Core Insights - Bonterra Energy Corp. achieved record annual production in 2025, reflecting disciplined growth and strategic asset optimization [2][3][7] Financial Performance - Production averaged 15,513 BOE per day in 2025, a 5% increase from 14,846 BOE per day in 2024, driven by the 2025 drilling program and well reactivation activities [3][7] - Revenue from realized oil and gas sales was $247.9 million in 2025, down from $279.9 million in 2024 [10] - Funds Flow totaled $94.2 million ($2.57 per fully diluted share), a decrease of 20% year-over-year, while Adjusted Free Funds Flow increased by 65% to $17.2 million [4][10] Operational Highlights - Field Netback averaged $22.05 per BOE and Cash Netback averaged $16.63 per BOE in 2025, with WTI crude oil prices averaging $64.81 per barrel [5][10] - Production costs increased slightly to $16.69 per BOE in 2025 from $16.54 per BOE in 2024, attributed to third-party infrastructure charges and higher activity levels [6][10] Capital Expenditures and Debt - Capital expenditures for 2025 were $69.9 million, consistent with guidance, and included the acquisition of Bonanza Assets for $15.3 million [8][10] - Net Debt at year-end was $179.0 million, with a net debt to EBITDA ratio of 1.6:1, up from 1.2:1 in 2024 [8][10] Reserves Evaluation - Total Proved reserves increased by 3% to 87.8 million BOE, while Total Proved Plus Probable reserves also rose by 3% to 109.7 million BOE [26][27] - The Reserve Life Index for Total Proved Plus Probable reserves is approximately 19.4 years, based on 2025 average production [26][27] 2026 Outlook - The company reaffirms its production guidance for 2026, expecting annual production between 16,200 to 16,400 BOE per day and capital expenditures of $75 million to $80 million [18][19] - The capital program aims to enhance production across all assets, focusing on optimizing cash flow from the Cardium and increasing exposure in the Charlie Lake and Montney plays [19][20]

Financial Data and Key Metrics Changes - In Q4 2025, net income increased by $69 million quarter-over-quarter, benefiting from a $72 million gain from the midstream sale and $20 million of higher hedging gains [19][22] - Adjusted EBITDAX increased by 3% quarter-over-quarter to $66 million, with margins rising from 59% to 63% [20] - Debt decreased by $120 million quarter-over-quarter, resulting in a balance of $255 million as of December 31, 2025 [22][23] Business Line Data and Key Metrics Changes - Oil production increased by more than 1,700 barrels per day or 9% quarter-over-quarter, with a 26% increase compared to Q4 2024 [8][9] - Full year oil production increased by 15% year-over-year, while total equivalent production increased by 29% [9] - Development activity counts were down 28% year-over-year, with 18 net wells drilled in 2025 [10] Market Data and Key Metrics Changes - New Mexico oil production grew by 74% year-over-year, representing 34% of total company oil production in 2025, up from 23% in 2024 [11] - The company experienced pipeline maintenance constraints that pressured Waha pricing during Q4 2025 [17] Company Strategy and Development Direction - The company plans for over 20% year-over-year oil volume growth in 2026, with a focus on significant increases in activity and spending [6][14] - A stock repurchase program of up to $100 million was authorized, with approximately 152,000 shares repurchased at a weighted average price of $26.54 [5] - The company aims to replace 100% of its drilled locations annually through strategic land acquisitions [92] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, highlighting a strong financial position and asset base [7] - The company remains flexible to moderate activity and spending if the oil price environment deteriorates [6] - Management noted that the Silverback acquisition continues to exceed expectations, producing at a 65% higher oil rate than anticipated [12] Other Important Information - The company achieved a total recordable incident rate of zero in 2025, reflecting a strong safety performance [9] - Core cash operating costs decreased by 13% quarter-over-quarter, with significant contributions from workover expenses [18] Q&A Session Summary Question: Can you help us shape production cadence for 2026 and 2027? - Management indicated a forecasted dip in Q1 2026 due to downtime and deferred production, with expectations for a ramp-up in subsequent quarters [31] Question: How flexible is the capital allocation plan given current oil prices? - Management stated that while they have a solid plan for 2026, they have the flexibility to adjust rig operations based on market conditions [44] Question: Can you elaborate on completion optimization efforts? - Management discussed various strategies for completion optimization, including reduced sand usage and improved well performance [35][39] Question: Are there still opportunities for production optimization in New Mexico? - Management confirmed ongoing opportunities for optimization, including wellbore cleanouts and switching artificial lift methods [61] Question: How does the agreement with WaterBridge impact costs and efficiencies? - Management noted that while costs may increase, the agreement allows for full-scale development of the field [94]

