dear noobs, a quick announcementanyone who is hedging their SOL exposure will be deleted from the blockchainnothing personalshalom ...

Core Viewpoint - The third quarter was challenging for the company due to commodity price fluctuations, but effective hedging strategies mitigated some of the impacts, resulting in higher realized prices compared to previous periods [4]. Group 1: Company Performance - The company experienced its most extensive hedging in its 14-year history, which provided significant protection against commodity price declines [4]. - The management team, including the President and CEO, emphasized the importance of addressing questions from stakeholders during the webcast [2][3]. Group 2: Management Insights - The President and CEO, Phil Hodge, expressed gratitude for participant engagement and highlighted the company's approach of not reiterating the press release but focusing on key insights and questions [3].

Core Insights - Petrus Resources reported a 7% increase in production and a 17% increase in cash flow compared to the previous year, despite facing significant commodity price challenges [2] - The company effectively managed oil and gas price volatility through hedging strategies and optimizing its product mix, allowing it to maintain strong financial performance [2] - The average WTI oil price for the quarter was USD 65 per barrel, reflecting a 14% decrease year-over-year, while the AECO spot natural gas price fell to an all-time low of $0.25 per Mcf, down 8% overall for the quarter [2] Production and Financial Performance - Production increased by 7% year-over-year, indicating successful operational strategies [2] - Cash flow rose by 17%, showcasing the company's ability to generate revenue despite adverse market conditions [2] - Realized oil prices decreased by only 10%, while realized gas prices increased by 15% compared to the previous year, demonstrating effective pricing strategies [3]

Core Insights - Cavvy Energy Ltd. reported strong financial results for Q3 2025, with a net operating income (NOI) of $30.6 million and a production rate of 23,956 boe/d, reflecting a 4% increase from Q3 2024 [1][5] - The company achieved a 14% growth in third-party processing volumes compared to Q2 2025, reaching 136.1 MMcf/d, which significantly contributed to revenue growth [2][5] - A structured forward pricing agreement for sulphur sales in 2026 was executed, providing downside revenue protection while allowing for upside participation in the market [2][8] Financial Performance - Net operating income for Q3 2025 was $30.6 million, translating to $0.11 per share, while funds flow from operations was $12.9 million, or $0.04 per share [5][6] - The company reduced net debt by $3.2 million from Q2 2025, bringing it down to $163.7 million [5][6] - Operating expenses decreased by $1.8 million (5%) compared to Q3 2024, totaling $36.7 million [5] Production and Processing - Total production for Q3 2025 was 23,956 boe/d, with 80% being natural gas, which is a 4% increase from Q3 2024 [5] - Third-party raw gas processing volumes increased by 69.6 MMcf/d (105%) compared to Q3 2024, resulting in an 87% increase in processing and marketing revenue [5] - Sulphur production was 1,120 mt/d, with 85% sold under a below-market contract expiring on December 31, 2025 [5][7] Pricing and Market Strategy - The realized sulphur price for Q3 2025 was $34.59/mt, significantly higher than the previous year [6] - The structured pricing agreement for sulphur sales includes a fixed price of US$225/mt for one-third of sales, a collar structure for another third, and spot market pricing for the remaining third [9][10] - The company is focused on optimizing infrastructure and reducing costs to maintain profitability amid commodity price fluctuations [10][11] Guidance and Outlook - Cavvy Energy has revised its 2025 guidance, expecting total production to remain between 23,000 and 25,000 boe/d and net operating income to range from $100 million to $110 million [12] - The company plans to prioritize strengthening its balance sheet and attracting incremental third-party volumes while minimizing facility outages [9][10] - Management aims to continue improving operational efficiency and identifying growth opportunities for shareholders [10][11]

Riley Permian encourages readers to consider the risks and uncertainties associated with projections and other forward-looking statements. In addition, Riley Permian assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances. Investor Presentation November 2025 Forward-Looking Statements Forward-Looking Statements This presentation contains projections and other forward-looking statements within the meaning of federal securities laws. These proj ...

