Devon Power (DVN) Q3 2024 Earnings Name Transcript

Devon Power (DVN 2.56%)
Q3 2024 Earnings Name
Nov 06, 2024, 11:00 a.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Contributors

Ready Remarks:

Operator

Welcome to Devon Power’s third quarter 2024 convention name. [Operator instructions] This name is being recorded. I would now like to show the decision over to Ms. Rosy Zuklic, vice chairman of investor relations.

Chances are you’ll start.

Rosy Zuklic — Vice President, Investor Relations

Good morning, and thanks for becoming a member of us on the decision at the moment. Final night time, we issued Devon’s third quarter earnings launch and presentation supplies. All through the decision at the moment, we’ll make references to those supplies to assist ready remarks. The discharge and slides will be discovered within the buyers part of the Devon web site.

Beginning this quarter, we’re offering slides particular to the earnings name dialogue. In per week or two, we’ll publish a extra complete deck that may embody slides that have been beforehand supplied. Becoming a member of me on the decision at the moment are Rick Muncrief, president and chief govt officer; Clay Gaspar, chief working officer; Jeff Ritenour, chief monetary officer; in addition to different members of administration. As a reminder, this convention name will embody forward-looking statements as outlined underneath U.S.

securities legal guidelines. These statements contain dangers and uncertainties that will trigger precise outcomes to vary materially from our forecast. Please seek advice from the cautionary language and danger elements supplied in our SEC filings and earnings supplies. With that, I am going to flip the decision over to Rick.

Richard E. Muncrief — President and Chief Govt Officer

Thanks, Rosy. I admire everybody taking time to hitch us this morning. Let’s start on Slide 2 by masking a couple of of our third quarter key highlights. As soon as once more, we delivered sturdy operational and monetary outcomes, pushed by the continued give attention to executing our strategic plan.

We reached an all-time quarterly report of complete manufacturing averaging 728,000 barrels of oil equal per day, together with 335,000 barrels of oil per day. Our manufacturing has surpassed steerage expectations each quarter this yr. Within the Delaware Basin, nicely productiveness was sturdy as soon as once more this era. And throughout all 5 basins, we delivered one other stable base manufacturing efficiency.

On a manufacturing per share foundation, this represents a 12% year-over-year development. With the operational efficiency in our just lately closed acquisition, we’re happy to have the ability to elevate our full yr manufacturing steerage once more for this yr. We now anticipate to provide about 730,000 BOE per day for 2024, a rise of 12% to this yr’s funds. This phenomenal efficiency enabled us to generate $786 million of free money move within the third quarter and return $431 million of it again to shareholders.

We leaned in heavier on our share repurchase program, and we proceed to assume reinvesting in our firm at at the moment’s costs is the correct factor to do for shareholders. We additionally closed the Grayson Mill transaction in a short time. This acquisition enhances our place as one of many largest producers within the U.S., with common every day oil charges estimated at round 380,000 barrels per day. Within the Williston Basin, our manufacturing will practically triple, and we’ve prolonged our useful resource depth, giving us about 10 years of stock at present exercise ranges.

We efficiently achieved these items throughout a really unstable market backdrop. We stay targeted on the issues we may management. With our high-quality portfolio, sturdy stability sheet, and disciplined enterprise mannequin, we’re positioned to succeed by way of a wide range of commodity cycles. We do not have a crystal ball to know the place commodity costs will probably be within the brief time period, however proceed to be very constructive on oil and fuel and imagine that the world will proceed to wish all types of vitality.

Now shifting on to Slide 3 to speak about the place we’ll focus in 2025 to efficiently proceed to execute our technique. We stay dedicated to working excellence and can proceed to search for modern methods to enhance our capital effectivity. We imagine our multi-basin portfolio within the high U.S. useful resource performs is superior to most and supplies us with over a decade of low-risk improvement stock.

We’ll proceed to search for alternatives to additional improve our portfolio and develop our useful resource base. To achieve our enterprise, we have to preserve our monetary energy and suppleness. We’ll stay disciplined in our strategy to maximise free money move and are dedicated to having low leverage. And we’re targeted on delivering worth to our shareholders by way of dividends and share buybacks.

Now 2025 is shaping as much as be an exceptionally sturdy yr for Devon. With the Grayson acquisition, we’re nicely positioned to ship wholesome development in oil and anticipate sturdy free money move, even in a decrease commodity setting. Our legacy portfolio in key U.S. basins will present a stable basis for us to proceed the momentum that we’ve demonstrated to this point this yr.

Consequently, Jeff will probably be offering preliminary 2025 steerage that’s really higher than we had beforehand communicated. Now earlier than I hand the decision over to Clay, I need to thank the entire Devon staff and contractors who problem themselves every day to give you modern methods to create worth for our firm. I additionally need to thank the crew engaged on the mixing of Grayson Mill. I am excited to see the outcomes from groups sharing finest practices.

And with that, I am going to now flip the decision over to Clay.

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Thanks, Rick, and good morning, everybody. Turning to Slide 4. Devon’s third quarter efficiency displays distinctive operational execution throughout the board. The third quarter efficiency is a continuation of excellent quarterly outcomes and a product of our targeted strategy to operational excellence.

The group continued to construct on the win that we have captured within the first half of the yr, positioning us to spherical out 2024 with very sturdy momentum. These outcomes tie again to a few key elements: our premier asset portfolio, a proficient and value-focused group; and third, a disciplined capital program designed to optimize returns all through the cycle. Every of those parts mixed to contribute wonderful nicely productiveness, improved cycle instances and higher base manufacturing outcomes throughout our diversified portfolio. I am assured we’ll proceed to construct on these accomplishments into ’25 and past.

Shifting to Slide 5. The Delaware Basin was the first contributor this quarter to our earnings, with roughly 60% of the capital allotted to this basin. This funding led to report basin-level manufacturing volumes of 488,000 BOE per day, representing a 6% development charge in comparison with the earlier quarter. The quantity development was fueled by 55 new wells primarily concentrating on the Wolfcamp formation, with a subset of Bone Spring and Avalon wells included within the combine.