Financial Data and Key Metrics Changes - In Q4 2025, oil production increased by over 1,700 barrels per day or 9% quarter-over-quarter, and by 26% compared to Q4 2024 [8][9] - Full year 2025 oil production increased by 15% year-over-year, while total equivalent production increased by 29% [9] - Adjusted EBITDAX increased by 3% quarter-over-quarter to $66 million, with margins rising from 59% to 63% [20] - Net income increased by $69 million quarter-over-quarter, benefiting from non-recurring items such as a $72 million gain from the midstream sale [19] Business Line Data and Key Metrics Changes - Development activity in 2025 was modest, with 18 net wells drilled, 28% fewer than in 2024, and 16.3 net wells turned to sales, 23% fewer than in 2024 [10] - New Mexico oil production grew by 74% year-over-year, representing 34% of total company oil production in 2025, up from 23% in 2024 [11][12] - The Silverback acquisition exceeded expectations, producing at a 65% higher oil rate than anticipated [12] Market Data and Key Metrics Changes - Pipeline maintenance constrained Permian gas egress, impacting Waha pricing during the quarter [17] - The company has a material amount of Waha basis hedged for the next year, which could translate to positive revenue starting in 2027 [17] Company Strategy and Development Direction - The company authorized a stock repurchase program of up to $100 million and began repurchasing shares in January 2026 [5] - For 2026, the company forecasts over 20% year-over-year oil volume growth, with plans for significant increases in activity and spending [5][13] - The company aims to replace 100% of its drilling inventory annually through strategic land acquisitions [90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, citing a strong financial position and asset base [6] - The company plans to remain flexible and moderate activity if oil prices deteriorate [5] - Management highlighted the importance of the new pipeline infrastructure expected to be operational in Q3 2026, which will support increased production [33] Other Important Information - The company reduced its debt by $120 million during Q4 2025, enhancing financial flexibility [4][21] - Capital expenditures for Q4 2025 were $50 million, reflecting a return to normalized upstream activity [20] Q&A Session Summary Question: Can you help us shape production cadence for 2026 and expectations for capital efficiency in 2027? - Management indicated production is expected to increase each quarter in 2026, with a dip in Q1 due to downtime and deferred production [30][31] Question: How flexible is the company's plan given the current oil price environment? - Management stated they have a solid plan for 2026 and can adjust rig activity based on market conditions, emphasizing flexibility [42] Question: Can you elaborate on completion optimization and its impact on well performance? - Management discussed various strategies for completion optimization, including reduced sand usage and improved drilling techniques, leading to cost savings and better well performance [34][37] Question: Will the agreement with WaterBridge lower costs or improve efficiencies? - Management clarified that while costs may increase, the agreement allows for full-scale development of the field, enhancing overall efficiency [91] Question: How is the company approaching hedging in a volatile market? - Management emphasized a proactive approach to hedging, with a significant portion of forecasted oil volumes hedged at favorable prices [95]

Acquisition of Valiant Artificial Lift Solutions February 2, 2026 Disclaimer and Forward-Looking Statements Forward-Looking Statements The information in this investor presentation contains statements relating to future actions and results, which are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Statements of expectations and predictions of future performance are subject to numerous risks and uncertainties, many of which are beyond the Company's control. ...

