Financial Data and Key Metrics Changes - The second quarter production increased to 190,000 barrels of oil equivalents per day, exceeding guidance due to strong well productivity [6][7] - Capital expenditures (CapEx) for the second quarter were $251 million, with lease operating expenses at $11.8 per barrel of oil equivalent, both better than guidance [7][8] - Cumulative cash cost savings since 2019 exceeded $700 million, with over 50% reductions in general and administrative expenses and bond interest [8] Business Line Data and Key Metrics Changes - The Eagle Ford Shale and Tuppermani assets contributed significantly to production increases, with 10 new wells brought online in the Eagle Ford Shale [6][7] - The company completed its 2025 onshore well program, indicating strong operational execution across its multi-basin portfolio [6][7] Market Data and Key Metrics Changes - The Gulf Of America workover program is nearing completion, with expectations for operating expenses to range between $10 to $12 per barrel for 2025 [8] - The company is focused on maintaining a competitive cost structure, with a significant reduction in cash costs since 2019 [8] Company Strategy and Development Direction - The company is prioritizing high-impact exploration and appraisal activities across three continents, targeting over 500 million barrels of oil equivalent in resource potential [9][10] - The acquisition of the Pioneer FPSO is expected to enhance the economic viability of the Chinook field, with plans to drill a high-rate development well in 2026 [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming operational challenges in the Gulf Of America, with production expected to stabilize as workover activities conclude [31][32] - The company is likely to prioritize share repurchases over further debt reduction, contingent on oil price movements [34][35] Other Important Information - The appraisal well in Vietnam aims to test for continuity of reservoir and deeper oil, with potential to develop a 30,000 to 50,000 barrel per day business by the 2030s [45][46] - The company is monitoring the Western Canadian natural gas market, anticipating improvements due to the ramp-up of the LNG Canada facility [65][66] Q&A Session Summary Question: Can you detail the near-term exploration program? - The company plans to spud two wells in the Gulf Of America and an important appraisal well in Vietnam, with significant resource potential [16][17] Question: What is the strategy around the Chinook development well? - The acquisition of the FPSO allows for lower costs and enhanced development potential, with plans to drill a high-rate well in 2026 [21][22] Question: How is the Gulf Of America production performing? - Production has improved, and the backlog of workover activities is nearly resolved, with expectations for continued stability [31][32] Question: What is the perspective on return of capital? - The company is more likely to prioritize share repurchases over debt reduction, depending on oil price trends [34][35] Question: How do you view the Eagle Ford inventory? - Recent performance improvements in Karnes County wells have increased confidence in the remaining inventory, with expectations for continued strong results [41][42] Question: What is the outlook for offshore Canada? - There have been some disappointments with uptime at Terra Nova, affecting production guidance, but the facilities perform well when operational [87][88]

Financial Data and Key Metrics Changes - Newmont reported strong financial results in Q2 2025, with cash flow from operations reaching $24.4 billion and a record quarterly free cash flow of $1.7 billion, of which over $1.5 billion (90%) was generated by core managed operations [6][20][23] - The company generated $2.4 billion in adjusted EBITDA and reported an adjusted net income of $1.43 per share, with significant adjustments related to asset divestments and market gains [19][20] - Gold all-in sustaining costs for the quarter were $15.93 per ounce on a co-product basis, slightly below full-year guidance, while on a by-product basis, costs were $13.75 per ounce [18][19] Business Line Data and Key Metrics Changes - Newmont produced 1.5 million ounces of gold and 36,000 tonnes of copper in Q2 2025, aligning with full-year guidance [5][6] - Production from Cadia exceeded expectations due to higher-grade ore, while Penasquito's production is expected to shift from gold to a higher proportion of silver, lead, and zinc in Q4 [10][11] - Lihir showed steady production, but a decline is anticipated in the second half due to processing lower-grade material [12][13] Market Data and Key Metrics Changes - The company expects to generate approximately $3 billion in after-tax cash proceeds from its divestment program in 2025, with $470 million expected from recent asset sales [6][22] - Newmont's cash balance at the end of Q2 was $6.2 billion, significantly above the target of $3 billion [21] Company Strategy and Development Direction - Newmont's strategic priorities include strengthening safety culture, stabilizing operations, and executing capital returns to shareholders [4][6] - The company is focusing on internal capital allocation, primarily through share buybacks, rather than pursuing acquisitions [27][28] - The company is committed to maintaining a strong balance sheet while funding cash-generative organic projects and returning capital to shareholders [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the recent incidents at Red Chris but emphasized strong operational performance and commitment to safety [4][24] - The company remains on track to meet its 2025 guidance, with expectations of steady production and cash flow in the second half of the year [20][23] - Management expressed confidence in the ongoing optimization of operations and the potential for future growth through organic projects [10][66] Other Important Information - Newmont has retired $372 