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    Scott Hanold

    Managing Director and Senior Energy Analyst at RBC Capital Markets

    Scott Hanold is a Managing Director and Senior Energy Analyst at RBC Capital Markets, specializing in the coverage of oil and gas exploration and production companies. He covers major names such as ConocoPhillips, Range Resources Corp, Apache, Ranger Oil, and SM Energy, and is recognized for his strong performance with a 68% success rate and an average return of nearly 30% per transaction. Hanold has a career spanning almost three decades in the energy sector, joining RBC after previous tenures in the industry and has become a prominent voice on energy M&A and market cycles. He holds professional securities licenses and is FINRA-registered, frequently participating in industry conferences and thought leadership initiatives.

    Scott Hanold's questions to INFINITY NATURAL RESOURCES (INR) leadership

    Scott Hanold's questions to INFINITY NATURAL RESOURCES (INR) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked for color on recent small-scale 'ground game' acquisitions and the broader M&A landscape, particularly after a competitor's acquisition. He also questioned the drivers behind Lease Operating Expense (LOE) costs and asked about the performance of the recently completed 'Tortilla' gas wells.

    Answer

    President and CEO Zach Arnold praised the land team for strategic acreage additions that solidify near-term development and stated the company is prepared to use its strong balance sheet for larger M&A opportunities. EVP & CFO David Sproule addressed LOE, attributing higher Q2 costs to prior-period true-up adjustments from non-operated activities and projecting costs will decline as new gas volumes come online. Regarding the Tortilla wells, Arnold expressed satisfaction with their performance, stating it validates the company's technical approach for delivering repeatable results, but did not provide specific production data.

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    Scott Hanold's questions to INFINITY NATURAL RESOURCES (INR) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked for details on Infinity's recent small-scale acquisitions, its broader M&A outlook, and for an explanation of recent Lease Operating Expense (LOE) costs and the factors expected to drive them down.

    Answer

    President and CEO Zach Arnold highlighted strategic 'ground game' acquisitions and confirmed the company remains prepared for larger M&A opportunities. EVP and CFO David Sprowl addressed LOE costs, attributing the recent level to prior-period true-up adjustments and anticipating costs will decline as new, lower-cost natural gas production comes online.

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    Scott Hanold's questions to INFINITY NATURAL RESOURCES (INR) leadership • Q1 2025

    Question

    Scott Hanold of RBC Capital Markets asked about the decision to pull forward gas-weighted activity, its expected impact on the 2026 production mix, the initial performance of the Tortola pad, the potential for Utica deep gas development, and the company's forward-looking hedging strategy.

    Answer

    President and CEO Zack Arnold confirmed the shift towards gas would primarily impact 2026 production, noting the Tortola wells are meeting expectations. He stated that while the company is encouraged by offset operator activity in the deep Utica and is prepared to drill, there is no specific timeline yet. EVP and CFO David Sproule added that the company is executing its stated plan of high-DROI projects and reiterated their consistent hedging strategy of locking in returns for specific projects to mitigate volatility.

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    Scott Hanold's questions to INFINITY NATURAL RESOURCES (INR) leadership • Q1 2025

    Question

    Scott Hanold from RBC Capital Markets inquired about the decision to accelerate gas-weighted activity, its potential impact on the 2026 production mix, the performance of new Marcellus wells, the development timeline for the Utica deep gas potential, and the company's forward hedging strategy.

    Answer

    President and CEO Zack Arnold explained that the production mix impact from new gas wells would be more pronounced in 2026 and confirmed new Marcellus wells are meeting expectations. He noted the company is encouraged by offset operator activity in the deep Utica but offered no specific timeline for their first well. EVP and CFO David Sproule added that the hedging strategy remains consistent, focusing on locking in high DROI for new projects to mitigate volatility.

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    Scott Hanold's questions to EOG RESOURCES (EOG) leadership

    Scott Hanold's questions to EOG RESOURCES (EOG) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets inquired about potential 'quick wins' from integrating the Encino assets in the Utica and the timeline for the first fully EOG-engineered wells. He also asked for the quantifiable impact of the new high-resolution sensor technology.

    Answer

    COO Jeff Leitzell identified numerous immediate opportunities in the Utica, including shared infrastructure, consolidated facilities, and rapid deployment of EOG's technology like production optimizers. Regarding the new sensor tech, he described it as a low-cost, high-impact tool for improving drilling and completions, though it is still in the early stages of deployment.

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    Scott Hanold's questions to EOG RESOURCES (EOG) leadership • Q1 2025

    Question

    Scott Hanold asked how EOG's capital allocation might shift towards gassier plays like Dorado in a scenario of persistent weak oil prices but firm natural gas prices. He also questioned the well cost outlook for 2026 and beyond, considering efficiency gains against potential tariff risks.

