Total Revenue (Q1 2024 vs Q1 2023)

-19%; down $344M " "

Decline driven by a 35% drop in natural gas revenue (down $284M) due to a 40% fall in prices and a loss of $138M derivative gains, partially offset by a 14% increase ($86M) in oil revenue. " "

Natural Gas Revenue (Q1 2024 vs Q1 2023)

-35%; down $284M " "

A 40% decrease in natural gas prices (from $3.31/Mcf to $2.00/Mcf) led to a 35% decline in revenue despite a 9% rise in production volumes (248.1 Bcf to 269.4 Bcf). " "

Oil Revenue (Q1 2024 vs Q1 2023)

+14%; up $86M " "

An increase in production volumes by 12% (8.3 to 9.3 MMBbl) combined with a modest 2% rise in oil prices (from $74.03 per Bbl to $75.16 per Bbl) resulted in a 14% boost in oil revenue. " "

Derivative Gains (Q1 2024 vs Q1 2023)

-100%; lost $138M gain "

The removal of a $138M gain on derivative instruments that was recognized in Q1 2023 led to a complete 100% decline in this revenue component. "

NGL Revenue (Q1 2024 vs Q1 2023)

-2%; down $4M " "

An 11% decrease in NGL prices (from $23.66 to $21.09 per Bbl) partially offset by a 9% increase in production (7.5 to 8.2 MMBbl) resulted in a slight 2% decline in NGL revenue. " "

Other Revenue (Q1 2024 vs Q1 2023)

-16%; down $4M "

A direct drop from $25M to $21M in other revenue accounted for a 16% decline. "

Total Revenue (Q1 2025 vs Q1 2024)

+33%; from $1,433M to $1,904M " "

A robust 33% increase in total revenue was driven by strong rises in oil, natural gas, and NGL revenues, reflecting improved commodity pricing and strategic acquisitions. " "

Oil Revenue (Q1 2025 vs Q1 2024)

+$185M increase " "

Higher oil production in the Permian and Anadarko Basins, bolstered by the acquisitions of Franklin Mountain Energy and Avant assets, drove an increase of $185M, despite a 7% drop in oil prices (from $75.16 to $69.73 per Bbl). " "

Natural Gas Revenue (Q1 2025 vs Q1 2024)

+$360M increase " "

A significant 64% rise in natural gas prices (from $2.00/Mcf to $3.28/Mcf) coupled with increased production in key basins resulted in a $360M increase, even though production in the Marcellus Shale declined. " "

NGL Revenue (Q1 2025 vs Q1 2024)

+$33M increase " "

Revenue from NGLs increased by $33M due to higher production volumes and a 10% improvement in prices (from $21.09 to $23.23 per Bbl), contributing positively to overall revenue growth. " "

Total Production

Q3 2025

710–760 MBOE per day "

740–790 MBOE per day "

raised

Oil Production

Q3 2025

147–157 MBOE per day "

158–168 MBO per day "

raised

Natural Gas Production

Q3 2025

2.7–2.85 Bcf per day "

2.75–2.9 Bcf per day "

raised

Capital Expenditures

Q3 2025

$575M–$650M "

$650M "

raised

Shareholder Returns

Q3 2025

no prior guidance

$0.22 per share dividend " "

no prior guidance

Total Production

FY 2025

720–770 MBoe per day "

7.68 MBOE per day (increased by 4%) "

raised

Oil Production

FY 2025

155–165 MBoe per day "

Midpoint maintained "

no change

Natural Gas Production

FY 2025

2.725–2.875 Bcf per day "

2.9 Bcf per day "

raised

Capital Expenditures

FY 2025

$2B–$2.3B " "

$2.3B "

raised

Current Tax Percentage

FY 2025

no prior guidance

40–60% of total tax expense "

no prior guidance

Shareholder Returns

FY 2025

no prior guidance

$0.22 per share dividend " "

no prior guidance

Production Outlook

Q4 2024 guidance set production at 710–770 MBOE/d with detailed oil and gas targets " " " ; Q1 2025 guidance was conservative, excluding Harkey volumes and anticipating sequential step‐ups " "

Q2 2025 guidance improved to 740–790 MBOE/d with stable oil targets and a 5% uplift in natural gas midpoint " " "

Bullish update with higher production targets and enhanced natural gas outlook, reflecting stronger performance and growing confidence " "