Collectively, these tasks exceeded expectations, reaching common 30-day charges of greater than 3,100 BOE per day per nicely. On the map to the left, we highlighted one of many major contributors from this quarter, the CBR 12-1 improvement. This challenge co-developed the Wolfcamp A, Wolfcamp B, and shallower zones within the Bone Spring. In complete, the stateline space improvement focused six totally different touchdown zones.

We introduced these wells on-line in the course of the second and third quarters, efficiently managing any localized facility constraints. The 30-day charges from this 21-well package deal averaged 3,300 BOE per day per nicely, and estimated recoveries exceed 2 million BOE per nicely. The CBR 12-1 has supplied further insights which have helped us additional advance our useful resource improvement technique. As we proceed to stability the triple mandate of returns, NPV and stock, the 12-1 provides us further confidence of this successful technique.

Our crew continues to de-risk a number of secondary targets throughout our core improvement areas within the Delaware Basin. The good work that the crew is doing in balancing the near-term efficiency with the long-term stock concerns confirms our confidence in a multiyear runway of excellent efficiency from the Delaware Basin. Turning to Slide 6. We have seen our Delaware Basin nicely productiveness outpace earlier yr by a powerful 20%.

That is evidenced by the sturdy manufacturing development and superior nicely outcomes achieved to this point. As proven on the right-hand facet of the slide, we additionally proceed to appreciate significant operational efficiencies, notably the broader adoption of frac throughout the Delaware Basin exercise has been a key driver, enhancing completion efficiencies by 12% year-to-date and consequently growing our days on-line. From a drilling perspective, our groups are regularly discovering methods to optimize our rig fleet and enhance operations to reinforce capital effectivity. These efforts have yielded tangible outcomes, evidenced by a discount in drilling days and a 14% enchancment in drilling efficiencies in 2024 in comparison with the earlier yr.

Effectivity good points have allowed us to scale back drilling exercise from 16 rigs to fifteen rigs this quarter. We plan to drop a further rig within the first quarter on account of these efficiencies. On the present tempo, we anticipate to duplicate 2024 16-rig output with 14 rigs in 2025. This spectacular effectivity efficiency is a results of a give attention to operational output, with out taking our eye off the crucial of doing issues the correct method.

Alongside these unimaginable effectivity enhancements, our security and environmental metrics have additionally moved in a really constructive route year-over-year. Let’s now shift to the Williston Basin on Slide 7. We closed on the Grayson Mill transaction in late September. I am happy to report that the mixing is progressing fairly nicely, and I might add that it’s our greatest integration to this point.

The groups on either side have jumped in and are excited in regards to the alternative to be taught, problem, and enhance current processes. We’re at present working in three rigs within the Williston Basin and plan to roughly preserve this stage of exercise going ahead. Within the fourth quarter, manufacturing from the acquired belongings is anticipated to barely exceed our preliminary expectations, and we plan on investing roughly $150 million of capital within the new belongings. For 2025, we intention to maintain the acquired belongings at roughly 100,000 BOE per day.

Our capital plan will characteristic two- and three-mile laterals and tactical refracs to complement the bottom manufacturing. Enhanced scale within the basin will drive further capital efficiencies, operational enhancements, and advertising and marketing synergies. The acquisition additionally provides 500 undrilled places, additional enhancing Devon’s free money move profile for a few years to return. I am going to now hand it over to Jeff to go over the financials for the quarter.

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Thanks, Clay. Beginning on Slide 8, highlighting our third quarter monetary efficiency. Devon’s core earnings totaled $683 million or $1.10 per share. EBITDA was $1.9 billion, and we generated working money move of $1.7 billion, every exceeding consensus estimates.

After funding our capital necessities, we generated $786 million in free money move for the quarter, a major enchancment over the earlier interval. Our money move technology was underpinned by oil and complete manufacturing that exceeded the highest finish of our steerage as a result of wonderful working efficiency highlighted by Clay earlier. Manufacturing price bettering 7% from the prior interval, pushed by much less downtime, leading to decrease workover expense, and at last, a decrease money tax charge, primarily a results of accelerated tax depreciation as a result of Grayson Mill acquisition. Our stable monetary efficiency enabled one other quarter of sturdy money returns for shareholders.

Throughout the quarter, we distributed $431 million to shareholders by way of fastened dividends and buybacks. We spent $295 million on share repurchases, bringing our program complete spend to simply over $3 billion. We elected to not pay a variable dividend this quarter. The variable dividend will stay a software inside our money return framework, however within the close to time period, we anticipate to ship money returns to shareholders by way of our fastened dividend and share repurchase program.

Foregoing the variable enabled us to scale back internet leverage in pursuit of our $2.5 billion debt discount goal. We anticipate to make the most of money available and a portion of free money move generated every quarter to pay down the $1 billion time period mortgage we put in place for the Grayson Mill acquisition. As highlighted on Slide 9, we exited the quarter with a internet debt-to-EBITDA ratio of simply over one instances and robust liquidity between our money stability and undrawn credit score facility. We have already retired $472 million of excellent senior notes this yr and have further alternatives to additional scale back our leverage with upcoming maturities, the pay down of our time period mortgage and excellent callable debt.

Shifting to Slide 10 and waiting for 2025, we anticipate one other yr of sturdy efficiency with complete manufacturing forecasted to common round 800,000 BOEs per day. This manufacturing outlook is sort of 5% increased than what we communicated only a few months in the past after we introduced the Grayson Mill acquisition. Additionally, with the advantage of Grayson Mill and the operational momentum we established in 2024, we anticipate report oil volumes in 2025, averaging round 380,000 barrels per day. On the capital entrance, we anticipate spending to be between $4 billion and $4.2 billion for the yr.

Importantly, with this disciplined plan, we’re nicely positioned to generate sturdy free money move at at the moment’s costs and provide a free money move yield that exceeds the broader market. Shifting ahead with the allocation of our free money move, we imagine our monetary framework supplies us the required flexibility to ship market-leading money returns for our shareholders and obtain our debt discount objectives. We’ll proceed concentrating on as much as 70% of our free money move as a money payout for shareholders and make progress on our $2.5 billion debt discount program. We anticipate share repurchases within the vary of $200 million to $300 million every quarter and we’ll retain free money move past our share repurchases on the stability sheet to scale back our internet leverage.

We’ll present full 2025 steerage on our February name after we finalize our funds with our board. With that, I am going to now flip the decision again over to Rosy for Q&A.

