David Deckelbaum

Sheorey said Ketjen represents ~10% of CapEx. Proceeds will be deployed toward deleveraging and other capital priorities once the transaction closes.

Sheorey said Talison dividends will depend on CGP3 ramp speed and spodumene pricing. All JV partners are interested in dividends as the investment phase concludes.

Masters said CGP3 is the biggest piece but also expects contributions from Wodgina, Salar yield project, and productivity gains across all assets.

Sheorey said deleveraging is a top capital allocation priority and they're studying additional actions beyond the November eurobond repayment.

Masters declined to give a specific incentive price, saying each project differs. Emphasized balance sheet repair as the current priority over growth investment.

Sheorey outlined multiple margin tailwinds for 2026: further asset ramp, CGP3 volumes, and full-year cost savings benefit.

Masters confirmed available tolling capacity in China plus growth from La Negra and Salar yield in Chile.

Masters said it is about market demand favoring carbonate, not customer resistance to hydroxide. The plant was designed with this flexibility at minimal CapEx.

Deckelbaum pressed for 2026 Delaware production shape. Deshazer declined to provide TIL timing granularity ahead of February guidance.

Deckelbaum sought drivers of sub-$2.3B 2026 capital. Deshazer indicated steady operations across all business units extending into 2026 without dramatic changes.

Blake Sirgo set expectations for a slow gradual build over time with no specific timeline, explaining why Harkey volumes are derisked from 2025 oil guidance.

Michael Deshazer explained 3-mile transitions depend on existing unit configurations. The Q4 project was an easy lateral extension opportunity, but full conversion will be gradual given legacy 2-mile unit setups.

Tom Jorden pushed back on presumptions, reiterating the three-year plan is an outlook not a commitment, and the company will readjust as conditions warrant with flexibility across oil, gas, and NGL opportunities.

Shane Young confirmed guidance does NOT assume Harkey volumes returning, providing potential upside. Tom added volumes have been taken out of the plan conservatively.

Tom Jorden clarified the midpoint is not contingent on gas prices; the incremental $50 million for continued activity is the optionality piece. Decision will be made by mid-spring.

Tom Jorden firmly rejected the cannibalization framing, arguing fewer wells with higher returns and same production is the optimal approach. Cited Permian examples of fewer wells matching neighbor cumulative production.

Kaes said Endeavor synergy shows up directly in Slide 8, they got bigger AND better. Al confirmed 2026 well performance expected to be very consistent with 2024/2025.

Kaes confirmed Q4 CapEx range multiplied by four is a reasonable 2026 bogey, noting total spend came down $500M from original 2025 budget while production rose to 510K.

Danny described early results from acidization and stimulation on 3-5 year old wells showing 20-100% production improvement, though not yet quantifiable at scale.

Travis explained casing tariff inflation of 12% makes building DUCs less attractive now, preferring to drop rigs and buy back stock instead.

Kaes said they were prepared to exceed 50% return in Q4 given December volatility but currently lean against going to 75-100% until debt targets are met.

Kaes described an active power JV exploration with a large IPP and hyperscaler interest, but noted it's still in confidential discussions.

Riney clarified no acceleration, planned well abandonment at Beryl Bravo and subsea program running for several years. Rodgers said production to decline 15-20% from 2025. After-tax cash flow impact of all ARO/decom year-over-year is only $55M.

Riney said Midland is near best-in-class, Delaware at peer average with room to improve. 5 rigs holding 120K flat in 2026 benefits from: base uptime improvements, facility constraints resolving, small DUC drawdown (~5). Permian dev capital drops from $1.45B to $1.3B with $150M additional savings.

Christmann confirmed a bonus payment netted against past-due receivables plus committed wells rolled into existing program. Acreage gets integrated into the merged concession. Activity levels unchanged but will drill on new acreage in Q4.

Christmann pointed to the Total JV structure in Suriname as an example of smart funding, Total carries a large portion of capital, enabling returns framework without needing asset sales. Rodgers noted net debt target provides flexibility for exploration, decom, and returns.

Christmann confirmed gas price is on incremental gas above an agreed decline curve, on par with oil on full-cycle basis. Riney added 'on par' includes anticipated infrastructure build-out costs.

Toby attributed liquids increase to development geography, noting the Ohio Marcellus prospect (80,000+ acres) could add liquids exposure, though EQT will remain a dry gas story.

Jeremy described an 'all-you-can-eat' opportunity with no real limit on firm sales, as volumes can be grown and third-party gas marketed; team increasing frequency of conversations to capture as much as possible.

Toby noted Olympus is uniquely close to Pittsburgh's industrial corridor where data center opportunities are concentrating.

Toby and Jeremy explained in-basin power demand can be served faster, cheaper, and with less financial risk than LNG, with EQT limiting LNG exposure to about 5% of production.

Jeff said improvement is portfolio-wide using data and analytics to identify failure points in wellbores and artificial lift systems. HiFi sensors monitoring vibrations and real-time data to predict and prevent failures, minimizing downtime and maximizing production.

Ezra said expect small bolt-ons and trades to shore up acreage. Encino was a unicorn with hand-in-glove acreage at compelling price due to emerging asset nature. Any opportunity evaluated through returns lens versus existing portfolio. Interested in quality, not just more inventory.