Financial Data and Key Metrics Changes - In Q2 2025, the company sold just over 148,000 ounces at an average realized price of $3,200 per ounce, reflecting the pre-merger assets [9] - Pro forma consolidated revenue for H1 would have been approximately $1,330,000,000 from 401,000 ounces, highlighting the enhanced scale and earnings power post-merger [9] - The company expects production, cash flow, and earnings to grow meaningfully in the coming quarters [7] Business Line Data and Key Metrics Changes - Greenstone's mining rates increased by 23% and processing rates improved by 20% over Q1 [10] - Month-to-date August mining rates averaged 200,000 tons per day, with the best performance reaching 227,000 tons per day [13] - Ballantyne is on track to deliver first gold approximately a month after the first ore to the plant, with a steady ramp-up to nameplate capacity expected in Q1 2026 [15] Market Data and Key Metrics Changes - The company is focused on disciplined capital allocation and rationalizing its portfolio to enhance shareholder value [16] - The sale of Nevada assets for $115,000,000 is an example of the company's strategy to create value and return capital to shareholders [16] Company Strategy and Development Direction - The company aims for operational excellence, advancing high-quality organic growth, and disciplined capital allocation [7] - The strategy emphasizes quality over quantity, focusing on production that enhances free cash flow and valuation [16] - The company is exploring opportunities to sell non-core assets to create value for shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to realize the vision of becoming a top quartile valued gold producer [17] - The company is optimistic about improving grades at Greenstone and expects quarter-on-quarter improvements [20][22] - Management highlighted the importance of maintaining open dialogue with stakeholders in all jurisdictions [27] Other Important Information - The company has invested over $25,000,000 in critical spares to support a smooth ramp-up at Ballantyne [15] - The company is actively engaged in exploration activities in Nicaragua and other assets, with significant potential identified [84] Q&A Session Summary Question: What is the expected improvement in grades at Greenstone? - Management indicated that month-to-date August grades are around one gram per ton, showing improvement over Q2, with expectations for continued improvements [20][22] Question: Is the equipment fleet sufficient for mining rates? - Management confirmed that all required equipment is in place and emphasized maximizing the value of committed capital [24][26] Question: What is the status of community agreements for Los Filos? - Management stated that agreements are in place with two communities, and discussions are ongoing with a third community [27] Question: Will there be more asset sales in the near future? - Management is open to exploring opportunities for selling non-core assets if it creates value for shareholders [30] Question: What are the expected cash costs for the company in the future? - Management provided a ballpark estimate of cash costs around $1,400 per ounce for Q2, with expectations for improvement as larger, lower-cost producers come online [91][92] Question: What are the key metrics to watch during the ramp-up of Valentine? - Management emphasized that tons milled will be the key metric during the ramp-up process [78] Question: What is the exploration potential across various assets? - Management highlighted ongoing exploration in Nicaragua, Valentine, and Mesquite, with plans to recommence exploration programs [84]

Financial Highlights - ConocoPhillips reported adjusted earnings of $1.793 billion in 2Q25, compared to $2.329 billion in 2Q24[25] - The adjusted EPS was $1.42 in 2Q25[6] - Cash from operations (CFO) was $4.7 billion in 2Q25[6] - Free cash flow (FCF) was $1.4 billion in 2Q25[6] - The company had an ending cash balance of $5.7 billion in 2Q25[6] - The company remains on track to distribute about 45% of full-year CFO to shareholders[6] Production and Sales - 2Q25 production averaged 2,391 MBOED, exceeding the high end of the guidance range (2,340 – 2,380 MBOED)[6] - An agreement to sell Anadarko Basin assets for $1.3 billion in proceeds was announced[6] - Full-year production midpoint remains unchanged, even with the announced Anadarko sale[6] - The company expects APLNG full-year distributions of $0.8 billion, with $0.5 billion in 3Q and $0.1 billion in 4Q[43] Marathon Oil Integration and Synergies - Marathon Oil integration is complete, with >25% increase in low cost of supply resource[8] - >$1 billion of synergies are on track, plus >$1 billion one-time benefits[8] - ~30% fewer rigs and frac crews are delivering more combined production[8] - >$2.5 billion of announced asset sales ahead of schedule, with $5 billion of total asset sales now expected[8] - >$7 billion of incremental FCF is expected by 2029[8]

