Operating and Financial Results 4Q/FY 2025 Legal Disclaimer Financial Results This document was prepared by Ecopetrol S.A. (the "Company" or "Ecopetrol") with the purpose of providing the market and interested parties certain financial and other information of the Company. This document may include strategy discussions and forward-looking statements regarding the probable development of Ecopetrol's business. Said projections and statements include references to estimates or expectations of the Company regar ...

Core Viewpoint Pine Cliff Energy Ltd. has released its 2025 annual results, highlighting financial performance, reserve data, and a dividend declaration, indicating a mixed performance with a focus on future capital expenditures and production strategies. Financial Highlights - For Q4 2025, adjusted funds flow was $7.8 million ($0.02 per share), down from $8.6 million in Q4 2024, while for the year, it was $29.9 million ($0.08 per share), compared to $38.0 million in 2024 [6][13] - Net income for Q4 2025 was $3.8 million ($0.01 per share), compared to a net loss of $5.6 million in Q4 2024; however, for the full year, the company reported a net loss of $12.1 million ($0.03 per share), compared to a loss of $21.4 million in 2024 [6][13] - Production averaged 20,173 Boe/d in Q4 2025, representing an 11% decrease from Q4 2024, while the annual average was 20,763 Boe/d, also down from 23,248 Boe/d in 2024 [6][13] Reserve Report Highlights - As of December 31, 2025, total proved reserves were 61,813.3 MBoe, with a total proved plus probable (TPP) reserve of 92,820.9 MBoe, down 1.4% from 94.1 MBoe in 2024 [4][7] - The net present value (NPV) of TPP reserves discounted at 10% was $534.6 million, a reduction of $13.5 million (2%) from the previous year [7] - Approximately 67% of total reserve volumes were classified as total proved reserves, an increase from 64% in the previous year [7] Dividend Declaration - The company declared a regular monthly dividend of $0.00125 per common share, payable on March 31, 2026, to shareholders of record on March 16, 2026 [10] Corporate Outlook - The Board of Directors approved a 2026 capital expenditure budget of $15.2 million, which includes $6.5 million for abandonment and reclamation spending [11] - The company plans to evaluate opportunities for a drilling program in the second half of 2026 [11] Hedging Position - Pine Cliff has hedged approximately 37% of gross natural gas production at an average price of $3.19/Mcf for 2026 and 31% of gross crude oil production at an average price of US$63.45/Bbl for 2026 [12]

Core Insights - Riley Exploration Permian, Inc. reported significant financial and operational results for 2025, highlighting a transformational year with strategic initiatives aimed at inventory expansion, infrastructure buildout, and balance sheet improvement [1][2]. Financial Highlights - Fourth quarter 2025 revenues totaled $97 million, with a net income of $85 million, or $4.02 per diluted share [1][2]. - Full-year 2025 revenues reached $392 million, with a net income of $161 million, or $7.59 per diluted share [2]. - The company generated $213 million of operating cash flow and $81 million of total free cash flow for the year [1][2]. - A stock repurchase program was authorized for up to $100 million of outstanding shares [1]. Operational Performance - The company averaged 35.5 MBoe/d of total equivalent production in Q4 2025, with oil production at 20.1 MBbls/d [1]. - For the full year 2025, total equivalent production averaged 29.2 MBoe/d, with oil production at 17.3 MBbls/d [1][2]. - The company drilled 88 gross wells in Texas during Q4 2025, completing 55 of them [1]. Debt and Capital Expenditures - Riley Permian reduced its outstanding debt by $120 million, achieving a year-end debt-to-Adjusted EBITDAX ratio of 1.0x [1]. - Total accrued capital expenditures for 2025 were $120 million, with $83 million allocated for upstream activities [1][2]. Reserves and Future Guidance - Proved reserves as of December 31, 2025, were estimated at 147 MMBoe, a 19% increase from the previous year [2]. - The company provided guidance for 2026, projecting total production of 35.0 - 37.0 MBoe/d and capital expenditures of $190 - 210 million [1][2].

