Core Insights - W&T Offshore, Inc. reported a net loss of $71.5 million for Q3 2025, significantly impacted by a non-cash valuation allowance against deferred tax assets [4][13] - The company declared a fourth quarter 2025 dividend of $0.01 per share, continuing its commitment to return value to shareholders [4][18] - Production increased by 6% quarter-over-quarter to 35.6 MBoe/d, driven by the integration of new fields from the Cox acquisition [2][4] Financial Performance - Revenues for Q3 2025 were $127.5 million, a 4% increase from Q2 2025, primarily due to higher production volumes [4][5] - Adjusted EBITDA grew by 11% quarter-over-quarter to $39.0 million [4] - Average realized price per Boe decreased by 2% from Q2 2025 to $38.33 per Boe [3][4] Production and Costs - Production for Q3 2025 consisted of 14.3 MBbl/d of oil, 3.1 MBbl/d of NGLs, and 111.6 MMcf/d of natural gas [2] - Lease operating expenses (LOE) per Boe decreased by 8% to $23.27, despite an absolute cost of $76.2 million [4][6] - Gathering, transportation costs, and production taxes totaled $5.8 million, slightly higher than Q2 2025 [7] Balance Sheet and Liquidity - As of September 30, 2025, the company had $124.8 million in unrestricted cash and total debt of $350.4 million, with net debt decreasing by $58.6 million from the end of 2024 [14][15] - The net debt to trailing twelve months Adjusted EBITDA ratio was 1.6x [15] Capital Expenditures and Guidance - Capital expenditures for Q3 2025 were $22.5 million, with a revised full-year guidance of $57 million to $63 million [16][17] - The company expects to lower gathering, transportation, and production taxes guidance for the full year 2025 to $24.0 – $26.0 million [20] Operational Updates - W&T performed five low-cost workovers and three recompletions in Q3 2025, positively impacting production and revenue [19] - The company plans to continue low-cost operations that enhance production and revenue [19]

Key Management Andrew Spodek Chief Executive Officer Jeremy Garber President, Treasurer & Secretary Steve Bakke Chief Financial Officer Board of Directors Board Responsibilities Patrick Donahoe Chair of the Board, Member - Audit Committee Andrew Spodek Chief Executive Officer, Director Barry Lefkowitz Chair of Audit Committee, Member - Corporate Governance & Compensation Committee Anton Feingold Chair of Corporate Governance & Compensation Committee, Member - Audit Committee Jane Gural-Senders Member - Corp ...

Operational Performance - Q3 2025 production totaled 74k GEO, a 16% increase compared to Q2 2025, aligning with expectations and maintaining guidance[11] - Borborema production reached 10,219 GEO in Q3 2025, marking its first full quarter of production[26] - Apoena's production increased by 13% compared to Q2 2025, driven by a 95% recovery rate[24] - Almas saw a 17% increase in production compared to Q2 2025 (12,917 GEO), attributed to higher ore processed volumes and improved grades[25] Financial Highlights - Adjusted EBITDA reached a record high of US$152 million in Q3 2025, driven by increased production and cost control[11] - In the Last Twelve Months (LTM), Adjusted EBITDA reached US$419 million, with an average gold market price of $3,068/Oz[11] - AISC decreased by 4% to US$1,396/GEO in Q3 2025 compared to Q2 2025 (US$1,449/GEO)[11] - Net profit was US$6 million, but adjusted net income, excluding non-cash losses, was positive at US$69 million[11] Safety and Stability - The company achieved 15 consecutive months without a Lost Time Incident (LTI) across all operations and projects[13] - Borborema surpassed 1,000 days without an LTI from the project's beginning through the start of commercial production[14] Financial Position - Net debt was US$64 million at the end of Q3 2025[44] - The company's cash and equivalents totaled US$351 million as of September 30, 2025[52]