    Answer

    CEO Ezra Yacob responded that while EOG is bullish on long-term gas, it avoids chasing commodity prices due to volatility, focusing instead on disciplined, paced development to lower breakevens in plays like Dorado. COO Jeff Leitzel added that predicting well costs beyond 2025 is difficult due to tariff uncertainty, but confirmed no impact is expected in 2025 and that current cost reductions are driven by sustainable efficiencies.

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    Scott Hanold's questions to EOG RESOURCES (EOG) leadership • Q3 2024

    Question

    Scott Hanold pressed for the rationale behind optimizing the balance sheet now, asking about the specific catalyst and the expected value creation from shifting to a lower-cost capital structure. He also asked for EOG's initial takeaways on the recent election's potential impact on the energy industry.

    Answer

    Chairman and CEO Ezra Yacob explained the timing was driven by a stabilizing interest rate environment, which presented a better opportunity than in early 2023. CFO Ann Janssen detailed the strategy, targeting a debt-to-EBITDA ratio below 1x at $45 WTI. Regarding the election, Yacob stated that EOG is prepared for any administrative changes and believes the industry is well-positioned to work with policymakers, emphasizing the long-term role of oil and gas.

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    Scott Hanold's questions to CONOCOPHILLIPS (COP) leadership

    Scott Hanold's questions to CONOCOPHILLIPS (COP) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked for ConocoPhillips' view on the oil macro environment and how the current outlook could influence its strategic plans heading into 2026.

    Answer

    Chairman and CEO Ryan Lance described the near-term oil market as 'choppy,' with a slight imbalance of more supply than demand, though inventories remain at five-year lows. This view supports their current stable execution plan. Longer-term, he expressed a constructive view on oil demand and a bullish stance on natural gas, driven by LNG growth. This long-term outlook is what underpins the company's investment in its major, longer-cycle projects.

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    Scott Hanold's questions to CONOCOPHILLIPS (COP) leadership • Q1 2025

    Question

    Scott Hanold posed a question about industry discipline in a weaker macro, asking whether higher-cost producers should cut first or if large companies like ConocoPhillips should lead reductions.

    Answer

    Chairman and CEO Ryan Lance opined that higher-cost producers would likely be forced to cut back first due to financial constraints. He conceded that if oil prices fell to the low $50s for a sustained period, ConocoPhillips would also consider scope reductions. However, he stressed that their current view does not warrant such a move, as they are built to handle volatility and current prices are near their mid-cycle planning assumptions.

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    Scott Hanold's questions to CONOCOPHILLIPS (COP) leadership • Q4 2024

    Question

    Scott Hanold of RBC Capital Markets asked for ConocoPhillips' perspective on recent White House initiatives and the potential impact of tariffs on its business and the broader industry.

    Answer

    CEO Ryan Lance stated they are following the issue closely. Andy O'Brien, SVP of Strategy, elaborated that the primary exposure would be on Surmont liquids sold into the U.S. However, he noted this is mitigated as half of Surmont's liquids are sold elsewhere, and the company's diversified portfolio provides a natural hedge, with potential for strengthening differentials for Bakken and ANS crude. O'Brien emphasized the focus remains on controlling costs and optimizing value, and they hope tariffs are avoided.

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    Scott Hanold's questions to CONOCOPHILLIPS (COP) leadership • Q3 2024

    Question

    Scott Hanold asked for an explanation of the Q3 working capital tailwind, which contrasted with prior guidance, and for an outlook on Q4, including any Marathon-related cash outflows.

    Answer

    CFO Bill Bullock attributed the Q3 working capital tailwind to two main factors: an IRS deferral opportunity that pushed tax payments into 2025, and normal movements in receivables and payables due to falling commodity prices. He stated that forecasting Q4 is difficult due to the pending Marathon acquisition and its associated tax attributes, with an update to be provided post-closing.

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    Scott Hanold's questions to Chord Energy (CHRD) leadership

    Scott Hanold's questions to Chord Energy (CHRD) leadership • Q2 2025

    Question

    Scott Hanold inquired about the risk-reward profile and permitting status for expanding the four-mile lateral program, and also asked for an update on the monetization strategy for the non-core Marcellus asset.

    Answer

    EVP & COO Darrin Henke confirmed that permitting for 2026 is well underway to provide optionality. President, CEO & Director Daniel Brown added that early results from the first four-mile well are highly encouraging, with strong economics and performance nearing 100% of two comparable two-mile wells. Regarding the Marcellus asset, Mr. Brown stated the focus remains on maximizing its value as a non-core holding.

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    Scott Hanold's questions to Chord Energy (CHRD) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets inquired about the risk-reward profile and permitting status for expanding the four-mile lateral program, and also asked for an update on the monetization strategy for the non-core Marcellus asset.

    Answer

    COO Darrin Henke confirmed that permitting for 2026 and beyond is well underway, providing optionality for various lateral lengths. CEO Daniel Brown added that the economics for four-mile wells are very strong, with early results showing performance near 100% of two two-mile wells, making them economically compelling. Regarding the Marcellus, Brown reiterated that while it's a great asset, it is not core to Chord's portfolio, and the company is focused on maximizing its value.

