Capital Allocation and Share Buybacks
Q: Any change in view on buybacks vs. dividends given cheap stock?
A: Management remains biased towards share repurchases given the undervalued stock price, planning to spend around $250 million per quarter on buybacks. They are committed to maintaining and growing the fixed dividend, with the variable dividend determined by free cash flow.

M&A Strategy and Use of Equity
Q: Would you use equity for large acquisitions instead of buybacks?
A: While their preference is to repurchase shares, management is open to using equity in acquisitions if it enhances free cash flow per share and maintains investment-grade credit. Any transaction must be accretive and strengthen the company.

Grayson Mill Acquisition and Bakken Assets
Q: How do you view the Grayson Mill assets in the Bakken?
A: They are excited about Grayson Mill's 300,000 acres with potential for 3-mile laterals, offering significant running room. Efficiencies have improved returns, making previously Tier 2 areas more attractive.

Inventory Depth and Delaware Basin Commitment
Q: Is inventory sufficient to support pipeline commitments like Matterhorn and Blackcomb?
A: Yes, management feels confident with their thousands of wells ahead and is signing long-term pipeline deals. Gas production is expected to grow with ongoing oil projects in the Delaware Basin.

2025 Capital Expenditure Outlook
Q: Is $4.2 billion a reasonable placeholder for 2025 CapEx including Grayson Mill?
A: Directionally, that's not too far off, but it's too early to finalize 2025 plans. The budget will be refined after strategic discussions and integration of Grayson Mill.

Operational Improvements and Efficiency Gains
Q: Are first-half cycle time and productivity improvements sustainable?
A: There's continued upside, but it's challenging to include productivity gains in forecasts. Operational improvements are easier to predict than productivity gains.

Refracs and Redevelopment Opportunities
Q: What role do refracs play in your portfolio?
A: Refracs, particularly in South Texas, offer compelling returns and supplement base production. Grayson Mill has had success with refracs in the Williston Basin.

Powder River Basin Development Timeline
Q: When might activity increase in the Powder River Basin?
A: The Powder River Basin is viewed as a future growth area, with more activity expected in the second half of the decade. Currently, they are running 1-2 rigs to de-risk the play.

Eagle Ford Redevelopment and Efficiency
Q: Any changes in Eagle Ford drilling or efficiency gains?
A: The Eagle Ford benefited from redevelopment wells, including down-spacing and refracs, delivering strong results. Activity levels can vary due to partnerships, but it remains a valuable area.

Decision Between Volume and CapEx
Q: Why maintain CapEx rather than reduce it despite strong volumes?
A: Management chose to stick with their plan to deliver expected performance, resulting in volumes exceeding expectations. They aim to balance capital efficiency and production growth.