Core Insights - Infinity Natural Resources reported a significant increase in production and financial performance for the fourth quarter and full year of 2025, with total net daily production growing by 93% to 271.6 MMcfe/d compared to the same quarter in 2024 [1] - The company anticipates continued growth in 2026, projecting total net daily production between 345 and 375 MMcfe/d, representing approximately 70% year-over-year growth at the midpoint of the range [1][2] Financial Performance - For the full year 2025, Infinity reported total proved reserves of 1.3 Tcfe, or 225.0 MMBoe, with a 32% increase compared to 2024 [2] - The company generated $261.8 million in net cash from operating activities for the year ended December 31, 2025 [1] - Adjusted EBITDAX for 2025 was $261.0 million, with an Adjusted EBITDAX Margin of $3.38 per Mcf, indicating strong operational efficiency [1][2] Production and Operations - In 2025, Infinity placed 23 wells into sales, totaling approximately 363,000 lateral feet, with a mix of oil and natural gas-weighted wells [1] - The production mix for 2025 consisted of approximately 24% oil, 17% NGLs, and 59% natural gas [1] - The company expects to operate two rigs throughout 2026, with plans to turn into sales 31 gross wells [2] Capital Expenditures and Liquidity - Infinity incurred capital expenditures of $326.2 million in 2025, including $290.8 million on development activities [2] - As of December 31, 2025, total liquidity was $226.9 million, which increased to $413.1 million by February 28, 2026 [1][2] Strategic Initiatives - The acquisition of upstream and midstream assets from Antero Resources significantly enhanced the company's scale and operational integration [1] - A share repurchase program was authorized in November 2025, allowing for the purchase of up to $75 million of Class A common stock, with $73.8 million remaining under the program [3]

Q4 & FY 2025 EARNINGS 2026 GUIDANCE NYSE American: REI www.ringenergy.com www.ringenergy.com Forward-Looking Statements and Supplemental Non-GAAP Financial Measures Forward – Looking Statements This Presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this Presentation, regarding our strategy, future ...

Investor Presentation March 2026 Vitesse is the French word for velocity. VTS represents the velocity of capital compounding. Disclaimer Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release regarding Vitesse's financial position, operating ...

Core Insights - Viper Energy, Inc. reported a consolidated net loss of $246 million for Q4 2025, with a net loss attributable to Viper of $103 million, or $0.61 per Class A common share [5][9]. - The company declared a total base-plus-variable cash dividend of $0.52 per Class A common share for Q4 2025, implying a 4.6% annualized yield based on the closing price of $45.64 on February 20, 2026 [5][12][13]. - Viper's proved reserves increased by 107% year-over-year to 406,035 Mboe as of December 31, 2025, with a PV-10 value of approximately $7.4 billion [21][22]. Fourth Quarter Highlights - Average production for Q4 2025 was 66,413 bo/d (134,000 boe/d) [5]. - Consolidated adjusted net income for Q4 2025 was $121 million, or $0.72 per Class A common share [5]. - The company repurchased 2.4 million shares for approximately $94 million during Q4 2025 [5][14]. Full Year 2025 Highlights - Full year 2025 average production was 48,973 bo/d (95,126 boe/d) [5]. - Consolidated net loss for the full year was $206 million, with a net loss attributable to Viper of $68 million, or $(0.48) per Class A common share [5]. - Total consolidated adjusted EBITDA for 2025 was $1.3 billion [5]. 2026 Outlook - Average daily production guidance for Q1 2026 is set between 62,500 to 64,500 bo/d (124,000 to 128,000 boe/d) [5][29]. - Full year 2026 average daily production guidance is projected to be between 61,000 to 67,000 bo/d (120,000 to 132,000 boe/d) [5][29]. - The company plans to increase its base dividend by 15% to $1.52 per share annually, representing approximately 50% of cash available for distribution at $50 WTI [5][7]. Financial Update - Q4 2025 average unhedged realized prices were $58.43 per barrel of oil, $0.81 per Mcf of natural gas, and $16.67 per barrel of natural gas liquids, leading to a total equivalent realized price of $34.23/boe [8]. - The company recorded total operating income of $435 million in Q4 2025, primarily impacted by a non-cash impairment of $408 million [9]. - As of December 31, 2025, Viper had total debt outstanding of $2.2 billion and a cash balance of $13 million [10]. Operational Update - A total of 739 horizontal wells were turned to production in Q4 2025, with an average lateral length of 11,283 feet [5][16]. - As of December 31, 2025, there were approximately 1,388 gross horizontal wells in active development on Viper's Permian Basin acreage [5][19]. - The company has visibility on approximately 1,370 line-of-sight wells for potential future development [6]. Year-End Reserves Update - Proved developed reserves increased by 93% year-over-year to 316,702 Mboe as of December 31, 2025 [22]. - The reserve replacement ratio for the year was 705%, with an organic reserve replacement ratio of 126% [23]. - Extensions and discoveries contributed 62,170 Mboe, primarily from the drilling of 1,497 new wells [24].