Rosy Zuklic — Vice President, Investor Relations

Thanks, Jeff. We’ll now open the decision to questions. Please restrict your self to 1 query and a follow-up. Emily, we’re able to take our first query.

Questions & Solutions:

Operator

Thanks. Our first query at the moment comes from Arun Jayaram with J.P. Morgan. Arun, please go forward.

Arun Jayaram — Analyst

Hey, good morning. I used to be questioning when you may spotlight a few of the drivers of the uptick in nicely productiveness within the Delaware Basin? I do know you shifted some exercise from Monument Draw again to Southeast New Mexico. And possibly — like to get extra particulars on that. And what you are underwriting by way of nicely productiveness as we take into consideration your 2025 plan?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Arun, it is Clay. Thanks for the query. First, let me reiterate, the ’25 plan remains to be a smooth information. I would like to notice that this smooth information is slightly higher than the final smooth information.

So we’re persevering with to enhance our smooth information towards the February extra constructive information. However let me inform you slightly bit about what we’ve baked in. There’s an assumption on the fee facet of the equation relative to the place we’re at, stamping time at the moment. There’s clearly loads of macro within the air, so we have not assumed presumptively further deflation or different important strikes within the system.

Again to your query on the productiveness, we have additionally assumed on a danger foundation, the wells that we’ve in place, we most likely have not absolutely baked in a few of the upside that we have seen with reference to a few of the breakthroughs we have had round nicely placement, mixed with completion design, mixed with the sequencing. And I feel that is the place we actually proceed to outperform and actually had some nice breakthroughs. As we feather in a few of these different extra secondary kind zones, you are constructing in a multi-development technique. And typically, these wells, whereas financial, will be dilutive to the general image.

What we have seen is with the correct strategies getting into, we’re persevering with to see some actually phenomenal outcomes from these deeper and a few shallower benches as depicted on this 12-1, for example. So I might say there’s slightly extra upside in the place we’re headed. However objectively, we have got a smooth information on the market. We be ok with the place we’re at.

We’ll proceed to hone that after which see how we will enhance from there.

Arun Jayaram — Analyst

Nice. My follow-up is, you guys are six, seven weeks into — for the reason that shut of Grayson Mill. I used to be questioning, Clay, possibly for you or Rick, is when you may establish any self-help alternatives the place you assume you may additional enhance sort of capital effectivity within the Bakken, specifically?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure. As a reminder, this deal was constructed by itself deserves and justified simply on the acquisition and what it actually does to make us a greater firm. We did establish slightly bit within the synergy bucket. I can inform you we’ll blow that away, we really feel actually good about what we’re seeing from the thrill from the crew.

Some instantaneous wins we present in issues like infrastructure and capital program. And even the stock that we held in place on some elements and items, these have been some actually instantaneous wins. Issues that we’re engaged on in progress proper now. There’s some de-bundling alternatives that we’ve taken full benefit of on the Devon facet that I nonetheless see as unlocked potential on the Grayson facet.

After which I feel the actual upside potential, and that is laborious to quantify actually in synergies, however take into consideration the worth of getting groups which have been working issues facet by facet. And whenever you convey them collectively, take for instance, the refracs, and all that have and that knowledge coming collectively to actually work out how can we do it higher. And never simply higher within the Williston, however higher in South Texas and higher within the different superb basins that we’ve. So extra to return on that in synergies.

We most likely will not tally it up each time we’ve one among these wins, however that is definitely an accretive a part of the worth proposition whenever you usher in such a robust crew as we did with Grayson.

Arun Jayaram — Analyst

Nice. Thanks.

Operator

Our subsequent query comes from Neil Mehta with Goldman Sachs. Neil, please go forward.

Neil Mehta — Analyst

Sure. Good morning, Rick and crew. I suppose the primary query is, as you consider your M&A method, there are a few totally different paths you may search for that transformational transaction and a few have come and gone. However the different alternative is to search for a bunch of further Grayson Mills kind of alternatives, that are way more bolt-on in nature.

And as you consider M&A, the place you’ve got positively demonstrated curiosity in being energetic, what do you assume is the correct path? And the way are you fascinated about maximizing worth through M&A?

Richard E. Muncrief — President and Chief Govt Officer

Sure, Neil, that is an amazing query. And I feel from our perspective, our commentary has been very, very constant over the past a number of years, and that’s we’ll proceed to search for alternatives, ensure that we’re not lacking one thing. We have got a crew that — David Harrison, his of us do a very nice job in staying plugged in with what’s available in the market and what’s on the market. We debate internally on issues that might make us a stronger firm.

Extra usually, we simply cross on it and transfer on down the street. In order that’s one thing. I feel when you have a look at our actions over the past couple of years, we’ll proceed to judge issues. However do not forget the natural piece, too, and that is some issues.

And Clay, you talked in regards to the CBR pad, that is one other method. We’ll proceed to construct stock for the long run organically. We have got an amazing geoscience crew and reservoir engineering crew that works very laborious day in, day trip. And so I feel that you will see a combo path ahead, and that’s the natural and inorganic.

And the inorganic could possibly be a — widespread — the smaller simply floor sport kind — tuck-in kind small offers, or one thing that is extra of an asset such as you noticed with Grayson Mill, which as soon as once more, works very, very nicely for us. And so we’ve a robust crew. It does a very good job with integrations. And I feel that is — however the backside line, the important thing takeaway is similar path going ahead is what you’ve got seen over the past couple of years.

Neil Mehta — Analyst

OK. That is nice. After which the follow-up is simply maximizing your pure fuel realizations, notably within the Permian. You’ve got mentioned the in-service of Matterhorn.

So I am curious on the way you assume that finally goes to move by way of Waha pricing, which is — it has recovered, however not practically to most likely the truthful worth. And do you assume there’s danger that this fuel oversupply is transferred over to the Gulf Coast? After which possibly as a part of this dialogue, you can too speak about Blackcomb and the way that resolves probably the subsequent bottleneck in Permian fuel too? So broader Permian fuel query there.

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Sure, Neil, that is Jeff. Sure, as you understand, we clearly have a dedication on Matterhorn and have an fairness contribution there may be as nicely. We’re excited that the pipe is up and going and flowing two Bcf a day at this level. Particular to Devon, I feel you are very aware of our strategy in shifting the molecules away from Waha to the Gulf Coast.

