Financial Data and Key Metrics Changes - Total revenue grew by 21% year-over-year, driven by increased recurring revenue, with recurring revenue up 26% [5][22][24] - Operating profit increased by 52%, reflecting strong financial performance despite strategic investments [5][25] - The company ended the first half of 2025 with approximately $3.4 billion in cash, providing flexibility for growth and expansion [5] Business Line Data and Key Metrics Changes - Sales from Epkinly and TIVDAK increased by 54% year-over-year, contributing 25% to total revenue growth [15][22] - Epkinly sales reached $333 million through Q3, representing a 64% year-over-year increase, establishing it as a leader in the third-line setting for diffuse large B-cell lymphoma and follicular lymphoma [17][19] - TIVDAK sales totaled $120 million year-to-date, with strong performance in both new and established markets [20] Market Data and Key Metrics Changes - Epkinly has received regulatory approvals in over 65 countries, with more than 50 countries now having dual indications [19] - The company is preparing for the launch of Epkinly in earlier lines of therapy, particularly in second-line follicular lymphoma, with an estimated 9,000 patients in this segment [42] Company Strategy and Development Direction - The proposed acquisition of Merus is seen as a transformative opportunity, advancing the company's evolution into a global biotech leader and expanding its revenue base [6][30] - The company aims to maximize the potential of its commercialized medicines while accelerating the development of its late-stage pipeline [5][6] - The focus remains on high-impact programs, with ongoing phase 3 trials for rinatabart sesutecan and Petosemtamab expected to drive future growth [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of rinatabart sesutecan and Petosemtamab as key growth drivers, with expectations for significant market opportunities [7][36] - The company anticipates continued strong performance and is on track to achieve double-digit revenue and profit growth for 2025 [26][28] Other Important Information - The company has initiated additional phase 3 clinical trials for rinatabart sesutecan, reinforcing its commitment to advancing its innovative pipeline [11][29] - The annual R&D updates and data review will be held virtually on December 11, 2025 [31] Q&A Session Summary Question: Competitive landscape of Petosemtamab and Rinatabart sesutecan - Management remains confident in the positioning of both drugs as best-in-class assets, with ongoing phase 3 trials supporting their development [34][36] Question: Commercial dynamics of Epkinly - The dual indication of Epkinly is beneficial for operationalization, and the company expects significant growth opportunities in earlier lines of therapy [40][41] Question: Termination of clinical development for 1042 - The decision was based on data not meeting internal development standards, leading to a halt in the program [51][52] Question: Confidence in Epkinly's upcoming PDUFA - Management expressed high confidence in the approval process, with no indications suggesting otherwise [55][57] Question: OpEx and profitability outlook for 2026 - The company maintains a disciplined investment approach, with expectations for significant profitability and operational efficiency [62][66]

Financial Data and Key Metrics Changes - For the third quarter, APA Corporation reported consolidated net income of $205 million, or $0.57 per diluted common share, with adjusted net income of $332 million, or $0.93 per share, excluding a $148 million unrealized loss on derivatives [13][14] - The company generated $339 million of free cash flow and returned $154 million to investors through dividends and share buybacks [14][15] - Net debt was reduced by approximately $430 million, resulting in net financing cost savings of $75 million compared to the same period in 2024 [15][16] Business Line Data and Key Metrics Changes - In the Permian, oil production exceeded guidance, while capital investment and operating costs were in line with expectations [5][6] - In Egypt, gross BOEs grew sequentially, supported by a successful gas program, and the company received substantial payments, nearly eliminating past due receivables [6][8] - In the North Sea, operational efficiency and cost management led to higher production and lower costs compared to guidance [7] Market Data and Key Metrics Changes - The company raised its guidance for oil production in the Permian while adjusting gas guidance due to temporary curtailments in the field [8] - In Egypt, production estimates for the fourth quarter were slightly increased, reflecting ongoing momentum from the gas program [8] Company Strategy and Development Direction - APA Corporation is focused on disciplined capital allocation, cost reduction initiatives, and maintaining a strong balance sheet to navigate volatile oil price environments [4][10] - The company aims to realize $300 million in savings this year and reach a run-rate savings target of $350 million by the end of 2025, two years ahead of schedule [9][10] - Preliminary plans for 2026 include maintaining consistent activity levels in Egypt and a flexible approach to capital investment based on