Financial Data and Key Metrics Changes - Granite Ridge achieved a production rate of over 29,000 barrels of oil equivalent per day, reflecting a 23% increase compared to the same period last year [6] - The company generated $91,000,000 of adjusted EBITDAX, surpassing internal projections [7] - Total revenue for the quarter was $122,900,000, up nearly $34,000,000 from the same period last year, with realized prices of $69.18 per barrel and $3.97 per Mcf [20] - Adjusted net income was $28,900,000, or $0.22 per share, an 89% increase year over year [20] - Operating cash flow before working capital changes was $86,700,000 [20] - The company reported a reduction in LOE to $6.17 per BOE, which is 13% lower than last year [9][21] - Operating margin improved from 83% in the first quarter of last year to 87% this year [10] Business Line Data and Key Metrics Changes - Oil volumes increased by 39% and natural gas volumes by 10% [9] - The operated partnership program saw gross daily operated oil production increase by 400% from 2,500 barrels of oil per day to approximately 10,000 barrels of oil per day [8] - The company turned 13.7 net wells to sales during the quarter [9] Market Data and Key Metrics Changes - Natural gas volumes grew by 10%, with revenue from gas more than doubling to $31,000,000, thanks to realized prices of $3.97 per M compared to $1.84 per M a year ago [11] - The company’s production is approximately 75% hedged through 2026 [10] Company Strategy and Development Direction - The company is focusing on operated partnerships, which will account for about 60% of capital spending this year, up from 50% in 2024 [19] - The 2025 budget is projected at $310,000,000, aiming for a 16% production growth at the midpoint [12] - The company emphasizes capital allocation discipline, with a focus on full cycle returns and conservative leverage [14][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to withstand fluctuations in hydrocarbon prices, maintaining a low leverage profile of 0.7 times net debt to adjusted EBITDA [10][20] - The macro environment for natural gas has improved, and the company is evaluating opportunities to accelerate capital deployment in response to improved gas pricing [11] - Management remains cautious about market volatility and is prepared to adjust capital expenditures accordingly [15][19] Other Important Information - The company has a solid balance sheet with $250,000,000 of debt outstanding and total liquidity of $141,000,000 as of March 31 [22][20] - The company’s hedging program includes 2,400,000 barrels of oil hedged with floors at $61.86 and ceilings at $77.89, and 7.3 Bcf of gas hedged with floors of $3.43 and ceilings of $4.23 [22] Q&A Session Summary Question: Contribution from Q1 acquisitions - The acquisition closed earlier this year is expected to contribute about 450 barrels for the year, primarily from Delaware production [29][30] Question: Impact of acquisitions on Q1 volumes - The acquisition had a minimal impact on Q1 volumes as it closed late in the quarter [31] Question: LOE guidance for the year - The expectation is to steer towards the low end of the LOE guidance range for the year [32][33] Question: Performance of non-op wells - The outperformance was attributed to wells coming online sooner than expected and existing wells performing better than anticipated, particularly in the Delaware Basin [38][41] Question: Evaluating attractiveness of basins - The company is focused on capital allocation, with opportunities in gas-weighted basins like Haynesville and dry gas Eagle Ford being evaluated [45][46] Question: Oil cut trends for the year - Oil production was in line with expectations, but gas production was higher, leading to a lower oil cut [55][57] Question: Capital allocation between non-op and partnerships - Operated partnership capital will be roughly 60% of total CapEx for the year, with flexibility to adjust based on market conditions [59][62] Question: Performance of partnership wells and rig plans - Operated partnerships are expected to contribute roughly a quarter of total production this year, with plans to maintain one rig for the remainder of the year [70][74] Question: Development plans in the Midland Basin - Development in the Northern Midland Basin is planned for summer, but the project is easy to defer if market conditions require [78]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net income of $175 million, a decrease from $182 million a year ago [6] - Diluted earnings per share were $1.69, compared to $1.70 in the same quarter last year [6] - The annualized return on average equity was 12% for the quarter [6] - Consolidated cash and investments as of March 31 were $6.4 billion, with a new money yield over 5% [9] - The annualized