So now with Matterhorn on-line, we’ve, name it, 90% of our molecules move away from Waha to the Gulf Coast. You spotlight the potential for a backup there at Katy. That is definitely one thing that we have been aware of. Our crew has achieved an amazing job and acquired out in entrance of that.

We have taken capability away from Katy over into the Louisiana LNG hub. So we really feel like we have taken some actually constructive steps to guard ourselves from a few of the dislocation in pricing that you’ve got seen there. We be ok with pricing long run. As you talked about, we’re nonetheless in a spot at the moment with loads of the upkeep that we have seen on a few of the different pipe there within the Permian Basin has led to sort of a depressed Waha value even with Matterhorn coming on-line.

However initially, as soon as the pipe got here on, we did see some enchancment in a few of this upkeep settles out. We anticipate that to proceed and are realizing pricing going into the fourth quarter. And definitely into 2025, we anticipate to enhance over time.

Operator

The following query comes from Kalei Akamine with Financial institution of America Merrill Lynch. Please go forward.

Kalei Akamine — Financial institution of America Merrill Lynch — Analyst

Good morning, guys. Thanks for getting me on. For my first query, I am additionally going to take a shot at ’25. You sort of addressed the Permian piece of the puzzle, that there’s an upside state of affairs there.

However in your conservative base case, do you sort of see the Delaware oil flat or up? And the opposite shifting a part of that ’25 information is the Bakken, the place you are taking over Grayson. And also you’re mainly touchdown that manufacturing at a decrease however extra optimum stage. Simply sort of questioning in regards to the cadence of that Bakken drawdown in ’25?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure. I admire — that is Clay once more. I admire the try at one other ’25 query, and I think about it may not even be the final. What I might inform you is, look, let’s simply persist with our smooth information for now.

We’ll have much more element popping out in February. In the meantime, we do not need to entrance run the board in a few weeks. We have got a extremely essential board assembly. We’ll speak about these items.

We have got loads of choices, very deep portfolio. The multi-basin provides us loads of optionality. And the crew continues to supply some actually fascinating sort of aggressive alternatives to compete for that capital. So quite than getting too granular at this level, we’re simply going to stay with the excessive stage that we have supplied to this point.

Kalei Akamine — Financial institution of America Merrill Lynch — Analyst

Honest sufficient. For my follow-up, simply sort of fascinated about debt discount. In September, you made a primary go at your $2.5 billion goal and taking out the $500 million. Within the subsequent a number of years earlier than ’28, you’ve got acquired about $2 billion coming due.

Within the base case, do you’re taking these out as they arrive due?

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Sure, Clay, that is Jeff. Sure, that is precisely the sport plan. We really feel actually good in regards to the stability sheet that we’ve, loads of energy and liquidity, as I discussed within the ready remarks. We’re not in a rush to exit and pay down a bunch of debt within the close to time period.

However we’re going to construct towards that. And as you talked about, our sport plan is to take out the maturities as they arrive due. I discussed the $475 million that we took out right here this yr already. We’ll have one other, name it, $485 million within the fall of subsequent yr that we’ll look to take down.

After which as I discussed beforehand, the time period mortgage, which has a maturity in 2026. We have got a few years to begin chipping away at that over time as nicely. So over the subsequent two to a few years, as we have highlighted, we might prefer to get sort of roughly $2.5 billion of absolute debt out, however we’re — we really feel actually good in regards to the sort of monetary flexibility that we’ve with our framework to ship on that, in addition to, once more, I am going to simply spotlight our intention to ship actually aggressive money returns to shareholders over that time-frame as nicely.

Kalei Akamine — Financial institution of America Merrill Lynch — Analyst

I admire the feedback, guys. Thanks.

Operator

The following query comes from Scott Gruber with Citigroup. Please go forward.

Scott Gruber — Analyst

Sure, good morning. How ought to we take into consideration your LOE and GPT prices going ahead submit shut? We acquired the 4Q information. Is there a possibility to squeeze opex decrease? Or ought to we use the 4Q information because the baseline for ’25?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure, I feel the 4Q information is an efficient start line. Once more, we’ll proceed to refine that, search for alternatives. You might need seen the 3Q to 4Q change, that varies fairly a bit with the workovers. We’re all the time making an attempt to get extra environment friendly, much less downtime.

That is a lofty aim. Issues are likely to tick up slightly bit in the course of the winter months on a few of this downtime. So we have got that baked in within the fourth quarter. So when you run that ahead, I feel it will get you within the — definitely in the correct ballpark.

Scott Gruber — Analyst

OK. I admire that. After which simply fascinated about your completion efficiencies, fairly spectacular. How ought to we take into consideration — what do you guys take into consideration by way of driving the subsequent leg? The place do you guys stand on e-frac deployment? You talked about the simul-frac.

However are you fascinated about e-frac deployment, the place do you guys stand on that entrance? And newest ideas on — as you are one thing like thermal frac. Simply sort of what drives the — what may drive the subsequent leg of completion effectivity good points?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure, Scott, I might say all of these issues are on the desk. We proceed to judge them very objectively. We keep available in the market fairly repeatedly to know what these alternatives are. As you are nicely conscious, a few of the e-fleets required some fairly long-term contracting early on.

As we cycle by way of these as an business, I feel there’s extra alternative for us to take part and to see issues which can be actually sort of contributing to the underside line. To date, we’re fairly goal in regards to the gasoline sorts. And lots of the fleets that we run really run very excessive share of pure fuel. And so consider an e-fleet as 100% pure fuel, the place a few of our fleets are possibly 60% to 80% pure fuel.

And so we’re getting loads of that price profit from depressed pure fuel costs. And on the similar time, we’re available in the market that — possibly slightly bit secondary to a few of the premium e-fleets. To date, it has been our aggressive benefit or advantageous for us to remain within the route we’re in. However I assure you, we’re vast open to artistic concepts, proceed to innovate the efficiencies that our service firms, companions.

Create proper alongside with our crew is fairly outstanding. And I am getting uninterested in making an attempt to outguess them on is that this the time that we plateau. So when you’re fascinated about when can we plateau, your guess is sweet as mine. However I will guess on the over on the creativity and the innovation that these of us have, and so they proceed to use.