oil price movements [10][11] Management's Comments on Operating Environment and Future Outlook - The macro environment remains challenging, characterized by volatility and uncertainty in commodity prices due to geopolitical tensions [4] - Management expressed confidence in the company's ability to perform through cycles and respond quickly to changing market conditions [5] - The company plans to provide formal guidance for 2026 in February, with a focus on free cash flow generation [11] Other Important Information - The company is evaluating multiple capital allocation scenarios in light of recent oil price volatility [10] - The North Sea production is expected to decline by 15%-20% from 2025 into 2026 due to minimal investment in the asset [78] Q&A Session Summary Question: Can you elaborate on the flexibility regarding capital spending in 2026? - Management indicated that they have flexibility to adjust capital spending based on oil price movements, with a focus on maintaining production levels in the Permian and Egypt [23][24] Question: What is the potential cash flow impact from the legacy accelerated cost recovery in Egypt? - The cash flow impact is estimated to be around $60 million for next year, but management believes various factors could offset this decline [26][28] Question: How do you view exploration capital for 2026? - Management expects 2026 to be a light year for exploration, with potential activities in Alaska and Suriname [33][34] Question: What are the dynamics of gas pricing in Egypt? - The new gas pricing arrangement allows for growth in gas production, with pricing equivalent to $75-$80 Brent oil [66][68] Question: What is the outlook for the North Sea production and ARO activity? - Production is expected to decline, but tax benefits from ARO spending will provide some financial relief [78][80]

Financial Data and Key Metrics Changes - For Q3 2025, consolidated total revenue reached $203 million, with an Adjusted EBITDA of $174 million, resulting in an Adjusted EBITDA margin of 85% [17][18] - Free cash flow increased by 15% year-over-year to $123 million [18] - Oil and gas royalty production achieved a record of approximately 36,300 barrels of oil equivalent per day, representing a 9% sequential increase and a 28% year-over-year increase [4][18] Business Line Data and Key Metrics Changes - Water sales revenue reached a record $45 million, reflecting a 74% sequential growth and a 23% year-over-year increase [4] - Produced water royalty revenues were $32 million, showing a 5% sequential growth and a 16% year-over-year increase [4] - The portfolio of acquired minerals and royalties contributed to 18% of consolidated royalty production, generating a mid-teens pre-tax cash flow yield [6] Market Data and Key Metrics Changes - Despite weak benchmark oil and gas prices, production volumes benefited from robust activity in northern Culberson, northern Reeves, and central Midland subregions [5] - The average lateral lengths for wells in 2025 are approximately 7% longer than last year and 23% longer compared to 2019 [5] Company Strategy and Development Direction - The company focuses on an active management and consolidation strategy aimed at growing oil and gas royalties, surface, and water assets [4] - TPL is positioned to capitalize on low commodity prices to consolidate high-quality Permian assets, with a belief that longer-term oil prices will be higher than current levels [9][12] - The company announced acquisitions of Permian oil and gas royalties and surface acreage, with a total purchase price of approximately $474 million [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the Permian Basin, despite current low commodity prices [10][12] - The company believes that global liquids demand continues to grow steadily, and that the U.S. oil supply will rationalize in response to pricing signals [10] - TPL's recent credit facility of $500 million enhances liquidity and allows for greater flexibility in funding growth opportunities [12][22] Other Important Information - The company plans to begin commissioning a 10,000 bbl per day desalination facility by the end of the year [18] - A three-for-one stock split of the company's common stock was approved and is expected to be completed in December 2025 [21] Q&A Session Summary Question: What is a good run rate for the business, and how much of your water sales are recycled barrels versus water from source? - Management indicated that they are working to minimize volatility in water sales and are focused on maximizing recycled water usage, which is influenced by availability and demand [35][36] Question: Can you provide details on the royalty acquisition announced? - Management stated that the acquisition is expected to provide a strong growth outlook and is operated by well-capitalized operators in the Permian [26][28] Question: How does TPL feel about its position in the power and data center market in West Texas? - Management expressed confidence in TPL's positioning, noting that they have significant available land and are in discussions for potential opportunities [29][30] Question: How is the competitive landscape in the Permian for M&A opportunities? - Management noted that while lower commodity prices create challenges, there are still healthy opportunities in the pipeline across various regions in the Permian [43][45]