investment yield for Q1 was 3.8% [10] Business Line Data and Key Metrics Changes - The U.S. mortgage insurance in force was $245 billion, a 3% increase year-over-year [9] - The mortgage insurance net premium earned for Q1 was $234 million, including $15.5 million from Essent Re [14] - The average base premium rate for the U.S. mortgage insurance portfolio was 41 basis points, consistent with the previous quarter [15] - The default rate on the U.S. mortgage insurance portfolio was 2.19%, down from 2.27% at the end of Q4 2024 [16] Market Data and Key Metrics Changes - The company noted challenges for lenders due to lower originations from higher rates and affordability issues [6][7] - The persistency rate for the mortgage insurance portfolio was 86%, flat from the previous quarter [9] Company Strategy and Development Direction - The company aims to balance a conservative balance sheet while preserving optionality for strategic growth opportunities and optimizing shareholder returns [10] - The management believes that favorable demographic trends and current affordability issues are creating pent-up demand for housing [5] - The company is focused on maintaining strong unit economics and is valuation sensitive regarding share buybacks [11][59] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive long-term outlook for housing, despite near-term headwinds to consumer spending and economic growth [5] - The management highlighted the importance of income growth to unlock housing supply and indicated that the average age of first-time homeowners is 38, suggesting pent-up demand [29] - The company is well-positioned to navigate the current environment due to the strength of its operating model [21] Other Important Information - The Board approved a common dividend of $0.31 for Q2 2025 [10] - The company repurchased nearly 4 million shares for over $200 million year-to-date through April 30 [11] - The PMIERs sufficiency ratio was strong at 172% with $1.5 billion in excess available assets [18] Q&A Session Summary Question: Affordability cycle for homeownership - Management noted uncertainty in the affordability cycle but indicated that the quality of borrowers remains strong due to current conditions [25][26] Question: Managing risk amid macro uncertainty - Management stated that pricing adjustments are made based on micro factors and that they are in a wait-and-see mode regarding macroeconomic impacts [37][39] Question: Buybacks in Q1 versus April - The company repurchased 2.8 million shares for $157 million in Q1 and 1.1 million shares for $61 million in April [46] Question: Changes in unit economics over the last few years - Management indicated that unit economics have remained strong, with pricing increases observed in 2022 [55][56] Question: Update on the title business - Management expressed confidence in the title business, noting it is positioned for growth when interest rates decline [66][68] Question: Dividend flows from underwriting companies - Management indicated that they will continue to maximize dividends from both entities, subject to credit conditions [75][79]

Financial Data and Key Metrics Changes - Net revenue increased by 16%, reaching R936 million, with adjusted EBITDA growing almost 24% year over year to R492 million, achieving a record margin of 52.5% [5][17][19] - Cash flow from operating activities rose by almost 10% to R470 million, reflecting a cash conversion rate of 96.8% [5][18] - Net income reached R257 million, marking a 23% growth year over year, with EPS of R2.79, also a 23% increase [5][19][20] Business Line Data and Key Metrics Changes - Undergrad segment net revenues increased over 17% to R827 million, with medical students growing 15% to almost 26,000 [12][16] - Continuing education segment net revenue rose almost 9% year over year to R71 million, with a notable 8% increase in B2B revenue [8][14] - Medical practice solutions segment saw a 14% growth in net revenue, reaching R42 million, driven by B2B contracts and active payers increasing to over 198,000 [8][15] Market Data and Key Metrics Changes - The ecosystem now includes over 370,000 active users, demonstrating substantial penetration among physicians and medical students in Brazil [8][16] - The company received a credit rating upgrade from Moody's from AAplus.br to AAA.br, reflecting strong growth and financial discipline [9][10] Company Strategy and Development Direction - The company focuses on expanding its educational systems and medical practice solutions, aiming to support students in becoming physicians and enhancing medical learning [21] - Strategic acquisitions, such as the Funiq acquisition, are expected to enhance operations and increase approved medical seats [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2025, maintaining