Financial Data and Key Metrics Changes - Gran Tierra achieved record production of approximately 47,200 BOE per day, a 1% increase from the prior quarter and a 44% increase compared to Q2 2024 [6] - Sales decreased to $152 million, down 8% from 2024, primarily due to a 22% decrease in Brent pricing, partially offset by a 43% increase in sales volume [7] - The company incurred a net loss of $13 million, an improvement from a net loss of $19 million in the prior quarter, but a decline from net income of $36 million in the same quarter last year [7] - Funds flow from operations was $54 million or $1.53 per share, up 17% from 2024 but down 3% from the prior quarter [8] - Adjusted EBITDA was $77 million, down from $85 million in the prior quarter and $103 million in 2024 [8] Business Line Data and Key Metrics Changes - In Colombia, total working interest production averaged approximately 25,100 barrels of oil per day, driven by successful development drilling and improved waterflood execution [16] - The Costayaco wells showed strong initial results, with Costayaco 63 producing 800 barrels of oil per day and Costayaco 64 producing 1,300 barrels of oil per day [17] - In Canada, the Simonette Montney program continues to outperform, with new wells exceeding management's expectations [20] Market Data and Key Metrics Changes - Brent price decreased by 11% per barrel compared to the prior quarter, impacting oil sales [8] - The company has hedged approximately 50% of its South American oil production and 60% of its Canadian oil production for 2025 [13] Company Strategy and Development Direction - Gran Tierra is focused on enhancing liquidity through strategic initiatives, including potential non-core asset sales and a $200 million prepayment facility backed by crude oil deliveries [11] - The company is committed to capital discipline and operational excellence, aiming to deliver free cash flow and strengthen its financial position [14] Management's Comments on Operating Environment and Future Outlook - Management noted that all fields have performed as expected or better, despite normal interruptions in Colombia and Ecuador [26] - The company is optimistic about ramping up production in the second half of the year, particularly in Cohembi and Costayaco [30] Other Important Information - Gran Tierra has signed an MOU for potential entry into the Azerbaijani market, with plans to progress towards a production sharing agreement [57] - The company is actively looking to divest non-core assets and optimize its portfolio [37] Q&A Session Summary Question: Can you elaborate on production performance and expectations for H2? - Management indicated that all fields have performed as expected or better, with specific improvements noted in Cohembi and Ecuador [26][30] Question: What are the details regarding the prepayment facility? - The prepayment will involve selling oil for future prepayments over a four-year term, structured to minimize cash flow impact [31][32] Question: Any updates on asset sales? - Management confirmed ongoing efforts to divest non-core assets, with more details expected in Q3 [37] Question: How will free cash flow be generated? - The primary driver for free cash flow will be lower capital expenditures, alongside supportive oil prices [39] Question: What is the impact of pipeline disruptions in Colombia? - Pipeline disruptions in Ecuador affected production, but operations have returned to normal [43] Question: What is the strategy for hedging? - The company aims to maintain a systematic hedging program, targeting 30-50% coverage six months out [55] Question: Can you provide details on the Azerbaijani market entry? - The project will have a five-year first phase with low costs, and production could start within the same year a discovery is made [66]