So extra to return on that, and I sit up for sharing with you.

Scott Gruber — Analyst

Sure, do not guess in opposition to the union ingenuity. I admire the colour. Thanks.

Clay M. Gaspar — Govt Vice President, Chief Working Officer

You guess, Scott.

Operator

Our subsequent query comes from Roger Learn with Wells Fargo. Please go forward.

Roger Learn — Analyst

Sure. Thanks. Good morning. Form of two questions.

One, to observe up in your feedback earlier about not likely constructing in any productiveness or effectivity. Possibly only a technique to look again over the past 12 months, final six months, what these productiveness and effectivity developments have been? In different phrases, if issues have been to proceed alongside that line, what’s type of the potential for enchancment on nicely price as you consider it?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure, Roger, I am going to take sort of two elements. First, on the general productiveness, and let’s simply give attention to the Delaware as a result of that is such a big piece of our enterprise. Once I look again year-to-year productiveness, we have been in a band, and it is a comparatively tight band, however it definitely is affected by our geographic contribution inside the Delaware. Additionally the zonal contribution, how a lot of which zones can we do.

After which going ahead, our means to maneuver extra of those multi-zone developments, slightly bit bigger improvement alternative set that additionally contributes to that productiveness. So whereas we’re doing issues to higher land the wells, all the time making an attempt to tweak the completion design to eke out slightly bit extra restoration issue on every of those alternatives, there’s additionally some sort of technical consideration on possibly we have to tighten a couple of extra of those up and actually lean into this stock alternative and never miss these. Everyone knows that that is extremely treasured stock that does not exist actually anyplace else on the planet. And so we need to ensure that we’re fascinated about the stability of near-term returns, the last word internet current worth of the challenge, but in addition the stock concerns.

Shifting over to the larger capital image. I take into consideration that productiveness as a part of the equation. Velocity is a part of the equation, after which deflation is a part of the equation. And so you consider these three inputs, we spotlight on Slide 6, the completion efficiencies and drilling efficiencies.

That truly — clearly, on a per nicely foundation, makes these wells cheaper, however it works slightly bit in opposition to you since you’re working quicker, and also you’re pulling extra of subsequent yr’s exercise into this yr. We have mitigated that by dropping rigs, decreasing sort of headline quantity exercise, nonetheless getting the identical output. However as you see from our productiveness and our continued beat and lift all year long, that productiveness good points mixed from the nicely productiveness and from the extra wells on-line, we’re outrunning even our inside estimates. The deflation is sort of on the market within the background.

And the query is, is that going to take up sufficient to maintain our capital in line. We noticed a extremely good end result within the third quarter. I feel we’re actually happy on what we’re seeing within the fourth quarter. We’ll proceed to look at that.

We do not get too far forward of ourselves into ’25 with all of the macro issues which can be occurring. So so much occurring as we take into consideration ’25, all of that stuff comes into play however actually enthusiastic about what the crew is controlling the controllables on drilling higher wells and doing it in a extra environment friendly method.

Roger Learn — Analyst

I admire the main points and the reply. I am going to flip it again. Thanks.

Operator

Our subsequent query comes from Neal Dingmann with Truist. Please go forward, Neal.

Neal Dingmann — Analyst

Thanks. My first query, possible for Rick, for you or Jeff, simply on capital allocation. I am simply questioning, very typically, any ideas nowadays any in a different way about the way you’re fascinated about the buybacks versus dip going ahead? After which secondly, on the current buybacks, did that embody any PE shares and would you all think about in stepping a bigger method into buybacks if any of the PEs resolve to promote?

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Sure, Neil, that is Jeff. So first precedence for us on the money return is the fastened dividend. We’re able at the moment the place, clearly, with our enterprise mannequin, we’re actually comfy with the place the fastened dividend is and albeit, anticipate to develop it as we work our method into subsequent yr. As soon as we begin working by way of our finalized funds with our board, I anticipate after we get previous the primary of the yr, you will see us announce a development within the fastened dividend.

In order that’s the primary precedence. Past that, we have been fairly clear for the final a number of quarters that our bias is towards the share repurchases. So we predict there’s nice worth in our fairness at the moment from an intrinsic worth standpoint and sort of our view of the long run. So you are going to proceed to see us lean in on the share repurchase program.

I feel when you return and have a look at our observe report, clearly, we have paid a variable dividend prior to now. That basically was attuned to the market dynamics that we’re seeing with what we’d characterize as above mid-cycle pricing. We expect it labored extremely nicely for us. Now with the pullback that we have seen in commodity costs, we predict it makes extra sense to eradicate the variable for the close to time period and actually lean in even additional on the share repurchases and the expansion in our FIC.

In order that’s going to be our sport plan going ahead. Clearly, if we see the market dynamics change, we’ll modify our technique. However that is — we actually really feel like is the fantastic thing about our monetary framework is that gives us all the flexibleness that we have to sort of handle by way of the dynamic setting that we’re all dwelling in.

Neal Dingmann — Analyst

Sure, I like that sport plan, Jeff. After which simply secondly, Rick, for you or Clay, only a broader on potential future JV plans. I imply, merely, it looks as if a few of your friends have began speaking about energy and nuclear, I am simply questioning when you all began any of those conversations for any potential JVs with these kind of crops?

Richard E. Muncrief — President and Chief Govt Officer

Sure, completely, Neil. We had loads of dialogue or — not solely our asset crew, our enterprise improvement groups have had a litany of discussions. However I may also inform you that what I’ve personally been concerned with is speaking to utilities and energy swimming pools simply to ensure that we’ve the correct framework and construction, and extra importantly, the assist to get a few of this achieved. As a result of till we handle a few of these types of issues, I feel we’re sort of waving our arms slightly an excessive amount of.

So however to reply your query, sure, we have been very, very engaged in discussions.

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure. And the observe on that as nicely. I feel there’s — you understand us as a reasonably artistic bunch. And we have got some of us which can be actually pondering outdoors of the field on how can we join a few of these dots.

We’ve got great assets, particularly within the Delaware Basin, and it is clearly not misplaced on us, the present price of electrical energy, the shortage of electrical energy. And on the similar time, we’ve the supply of that electrical energy that’s getting horrible value realizations. And so connecting these dots with our unimaginable footprint, I feel, is an actual alternative. And sure, we’re completely engaged in a few of these conversations at the moment.