guidance for the year despite strong margin performance [29][30] - The intake process for medical students was reported as healthy, with a strong brand recognition contributing to a favorable candidate-to-seat ratio [31][32] Other Important Information - The company achieved all IFC-defined targets for 2024, which will trigger a reduction in interest rates, reinforcing its commitment to social impact and financial discipline [10] - The company received its first ESG rating from MSCI, debuting with a solid BBB score, indicating strong performance in data privacy and security [10] Q&A Session Summary Question: What drove the strong EBITDA margin performance? - Management attributed the margin expansion to higher gross margins from undergrad and continuing education segments, along with operational efficiencies from restructuring [27][28] Question: Are there challenges in the intake process due to expanded medical course offerings? - Management reported a healthy intake process with strong brand recognition, noting around seven to eight candidates per seat [31][32] Question: Any significant changes in the competitive landscape affecting average ticket prices? - Management indicated that while the average ticket grew 4%, it was impacted by retention issues from last year, but they expect future increases to be higher [36][38] Question: What is the expectation for the medical practice solutions segment given the decrease in monthly active users? - Management noted a transitional decline due to the portal change but expects improvements as the new system stabilizes [40][42] Question: Clarification on the minimum tax under OECD Pillar Two rules? - Management explained that the new law introduces minimal taxation for multinational groups, and they are currently provisioning for this tax [49][50] Question: How is the company preparing for the SoftBank convertible debt deadline? - Management stated they are prepared with cash flow generation to handle potential early redemption of the debt [53][54]

Financial Data and Key Metrics Changes - The reported NAREIT FFO per share for Q1 2025 was $1.70, representing almost 4% growth on a per share basis [23] - Revenues increased by 6% year over year, while comparable POI grew by 2.8%, exceeding previous forecasts [23][29] - Comparable base rents rose by 3%, and total revenues were up 4% year over year [24] Business Line Data and Key Metrics Changes - The comparable portfolio ended the quarter at 95.9% leased, a 160 basis point increase from the previous year [16] - Executed 91 retail leases totaling 430,000 square feet, with a modest rent rollover of 6% for the quarter [16][17] - Office leasing showed positive momentum with 118,000 square feet of total leases signed, indicating strong demand [24] Market Data and Key Metrics Changes - Year-over-year foot traffic increased by 6% in the Washington DC MSA and 11% in Boston properties [9] - Consumer behavior remained resilient despite economic uncertainties, with no significant negative impacts observed [9][10] Company Strategy and Development Direction - The company aims to grow through acquisitions and development of retail real estate while also considering stock buybacks when advantageous [14][28] - A focus on tenant diversity and high household income areas is central to the company's strategy to mitigate risks associated with economic fluctuations [10][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic environment remains unpredictable, but they have not seen negative impacts on leasing or consumer behavior [9][10] - The company is optimistic about occupancy growth in the second half of 2025, driven by a strong pipeline of leasing activity [29] Other Important Information - The company refinanced a $600 million term loan, extending its maturity and improving liquidity to approximately $1.5 billion [25][26] - A $300 million common share repurchase program was authorized in response to market volatility [28] Q&A Session Summary Question: Clarification on the mix of deals executed in the quarter - Management indicated that the 2% rate on new lease rates was primarily due to timing, with some deals executed after the quarter ended [32][33] Question: Factors driving acceleration of same-store NOI growth - The primary driver for achieving the 3% to 4% guidance range will be continued gains in occupancy throughout the year [37] Question: Insights on concessions and tenant improvements - Elevated tenant improvements were driven by a specific deal with Lifetime Fitness, which was considered a strong addition to the portfolio [40][42] Question: Performance in the DC area - Management noted that while winter was soft, spring brought increased traffic and expected sales growth, emphasizing the resilience of the DC market [50][52] Question: Acquisition pipeline and transaction market changes - The transaction market remains strong, with ongoing deal flow, although some sellers are becoming more cautious due to economic uncertainties [66][68] Question: Impact of consumer downturn on portfolio segments - Management stated that the health of operators and occupancy ratios are more critical than specific segments when assessing potential impacts from economic downturns [86][88]