Financial Data and Key Metrics Changes - For Q1 fiscal 2026, the company reported revenues of $158.3 million, an increase of 14% compared to the prior year quarter, driven by growth in entertainment offerings and higher food, beverage, and merchandise revenues [10][11] - Adjusted operating income for the first quarter was $7.1 million, an increase of $5.2 million year-over-year, despite higher SG&A and direct operating expenses [11] - The company had $30 million of unrestricted cash and a total debt balance of $622 million as of September 30 [11][12] Business Line Data and Key Metrics Changes - The company welcomed over 900,000 guests across 140 events in the quarter, setting a record for the number of concerts at the Garden [4][5] - Food and beverage per caps at concerts increased, while per caps at theaters decreased compared to the prior year, attributed to the mix of events [5] - The Christmas Spectacular is set to have 215 shows this year, up from 200 last year, with advanced ticket sales pacing ahead of the previous year [7][9] Market Data and Key Metrics Changes - The company is seeing strong demand for the Christmas Spectacular, expecting to host over 1 million guests this holiday season [17] - Advanced ticket revenues for the Christmas Spectacular are pacing up double digits compared to last year, driven by higher individual and group ticket sales [17] - Concert bookings are on track to exceed last year's total, with nearly 85% of the concert booking goal achieved for the year [21][22] Company Strategy and Development Direction - The company is focused on capital allocation priorities, including maintaining a strong balance sheet, pursuing compelling opportunities, and returning capital to shareholders [26][28] - The internal sales team for sponsorships is largely in place, aiming to capitalize on upcoming opportunities in fiscal 2026 and beyond [34] - The company is exploring ways to enhance the Christmas Spectacular and improve per-show revenues through strategic pricing and partnerships [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory for fiscal 2026, citing positive momentum across the business [13] - The company is closely monitoring the macro environment but continues to see strong consumer demand, particularly for concerts and events [39] - Management is optimistic about the upcoming holiday season and the potential for growth in various business segments [43] Other Important Information - The company repurchased approximately $25 million of Class A common stock during the quarter, with $45 million remaining under the current buyback authorization [12][28] - A non-cash impairment charge of $13.8 million related to an operating lease was included in the first quarter results [11] Q&A Session Summary Question: Thoughts on the Christmas Spectacular's sell-through and pricing - Management noted strong demand for the Christmas Spectacular, expecting over 1 million guests and advanced ticket revenues pacing up double digits compared to last year [17] Question: Updates on concert bookings for the Garden - Management confirmed robust bookings, with more concerts booked for fiscal 2026 than held last year, and expressed confidence in increasing event numbers [21][22] Question: Progress on major residency acts for fiscal 2027 - Management indicated progress in finalizing a residency for next year, which could significantly contribute to concert growth [26] Question: Transitioning sponsorship business back in-house - Management confirmed the internal sales team is in place and highlighted recent partnerships as evidence of progress in the sponsorship business [34] Question: Updates on Penn Station redevelopment - Management provided a timeline for redevelopment, emphasizing commitment to improving the area surrounding Penn Station [42] Question: Bookings growth by event type - Management expects growth primarily driven by concerts, with modest growth in family shows and sports events anticipated [43]

Financial Data and Key Metrics Changes - The company reported second-quarter earnings of $106 million, down from $187 million in the same quarter last year, resulting in a decrease in earnings per share (EPS) from $0.96 to $0.54 [7][8] - Adjusted EBITDA in the moving and storage segment increased by 6%, or nearly $32 million, driven by revenue growth across all product lines [8][11] - The largest difference between adjusted EBITDA and GAAP earnings was attributed to depreciation, with a reported loss of $38 million on the disposal of retired rental equipment compared to an $18 million gain last year [9][10] Business Line Data and Key Metrics Changes - Equipment rental revenue increased by $23 million, or about 2%, despite a decrease in overall transactions [10] - Self-storage revenues rose nearly $22 million, or about 10%, with average revenue per foot improving by just under 5% [11][12] - The company added 23 storage locations, translating to approximately 1.6 million new net rentable square feet [13] Market Data and Key Metrics Changes - Same store occupancy decreased by 350 basis points to 90.5%, primarily due to the removal of delinquent