Financial Data and Key Metrics Changes - In Q1 2025, Comstock Resources reported natural gas and oil sales of $405 million, a 21% increase compared to the previous year [9][11] - Adjusted EBITDAX for the quarter was $293 million, with adjusted net income of $53.8 million or $0.18 per diluted share, a significant recovery from a loss in Q1 2024 [10][11] - Production averaged 1.28 Bcfe per day, reflecting a 17% decrease from Q1 2024 due to a reduction in rig count and deferred completion activities [10][11] Business Line Data and Key Metrics Changes - The company turned 14 wells to sales since the last update, with an average initial production rate of 25 million cubic feet per day [10] - The Elijah One well, turned to sales with an initial production rate of 41 million cubic feet per day, marks a significant step in delineating the Western Haynesville play [8][26] Market Data and Key Metrics Changes - The average NYMEX settlement price for natural gas was $3.65, while the average Henry Hub spot price was $4.27, with realized gas prices at $3.58 [11][12] - The company was 54% hedged, which impacted the realized gas price, resulting in a loss of $16 million on third-party gas marketing due to market volatility [12][13] Company Strategy and Development Direction - Comstock is focused on building its assets in the Western Haynesville to capitalize on the growing demand for natural gas, with plans to drill 20 wells and turn 15 to sales in 2025 [42][43] - The company aims to develop its own midstream assets to capture more value from its Western Haynesville operations [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth in natural gas demand, particularly for power generation and LNG feedstock [7][42] - The company anticipates improved leverage ratios and financial performance due to higher natural gas prices and a strong hedge position [16][44] Other Important Information - Comstock has invested over $1 billion in developing its 520,000 net acres in the Western Haynesville [7] - The company reported a greenhouse gas intensity improvement of 28% and a methane emission intensity rate improvement of 2.5% compared to 2023 [38][39] Q&A Session Summary Question: Can you discuss the reservoir quality of the Elijuan well compared to previous wells? - Management indicated that the reservoir quality of the Elijuan well appears as good as those in the core area, with good thickness and geological support for the drilling decision [50][51] Question: What is the structure and value of the BKV partnership? - The partnership aims to develop carbon capture projects, enhancing the attractiveness of the location for potential power generation facilities [59][60] Question: When can we expect another result in the Western Haynesville area? - The next well is planned to be spud in Q4 2025, with further drilling contingent on midstream infrastructure development [66] Question: How many rigs can the Western Haynesville support in the future? - Management believes that with the right conditions, the area could support 15 to 20 new wells annually, focusing on prudent development [94][95]

Financial Data and Key Metrics Changes - In Q1 2025, natural gas and oil sales increased to $405 million, a 21% increase compared to the previous year [8][11] - Operating cash flow was $239 million, or $0.81 per diluted share [8] - Adjusted EBITDAX for the quarter was $293 million, with adjusted net income reported at $53.8 million, or $0.18 per diluted share [9][11] - Production averaged 1.28 Bcfe per day, reflecting a 17% decrease from Q1 2024 due to reduced rig activity [10] Business Line Data and Key Metrics Changes - The company turned 14 wells to sales since the last update, with an average initial production rate of 25 million cubic feet per day [9] - The Elijah One well, turned to sales with an initial production rate of 41 million cubic feet per day, represents a significant step in delineating the Western Haynesville [7][25] Market Data and Key Metrics Changes - The average NYMEX settlement price for natural gas was $3.65, while the average Henry Hub spot price was $4.27 [11] - Realized gas price in Q1 was $3.58, reflecting a $0.07 differential from the NYMEX price [12] Company Strategy and Development Direction - The company is focused on building assets in the Western Haynesville to capitalize on growing natural gas demand [40] - Plans to drill 20 wells and turn 15 wells to sales in the Western Haynesville in 2025, while also maintaining production in the legacy Haynesville [41] - The partnership with BKV Corporation aims to develop carbon capture projects, enhancing the company's low-carbon footprint strategy [39][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth in natural gas demand, particularly for power generation and AI applications [6][40] - The company anticipates improved leverage ratios and financial performance due to higher natural gas prices and a strong hedge position [15] Other Important Information - The company has invested over $1 billion in developing the 520,000 net acres in the Western Haynesville [6] - The company reported a greenhouse gas intensity improvement of 28% compared to 2023, with significant reductions in CO2 and methane emissions [36][38] Q&A Session Summary Question: Can you discuss the reservoir quality of the Elajawan well compared to previous wells? - Management indicated that the reservoir quality of the Elajawan well appears as good as those drilled in the core area, with good thickness and geological support [48][51] Question: What is the structure and value of the BKV partnership? - The partnership aims to develop carbon capture projects, enhancing the attractiveness of the company's gas resources for potential power generation facilities [56][60] Question: When can we expect more results from the Western Haynesville area? - The next well is planned to be spud in Q4 2025, with additional wells planned for 2026 [63][65] Question: How many rigs can the Western Haynesville support in the future? - Management indicated that they will prudently develop the area, ensuring they do not oversupply the market while meeting increasing demand [90][92] Question: What is the capital allocation strategy for 2026? - The focus will remain on drilling wells to hold acreage while balancing the need for delineation and appraisal wells [102]

Core Viewpoint - Occidental Petroleum is positioned as a potential long-term investment opportunity, supported by its vast resources, commitment to carbon capture technology, and growth in its chemicals business [2][3][10]. Group 1: Investment Positioning - Occidental Petroleum is one of Berkshire Hathaway's top holdings, with nearly 265 million shares owned, representing 28.2% of its outstanding shares, valued at $10.5 billion [3]. - Warren Buffett views Occidental as a "forever holding," similar to Coca-Cola and American Express, indicating strong confidence in its long-term potential [3]. Group 2: Growth Catalysts - The company possesses extensive low-cost oil and gas resources across 9.3 million net acres in key regions, which should support production growth for years [4]. - Occidental is investing heavily in carbon capture and sequestration (CCS), aiming to build the world's largest direct air capture facility, with the potential for a $3 trillion to $5 trillion global industry [6][7]. - The chemicals business, OxyChem, is projected to add approximately $325 million in annualized earnings by 2026, driven by increasing global demand for petrochemicals [8]. Group 3: Future Outlook - The combination of vast oil and gas resources, leadership in CCS, and a strong management team under CEO Vicki Hollub positions Occidental for significant shareholder value growth [11]. - While there are uncertainties regarding the future of oil and gas and the unproven nature of CCS technology, the company has multiple avenues for growth that could yield substantial returns [10].

