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    Stephen Richardson • Evercore ISI

    Stephen Richardson's questions to EOG Resources Inc (EOG) leadership

    Stephen Richardson's questions to EOG Resources Inc (EOG) leadership • Q2 2025

    Question

    Stephen Richardson from Evercore ISI asked about EOG's natural gas marketing strategy, particularly regarding long-term contracts given rising demand and new Utica volumes. He also questioned the midstream strategy for improving pricing on Utica oil and liquids.

    Answer

    CEO Ezra Yacob stated EOG is well-positioned to serve long-term gas demand and seeks premium-priced, creative agreements with good partners. COO Jeff Leitzell added that the marketing team will leverage EOG's scale and track record to improve Utica's oil price differentials and GP&T rates over time, noting the asset's economics are already highly competitive.

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    Stephen Richardson's questions to EOG Resources Inc (EOG) leadership • Q3 2024

    Question

    Stephen Richardson inquired about EOG's new plan to optimize its balance sheet, asking about the timing of adding incremental debt, the redeployment of cash into buybacks, and whether this implies shareholder returns will sustainably exceed the minimum commitment. He also asked about the natural gas outlook and what signals EOG needs to increase capital investment in its low-cost Dorado asset.

    Answer

    Chairman and CEO Ezra Yacob explained that the decision to increase debt to a $5-6 billion target range is timed with maturing bonds and a more favorable market, making the capital structure more efficient. He confirmed this will likely push cash returns above the 70% free cash flow commitment, potentially exceeding 100% in the near term. Regarding Dorado, Yacob noted that while the long-term demand outlook is strong, near-term gas inventories remain high, so EOG will maintain a disciplined 1-rig program to capture efficiencies while awaiting a market inflection point in 2025.

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    Stephen Richardson's questions to ConocoPhillips (COP) leadership

    Stephen Richardson's questions to ConocoPhillips (COP) leadership • Q2 2025

    Question

    Stephen Richardson of Evercore ISI inquired about the significantly increased $5 billion asset divestiture target, asking for perspective on the acquisitions market and the types of assets being considered for sale.

    Answer

    Chairman and CEO Ryan Lance stated that the increased target resulted from a rigorous annual planning process that identifies assets not competing for internal capital. He cited the successful Anadarko Basin sale as an example that provided confidence in the market's appetite for such assets. Lance affirmed they see a reasonable market to sell into, allowing them to high-grade the portfolio and accelerate value.

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    Stephen Richardson's questions to ConocoPhillips (COP) leadership • Q4 2024

    Question

    Stephen Richardson from Evercore ISI inquired about the outlook for long-cycle capital expenditures, seeking details on projects in Alaska and Qatar, the strategy for Port Arthur Phase 2, and confirmation that 2025 represents peak spending.

    Answer

    Andy O'Brien, SVP of Strategy, confirmed that 2025 is the peak spending year for long-cycle projects at approximately $3 billion, driven by the largest winter construction season for the Willow project. He stated that major project spending will step down annually thereafter, with a steady stream of project start-ups from 2026 to 2029. Regarding Port Arthur Phase 2, O'Brien noted that while ConocoPhillips is keen to see it completed, their primary focus is on building out offtake capacity rather than taking more equity. CEO Ryan Lance added these projects are expected to add over $6 billion in incremental free cash flow relative to 2025.

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    Stephen Richardson's questions to ConocoPhillips (COP) leadership • Q3 2024

    Question

    Stephen Richardson requested more detail on the 2025 capital allocation plan, particularly how the company is balancing long-cycle projects like Willow against the current commodity price environment.

    Answer

    Chairman and CEO Ryan Lance reiterated the pro forma 2025 CapEx guidance of less than $13 billion. Andy O'Brien, SVP of Strategy, elaborated that this figure, down from a combined $13.5 billion in 2024, is primarily driven by Marathon synergies. He confirmed that 2025 will be the peak construction year for Willow while Port Arthur LNG spending will decrease, with all factors incorporated into the sub-$13 billion guidance.

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    Stephen Richardson's questions to Chevron Corp (CVX) leadership

    Stephen Richardson's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Stephen Richardson from Evercore ISI asked about the strategic role of the combined tight oil portfolio (Permian, DJ, Bakken) post-Hess integration, specifically how Chevron will balance growth versus free cash generation from these assets.

