Roger Read

Jeremy said bias is lowly hedged or unhedged in a structural bull market; programmatic hedging would destroy value over 5-10 years. Growth projects add durability, reducing the breakeven by another $0.10.

Toby noted higher PPAs are required to get infrastructure built; Jeremy added the cost of building gas plants has roughly doubled, requiring proportionally higher spark spreads.

Toby redirected focus to in-basin power generation as a more bullish opportunity than LNG given proximity, lower cost to connect, and AI data center momentum.

Jeremy confirmed ongoing evaluation of portfolio optimization and capital reallocation to highest-return assets, citing 2024 non-op divestitures as precedent.

Toby highlighted the new administration's pro-energy stance including Constitution pipeline revival and LNG pause lift, plus PJM reshuffling gas plants higher in queue.

Toby explained managed choke program provides flexibility to surge volumes during high pricing at virtually no incremental cost, adding pure upside.

Miller firmly committed to returns over market share, citing precedent from gas market pullback a year ago. Framed fleet stacking as protecting equipment for recovery.

Miller directly dismissed tax reform as a meaningful driver of E&P activity. Emphasized commodity price and returns as primary drivers. Noted signposts around N.A. production trajectory as key for 2026 outlook.

Miller explained Zeus IQ as solving the fundamental challenge of improving recovery rates. Noted customers with long-term North America views are adopting it. Confirmed a new Zeus fleet went to work in Q1.

Carre acknowledged lower-end free cash flow expectations but confirmed buyback pace unchanged from prior year. Direct and reassuring response.

Miller expressed confidence margins can expand, noting private operators raising money for assets as additional activity catalyst. Direct response with clear directional view.

Miller directly addressed equipment tightening from gas activity pickup. Noted industry-wide attrition of retired equipment. Clear and responsive.

Stephane noted supply chain synergies can execute faster due to detailed planning. Now expects transaction accretive on full-year basis in 2026 (18 months vs originally year 2).

Olivier believes Mexico is near its activity bottom and has an exciting offshore project starting early next year, but declined to predict the rebound timeline.

Olivier described three exploration forms: near-field (GoM, Brazil, North Sea), frontier basins (Namibia, Suriname, Indonesia), and digital exploration/reprocessing.

Olivier attributed SLB's Russia decline to voluntary sanctions measures and technology export controls, declining to provide further detail.

Olivier described three digital growth vectors: digital operations (fastest growing), cloud transition (1,500 customers, 200 on cloud), and Lumi data/AI platform.

Greg confirmed lower Q2 throughput guidance is entirely maintenance-driven in North Atlantic and Mid-Con, not a demand outlook concern.

Greg clarified the large throughput impacts indicate front-end (crude unit) shutdowns, limiting ability to run downstream units on alternative feedstocks in Mid-Con and North Atlantic.

Gary noted Lyondell's exit freed up Canadian heavy crude supply, but tariff/sanctions discussions are muting any pricing benefit so far.

Gary confirmed the analysis, noting any unreliability event could tighten things rapidly given the similar inventory position to 2023 when diesel cracks were $45.

Kevin confirmed $3.5B dispositions to date. Germany/Austria retail in active negotiations. Mark noted other noncore, nonoperated midstream assets under consideration.

Kevin clearly separated: asset sale proceeds → debt reduction; operating cash flow → shareholder returns. Clean framework.

Brian gave comprehensive product supply/demand outlook: gasoline demand up 0.8% globally in 2025, distillate up 1%. Tariff scenarios analyzed for both Canadian and Mexican crude.

Clay explained refracs offer tremendous value on a full-cycle basis, with 40+ done in Eagle Ford and Williston.

Jeff said even aggressive tariff assumptions show less than 2% capital impact; minor concern.