Capital Allocation
Q: How will repurchases proceed with free cash flow? "
A: Management emphasized a clear path to reach 1x leverage by prioritizing free cash flow, with repurchases resuming once the balance sheet is strong. "

Production Guidance
Q: How will production reach 112K barrels/day? "
A: They aim for the 112,000 barrels/day target by adjusting the oil percentage mix and expecting growth in Q2 and Q3, with timing being key. "

Reserves Outlook
Q: What’s driving reserve changes and PUD declines? "
A: The decline in Midland reserves reflects PUDs falling outside the five‑year window, while Uinta assets continue to be optimized and add value. " "

Drill/Comp Efficiency
Q: Why 105 nets drilled vs. 150 completions planned? "
A: Management clarified that the higher completion count results from capital efficiency and acquired asset pace; DUCs are an outcome rather than a managed metric. " "

Q1 Production Dip
Q: Why was first quarter production lower? "
A: A delay from a South Texas frac crew created a three‑month gap, which has since been addressed as operations resume. "

Rail Delays
Q: Are rail delays a one-off issue? "
A: The delays, related to refinery downtime and rail constraints, are being managed with added flexibility in storage and railcar capacity. "

Non‑Op Spend
Q: What non‑operated spending is anticipated? "
A: There’s potential for increased non‑op drilling in the Permian, possibly exceeding the prior $19M spend, though final decisions depend on economic conditions. "

Uinta Integration
Q: Why are Uinta production/loss estimates off-target? "
A: Early integration challenges and timing issues in a noisy quarter led to production and LOE variances, with expectations for stabilization as operations fully integrate. "

Uinta Productivity
Q: How productive are Uinta wells initially? "
A: Early results show that lower cube wells, while slower to peak, maintain shallower declines, indicating promising longer‑term value creation. "

Gas Asset Focus
Q: Why not pursue South Texas gas assets now? "
A: Management is holding off on further gas development due to high volatility and instead focuses on oil assets with steadier returns. "

Permian Returns
Q: Are new Permian opportunities competitive? "
A: Early results in Klondike and Woodford‑Barnett are strong—one well produced 150+ MBOE and another 250 MBOE—though final comparisons to legacy assets await further data. " "