Debt Strategy
Q: Buyback pace vs debt reduction?
A: Management will prioritize free cash flow for debt reduction following the recent acquisition, opting for share repurchases opportunistically and resuming a higher buyback pace once leverage drops below 1x around mid-2025.

Production Guidance
Q: How will production evolve in 2025?
A: Management indicated that production will depend on completion and rig cadences, with Q4 guidance near 115,000 barrels/day and an earlier preliminary target of 100,000 barrels/day, pending further detail after HSR approval.

2025 Production Outlook
Q: What's the 2025 output with the Uinta addition?
A: They are refining 2025 scenarios post-Uinta acquisition, expecting improved capital efficiency once key contract details are in place, with more clarity following HSR approval.

Operational Costs
Q: Why was LOE low this quarter?
A: Q2 LOE was particularly low at $4.82/BOE due to cost reductions across various areas, though a modest increase is expected in Q3 owing to added expenses like electric generators and water handling.

LOE Outlook
Q: Will Permian LOE drop further?
A: While plans for 2025 are not finalized, management expects to maintain low LOE by strategically locating wells near existing infrastructure, though some cost increases are possible based on site specifics.

Woodford-Barnett Plan
Q: What is the plan for Woodford-Barnett?
A: The play has shown promise with naturally flowing wells and 56%–58% oil cuts, but management clarified that no additional turn-in lines are planned this year as they work out further development details.

Eagle Ford Activity
Q: How will you develop Briscoe C wells?
A: Management plans to co-develop the upper and lower Austin Chalk zones alongside existing Eagle Ford well operations, leveraging solid initial results to enhance capital efficiency.

Uinta Development
Q: Will new Uinta acres follow the same plan?
A: The approach remains similar to the original XCL acquisition with a focus on optimizing inherited DUCs, capital efficiency, and integrating with established infrastructure.

Sweetie Peck Acreage
Q: How did you arrive at 20,000 acres?
A: The 20,000-acre figure combines deep rights secured under Sweetie Peck with an additional 9,100 acres on the west, solidifying a robust asset base.

Altamont Assets
Q: How is Altamont delineated?
A: Altamont is well mapped with strong vertical control—especially in the southern part—though the technology used isn’t as advanced as in XCL, suggesting potential for further upside.

Klondike Update
Q: What is the status at Klondike?
A: Klondike has four wells online with two recent additions and plans for another four completions this year; however, definitive rates are pending as production ramps up.

Sweetie Peck Oil Cuts
Q: How will oil cuts trend at Sweetie Peck?
A: Oil cuts are expected to vary; shallower, western areas yield higher percentages while deeper, eastern wells are naturally gassier, reflecting inherent geological differences.

Well Spacing & Geometry
Q: What about off-azimuth Briscoe C wells?
A: The off-azimuth approach has delivered excellent performance without degrading spacing returns, confirming model expectations and providing operational cost advantages.

South Texas Oil Quality
Q: Can high oil percentages be maintained in South Texas?
A: Maintaining oil percentages will depend on investment between western (favoring oil) and eastern (favoring gas/NGL) sides, but overall well performance improvements are evident.