Financial Performance - Natural gas and oil sales, including realized hedging gains, reached $335 million in Q3 2025[7] - Operating cash flow was $190 million, equivalent to $0.65 per diluted share[7] - Adjusted EBITDAX for Q3 2025 stood at $249 million[7] - Adjusted net income was $28 million, or $0.09 per diluted share, for the third quarter[7] Asset Divestitures - The company divested non-strategic Cotton Valley wells in East Texas and North Louisiana, generating net proceeds of $15 million[7,10] - An agreement was made to sell Shelby Trough assets in East Texas for $430 million in cash[7,10] Drilling and Production - Three Western Haynesville wells were brought online in Q3 2025, featuring an average lateral length of 8,566 feet and an average initial production rate of 32 MMcf per day[7] - In 2025, 28 wells were turned to sales in the Legacy Haynesville area, with an average lateral length of 11,919 feet and a per-well initial production rate of 25 MMcf per day[7,43] Capitalization and Liquidity - As of September 30, 2025, the company's total debt was $3169 million, with common equity at $2618 million[25] - The company maintains strong financial liquidity, exceeding $900 million, which is expected to increase following the Shelby Trough divestiture in December 2025[65]

Financial Performance - Natural gas and oil sales reached $405 million[8] - Operating cash flow was $239 million, equating to $0.81 per diluted share[8] - Adjusted EBITDAX stood at $293 million for the quarter[8] - Adjusted net income amounted to $53.8 million, or $0.18 per diluted share[8] Operational Highlights - Completion activity resumed in late 2024, leading to fourteen (11.3 net) operated wells being turned to sales since the last update, with an average per well initial production rate of 25 MMcf per day[8] - The company drilled 7 gross wells (6.9 net) in Q1 2025, with 11 gross wells (8.3 net) turned to sales[14] - The average lateral length for operated Haynesville wells was 12,359 feet, and for Bossier wells, it was 13,706 feet[14] - The average initial production rate for these wells was 24 Mmcf per day[14,35] Natural Gas Pricing - Realized natural gas prices averaged $3.58 per Mcf in Q1 2025[11] - 54% of gas was hedged, resulting in a realized price after hedging of $3.52 per Mcf[11] - 63% of gas was sold at index (nominated) prices, and 37% was sold at spot (daily) prices[11] Capitalization and Liquidity - Total debt was $3.099 billion as of March 31, 2025[18] - The company has a $1.5 billion secured revolving credit facility[16] - Available liquidity was $1.023 billion, comprising $33 million in cash and cash equivalents and the undrawn portion of the revolving credit facility[18]