Core Viewpoint - NuVista Energy Ltd. reported strong financial and operational results for Q1 2025, achieving record production levels and reaffirming its annual capital and production guidance while enhancing shareholder returns through share repurchases and a renewed credit facility [1][6]. Financial Highlights - Achieved highest-ever quarterly average production of 89,516 Boe/d, exceeding guidance of 87,000 – 88,000 Boe/d, and representing a 12% increase from Q1 2024 [3][16]. - Generated adjusted funds flow of $191.9 million ($0.94/share), a 42% increase compared to Q1 2024 [3][16]. - Net earnings reached $112.2 million ($0.55/share), reflecting a 214% increase from Q1 2024 [3][16]. - Total revenues from petroleum and natural gas were $371.4 million, a 20% increase from $309.0 million in Q1 2024 [16]. Operational Highlights - Executed a net capital expenditure program of $153.4 million, resulting in the drilling and completion of 9 and 24 wells, respectively [3][16]. - Maintained a strong operating netback at $28.41/Boe and a corporate netback at $23.84/Boe, increases of 30% and 28% compared to Q1 2024 [3][16]. - Sustained production above 90,000 Boe/d for March 2025, indicating strong operational capability [10]. Shareholder Returns - Repurchased and cancelled 3.6 million common shares at an average price of $12.86 per share, totaling $45.8 million [3][16]. - The company plans to allocate a minimum of $100 million in 2025 for share repurchases under its normal course issuer bid (NCIB) [5][6]. Financial Position - Strengthened financial position through the amendment and renewal of a three-year covenant-based credit facility, increasing its size to $550 million and extending maturity to May 8, 2028 [9][8]. - Exited Q1 2025 with $2.7 million in available cash and net debt of $267.6 million, maintaining a favorable net debt to annualized adjusted funds flow ratio of 0.3x [8][9]. Production Guidance - Reaffirmed annual production guidance of approximately 90,000 Boe/d, with Q2 2025 production guidance set at 75,000 – 77,000 Boe/d due to planned turnaround operations [13][14]. - Anticipated production growth from the Pipestone area with the commissioning of a third-party gas plant expected late in Q2 2025 [13][14].

Core Viewpoint - ADAR1 Capital Management, the largest stockholder of Keros Therapeutics, expresses significant concerns regarding the company's capital allocation, strategic direction, and ongoing underperformance, leading to a decision to withhold votes for two directors at the upcoming Annual Meeting [1][4][11] Company Performance - Keros Therapeutics has shown alarming clinical results for its drug candidates KER-012 and KER-065, raising concerns about further investment in these programs and the potential risk to shareholder value [3][4] - The company has generated negative total stockholder returns across all relevant timeframes since its IPO, underperforming against proxy peers and market benchmarks [7][8] Financial Analysis - Keros' current market value does not reflect the estimated net present value of potential milestone payments from its partnership with Takeda, indicating that investors assign no value to the rest of Keros' pipeline [9] - The company holds over $720 million in cash as of March 31, 2025, which is viewed as excessive and unproductive given its current strategic direction [9][6] Recommendations - ADAR1 recommends restructuring the business, reducing headcount by at least 70%, returning excess cash to stockholders, and ensuring that stockholders benefit from the Takeda partnership through mechanisms like contingent value rights [14] - The firm believes that these initiatives could deliver between $24 and $35 per share in value for stockholders [9] Governance Concerns - ADAR1 has lost confidence in Keros' management and board, advocating for a board that will challenge management and act urgently to address the company's challenges [10][11] - The firm intends to vote for the inclusion of significant stockholders on the board to ensure alignment with long-term strategic decision-making [12]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $228 million, a decline of 12% year over year, primarily due to lower performance fees and a comparison to a one-time private market catch-up fee from the