tenants [12] - The company has added nearly 1,000 new independent dealer locations in the past 12 months, surpassing 25,000 total locations for the first time [10] Company Strategy and Development Direction - The company is focused on expanding its dealer network to improve truck and trailer inventory balance and increase demand [4][10] - Management is prioritizing expanding the self-storage footprint over increasing depth, indicating a competitive environment with strong price sensitivity among customers [5][33] - The company is optimistic about the potential benefits from reduced regulations affecting the transportation economy [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges with increased depreciation and repair costs, but expressed confidence in the long-term stability of various business lines [4][6] - The company expects to see visible results from its dealer network expansion by May, with significant opportunities for increased market penetration [32][34] - Management noted that existing home sales are unlikely to significantly boost one-way rentals or U-Box growth, citing consumer uncertainty [40] Other Important Information - Capital expenditures for new rental equipment for the first six months of the year were $1,325 million, up $169 million from the previous year [11] - The company has invested $526 million in real estate acquisitions and self-storage development during the first half of fiscal 2026, down $208 million from the same period last year [13] Q&A Session Summary Question: Clarification on depreciation method - Management explained that they use a dynamic depreciation model for box trucks and a straight-line method for cargo vans, with current depreciation rates reflecting market conditions [18][19] Question: Expectations for peak depreciation expenses - Management anticipates box truck depreciation to peak towards the end of this year, while cargo van prices are expected to decrease [21][22] Question: Competitive intensity in self-storage - Management noted that competitive pricing strategies among competitors are causing a "slugfest" in the self-storage market, with a focus on maintaining customer expectations [36][37] Question: U-Box revenue growth and market share - Management confirmed that U-Box is gaining market share and is positioned for significant future growth, with profitability expected to improve as occupancy increases [63][65] Question: Impact of tariffs on vehicle costs - Management indicated that while there are concerns about tariffs, they have not yet seen significant impacts on vehicle pricing [54][56]

Financial Data and Key Metrics Changes - Hecla Mining Company reported record revenues of $410 million for Q3 2025, with net income of $101 million and adjusted EBITDA of $196 million, indicating strong operational performance [5][6][8] - The net leverage ratio improved significantly from 1.8 times last year to 0.3 times in Q3 2025, representing an 83% reduction [6][8] - Operating cash flow generated was $148 million, with consolidated free cash flow at $90 million [6][9] Business Line Data and Key Metrics Changes - Silver production reached 4.6 million ounces, a 2% increase from the previous quarter, with cash costs at negative $2.03 per ounce and all-in sustaining costs at $11.01 [7][8] - Greens Creek produced 2.3 million ounces of silver, with sales of $178 million, up 46% from the last quarter [14] - Lucky Friday's silver production was 1.3 million ounces, with free cash flow nearly tripling to $13.5 million [15] - Keno Hill achieved silver production of nearly 900,000 ounces, generating $8.3 million in free cash flow [16] - Casa Berardi produced 25,000 ounces of gold, with cash costs of $1,582 per ounce [17] Market Data and Key Metrics Changes - Silver revenue accounted for 48% of total mine site revenues, followed by gold at 37% [8] - Silver margins remained robust at $31.57 per ounce, representing 74% of the realized price of silver [8] Company Strategy and Development Direction - The company is focused on long-term value creation, operational execution, and maintaining financial flexibility to pursue growth opportunities [19][48] - A disciplined capital allocation framework prioritizes safety, sustaining capital, growth capital, exploration, deleveraging, and shareholder returns [10][12] - The company plans to increase exploration investments, particularly in Nevada, targeting 2%-5% of revenues for exploration in 2026 [11][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ongoing supply shortages in silver and the favorable market conditions expected to support prices for years [5][6] - The company expressed confidence in its ability to generate substantial free cash flow and maintain operational momentum across all assets [6][48] - The outlook for Keno Hill includes plans for commercial production around 2027, contingent on regulatory approvals [38] Other Important Information - The company has successfully de-risked its balance sheet, eliminating over $15 million in annual interest expense [6][8] - All four producing assets generated positive free cash flow for the second consecutive quarter, demonstrating operational strength [6][9] Q&A Session Summary Question: Inflationary factors affecting asset base - Management noted that labor competition and tariff costs are the main inflationary pressures, but overall impacts have been muted [24][25] Question: Exploration spending and labor costs - Drilling costs have increased due to labor, but assay turnaround times have remained normal [27] Question: Exploration and project updates - The company plans to significantly increase its exploration budget in Nevada and reinitiate dormant projects [32][33] Question: Guidance and production expectations - Management explained that production profiles can vary, and guidance reflects expected performance based on historical data [41][42] Question: Strong price realizations in the quarter - The strong price realizations were attributed to timing of shipments and the use of collars for provisional hedging [43][44]

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]

Financial Data and Key Metrics Changes - For Q1 fiscal 2026, the company reported revenues of $158.3 million, an increase of 14% compared to the prior year quarter, driven by growth in entertainment offerings and higher food, beverage, and merchandise revenues [10][11] - Adjusted operating income for the first quarter was $7.1 million, an increase of $5.2 million year-over-year, primarily due to increased revenues, partially offset by higher SG&A and direct operating expenses [11] - The company had $30 million of unrestricted cash and a total debt balance of $622 million as of September 30, 2025 [11] Business Line Data and Key Metrics Changes - The company welcomed over 900,000 guests across 140 events during the quarter, setting a new record for the number of concerts in any quarter at the Garden [4][5] - Food and beverage per caps at concerts increased, while per caps at theaters decreased compared to the prior year, attributed to the mix of events [5] - The Christmas Spectacular is set to have 215 shows this year, up from 200 last year, with advanced ticket sales pacing ahead of the previous year [7][8] Market Data and Key Metrics Changes - The company is seeing strong demand for the Christmas Spectacular, expecting to host over 1 million guests this holiday season, with advanced ticket revenues pacing up double digits compared to last year [17][18] - Concert bookings are on track to exceed last year's total, with nearly 85% of the concert booking goal achieved for the year [21][22] Company Strategy and Development Direction - The company is focused on capital allocation priorities, including maintaining a strong balance sheet, pursuing compelling opportunities, and returning capital to shareholders [28][29] - The internal sales team for marketing partnerships is largely in place, aiming to capitalize on upcoming opportunities in fiscal 2026 and beyond [9][36] - The company is exploring ways to enhance the Christmas Spectacular and improve per-show revenues through strategic pricing and partnerships [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory for fiscal 2026, citing positive momentum across the business and expectations for solid growth in revenue and adjusted operating income [12][13] - The company is closely monitoring the macro environment but continues to see strong consumer demand, particularly for concerts and the Christmas Spectacular [44][45] Other Important Information - The company repurchased approximately $25 million of its Class A common stock during the quarter, with $45 million remaining under the current buyback authorization [12][29] - The cash component of arena license fees will be $45 million this fiscal year, growing at 3% annually through fiscal 2055 [6] Q&A Session Summary Question: Thoughts on the Christmas Spectacular's sell-through and pricing - Management noted strong demand for the Christmas Spectacular, expecting over 1 million guests and advanced ticket revenues pacing up double digits compared to last year [17][18] Question: Updates on concert bookings for the Garden - Management confirmed robust bookings, with more concerts booked for fiscal 2026 than held last year, and expressed confidence in increasing event numbers [21][22] Question: Progress on major residency acts for fiscal 2027 - Management indicated progress in finalizing a residency for next year, which could significantly enhance concert growth at the Garden [26][27] Question: Transitioning sponsorship business back in-house - Management confirmed the internal sales team is largely in place and optimistic about capitalizing on sponsorship opportunities [35][36] Question: Updates on Penn Station redevelopment - Management provided a timeline for redevelopment, emphasizing commitment to improving the area and collaboration with stakeholders [50] Question: Bookings growth by event type - Management expects growth driven by concerts, family shows, and sports, with a focus on improving financial results in family shows and modest growth in sports events [51][53]

Forward-looking Statements: Certain statements in this earnings supplement contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, expectations, beliefs, plans, and objectives regarding anticipated financial and operating results, cost reductions, rig counts, asset divestitures, estimated reserves, drilling locations, inventory life, capital expenditure ...