Harkey Remediation and Production Issues

Q1 2025 noted significant mechanical issues, a workover campaign with long remediation timelines, and exclusion of affected volumes from forecasts " " " " ; Q4 2024 provided minimal data with only operational monitoring noted "

Q2 2025 indicates nearly complete remediation of the Wyndham Harkey wells, with new wells performing strongly and gradual production build expectations " " "

Improved remediation outcomes reduce previous concerns, shifting sentiment from caution in Q1 to a more positive near-term recovery view in Q2 " "

Capital Allocation, Debt Reduction, and Shareholder Returns

Q4 2024 featured robust 2025 capital plans ($2.1–2.4B), aggressive debt-reduction plans, and high shareholder returns through dividends and repurchases " " ; Q1 2025 emphasized lower CapEx projections (approximately $2–2.3B) and strong debt repayment efforts " " " "

Q2 2025 reaffirms a disciplined approach with full-year CapEx around $2.3B, additional term loan repayments ($350M repaid so far), and continued robust dividend and share repurchase strategies " " "

Consistent financial discipline across periods with ongoing adjustments that reflect a balanced, investor-friendly approach despite market challenges " "

Natural Gas Production, Pricing, and Oversupply Risks

Q4 2024 showed strong natural gas production with caution regarding oversupply risks, while pricing was competitive " " " " ; Q1 2025 highlighted a 64% jump in gas prices and a bullish production outlook " " "

Q2 2025 reports solid natural gas output with some price weakening noted amid broader market uncertainties, and management continues to defend its consistent activity strategy " " " "

Mixed sentiment persists: production remains robust while pricing volatility and oversupply concerns continue to be monitored, reflecting a balanced view " "

Asset Portfolio Diversification and New Acquisitions

Q4 2024 announced the Franklin Mountain and Avant acquisitions with integration efforts and expected synergies " " " ; Q1 2025 highlighted rapid integration and production boosts from these acquisitions " " "

Q2 2025 reiterates diversification through a strategic power deal and confirms full integration of new assets, reinforcing improved portfolio quality " "

Steady integration and diversification across periods, with operational synergies increasingly recognized and added value becoming clearer over time " "

Operational Efficiencies and Cost Structure Management

Q4 2024 focused on lower drilling and frac costs with improved techniques (e.g., machine learning for frac design) and efficient integration of new assets " " " ; Q1 2025 reported cost reductions in the Permian and Marcellus through program efficiencies and asset integration " " "

Q2 2025 demonstrates continued emphasis on consistent activity, reduced all-in costs per foot (e.g. 2% lower in the Permian) and extended lateral lengths, highlighting ongoing operational improvements " "

Continuous progress in cost compression and operational efficiency is evident, with steady gains reinforcing competitive capital expenditure and production economics " "

Macroeconomic Factors and Oil Price Volatility

Q4 2024 stressed flexibility amid market uncertainty and potential shifts based on macro conditions " " " " ; Q1 2025 described heightened volatility from administration policies, geopolitical tensions, and cautioned about oil prices dropping below $50 " "

Q2 2025 acknowledges persistent commodity uncertainty from factors such as OPEC+ curtailments and global events, yet maintains steady operational cadence "

Ongoing external volatility is consistently recognized; however, management’s adaptable strategy continues to mitigate risks while navigating uncertain macro conditions " "

Conservative Production Guidance and CapEx Adjustments

Q4 2024 provided baseline production guidance influenced by new acquisitions and partial production in January, with CapEx projected between $2.1–2.4B " " " ; Q1 2025 adopted conservative guidance that excluded impacted Harkey volumes and reduced projected CapEx by $100M " " "

Q2 2025 offers updated production guidance with a slightly higher production range and maintains a cautious CapEx outlook (full-year around $2.3B, with high Q3 spend) " " "

The approach remains conservative yet gradually more optimistic, balancing measured production targets with disciplined capital spending amid evolving market conditions " "

Limited Growth Potential in the Marcellus Shale

Q4 2024 noted expectations of slow, steady single-digit growth with an acceptable production level around 2 Bcf/d " ; Q1 2025 discussed having about a dozen years of inventory and potential for growth enabled by pipeline projects, despite ongoing debates " " "

Q2 2025 does not mention concerns over limited growth, instead focusing on robust production outcomes and efficient cost structures in the region "

The narrative has shifted from cautious commentary on limited growth to a more positive view, minimizing prior concerns as strong operating performance and improved efficiency underscore the Marcellus outlook " "