Strong Market Demand for Term Loan Financing WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In Also from this source "I am very pleased that our financing was substantially oversubscribed, allowing us to tighten pricing and achieve an even more preferred rate," said Brad Herring, EVP and CFO of OPENLANE. "I believe this level of interest and support from the investment community reinforces the strong cash generation char ...

Strengthens Leadership Bench With More Than 30 Years of Investor Relations and Financial Markets Experience , /PRNewswire/ -- OPENLANE, Inc. (NYSE: KAR), a leading operator of digital marketplaces for wholesale used vehicles, announces the appointment of Bill Wright as Vice President of Investor Relations. Wright will be responsible for leading the company's investor relations program, serving as the primary liaison communicating OPENLANE's vision, strategy and growth to stockholders and the broader financi ...

Core Viewpoint - OPENLANE, Inc. has reached definitive agreements to repurchase 53% of its Series A Convertible Preferred Stock for approximately $559 million, significantly reducing the preferred shares held by major investors [1][2]. Group 1: Transaction Details - The repurchase will decrease preferred shares held by Apax Partners by about 50% and by Periphas Capital by approximately 80% [1]. - The repurchase price is set at $29.70 per share of common stock on an as-converted basis, which includes the value for future dividends associated with those preferred shares [1]. Group 2: Company Performance and Strategy - The CEO of OPENLANE highlighted that strategic investments since 2020 have been beneficial, leading to a strong return for investors and enhancing the company's growth and technology leadership [2]. - The company has undergone a transformation, simplifying its operations and extending its digital marketplace capabilities, making it a compelling opportunity for investors [2]. Group 3: Future Outlook - The repurchase transactions are expected to close between September 30, 2025, and October 20, 2025 [3]. - Further details regarding the agreements will be disclosed in a Form 8-K filing by the company [3].

Karoon Energy Overview - Karoon Energy is an oil and gas producer generating strong cash flows from high-quality assets, progressing material organic growth opportunities[16] - The company has interests in two world-class oil and gas basins: the Baúna Project offshore Santos Basin Brazil (100%, operated by Karoon) and Who Dat assets in the US Gulf (~30%, operated by LLOG)[16] - Karoon returned US$114 million in cash to shareholders in the last 18 months (1 Jan 24 to 30 June 25)[19] Baúna Project - Baúna Project six-month production was 3.94 MMbbl as of 30 Jun 25, based on CY25 guidance of 3.36 - 3.86 MMbbl[27] - FPSO efficiency in 1H25 was 94.5%, up from 85.3% in 1H24 and 83.8% in 2H24[31] - The acquisition of the Baúna FPSO is expected to reduce Baúna opex by ~US$30-40 million per year post-transition[36] - In 1H25, 2P Reserves increased by 13.7 MMbbl due to the transfer of 2C Contingent Resources and a 3.9 MMbbl upward revision, more than offsetting production of 3.9 MMbbl[40] - Since acquiring Baúna in November 2020, recoverable volumes have more than doubled[40] Neon Development - Neon 2C Contingent Resources have grown by 57% since 2018, reaching 86.5 MMbbl as of April 2025[46] - 1C Contingent Resources increased to 59.8 MMbbl (+59%), 2C to 86.5 MMbbl (+44%), and 3C to 108.0 MMbbl (+21%)[50] - Expected capital cost for phase 1 (recovery of 60 – 70 MMbbl) US$0.9 – 1.2 billion (100% gross), mid-case IRR >20%, LT Brent US$65/bbl (2025 real)[53] Who Dat Project - Karoon's NRI semi-annual production from Who Dat was 1.36 MMboe as of 30 Jun 25, with CY25 guidance of 1.04 - 1.34 MMboe[56] - Who Dat East has 15.7 MMboe of 2C Contingent Resource (on NRI basis) with FID targeted in late 2025/early 2026[62] - Who Dat South has 7.4 MMboe of 2C Contingent Resource (on NRI basis)[62]