Core Viewpoint - ANGKOR RESOURCES CORP. is advancing its oil and gas exploration efforts in Cambodia through its subsidiary EnerCam Resources Co. Ltd., with a focus on Block VIII, where a 350-kilometer 2-D seismic line program has been established to identify drilling targets and enhance exploration activities [1][2][3]. Group 1: Exploration Activities - The technical team has identified six potential sedimentary sub basins of interest within Block VIII, with four located in the central west and two in the east [2]. - Initial seismic survey targets are concentrated in the western half of the Permit Block, specifically in the South Cardamom, Central Bokor, South Bokor, and North Phu Quoc sedimentary sub basins [3]. - The eastern side of Block VIII features two shallower sedimentary basins, North Kampot and South Kampot, which have known oil seeps of interest [4]. Group 2: Seismic Program and Methodology - The seismic program is expected to be conducted using accelerated weight drop (AWD) seismic technology, particularly suited for the shallower targets identified [4]. - The results from the 2-D seismic survey will be processed and interpreted during the rainy season, guiding subsequent exploration steps [11]. Group 3: Regional Context and Comparisons - The oil seeps found in Block VIII are similar to those in the Phitsanulok Basin of northwestern Thailand, which hosts the Sirikit oilfield, the largest onshore oilfield in Thailand with an initial estimate of 800 million barrels of oil [5]. - The Sirikit oilfield's recoverable estimates include 148 million barrels of oil and 250 billion cubic feet of associated gas, although these figures do not directly indicate the resource potential of Block VIII [5]. Group 4: Environmental Considerations - The seismic lines will be adjusted to remain within Permit boundaries, avoiding any encroachment into Protected Park areas or special Ecological Reserve lands [8].

Financial Data and Key Metrics Changes - The company reported a net loss of $57 million in Q4 2024, primarily due to net derivative losses of $58 million, resulting in a negative $0.68 per diluted share [46] - Adjusted net income for Q4 2024 was approximately $1 million, or a positive $0.01 per diluted share, after adjusting for unrealized derivative losses and other non-recurring items [47] - For the full year 2024, the company generated positive adjusted free cash flow of $92 million, with an overall adjusted free cash flow margin of 15% [45] Business Line Data and Key Metrics Changes - The upstream business produced 774 million cubic feet equivalent per day in Q4 2024, exceeding the midpoint of guidance by 5% [20] - The average annual daily production for 2024 was 788 million cubic feet equivalent per day [22] - The Power JV's implied share of net loss during Q4 was about $17 million, with adjusted EBITDA of $0.5 million [38] Market Data and Key Metrics Changes - The average capacity factor for the Temple plants during Q4 was 38%, with total generation of 1,200 gigawatt hours [37] - Power prices averaged $36.90 per megawatt hour in Q4, with average natural gas costs of $2.50 per MMBtu, resulting in an average spark spread of $19.37 per megawatt hour [37] - ERCOT's long-term load forecast estimates overall demand could reach 150 gigawatts by 2030, nearly doubling the 2023 peak load of 85 gigawatts [10] Company Strategy and Development Direction - The company aims to redefine the concept of an energy company by combining traditional and new energy approaches, focusing on integrated energy solutions [8] - The Power business is expected to grow through increased utilization of existing assets and potential M&A opportunities [12] - The company is actively pursuing additional combined cycle units to address projected demand growth and baseload supply mismatch [13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term demand growth in ERCOT, despite short-term price moderation due to benign weather and renewable additions [11] - The company remains committed to capital discipline and systematic investment in response to market conditions [41] - Management highlighted the importance of carbon capture in decarbonizing the global economy and expressed confidence in the CCUS business growth [14][16] Other Important Information - The company plans to increase total capital expenditures for 2025 to between $320 million and $380 million, with approximately $220 million allocated for development [43] - The company is in exclusive negotiations with a global energy transition investor for a joint venture in the carbon capture business, with a timeline to finalize agreements within 90 to 120 days [16] Q&A Session Summary Question: How much capacity would the company be comfortable dedicating to a PPA? - Management indicated that they would be comfortable dedicating up to 750 megawatts of capacity for a PPA, maintaining redundancy for maintenance [59] Question: What is the latest on discussions regarding PPAs and new plants? - Management confirmed active discussions for existing plants and is also exploring agreements for new plants, indicating a strong market position [61] Question: What is the expected CCUS capital spending? - Approximately $90 million of the $130 million guidance for CCUS and other is expected to be spent on CCUS projects, with no assumption of a joint venture at this time [69][71] Question: What is the outlook for production taxes? - Management clarified that lower production taxes were due to timing impacts related to ad valorem taxes, which are expected to normalize [75][77] Question: What factors drove the strong upstream performance? - The strong performance was attributed to new well development exceeding forecasts and effective base decline management [105] Question: What is the company's strategy regarding potential joint ventures for carbon capture? - Management expressed optimism about securing a joint venture partner, emphasizing bipartisan support for carbon capture initiatives [115]