Asset & Production - Vitesse's estimated 2025 net production is between 17000 and 17500 MBoe/d[15] - The company estimates having over 200 net two-mile-equivalent undeveloped locations[15, 16] - Vitesse has interests in 7612 productive wells, averaging a 3.6% working interest per well[16] - Over 80% of Vitesse's assets are comprised of undeveloped resources[8, 23] - Vitesse's acreage is primarily in the core of the Williston Basin[11, 17] Financials - The company's 1P PV-10 is $806 million[15] - The PDP PV-10 is $609 million[15] - Vitesse aims for a net debt to adjusted EBITDA ratio of less than 10x[10, 23] - Vitesse offers a fixed dividend of $05625 per share quarterly[10, 23] - Vitesse insiders own more than 25% of the outstanding shares[24]

Financial Performance & Outlook - Vital Energy reported 2Q-25 Adjusted Free Cash Flow of $36 million[10] - 2Q-25 Consolidated EBITDAX was $338 million[10] - The company is reaffirming its 2025 outlook for Adjusted Free Cash Flow of approximately $305 million[19] - Vital Energy anticipates reducing net debt by approximately $310 million by year-end 2025[36] Production & Capital Investments - 2Q-25 total production was 137900 MBOE/d, exceeding the midpoint of guidance[10] - 2Q-25 oil production was 62100 MBO/d[10] - Capital investments for 2Q-25 totaled $257 million[10] - The company expects FY-25 total production to be between 136500 and 139500 MBOE/d, with oil production between 63300 and 65300 MBO/d[7] Cost Optimization & Efficiency - Vital Energy has optimized its cost structure, reducing ongoing expenses by approximately 6% versus initial expectations[12] - The company reduced employee/contractor headcount by approximately 10% in June 2025[17] - The company is improving capital efficiency in the second half of 2025 with reduced DC&E capital costs[24, 25, 26] Hedging & Debt Management - Approximately 95% of expected 2H-25 oil production is hedged at approximately $69 per barrel WTI[55] - The company's total liquidity as of June 30, 2025, was $685 million[33] Inventory & Development - Vital Energy has approximately 920 inventory locations[7] - The company is enhancing capital efficiency with Horseshoe and J-Hook well designs[55] - The company has approximately 11 years of high-quality Permian Basin inventory[47]

Vitesse Asset & Strategy - Vitesse's asset base is heavily weighted towards undeveloped locations, comprising over 80% of its total assets[6,22] - The company focuses on non-operated working and mineral interests, primarily in the Bakken oil field in North Dakota[8] - Vitesse aims to maintain a Net Debt / Adjusted EBITDA ratio of less than 10x, demonstrating prudent risk management[7,23] - Vitesse has interests in 7,507 productive wells (223 net wells) with an average working interest of 3.6% per working interest well[11] Financial Performance & Capital Allocation - Vitesse estimates 2025 net production to be between 15000 and 17000 MBoe/d, with oil weighting between 64% and 68%[10] - The company's 1P PV-10 is valued at $806 million, while the PDP PV-10 is $609 million[10] - Vitesse offers a fixed dividend of $0.5625 per share quarterly[7,22] - The company has an approved $60 million share repurchase program[7] Operational Efficiency & Data Management - Vitesse estimates there are >200 remaining net undeveloped locations across its asset, of which 38.4 were Proved Undeveloped as of December 31, 2024[11] - Vitesse utilizes a proprietary data system called Luminis for data modeling and asset management[15,16,18]