Core Insights - OPENLANE, Inc. has launched Audio Boost AI, a new feature aimed at enhancing dealer confidence and speed in vehicle evaluations by providing high-quality engine audio recordings and AI-generated highlights of potential issues [1][2][3] Group 1: Product Features - Audio Boost AI is embedded in the vehicle condition report for every dealer-consigned vehicle, allowing for quick benchmarking against a "normal" engine sound [1][2] - The tool utilizes an AI model trained on over 1.2 million engine recordings, enabling dealers to identify issues faster and make informed decisions [2][3] - Colored alert banners indicate the status of potential issues, with green for no issues and yellow for reported issues, enhancing consistency and trust in the evaluation process [2][3] Group 2: Market Impact - The introduction of Audio Boost AI is expected to provide dealers with unprecedented clarity regarding vehicle conditions, helping them make better decisions [3] - This innovation builds on previous technologies like Visual Boost AI and Code Boost IQ, reinforcing OPENLANE's commitment to leveraging cutting-edge technologies in the wholesale vehicle market [3][5] - The feature aims to streamline the wholesale process, allowing dealers to focus more on retailing rather than wholesaling [2][3]

Company Overview - OPENLANE (KAR) currently holds a Momentum Style Score of B, indicating a positive momentum characteristic [2] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] Price Performance - Over the past week, KAR shares increased by 2.78%, outperforming the Zacks Automotive - Original Equipment industry, which rose by 2.27% [5] - In the last month, KAR's shares have risen by 17.33%, significantly higher than the industry's 7.23% [5] - Over the past quarter, shares of OPENLANE have risen by 22.03%, and they are up 67.4% over the last year, compared to the S&P 500's increases of 10.77% and 17.6%, respectively [6] Trading Volume - KAR's average 20-day trading volume is 922,513 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, two earnings estimates for KAR have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from $0.98 to $1.08 [9] - For the next fiscal year, two estimates have also moved upwards with no downward revisions during the same period [9] Conclusion - Given the positive price performance, strong earnings outlook, and favorable momentum indicators, KAR is positioned as a strong buy candidate for investors seeking potential short-term gains [11]

Financial Data and Key Metrics Changes - Underlying NPAT for the half was US$45 million, 61% lower than the prior corresponding period, largely due to weaker global oil prices and lower sales volumes [2][4] - Revenue decreased to US$308 million from US$409 million in the prior year, reflecting lower sales volumes and average realized prices [11][12] - Net debt at the end of the half was US$238 million, with liquidity remaining strong at US$452 million [3][4] Business Line Data and Key Metrics Changes - Production in the first half of 2025 was about 200,000 barrels of oil equivalent higher than in 2024, primarily due to improved performance at the Bahuna project [10] - The Bahuna project production was 3.9 million barrels of oil, ahead of expectations, with FPSO efficiency at 94.5% [21] - Hudat delivered 5.6 million barrels gross of oil equivalent, with production guidance narrowed to 2.4 million to 2.7 million barrels of oil equivalent for the full year [30] Market Data and Key Metrics Changes - The company experienced a decline in sales volumes, offloading seven cargoes in the first half of 2025 compared to eight in the same period of 2024 [12] - Transportation costs fell slightly to US$10.2 million, while production costs increased by US$3 million to US$71.8 million [12][13] Company Strategy and Development Direction - The company is focused on safe and reliable operations, completing the Bowner FPSO transaction, and progressing organic growth projects at Neon and Hudat while maintaining strong capital discipline [2] - The acquisition of the Bona FPSO is expected to lower costs and extend its economic life, increasing the remaining project reserves base to 52.7 million barrels [3][27] - The company is working towards taking full operatorship of the FPSO by the end of 2026 [3][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the safety performance is gradually improving, with no lost time incidents reported [8] - The company anticipates net debt to decrease through 2025, positioning it well to fund upcoming final investment decisions [18] - Management expressed optimism about the potential for extending the concession for the Bona field beyond 2039 [65] Other Important Information - The company returned US$53 million to shareholders through dividends and buybacks during the half [4][17] - A significant increase in 2P reserves at the Bona project was confirmed, with a 45% increase to 52.7 million barrels [27] - The company is relocating several corporate head office roles from Melbourne to Houston and Rio de Janeiro to simplify its structure and increase efficiency [35] Q&A Session All Questions and Answers Question: Can you share insights on the Bayuna production outlook? - Management indicated that the decline rates are stabilizing around 10%, which is an improvement from previous rates, and they expect to extend the economic life of the field [38][40] Question: How are you thinking about D&A for Bayuna going forward? - Management noted that the overall provision for abandonment has increased slightly, but the trajectory is shallower due to the extended life of the reserves [41][42] Question: Will there be any step changes beyond the 10% decline? - Management confirmed that they will continue to monitor the field closely and anticipate future campaigns for pump replacements as needed [47][48] Question: Can you discuss the ESP repair at SPS 92? - Management stated that they are assessing the situation and may consider preemptively replacing the PRA2 pump during the same intervention [54][56] Question: What is the expected flow rate at Houdat East? - Management indicated that while firm numbers are not yet available, they anticipate it will be many thousands of BOEs a day once the final investment decision is made [86][87]