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    Scott Hanold's questions to Chord Energy (CHRD) leadership • Q4 2024

    Question

    Scott Hanold inquired about the drivers for Chord's 2025 capital outlook, specifically what could push spending to the lower end of the range, and the potential for downside pressure on the 3-year capital plan. He also asked about the shareholder return strategy, questioning if the recent 100% free cash flow payout via buybacks would continue given the stock's valuation and low leverage.

    Answer

    CEO Daniel Brown explained that the capital plan is conservative and doesn't assume future efficiency gains from cycle times or technology like simul-fracs, creating potential for downward pressure on spending. He noted that if well performance exceeds expectations, capital could also float down to maintain production targets. Regarding shareholder returns, Brown framed it as a capital allocation decision, stating that with low leverage, share repurchases represent a "really compelling capital investment opportunity" at current levels.

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    Scott Hanold's questions to Chord Energy (CHRD) leadership • Q3 2024

    Question

    Scott Hanold inquired about the updated 3-mile Estimated Ultimate Recoveries (EURs), asking what performance data and technical achievements gave Chord confidence to increase the productivity assumption. He also sought clarification on the 3-year outlook, specifically whether the $1.4 billion capital plan includes full synergy capture.

    Answer

    CEO Daniel Brown and COO Darrin Henke confirmed that confidence in higher 3-mile EURs came from accumulated well performance data. Henke highlighted the key technical success of consistently cleaning out wells to the total depth of the lateral. Brown added that the 3-year plan's capital forecast includes anticipated capital synergies but does not factor in potential upside from continuous operational improvements or the development of 4-mile wells, which represent future opportunities.

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    Scott Hanold's questions to Permian Resources (PR) leadership

    Scott Hanold's questions to Permian Resources (PR) leadership • Q2 2025

    Question

    Scott Hanold from RBC Capital Markets inquired about the drivers behind Permian Resources' strong Q2 production outperformance and the strategic thinking behind balancing increased production guidance against capital expenditures in the current commodity environment.

    Answer

    Co-CEO Will Hickey attributed the strong production to excellent base well performance, favorable weather conditions, and strong results from new wells in the Delaware Basin. Co-CEO James Walter added that while they reduced standalone CapEx, future capital allocation decisions will be a judgment call based on the macroeconomic outlook, prioritizing returns over simply chasing operational efficiencies.

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    Scott Hanold's questions to Permian Resources (PR) leadership • Q1 2025

    Question

    Scott Hanold inquired if the planned reduction in activity for the second half of the year would result in a stable production rate heading into 2026. He also asked for a perspective on the broader M&A landscape over the next six months.

    Answer

    An executive team member clarified that production should remain relatively flat, without a significant decline at year-end. For 2026, the goal is to maintain flexibility to react to market conditions. Regarding M&A, Hays Mabry noted that while large deals may occur long-term, the next six months will likely feature more 'ground game' activity like trades and smaller deals, which could increase in a downturn.

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    Scott Hanold's questions to Permian Resources (PR) leadership • Q4 2024

    Question

    Scott Hanold inquired about the sustainability of Permian Resources' 2025 development plan, asking for details on target formations and the company's long-term inventory visibility. He also questioned the company's M&A strategy and its perspective on pursuing larger-scale transactions versus smaller bolt-on acquisitions.

    Answer

    Co-CEO William Hickey explained that the 2025 plan is 'shockingly similar' to prior years, with a high-confidence, 15-year inventory that has been fully replaced for two consecutive years. Executive Hays Mabry added that while the M&A market is attractive, PR finds better value and higher-quality inventory in smaller deals, though they remain open to larger transactions if the quality and fit are right.

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    Scott Hanold's questions to Permian Resources (PR) leadership • Q3 2024

    Question

    Scott Hanold inquired about the conceptual outlook for 2025 production and CapEx given the strong Q4 exit rate, and asked about further opportunities to reduce D&C well costs.

    Answer

    Co-CEO James Walter noted it was too early for 2025 guidance but reiterated a 0-10% growth target, suggesting maintenance CapEx is a few hundred million below the current year's spend. Co-CEO William Hickey explained that future cost reductions would come from drilling efficiency gains and creative completion solutions like optimized fuel usage, expressing confidence that current cost levels are sustainable.

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    Scott Hanold's questions to CIVITAS RESOURCES (CIVI) leadership

    Scott Hanold's questions to CIVITAS RESOURCES (CIVI) leadership • Q2 2025

    Question

    Scott Hanold from RBC Capital Markets inquired about the CEO transition, asking about the desired attributes for the new leader and whether the board is seeking someone to fit the current strategy or to forge a new path. He also challenged the decision to prioritize buybacks over more aggressive debt reduction.

