Neil Mehta

Mark and Brian credited cost cuts and record 106% Rodeo utilization; RD prices and RINs roughly doubled versus 2025 on the Iran situation, with regulatory risk flagged.

Kevin credited the commercial team for leveraging physical optionality, Bakken crude to NJ via Jones Act, time-chartered vessels. Brian confirmed mid-90s as a good starting point for Q2 capture.

Kevin explained the elevated cash/debt was precautionary for margin calls. Expects working capital recovery, cash drawdown, and debt to ~$19B by year-end 2026 and $17B target by 2027.

Rich clarified 2025 guidance excluded WRB while 2026 includes it, explaining the slight dollar uptick. TAs focused primarily in Central Corridor with smaller Gulf Coast effort. L.A. idling offsets WRB addition to maintain 75 cents per barrel TA impact.

Kevin laid out: $8B OCF, ~$2B dividend, $2.4B capex, leaving ~$4B for debt and buybacks split roughly equally. Targets ~$1.5B annual debt reduction for next two years, excluding potential additional asset dispositions not yet in plan.

Brian noted uncertainty about composition, Russian barrels may sit, OECD barrels would find market and pressure Saudi OSPs. Waiting for clarity on barrel composition.

Mark cited track record: $2B to $4B over several years. Don detailed organic growth: Dos Picos II filling by 2026, Iron Mesa online early 2027, Coastal Bend expansion adding 125K bpd in 2026. Fee-based with limited commodity sensitivity.

Kevin confirmed Q4 working capital benefit expected from inventory reductions. Jet sale proceeds of EUR 1.5B/$1.6B expected Q4. Combined should make significant inroads on debt target.

Brian noted net adds below demand through decade (only ~300K bpd/year net), before unplanned shutdowns. Asian pet-chem focused refineries have only 30-35% clean product yield. Strong margin outlook.

Brian provided detailed demand outlook: gasoline +0.5% globally, US +1%; distillate +1% globally. ~1M bbl global capacity shutting. Canadian differentials expected to widen through year.

Kevin quantified: $50B valuation would drive ~$10B tax hit on a sale due to accelerated depreciation basis. Spin would be structured tax-free with minimal implications. No clear offsets.

Management gave comprehensive answer: organic mid-single-digit growth within $2B capital program, supplemented by strategic bolt-on acquisitions like EPIC and Pinnacle.

Kevin Mitchell explained sum-of-parts approach: Midstream and M&S at <3x debt/EBITDA, refining effectively net-zero leverage. Clear framework.

CEO said a sister site will be stood up in Canada and framed capital intensity as low, but did not quantify the opportunity pipeline.

CEO described modular off-site manufacturing for power and cooling; CFO confirmed the business is margin dilutive but capital light with strong free cash flow.

Stephane identified logistics/transportation and petroleum-derived raw materials as primary cost pressures, noted inflation pass-through clause activation underway.

Highlighted financial accretion, successful board visit to Midland showing integrated operations, and positive customer feedback on production recovery potential.

Olivier stated that once OPEC+ unwinds 2.2M barrels and the market rebalances in ~a year, spare capacity will be limited. Some non-ME OPEC members struggling to sustain production. Market should tighten into 2027+.

Olivier said Mexico has normalized from its significant decline. Land activity expected steady short-to-midterm. Upside from offshore deepwater activity being developed. Potential to strengthen moving to 2027.

Olivier indicated digital margins will increase in H2, Production Systems will maintain or expand with ChampionX accretion, and Reservoir Performance/Well Construction flat with Q2.

Olivier highlighted complementary fit: ChampionX's NA strength pairs with SLB's international access. Customers want integrated offerings combining chemicals, digital, and subsurface domain.

Olivier confirmed UK CMA accepted Phase 1 remedies approach and Norway engagement is progressing, maintaining confidence in Q2 or early Q3 closing.

Olivier identified U.S. land short-cycle as most exposed. Middle East capacity expansion, Asian energy security, and deepwater FIDs remain price-inelastic.

Stephane detailed the ASR mechanics: $2.3B paid, 48M shares received (80% of total), true-up by end of May. Option to exceed $4B depending on ChampionX FCF contribution.