Core Viewpoint - Cerrado Gold Inc. reported stable production results for Q4 2025 and provided guidance for 2026, highlighting ongoing operational improvements and exploration efforts at its Minera Don Nicolas Mine in Argentina, as well as developments in its Lagoa Salgada and Mont Sorcier projects [1][4][8]. Production Results - Q4 2025 production totaled 13,806 Gold Equivalent Ounces (GEO), slightly down from 13,832 GEO in Q3 2025, with full-year production at 50,238 GEO, aligning with guidance [12]. - Heap leach production was impacted by low water availability, resulting in reduced irrigation capacity, while underground operations contributed higher-grade ore to the processing plant [12][2]. - Average recovery rates decreased due to increased primary ore on leach pads, but this was offset by higher volumes from underground mining processed through the CIL plant [2][12]. Production Guidance - The company anticipates annual production for 2026 to be between 50,000 and 60,000 GEO, with a significant increase expected in the second half of the year due to the mining of lower-grade heap leach material early in the year [4][12]. Growth Capital Plans - Cerrado approved a 2026 budget with approximately $45 million allocated for growth capital expenditures, primarily focused on the Minera Don Nicolas Mine, including a 50,000-meter exploration program and expansion of the tailing facility [5][12]. - Additional funding is earmarked for equipment upgrades and maintenance to support long-term operations [5]. Exploration and Development - The exploration program at Minera Don Nicolas is ongoing, targeting resource expansion to extend mine life, with a focus on the central Paloma area [6][7]. - The company plans a 50,000-meter drill program for 2026, utilizing multiple drill rigs to test high-value targets [7]. - Progress continues on the Lagoa Salgada and Mont Sorcier projects, with feasibility studies expected to be completed in Q1 and Q2 2026, respectively [8][9][14]. Project Updates - At Lagoa Salgada, the Optimized Feasibility Study is underway, with a slight delay expected due to consultant changes, but results from advanced geophysical exploration are anticipated soon [9]. - The Mont Sorcier project is advancing with an infill drilling program aimed at updating resource estimates, targeting an increased production rate of 8 million tonnes per annum of high-purity iron concentrate [14][15].

Core Insights - Anheuser-Busch is selling its Newark, New Jersey brewery and closing two others in California and New Hampshire as part of a strategy to optimize production [1] - The company plans to shift production from these facilities to other U.S. operations, allowing for increased investment in remaining facilities and brands [2] Production Strategy - The Newark brewery, operational since 1951, will be sold to the Goodman Group in 2026, while the California and New Hampshire facilities will close in early 2026 [1] - Anheuser-Busch has invested nearly $2 billion in modernizing its U.S. manufacturing operations over the past five years [2] Employee Impact - A total of 475 full-time employees from the affected facilities will be offered relocation to other U.S. operations, with stipends and training provided [6][7] - Employees who do not accept the transfer will receive severance packages and additional resources [7] Overall Operations - Anheuser-Busch operates over 100 facilities across the United States [8] - The company emphasizes that these changes are not indicative of product performance and will not affect product availability [11]

Core Points - Anheuser-Busch is selling its Newark, New Jersey brewery and closing two others in California and New Hampshire as part of a strategy to optimize production [1][2] - The company plans to shift production from these facilities to other U.S. operations, allowing for increased investment in remaining facilities and brands [2] - Over the past five years, Anheuser-Busch has invested nearly $2 billion in its U.S. manufacturing operations to modernize and meet demand [5] - The company will assist the 475 employees affected by these closures with relocation offers and training, while those who decline will receive severance packages [6][8] - The changes are not indicative of product performance and will not affect product availability [8]