Financial Data and Key Metrics Changes - The core earnings for Q1 2025 were consistent with expectations, with historical core earnings showing stability [4][3] - Adjusted EBITDA for Q1 was reported at $82 million, with a forecast for EBITDA plus gains for the year between $1.25 billion and $1.5 billion, higher than previous estimates [4][51] - The company reported a net loss of $200 million for GAAP, translating to a loss of $0.73 per share, with no material one-time items affecting adjusted EPS [52] Business Line Data and Key Metrics Changes - The Jamaica sale generated $1.055 billion in gross proceeds, resulting in net proceeds of approximately $778 million after debt repayment and fees, contributing to a gain of $430 million [6][49] - The company has focused on asset sales, debt reduction, and deleveraging, with the Jamaica sale being a significant step in this direction [11][12] - The FSRU contracts signed recently are expected to contribute approximately $200 million in future earnings, with potential for additional cash flow from ongoing discussions with counterparties [50] Market Data and Key Metrics Changes - The company is positioned to register over 2 gigawatts of projects in the upcoming Brazil capacity auction, with strong market confidence reflected in third-party project requests [36] - In Puerto Rico, the energy system is described as underinvested and in need of new generation, with opportunities for temporary power and gas supply contracts [38][40] Company Strategy and Development Direction - The company aims to simplify its balance sheet by transitioning from a corporate debt structure to asset-level financing, focusing on long-duration cash flows [15][16] - Growth opportunities are identified in Brazil and Puerto Rico, with significant investments made in Brazil to establish a resilient business [23][24] - The company is committed to addressing liquidity issues and refinancing its debt structure to lower costs and extend terms [64][65] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resolution of the FEMA claim, with a high degree of reengagement with the Army Corps [7] - The company remains confident in the structural needs for power in Brazil, despite delays in the capacity auction [35][91] - In Puerto Rico, management highlighted the urgent need for new power generation and the potential for significant cost savings through conversion to natural gas [40][42] Other Important Information - The company ended Q1 with $448 million in cash and $275 million available under its revolving credit facility, totaling over $1.1 billion in pro forma liquidity [53] - The construction progress of key power plants in Brazil is reported at 95% for the Selva plant and over 54% for the Porto San plant, despite challenges from weather conditions [27][30] Q&A Session Summary Question: Can you elaborate on the restricted cash on the balance sheet? - The majority of restricted cash is related to CapEx in Brazil, specifically for the Selva and Porto San power plants, with some cash expected to be freed up post-Jamaica transaction [58] Question: Is the company considering open market repurchases of debt? - The company is evaluating opportunities to refinance its capital structure and may consider retiring debt at a discount if available [60][63] Question: What is the strategy for bidding in Puerto Rico's power opportunity? - The bidding process requires a unitary cost of power, and the company is leveraging its existing infrastructure to participate effectively [68][69] Question: What is the status of the Nicaragua project? - The company is in the final stages of restructuring the PPA with the government, aiming for a structure similar to long-term gas contracts in Brazil and Puerto Rico [78][80]

Financial Performance & Projections - Q1 2025 Adjusted EBITDA was $82 million[8], with zero net deferred earnings from contracted sales and $10 million of depreciation in cost of sales from Fast LNG 1[64] - The company expects 2025 AEBITDA to be between $1.25 billion and $1.5 billion, higher than previous estimates, including ~$500 million in core earnings and $750 million to $1 billion in one-off gains[9] - Net loss attributable to stockholders in Q1 2025 was $200 million, a $42 million decrease QoQ[67] - Total liquidity after the Jamaica sale is $1.116 billion, including $393 million from the sale[67] Jamaica Sale & Debt Reduction - The sale of the Jamaica business for $1.055 billion is expected to yield net proceeds of $778 million[16] and a book gain of ~$430 million[11] - Proceeds from the Jamaica sale will be used to pay down $270 million of revolver debt and $55 million of Term Loan A[56] FSRU Sub-charters - Sub-chartering four FSRUs is expected to generate $312 million nominally over the lives of the contracts[11, 61], with a PV10 of ~$236 million[11] Brazil Operations - Construction of CELBA 2 is ~95% complete, with cash flows expected to commence in the second half of 2025[42] - PortoCem is ~54% complete, with capacity revenues expected to commence in the second half of 2026[42] - The company has registered for 2 GW+ of its own projects in the upcoming Brazil energy auctions and has been requested by 3rd parties to supply gas to 3 GW+ of projects[46, 47]