Financial Performance - Free Cash Flow was $126.2 million, a decrease of 5.7% year-over-year and 7.0% quarter-over-quarter[4] - Adjusted EBITDA reached $440.4 million, up 6.6% year-over-year and 1.3% quarter-over-quarter[4] - Shareholder returns totaled approximately $79.3 million through dividends and share repurchases[4] - ROCE was 19.6%, approximately flat quarter-over-quarter[4] Production and Operations - Average daily production was 134.1 Mboe/d, an increase of 8.7% year-over-year but a decrease of 0.6% quarter-over-quarter[4] - Capital expenditures amounted to $210 million, down 11.5% year-over-year and 16.0% quarter-over-quarter[4] - Appalachian volumes reached a record 123.5 mmcf per day[4] - Uinta volumes increased by approximately 18.5% on a sequential quarter basis[8] M&A and Capital Allocation - The company closed on an Upton County, Texas acquisition for a total cash consideration of $61.7 million, net of closing adjustments[8] - Over $1.1 billion of available liquidity at quarter-end[8]

Q1 2025 Highlights - Average daily production reached 135.0 Mboe/d, showing a 2.4% increase QoQ and a 13.0% increase YoY[5] - Adjusted EBITDA hit a record $434.7 million, up 12.3% YoY and 6.9% QoQ[5] - Free Cash Flow surged 151.4% YoY, driven by XCL asset contribution and record production[5] - Shareholder returns totaled approximately $57 million in Q1, through stock repurchases and dividends[5] Operations & Investment Activity - Uinta volumes increased by approximately 15% sequentially and 18% on an Mboe/day basis[5] - NOG closed $4.8 million in Ground Game deals in Q1, adding over 1,000 net acres and ~1.1 net wells[5] - A 2,275 net acre acquisition in Upton County, Texas, was completed for $61.7 million[5] - Net elections increased 35% compared to 2024's quarterly average[23] Financial Position - Net Debt to LQA Adjusted EBITDA ratio improved to 1.32x, a decrease of 0.15x QoQ[5] - Over $900 million in available liquidity at quarter-end[5] Guidance - The company anticipates annual production between 130,000 and 135,000 Boe/day[40] - Total budgeted capital expenditures are projected to be between $1.05 billion and $1.2 billion[40]