Neal Dingmann

Kaes tied the growth bias directly to draining global inventories needing to be refilled; a full, direct answer.

CEO walked through all options: organic growth (hitting lever), M&A (quiet for foreseeable future), dividends (increased), debt paydown (priority), cash for rainy day.

CEO addressed gas hedging protection; COO said no service pricing pressure yet, still capacity in rig/completion space. Inflation minimal in consumables tied to commodity.

Kaes noted avg lateral lengths up 600 ft YoY, all inventory added without outside capital. FANG built its position from very little inventory over 15 years and continues to replenish organically.

Kaes outlined the path: core at $510-520/ft, Barnett at $1,000/ft needing to reach $800/ft. Danny detailed cost reduction levers: multi-well pad development, simul-frac, extended laterals targeting 15,000+ feet.

Kaes highlighted Slide 8 as the most important slide, co-development of all zones yields more PV per acre at a lower cost structure, combining Endeavor's inventory with Diamondback's execution.

Kaes reiterated conviction in the plan, citing 36% reinvestment rate at mid-60s oil as an unheard-of outcome from 6-7 years ago.

Travis explained the DUC drawdown reflects Endeavor and TRP acquired DUCs, while noting frac fleet efficiency rose from 80 to 100 wells/year.

Travis directly attributed the $9/bbl improvement to the Endeavor deal's FCF per share accretion and improved capital efficiency.

Clay and Jeff explained proactive pipeline participation (Blackcomb coming online), pulling back high-GOR well production during negative pricing, and using financial hedges showing up in other line items.

Clay and Trey confirmed Fervo focus with S-1 filed; bullish on power demand story; interested as technology gets de-risked but primary focus is Fervo partnership success.

Clay confirmed continued focus on landing zones, technology, recovery improvement, and opportunistic ground game from position of strength.

Clay acknowledged they won't be in 5 basins forever; regular Board discussions about portfolio optimization for long-term value but no specifics.

Clay confirmed active participation in state and upcoming federal lease sales; Devon's flywheel and boots-on-ground presence give competitive advantage.

Clay explained Grayson will run flat with 3 rigs, while Powder River does more science work to unlock potential.

Jeff confirmed years of proactive work on gathering, processing, and takeaway capacity with no roadblocks seen.

John ranked Block 58 and Alaska at the top as de-risked, with Uruguay a high-quality frontier prospect.

Ben said capacity exceeds equity production, with GCX and PHP extension options preserving optionality.

Christmann said Crab Dagu appraisal wells derisked an entire exploration play. Multiple prospects identified. Exploration drilling could extend plateau or identify targets for incremental infrastructure. Very excited about returning to Suriname exploration.

Riney said mid-to-high teens workover rigs, consistent with recent quarters. Workover rigs used for both new well completions and workovers. Christmann said secondary projects and waterflood performance keeping profile flat. Egypt needs both oil and gas for energy security.

Christmann confirmed inventory assessment focused on oil, pure gas locations not included and will be separate. Riney provided detailed methodology: 10% ROR including all D&C, equipping, facilities and central infrastructure costs. 40-50% of technical upside is shallow Delaware (Avalon, Bone Springs). Two recent First Bone Spring wells breaking even at $41 WTI.

Christmann confirmed $230M is entirely for GranMorgu development. Exploration drilling is separate in the $70M exploration budget. Development drilling will start with multiple rigs coming on late 2026/early 2027.

Mike described two buckets: near-term (premium markets and volatility, happening now as seen in the $90 million Q1 result) and longer-term (LNG and power demand facilitation, approximately three years). A lot of value to capture immediately while building longer-term positions.

Mike prioritized LNG value chain as nearest-term and closest opportunity given Haynesville interconnectivity. Power generation in Northeast PA also being pursued actively. Focus is on marketing as the key value creation lever for this moment.

Mike acknowledged the stock does not fully reflect the value of the 2 million-plus acre position. Said if someone wants to overpay for assets, the company is open, but not actively pursuing inventory monetization.

Josh said decision would depend on market fundamentals. Business efficient up to 7.75 Bcf per day. Until market fundamentals shore up, plan is to execute the 7.5 Bcf per day at $2.85 billion CapEx as laid out.

Jackson credited both Midland Basin scale from CrownRock integration and renegotiated service contracts. Currently running short contract terms, actively working 2026 positioning with service partners.

Jackson confirmed 25-35% current returns on EOR with potential improvement as production uplift increases. Capital allocation driven by portfolio competition between unconventional and conventional opportunities.

Hollub emphasized organic growth in existing positions: Algeria expansion and exploration, Oman gas opportunities, Abu Dhabi blocks, and Gulf of America AI applications.

Jackson detailed 12% D&C improvement in 2024 (half scope/performance, half market deflation). Targeting 7% further in 2025 through efficiency and NPT reduction.

Rice called data-center token-spread participation a jump from spark-spread exposure and saw no current market opportunity, but said EQT would keep an eye on it.

Toby said structures will vary by site requirements, gas supply is universal, midstream opportunity is project-specific.

Toby detailed conservatism with operational momentum baselined, opportunities from water logistics (80% piped frac water, 40% produced water), AI-assisted procurement, and aggressive service rebidding.