.5 billion investment for the year, remain unchanged for now. He noted that while they are monitoring the low oil price environment and could moderate plans or switch to gas if necessary, the current focus is on maintaining their strategy. He expressed growing optimism for natural gas pricing due to high demand and mentioned BP's Haynesville and Eagle Ford positions are well-suited to meet future market needs.

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    Roger Read's questions to Phillips 66 (PSX) leadership

    Roger Read's questions to Phillips 66 (PSX) leadership • Q1 2025

    Question

    Roger Read requested an update on the status of remaining asset dispositions, the intended use of proceeds from those sales, and whether the heavy Q1 refining maintenance would linger into the second quarter.

    Answer

    Kevin Mitchell, CFO, stated that the sale of the European retail business is in 'in-depth negotiations.' Mark Lashier, Chairman and CEO, added that other non-core, non-operated Midstream assets are also potential candidates for sale. Mitchell confirmed that proceeds from these sales are primarily targeted for debt reduction, while shareholder returns are linked to operating cash flow. Rich Harbison, EVP of Refining, noted that while some Q1 turnaround activity lingered, it is winding down significantly in Q2, as reflected in the lower maintenance expense guidance.

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    Roger Read's questions to Phillips 66 (PSX) leadership • Q4 2024

    Question

    Roger Read asked for management's outlook on Refining market fundamentals and their view on crude supply and availability, considering potential tariffs and sanctions affecting suppliers.

    Answer

    Brian Mandell (Marketing and Commercial) provided a detailed outlook, forecasting global gasoline demand growth of 0.8% and distillate demand growth of 1.0% in 2025. Regarding potential tariffs, he explained that Canadian crude differentials would likely widen to incentivize flows to the U.S., while Mexican crude would likely be displaced to Europe or Asia, causing some firming in heavy crude prices.

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    Roger Read's questions to Phillips 66 (PSX) leadership • Q3 2024

    Question

    Roger Read from Wells Fargo asked for clarification on the net impact of cost savings versus inflation and the reason for the $100 million reduction in turnaround costs.

    Answer

    CFO Kevin Mitchell stated that while inflation has been a headwind, the company focuses on controllable costs and has benefited from lower natural gas prices. Rich Harbison of Refining clarified that the turnaround cost reduction was due to an enhanced inspection process extending intervals and more efficient work execution, not the Los Angeles refinery shutdown.

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    Roger Read's questions to Valero Energy Corp (VLO) leadership

    Roger Read's questions to Valero Energy Corp (VLO) leadership • Q1 2025

    Question

    Roger Read from Wells Fargo asked for clarification on the second-quarter guidance, which appeared light, questioning if it was due to maintenance and whether it was crude or downstream unit related.

    Answer

    An executive identified as Greg confirmed the lighter Q2 guidance is entirely driven by planned maintenance, particularly in the North Atlantic and Mid-Continent regions. He clarified that the significant throughput impacts indicate front-end crude unit maintenance, which limits the ability to run downstream units in those areas.

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    Roger Read's questions to Valero Energy Corp (VLO) leadership • Q1 2025

    Question

    Roger Read questioned why the second-quarter throughput guidance appeared light compared to expectations and the prior year, asking if it was primarily due to maintenance activities.

    Answer

    An executive, identified as Greg, confirmed that the lighter Q2 guidance is entirely driven by planned maintenance, particularly in the North Atlantic and Mid-Continent regions. He clarified that these activities involve the front end of the refineries, which directly impacts crude throughput volumes.

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    Roger Read's questions to Valero Energy Corp (VLO) leadership • Q4 2024

    Question

    Roger Read asked about the impact of global refinery shutdowns on crude availability on the U.S. Gulf Coast. He also followed up on industry utilization, questioning if an inability to maintain high run rates would lead to lower inventories or exports.

    Answer

    Gary Simmons, EVP and COO, noted that Lyondell's shutdown has increased the availability of Canadian barrels, though the price impact is muted by tariff discussions. He agreed that given low inventory levels, any disruption to the industry's high utilization rates from weather or unreliability could tighten product markets significantly and rapidly.

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    Roger Read's questions to Valero Energy Corp (VLO) leadership • Q3 2024

    Question

    Roger Read of Wells Fargo asked if a competitor's refinery closure in California could invite more political interference, and inquired about short-term trends in U.S. diesel demand.

