Leo Mariani

John previewed 2027 exploration spend (Alaska, Suriname, Uruguay wells) landing in the 10-15% range, firmed up in February.

John confirmed the 60% commitment is built into how the framework is defined and won't step up beyond past practice.

Rodgers said US cost savings drove LOE below guidance with some timing benefit. Egypt diesel costs rising but offset by US savings including $100M Permian LOE projects going according to plan. Full-year LOE guidance unchanged at $15.25.

Riney said four quarters flat at ~121K bpd, next three quarters expected ~118K bpd (~2.5-3% decline from prior average). Running 12 rigs 50/50 oil/gas vs previously 12 rigs all oil, yet only slight decline, speaks to rich gas condensate and oil drilling efficiency. Egypt importing LNG, so gas is equally important for energy security.

Christmann noted oil held flat for 3 quarters via waterfloods but gas rigs increasing to 50% of program. Forecast slight gross oil decline. Riney added many gas fields have rich gas with condensate that shows up as oil volume. New exploration acreage also prospective for oil.

Riney confirmed: field-level pretax ROR with full field cost burden (including central facilities, gathering, SWD, tank batteries). No corporate G&A burden. Before and after tax effectively the same since APA expects minimal US taxes.

Rodgers confirmed infrastructure is within development capital. Only other piece is marketing book at low to mid-$400M at strip for 2026 (both transport and LNG). No other major moving parts.

Christmann said data room open for Uruguay with significant industry interest, no announcement yet. Alpine High DUCs were purely acreage retention. Rodgers added flush production timing aligns with winter Waha above $2, so economics work plus retains acreage optionality.

Riney confirmed Q1 had unexpected downtime but the general trajectory is continued slight decline in gross oil through the rest of 2025.

Christmann emphasized the NM sale was opportunistic, not forced. Rodgers noted they'll be 'opportunistic' on both debt and equity with zero revolver balance after using asset sale proceeds. Maintained 60% return framework.

Christmann said Egypt has been staying current on payments with past-due balance stable. Expects progress in 2025 after meeting with Egyptian president. Riney clarified Q4 working capital movement was drilling inventory, not receivables.

Riney provided clear breakdown: $400M from Permian-to-Gulf Coast pipeline trading and $200M from Cheniere LNG contract, similar ratio to 2024 ($330M/$170M).

Kaes said no material Delaware capital this year or likely next, but noted farm-out results and heavy Viper leasing.

CEO explained economics: -$3 Waha zeroes NGL value, worse eats into oil. Currently ~2-3k bpd shut in. Not impeding new development. Every molecule still has flow assurance, just at negative price.

CEO confirmed: if outperforming, hold activity and produce into market that needs it. Quarter-by-quarter approach.

Al outlined ~30 wells drilled and ~10 completed in 2026 ramping to ~100 gross wells in 2027. Kaes confirmed this pace holds leases in a capital-efficient manner.

Danny said direct cost savings from crew drops are modest due to added equipment; the real benefit is decreased cycle times reducing water-out frequency and bringing wells forward in the plan.

Kaes confirmed buybacks remain primary after base dividend; bolt-ons and cashless trades continue, but big M&A will be more selective.

Kaes said consecutive months in the 50s or near $50 would trigger a red light reassessment, but FANG's positioning at 36-37% reinvestment rate means it doesn't need to act first.

Kaes confirmed it's purely oil price driven; low 50s would trigger the red light discussion.

Kaes confirmed buybacks increase in downturns and decrease in green-light scenarios, framing it as the first test of the new business model.

Kaes explained capitalized interest is an accounting requirement for undeveloped acreage debt and excluded from operating CapEx, expected to decline as debt is repaid.

Kaes quantified Double Eagle at $625-650/foot vs FANG's lower cost structure, with infrastructure adjacencies reducing additional build-out.

Keith explained the reported international gas volumes are from legacy producing wells acquired with the BAPCO concession, not new wells. First few new wells drilled with completions starting in Q4. Still early days but excited about opportunity.

Ezra said 2026 will get close to commanding a full-time frac spread but still has flexibility baked in. Pace governed by not outrunning learnings to keep costs low. Demonstrated gas storage volatility with 5-year high to 5-year low within 6-7 weeks.

Ezra said well positioned for countercyclic opportunities even after Encino. Foundational plays focused on coring up via trades. Strategy unchanged: dominated by organic exploration, supplemented by bolt-ons and M&A when returns justify.

Ezra outlined LNG ramp from 140 to over 400 MMBtu/d this year, eventually reaching 1 Bcf/d. Focus on investing at right pace through gas price volatility while capturing diverse pricing exposure from Dorado and Utica.

Jeff detailed: 15 fewer wells in Delaware, 10 fewer in Eagle Ford. No changes to Utica (20% more completions), Dorado (1 rig), or international programs. Plan optimized to maintain full flexibility for 2026.

Ezra confirmed Dorado very compelling at $4 gas given $1.40 breakeven. Declined direct comparison but noted portfolio-wide $10B BOE resource delivers >100% ATROR at $55/$3. Evaluation now considers NPV, margin expansion, and payback.

Keith explained 2023-2024 had elevated Eagle Ford activity due to Delaware inflation response and Dorado frac crew sharing. Completed lateral feet for 2025 average versus recent years. Eagle Ford achieving highest-ever returns.

Ezra confirmed active domestic exploration program focused on returns regardless of oil vs gas. Drilled a few wells in 2024 with more planned for 2025. Declined to provide further details per standard practice.

Mike targeted three to five years with ambition to achieve it closer to three. Wants to be aggressive.

Mike confirmed balance sheet priority unequivocally.

Nick expressed high confidence in marketing organization, citing early wins from portfolio integration across FT. Recent hires increasing capability. NG3 pipeline adds daily optionality.

Josh said focus is on capital efficiency, if faster drilling achieves targets with fewer rigs, they'd reduce activity rather than over-deliver on TILs.

Mathew confirmed flat to up 2% production for 2026. Growth driven by unconventional Permian. Jackson noted flex-down approach would prioritize efficiency over activity cuts to preserve future cash flow.

Mathew detailed China PVC export share grew from 0 in 2020 to 30% in 2024 pressuring domestic prices. Second half improvement expected from capacity rationalization, lower ethylene/natgas costs. Maintaining guidance range pending Q2 clarity.

Hollub confirmed no outer-year production sacrifice. Jackson noted 2-rig drop was acceleration enabled by efficiency, 15 net additional wells online and 30+ rig releases. Dillon discussed supply chain deflation opportunities.

Hollub emphasized DAC as essential for US energy security (50-70B barrels EOR potential). Engaged with Trump, Congress, and cabinet on 45Q business case. Strategy unchanged for Stratos and King Ranch DAC.

Ryan Lance deferred oil/gas split specifics to IR, emphasized selling at good values not fire sales, and noted some marketed assets remain unsold when market isn't supportive.

Andy O'Brien described the cuts as spread across the entire company with negligible production impact this year or next, avoiding specifics on individual items.

Andy O'Brien provided clear volume of ~15,000 boe/d with typical Southern Delaware commodity mix.