Core Viewpoint - W&T Offshore, Inc. reported operational and financial results for Q2 2025, highlighting a 10% increase in production and a 9% growth in Adjusted EBITDA, while also declaring a dividend of $0.01 per share for Q3 2025 [1][2][3]. Production and Revenue - Production increased to 33.5 MBoe/d in Q2 2025, a 10% rise from Q1 2025, but a decrease from 34.9 MBoe/d in Q2 2024 [3][20]. - Revenues for Q2 2025 were $122.4 million, down 6% from Q1 2025 and 14% from Q2 2024, primarily due to lower realized prices despite higher production volumes [5][4]. Financial Performance - The company reported a net loss of $20.9 million, improving from a net loss of $30.6 million in Q1 2025 [2][34]. - Adjusted Net Loss was $11.8 million, compared to $19.1 million in Q1 2025 [2]. - Adjusted EBITDA grew to $35.2 million, a 9% increase from Q1 2025 [2]. Costs and Expenses - Lease Operating Expenses (LOE) were $76.9 million, within guidance, and approximately 8% higher than Q1 2025 [6]. - General & Administrative (G&A) expenses decreased to $17.7 million from $20.2 million in Q1 2025 [10]. - Depreciation, Depletion, and Amortization (DD&A) was $8.67 per Boe, down from $11.99 per Boe in Q1 2025 [8]. Balance Sheet and Liquidity - As of June 30, 2025, the company had unrestricted cash and cash equivalents of $120.7 million and total debt of $350.1 million, with Net Debt reduced to $229.4 million [15][40]. - The company had available liquidity of $170.7 million, including $50 million from a new revolving credit facility [15]. Reserves and Acquisitions - Mid-year proved reserves were reported at 123.0 MMBoe, with a PV-10 value of $1.2 billion [21][22]. - The company performed nine low-cost workovers that positively impacted production and revenue, particularly in Mobile Bay [20]. Surety Update - A settlement agreement with two major surety providers was reached, dismissing claims against the company and locking in premium rates through December 31, 2026 [18][19].

Financial Performance & Growth - Matador's "Matador II" asset value reached $113 billion as of December 31, 2024, including proved reserves at PV-10, using SEC pricing of $7196 per Bbl and $213 per MMBtu [13] - Matador estimates savings of $3 million per U-Turn well compared to one-mile lateral wells, potentially reducing project payout timing by up to 40% and lowering the break-even price by 20% [119] - The company anticipates $1 million average savings per well and a 22% reduction in days on well in the Rustler Breaks Asset, compared to the 2024 area average [123, 124] - Matador's Q1 2025 Adjusted EBITDA attributable to Matador Resources Company shareholders was $644223 thousand [169] - Matador's Q1 2025 adjusted free cash flow was $141904 thousand [179] Operational Highlights - Matador's gas processing capacity has increased from 60 MMcf per day in 2016 to 720 MMcf per day today after the Marlan Plant Expansion [22] - Matador's production is projected to reach 200000 BOE/d in 2025 [38] - Total Net Inventory Lateral Length increased to 183 Million Feet as of December 31, 2024 [139] Acreage & Inventory - Matador's acreage has grown from ~7500 net acres at IPO in 2012 to ~198700 net acres today [33] - The company has 10 to 15 years of drilling inventory with average rates of return in excess of 50% [15, 138] Shareholder Alignment - Purchases by Directors and Officers in 2025 totaled $26 million for 55300 shares [28] - Over 95% participation in Employee Stock Purchase Plan (ESPP) [30]

Core Viewpoint - Evolution Petroleum Corporation has successfully closed the acquisition of non-operated oil and natural gas assets in New Mexico, Texas, and Louisiana for a total purchase price of $9.0 million, which is expected to enhance both near-term and long-term cash flows [1][3]. Acquisition Details - The acquisition was funded through a combination of cash on hand and borrowings under the existing credit facility [1]. - The effective date of the acquisition is February 1, 2025 [1]. Strategic Benefits - The acquisition is expected to provide significant cash flow visibility and strengthen the long-term sustainability of the company's dividend [3][7]. - The deal was negotiated at a significant discount to the Proved Developed PV-10 value, estimated at approximately $13 million, indicating a favorable valuation at around 3.4 times the estimated next 12 months Adjusted EBITDA based on current strip pricing [7][11]. - The acquisition adds approximately 440 net barrels of oil equivalent per day (BOEPD) of stable, low-decline production, with a composition of 60% oil and 40% natural gas [7]. Company Overview - Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through ownership and investment in onshore oil and natural gas properties in the U.S. [4]. - The company aims to maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, and production enhancements [4].