Neal Dingmann — Analyst

Nice so as to add. Thanks, Clay.

Operator

Our subsequent query comes from Paul Cheng with Scotiabank. Please go forward.

Paul Cheng — Analyst

Thanks. Good morning, guys. Simply curious that as you are attempting to do extra lower improvement and looking out on the different branches, have you ever seen a noticeable distinction within the fuel oil ratio or the bitter fuel publicity and all that?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Thanks for the query, Paul. As we transfer typically down in part, typically talking, it will get gassier. In order that’s no nice shock. I might say we have really seen some upside to the oil lower and a few of the, what we name B200, B300 benches which have actually confirmed so much oilier.

We have got a few assessments that we’re doing our first half of this yr that we’re fairly enthusiastic about even deeper benches. We’ve got achieved an entire lot of geologic mapping and science work, oil fingerprinting, actually understanding the place these alternatives are to actually drill deeper, embody extra of those deeper benches and nonetheless preserve our oil cuts up. And so I would say constructive to the upside there, fairly excited. However general, keep in mind, we’re shifting down dip.

You are sort of preventing uphill on the fuel lower. So we’re clearly very conscious of that. Particular to the HUS, the one place we see it’s within the far jap facet of the Delaware Basin in materials quantities. And we’re very conscious of that.

We work round that. We have got third-party midstream partnerships which can be very engaged in that just about all through that stack of rocks. And so it is not one thing that sometimes surprises us. We’re very conscious of that.

We definitely take that into consideration and ensure that we’ve the suitable security and midstream infrastructure in place as we dig into that space.

Paul Cheng — Analyst

And Clay, the second query is then on stock backlog. Now that we’ve Grayson, I feel you are saying that you’ve got a ten yr of stock life on that. And the way about within the Permian? If we have a look at utilizing a, say, name it, $50 WTI and $3 fuel value, what’s your stock license? What number of wells do you want within the Permian per yr so as so that you can maintain the operation?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure. Good query on stock. We love speaking about it as a result of I feel it is an space that is slightly bit misunderstood. And I am going to invoke third events like in varied to again up these numbers.

We really feel very assured in a 10-year runway in all 5 of our basins. A few of these have for much longer, for example, the Powder River Basin. However even in our core, the Delaware Basin, we definitely really feel actually good about that runway. Now little doubt about it, Paul, as you consider the entrance 5 years versus the again 5 years, we’ve way more confidence in that entrance 5 years.

The truth is, whenever you have a look at the general productiveness and capital effectivity for the group, we really feel superb about that entrance 5 years de-risked and actually sort of some actually good continuity to what we’re doing at the moment. That simply provides us 5 years to proceed to innovate and get extra environment friendly on that again 5. And that is how — that is why I really feel so assured in regards to the 10-year runway that we speak about. After which even past that, Rick’s signaling to me over right here.

There’s much more past that, and he is an amazing champion for our innovation past as we take into consideration deeper zones, uphole zones, adjacencies to that in a enterprise sense and adjacencies within the sense of a geologic sense, there’s much more to go from there. Once more, do not underestimate these groups. The human ingenuity, the scrappiness of those of us throughout the business is simply — it is so thrilling to be a part of, and I am so proud to see it.

Paul Cheng — Analyst

Thanks.

Operator

Subsequent query comes from Doug Leggate with Wolfe Analysis. Please go forward, Doug.

Doug Leggate — Analyst

Thanks. Good morning, everybody. Guys, I feel all of us have been clearly making an attempt to determine why the inventory has had such a tricky time over the past time frame. And there is a few belongings you introduced up this morning I needed to try to hit.

The primary one is, Jeff, after we hear you speak about 70% free money return and buybacks and you are going to elevate the dividend. However on the similar time, you’ve got averted the variable due to your issues over the commodity. Properly, your capital construction nonetheless get $8 billion of debt in a backward-dated oil curve. Why is the stability sheet now getting extra consideration than a buyback, given the uncertainty that you just — your self laid out this morning on the oil value?

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Sure, Doug, we completely have a give attention to the stability sheet. In order I feel we have been fairly clear about our intentions round decreasing the debt over time. We’ve got the luxurious of the energy of the stability sheet that we’ve and the liquidity that we’ve and the enterprise mannequin that we pursue with the low breakevens that we do not have to hurry out and act like one thing’s flawed with the stability sheet, proper, and be aggressive in some type of debt pay down. We’re making an attempt to stability that with the worth that we see within the fairness, proper? In order I discussed earlier, we really feel like the flexibleness of our framework permits us to do each, actually.

So we really feel like we may accomplish each aims over time, develop the fastened dividend, purchase again our shares at what we view as a reduced value and obtain our debt discount targets over time. Once more, if we see the market additional deteriorate, we all the time reserve the correct to vary our opinion and modify as needed, however we really feel actually comfy in our sport plan.

Doug Leggate — Analyst

I perceive. I suppose we sort of consider fairness as what’s left after debt from the enterprise worth, however I perceive the reply. My follow-up is on Grayson Mills. Once more, Rick, in your ready remarks, you talked about over a decade of stock.

And I understand there is not any precision right here. However we did have a considerably increased oil value whenever you made that acquisition, that $5 billion deal. As you have a look at it at the moment, on the present ahead strip, how do you see the worth of the ahead free money move ahead asset versus what your planning was on the time to procure — you probably did the deal? And I am going to go away it there. Thanks.

Richard E. Muncrief — President and Chief Govt Officer

Sure, it is a good query, Doug. I imply the underside line is we have been about $75, $76, as I recall, after we did that transaction. And it is — I feel you need to all the time assume long run about what the commodity value goes to be. And none of us — as I mentioned, none of us have rose-colored glasses.

There’s individuals who have been calling for $4.50 fuel value by the top of this yr. That does not seem like that is going to occur both. So it is — and you have been on this enterprise a very long time as nicely. And it is — selecting the commodity value might be one of many trickier issues that we do.

However ultimately, you need to put a stake within the floor and say that is the place we’ll head. And what we like about Grayson Mill is that the economics round of that transaction, we felt very, superb a few mid-cycle pricing or most likely slightly bit cheaper than or decrease than the place we’re at the moment. So we felt superb about it. We structured the deal to be two-thirds debt, one-third fairness.