Core Insights - Parex Resources Inc. reported solid operational results, reserves growth, and strong shareholder returns for 2025, with a focus on long-term organic growth and value-accretive M&A in Colombia [3][4]. Financial Performance - The company generated annual funds flow from operations (FFO) of $455 million and free funds flow of $145 million in 2025 [5]. - Net income for 2025 was $255 million, translating to $2.62 per share, with an adjusted EBITDA of $513 million [5][9]. - The company declared a Q1 2026 regular dividend of C$0.385 per share, annualizing to C$1.54 per share [5][13]. Operational Highlights - Average production for 2025 was 48,606 boe/d, with a year-end production of 44,701 boe/d, achieving guidance [8][9]. - The company successfully completed a tuck-in acquisition at LLA-32, increasing peak production to over three times pre-acquisition levels [6]. - A near-field exploration program achieved a 75% success rate, adding production and reserves [6]. Reserves Assessment - As of December 31, 2025, Parex increased both PDP and 1P reserves per share by 4% and 2P reserves per share by 8% compared to 2024 [5][8]. - The reserve replacement ratios were strong, with PDP and 1P at 106% and 2P at 152% [8][19]. - The company maintained a 2P reserve life index of 10 years [8]. Capital Expenditures - Total capital expenditures for 2025 were $310 million, primarily focused on activities at LLA-32, LLA-74, LLA-34, Cabrestero, and Capachos [5][9]. - The company expects elevated capital expenditures in H1 2026, aligning with a front-end weighted activity plan [12]. Future Outlook - The company is advancing its field development planning and has initiated drilling activities in the Putumayo region, with initial results exceeding expectations [11]. - A 10-well exploration program at LLA-111 is underway, with positive log results from the first well [11].

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Core Insights - GeoPark Limited announced a significant increase in its oil and gas reserves, with a 2P Reserve Replacement Ratio of 430% and a 2P Reserve Life Index of 12.7 years [1][3][11] - The company's 2P value per share, adjusted for net debt, is reported at $15.8, reflecting strong financial health [1][11] - The 2P finding, development, and acquisition cost is noted at $4.3 per barrel of oil equivalent (boe), indicating efficient capital allocation [1][6] Reserve Growth and Portfolio Optimization - Total 2P reserves increased by 38% year-over-year, primarily due to the addition of 36.7 million barrels of oil equivalent (mmboe) from Argentina [3] - The strategic acquisition of unconventional oil blocks in Vaca Muerta has transformed GeoPark's reserves profile, now accounting for 30% of total 2025 reserves [3][4] - Certified 1P reserves stand at 69 mmboe, while 2P reserves total 121 mmboe, marking the highest levels since 2022 [3][11] Operational Developments - GeoPark has implemented a strategic optimization plan for the Loma Jarillosa Este Block, currently producing 1,860 barrels of oil equivalent per day (boepd) [4] - The company is advancing its Vaca Muerta development plan with a new drilling program scheduled for the second half of 2026, aiming for a production target of 20,000 boepd by 2028 [4] Regional Performance - In Colombia, 2P reserves increased by approximately 2.6 mmboe, driven by technical revisions and new discoveries in various fields [5] - The Llanos 34 Block continues to contribute significantly to GeoPark's certified reserves through various recovery optimization initiatives [5] Financial Metrics - The net present value (NPV) of 2P reserves after tax is estimated at $1.3 billion, showcasing the company's strong asset value [11] - The 2025 Reserve Life Index for 1P, 2P, and 3P reserves are reported at 7.2 years, 12.7 years, and 18.1 years respectively, indicating a robust reserve base [11]

Core Insights - Chevron Corporation is poised for a significant opportunity depending on the arbitration ruling regarding its $53 billion acquisition of Hess Corporation, which is crucial for accessing the Stabroek oilfield in Guyana [1][5]. Group 1: Acquisition Details - The arbitration is being overseen by the International Chamber of Commerce, which is currently reviewing the decision before sharing it with the involved parties [2]. - Chevron's interest in acquiring Hess is primarily driven by Hess's 30% stake in the Stabroek block, a key offshore oilfield operated by Exxon and involving CNOOC [3]. - The Stabroek block is vital for Chevron's strategy to address declining reserves, as indicated by a reserve replacement ratio of -4% in 2024, highlighting the urgency of this acquisition [3][7]. Group 2: Dispute Context - Exxon and CNOOC assert that their joint venture agreements provide them a right of first refusal on Hess's stake, while Chevron and Hess argue that this clause does not apply to their merger [4]. - The outcome of the arbitration will determine if Chevron can proceed with the acquisition or if Exxon and CNOOC can block the deal and potentially acquire the stake themselves [5]. Group 3: Strategic Implications - A favorable ruling for Chevron would enhance its position in a promising oil region, while an unfavorable outcome could jeopardize one of the largest oil deals in recent history [5].

