Financial Data and Key Metrics Changes - In 2025, the company achieved production levels that exceeded guidance, with a year-end production of 182,000 barrels of oil equivalent per day, while projecting a decrease to 171,000 barrels of oil equivalent per day for 2026 [10][11] - Lease operating expenses were reduced by 20% year-over-year, and capital expenditures were kept below guidance due to efficiency gains [6][10] - The company reported an 80% success rate in exploration efforts for 2025 [14] Business Line Data and Key Metrics Changes - The Eagle Ford Shale production is expected to remain flat in 2026 with a 25% reduction in capital spending [11] - The Tupper Montney natural gas volumes are projected to decrease due to higher gas prices leading to increased royalties, but the cash flow impact is expected to be muted [10][11] Market Data and Key Metrics Changes - The company is expanding its exploration portfolio with new blocks in the Gulf of America and an entry into offshore Morocco, indicating a proactive approach to securing new opportunities [12][13] - The average reserve life in the industry is noted to be 12 years, with a focus on maintaining a solid balance sheet and low leverage ratio [13] Company Strategy and Development Direction - The company plans to strategically invest in development, exploration, and appraisal activities in the Gulf of America, Vietnam, and Côte d'Ivoire to enhance shareholder value in the mid to long term [9][14] - The focus is on intentional investments that set the groundwork for growth beyond the next few quarters, differentiating the company from its peers [10][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable market environment and softening commodity prices but expressed confidence in the company's positioning to withstand downturns [10][14] - The company anticipates modest growth in production profiles, particularly from the growing Vietnam business, while maintaining a cautious approach to capital expenditures [50][51] Other Important Information - The Hai Su Vang appraisal well reported a successful result with 429 feet of net oil pay, significantly above initial estimates, indicating potential for a new growth business in Vietnam [8][9] - The company is cautious about providing specific resource estimates until further appraisal wells are completed [40][41] Q&A Session Summary Question: Inquiry about Hai Su Vang 2X stem test and 2026 CapEx flexibility - Management confirmed that the 12,000 barrels per day production rate is not facility-constrained and discussed the flexibility of 2026 CapEx, indicating a potential 10% reduction if necessary [19][23][29] Question: Details on Civette drilling failure and its impact on future prospects - Management explained that the Civette well tested multiple objectives but did not yield commercial quantities of oil, emphasizing that this does not affect the probability of success for Caracal and Bubal prospects [33][36] Question: Expectations for Vietnam's production growth - Management projected that peak production from Hai Su Vang could occur by 2033, with ongoing appraisal wells expected to provide more clarity on resource estimates [115] Question: Clarification on royalty mechanisms in Tupper Montney - Management detailed that the royalty rate is a sliding scale based on commodity prices, projecting an increase from 4.6% in 2025 to approximately 8.4% in 2026 [62] Question: Plans for Morocco exploration - Management expressed excitement about the Morocco entry, highlighting the low cost of entry and existing seismic data that will be reprocessed to assess prospectivity [86][87]

YesThe Rabbit Hole (@TheRabbitHole):“One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain.”— Thomas Sowell https://t.co/1Dci8grbHU ...

Yes, but:(1) Relative strength is critical because the US business model is issuance of the global reserve currency. Losing relative status means losing that.(2) Much of the US economy is fake & financialized. Look at the debt and production graphs.https://t.co/rhWLOzMui5Inev May (@InevMay):@balajis You might be right but this graph is misleading. If you look at the USA for example, its proportion of global economy has shrank (% on the graph), but the actual volume of its "piece of the pie" has increased. ...

Variable costs move with production, while fixed costs stay steady. The mix between the two affects everything from pricing to profit margins. Here’s how businesses find the right balance:https://t.co/jZMpiUKfFM https://t.co/4PdNTbvdUc ...

OPEC+ Strategy & Rationale - OPEC+ brought back 137,000 barrels a day to the market as expected but decided to hold off on further increases for the first three months of next year [1] - OPEC's rationale is based on monitoring the market and digesting customer demand [2] - The decision to hold off on further increases may be influenced by Russia's production capabilities due to sanctions on Rosneft and Lukoil [3][4] Market Dynamics & Oversupply Concerns - The market is moving towards an oversupplied state, despite OPEC+ increasing output since earlier this year [5] - Chinese buying, which previously helped absorb increased output, may slow down going into 2026 [6] - US output has remained strong despite WTI being in the low $60 range [7][12] Chinese Demand & Economic Factors - Analysts are watching refinery run rates and teapot purchases to determine if Chinese demand is faltering [8] - Industrial output from China needs to be monitored to assess the overall Chinese economy [9] - EV sales in China are strong, suggesting that long-term gasoline demand may not grow as it has in the past [10] - China's industrial and economic growth has not met expectations, and has not significantly pushed up oil demand [11]

OPEC+ is unlikely to curb production increases until oil prices fall further, argues @JavierBlas #OOTT (via @opinion) https://t.co/MCXeznBUG5 ...

Production Expansion - Tesla's goal is to rapidly increase future production [1]

Market Trends & Oil Prices - Oil prices have been weak this year, benefiting American drivers with gasoline prices nearing $2 per gallon in some areas [1] - Citigroup expects oil prices to move around $60 per barrel on a Brent basis [4] - Unexpected US-India trade deal reports could involve a partial curtailment of Russian oil imports from India, impacting oil prices [5] OPEC Strategy & Production - OPEC has been adding barrels to the market but may switch its strategy at any time, potentially pausing or reversing production increases [2][6] - Over the next couple of months, OPEC is expected to continue adding around 140 thousand barrels per day [7] - Saudi Arabia is assumed to freeze production at 103 million barrels per day, and Russia will maintain production at around 101 to 102 million barrels per day [7] - The market is still long next year, though not as long as the IIA expects, suggesting OPEC should cut around 2 million barrels per day in mid-first quarter next year [8] Future Outlook & Investment - A longer-term supportive picture is anticipated, although a rocky path is expected before reaching that point [9] - China could provide some support, along with a reaction from lower shale production and potential USSPR intakes [10] - Lack of investment could lead to a great shortage of oil in a couple of years [9]

Saudi Arabia’s fiscal and current accounts would benefit most from a rebound in oil prices and production, according to the IMF https://t.co/4NmD7yKGCI ...

While there are countries that produce much larger yachts on average, like The Netherlands and Germany, for example, Italy leads in terms of sheer units. (Photo: Sanlorenzo) https://t.co/V5qJcZwdE4 https://t.co/T6yLBw0XUg ...