Core Insights - The article emphasizes the importance of hedging as a risk management strategy for investors, highlighting that it is essential to manage risk proactively rather than reactively [1][2] - Long puts are presented as a form of insurance against market losses, allowing investors to protect unrealized profits from potential downturns [2][3] Hedging Concept - Hedging is defined as a method to protect unrealized profits from downside risks, akin to insurance for investments [2] - The article notes that while investors hope they never need to use their hedge, having one in place provides peace of mind [2] Long Put Options - A long put option grants the buyer the right to sell an underlying asset at a predetermined strike price before the expiration date, providing downside protection [2][3] - The maximum loss is capped when using a long put, as it allows the investor to sell the stock at the strike price regardless of how much the stock price falls [3] Practical Example - An example is provided where an investor owns 100 shares of Microsoft purchased at $500 per share. Without a hedge, a drop to $450 would result in a $5,000 loss [4] - By purchasing a $490-strike put option, the investor secures the right to sell the shares at $490, thus limiting potential losses [4]

Core Viewpoint - Berry Corporation reported its financial and operational results for Q3 2025, highlighting a net loss and a pending merger with California Resources Corporation, which has led to the suspension of supplemental slides and conference calls for this quarter [1][3][5]. Financial and Operating Summary - Production for Q3 2025 was 23.9 MBoe/d, consistent with Q2 2025 but down from 24.8 MBoe/d in Q3 2024 [3][34]. - Oil, natural gas, and NGL revenues totaled $128 million, slightly up from $126 million in Q2 2025 but down from $154 million in Q3 2024 [3][22]. - The company reported a net loss of $26 million, or $0.34 per diluted share, compared to a net income of $34 million in Q2 2025 and $70 million in Q3 2024 [3][23]. - Adjusted EBITDA for the quarter was $49 million, down from $53 million in Q2 2025 and $67 million in Q3 2024 [3][22]. - Free cash flow was $38 million, a significant improvement from a negative $26 million in Q2 2025 but down from $45 million in Q3 2024 [3][22]. Capital Structure - As of September 30, 2025, Berry had $416 million outstanding on its term loan facility and no borrowings under its revolving credit facility, with total liquidity of $94 million [4][6]. Debt Reduction and Shareholder Returns - The company paid down approximately $11 million of debt during the quarter, bringing the year-to-date total debt reduction to approximately $34 million [6][5]. - A quarterly cash dividend of $0.03 per share was approved, representing a 4% annual yield [6][5]. Production Statistics - The company produced 21.8 MBbl/d of oil, with California contributing 18.4 MBbl/d and Utah 3.4 MBbl/d [34]. - Total natural gas production was 9.1 MMcf/d, consistent with Q2 2025 [34]. Commodity Pricing - The average realized price for oil without hedge was $62.21 per barrel, while the price with hedge was $67.33 per barrel [27]. - Natural gas was sold at an average price of $2.99 per mcf [27]. Current Hedging Summary - As of October 31, 2025, Berry has hedged 18.2 MBbls/d of oil production at an average price of $74.15 per barrel for the remainder of 2025 [8][30].

And airdrop hedgers ...

Core Viewpoint - Devon Energy Corporation (DVN) is anticipated to show an increase in revenue but a decrease in earnings for the third quarter of 2025, with results expected to be reported on November 5 [1][10] Group 1: Earnings and Production Expectations - Devon Energy is projected to maintain stable oil production, with an expected output of 387,000 barrels per day in Q3 2025, supported by strong performance from its multi-basin portfolio, particularly the Delaware Basin [2][10] - The company expects total production volumes to range between 829,000 to 847,000 barrels of oil equivalents per day (Mboe/d), with a Zacks Consensus Estimate of 838.7 Mboe/d, reflecting a year-over-year growth of 15.2% [6][10] - The Zacks Consensus Estimate for Q3 revenues is $4.12 billion, indicating a growth of 2.34% compared to the previous year [6][10] - The consensus estimate for earnings is set at 93 cents per share, which represents a decline of 15.45% from the year-ago figure [7][10] Group 2: Factors Influencing Performance - The company has implemented hedging strategies for its Q3 production to mitigate market volatility in oil, natural gas liquids, and natural gas prices, contributing to earnings stability [3][10] - Prudent cost management has allowed Devon Energy to maintain control over operating expenses, while strong cash flow generation has supported its share repurchase program, likely enhancing quarterly earnings [4][10] - Efforts to restructure NGL contracts and improve downstream oil realizations by expanding access to export markets are expected to positively impact Q3 earnings [5][10] Group 3: Earnings Prediction Model - The current model does not predict a likely earnings beat for Devon Energy, as it has an Earnings ESP of -0.07% and a Zacks Rank of 3 (Hold) [8][9]

3rd Quarter 2025 Results Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include the timing and extent of changes in market prices for oil and gas, operating risks, liquidity risks, including risks relating to our debt, political and regulatory developments and legislation, and other risk factors and known trends and uncertainties as described in our Annual Report on Form 10-K for fiscal year 2024 and as updated and supplemented in o ...