    Answer

    Chairman & CEO Michael Wirth highlighted that the 1.6 million barrels per day from shale and tight represents 40% of the company's production. He stated the strategy is to apply capital efficiencies to hold production at a plateau for years, generating significant free cash flow for the broader portfolio, dividends, and buybacks, emphasizing a shift from growth to cash generation.

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    Stephen Richardson's questions to Chevron Corp (CVX) leadership • Q1 2025

    Question

    Stephen Richardson asked for Chevron's current perspective on its CPChem joint venture, particularly its performance through the chemical cycle trough and the possibility of acquiring a larger stake.

    Answer

    CEO Mike Wirth expressed a positive long-term view on the chemicals business, despite the current trough. He praised CPChem's advantaged feedstock position and operational excellence. He confirmed that Chevron has advised its partner of its interest in acquiring the other half of the business 'at a reasonable value for both parties.'

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    Stephen Richardson's questions to Chevron Corp (CVX) leadership • Q4 2024

    Question

    Stephen Richardson asked about the strategic role of the Permian Basin as it nears 1 million barrels per day and how Chevron determines the appropriate mix of unconventional assets within its broader portfolio.

    Answer

    CEO Mike Wirth stated the plan is for the Permian to moderate its growth rate and become a core, durable free cash flow generator for many years. He noted that unconventionals (Permian, DJ, Bakken) could approach 50% of the portfolio, providing a large, stable production base that can be maintained with modest capital.

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    Stephen Richardson's questions to Exxon Mobil Corp (XOM) leadership

    Stephen Richardson's questions to Exxon Mobil Corp (XOM) leadership • Q2 2025

    Question

    Stephen Richardson from Evercore ISI asked for insights on recent downstream project startups, including lessons learned and future growth ambitions in the refining sector.

    Answer

    Chairman and CEO Darren Woods described the recent project startups, like the China Chemical Complex and Singapore resid upgrade, as an 'extremely good success' due to the centralized projects organization. He highlighted the strategy of using new technology to convert low-value molecules into high-value products. Future investments will continue this trend, focusing on upgrading the product slate at integrated sites, including opportunities in biofuels and plastics recycling.

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    Stephen Richardson's questions to Exxon Mobil Corp (XOM) leadership • Q1 2025

    Question

    Stephen Richardson from Evercore ISI requested an update on the Baytown Blue Hydrogen project and the remaining requirements to reach a Final Investment Decision (FID).

    Answer

    Chairman and CEO Darren Woods outlined that FID depends on three key factors: a competitive project meeting return thresholds, supportive government policy, and secured customer offtake agreements. He stated that while the project is competitive, the 'long pole in the tent' is finalizing sales commitments, which the company hopes to achieve later in the year.

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    Stephen Richardson's questions to Exxon Mobil Corp (XOM) leadership • Q4 2024

    Question

    Stephen Richardson asked about the forward look on capital expenditures, identifying it as a key risk to achieving the 2030 return on capital employed (ROCE) target.

    Answer

    CEO Darren Woods explained that a large portion of CapEx is for proven activities and is fairly flat, reflecting efficiency gains. Growth in CapEx is tied to new businesses like low-carbon solutions and proximal products, and these investments are contingent on realizing high returns and having necessary policy support. CFO Kathy Mikells added that ExxonMobil's global projects organization provides a competitive advantage in execution and cost efficiency, giving them confidence in their ability to improve ROCE.

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    Stephen Richardson's questions to Linde PLC (LIN) leadership

    Stephen Richardson's questions to Linde PLC (LIN) leadership • Q3 2024

    Question

    Stephen Richardson asked about the impact of recent restructuring announcements by European industrial companies, inquiring about conversations with customers and how Linde views the risk of potential shutdowns.

    Answer

    CEO Sanjiv Lamba stated that Linde has not had discussions with any major customers in Europe regarding major plant closures at this time, though the company is monitoring the situation closely. He provided reassurance by emphasizing that Linde's investments are protected by solid contracts with termination provisions, safeguarding investor interests even if a customer decides to shut down.

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