previous year [20][21] - Economic earnings per share were $5.2, reflecting a 3% year-over-year decline, influenced by a $77 million write-down on certain mutual fund assets [21][22] - The company expects adjusted EBITDA for the second quarter to be between $210 million and $225 million, based on current AUM levels [22] Business Line Data and Key Metrics Changes - The private markets affiliates raised $3 billion in the quarter, primarily in credit, infrastructure, and private market solutions [13] - Liquid alternatives saw record net inflows of $10 billion, driven mainly by tax-aware solutions, marking the strongest quarterly flow number in liquid alternatives in the company's history [14][15] - The company experienced net outflows of approximately $14 billion in equities, reflecting industry headwinds [15] Market Data and Key Metrics Changes - The company generated a record $14 billion in net client cash inflows into alternative strategies, which offset outflows from the long-only business [5][6] - The ongoing market volatility has created opportunities for high-quality investment teams to differentiate themselves, particularly in equities [44] Company Strategy and Development Direction - The company is focusing on strategic capital allocation towards areas of secular growth, particularly in private markets and liquid alternatives [5][6] - Three new partnerships were announced in 2025, with a total commitment of approximately $700 million, expected to be accretive to earnings and improve organic growth [6][10] - The company aims to evolve its business mix towards alternatives, anticipating that alternatives will represent over 50% of earnings in the future [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate incremental shareholder value over time, supported by a strong capital position and a diverse business model [11][25] - The company remains committed to disciplined capital allocation, with plans to repurchase approximately $400 million in shares for the full year, subject to market conditions [25] - Management highlighted the importance of the U.S. Wealth channel and the ongoing demand for alternative products, which is expected to drive future growth [66] Other Important Information - The company has a strong liquidity position and a long-dated capital structure, enabling it to execute its growth strategy effectively [23] - The expected proceeds from the Peppertree transaction are approximately $240 million, which will enhance the company's ability to continue capital allocation towards strategic growth areas [24] Q&A Session Summary Question: What drives the decision to part with one of the affiliates, especially in private markets? - Management stated that the partnership model is centered around supporting affiliates' independence, and any strategic decisions are mutually agreed upon. The recent liquidity events highlight the underlying business value of affiliates [30][34] Question: Can you discuss the diversity of flows in liquid alternatives and the outlook? - Management noted that liquid alternatives had a standout quarter with $10 billion in net inflows, driven by tax-aware solutions, and emphasized the strong positioning of high-quality liquid alternative firms to deliver excellent risk-adjusted returns [39][41] Question: What are the dynamics in the equity market regarding investor allocations? - Management acknowledged headwinds in equities but noted opportunities for high-quality investment teams to differentiate themselves, particularly with a focus on quality-oriented and defensive approaches [44][46] Question: Can you clarify the 8% accretion from new investments? - Management confirmed that the 8% accretion is based on economic earnings per share and is expected to begin in 2026, following the completion of the Peppertree and Qualitas transactions [50][51] Question: How is the distribution expansion for existing products going? - Management highlighted the growth of alternatives AUM on the U.S. Wealth platform and the successful launch of new products, indicating a strong pipeline for future product development [63][67]

