Financial Data and Key Metrics Changes - Net income for the first quarter was $15.9 million with adjusted EBITDA of $82.2 million, maintaining a quarterly distribution of $0.0375 per unit [7][6] - Distributable cash flow for the quarter was $73.7 million, representing a coverage ratio of 0.93 times, slightly lower due to a seismic license purchase [7][8] Business Line Data and Key Metrics Changes - Mineral and royalty production was 34,200 BOE per day, while total production volumes were 35,500 BOE per day, both in line with the previous quarter [7] - In East Texas, Aethon operated three rigs and turned to sales 11 gross wells in 2025, with another 17 expected for the remainder of the year [9] - In Louisiana Haynesville, two incremental high-interest wells were turned to sales in March, bringing the total to four under accelerated drilling agreements [10] Market Data and Key Metrics Changes - The company is encouraged by the strength in natural gas prices, which is expected to drive additional near-term gas-weighted activity [6][13] - The ongoing development in the Permian position includes more than 35 gross wells, with 24 already spud and nine anticipated to turn to sales in Q4 2025 [11] Company Strategy and Development Direction - The company continues to focus on high-interest acreage in both oil and gas regions, with a long-term strategy tied to natural gas [6][17] - The Board approved maintaining the quarterly distribution due to a strong financial position and asset outlook, while closely monitoring commodity environments [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy and outlook across assets, indicating a solid quarter and ongoing development [11] - The company is actively evaluating acquisition opportunities, particularly in the Shelby Trough, while remaining open to other potential acquisitions [15][17] Other Important Information - The company has been active in acquiring over $160 million in minerals since September 2023, focusing on long-term growth tied to natural gas strategy [15][16] Q&A Session Summary Question: Activity in Haynesville and Aethon's well completions - Management is encouraged by the strength in natural gas prices and anticipates continued activity levels, with Aethon on schedule for the completion of the remaining 17 gross wells [13][14] Question: Current acquisition opportunities and oil price impact - Management views ongoing acquisitions as beneficial for long-term growth, particularly in natural gas, while remaining focused on the Shelby Trough [15][16]