    Answer

    Interim CEO Wouter van Kempen stated the search for a permanent CEO should conclude within six months and clarified the change is not a strategic shift but a move to deepen focus on execution, performance, and cost leadership. CFO & Treasurer Marianella Foschi defended the capital allocation plan, stating that after de-risking the balance sheet and solidifying their debt target, the current plan appropriately balances continued debt reduction with returning capital to shareholders at a compelling valuation.

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    Scott Hanold's questions to CIVITAS RESOURCES (CIVI) leadership • Q1 2025

    Question

    Scott Hanold asked about Civitas's primary priorities in the current uncertain macro environment, specifically whether hitting the $4.5 billion year-end debt target is the main goal and what the key flex points are. He followed up by asking if the fixed dividend is considered 'sacred' in a sustained $50 oil price environment.

    Answer

    CEO M. Doyle affirmed that the top priority is the absolute year-end debt target, but emphasized they would not sacrifice asset value or ignore macroeconomic deterioration to achieve it. He highlighted the company's strong balance sheet, free cash flow, and robust hedge book as key supports. Mr. Doyle stated there are no plans to adjust the fixed dividend, noting that cash flow, including the dividend, is protected down to $40 WTI, and that 'unnatural' actions would be selling assets into a weak market when there is no pressing need.

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    Scott Hanold's questions to CIVITAS RESOURCES (CIVI) leadership • Q4 2024

    Question

    Scott Hanold asked about the decision-making process behind the 2025 outlook reset, including other options considered like larger M&A. He also inquired about the company's comfort with its Permian inventory duration and whether it is transitioning to be a more Permian-focused company.

    Answer

    CEO Chris Doyle explained that the 2025 plan was chosen over increasing capital to maintain prior production levels because it was more prudent given market volatility. He emphasized a focus on long-term value and a willingness to accelerate that value through transactions, as shown by the $300M divestiture target. Doyle stated the company is comfortable with its 8-9 year inventory runway in both the Permian and DJ basins, positioning Civitas as a 'returns company' rather than focusing on a specific basin.

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    Scott Hanold's questions to CIVITAS RESOURCES (CIVI) leadership • Q3 2024

    Question

    Scott Hanold asked about the potential for further D&C cost reductions in the Midland Basin and how progress there compares to the Delaware. He also questioned at what oil price point the company would let production decline to protect free cash flow.

    Answer

    CEO M. Doyle detailed that Midland well costs have fallen from $850/ft to $740/ft due to operational efficiencies, with upcoming simul-fracs expected to yield more savings. He stated that in a low-to-mid $60s oil price environment, the company would prioritize free cash flow and allow production to moderate, while higher prices would lead to accelerated debt paydown rather than growth.

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    Scott Hanold's questions to California Resources (CRC) leadership

    Scott Hanold's questions to California Resources (CRC) leadership • Q2 2025

    Question

    Scott Hanold from RBC Capital Markets asked about the improving regulatory environment in California, specifically the timeline for new oil and gas permits and how new well breakevens compare to existing workover and sidetrack projects.

    Answer

    President & CEO Francisco Leon expressed optimism about a legislative fix for permitting, expecting more details in mid-August. He stated that while a timeline is hard to predict, CRC is well-positioned. Leon also noted that new wells would have very attractive returns and be additive to the current portfolio of workovers and sidetracks, which are already permitted through 2026 for the company's two-rig program.

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    Scott Hanold's questions to California Resources (CRC) leadership • Q1 2025

    Question

    Scott Hanold of RBC Capital Markets asked about the key drivers enabling California Resources Corporation to reaffirm its EBITDA guidance despite lower Brent prices, seeking specifics on operational cost reductions. He also inquired about the current political and regulatory landscape in California and Washington regarding CO2 pipelines, carbon credits, and oil and gas permitting.

    Answer

    President and CEO Francisco Leon attributed the strong outlook to outperformance on Aera merger synergies, particularly from infrastructure consolidation, and a robust hedge portfolio. He described the political environment as encouraging, noting tangible progress and constructive engagement with regulators on permitting for both legacy and new energy projects.

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    Scott Hanold's questions to California Resources (CRC) leadership • Q4 2024

    Question

    Scott Hanold from RBC Capital Markets asked about California Resources Corporation's stock underperformance, the impact of the Aera owners' lockup expiration, and the company's strategy for share buybacks. He also inquired about the progress and potential structure of deals for AI data centers.

    Answer

    CEO Francisco Leon emphasized that CRC sees tremendous value in its stock and will be a buyer of its own shares, referencing a strong track record of capital returns. CFO Clio Crespy detailed the Aera lockup agreement, noting the first tranche has expired and CRC has over $550 million in its buyback program to support the stock. Regarding data centers, Mr. Leon highlighted CRC's strategic advantage in providing behind-the-meter power at Elk Hills, targeting a long-term PPA for 150-200 megawatts with an update expected later in the year.

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    Scott Hanold's questions to California Resources (CRC) leadership • Q3 2024

    Question

    Scott Hanold inquired about the new Hull Street Energy MOU, focusing on the timeline for CO2 pipeline regulations in California and the potential location of the assets. He also asked how the recent political landscape might affect prior agreements and their reliance on the Inflation Reduction Act (IRA).

