Doug Leggate

what that informs for your views on the existing discoveries and what your running room is for the upcoming drilling program

what tools do you have to maybe protect some of that

can you offer any color on the impact of this $100 million? What's the nature of that spend

you've also put new exploration numbers in the budget for this year, presumably Alaska and Suriname. I wonder if you could offer any color on what the program looks like

how big a delta that could be on cash flow in 2026 as those legacy costs roll over

what's the nature of the flexibility you have? Because I think a few years ago, when oil prices collapsed, you allowed your Permian production to decline

can you offer any insight as to what you're thinking in terms of resource size? And if I can add a Part B

the $800,000 per well that you talked about, I mean, were those in your original 350 numbers, or is this a moving target

I'm trying to understand a little bit about what the moving parts are. Where is it today and what is the assumption in where CapEx is from the $12 billion this year in 2030 that gets you to that nu...

What is the sustainable deferred tax visibility that you have for the Lower 48 at this point, if you're able to offer any color beyond 2025

Is this coming out of growth capital in terms of doing things more efficiently? Or is it coming out of, I guess, what you would call base capital

do you accept that production growth on a go-forward basis or do you trim activity levels and reduce your capital

when you look at the gas-levered E&Ps, particularly your larger peers, EQT and Expand and compare your relative performance, it almost seems like you've been kind of orphaned by the mix of your por...

is this related to the workovers in the Harkey? Should we continue to expect your oil production to move up and then ultimately your LOE to move down as those workovers flow through the system?

is that a consideration for your gas strategy, if not, why not?

Are you at a point now where the fiscal terms have changed, the security situation is different, and you would be prepared to incrementally put more capital to work

Kazakhstan seemingly has some fairly substantial compensation cuts planned in the summertime. And I don't know how much of that was supposed to be Tenge's

what is your prognosis for exploration, the role of exploration and the associated spending that could fit in Chevron going forward

Venezuela and the potential loss of production there. And the other is what appears to be an impending market share battle going with the declaration of cooperation

what is the incremental 10, including the debt payback? What does that look like in 2027 versus, I guess, what you gave us before?

Have you been able to get under the hood on the combined company and Cotera's portfolio and assets, given the merger has not closed yet?

what is the role of exploration in Devon? And if I may ask you to opine just on a broader issue, what does this say about the maturity of U.S. shale

Can you confirm the Kuwait interest, Clay?

I just want to make sure I'm not misinterpreting or overstating this. But if I look back to the legacy commitment from when you were still COO

You have some of the legacy midstream contracts rolling off. But my understanding is it's beyond the time line of the $1 billion target

What does it look like beyond the next 2 or 3 years? And I guess my part B would be, clearly, this is kind of a windfall

how do you stack the importance of the dividend, the buyback, and the balance sheet when you think about free cash flow

gas markets are obviously changing in the US. It's, you know, it's been a year. We've held for some time

are you prepared to let your balance sheet go back to net debt zero

what do you think that level is for the post Encino portfolio and what do you believe the duration of that is post the three years

our understanding is that EOG may be starting to build a position in Alaska

are you running the business to optimize production at basin levels? Or are you running the business to sustain portfolio free cash flow

what is your objective for the Utica? And what are the constraints around that?

how should we think about translating that free cash flow from Encino and from the portfolio generally towards your priorities for free cash

is this how we should think about it that you’re ultimately flexing your capital to protect that $12 billion to $22 billion target

given your inventory depth, why are buybacks the right answer for opportunistic cash flow versus offering EQT as a competitive dividend stock

what can you do to improve your realizations? And more specifically, can you accelerate your access to LNG on international markets given your current plan is post 2030

the trend in your portfolio breakeven and sustaining capital. Can you give us an idea where you think that sits on a levered basis for 2026

my first question is on marketing because obviously you guys had a phenomenal quarter in terms of marketing optimization. I'm trying to understand is this kind of a new normal for you guys

Where is the priority on the net debt balance sheet sit versus the priority for getting back to buybacks

What would it take for you to actually grow production? I'll leave it there

what's the CapEx cadence to get to that $250 million of free cash flow growth by 2029

I'm curious what it does to your levered break even to the extent you can offer any color on post-deal sustaining capital

when you were comparing it to QP, would that also apply to the inventory depth? You guys have got 20 years, you've talked about

Is now the right time to back your stock? Or is now the right time to put cash on the balance sheet

I wonder if you could maybe just share with us why did you take this position? What do you think you bring to the table?

you have called the 2029 bonds a big nut, obviously. I am wondering if this is defining a different priority for the use of cash

I am wondering to the extent you can share your vision for how Expand gets that breakeven down given the proportion of dry gas you have

are you under $3 now in your breakeven?

where do you see your breakeven today? Where do you see it trending?

what's your appetite to continue doing that, reducing net debt; or put differently, putting cash on the balance sheet to the obvious benefit of your equity volatility?