Financial Data and Key Metrics Changes - Underlying NPAT for the half was $45 million, 61% lower than the prior corresponding period, largely due to weaker global oil prices and lower sales volumes [2][4] - Revenue decreased to $308 million from $409 million in the prior year, reflecting lower sales volumes and average realized prices [10][12] - Net debt at the end of the half was $238 million, with liquidity remaining strong at $452 million [3][4] Business Line Data and Key Metrics Changes - Production in 2025 was approximately 200,000 barrels of oil equivalent higher than in 2024, primarily due to improved performance at the Bahuna project [9] - The Bahuna project produced 3.9 million barrels of oil in the first half of 2025, exceeding expectations [20] - Hudat delivered 5.6 million barrels gross of oil equivalent in the first half, with production guidance narrowed to 2.4 million to 2.7 million barrels of oil equivalent for the full year [29] Market Data and Key Metrics Changes - The company experienced a decline in sales volumes, with seven cargoes offloaded in the first half of 2025 compared to eight in the same period of 2024 [11] - Transportation costs fell slightly to $10.2 million, while production costs increased by $3 million to $71.8 million [12] Company Strategy and Development Direction - The company is focused on ensuring safe and reliable operations, completing the Bowner FPSO transaction, and progressing organic growth projects at Neon and Hudat [2] - The acquisition of the Bona FPSO is expected to lower costs and extend its economic life until 2039, increasing the remaining project reserves to 52.7 million barrels [3][26] - The company is working towards taking full operatorship of the FPSO by the end of 2026 [3][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the electrical fault at the SPS 92 well has impacted production rates, but they expect to stabilize flow rates in the coming weeks [21] - The company anticipates a decrease in net debt through 2025, positioning it well for upcoming final investment decisions [17] - Management expressed confidence in achieving annual savings of $30 million to $40 million once full operatorship of the FPSO is assumed [24] Other Important Information - The company returned $53 million to shareholders through dividends and buybacks during the half [4] - A transition services agreement has been signed with Altira and Oceane to support the handover of FPSO operations [25] Q&A Session Summary Question: What is the production outlook for Bayuna? - Management indicated that the decline rates are stabilizing around 10%, leading to an increase in reserves and extending the economic life of the field [37][38] Question: How will depreciation and abandonment costs change? - Management noted that the abandonment provision has increased but will be spread over a longer period, resulting in a shallower trajectory for depreciation [39][40] Question: Are there risks associated with the reserve increase? - Management confirmed that the recovery factor is improving, and they anticipate higher recovery factors over time due to the nature of the reservoir [72][74] Question: What are the key vulnerabilities in FPSO operations? - Management highlighted ongoing maintenance needs for pipework and gas compression capabilities as areas of vulnerability that are being addressed [78][80]

Financial Performance - Production increased by 4% compared to the first half of 2024, but 2025 production guidance was revised to 9.7 – 10.5 MMboe[24] - Underlying EBITDAX decreased by 25% to US$201 million compared to 1H24[24] - Underlying NPAT decreased by 61% to US$45 million compared to 1H24[24] - The company bought back approximately 9% of issued capital since August 2024[24] - Net debt was US$237.9 million as of June 30, 2025, compared to US$8.8 million at the end of 2024, with liquidity at US$452.1 million[24] - Revenue decreased by 25% from US$409.4 million in 1H24 to US$308.3 million in 1H25[49] Operational Highlights - Baúna Project 2P Reserves increased by 13.7 MMbbl due to revisions and asset life extension[24] - Neon 2C resource increased by 44% and entered the Define Phase in April 2025[24] - FPSO efficiency in 1H25 was 94.5%, up from 85.3% in 1H24[66] - Field life for Baúna was extended from 2032 to 2039[83] Strategic Initiatives - Karoon completed the acquisition of the Baúna FPSO and will operate it, subject to regulatory approvals[24] - The company commenced a farm-down process for 30-50% of Neon[24] - Neon FID is targeted for the second half of 2026[24] - Who Dat East entered the Define Phase, with FID targeted in late 2025/early 2026[24]

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