    Answer

    Francisco Leon (Executive) explained that CO2 pipeline regulations are necessary to scale the business and are being pursued at both state and federal levels. He emphasized that the Hull Street MOU demonstrates market demand. Regarding the IRA, he stated that carbon capture is viewed as a bipartisan issue and CRC's projects are supported by multiple value streams, including California's LCFS program and premium pricing for clean products, mitigating reliance on any single incentive.

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    Scott Hanold's questions to DEVON ENERGY CORP/DE (DVN) leadership

    Scott Hanold's questions to DEVON ENERGY CORP/DE (DVN) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked about the allocation plans for the cash windfall from recent tax legislation and inquired about the production step-up and activity in the Anadarko Basin.

    Answer

    EVP & CFO Jeff Ritenour stated that the incremental cash from tax savings will accrue to the balance sheet and likely accelerate their $2.5 billion debt reduction plan, with no change to the current dividend and buyback framework. SVP John Raines attributed the Anadarko production increase to new wells from the 49-well Dow JV that commenced in Q2, noting they are consistently running two rigs in the basin.

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    Scott Hanold's questions to DEVON ENERGY CORP/DE (DVN) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked how Devon plans to allocate the cash windfall from recent tax legislation and requested an update on the Anadarko Basin joint venture and production.

    Answer

    EVP & CFO Jeff Ritenour stated that the capital allocation framework remains unchanged, with the incremental cash from tax savings being used to accelerate the company's $2.5 billion debt reduction target. SVP John Raines added that Anadarko activity is focused on the 49-well Dow JV, which is driving recent production growth, and that the company is consistently running two rigs in the basin.

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    Scott Hanold's questions to DEVON ENERGY CORP/DE (DVN) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets questioned how Devon plans to allocate the cash windfall from recent tax legislation and asked for an update on the Anadarko Basin, including the Dow JV and investment rationale.

    Answer

    EVP & CFO Jeff Ritenour affirmed that the capital allocation framework is unchanged, with the incremental cash expected to accelerate the company's $2.5 billion debt reduction target. SVP John Raines attributed the Anadarko production increase to activity from the 49-well Dow JV, noting they are consistently running two rigs in the basin.

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    Scott Hanold's questions to DEVON ENERGY CORP/DE (DVN) leadership • Q1 2025

    Question

    Scott Hanold inquired about Devon's view on the macro environment, asking what price level would trigger more significant activity cuts. He also questioned whether the company would consider accelerating share buybacks given the lower stock price and high confidence in its optimization plan.

    Answer

    President and CEO Clay Gaspar stated that while they are monitoring the market, a more aggressive reduction in activity would likely require oil prices to fall to the low $50s with perceived sustainability. CFO Jeffrey Ritenour affirmed the company's commitment to its current capital return framework, including the $200-$300 million quarterly buyback range, with no plans to change the strategy and a focus on using excess cash for liquidity and debt reduction.

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    Scott Hanold's questions to DEVON ENERGY CORP/DE (DVN) leadership • Q4 2024

    Question

    Scott Hanold of RBC Capital Markets inquired about the inventory duration of the recently acquired Grayson Mill assets and the strategic rationale behind the Eagle Ford joint venture dissolution with BPX, particularly concerning the asset allocation process.

    Answer

    COO Clay Gaspar explained that the Grayson Mill acquisition filled a key inventory gap, now providing nearly a decade of runway in the Williston Basin with significant cost and productivity improvements. Regarding the Eagle Ford split, Gaspar described it as a 'win-win,' where each company acquired assets they valued more highly. He emphasized that Devon's primary value driver is the expected $2 million-plus in D&C cost savings per well, along with greater operational control over development pace.

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    Scott Hanold's questions to Diamondback Energy (FANG) leadership

    Scott Hanold's questions to Diamondback Energy (FANG) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked about the potential for continued operational efficiency gains and the drivers behind the quarter's strong gas and NGL production.

    Answer

    COO Danny Wesson stated that there is still room for efficiency gains, particularly in consistently achieving leading-edge drilling times and improving final frac efficiency by another 15-20%. CEO Kaes Van't Hof attributed the 33,000 bbl/d sequential increase in NGLs to improved midstream plant reliability from their partner Energy Transfer, which increased liquids yields, and noted that Diamondback's own flaring was also down significantly.

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    Scott Hanold's questions to Diamondback Energy (FANG) leadership • Q1 2025

    Question

    Scott Hanold inquired about Diamondback's view on the U.S. oil macro, particularly the potential for production to 'roll over,' and asked what conditions would prompt a shift from maintenance mode to growth in 2026.

    Answer

    Chairman and CEO Travis Stice stated that as capital exits the industry, the significant base decline in U.S. production will become more apparent, as efficiency gains are now marginal. President Kaes Van’t Hof added that a return to growth would require a healthier macro environment, specifically a '$65, $70 plus' oil price and lower OPEC spare capacity.