Asset & Production - Vitesse's estimated 2025 net production is between 17000 and 17500 MBoe/d[15] - The company estimates having over 200 net two-mile-equivalent undeveloped locations[15, 16] - Vitesse has interests in 7612 productive wells, averaging a 3.6% working interest per well[16] - Over 80% of Vitesse's assets are comprised of undeveloped resources[8, 23] - Vitesse's acreage is primarily in the core of the Williston Basin[11, 17] Financials - The company's 1P PV-10 is $806 million[15] - The PDP PV-10 is $609 million[15] - Vitesse aims for a net debt to adjusted EBITDA ratio of less than 10x[10, 23] - Vitesse offers a fixed dividend of $05625 per share quarterly[10, 23] - Vitesse insiders own more than 25% of the outstanding shares[24]

Financial Performance & Capital Allocation - Diamondback generated $18 billion of Free Cash Flow ("FCF") in Q3 2025 ($609 / share)[16]; $18 billion of Adjusted FCF ($620 / share)[16] - The company expects to generate ~$58 billion of Adjusted FCF in 2025 at current commodity prices[16] - Diamondback is committed to returning at least 50% of quarterly FCF to stockholders[16] - Total return of capital of $892 million represents ~50% of Q3 2025 Adjusted FCF, distributed through the base dividend and share repurchases[15, 16] - The company has an $80 billion share buyback authorization with $30 billion remaining[16] Production & Asset Overview - Diamondback has significant scale of approximately 862000 net acres with ~510 Mbo/d (~945 Mboe/d) of production expected in Q4 2025[21] - The company has best in class inventory depth and quality with ~9600 gross Permian Basin locations economic at $50 / Bbl[21] - Diamondback's Q3 2025 oil production was 5038 Mbo/d (9429 Mboe/d)[22] Cost Structure & Efficiency - The company has a best in class cost structure with $400 per share annual base dividend protected down to $37 / Bbl[16] - Diamondback's unhedged realized cash margin was 73% in Q3 2025[22] - The company's total operating cash expenses were $1005 per Boe in Q3 2025[22] 2025 Guidance - Full year 2025 oil production guidance is 495 – 498 Mbo/d (910 – 920 Mboe/d)[54] - Full year 2025 CAPEX budget is $345 – $355 billion[54]

Core Insights - Hillman Solutions Corp. reported record financial results for the third quarter of 2025, achieving the highest Net Sales and Adjusted EBITDA in its 61-year history [4][7] - The company has updated its full-year 2025 guidance, maintaining its Net Sales forecast while increasing its Adjusted EBITDA guidance [5][6] Financial Performance - Net sales increased by 8.0% to $424.9 million compared to $393.3 million in the same quarter last year [7] - Net income rose to $23.2 million, or $0.12 per diluted share, up from $7.4 million, or $0.04 per diluted share, in the prior year quarter [7] - Adjusted EBITDA reached a record $88.0 million, compared to $64.8 million in the prior year quarter [7] Guidance and Projections - The updated guidance for FY 2025 includes Net Sales of $1.535 to $1.575 billion and Adjusted EBITDA of $270 to $275 million [6] - Year-end leverage is expected to remain at 2.4x [6] Balance Sheet and Liquidity - As of September 27, 2025, gross debt was $709.5 million, down from $718.6 million at the end of 2024 [7] - Net debt improved to $671.8 million from $674.0 million at the end of 2024 [7] - Liquidity available totaled $276.9 million, consisting of $239.2 million in available borrowing and $37.7 million in cash [7] Shareholder Actions - The company repurchased approximately 325.6 thousand shares of its common stock at an average price of $9.72 per share, totaling $3.2 million [7]