And we had the — I feel the crew did a extremely good job. We locked in a set variety of shares. Now the commodity costs pull again, equities costs come again. And so what the $5 billion headline quantity is definitely after we closed the transaction, was we’re most likely nearer to 4.6% or 4.7% when you consider that standpoint.

In order that’s sort of how we have a look at it. So we really feel actually good the transaction. We really feel actually good in regards to the long-term stock. As you understand, the Bakken is a good reservoir.

Williston Basin has been an amazing supplier of vitality for a very long time. So we actually just like the place we’re at. So I can inform you, we’ve no regrets in anyway. And so we really feel actually, actually good about it.

Doug Leggate — Analyst

Thanks, guys. Recognize the solutions.

Operator

Our subsequent query comes from Phillips Johnston with Capital One.

Phillips Johnston — Analyst

Thanks for the query. Only a clarification for Jeff on the return of capital technique. If I heard you proper, you are sticking to the 70% goal. And I feel you mentioned you’d anticipate $200 million to $300 million of buybacks every quarter to type of get you to that 70% goal on the strip.

I simply needed to make clear what we’d anticipate in an upside oil value state of affairs. Would you persist with the $200 million to $300 million and let the return fall beneath 70% in an effort to speed up the discount in internet debt? Or would you really enhance absolutely the purchase again to the 70%?

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Sure, Phil, the best way I would reply that’s I would say we’ve the choice to do each. Our near-term plan is to be fairly constant. We will ship a set dividend of, name it, $575 million yearly a yr. With the repo vary that we have given, the $200 million to $300 million over time, 1 / 4, that is going to get you north of $1.5 billion, $1.6 billion of money returns to shareholders.

To the extent that we ship — as we did this final quarter, we acquired to the highest finish of the vary on our share repo sport plan. Any incremental money above that, we’ll think about taking again to the stability sheet. However that being mentioned, if we transfer again to an setting the place we predict we’ve above mid-cycle pricing, we’ll reevaluate that thought course of, possibly lean in additional on the share repo or, frankly, even think about the variable dividend in some unspecified time in the future sooner or later once more as nicely. However within the close to time period, with sort of how we have a look at the world, we predict the fastened dividend, the share repo, leaning in on that’s going to take advantage of sense.

After which as we generate some incremental money above that share repo sport plan that we have laid out, we might take that again to the stability sheet.

Phillips Johnston — Analyst

Sounds good. Thanks, Jeff.

Operator

The following query comes from Charles Meade with Johnson Rice. Please go forward.

Charles Meade — Analyst

Sure. Good morning, Rick, Clay, and Jeff and the entire Devon crew there. Clay, I need to return to your ready feedback. And also you have been particularly speaking about Delaware Basin exercise ranges, and I feel you have been referencing Slide 6.

So you’ve got addressed this a bit. So — however you’ve got acquired a 14% enchancment in drilling days year-to-date over ’23. But when we take into consideration sort of the delta in your — in what number of rigs you have to run going ahead versus ’24. Is that quantity possibly slightly decrease than that 14% so far as to maintain the identical drilling footage, what do you need to run?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Properly, the straightforward math, when you’re working 16 rigs, multiply by 0.86, you get about 14. In order that’s the place we’re headed by first quarter. We’re most likely — we do not transfer this — we do not need to get forward of ourselves on dropping rigs too rapidly. And so we’re most likely erring on the excessive facet, and that is why you are seeing slightly bit extra days on-line and positively helps the manufacturing numbers.

Charles Meade — Analyst

Bought it. OK. Properly, thanks for that clarification. After which one query I would prefer to ask, that is — see if you wish to take a stab at this and this pertains to Matterhorn.

So Jeff, I feel you gave some good element there in regards to the pipelines going into having some upkeep as a result of one of many large surprises was that Waha flipped. It was constructive for it appeared like a few days after which proper again unfavorable once more. However I’m wondering when you may give us an outlook on when do you assume we’ll see any sort of sturdy return above zero for pure fuel? And likewise possibly one of many large questions that we have added round with purchasers is how a lot if any, incremental oil volumes come to market now that there is extra fuel egress? So when you sort of take a stab at both or each of these could be nice.

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Sure, you guess, I am going to take a stab at it. I might say our perspective is we positively assume as soon as a few of the upkeep cleans up on the opposite pipes within the basin. With the advantage of Matterhorn, it’s best to see pricing enhance. Whether or not that is subsequent month or three months from now, I am unable to inform you.

I feel it is definitely going to be depending on when that upkeep sort of clears up. Because it pertains to incremental volumes coming on-line, oil volumes or in any other case, we do not have direct line of sight to that. I can inform you, we have not modified our conduct in any respect on account of Matterhorn coming on-line. We have not turned on incremental wells on account of having that further takeaway.

So particular to Devon, and our conduct hasn’t modified, however I definitely cannot communicate for different operators on the market and if it is modified the best way they’ve thought of issues.

Charles Meade — Analyst

Thanks for the reply. Recognize it, Jeff.

Operator

The following query comes from Betty Jiang with Barclays. Please go forward.

Betty Jiang — Analyst

Hiya. Plenty of questions has been requested. I simply have a follow-up on the Permian. The CBR — the multi-well challenge is fairly spectacular.

So how large is the chance set to repeat these kind of large-scale tasks just like the CBR going ahead? After which as you part in additional Tier 2 zones, do you assume you will notice any impression on the common productiveness within the Permian? And the way a lot that might prolong your stock life within the Permian?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Sure. Thanks, Betty. This is among the issues we wrestle with, and I discussed this a few instances within the ready remarks, simply across the stability of returns. For those who simply need to maximize the return of a nicely, there’s a method to try this, and it is most likely not going to maximise the NPV of the productiveness of the general pad.

If you wish to maximize the NPV of the pad, chances are you’ll sacrifice issues like a few of the general stock. And so there’s an fascinating stress between these three sort of items and essential elements after we take into consideration stock, returns and NPV of the general challenge, to actually maximize the chance. And so what we’re fascinated about is not only these incremental zones, but in addition the spacing. In some areas, we have tightened up slightly bit.