    Answer

    Executive Richard Walsh stated that competitor actions don't drive their decisions and that they will react to final regulations, noting that California is likely realizing market interference can be counterproductive. EVP and COO Gary Simmons confirmed a recent uptick in diesel demand, highlighting a 5% year-over-year increase in the last two weeks and signs of tightening in the European market as well.

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    Roger Read's questions to Liberty Energy Inc (LBRT) leadership

    Roger Read's questions to Liberty Energy Inc (LBRT) leadership • Q1 2025

    Question

    Roger Read inquired about the capital expenditure pace for the power business and asked how a potential shift toward more natural gas activity would affect Liberty's cost structure and margins.

    Answer

    CFO Michael Stock described the power business build-out as a "slowly, steadily and organically" over a decade. CEO Ron Gusek added that optimizing the fleet schedule for more gas activity would not have a meaningful impact on costs or margins, as any fleet moves are absorbed over time and do not require significant new hiring.

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    Roger Read's questions to Liberty Energy Inc (LBRT) leadership • Q3 2024

    Question

    Roger Read asked about the source of the Q4 activity slowdown, inquiring if it was driven by smaller private E&Ps and gas-focused operators or if it was a broad-based trend. He also questioned Liberty's flexibility to adjust capital spending in response to significant commodity price movements.

    Answer

    CEO Christopher Wright confirmed the slowdown is predominantly among smaller public and private operators, as well as gas-focused players, while the largest E&Ps remain more steadfast. CFO Michael Stock addressed capital flexibility, stating that Liberty has a strong ability to defer or accelerate spending, but meaningful changes operate on a 3-to-5 month timeline.

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    Roger Read's questions to Canadian Natural Resources Ltd (CNQ) leadership

    Roger Read's questions to Canadian Natural Resources Ltd (CNQ) leadership • Q4 2024

    Question

    Roger Read asked how Canadian Natural views the returns and breakeven costs for small, incremental debottlenecking projects compared to new drilling, particularly in a moderate oil price environment.

    Answer

    President Scott Stauth emphasized that these incremental projects are prioritized first due to their superior capital efficiencies and very low breakeven costs. Since the infrastructure is already in place, these projects lower per-unit operating costs and deliver the best returns, making them attractive in any investment environment.

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    Roger Read's questions to LandBridge Co LLC (LB) leadership

    Roger Read's questions to LandBridge Co LLC (LB) leadership • Q4 2024

    Question

    Roger Read from Wells Fargo & Company asked about the potential impact of Texas water legislation, particularly regarding recycling, and whether regulations on water disposal from New Mexico could alter LandBridge's operations or revenue potential.

    Answer

    Executive Jason Long stated they are closely monitoring legislation, viewing a focus on water recycling as a significant opportunity that requires the large, contiguous surface areas they own. Executive Scott McNeely added that managing water from New Mexico is a core part of their strategy, and their land allows for spreading out injection to mitigate seismicity, as exemplified by the WES deal. Jason Long concluded that the value of this type of pore space is increasing, which should drive royalties higher over time.

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    Roger Read's questions to Calumet Inc (CLMT) leadership

    Roger Read's questions to Calumet Inc (CLMT) leadership • Q4 2024

    Question

    Roger Read of Wells Fargo Securities, LLC inquired about Calumet's balance sheet structure following the DOE loan, the pace of debt reduction, the status of the ATM program, and any potential restrictions the DOE loan might impose on a future monetization of Montana Renewables (MRL).

    Answer

    CEO Todd Borgmann confirmed the ATM program, which was never used, will be terminated as the Royal Purple sale provides a better path for deleveraging. He outlined a clear path to the company's $800 million debt target, which involves repaying the MRL intercompany loan, utilizing free cash flow, and eventually monetizing MRL once market conditions improve. EVP Bruce Fleming added that the DOE loan does not block an MRL equity sale but requires the DOE to be informed, similar to standard HSR or CFIUS review processes.

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    Roger Read's questions to Calumet Inc (CLMT) leadership • Q3 2024

    Question

    Roger Read asked about the construction timeline and key milestones for the MaxSAF expansion, the impact of a potential delay in the DOE loan's first tranche, and whether a change in the federal administration could jeopardize the loan.

    Answer

    EVP Bruce Fleming explained that since Calumet already owns the second reactor, the project timeline is low-risk and primarily involves logistics. He stated that if the DOE loan were delayed, the initial phase could be funded with cash from operations. Fleming also expressed no concern about a potential administration change, emphasizing the project's bipartisan agricultural support and its distinction from IRA-specific legislation.

