Group 1: Rig Count and Production Data - The total number of active drilling rigs in the US increased by 5 to reach 554, which is down 29 from the same time last year [1] - Active oil rigs rose by 2 to 419, reflecting a year-over-year decline of 60 rigs; gas rigs also increased by 2 to 127, which is 28 more than last year [2] - The active drilling rigs in the Permian Basin rose by 1 to 254, which is 49 rigs lower than the previous year [3] Group 2: Production Trends - Weekly US crude oil production slightly dipped to an average of 13.834 million barrels per day, just 28,000 barrels per day below the all-time high [2] - Primary Vision's Frac Spread Count increased by 2 to 175, ending a three-week decline, but is down from 201 at the beginning of the year [3] Group 3: Market Prices - WTI benchmark crude oil was trading down by $1.11 per barrel at $57.89, and Brent benchmark was down $1.01 per barrel at $62.37, reflecting a decrease of approximately $2 per barrel week over week [4]

Core Viewpoint - Petrobras, the Brazilian state-run oil company, may initiate oil and gas production in the Foz do Amazonas basin within seven years, contingent on the confirmation of large reserves [1] Company Summary - The Chief Executive of Petrobras, Magda Chambriard, indicated the potential timeline for production commencement, highlighting the importance of confirming substantial reserves in the region [1] Industry Summary - The Foz do Amazonas basin represents a significant opportunity for oil and gas production, which could enhance Brazil's energy sector and contribute to the country's economic growth if reserves are validated [1]

Core Insights - Gran Tierra Energy reported record production of 47,196 barrels of oil equivalent per day in Q2 2025, driven by an expanded Canadian portfolio [1][5] - Despite operational growth, revenue declined by 8% year over year to $152 million due to weaker commodity prices, resulting in a net loss of $13 million compared to a profit of $36 million in Q2 2024 [1][2] Financial Performance - Net income decreased significantly to $(13 million) from $36 million, marking a 136.1% decline [2] - Revenue fell to $152 million from $165 million, an 8.4% decrease [2] - Adjusted EBITDA dropped 25.2% to $77 million [2] - Funds flow from operations increased by 17.4% to $54 million [2] - Free cash flow turned positive at $2.7 million, improving from $(15.1 million) [2] Production and Operational Highlights - Average daily production increased by 43.9% year over year, reaching 47,196 boe/d [2] - The Canadian segment contributed 17,496 boe/d, with new wells exceeding expectations despite lower realized prices [6] - Colombia's Acordionero field benefited from waterflood optimization, enhancing oil recovery [5][14] Cost Management and Efficiency - Operating costs per barrel improved to $13.42, the lowest since Q1 2022 [7] - Drilling costs in the Colombian Cohembi field decreased by 47% compared to previous operators [7] - Operating netback fell to $21.39, significantly lower than $38.80 in Q2 2024 due to lower sales prices and the inclusion of Canadian volumes [11] Strategic Developments - The company entered a binding agreement to exit the UK North Sea, expected to close in Q3 2025 [8] - A $14 million gain from hedging activities helped mitigate the impact of lower oil prices [8][10] - A $200 million prepayment facility was signed to enhance liquidity and balance sheet flexibility [9][12] Regional Performance - Colombia remained the core revenue source, with the Acordionero field averaging around 14,200 barrels per day [14] - Ecuador's operations showed positive results from successful drilling in the Iguana Block [15] - Canadian operations, while adding scale, realized lower prices and margins compared to South America [15] Management Outlook - No updated financial guidance was provided, but prior expectations for FY2025 production were set at 47,000 to 53,000 boe/d [17] - Investors are advised to monitor realized oil pricing and the integration of Canadian assets for future performance [18]

Core Viewpoint - Parex Resources Inc. has announced a production update and plans to release its Q2 2025 financial and operating results on July 30, 2025 [1] Production Update - Estimated average production for Q2 2025 was 42,550 barrels of oil equivalent per day (boe/d) [6] - Monthly average production for June 2025 was approximately 43,950 boe/d, showing growth supported by positive exploration results and the successful startup of a horizontal well at LLA-74 in the Southern Llanos [6] - Breakdown of production by region for Q2 2025 includes: - Block LLA-34: 21,500 boe/d - Southern Llanos: 13,800 boe/d - Northern Llanos: 4,000 boe/d - Magdalena Basin: 2,250 boe/d - Natural Gas Production: 1,000 boe/d [3] Monthly Production Breakdown - Monthly average production figures are as follows: - April 2025: 41,350 boe/d - May 2025: 42,300 boe/d - June 2025: 43,950 boe/d [4] Product Type Disclosure - For the three months ended June 30, 2025, the product type breakdown was: - Light & Medium Crude Oil: 10,662 barrels per day (bbl/d) - Heavy Crude Oil: 30,899 bbl/d - Conventional Natural Gas: 5,941 thousand cubic feet per day (mcf/d) [7] Upcoming Events - Parex will host a conference call and webcast on July 30, 2025, at 9:30 am MT (11:30 am ET) to discuss its Q2 2025 results [5]