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    Scott Hanold's questions to SM Energy (SM) leadership

    Scott Hanold's questions to SM Energy (SM) leadership • Q2 2025

    Question

    Scott Hanold questioned the sustainability of the Uinta Basin's strong performance, asking if it represented a peak or a new baseline, and inquired about the company's approach to shareholder returns as leverage targets are met.

    Answer

    President & CEO Herbert Vogel affirmed the Uinta performance is sustainable due to significant inventory potential. EVP & CFO A. Wade Pursell stated that with leverage near its target, the company could opportunistically begin share buybacks under its $500 million authorization, contingent on market stability.

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    Scott Hanold's questions to SM Energy (SM) leadership • Q4 2024

    Question

    Asked about the rationale for focusing on oil assets over gassier South Texas assets given the market's constructive view on gas. Also inquired about how returns from new Permian opportunities like Klondike and Woodford-Barnett compare to legacy Permian wells.

    Answer

    The company's focus on oil is driven by a cautious view on natural gas price volatility and the strong, stable returns from their oil assets. They prefer to wait for more certainty in the gas market. They reported that new Permian wells in Klondike and the Woodford-Barnett are showing 'stellar' and 'very competitive' results, with some wells significantly outperforming peers and type curves.

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    Scott Hanold's questions to SM Energy (SM) leadership • Q4 2024

    Question

    Scott Hanold questioned the strategy of focusing on oilier assets over South Texas gas given the market's constructive view on natural gas. He also asked how the returns from newer Permian opportunities like Klondike and Sweetie Peck compare to legacy assets.

    Answer

    President and CEO Herbert Vogel stated the company's view on natural gas is prudent, citing price volatility and the 'hope' in the forward curve, and sees no need to rush development when oil returns are strong and less volatile. COO Beth McDonald and Mr. Vogel highlighted very strong well results from Klondike and Sweetie Peck, noting they are highly competitive for capital within the portfolio, though delineation is ongoing.

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    Scott Hanold's questions to SM Energy (SM) leadership • Q4 2024

    Question

    Scott Hanold of RBC Capital Markets questioned the strategy of focusing on oil properties over gassier South Texas assets given the commodity outlook and asked how returns from new Permian areas like Klondike and Woodford-Barnett compare to legacy assets.

    Answer

    CEO Herbert Vogel explained the decision to de-emphasize gas development is due to high price volatility and the belief that future demand from AI and LNG offers better long-term value, making a rush unnecessary. COO Beth McDonald and Vogel confirmed that new Permian wells are showing 'stellar' and 'very competitive' results, with a Klondike well producing over 150 MBOE in six months and a Woodford-Barnett well producing 250 MBOE in eight months, justifying their inclusion in the capital plan.

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    Scott Hanold's questions to NORTHERN OIL & GAS (NOG) leadership

    Scott Hanold's questions to NORTHERN OIL & GAS (NOG) leadership • Q2 2025

    Question

    Scott Hanold asked about the production and spending cadence into 2026, the reasons for the lower oil production guidance, and the strategic rationale for prioritizing acquisitions over organic drilling in the current market.

    Answer

    CEO Nicholas O’Grady explained that 2026 spending and growth will be dictated by the commodity price environment to maximize returns. He stated that in a volatile price environment, acquisitions offer more resilient, long-term returns and upside convexity compared to the short-term risk of drilling new wells, making them the preferred use of capital.

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    Scott Hanold's questions to NORTHERN OIL & GAS (NOG) leadership • Q4 2024

    Question

    Scott Hanold asked for details on the Appalachian partnership, including the potential for a 2026 extension, and inquired about the company's strategy for scaling its operations through technology and personnel.

    Answer

    CEO Nicholas O'Grady and President Adam Dirlam clarified the partnership is a one-year deal with a mutual two-year extension option, a decision to be made later. On scaling, they highlighted investments in data analytics to improve efficiency and underwrite a growing M&A pipeline, with the goal of extracting more value from both new and existing assets.

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    Scott Hanold's questions to NORTHERN OIL & GAS (NOG) leadership • Q3 2024

    Question

    Scott Hanold asked for an outlook on the production and capital trajectory into Q4 and early 2025, and questioned the new appearance of oil production from Appalachia.

    Answer

    CEO Nicholas O'Grady explained that the Q4 and 2025 outlook depends on the number of turn-in-lines and the pace of D&C list development, which is return-driven. He noted a typical minor production dip in Q1 due to Williston seasonality. Regarding Appalachia, he and President Adam Dirlam confirmed expansion into the Utica oil window through successful ground leasing and a Q1 transaction that has spurred further opportunities.