Financial Data and Key Metrics Changes - High Peak Energy reported an average production of over 53,000 BOEs per day, a 6% increase compared to Q4 [6] - The company generated nearly $200 million in EBITDA during the quarter, reflecting a 10% increase from the previous quarter [6] - Cash margins remained healthy, supported by a 3% decrease in lease operating expenses quarter over quarter [7] Business Line Data and Key Metrics Changes - The drilling team spud 20 wells during the quarter, exceeding the initial plan of 12 wells, and rig released 16 wells [9] - The average spud to spud timing improved from 14 days to about 11 days, translating to a single rig drilling over 30 wells per year [8] Market Data and Key Metrics Changes - The company is experiencing a 3% increase in costs for tubular goods due to tariffs, which could raise overall AFE by approximately 2% [16] - Despite the tariff impact, overall well costs are seeing low single-digit declines [18] Company Strategy and Development Direction - High Peak is narrowing its production guidance and raising the bottom end due to strong Q1 performance [8] - The company plans to drop one of its two rigs for four months to manage operational DUCs and maintain capital discipline [13][14] - High Peak is implementing simul frac operations to enhance efficiency and reduce costs further [18] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the current market environment and indicated flexibility to adjust development plans based on market conditions [14][15] - The company remains in a healthy financial position with no near-term debt maturities and is focused on optimizing its capital structure [27][28] Other Important Information - High Peak's reserve replacement ratio over the past three years is 400%, primarily driven by organic growth [20] - The company has a long runway of high-value drilling locations, which is becoming increasingly scarce in the industry [28] Q&A Session Summary Question: Impact of simul frac on costs - Management explained that simul frac could reduce completion time from 25-28 days to 11-14 days, resulting in approximately $1 million savings for a four-well pad [33][34][37] Question: Update on well results in Borden County - Management reported that eight wells in Borden County are performing well, with new wells showing a 20% improvement in production compared to the previous year [40][41] Question: Economic development locations with Middle Spraberry - Management indicated that they have about 200 Middle Spraberry wells in inventory, with expectations to move many into the sub $50 breakeven category over the next year [46][47] Question: Impact of 2025 development plan changes on 2026 - Management noted that maintaining efficiency gains will depend on working closely with vendor partners and market conditions [48][49] Question: Production guidance adjustments - Management confirmed that the raised production guidance is primarily due to strong Q1 performance and efficiencies, with expectations for continued strong production in 2025 [51][52] Question: Balance sheet recapitalization goals - Management emphasized the importance of optimizing capital structure and the potential for significant free cash flow generation in the coming years [56][59]

Financial Data and Key Metrics Changes - The company reported an average production of over 53,000 BOEs per day, a 6% increase compared to Q4 [6] - EBITDA for the quarter reached nearly $200 million, reflecting a 10% increase from the previous quarter [6][13] - Cash margins improved due to a 3% decrease in lease operating expenses quarter over quarter [7] Business Line Data and Key Metrics Changes - The drilling team spud 20 wells during the quarter, exceeding the initial plan of 12 wells [10] - The average spud to spud timing improved from 14 days to about 11 days, representing over a 20% efficiency gain [8] - The company is building additional drilled but uncompleted (DUC) inventory, with a work in progress well count of 28 at the end of the first quarter [11] Market Data and Key Metrics Changes - The cost of tubular goods is expected to rise by approximately 3% due to tariffs, impacting overall AFE by roughly 2% [17] - The company is experiencing low single-digit overall declines in well costs, despite the increased tubular goods prices [19] Company Strategy and Development Direction - The company is narrowing its production guidance and raising the bottom end due to strong Q1 performance [8] - A decision was made to drop one of the two rigs for four months to manage operational DUCs and maintain capital discipline [14][15] - The company plans to implement simul frac operations to further reduce development costs and improve efficiency [20] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the current market environment and indicated flexibility to adjust the development program as needed [15][29] - The company remains in a healthy financial position with no near-term debt maturities and is focused on optimizing its capital structure [28][29] - Management emphasized the importance of maintaining a long-term outlook on value creation despite market volatility [29] Other Important Information - The company has achieved a 400% reserve replacement ratio over the past three years, primarily through organic growth [21] - High Peak's profitability is highlighted as superior compared to peers, driven by a better cost structure [22] Q&A Session Summary Question: Impact of simul frac on per foot D&C cost - Management explained that simul frac could reduce completion time from 25-28 days to 11-14 days, resulting in approximately $250,000 savings per well [32][36][39] Question: Update on well results in Borden County - Management reported positive performance from eight wells in Borden County, with new wells showing a 20% improvement in production compared to the previous year [40][42] Question: Economic development locations with Middle Spraberry - Management indicated that they have about 200 Middle Spraberry wells in inventory, with expectations to move many into the sub $50 breakeven category [47][49] Question: Impact of 2025 development plan changes on 2026 - Management noted that maintaining efficiencies will depend on working closely with vendor partners and market conditions [50][51] Question: Production guidance increase rationale - The increase in production guidance was attributed to strong Q1 performance and the expectation of continued efficiency gains [52][54] Question: Balance sheet recapitalization goals - Management discussed the importance of optimizing capital structure and the potential for significant free cash flow generation in the coming years [56][60]