CapEx Guidance
Q: 25 CapEx below $1.3B?
A: Management expects 2025 CapEx to fall in the $1.3-$1.4B range as rig counts are cut, with plans adjusted based on commodity prices.

Debt & Buybacks
Q: Buybacks resume once leverage hits 1x?
A: The firm is prioritizing debt reduction to achieve 1x leverage, which may trigger share buybacks if oil prices remain favorable.

Production Guidance
Q: Why is 4Q production range wide?
A: The broader 4Q production guidance is due to integrating new assets—especially in Utah—leading to greater initial variability.

Utah Volume Delay
Q: Are Utah volumes delayed in 4Q?
A: Operational adjustments, such as extending laterals from 10,000 to 15,000 feet, are expected to delay 4Q volumes.

LOE Trends
Q: Any one-offs affecting LOE?
A: As the asset mix shifts toward efficient horizontal wells, LOE should decline overall, though Utah’s higher oil mix may modestly elevate costs.

Klondike Wells
Q: How are Klondike wells performing?
A: Early Klondike results are robust, confirming high productivity that aligns well with their economic model.