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    Scott Hanold's questions to EXPAND ENERGY (EXE) leadership

    Scott Hanold's questions to EXPAND ENERGY (EXE) leadership • Q2 2025

    Question

    Scott Hanold asked about Expand Energy's strategy for securing gas contracts related to power growth and LNG opportunities, inquiring about the company's goals, preferred pricing mechanisms, and sense of urgency.

    Answer

    President, Director & CEO Domenic Dell’Osso stated the primary goal is to reduce cash flow volatility and achieve better pricing through reliable delivery to constrained markets. EVP of Marketing & Commercial Dan Turco added that there is no urgency, and the company is exploring a wide range of structures, including direct sales, partnerships, and tolling, to protect downside while capturing upside.

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    Scott Hanold's questions to EXPAND ENERGY (EXE) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets inquired about Expand Energy's strategy for securing gas contracts tied to power generation and LNG growth, asking about the company's goals, preferred pricing mechanisms, and whether there's a sense of urgency to sign deals.

    Answer

    President, Director & CEO Domenic Dell’Osso stated the goal is to reduce cash flow volatility and achieve better pricing through reliable delivery. EVP of Marketing & Commercial Dan Turco added that there is no urgency and the company is exploring various structures down the value chain, including direct sales, partnerships, and tolling, to protect downside while capturing upside.

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    Scott Hanold's questions to EXPAND ENERGY (EXE) leadership • Q2 2025

    Question

    Scott Hanold inquired about Expand Energy's strategy for securing gas contracts tied to power generation and LNG growth, asking about the company's primary goals and preferred pricing mechanisms.

    Answer

    CEO Domenic Dell’Osso and EVP of Marketing & Commercial Dan Turco explained that the main goal is to reduce cash flow volatility and improve price realizations. Turco added that there is no urgency to sign deals, and they are evaluating the entire value chain, including direct sales, partnerships, and tolling, to find structures that protect downside risk while retaining upside participation.

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    Scott Hanold's questions to Matador Resources (MTDR) leadership

    Scott Hanold's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Scott Hanold from RBC Capital Markets inquired about the current strategy and timeline for the San Mateo midstream asset, including the possibility of an IPO and what criteria the entity needs to meet for such a move.

    Answer

    EVP & CFO William Lambert stated that the midstream business's value is not fully reflected in Matador's stock price. EVP of Midstream Brian Willey added that while they are actively evaluating strategic options, the company's strong free cash flow allows for patience to ensure the right transaction for shareholders. Chairman & CEO Joseph Wm. Foran and EVP G. Gregg Krug emphasized the strength of third-party relationships and the commitment to optimizing the asset's value.

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    Scott Hanold's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Scott Hanold from RBC Capital Markets asked for an update on the strategic options for the San Mateo midstream business, including the timeline for a potential IPO and the criteria for such a move.

    Answer

    EVP and CFO William Lambert acknowledged that the midstream business's value is not fully reflected in Matador's share price. Brian Willey, EVP of Midstream, added that his role now allows for a greater focus on evaluating strategic options, including debt or equity transactions, but emphasized they can be patient due to their positive free cash flow. CEO Joseph Foran highlighted the strength of their third-party relationships, and EVP G. Gregg Krug confirmed they are exploring all avenues to optimize value.

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    Scott Hanold's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked for an update on the strategic options for the San Mateo midstream business, including the timeline for a potential IPO and the criteria needed for such a move.

    Answer

    EVP and CFO William Lambert acknowledged that the midstream business's value is not fully reflected in Matador's share price. EVP of Midstream Brian Willey added that his role now focuses on evaluating strategic transactions, but the company can be patient. CEO Joseph Wm. Foran highlighted the strength of third-party relationships, and EVP G. Gregg Krug confirmed they are exploring all options to optimize value.

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    Scott Hanold's questions to Matador Resources (MTDR) leadership • Q2 2025

    Question

    Scott Hanold from RBC Capital Markets asked for an update on the strategic options for the San Mateo midstream business, including the timeline and criteria for a potential IPO.

    Answer

    EVP and CFO William Lambert acknowledged that the midstream business's value is not fully reflected in Matador's stock price. EVP of Midstream Brian Willey added that he is actively evaluating strategic debt and equity transactions but emphasized the company can be patient. CEO Joseph Foran highlighted the strength of third-party relationships as a key value driver, giving the company multiple options to optimize value.

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    Scott Hanold's questions to Matador Resources (MTDR) leadership • Q4 2024

    Question

    Scott Hanold asked for clarification on capital spending patterns, noting that Q4 spending was higher and Q1 was guided higher, and requested insight into the potential ebbs and flows within the 2025 capital guidance range.

    Answer

    CEO Joseph Wm. Foran explained that upon acquiring the Ameredev property, capital was deployed upfront to improve long-term operating expenses, generating faster savings. Executive Glenn Stetson added that they accelerated completions of 11 wells and upgraded facilities, which reduced monthly OpEx by $2 million, justifying the initial capital outlay.