Financial Data and Key Metrics Changes - The company reported total revenue of $3.6 million for the quarter, translating to 1,249 gold equivalent ounces [5] - Operating cash flow reached a record of $2.5 million, an increase of over 180% compared to the previous quarter [5] - Adjusted EBITDA was $1.7 million, representing an increase of over 30% compared to the previous quarter [5] - General and administrative costs were $1.8 million during the quarter, indicating effective cost management [5] Business Line Data and Key Metrics Changes - Production in Q1 represented approximately 20% of the midpoint of the full-year guidance range of 5,700 to 7,000 gold equivalent ounces [6] - The ramp-up of the Verus, Cote, and Bobarima mines is expected to contribute significantly to production growth throughout the year [6][10] Market Data and Key Metrics Changes - Spot gold prices reached record highs, recently exceeding $3,300 per ounce, which positively impacted revenue and cash flow [3] - The company assumes a gold price of $2,212 per ounce and a copper price of $4.24 per pound in its five-year outlook [7] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [4] - Capital allocation remains a strategic priority, with an emphasis on maintaining a scalable business model that keeps costs flat [4] - The company aims to report positive free cash flows later this year for the first time [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a transformative year ahead, driven by strong gold prices and increased production from key mines [3] - The company anticipates steady improvement in production as projects ramp up and derisk [6] - Management highlighted the potential for a significant increase in production volumes, projecting a 360% increase over the next five years [14] Other Important Information - The company maintains a clear focus on capital discipline and is exploring opportunities for new royalties and streams, particularly in earlier-stage assets [30] - The upcoming Capital Markets Day on June 12 is expected to provide further insights into the company's portfolio and strategic direction [14] Q&A Session Summary Question: What should be modeled for ounces in the second quarter? - Management indicated that Q1 production was lighter than expected, and a significant step-up in Q2 is anticipated as assets ramp up towards commercial production [22] Question: Where do you see the most variability in the long-term outlook? - Management noted variability could stem from Canadian Malartic and Odyssey, with potential upside from Bulbarema due to ongoing developments [24][26] Question: How has the market for new transactions changed with high gold prices? - The company is seeing more opportunities for new royalties on earlier-stage assets, emphasizing a disciplined capital allocation strategy [30]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated net income attributable to limited partners of $300 million and adjusted EBITDA of $594 million, with a decrease in adjusted gross margin by $8 million compared to Q4 2024 [16][18] - The company maintained a trailing twelve-month net leverage ratio of just below three times at quarter end, with liquidity of approximately $2.4 billion [6][17] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 2% sequentially, primarily due to lower volumes from the DJ Basin and Powder River Basin, while crude oil and NGL throughput decreased by 6% [9][10] - The adjusted gross margin for natural gas assets increased by $0.05 per 1,000 cubic feet, driven by higher excess natural gas liquids volumes and pricing [10][11] Market Data and Key Metrics Changes - The company expects mid-single-digit percentage growth in year-over-year throughput for natural gas and produced water, and low-single-digit growth for crude oil and NGLs [12][14] - Delaware Basin is anticipated to continue being the main engine of throughput growth in 2025, with modest growth expected across all product lines [12][14] Company Strategy and Development Direction - The company emphasizes prudent capital allocation and maintaining a strong balance sheet, with net leverage at or below 3x, allowing for growth while increasing distributions [19][20] - The company is focused on organic growth projects backed by minimum volume commitments, which provide stability during commodity price fluctuations [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that recent market volatility has not changed their strategy, and they remain prepared to adjust plans based on customer activity and market conditions [6][19] - The company is closely monitoring customer capital discipline and operational efficiency in light of recent commodity price weakness [12][44] Other Important Information - The company declared a quarterly distribution of $0.91 per unit, representing a 4% increase over the prior quarter [17] - Bob Phillips, former CEO of Crestwood Equity Partners, has joined the board as an independent director, bringing significant midstream expertise [21][22] Q&A Session Summary Question: How will capital allocation change in a slower growth environment? - Management stated that their strategy remains unchanged, and they are prepared to take advantage of potential acquisitions if organic growth opportunities slow [24][25] Question: What is the guidance for the rest of the year? - Management expects volumes to pick up, driven by West Texas and Uinta, with no material changes to the outlook [26][27] Question: Any updates on the PATHFINDER project? - Management reported positive discussions with customers and midstream players, seeking minimum volume commitments for the pipeline [32][33] Question: How recent are conversations with producer customers regarding CapEx cuts? - Management indicated that conversations are ongoing and real-time, with no significant changes in guidance despite some producers announcing CapEx cuts [42][44] Question: How would CapEx look in a flat Permian production environment? - Management suggested that CapEx would likely be at the low end of the current guidance range if flat production occurs [66][68]