In different areas, we have loosened up slightly bit. However actually, this interaction in a three-dimensional sense on these different zones is among the issues that we have realized enhance some strategies, some acceptable spacings the place some zones can take slightly tighter spacing and different zones the place we have to loosen up slightly bit. I might say that is the place we have seen productiveness enchancment that is outpaced our danger mannequin going into ’24. And that is most likely been a very powerful tangible factor that we have modified, controlling the controllable sort of factor.

And I feel that does extrapolate going ahead. Now there is not any doubt about it. I imply, Betty, you understand this in addition to anyone. We’ve got full stock of belongings, and we’re all the time making an attempt to drill the very best stuff upfront.

And so it is sort of that you just’re preventing the resistance of that final degradation that we’ll all see on this prioritization. However as you see in 2024, we did not drill — we did not wait to drill a few of the finest wells we have ever drilled till 2024 as a result of we needed to actually maintain out till then. That is the innovation of the groups and actually fascinated about how can we proceed to do that higher. And I do know that there is extra to return in that area to enhance these future wells that on a danger foundation, do not simply — do not look fairly nearly as good as what we drilled prior to now.

Betty Jiang — Analyst

I admire that. Possibly simply on the effectivity standpoint. I imply, the 21-well challenge, these kind of bigger tasks do permit for higher effectivity good points, each on drilling and completion facet. Like, do you see — what do you see as the common challenge measurement going ahead? Is there extra of those larger-sized tasks going ahead?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

If we began from scratch, we’d positively do extra of those. In a few of our areas, what we’re discovering is we’re feathering in after an preliminary improvement. And so within the 12-1, it was a possibility to actually develop all of those zones on the similar time. Objectively, there’s simply not very many clean campuses to work with.

However what we’re discovering is after we return in, we now perceive basically the depletion results from that prior improvement and mitigate draw back from that after which maximize the upside of a few of these zones that, once more, objectively, we have waited later within the cycle to develop. They usually proceed to show actually, actually productive. So I might say we have a tendency towards bigger pad improvement the place relevant. It does present efficiencies on drilling and completions.

However way more essential than the fee facet of the equation is the productiveness facet. And as we proceed to innovate and enhance that productiveness nicely to nicely in an general pad, that is the place our actual cash is made and that is what we attempt to spotlight actually on Slide 5 about how a lot productiveness we’ve and actually calling out this 12-1. It is a very massive challenge that has simply continued to exceed our expectations from all of those benches.

Betty Jiang — Analyst

Understood. Thanks.

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Thanks, Betty.

Operator

Our subsequent query comes from Josh Silverstein with UBS. Please go forward.

Josh Silverstein — Analyst

Good morning, guys. The GME belongings got here with the massive midstream footprint. How are you fascinated about the worth of this asset now that it is in-house? Are there alternatives or a have to broaden the footprint? Or may this be a possible divestiture goal to speed up the debt discount plans?

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Josh, thanks for the query. As you understand, we have got loads of midstream belongings contained in the portfolio. I might say they’re all within the portfolio for a purpose, however we additionally stay very goal about when there’s a greater alternative for the group to exit a few of these alternatives. I might say uniquely to Grayson.

I actually recommended the crew on the final name in regards to the nice work that they’ve achieved to construct this out and the way it interprets into increased margins and decrease general working prices for these belongings. That turns into very crucial as you get into these extra mature belongings and also you’re actually making an attempt to choose up these remaining alternatives, prolong the laterals, decrease that price threshold in order that increasingly of those alternatives meet our return threshold. So I might say they are much extra more likely to keep in our portfolio. The truth is, I imagine on the final name, I highlighted a possibility that we’ll be constructing some infrastructure on the East facet, a few of the legacy belongings to actually open up some further stock within the Williston Basin.

And with the experience from Grayson, we really feel much more assured about our means to execute on that, convey that in, run that. After which I feel it’s going to present further runway of different stranded belongings to additional improve our current footprint. So enthusiastic about these alternatives, that ability set. I might say we’re fairly goal about all of these belongings.

When the correct time comes, you will see us purchase belongings, promote belongings. However I might say particular to the Grayson belongings, we’re actually proud of what we’ve them within the portfolio, and it was a crucial piece of our means to transact on that deal.

Josh Silverstein — Analyst

Bought it. That is useful. After which throughout the 2025 plans, how ought to we take into consideration the capital allocation to the opposite belongings that we actually have not mentioned right here at the moment, Eagle Ford, Anadarko, and the PRB. Are these belongings simply in money move harvesting mode? Is there any uptick or downtick by way of share there? Thanks.

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Josh, I might direct you to — it is directionally wanting comparable. One factor that will probably be a notable change, clearly, with a bigger Williston footprint. The general pie will shift slightly bit. You may see increased to the Williston.

You may see Delaware Basin drop from about 60% of the portfolio to 50%. In any other case, I might say directionally, we’re in the identical ballpark and we’ll resist the urge to offer you an excessive amount of extra granularity on ’25 till the February name.

Josh Silverstein — Analyst

Bought it. Thanks, guys.

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Thanks, sir.

Rosy Zuklic — Vice President, Investor Relations

So we’ve met our time dedication. I need to thank everybody to your curiosity in Devon. And in case you have any additional questions, please attain out to Chris or me. Thanks once more for becoming a member of us on our name at the moment.

Operator

[Operator signoff]

Period: 0 minutes

Name members:

Rosy Zuklic — Vice President, Investor Relations

Richard E. Muncrief — President and Chief Govt Officer

Clay M. Gaspar — Govt Vice President, Chief Working Officer

Jeffrey L. Ritenour — Govt Vice President, Chief Monetary Officer

Arun Jayaram — Analyst

Clay Gaspar — Govt Vice President, Chief Working Officer

Neil Mehta — Analyst

Rick Muncrief — President and Chief Govt Officer

Jeff Ritenour — Govt Vice President, Chief Monetary Officer

Kalei Akamine — Financial institution of America Merrill Lynch — Analyst

Scott Gruber — Analyst

Roger Learn — Analyst

Neal Dingmann — Analyst

Paul Cheng — Analyst

Doug Leggate — Analyst

Phillips Johnston — Analyst

Charles Meade — Analyst

Betty Jiang — Analyst

Josh Silverstein — Analyst

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