Olivier committed to providing further disclosure on Digital in coming quarters but did not set a specific timeline or multiyear target.

Clay reiterated the acreage is top-quartile/top-decile, adjacent to existing infrastructure, and will feature substantially in the 2027 program; acknowledged the rollout communication was weak.

Clay declined to presume concentration direction, noting $1B synergies could change asset rankings and all options (including bolt-ons) remain on the table pending board alignment.

Clay expressed exceptional confidence citing 156 identified projects, flywheel from WPX-Devon experience, and mutual excitement from both teams; described synergy target as floor not ceiling.

Clay said 85% achieved with 100+ work streams; Trey detailed AI platforms in production space scaling from trials to full deployment in Q1-Q2.

Clay said 2026 guide assumes flat services costs, no inflation or deflation baked in; prepared for whatever comes.

Clay described 80+ work streams with flywheel building; Trey noted AI investments in production space scaling in Q1-Q2 2026.

Jeff detailed strategy to move gas away from Waha; approaching 1 Bcf/d of transport out of basin with Matterhorn and Blackcomb.

Trey described breakthrough in real-time streaming data tied to AI systems for production fault analysis; Clay emphasized credibility of excluding Matterhorn, CDM, deflation, and taxes from the $1B tally.

Jeff detailed commercial savings with legacy NGL contracts cut from $1.5/M to nearly half; Clay highlighted AI-driven production optimization.

Clay cited $2M+ per well savings as primary driver, plus pace control and refrac potential as secondary benefits.

Clay confirmed organic focus while remaining open to consolidation if right opportunity arises.

Slocum called the Iraq integrated field management award foundational and scalable, encompassing field development, production optimization, well construction and digital; activity is still below pre-war levels.

Miller expressed excitement about VoltaGrid international venture. Expanded beyond Middle East focus to include inbounds from Australia, Japan, Canada. 400MW in queue with clear placement path.

Carre explained intentionally lower Q1 buyback due to macro uncertainty. Q2 expected higher than Q1, H2 higher than H1. Long-term focus on per-share value creation unchanged.

Miller provided clear regional breakdown: LatAm leads (Brazil, Argentina, Ecuador, Guyana), Middle East flattish-to-slightly-down (cautious on Saudi timing), Asia Pacific flattish. Comprehensive and specific.

Miller expressed excitement about VoltaGrid growth potential. 400MW committed internationally. Noted data centers expand after initial placement. Declined to comment on consolidation path.

Miller cited Middle East's developing economy, available energy resources, and abundant capital as drivers. Positioned as initial focus area within broader rest-of-world opportunity.

Miller characterized 2026 as flattish with bright spots. Identified key inflection signposts: OPEC+ barrels absorbed, N.A. below maintenance level, Mexico decline rates. Expressed confidence snapback will be strong.

Carre provided detailed breakdown: Saudi frac slowdown ahead of Jafurah tender, N.A. artificial lift weakness, U.S. land pricing headwinds. Gave specific Q3 drivers including three-part margin walk.

Miller acknowledged customer caution but noted technology and service quality remain priorities. Said 2026 plans are on hold pending catalysts. Did not provide specific activity floor estimates.

Miller met with new Pemex CEO but noted no immediate recovery expected. Decline rates expected to eventually force recovery but timing unclear.

Miller acknowledged customers are digesting rapidly changing conditions. Noted in the 60s, new equipment isn't being built. Framed activity declines as self-limiting via production impact. Did not specify an oil price threshold.

Jeff said cost at or below $725/ft after 20% reduction over 3 years with 30% lateral length increase. Additional targets unlocked meeting hurdles at bottom cycle pricing. Lower per-well productivity by design but economics unchanged. Consistent performance expected going forward.

Ezra said similar returns across all foundational plays. Delaware activity optimizes infrastructure utilization for better capital efficiency. Expects flat Delaware production to Q4 2025 and confident this activity level sustains similar returns and free cash flows longer than 10 years.

Jeff explained wells performing as designed with development evolving to maximize value. 20% lateral length increase in 2025, 15% well cost reduction over 2 years. Additional landing zones unlocked with payback less than 1 year and >100% returns at current prices.

