Sign in

    Wei Jiang • Barclays

    Wei Jiang's questions to California Resources Corp (CRC) leadership

    Wei Jiang's questions to California Resources Corp (CRC) leadership • Q1 2025

    Question

    Wei Jiang from Barclays asked about California Resources Corporation's base production decline and maintenance capital, highlighting the minimal oil volume decline on low capital spend. She sought to understand how low maintenance CapEx could potentially go in an unconstrained permitting environment.

    Answer

    President and CEO Francisco Leon emphasized that CRC's low decline is managed through OpEx-funded surveillance and capital-efficient workovers, not just new drilling. He stated they are not ready to guide to a new, lower maintenance capital figure, as the team continues to outperform with the integrated Aera assets, and the previous estimate of 6-8 rigs needs re-evaluation.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to California Resources Corp (CRC) leadership • Q3 2024

    Question

    Wei Jiang, known as Betty, inquired about the 2025 capital allocation for the Carbon Management business following the FID of its first project and the funding split between CRC and its JV. She also asked why Q3 share buybacks were modest despite strong free cash flow and if the pace would accelerate.

    Answer

    Francisco Leon (Executive) stated that the initial carbon capture project (35R) has a low capital cost of under $20 million and will be the main carbon-related spend in 2025, with larger projects funded later via the Brookfield JV. On shareholder returns, he affirmed the stock is undervalued and noted the company quickly rebuilt its cash balance after the Aera deal, providing flexibility to aggressively buy back shares or reduce debt, like the 2026 bonds.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to Devon Energy Corp (DVN) leadership

    Wei Jiang's questions to Devon Energy Corp (DVN) leadership • Q1 2025

    Question

    Wei Jiang asked for an estimate of how much Devon's maintenance capital could decrease over the next few years due to its optimization plan and other efficiencies. She also inquired which assets offer the most flexibility to reduce activity in a weak price environment.

    Answer

    President and CEO Clay Gaspar clarified that potential service cost deflation is not included in their targets. CFO Jeffrey Ritenour projected that the current $3.8 billion capital baseline could be driven down to a maintenance level closer to $3.4-$3.45 billion by 2027. Regarding flexibility, Clay Gaspar contrasted the Delaware Basin, where activity has already been trimmed due to scale, with the Powder River Basin, where maintaining a one-rig program is crucial for long-term value creation despite challenging near-term economics.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to Devon Energy Corp (DVN) leadership • Q3 2024

    Question

    Wei Jiang asked about the potential to replicate large-scale, multi-zone projects like the CBR development and whether phasing in more Tier 2 zones would impact average productivity. She also inquired if larger projects are the new standard for driving efficiency gains.

    Answer

    Chief Operating Officer Clay Gaspar explained that the company is constantly balancing returns, NPV, and inventory preservation. He noted that innovations in spacing and completion techniques for these secondary zones have led to productivity improvements that outpaced their 2024 forecasts. While larger pads are preferred for efficiency, he clarified that few "blank canvas" opportunities exist, and the focus is more on optimizing development in areas with existing wells. He stressed that productivity gains from these techniques are far more impactful than cost savings.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to Coterra Energy Inc (CTRA) leadership

    Wei Jiang's questions to Coterra Energy Inc (CTRA) leadership • Q1 2025

    Question

    Wei Jiang of Barclays asked about the potential long-term impact of pausing Harkey development, specifically regarding overfill risks for future wells, and sought more comfort on the significant production ramp implied in the full-year guidance for Q3 and Q4.

    Answer

    Chairman, CEO and President Thomas Jorden explained the pause is expected to be for months, not years, minimizing overfill risk, and described it as a mechanical, not strategic, issue. EVP and CFO Shannon Young confirmed a substantial sequential production step-up is expected through the year, driven by a higher turn-in-line count in Q2.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to Antero Resources Corp (AR) leadership

    Wei Jiang's questions to Antero Resources Corp (AR) leadership • Q1 2025

    Question

    Wei Jiang sought to reconcile the company's C3+ premium guidance, asking how the stated $0.15 per gallon premium on export volumes translates to the overall guidance of a $1.50 to $2.50 per barrel premium for the entire C3+ barrel. She also asked about Q1 GP&T dynamics and how running processing plants above nameplate capacity affects the long-term liquids mix.

    Answer

    CFO Michael Kennedy clarified that the $0.15 premium applies specifically to the exported propane portion of the NGL barrel, not other products like butane or natural gasoline, which have different pricing. Chairman, CEO and President Paul Rady explained that GP&T costs have a variable component tied to natural gas prices, which caused the Q1 figure to be higher. He also noted that with processing plants already running above 100% capacity, there would be no change to the current liquids mix.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to APA Corp (US) (APA) leadership

    Wei Jiang's questions to APA Corp (US) (APA) leadership • Q4 2024

    Question

    Wei Jiang requested more detail on the $350 million cost-cutting initiative, including its breakdown and execution plan, and asked about the Permian Basin's inventory duration following the integration of Callon Petroleum's assets.