Financial Data and Key Metrics Changes - Murphy generated $636 million in revenue for Q1 2025, with an average realized oil price of $72 per barrel, natural gas liquids price of nearly $26 per barrel, and natural gas price of $2.67 per 1,000 cubic feet [10][11] - The company produced 157,000 barrels of oil equivalent per day in Q1 2025, which included 78,500 barrels of oil per day [8][10] - Shareholder returns totaled $147 million in Q1 2025, comprising $100 million in share repurchases and $47 million in dividends [6][7] Business Line Data and Key Metrics Changes - Eagle Ford Shale produced 25,000 barrels of oil equivalent per day in Q1 2025, with 83% liquids [14] - Tupper Montney produced 340 million cubic feet per day in Q1 2025, with five wells brought online as planned [15] - Offshore assets produced a combined 71,000 barrels of oil equivalent per day in Q1 2025, with 83% oil [17] Market Data and Key Metrics Changes - The company experienced approximately 6,000 barrels of oil equivalent per day of production impacts due to non-operated unplanned downtime in the Gulf of America and production curtailments in offshore Canada [9] - The average realized oil price of $72 per barrel reflects market conditions impacting revenue generation [10] Company Strategy and Development Direction - Murphy remains focused on operational excellence, multi-basin portfolio expansion, and capital returns to shareholders, with a commitment to allocate a minimum of 50% of adjusted free cash flow to shareholder returns [5][7] - The company plans to drill two operated exploration wells in the Gulf of America in the second half of 2025, targeting lower-risk opportunities near existing infrastructure [19] - Murphy's exploration strategy includes significant international projects in Vietnam and Côte d'Ivoire, with a focus on high-impact growth opportunities [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational improvements and the ability to deliver production guidance for Q2 2025, anticipating production of 177,000 to 185,000 barrels of oil equivalent per day [22][53] - The company is monitoring oil price volatility and is prepared to adjust capital spending if prices remain low, while maintaining a disciplined approach to capital allocation [29][30] Other Important Information - Murphy achieved 1,000,000 work hours with no lost time injuries on the Loch Da Bong field development project [5][18] - The acquisition of the Pioneer floating production storage and offloading vessel for $104 million is expected to reduce annual net operating expenses by approximately $50 million [12][13] Q&A Session Summary Question: How does the company plan to manage capital allocation in a lower oil price environment? - Management indicated that they will maintain the 2025 capital plan while monitoring the oil price environment, with potential adjustments to spending if prices fall below $55 per barrel [29][30] Question: What is the impact of the recent discovery in Vietnam on the development plan? - The recent discovery is expected to be developed with a wellhead platform tied into the existing production facility, potentially accelerating development timelines [35][102] Question: What is the status of the Khaleesi II and Marmalade III workovers? - The Khaleesi II workover is addressing a failed safety valve, while the Marmalade III involves a more complex sidetrack and new completion [40][76] Question: How does the company view its OCTG exposure and procurement strategy? - Management noted that onshore well costs are expected to remain flat year-over-year, with some pressure on tubular goods anticipated in the second half of 2025 [44][45] Question: What are the expectations for production growth in 2025? - Management expressed confidence in achieving production guidance, with significant contributions expected from onshore wells coming online in the second half of the year [52][53] Question: How does the company plan to approach exploration in Côte d'Ivoire? - The company is excited about the exploration prospects in Côte d'Ivoire, with significant resource potential and favorable fiscal terms [94]