Financial Data and Key Metrics Changes - The company achieved an adjusted EBITDA of $12 billion, a 28% increase over the second quarter of 2025 [10] - Net income, excluding one-time items, reached $5.2 billion, marking a 28% increase over the previous quarter [10] - Operating cash flow closed at $9.9 billion, up 31% from the second quarter [10] - Free cash flow was $5 billion, a 44% increase from the second quarter [10] - The company approved a payment of BRL 12.2 billion in dividends [10] Business Line Data and Key Metrics Changes - Oil and gas production increased by 8% in the quarter, with a 17% growth over the last 12 months [11] - Pre-salt production reached 2.56 million barrels of oil equivalent, supported by a 4% efficiency increase [5] - Domestic sales of oil products increased by 5%, with diesel sales growing by 12% compared to the previous quarter [7] - The refinery FUT closed the quarter at 94%, producing high-value-added derivatives [7] Market Data and Key Metrics Changes - The company exported around 800,000 barrels of oil per day, with total exports surpassing 1 million barrels per day when including byproducts [7] - Brent prices rose by 2% in the quarter, although they fell by $11 per barrel over the past year [11] Company Strategy and Development Direction - The company is focused on increasing oil production and improving operational efficiency, with a long-term perspective on investments rather than short-term dividends [14] - Key projects in the refining segment are advancing, with significant savings achieved compared to reference budgets [6] - The company aims to enhance Brazilian self-sufficiency and contribute to energy security and emission reduction through its investments [7] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging scenario due to the drop in Brent prices but emphasized the strong operational performance in the third quarter [4] - The company is confident in meeting its investment guidance and maintaining a focus on efficiency and cost management [16] - Management expressed optimism about future production capacity increases without additional costs, particularly in the Búzios field [22][23] Other Important Information - The company celebrated the hiring of 850 technical employees and approximately 570 new graduates to expand operations [9] - The FPSO Almirante Tamandaré reached a record instantaneous flow rate of 270,000 barrels of oil per day [22] Q&A Session Summary Question: Contribution of inflation to FPSO results and Capex constraints for 2026 - Management stated that Capex is not increasing due to inflation, and investments are being accelerated without raising project budgets [27][28] Question: Concerns regarding Braskem's financial situation - Management noted that Braskem has its own governance and no proposals are currently on the table for discussion [26] Question: Potential reduction in Capex in the midterm - Management indicated that while there may be a reduction in Capex in the future, it is not expected for the next year [31] Question: Sustainability of production levels above nominal capacity - Management clarified that production peaks are temporary and based on reservoir characteristics [46] Question: Decision-making process for leasing vs. owning FPSOs - Management explained that decisions are based on technical assessments and market conditions, with no preference for one model over the other [42] Question: Updates on the ethanol market and liquid natural gas - Management confirmed ongoing negotiations regarding ethanol and expressed interest in participating in future auctions for reserve capacity [48][63]

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]

Core Viewpoint - W&T Offshore reported a non-GAAP loss per share of $(0.08) for Q2 2025, outperforming analyst expectations, but GAAP revenue of $122.4 million fell short of estimates, reflecting a 14% year-over-year decline due to lower commodity prices and cost inflation [1][6][15] Financial Performance - Non-GAAP EPS was $(0.08), better than the $(0.17) consensus, but a 60% decline from $(0.05) in Q2 2024 [2] - GAAP revenue was $122.4 million, down 14.3% from $142.8 million in Q2 2024 [2] - Adjusted EBITDA decreased by 23.3% to $35.2 million compared to Q2 2024 [2] - Free cash flow (non-GAAP) dropped to $3.6 million, an 80.7% decline from $18.7 million in Q2 2024 [2] - Lease operating expenses rose 3.9% to $76.9 million, with a per-barrel cost of $25.20 [2][7] Production and Operations - Production increased to 33.5 thousand barrels of oil equivalent per day, a 10% rise from Q1 2025, but a 4% decline from Q2 2024 [5] - Realized oil prices averaged $63.55 per barrel, down from $80.29 in Q2 2024, while natural gas prices averaged $3.75 per thousand cubic feet, up from $2.50 in Q2 2024 [6] - The company executed nine workover projects to sustain production without new drilling, particularly in Mobile Bay [7][10] Business Strategy - W&T Offshore focuses on acquiring and optimizing producing assets rather than high-risk drilling projects [3] - The company aims to build scale through operational excellence, disciplined capital spending, and strategic acquisitions [4] - Recent acquisitions, particularly the Cox assets, have been integrated to support production ramp-up [12] Reserves and Financial Health - As of June 30, 2025, the company reported 123.0 million barrels in proved reserves, stable compared to 127.0 million barrels at year-end 2024 [11] - The present value of reserves remained at $1.2 billion [11] - The company ended Q2 2025 with $120.7 million in cash and $229.4 million in net debt, reflecting a $14.7 million reduction [9] Future Outlook - For Q3 2025, production is projected between 33.1 to 36.6 thousand barrels of oil equivalent per day, with full-year guidance at 32.8 to 36.3 thousand barrels [14] - Lease operating expenses for Q3 2025 are expected to range from $71.5 million to $79.3 million [14] - The company remains committed to acquisitions, cash discipline, and operational improvements, maintaining a $0.01 per share quarterly dividend [15]