Financial Data and Key Metrics Changes - The company reported a 6% increase in production quarter over quarter to 35,600 barrels of oil equivalent per day, near the high end of guidance [6] - Adjusted EBITDA grew by 11% quarter over quarter to $39,000,000 despite lower commodity prices [7] - Unrestricted cash increased to approximately $125,000,000, while net debt was reduced to under $226,000,000, marking a $60,000,000 decrease in net debt thus far in 2025 [7][8] Business Line Data and Key Metrics Changes - Production from former Cox assets was successfully integrated, contributing to the overall production increase [10] - The company performed three recompletions on former Cox assets in Q3 2025, which helped boost production [10] - Capital expenditures for Q3 2025 were $22,500,000, with a full-year expectation of around $60,000,000, reflecting strategic investments in midstream infrastructure [12][13] Market Data and Key Metrics Changes - The company noted that the Gulf of America is open for business, indicating a favorable M&A environment [24] - The company has $125,000,000 in cash and additional liquidity options, positioning it well for potential acquisitions [24] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through operational excellence and maximizing production across its asset portfolio [5] - Future growth will be driven by accretive, low-risk acquisitions rather than higher-risk drilling, especially in the current uncertain commodity price environment [14] - The company aims to reduce operating costs and find synergies to drive costs lower in the long term [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adjust to market conditions, having previously operated profitably at lower commodity prices [37] - There has been no impact from recent government shutdowns on permitting or regulatory constraints, allowing operations to continue smoothly [32][36] Other Important Information - The company has maintained a consistent quarterly dividend for the past two years and announced the fourth quarter 2025 payment [5][9] - The company is committed to operational excellence and maximizing cash flow potential from its asset base [19] Q&A Session Summary Question: Infrastructure investments and future operating costs - Management indicated that pipeline infrastructure investments will enhance earnings, cash flow, and reserves, supporting both short-term and long-term value [21] Question: Current M&A environment and potential deals - Management highlighted the favorable M&A environment in the Gulf of America and the company's strong liquidity position for potential acquisitions [24] Question: Recompletion and workover projects for 2026 - Management noted that the increase in production in 2025 was achieved without new drilling, and they are optimistic about opportunities moving into 2026 and 2027 [30][31]

Trade and Export - Shanghai's foreign trade import and export reached 1.4 trillion yuan in the first four months of 2025, with a year-on-year growth of 1% [1] - Exports showed strong performance, with a value of 629.02 billion yuan, reflecting a year-on-year increase of 13.8% [1] - Electric vehicle exports from Shanghai accounted for one-fifth of the national total, with trade connections established with 241 countries and regions, particularly strong ties with Central Asia, the Middle East, and East Asia, achieving growth rates of over 20% [3] Cross-Border Trade Facilitation - Shanghai Customs launched measures to promote cross-border trade facilitation, ensuring smooth customs clearance for key goods, optimizing regulatory processes, and enhancing cross-border logistics efficiency [5] Domestic Tourism and Consumer Activity - During the Dragon Boat Festival holiday, the box office for films reached 459 million yuan, a year-on-year increase of 20% [7] - The total number of cross-regional personnel movements exceeded 653 million, averaging over 217 million per day, with a year-on-year growth of 2.5% [10] - Domestic tourism saw 119 million trips during the holiday, reflecting a year-on-year growth of 5.7%, with total spending reaching 42.73 billion yuan, up 5.9% [12] Telecommunications Industry - In the first four months of 2025, China's telecommunications industry showed steady progress, with mobile internet access traffic growing rapidly [20] - The total number of fixed internet broadband users reached 680 million, while 5G mobile phone users reached 1.081 billion, accounting for nearly 60% of mobile phone users [20] - The electronic information manufacturing industry saw a year-on-year increase of 11.3% in added value for large-scale enterprises [21] Economic Development Zones - National economic and technological development zones have over 4.9 million operating entities, including 73,000 large-scale industrial enterprises and 85,000 high-tech companies [24]