Ezra outlined near-term oversupply from spare capacity reentry, not new supply investment. Medium term could rapidly shift from oversupplied to undersupplied. Bullish long-term on reduced spare capacity, reduced investment, ongoing demand growth. Gas inflection at 4-6% CAGR.

Ann detailed 100% bonus depreciation and R&E cost deductibility permanently restored. $200M annual benefit expected as recurring run rate for next couple of years.

Ezra said Q1/Q2 demand was strong, H2 moderates. Spare capacity fills historically low inventories first. Less non-OPEC supply growth ahead. 2026 market potentially balanced with more fundamentals-driven pricing.

Keith detailed: largest remaining undeveloped core Eagle Ford tract, adds 123 mile locations, extends 35 existing wells by one mile. High NRI, minimal PDP (~2-3K BOE/d), near existing EOG infrastructure.

Ezra cited 2020 counter-cyclic moves: assembled emerging play acreage, purchased pipe for Dorado strategy, bolt-on acquisitions in Permian. Emphasized daily positioning decisions determine downturn advantage.

Jeff outlined ~$100M increase in international capital for Trinidad Mento drilling (4 net wells) and Coconut platform construction, plus Bahrain JV drilling starting H2 2025. No volume impact until 2026.

Ezra identified two FCF headwinds: exhausted $212M AMT credits driving ~15% tax increase, and higher LOE from fuel/power plus step-up in GP&T from new transportation contracts.

Mehta probed Marcellus scale adequacy amid Northeast consolidation. Young argued broader Coterra portfolio provides negotiating leverage with service providers beyond single-basin scale.

Mehta asked for tangible multi-basin synergy examples. Jorden cited cross-basin technical transfer including winterization in Permian learned from Marcellus cold weather expertise, and best practices spreading across play types.

Tom Jorden emphasized Marcellus delivers best returns in the portfolio at current pricing. Blake added low cost structure lowers breakevens giving confidence through cycles. Shane noted this is coming off zero activity, essentially maintenance level.

Tom Jorden expressed high confidence, noting new wells are flowing back as expected. Conservative on Windham Row go-forward oil due to water that needs to be dewatered, but full steam ahead on Harkey program.

Tom Jorden highlighted ~3 Bcf/day gas production as a major cash flow driver at higher prices. Anticipates Marcellus returning to a growth profile with pace dependent on market conditions.

Tom Jorden referenced Slide 11 showing ~12 years of gas inventory at current run rate. Emphasized no problem to solve but will remain opportunistic on acquisitions across the portfolio.

Tom Jorden emphasized opportunistic approach only, no strategic shopping. Sitting on strong inventory and focused on value creation at reasonable entry costs.

Tom Jorden explained returns are now competitive, with constructive pricing outlook for 2025-2026 from LNG ramp and storage draws. Shane noted this is restarting from zero, not leaning into gas.

Lance answered fully, framing a long-planned, evergreen succession process and confidence in the incoming leadership and the $7B FCF plan.

Kirk provided extensive detail on Willow progress including gravel scope, pipeline connections, module fabrication, and exploration results. Directly addressed FCF inflection linkage.

Ryan Lance confirmed pivot to organic growth. No strategic gaps identified. Portfolio is globally diverse with leading Lower 48 position, international LNG, and Willow. Resource-rich in an increasingly resource-scarce world.

Kirk Johnson attributed 80% to inflation (general labor, materials, equipment at 4.5-5% vs 2% at FID) plus localized North Slope escalation from 2x regional activity overlap.

Ryan Lance confirmed $7B FCF inflection math, outlined LNG/Qatar/Willow startup cadence through 2029, said no other E&P can match this trajectory including integrated majors.

Ryan Lance anchored on 45% CFO distribution, noted willingness to use cash but not borrow gross debt. Flagged ~$200M reduction in Q2 buybacks.

Andy O'Brien highlighted 123% organic RRR despite price-driven downward revisions, plus 244% total with Marathon, reserves at 7.8 billion boe.

Wirth and Bonner walked through common-management efficiencies and 25% CapEx-per-barrel improvement. Direct and detailed.

Wirth acknowledged significance but said it is early for firm conclusions. Reiterated consistency in capital and cost discipline and strong visibility through 2030.