million of debt and returned over $1 billion to shareholders through dividends and share repurchases [7][22] - An additional $3 billion share repurchase program has been approved, doubling the total authorization to $6 billion [8][23] Q&A Session Summary Question: Capital allocation priorities regarding acquisitions - Management stated that the focus is on internal capital allocation, particularly share buybacks, rather than pursuing acquisitions [27][28] Question: Management changes and succession planning - Management confirmed that the interim CFO is capable and that the company is focused on leadership development, with no immediate concerns regarding succession [30][34] Question: Cash flow outlook and working capital impacts - Management indicated that free cash flow generation will remain steady, with expected increases in sustaining capital and reclamation spending impacting cash flow in the second half [36][39] Question: Production guidance and expectations for Cadia and Penasquito - Management explained that production is expected to decline in the second half due to lower grades, but they remain cautious and on track to meet guidance [71][72] Question: Updates on Tanami and Ahafo projects - Management confirmed that risks associated with the Tanami shaft works have been mitigated and that Ahafo North is on track for commissioning [75][78] Question: Status of non-core asset positions - Management categorized positions in Greatland Gold and Orla as non-core, indicating a focus on simplifying the portfolio [91] Question: Productivity improvements across the portfolio - Management highlighted opportunities for productivity enhancements at various assets, particularly at Lihir and Cerro Negro [96]

Financial Data and Key Metrics Changes - For Q4 2024, net cash provided by operating activities before changes in working capital totaled approximately $185 million, more than triple the capital expenditures for the quarter [23] - Adjusted EBITDA for the quarter was reported at $203 million, with adjusted free cash flow of $125 million, marking the best quarter of 2024 from a free cash flow perspective [24] - Cash operating costs for Q4 totaled $1.19 per million cubic feet equivalent, better than analyst expectations and within the full year 2024 guidance range [25] Business Line Data and Key Metrics Changes - The company drilled 21 gross wells in 2024, primarily focused in the Utica, and completed 19 gross wells, including three SCOOP wells and twelve Utica dry gas wells [16] - The 2025 development program is expected to maintain flat total production while growing liquids production by 30% year over year [9][13] - The company anticipates total equivalent production to be relatively flat compared to full year 2024, with an increasing production profile as the year progresses [14] Market Data and Key Metrics Changes - The all-in realized price for Q4 was $3.36 per Mcfe, a $0.57 premium to NYMEX Henry Hub index prices, driven by a differentiated hedge position and diverse marketing portfolio [28] - The company has downside protection covering roughly 50% of 2025 natural gas production at an average floor price of $3.62 per MMBtu [29] Company Strategy and Development Direction - The 2025 development program reflects significant efficiency gains and capital allocation optimizations, allowing for a focus on liquids-rich production while maintaining a low decline production base [9][12] - The company plans to return substantially all 2025 adjusted free cash flow, excluding discretionary acreage acquisitions, through common stock repurchases [10][32] - The company is focused on operational improvements and optimizing asset development to maximize free cash flow generation and value for investors [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate significant free cash flow in 2025, potentially more than double compared to 2024, driven by rising natural gas prices and operational efficiencies [31] - The company remains constructive on gas prices in 2025 and 2026, with a strategic hedge position allowing for participation in prices above $4.00 per MMBtu [29] Other Important Information - The company repurchased approximately 7% of its common shares outstanding in 2024, returning 96% of available adjusted free cash flow to shareholders [15] - The proved reserve base increased by approximately 6% when excluding the impact of pricing revisions, reflecting high-quality inventory additions and operational improvements [33][34] Q&A Session Summary Question: Liquids volume sustainability and bolt-on opportunities - Management confirmed that the 30% liquids growth is sustainable and that they have flexibility to allocate towards liquids or gas depending on market conditions [41][43] - The company prefers sizable undeveloped assets for bolt-on opportunities rather than PDP-heavy assets [45][46] Question: Capital efficiency and future capital allocation - Management indicated that front-loaded capital programs are conducive to driving capital efficiencies and that this approach is expected to continue [54] - The company continuously assesses free cash flow allocation options, balancing share repurchases and inventory additions [58][60] Question: Development strategy and inventory allocation - Management clarified that the Marcellus development will be paced responsibly, with a focus on corporate inventory life rather than specific area allocations [72][74] Question: Production cadence and capital efficiency - Management noted that production is expected to increase throughout the year, with a focus on optimizing the timing of well turn-ins [82][84] - Continuous improvement in operational efficiency is anticipated, although future gains may be more moderate compared to past improvements [86] Question: NGL realizations and market conditions - Management highlighted strong NGL realizations due to favorable contracts and market conditions, particularly in Appalachia [97][98]