Josh Silverstein

Knop said EQT would accumulate up to a few billion in cash but lean aggressively into buybacks at current depressed stock levels, staying countercyclical.

Jeremy clarified curtailments are optimization overlays independent of operations planning; even in growth mode they would still curtail based on market conditions.

Jeremy explained decisions made through marketer/trader lens informed by curve shape; much more curtailment capacity available; fall curtailments more economically attractive due to winter contango.

Jeremy clarified tolling and offtake have virtually the same economics; tolling requires physical delivery logistics while offtake is a purer international spread expression. Structure matched to regional supply risk.

Toby emphasized organic runway across all fronts makes it easy to stay disciplined, while Jeremy noted M2 basis has tightened by ~$0.20 in cal 29-30 already, accruing to EQT's asset value.

Toby confirmed new midstream infrastructure will close the last mile to new demand interconnects, leveraging EQT's existing commercial footprint to optimize gas delivery.

Jeremy maintained 5-10% LNG volume target as a 2030+ opportunity, with discussions improving recently and the domestic platform model being replicated for international customers.

Jeremy explained priority is reaching $5B debt target first, then will be opportunistic on buybacks during pullbacks rather than chasing 10-year highs.

Toby confirmed disciplined M&A framework remains in place while acknowledging the integrated platform creates operational edges for evaluating opportunities.

Ezra confirmed the 2026 plan is unchanged and pointed to the 3-year low-single-digit oil growth scenario at $60-80 WTI for 2027 direction.

Jeff explained reallocation was mechanics-driven: Utica drilling efficiency built DUC count, Delaware completions efficiency kept DUC count tight. Added 10 net in Utica, 5 in Delaware.

Keith confirmed multiple exploration plays underway but declined specifics. Emphasized exploration as preferred method for low-cost reserves, citing Dorado, Utica, and Trinidad as track record.

Ezra said 70% FCF return is a minimum, historically closer to 92%. Balance sheet at target with total debt/EBITDA at ~1x at bottom cycle. No priority to build cash. Buybacks especially compelling for EOG and the entire sector.

Jeff detailed: LOE $0.10 beat from lower workover and compression costs. GP&T $0.20 below on lower gas gathering/processing fees in Eagle Ford and Powder plus Utica forecast variance. G&A $0.08 below tied to Encino. DD&A under from better reserves and costs.

Jeff said investment pace driven by long-term optimization, not near-term price. 20% activity increase positions Dorado for continued efficiency gains with 15% improvement in drilled and completed feet achieved in 2024.

Ann reiterated 70% minimum FCF return target but confirmed positioning to exceed it. Share repurchases remain opportunistic, not programmatic. Working toward $5-6B cash and $5-6B debt targets.

Marcel laid out the capital allocation priority stack and said the balance sheet gives ample liquidity to absorb Twin Eagle.

Mike said premium market trading is lowest cost. More capital-intensive value chain investments must clear rate of return hurdles. Expects some capital deployment over three to five years but within a returns-focused, disciplined framework requiring decent ROCE.

Mike identified two challenges: internal execution (team needs more aggression, more deal generators, Houston move to be in the room) and physical transportation (need to partner with midstream companies). Competitive advantage is assured production that marketers do not have.

Josh Viets outlined structural basis outlook: Appalachia sees demand growth from power generation and pipeline egress but supply will follow, grinding basis up over medium term. NG3 online Q4 2025 is near-term wash as production offset by capacity costs, but medium-term LNG demand pull expected to lift Haynesville realizations.

Josh acknowledged surprise at Lower 48 production prints around 107 Bcf. Expects production may tick up or remain flat, but demand should outpace supply with approximately 4 Bcf per day of real LNG capacity coming online with Plaquemines, Corpus, maintenance returns, and weather.

O'Brien said the company is cost-of-supply agnostic on resource type but values conventional balance for decline rate and reinvestment-rate advantages.

Andy noted $3B of $5B divestiture program already complete, Permian data room open with non-core packages. On Port Arthur, said asset is being derisked daily and no need to sell.

Ryan Lance confirmed capital should ramp down as projects complete, with CFO rising from project startups creating a compounding free cash flow inflection.

Andy O'Brien confirmed unchanged LNG strategy, targeting 10-15 MTPA offtake with European regas and Asian sales, citing ongoing TTF strength and Russian pipeline loss.

Tom Jorden confirmed no significant capital limit for Marcellus, flagging Constitution Pipeline as a potential major growth catalyst that could require long-term volume commitments, with resolution expected in months.

Blake Sirgo noted existing Marcellus power deals are excellent but hard to replicate. Looking at Greenfield projects to capture long-term power strip, especially in the Permian where the market is recognizing Waha molecule value.

Shane Young clarified buyback is not turned off but will be back-end loaded while term loan repayment is front-end loaded. Company will remain opportunistic on buybacks throughout the year.

Blake Sirgo confirmed Marcellus takeaway is not capped, with volumes well below all-time highs providing room in existing pipelines, though higher volumes mean more expensive incremental fees.

Stephane confirmed the Q4 step-up is consistent with historical seasonality and said 35% is a good starting baseline. Digital EBITDA margin is a good proxy for free cash flow given minimal CapEx.

Olivier noted both: enhancing adoption within existing 1,500 customers and adding new ones. Lumi adopted by 50+ customers in less than a year since launch.

Olivier reaffirmed commitment to significantly outpace the broader market. Shared metrics: 40M Delfi CPU hours consumed (+50% YoY), nearly 1,000 wells drilled using drill plan app.

Olivier noted early Lumi success with proofs of value across all customer segments. Customers attracted by ability to integrate data and use AI/GenAI toolbox on their datasets.