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    Roger Read's questions to HF Sinclair Corp (DINO) leadership

    Roger Read's questions to HF Sinclair Corp (DINO) leadership • Q4 2024

    Question

    Roger Read sought details on the company's optionality to produce more CARB-grade gasoline, particularly regarding a project at the Puget Sound refinery. He also asked for the macro outlook on base oil markets and the key factors needed for them to tighten.

    Answer

    EVP, Commercial Steven Ledbetter explained that the Puget Sound project enhances flexibility, allowing them to supply either finished CARB gasoline or high-value components to California based on market dynamics. EVP, Lubricants & Specialties Matt Joyce and CEO Timothy Go identified soft demand in Asia and Europe as a headwind for base oils. They reiterated their strategy is to mitigate this volatility by integrating more of their base oil production into higher-margin finished lubricants.

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    Roger Read's questions to Occidental Petroleum Corp (OXY) leadership

    Roger Read's questions to Occidental Petroleum Corp (OXY) leadership • Q4 2024

    Question

    Roger Read sought clarity on the $1 million per well savings in the Midland Basin, asking if it was a future goal or already incorporated. He also asked about the key operational milestones and challenges for the STRATOS direct air capture facility as it commissions and ramps up.

    Answer

    Richard Jackson, President, U.S. Onshore Resources and Carbon Management, clarified that the $1 million per well savings was a benefit from the CrownRock integration realized in Q4 2024 and is now built into the 2025 plan. Kenneth Dillon, SVP & President, International Oil and Gas Operations, detailed the STRATOS start-up sequence, from system checks to pellet production and initial CO2 capture. Jackson added that the company is conservative on the ramp-up timeline to optimize opex and capacity.

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    Roger Read's questions to Occidental Petroleum Corp (OXY) leadership • Q3 2024

    Question

    Roger Read from Wells Fargo asked for clarification on the Permian Basin's oil mix percentage in Q3, questioning if it represents a new baseline, and sought management's definition of a successful balance sheet in the next 12-18 months.

    Answer

    Richard Jackson, President of U.S. Onshore, explained the lower oil cut was due to a value-accretive shift towards developing more secondary benches, which have higher NGLs but excellent returns. He indicated the second-half oil percentage is a reasonable baseline for the near future. President and CEO Vicki Hollub defined success for the balance sheet as continuing debt reduction throughout 2025, regardless of the commodity price environment, building on the $4 billion already repaid.

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    Roger Read's questions to Devon Energy Corp (DVN) leadership

    Roger Read's questions to Devon Energy Corp (DVN) leadership • Q4 2024

    Question

    Roger Read from Wells Fargo & Company inquired about Devon's progress and the economic potential of its refrac program in the Eagle Ford, and also asked how potential future tariffs are factored into the 2025 capital expenditure guidance.

    Answer

    COO Clay Gaspar stated that Devon is 'very pro refrac' but that improved new-well economics have pushed them down the priority list for now. CFO Jeff Ritenour addressed tariffs, stating that even under aggressive assumptions, the potential impact is estimated at less than 2% of the total 2025 capital program and is not considered a major risk.

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    Roger Read's questions to Devon Energy Corp (DVN) leadership • Q3 2024

    Question

    Roger Read asked for a review of productivity and efficiency trends over the last 6-12 months and the potential for further well cost improvements if these trends persist.

    Answer

    Chief Operating Officer Clay Gaspar detailed the three key inputs to capital performance: well productivity, operational speed, and service cost deflation. He highlighted that efficiency gains in drilling and completions have made wells cheaper but also accelerated activity, a trend Devon has managed by reducing its rig count. He noted that the combination of well productivity and bringing more wells online faster has allowed the company to consistently outperform its internal estimates.

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    Roger Read's questions to Marathon Petroleum Corp (MPC) leadership

    Roger Read's questions to Marathon Petroleum Corp (MPC) leadership • Q4 2024

    Question

    Roger Read asked for Marathon's 2025 demand outlook for gasoline, jet fuel, and diesel, given the current macroeconomic environment and refinery capacity changes. He also inquired about key policy areas the company is monitoring related to potential rollbacks of clean energy initiatives.

    Answer

    CEO Maryann Mannen stated that MPC remains constructive on long-term demand, expecting 2025 to be another year of growth with margins likely improving in the second half as refinery closures offset additions. She noted steady gasoline and diesel demand and growth in jet fuel. On policy, Mannen and another executive affirmed their commitment to existing sustainability goals (Scope 1, 2, and 3) regardless of administrative changes, while noting they will carefully watch developments in the renewables space, particularly around incentives.

