Bob Brackett

Mark said the delay came from poor ground in the drift, now resolved, and that dry El Nino conditions have helped.

Kathleen accepted the timeframe and promised quarterly updates.

Attributed the roughly 900k tpd material moved to years of equipment-health work, higher availabilities and a transition to 400-ton trucks.

Quirk said the primary focus is recovering copper from 40B+ lb stockpiles, with secondary potential to partner or leverage technology in M&A. Stevens noted 42 billion pounds in stockpiles plus additional below-cut-off-grade material.

Quirk confirmed increased conviction. Additives moved from lab to field deployment in 2025. Heat injection trials at Morenci and El Abra in 2026 will be pivotal for scaling path.

Quirk emphasized leach economics stand on their own at very low incremental cost without significant capital. Baghdad requires roughly $4 copper price to justify investment, not tariff support.

Mark Johnson explained drilling from approximately 400 meters below pit surface. Hammer drills well-proven in similar dewatering applications, first drill expected running in May.

Mark Johnson confirmed only PB1 sequencing is affected, PB4+ unaffected. New cave management techniques will apply mine-wide for robustness and safety but won't change the sequence of mining.

Quirk clarified current spending is principally tailings infrastructure needed regardless of expansion. Not part of the $3.5B project budget. Timing is discretionary.

Quirk confirmed Safford oxide project essentially complete with strong performance. Jetti trial had mixed results but internal additive work using AI models advancing to commercial pilot at Morenci.

Nelson said exploration spend rises 50% on the stronger opportunity set, with about 20 wells a year split between infrastructure-led and frontier. Answered.

Gustavson noted possible Kilby expansion with Microsoft and a broader scalable, disciplined power business. Answered directly.

Wirth praised strategic reserve releases, Jones Act waivers, Defense Production Act. Criticized price caps, export bans, and windfall taxes as counterproductive. Noted broad portfolio limits exposure to any single bad policy.

Wirth deferred detailed market modeling to analysts, noting barrels will redistribute globally and a new equilibrium will establish across flows and differentials. Did not provide specific absorption estimates or rules of thumb.

Wirth noted ~250 rigs near multiyear lows, probably sufficient to maintain production. Most operators guiding to flat/reduced CapEx. Basin likely plateauing but remains dynamic and responsive.

Wirth quantified limited exposure: 80% of spend on services, strong domestic sourcing. Estimated ~1% impact on shale well cost. Active mitigation with suppliers underway.

Wirth noted CVX has position in one out of every five Permian wells. Observes operators sticking with disciplined, return-oriented strategies, no return to growth-at-all-costs.

Partial: credited resource quality and higher bottom-hole pressure in a deep area, without saying whether the play works toward the shelf edge.

Direct: not near term; over the next decade LNG and Texas demand should pull on Permian gas and raise its value.

Kaes said FANG studied global opportunities to understand cost curve positioning but concluded Permian inventory plus emerging zones strongly favor staying domestic.

Danny explained different resource requires oil-based mud, extra casing string, larger frac jobs (4 wells/section), and only 1-2 well pads so far. Development-mode techniques will close the gap.

Kaes agreed, Liberation Day was unexpected and raised demand shock fears that didn't materialize; the current debate is about supply, which feels more normal and manageable.

Kaes said Upper Spraberry and Wolfcamp D are moving into development, while Barnett and Woodford are still in delineation with exciting results pending publication.

Travis and Kaes explained that the inventory quality is already top-quartile so there's minimal high-grading opportunity, a benefit of having outstanding inventory.

Gave Train 2 substantial completion by December and Train 3 mechanical completion in mid-2027.

Hansen said maintenance was safely deferred given the margin environment, and completed turnarounds ran 30% cheaper and 60% faster than prior cycles.

Darren highlighted record Gulf Coast utilization, 200K bbl/d increase from Feb to Mar, expedited maintenance. Neil noted Energy Products earned $2.8B, up $2B YoY. Comprehensive answer with concrete operational detail.

Woods clarified advantage derives from what ExxonMobil brings to development not necessarily the resource itself. Bringing unique capabilities that deliver more than market or competitors. Not going to change. Convinced there is upside to advantages they can bring going forward. Centralized technology organization means innovation flows freely to highest value opportunity unlike competitors. Also challenged organization on going back to improve recovery from already played-out resources. Mikells added five-year ROCE averaged 11% two percentage points above closest peer demonstrating disciplined capital deployment.

Woods said they developed a unique carbon molecule to graphitize for battery anodes demonstrating 30% faster charging, 30% more range, and four times battery life cycle. Superior Graphite had technology and assets to adapt for fundamentally revolutionized graphitization process versus industry norm dating to 1800s that takes close to a month. Purchased key assets with technology rights. Will work to convert and scale technology for much higher rate and lower cost production. Very focused on outcompeting the Chinese who dominate this market. Must be on very low end of cost of supply curve for long run competitiveness.

Woods said for in-flight contracted FID-ed projects the contracts and positioning provide pretty good shielding from tariff impacts. More exposure on new things coming down the pipe. Organization has many levers to pull to manage impact. Sensitivity exists from Trump administration and governments worldwide to not severely impact energy sector. Governments recognize critical role of energy products in their economies. In discussions around world governments want to understand implications and are taking them into consideration. Company not immune but well positioned to manage and not forecasting significant issues or impact to date.

Andy explained the ANS/Dated Brent/WTI split and cash vs earnings timing lag. Ryan addressed subsurface shut-in risks, noting high-quality reservoirs should come back to full capacity.

Ryan Lance acknowledged some downside pressure near-term but constructive medium-term with 1M bbl/d demand growth continuing. Portfolio has flex both directions.

Ryan Lance acknowledged inbounds on power deals, noted large gas production, commercial power desk, and Permian land position as natural advantages.

Rice said EQT will likely raise normal lateral lengths toward 15 thousand feet, balanced against acreage recovery constraints, with records showing what's possible.

Toby defined in-bounds as leveraging the existing 3,000+ mile pipeline base with extensions to new demand hubs; cup is full with current opportunity set.

Jeremy drew a clear line, no speculative trading, focus on production optimization; minimum 4 MTPA of LNG capacity needed to be competitive internationally, which they now have.