    Answer

    CEO John Christmann and CFO Stephen Riney explained the cost savings are benchmark-driven, with the largest portion from capital, followed by LOE and G&A. They stated that at the current 8-rig pace, they have clear inventory visibility through 2029 and are confident in adding more locations, with a detailed update planned for later in the year.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to APA Corp (US) (APA) leadership • Q3 2024

    Question

    Wei Jiang asked for the absolute, undiscounted value of the North Sea ARO liability and whether its cash outflow would be netted against free cash flow for shareholder return calculations. He also inquired about the outlook for gas marketing income.

    Answer

    CFO Stephen Riney clarified the North Sea ARO is a $2.5 billion liability in today's costs, which discounts to a $2 billion GAAP liability and a $1.2 billion net after-tax present value. He confirmed the cash outflows will be netted from the free cash flow calculation for returns. On gas marketing, he explained future income is highly dependent on the volatile Waha vs. Gulf Coast price spread, which is difficult to predict.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to BKV Corp (BKV) leadership

    Wei Jiang's questions to BKV Corp (BKV) leadership • Q4 2024

    Question

    Wei Jiang asked about the new natural gas processing CCUS contract, inquiring about its margins compared to the Barnett Zero project and how much additional low-carbon power it could support. She also questioned the 2025 power EBITDA guidance, seeking clarity on the underlying power price and spark spread assumptions.

    Answer

    President of Upstream Eric Jacobsen stated the new CCUS project's economics are comparable to Barnett Zero, with an EBITDA margin around $50 per ton. CEO Christopher Kalnin addressed the power guidance, explaining that it reflects near-term headwinds from moderate weather and new renewable supply on the grid. However, he emphasized a bullish long-term outlook for 2026-2028 due to significant contracted baseload demand growth, which is expected to increase scarcity pricing.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to ConocoPhillips (COP) leadership

    Wei Jiang's questions to ConocoPhillips (COP) leadership • Q4 2024

    Question

    Betty Jiang from Barclays requested more color on the $1.4 billion pro forma CapEx reduction in the Lower 48, asking for a breakdown between synergies, efficiency gains, and activity optimization, and if this new level sustains growth.

    Answer

    Nick Olds, EVP of Lower 48, detailed the $1.4 billion reduction. He attributed it to a combination of operational improvements, $500 million in material synergy capture from the Marathon acquisition (including applying COP's operating model and common contracts), activity optimization by moving to a level-loaded program and optimizing plateaus, and about $200 million in modest deflation. Olds affirmed that at this flat activity level, the company expects to continue delivering low single-digit growth in the Lower 48 for years to come due to ongoing efficiency gains.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to ConocoPhillips (COP) leadership • Q3 2024

    Question

    Betty Jiang asked about the company's asset sales program, the potential use of proceeds, and which areas of the portfolio could be considered for divestiture.

    Answer

    Andy O'Brien, SVP of Strategy, confirmed that the Marathon transaction provides an opportunity to continue portfolio high-grading. He reiterated the target to dispose of approximately $2 billion in non-core assets over the next several years and stated that activities on multiple disposition candidates are well underway, declining to provide specifics due to commercial sensitivity.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to Murphy Oil Corp (MUR) leadership

    Wei Jiang's questions to Murphy Oil Corp (MUR) leadership • Q4 2024

    Question

    Wei Jiang from Barclays asked about the reworked offshore development portfolio, noting that both the resource and CapEx numbers had increased. She inquired about the drivers for this change. She also asked how the significant potential capital for the Hai Su Vang (HSV) discovery would be integrated into the corporate spending level over the long term.

    Answer

    President and CEO Eric Hambly explained that the offshore portfolio update reflects more opportunities identified through their annual planning process, which get prioritized over longer-term onshore spending. He attributed the slightly higher breakeven costs to modest inflation in subsea installation work. For HSV capital, he noted the timing aligns well, as spending could ramp up just as capital for the Lac Da Vang project ramps down. He reiterated that exploration success can displace planned onshore spending in the long-range model, making it manageable within their framework.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to Diamondback Energy Inc (FANG) leadership

    Wei Jiang's questions to Diamondback Energy Inc (FANG) leadership • Q3 2024

    Question

    Wei Jiang inquired about the opportunities related to Diamondback's extensive surface acreage and water assets, asking what it would take to capture these recurring revenue streams and how such investments would be funded.

    Answer

    President and CFO Kaes Van't Hof stated the company's mandate is to create a local market for its gas to avoid low prices while insulating itself from rising power costs, potentially by attracting data centers. He explained that funding for such projects would likely follow past models, where Diamondback partners with experts, providing its basin knowledge while the partner handles the power infrastructure side of the business.

    Ask Fintool Equity Research AI

    Wei Jiang's questions to Chevron Corp (CVX) leadership

    Wei Jiang's questions to Chevron Corp (CVX) leadership • Q3 2024

    Question

    Wei Jiang from Barclays asked about the technological renaissance in the Gulf of Mexico, specifically how new tech like the 20k psi system for the Anchor project is creating new resource opportunities and potential upside.

    Answer

    CEO Mike Wirth confirmed that technology is unlocking significant new opportunities. He explained that the 20k psi technology used in the Anchor project opens up at least 20% of Chevron's exploration portfolio. He also highlighted other advancements like ocean bottom nodes and AI tools, plus an emphasis on near-field tiebacks to existing infrastructure, stating the "heyday of the Gulf of Mexico is far, far from over."

    Ask Fintool Equity Research AI