Wirth detailed four JVs with Petabesa, gross production ~250K boe/d, potential 50% incremental growth over 18-24 months. Operations entirely venture-funded. Working down legacy debt. Watching fiscal regime and stability signposts. New hydrocarbon law passed yesterday under review.

Wirth in no hurry on Bakken decision, citing DJ Basin positive surprise as precedent. Applying Permian learnings, assessing midstream, focusing on value. Update in due course.

CFO walked through each FCF bucket: TCO ramped, Permian at milestone, Gulf projects started up, cost reductions underway. Hess $2.5B from synergies and Guyana FPSO growth. Comprehensive.

Wirth gave detailed FGP ramp-up explanation, confirmed positive meeting with Kazakhstan's president with mutual intent to extend concession beyond 2033. Thorough and transparent.

Wirth positioned power as an extension of existing capabilities, not merchant power. Emphasized behind-the-meter model for premium customers. Addressed risk concerns directly.

Hansen attributed the softness to volatility and disruption affecting margin projections, asserting no underlying concerns with the business.

Darren emphasized running full speed unlike competitors predicting plateau. Technology pipeline very promising for capital efficiency and recovery. On export ban, encouraged by Secretary Wright's comments recognizing shutting exports would shut production and associated gas.

Woods said Q4 was significant improvement but quarters are lumpy as cubes come on. Annual production improvement year over year was significant and expects same going into 2026. Technology review showed a lot of enthusiasm with everything pointing to greater promise. Other technologies from corporate plan update hold a lot of potential and beginning to feather in. Still focused on maximizing ultimate recovery through cube design at lower cost. Optimistic technologies will deliver promising results taking production well beyond 2030. Mikells added Permian expects about 200,000 boe/d year over year growth with lightweight proppant reaching 50% of wells by end of 2026.

Woods said CapEx underrun reflects exactly what was discussed at December corporate plan where new ventures and low carbon solutions had more uncertainty. Market for those not developing as fast as planned so pacing spend accordingly. Easier to plan and pull back than not plan and rush in. Range provided reflects uncertainty around exactly when projects reach FID. Getting really good product on Permian capital spend which is a benefit. Mikells added $2.4 billion in acquisitions this quarter excluded from guidance that expects to be below low end of $27 to $29 billion cash CapEx.

Woods said ExxonMobil has fundamentally different view on Permian peak production. Lightweight proppant now showing 20% improvement in recoveries up 5 percentage points from December disclosure. Just one of many technologies in portfolio being deployed. Technology organization committed to delivering on doubling recovery target. Growing confidence that projections past 2030 show upward vector. Unique capabilities create opportunities for one plus one equals three in M&A. Also deploying unique technology in lubricants and chemicals businesses across whole portfolio.

Woods said fundamental approach to acquisitions is leveraging advantages strengthened over past eight years demonstrated through Pioneer acquisition. In low price environment some companies may not have same foundations to ride out cycle lows which could present opportunities. Focus and emphasis does not change but cognizant more opportunities may materialize. Company does not need acquisitions and is not counting on them given base portfolio and growth profile laid out. Want to be responsive to opportunities that arise.

Woods said all 2025 startup projects tracking consistent with public guidance and many will come in slightly ahead. Yellowtail team continues to innovate and deliver below budget and ahead of schedule. Third quarter 2025 is good date to think about for Yellowtail. Longer term moving from roughly 10 reservoirs to roughly 40 by 2030 with a lot of optimization managing those reservoirs. Depletion curve bringing volumes down but teams working hard on infills. Best estimate provided but expectation is they will do better based on track record. Does not want to over-promise and under-deliver.

Christmann said they could ramp up but prefer flat production at 8 rigs to focus on cost efficiency and FCF improvement. Riney added exploration provides future growth, so base doesn't need to grow.

Christmann noted Q1 capex is heavy due to long leads and FPSO. Said Total is doing an 'excellent job' but provided limited specifics on 2025 milestones. Deferred detail to Total as operator.

Nancy confirmed 60-80% FCF return commitment anchored by growing dividend plus opportunistic buybacks. M&A focused on tuck-in and small tech bets to complement existing portfolio.