70% deferred cash tax is the guidance for 2026, I believe. My question is, what's the duration of that?

Where is that today? Where do you think it can get to during this period? And obviously, there's a lot goes into that, the synergies

I'm curious if you're ready to offer any kind of insight as to what impact that can have on realized prices for you guys

you put a kind of a 2-year time line on building a marketing business, and you obviously made a very high profile higher here recently

commingling Bossier, Haynesville Upper, Lower Marcellus, what's extending the inventory? What is the relative economics look like

is it inconceivable that when we look out with no variable dividend taken out of the capital return structure, but your net debt balance sheet could basically go to 0

what you're seeing from your nonoperated positions. And I guess this is particularly, it might be a Viper question

Is that a kind of consistent weighted average well quality? Is it maintaining production mix? Or more importantly, is it maintaining free cash flow

the type curve you've shown for the Barnett is presumably a parent well versus a development type curve for the cube development elsewhere

when you talk about core, you're generally talking about your best inventory, but in the co-development, you're obviously bringing in lower than Tier 1 locations

it sounds like there is a case where growth would make sense. Is that a change of stance under case versus under Travis

is the cap to stay below that MPLX distribution threshold or should we expect CapEx to drop off

what should we consider that anytime we see blowout margins Marathon is gonna treat the knobs to basically run significantly better into that environment

It seems to us that we're starting to see some benefit maybe of the One Big Beautiful Bill on some of the investments you made in the West Coast

what is the new capture rate? What is the new sustainable capture rate that you would expect out of your system?

should we be thinking that your capture rate has shifted up as a matter of course? Or I'm just curious how you would respond to that comment?

What is the net debt level at the MPC level again, the net debt MPC level that you're comfortable with, as opposed to the cash level

how does your plant adapt to a different diet of crude if you had to? Frame it for us in whatever way you like

I wanted to pick on one of your comments at the end of your prepared remarks. We will optimize our portfolio. I wonder if you could care to elaborate

if anything, how do you see things for Occidental Petroleum Corporation strategically?

the next line item on Slide 20 says ongoing net debt reduction. I really want to understand what that means

sustaining capital updated guidance of $4.1 billion, that's obviously at $40 oil. Obviously, we're away from that. What would that number look like

Where does this leave your drilling inventory? And what would you say is the sustaining capital breakeven at this point for the portfolio

are we in the ballpark to think that spending next year should be down about $700 million on your -- based on your remarks, Sunil

I wonder if you could take a kind of 5-year forward look or however long you would like to put on it and say, well, we actually have another X billion dollars

The press has you spending committing $30 billion over through 2050. And I recall that there are significant cost recovery benefits

you said we're going to accelerate deleveraging and look at all the options, including potential disposals

would you anticipate replacing that capital with other projects, such as Mehsana for example? Or do you envisage the absolute level of spending moving to a lower

we've got extraordinary margins, you pointed out multiple times, that it's steeply backward dated

when we think about your run rate going forward, what would you have us think about the range of utilization?

Are these what's the actual dynamic that's going on in the Gulf Coast from Phillips' perspective? Are you seeing physical barrels beyond the sequestered cargoes

should we think about your go-forward capacity utilization, your ability to manage that if you like, as averaging higher over time

are you still comfortable with the forward strategy of the integrated company? Or do you envisage any incremental changes

if you had to try and normalize for today's environment, what would the $15 billion be

I wonder if you could share the extent of which you did look at some of these ideas that they're putting forward, for example, separating the Midstream

do you ever see a situation where Midstream is somehow separated or as a standalone business?

how is the physical set of the crude market impacting the capture rate

What what do you think the mid-cycle earnings capacity of DGD is or maybe free cash flow, whichever one you prefer to lean on

about your coker utilization and the volume of your heavy runs, where that can get to

I'm wondering if there's a change going on in how you're running your business, things like planned turnarounds, just in time

your distillate yields versus your light sweet crude throughput. I'm wondering if you could help us reconcile what's going on there

you did mention that the you also had Impaired Wilmington

if you need to find a substitute for that much heavy oil, you’re going to have run cuts, you’re going to have utilization yield issues

how do you see the likelihood that the industry, the U.S. industry specifically can continue to run at those kind of levels

what was not in the plan through 2030 that could surprise on the upside

At what point do you think the free cash flow expansion translates to a more competitive, let's say, versus a broader market, dividend growth rate

would you continue this pace regardless of the commodity within reason

your cash distribution philosophy, buybacks versus dividends