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    Scott Hanold's questions to Matador Resources (MTDR) leadership • Q3 2024

    Question

    In a follow-up, Scott Hanold of RBC Capital Markets asked about the current M&A environment for Matador's 'ground game,' including the appetite of buyers and sellers and the outlook for continuing this bolt-on acquisition strategy.

    Answer

    Joseph Wm. Foran, Founder, Chairman, and CEO, expressed optimism, noting that periods of large-scale M&A often lead to rationalization, creating buying opportunities. Van Singleton, EVP of Land, added that Matador's consistent focus on creating win-win deals and targeting the best rock ensures their pipeline of opportunities remains full, allowing them to be selective.

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    Scott Hanold's questions to EQT (EQT) leadership

    Scott Hanold's questions to EQT (EQT) leadership • Q2 2025

    Question

    Scott Hanold of RBC Capital Markets asked how potential strategic selling from Olympus shareholders might influence EQT's opportunistic buyback strategy. He also questioned when the Deep Utica could become a development target to support future growth.

    Answer

    CFO Jeremy Knop stated that any buyback decision is price-dependent but noted that the company's confirmed growth projects make buybacks more attractive, as the investment case is now based on more than just gas price forecasts. President and CEO Toby Rice described the Deep Utica as a longer-term opportunity, though some "science work" could occur sooner to prove up inventory. Mr. Knop added the Deep Utica is a strong free option with superior economics to second-tier zones in other basins.

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    Scott Hanold's questions to EQT (EQT) leadership • Q4 2024

    Question

    Scott Hanold of RBC Capital Markets asked for EQT's confidence level in its core inventory duration relative to peers and if actively managing well chokes has impacted long-term Estimated Ultimate Recovery (EUR).

    Answer

    President and CEO Toby Rice pointed to data showing EQT's well performance improving while peers' degrades, giving them confidence in decades of high-quality inventory. He stated that managing chokes is not expected to cause EUR degradation. CFO Jeremy Knop added that the Equitrans acquisition transformed the inventory profile, likely adding at least 10 years of high-quality inventory life, supplemented by an active infill leasing program.

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    Scott Hanold's questions to RANGE RESOURCES (RRC) leadership

    Scott Hanold's questions to RANGE RESOURCES (RRC) leadership • Q2 2025

    Question

    Scott Hanold asked about Range's long-term capacity to meet the projected 4-5 Bcf/d of new in-basin demand, questioning if doubling production over a decade was feasible. He also sought to understand the key differentiators, beyond inventory, for securing long-term supply contracts and the nature of the pricing dynamics involved.

    Answer

    CEO Dennis Degner confirmed that doubling production over a decade is 'the art of the possible' given Range's inventory and operational capabilities. CFO Mark Scucchi explained that beyond inventory, surety of supply and creative, win-win contract structures (like collars or hub floors) are critical. He noted these deals must compensate Range for committing long-term capital and forgoing spot market optionality.

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    Scott Hanold's questions to RANGE RESOURCES (RRC) leadership • Q4 2024

    Question

    Scott Hanold inquired about the rationale for Range's three-year growth plan, questioning why production growth was weighted towards 2027 rather than 2025 and asking about potential hedging strategies for this future output.

    Answer

    CEO Dennis Degner explained that the company prioritized having a clear line of sight on demand growth and secured transport before committing to higher volumes. CFO Mark Scucchi added that their hedging approach remains flexible, viewing it as insurance rather than a necessity, given the company's strong balance sheet and the structural hedge provided by its diverse gas and liquids production mix.

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    Scott Hanold's questions to RANGE RESOURCES (RRC) leadership • Q3 2024

    Question

    Scott Hanold asked about the drivers behind Range's strong production performance, the specific volume impact from midstream optimization, and its effect on the base decline rate. He also inquired about the market signals needed to utilize DUC inventory for growth in 2025 and whether the company has adequate takeaway capacity.

    Answer

    CEO Dennis Degner attributed the strong production to long lateral performance and recent gathering and compression infrastructure expansions. He noted that while it's still early to quantify precise impacts, the system improvements have allowed for higher utilization and that the current 19% base decline rate could shallow further. For 2025 growth, Degner stated Range is watching for winter weather patterns, the commissioning of LNG facilities like Plaquemines and Corpus Christi, and the resulting price response before deploying a spot frac crew. He confirmed Range has the necessary firm takeaway capacity to handle potential incremental production.

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    Scott Hanold's questions to APA (APA) leadership

    Scott Hanold's questions to APA (APA) leadership • Q4 2024

    Question

    Scott Hanold asked for details on Permian zone delineation and questioned the softer 2025 production guidance. He also inquired about the rig allocation between oil and gas in Egypt and the infrastructure required for gas growth.

    Answer

    CFO Stephen Riney clarified the Permian guidance, explaining that a mid-2024 rig count reduction from 11 to 8 established a new sustainable production base. CEO John Christmann added that in Egypt, they plan to run 12 rigs, potentially shifting 2-3 to focus on gas, with future infrastructure needs dependent on exploration success.

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