Locator: 49358NOG.
THIRD QUARTER HIGHLIGHTS:
- Total quarterly production of 131,054 Boe per day (55% oil), up 8% from the third quarter of 2024
- Oil volumes of 72,348 Bbl per day, up 2.0% from the third quarter of 2024
- Record Appalachian volumes of 135.9 MMcf per day
- GAAP net loss of $129.1 million, Adjusted EBITDA of $387.1 million, and Adjusted Net Income of $101.8 million. See “Non-GAAP Financial Measures” below
- Cash flow from operations of $362.1 million. Excluding changes in net working capital, cash flow from operations was $344.3 million, a 9% decrease from the third quarter of 2024
- Generated $118.9 million of Free Cash Flow. See “Non-GAAP Financial Measures” below
- Capital expenditures, excluding non-budgeted acquisitions and other, was $272.0 million, reflecting heightened ground game activity
- Completed 22 ground game transactions adding over 2,500 net acres and an additional 5.8 net wells for $59.8 million, inclusive of associated development costs
- Acquired ~1,000 net royalty acres (~8,000 royalty acres standardized to 1/8th royalty) located primarily in Duchesne and Uintah Counties, UT for an unadjusted closing price of $98.3 million
- On October 1, 2025, issued $725.0 million of 7.875% Senior Notes due 2033 and repurchased 97% or $684.9 million, of 8.125% Senior Notes due 2028
- On November 5, 2025 amended and restated the Company’s Revolving Credit Facility lowering borrowing costs and extending maturity to 2030
- Tightened capital expenditure guidance to a range of $950 - $1,025 million
- Raised 2025 annual production guidance to a range of 132,500 - 134,000 Boepd, with oil production increased to a range of 75,000 - 76,500 Boepd