Core Insights - Lulu's Fashion Lounge Holdings, Inc. reported a net revenue of $81.5 million for Q2 2025, an 11% decrease year-over-year, attributed to a 16% decline in total orders placed, partially offset by a 1% increase in average order value [8][11] - The company achieved positive Adjusted EBITDA of $0.5 million, compared to a loss of $0.2 million in the same period last year, indicating improved operational efficiency [8][30] - Lulu's continues to focus on strategic initiatives to enhance cost efficiency and expand its customer base, particularly in the occasion dress segment, while repositioning its casual wear and footwear offerings [2][3] Financial Performance - Net loss for Q2 2025 was $3.0 million, a significant improvement from a net loss of $10.8 million in Q2 2024 [8][11] - Gross profit decreased by 12% to $36.9 million, with a gross margin of 45.3%, down 20 basis points from the previous year [8][30] - Active customers decreased by 8% to 2.5 million compared to 2.7 million in the same period last year [8][30] Debt and Liquidity - Total debt decreased by $4.3 million to $5.8 million, while net debt increased by $2.7 million to $4.2 million during the quarter [8][30] - The company is negotiating a new asset-based revolving credit facility to strengthen its liquidity position [3][6] Future Outlook - Lulu's expects to achieve positive Adjusted EBITDA in Q3 2025 and projects full-year capital expenditures to be approximately $2.5 million [9][10] - The company remains optimistic about its strategic initiatives and the potential for improved financial performance in the upcoming quarters [3][9]

Core Insights - Journey Energy Inc. reported financial and operational results for Q2 and H1 2025, highlighting a net income of $4.1 million and an Adjusted Funds Flow of $15.9 million, reflecting a significant increase compared to the same period in 2024 [1][25][19] Financial Highlights - Sales revenue for Q2 2025 was $45.2 million, down 11% from $50.5 million in Q2 2024, while H1 2025 revenue totaled $97.2 million, a 5% decrease from $102.6 million in H1 2024 [4] - Net income for Q2 2025 was $4.1 million, compared to a loss of $2.3 million in Q2 2024, and $11.8 million for H1 2025, up from $0.9 million in H1 2024 [4][25] - Adjusted Funds Flow increased by 67% year-over-year to $15.9 million in Q2 2025, and by 30% to $35.5 million for H1 2025 [4][19] - Capital expenditures for Q2 2025 were $25.5 million, significantly higher than $3.3 million in Q2 2024, with a total of $35.0 million for H1 2025 [4][9] Operational Highlights - Daily sales volumes averaged 10,950 boe/d in Q2 2025, a slight decrease from 11,235 boe/d in Q2 2024 [8] - The company reduced field operating costs per boe by 25% compared to Q2 2024, achieving $17.58/boe in Q2 2025 [22] - Journey's liquids weighting increased to 59% of total volumes in Q2 2025, up from 54% in Q2 2024, with crude oil contributing 49% of total boe volumes [19][21] Project Updates - The Gilby power generation project is on track for completion in Q4 2025, with increased capital costs now estimated at $4.25 million [11] - Journey has entered into agreements to divest two minor producing assets for $3.2 million, expected to close in Q3 2025, which will reduce corporate asset retirement obligations by approximately $7.2 million [10] Future Guidance - The company has updated its 2025 capital spending guidance to $54 million, slightly down from previous estimates, while maintaining sales volume guidance of 10,800-11,200 boe/d [27][28] - The Duvernay project remains a key focus, with anticipated significant expansion in spending for 2026 [30]

