Financial Data and Key Metrics Changes - Riley Exploration Permian generated $39.4 million of upstream free cash flow in Q3 2025, representing a 73% conversion of operating cash flow before working capital [19] - Year-to-date, the company generated $100 million of upstream free cash flow, equal to the same nine-month period for 2024, despite a 14% lower realized oil price [19] - Adjusted EBITDA margin was 59%, down from 66% in the previous quarter, primarily due to increased costs associated with the Silverback acquisition [17] Business Line Data and Key Metrics Changes - Average daily net production was 18.4 thousand barrels of oil per day and 32.3 thousand barrels of oil equivalent per day for Q3 2025 [5] - Total net oil production increased from 1.38 million barrels to 1.69 million barrels quarter over quarter, a 22% increase [6] - Total equivalent production rose 34% quarter over quarter, from 2.22 million to 2.98 million barrels of oil equivalent [6] Market Data and Key Metrics Changes - The company experienced a weak natural gas market in September and October, with select operators shutting in an estimated 1.5 to 2 BCF a day of gas production [15] - Prices after hedges were roughly flat quarter over quarter, with oil representing all revenue last quarter due to negative natural gas and NGL revenues [15] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, strategic infrastructure investments, and operational excellence to create long-term value [24] - The Silverback acquisition is expected to drive down fixed costs in the field by 10-20% through synergies and cost-saving opportunities [12] - The company plans to maintain flexibility in capital allocation in response to softer oil markets while striving for growth [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about lowering the cost structure and improving margins over time, citing a successful track record in this area [18] - The company is committed to maintaining a consistent and growing dividend, having increased it to $0.40 per share, up 5% from the previous quarter [4] - Management highlighted the importance of the midstream project in New Mexico for enhancing flow assurance and enabling growth in production [33] Other Important Information - The company completed five and turned in line 10 gross operated wells in Q3 2025, with plans to drill 8-10 gross wells in Q4 [8] - The company has over 60% of 2026 oil volumes hedged at a weighted average downside price of $60, with upside optionality [23] Q&A Session Summary Question: Thoughts on capital efficiency and allocation in a below $60 per barrel environment - Management indicated that in a $55 scenario, they could maintain volumes while spending around $85 million, with the dividend well covered [29] Question: Potential improvement in NetBacks for the upstream business - Management noted that flow assurance and efficient processing would lead to economic improvements, but it would take time to realize the full benefits [31][32] Question: Capital to spend for the midstream project and its impact on free cash flow - Management stated that they could maintain free cash flow positive even after combined upstream and midstream CapEx, with potential project financing options being considered [40][41] Question: Production performance on Silverback assets and future workovers - Management confirmed that there is significant potential for further workovers and optimization on the Silverback assets, with many wells still to be addressed [49] Question: Interest in external financing and current market conditions - Management acknowledged the healthy credit markets and the appetite for capital for infrastructure projects, indicating various financing options are being explored [65][66]

Company Overview - EOG Resources (EOG) shares increased by 3.9% to close at $125.28, with notable trading volume compared to typical sessions, and a 4.1% gain over the past four weeks [1][2] - The company's financial performance is closely linked to oil and gas prices, which recently surged nearly 7% due to geopolitical tensions in the Middle East, particularly the conflict between Iran and Israel [2] Financial Performance - EOG Resources is expected to report quarterly earnings of $2.11 per share, reflecting a year-over-year decline of 33.2%, with revenues projected at $5.37 billion, down 10.9% from the previous year [3] - The consensus EPS estimate for EOG has been revised 3.8% lower over the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not lead to price appreciation [4] Industry Context - EOG Resources operates within the Zacks Oil and Gas - Exploration and Production - United States industry, which includes other companies like Riley Exploration Permian, Inc. (REPX) [5] - REPX's consensus EPS estimate has changed by -11.3% over the past month, representing a decline of 21.7% from the previous year, and it also holds a Zacks Rank of 3 (Hold) [6]

Core Insights - Paul Franke is a seasoned investor with 39 years of trading experience, recognized for his stock picking and macro views, having been ranked among the top investment advisors nationally during the 1990s [1] - Franke developed a stock selection system called "Victory Formation," which focuses on supply/demand imbalances indicated by specific stock price and volume movements [1] - The "Bottom Fishing Club" articles highlight deep value stocks or those showing significant upward technical momentum reversals, while "Volume Breakout Report" articles discuss positive trend changes supported by strong trading action [1] Investment Strategy - Franke recommends a diversified approach, suggesting investors hold at least 50 well-positioned stocks to achieve consistent outperformance in the stock market [1] - A stop-loss level of 10% to 20% on individual stock choices is advised to manage risk effectively [1]

Core Insights - Carlyle Group Inc reported a total market value of $3.80 billion for Q1 2025, down from $4.15 billion in the previous quarter, representing an 8% decrease [1][2] - The firm made no new stock purchases, increased its position in one stock, reduced holdings in five stocks, and completely exited four stocks [1][2][5] - The top ten holdings accounted for 99.33% of the total market value [2] Holdings Summary - StandardAero remains the largest holding with approximately 134 million shares valued at about $3.6 billion, making up 92.44% of the portfolio, with a significant increase in shares by 1912.52% [3][4] - Soleno Therapeutics is the second largest holding with around 860,980 shares valued at approximately $61.4 million, representing 1.59% of the portfolio, showing a decrease of 37.41% in shares [3][4] - WeRide (文远知行) holds the third position with about 3.42 million shares valued at approximately $46.5 million, maintaining its share count from the previous quarter [3][4] - Phathom Pharmaceuticals and Pony.ai are the fourth and fifth largest holdings, with values of approximately $21.9 million and $20.8 million, respectively, both maintaining their share counts [3][4] Sell and Exit Activities - Carlyle Group completely exited positions in Ramaco Resources-A, Riley Exploration Permian, Robinhood, and Spyre Therapeutics during the first quarter [3][5] - The top sold stocks included Getty Images, Riley Exploration Permian, Robinhood, Spyre Therapeutics, and Ramaco Resources, with minimal changes in portfolio percentage [5][7]