Financial Data and Key Metrics Changes - Adjusted EBITDA reached $71.4 million with a 57% margin, broadly stable compared to the previous quarter, supported by higher volumes and steady realized prices [7] - Net income was $15.9 million compared to a net loss in the previous quarter; excluding a non-recurrent exploration write-off, net profit would have been $23.4 million [7] - Average consolidated production was 28,136 barrels of oil equivalent per day, exceeding 2025 guidance and up nearly 3% quarter over quarter [6] Business Line Data and Key Metrics Changes - In Colombia, Llanos 34 remained a key engine with continued efficiency gains across drilling and workover operations [6] - In Llanos 123, drilling operations advanced at Toritos Norte 3, and progress was made on infrastructure in Puerto Gaitán [6] - Operating costs averaged $12.5 per barrel, fully in line with 2025 guidance, with over $15 million in efficiencies captured [7] Market Data and Key Metrics Changes - The company ended the quarter with $197 million in cash and repurchased $108 million of its 2030 notes below par, generating $9.5 million in annual cash savings [8] - Approximately 62% of expected 2026 production is protected through a hedging program with three-way collars [8] Company Strategy and Development Direction - The company successfully closed the acquisition of two high-quality blocks in Vaca Muerta, Neuquén, marking a strategic entry into a promising unconventional basin [4] - The new strategic plan focuses on sustaining a resilient and high-margin base in Colombia while rapidly scaling operations in Argentina [4] - The Board approved a revised dividend program totaling approximately $6 million over the next four quarters, reflecting a commitment to strong shareholder returns [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consolidated production targets of 42,000-46,000 barrels of oil equivalent per day by 2030, with an adjusted EBITDA of $520 million-$550 million [5] - The company is preparing to scale up operations in the newly acquired blocks in Vaca Muerta, with productivity enhancements already underway [9] - Management emphasized the importance of maintaining financial discipline and maximizing shareholder value [9] Other Important Information - The company is undergoing a certification process for reserves, aiming for over 100% reserves replacement for the year [40] - The cash disbursement for the Vaca Muerta acquisition was finalized at $115 million [42] Q&A Session Summary Question: Can you provide more color on the upcoming studies and permits for the 2026 Vaca Muerta work program? - Management confirmed that operations have already begun, with production currently around 1,100 barrels of oil equivalent per day, and plans to increase to 20,000 barrels per day by the end of next year [15][17] Question: Could you comment on the lower CapEx for this quarter and provide an update on production in the Llanos Basin? - CapEx for the third quarter was around $17.5 million, reflecting a reduction due to operating with one rig; production was 28,136 barrels of oil equivalent per day, with expectations to ramp up in the fourth quarter [26][28] Question: What are the risks related to your polymer injection project in Llanos 34? - Management stated that polymer injection is a proven technology with a solid track record, and risks are managed through phased implementation and experienced personnel [64] Question: How much do you expect the Vaca Muerta acquisition will add to your 4Q 2025 production? - The acquisition is expected to contribute approximately 1,400-1,600 barrels of oil per day for the quarter [76]