Core Insights - Vermilion Energy Inc. reported strong operational and financial results for Q2 2025, with fund flows from operations (FFO) of $260 million, a slight increase from $256 million in Q1 2025, and free cash flow (FCF) of $144 million, significantly up from $74 million in the previous quarter [4][16][21] - The company experienced a net loss of $233 million, primarily due to a non-cash adjustment related to the divestment of assets in Saskatchewan and the United States, despite net earnings of $74 million from continuing operations [4][11][17] - Production averaged 136,002 barrels of oil equivalent per day (boe/d), a 32% increase from the previous quarter, driven by contributions from the Westbrick assets and new production in the Montney region [4][17][18] Financial Performance - Fund flows from operations for Q2 2025 were $259.7 million, or $1.68 per basic share, compared to $256 million or $1.66 per share in Q1 2025 [6][34] - The company reported a net loss of $233.5 million, with net earnings from continuing operations at $74.4 million and a loss from discontinued operations of $307.8 million [6][34] - Free cash flow for the quarter was $144.2 million, up from $73.9 million in Q1 2025 [6][34] Production and Operations - Average production for Q2 2025 was 136,002 boe/d, with 63% from natural gas and 37% from crude oil and liquids [4][17] - Production from North American assets averaged 106,379 boe/d, a 44% increase from the previous quarter, while international production was 29,623 boe/d, a 1% increase [4][17] - The Montney region saw production of approximately 15,000 boe/d, an increase of 2,500 boe/d from Q1 2025, attributed to new wells and expanded takeaway capacity [4][18] Capital Expenditures and Debt Management - Exploration and development capital expenditures were $115 million, leading to a reduction in net debt from $2.1 billion at the end of Q1 2025 to $1.4 billion by June 30, 2025 [4][6] - The company returned $26 million to shareholders through dividends and share buybacks, with a quarterly cash dividend of $0.13 per share declared [4][7] - Following the divestment of assets, Vermilion expects to exit 2025 with net debt of approximately $1.3 billion [7][11] Strategic Initiatives - Vermilion is transitioning into a global gas producer, focusing on enhancing operational scale and profitability through strategic divestments and acquisitions [11][12] - The company has identified over $200 million in synergies post-acquisition of Westbrick Energy, indicating successful integration and operational efficiencies [12][15] - Future growth initiatives include expanding production in the Montney and Deep Basin regions, as well as pursuing gas acquisition opportunities in Europe [15][14] Sustainability Efforts - Vermilion achieved a 16% reduction in Scope 1 emissions intensity compared to 2019, surpassing its previous target and now focusing on a 25-30% reduction by 2030 [22][23] - The company remains committed to its Climate Strategy, which includes emission reduction, portfolio calibration, and adaptation to new technologies [23][24] Outlook - For Q3 2025, Vermilion expects production to average between 117,000 to 120,000 boe/d, primarily influenced by the recent asset divestments and planned seasonal turnarounds [7][21] - The 2025 capital budget remains unchanged, with continued emphasis on free cash flow generation and debt reduction while returning capital to shareholders [7][21]

Financial Performance & Outlook - Vital Energy reported 2Q-25 Adjusted Free Cash Flow of $36 million[10] - 2Q-25 Consolidated EBITDAX was $338 million[10] - The company is reaffirming its 2025 outlook for Adjusted Free Cash Flow of approximately $305 million[19] - Vital Energy anticipates reducing net debt by approximately $310 million by year-end 2025[36] Production & Capital Investments - 2Q-25 total production was 137900 MBOE/d, exceeding the midpoint of guidance[10] - 2Q-25 oil production was 62100 MBO/d[10] - Capital investments for 2Q-25 totaled $257 million[10] - The company expects FY-25 total production to be between 136500 and 139500 MBOE/d, with oil production between 63300 and 65300 MBO/d[7] Cost Optimization & Efficiency - Vital Energy has optimized its cost structure, reducing ongoing expenses by approximately 6% versus initial expectations[12] - The company reduced employee/contractor headcount by approximately 10% in June 2025[17] - The company is improving capital efficiency in the second half of 2025 with reduced DC&E capital costs[24, 25, 26] Hedging & Debt Management - Approximately 95% of expected 2H-25 oil production is hedged at approximately $69 per barrel WTI[55] - The company's total liquidity as of June 30, 2025, was $685 million[33] Inventory & Development - Vital Energy has approximately 920 inventory locations[7] - The company is enhancing capital efficiency with Horseshoe and J-Hook well designs[55] - The company has approximately 11 years of high-quality Permian Basin inventory[47]