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    Roger Read's questions to Marathon Petroleum Corp (MPC) leadership • Q3 2024

    Question

    Roger Read inquired about the potential impact on incremental margins in California as it becomes more dependent on imported barrels, likely from Asia, following competitor refinery closures. He also asked about the effect of a competitor's Gulf Coast unit closure on heavy crude availability and differentials.

    Answer

    Executive Rick Hessling stated that increased reliance on imports, likely from South Korea, could introduce more volatility to the California market due to longer transit times and costs. Regarding the Gulf Coast, he noted the competitor is a large buyer of Canadian crude, and rebalancing the market should be a net positive for spreads, benefiting MPC's Galveston Bay refinery.

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    Roger Read's questions to APA Corp (US) (APA) leadership

    Roger Read's questions to APA Corp (US) (APA) leadership • Q3 2024

    Question

    Roger Read questioned if the guided G&A cost reductions were in addition to the Callon merger synergies and inquired about the regulatory outlook for the planned exploration well in Alaska.

    Answer

    CEO John Christmann confirmed the G&A reduction is driven by both Callon synergies and business simplification from asset sales. CFO Stephen Riney added that they have effectively absorbed Callon's G&A, exceeding initial targets. Regarding Alaska, John Christmann emphasized that the exploration is on state lands, which minimizes federal regulatory hurdles, and expressed optimism about the prospect.

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    Roger Read's questions to Delek US Holdings Inc (DK) leadership

    Roger Read's questions to Delek US Holdings Inc (DK) leadership • Q3 2024

    Question

    Roger Read sought to understand the foundation of the $100 million EOP target, asking if it was a bottom-up or top-down calculation and its potential range. He also asked for clarification on whether it was related to the retail sale or required significant new capital spending.

    Answer

    President and CEO Avigal Soreq and EVP and CFO Reuven Spiegel clarified that the $100 million Enterprise Optimization Plan (EOP) is a bottom-up initiative and that the figure represents a minimum target ('at least'). They confirmed the plan is market-agnostic, not related to the recent retail asset sale, and does not involve capital-intensive projects. The benefits are also separate from other initiatives like intercompany transactions.

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    Roger Read's questions to Diamondback Energy Inc (FANG) leadership

    Roger Read's questions to Diamondback Energy Inc (FANG) leadership • Q3 2024

    Question

    Roger Read inquired about the drivers of productivity gains, asking to distinguish between mechanical changes and learning curves. He also asked how the company would weigh maintaining efficiency versus cutting costs if a market downturn forced a reduction in activity.

    Answer

    President and CFO Kaes Van't Hof attributed gains to a combination of factors, driven by a mentality to immediately implement what works, consistent development, and long-term crew relationships. In a downturn, he stated they would leverage their balance sheet to build DUCs rather than slow down and lose efficiency. Chairman and CEO Travis Stice added that maintaining efficiency gains is a core cultural element and they do not cede ground once it's taken.

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    Roger Read's questions to ConocoPhillips (COP) leadership

    Roger Read's questions to ConocoPhillips (COP) leadership • Q3 2024

    Question

    Roger Read requested an update on the Willow project, asking for key milestones for the upcoming winter construction season and the setup for the 2025-2026 season.

    Answer

    Kirk Johnson, SVP of Global Operations, reported strong Q3 progress, including the early sealift of process modules to Alaska. He detailed that the 2025 winter season, which will be larger in scope, will focus on critical activities like gravel placement, pipeline installation, camp placement, and moving the operations center modules to the development area. He noted the team is deep in planning and logistics for this expanded scope.

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    Roger Read's questions to Suncor Energy Inc (SU) leadership

    Roger Read's questions to Suncor Energy Inc (SU) leadership • Q2 2024

    Question

    Roger Read of Wells Fargo sought to understand if the strong Q2 cost performance included any one-time items and what the new baseline cost structure is. He also asked for a reiteration of the shareholder return policy after debt targets are met.

    Answer

    President & CEO Rich Kruger confirmed there were no one-time cost benefits, stating that the current performance, which shows flat absolute costs on much higher volumes, represents the new baseline and demonstrates operating leverage. CFO Kris Smith reiterated the capital allocation plan: 75% of excess funds go to buybacks now, which will shift to 100% shareholder returns after the $8 billion net debt target is achieved.

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