Financial Data and Key Metrics Changes - The company reported net income of $91.7 million for Q3 2025, with Adjusted EBITDA at $86.3 million [10] - Mineral and royalty production increased by 5% quarter-over-quarter to 34,700 BOE per day, while total production volumes reached 36,300 BOE per day [10] - Distributable cash flow for the quarter was $76.8 million, representing a coverage ratio of 1.21x [11] Business Line Data and Key Metrics Changes - The increase in production was primarily driven by strong volumes in the Permian Basin [10] - The company expects to double the current annual drilling rate in the expanded Shelby Trough over the next five years due to new developments and existing agreements [7] Market Data and Key Metrics Changes - The company maintains production guidance for 2025 at 33,000-35,000 BOE per day, with a focus on monitoring activity levels and commodity price dynamics [10] - The outlook for natural gas is increasingly constructive, supported by rising demand from LNG and power sectors [11] Company Strategy and Development Direction - The company is pursuing acquisitions in the Haynesville expansion and is working on solidifying a development agreement covering 220,000 gross acres [4][5] - The management is optimistic about the ongoing development in the Permian and the potential for significant gas growth in the Shelby Trough [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the company, emphasizing the importance of focusing on a multi-year forecast rather than short-term fluctuations [27] - The company is well-positioned to benefit from the expected stability in natural gas markets, suggesting that now is an opportune time to invest in shares [28] Other Important Information - The company added $20 million in mineral and royalty acquisitions during the quarter, bringing total acquisitions since September 2023 to approximately $193 million [8] - Management highlighted the potential for additional accretive acquisition opportunities in the near term [8] Q&A Session Summary Question: Update on KLX area discussions and interest following Expand's entry into Western Haynesville - Management indicated progress in discussions, now at the half-yard line, with expectations to finalize soon [18] - Interest in commitments remains robust, with operating partners capable of exceeding minimum annual commitments [20] Question: Volume trends for Q4 and 2026 - Management remains cautious about updating guidance but is optimistic about Aethon volumes and Permian developments coming online [26] Question: Natural gas differentials and hedging strategy - The company maintains a consistent hedging strategy and is focused on high-interest acreage developments to mitigate challenges at Waha [34][35]