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    Umang Choudhary

    Vice President and equity research analyst previously at Goldman Sachs

    Umang Choudhary is a Vice President and equity research analyst previously at Goldman Sachs, where he specialized in energy sector coverage with a focus on companies such as APA Corp and other major oil and gas firms. He has made calls including a recent downgrade of APA Corp, and has achieved a 70% success rate on analyst calls though with an average return of -7.8%. Choudhary has served as Vice President and Analyst at Goldman Sachs in the U.S. and India, before moving to Lazard Asset Management as Senior Vice President in early 2024. He holds relevant professional credentials with FINRA registration and necessary securities licenses.

    Umang Choudhary's questions to MRO leadership

    Umang Choudhary's questions to MRO leadership • Q3 2023

    Question

    Asked for an update on capturing third-party gas volumes in EG, which assets are likely to receive more capital, and for clarification on the implied Q4 oil production guidance.

    Answer

    Discussions to bring in third-party gas from the Aseng field are active, using an existing commercial model. For capital allocation, the Eagle Ford and Bakken will remain primary, with the Permian expected to compete for more capital. The Q4 production step-down is an output of the annual business plan, designed to hit the full-year average of 190,000 bbl/d after a strong Q3.

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