Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged for each share of Vital[17] - The transaction implies a 5% premium to the 30-day VWAP exchange ratio and a 15% premium to Vital's 30-day VWAP as of August 22, 2025[17] - Post-transaction, Crescent shareholders will own approximately 77% and Vital shareholders will own approximately 23% of the combined company[17] - The combined company targets $90 to $100 million in estimated annual synergies within the first 12 months[17] Financial Highlights - The combined entity anticipates generating over $4 billion in free cash flow over the next 5 years[17] - Leverage is expected to be approximately 1.5x at closing, with further deleveraging planned through organic free cash flow and potential divestitures of non-core assets worth around $1 billion[17] - Crescent plans to maintain a quarterly dividend of $0.12 per share[17] - The pro forma company anticipates approximately $3.4 billion in EBITDA for 2025[18] and $1 billion in levered free cash flow[18] Asset Portfolio - The combined company will have a scaled asset portfolio across the Eagle Ford, Permian, and Uinta Basins[16] - Pro forma production is estimated at approximately 397 Mboe/d, with approximately 64% liquids[31] - The company holds approximately 1 million net acres across the Eagle Ford, Uinta, and Permian basins[34]

Transaction Overview - Crescent Energy will acquire Vital Energy in an all-stock transaction, with 1.9062 shares of Crescent exchanged per share of Vital[17] - The pro forma combined enterprise value is approximately $9.1 billion, assuming a Vital equity value of ~$750 million as of August 22, 2025, and the assumption of ~$2.3 billion in net indebtedness[17] - Pro forma ownership will be 77% Crescent and 23% Vital[17] - The transaction is expected to close by the end of Q4 2025[17] Financial and Strategic Benefits - The combined company anticipates strong free cash flow generation of over $4 billion over the next 5 years[17] - Targeting $90 - $100 million of estimated annual synergies over the next 12 months[17] - Expect ~1.5x leverage at close with a path to further deleveraging through organic FCF and ~$1 billion pipeline of non-core divestitures[17] - Pro forma Crescent is positioned as a Top 10 independent producer[15] - The combined company's 2025E production is estimated at ~397 Mboe/d, with ~64% liquids[31] Capital Allocation and Returns - Maintain a $0.12 per share quarterly dividend[17] - The acquisition is expected to be highly accretive to CFFO, FCF, and NAV per share[14] - The company targets a ~50% reinvestment rate to increase free cash flow[37]

Core Viewpoint - Viper Energy, Inc. has successfully completed the acquisition of Sitio Royalties Corp. in an all-equity transaction, marking a significant milestone in the mineral and royalty industry, enhancing its position in the North American shale market [1][2]. Revised Third Quarter 2025 Guidance - The merger creates a leader in size, scale, float, liquidity, and access to investment-grade capital in the fragmented minerals market, while Viper maintains a unique relationship with its parent company, Diamondback Energy [2]. - Pro forma Viper is positioned for sustained growth with no capital expenditures and limited operating costs [2]. Production Estimates - Average oil production is projected to be between 54,500 and 57,500 barrels per day (bo/d), reflecting an increase of 8,500 bo/d at the midpoint compared to prior standalone guidance, due to 43 days of contribution from Sitio [7]. - Average total production is expected to range from 104,000 to 110,000 barrels of oil equivalent per day (boe/d), representing an increase of 18,000 boe/d at the midpoint compared to prior standalone guidance, also attributed to the contribution from Sitio [7].

Core Viewpoint - Obsidian Energy has announced a partial redemption of $30 million of its outstanding Senior Unsecured Notes, reflecting a strong balance sheet and liquidity position, which will help reduce future interest expenses [1][2]. Group 1: Redemption Details - The redemption date is set for August 29, 2025, with a redemption price of $1,029.88 per $1,000 principal amount of the redeemed Notes, equating to 102.988 percent of the principal amount, plus accrued interest [2]. - After the redemption, Obsidian Energy will have $80.8 million of Notes outstanding, and the maximum semi-annual free cash flow offer required under the trust indenture will be $17.0 million [2]. Group 2: Company Overview - Obsidian Energy is an intermediate-sized oil and gas producer with a diverse portfolio of high-quality assets, primarily located in Alberta's Peace River, Willesden Green, and Viking areas [5]. - The company focuses on exploring, developing, and holding interests in oil and natural gas properties and related production infrastructure within the Western Canada Sedimentary Basin [5][6].

Company Participation - Amplify Energy Corp. will participate in the 30th Annual EnerCom Denver – The Energy Investment Conference on August 18-19, 2025 [1] - CEO Dan Furbee will hold one-on-one meetings with investors during the conference [1] Presentation Details - Dan Furbee will present at 3:35 P.M. MT on August 18, followed by a 50-minute breakout session [2] - Interested parties can register for the webcast at the provided URL [2] Company Overview - Amplify Energy is an independent oil and natural gas company focused on the acquisition, development, exploitation, and production of oil and natural gas properties [2] - The company's operations are concentrated in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), and East Texas / North Louisiana [2]

Core Insights - Exxon Mobil Corporation (XOM) has achieved record production levels in the Permian Basin, producing approximately 1.6 million barrels of oil equivalent per day (MMBoE/D), marking its highest output to date [2][7] - The company is utilizing innovative technologies, specifically lightweight proppant, to enhance recovery rates from 15% to 20%, allowing for increased oil extraction from existing wells [3][7] - ExxonMobil projects an increase in production to 2.3 MMBoE/D by 2030, indicating a significant growth trajectory from the current output [4][7] Company Performance - XOM's share price has decreased by 4.7% over the past year, contrasting with a 4% increase in the broader industry [6] - The company's current enterprise value to EBITDA (EV/EBITDA) ratio stands at 6.93X, which is higher than the industry average of 4.31X, suggesting a premium valuation [9] Earnings Estimates - The Zacks Consensus Estimate for XOM's 2025 earnings has been revised upward recently, with current estimates for the current quarter at $1.70, next quarter at $1.62, and the current year at $6.59 [11][12]

Company Overview - APA is expected to report quarterly earnings of $0.45 per share, reflecting a year-over-year decline of 61.5% [3] - Revenues are anticipated to be $2.07 billion, down 25.8% from the same quarter last year [3] - The Most Accurate Estimate for APA matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12] Earnings Expectations - The earnings report is scheduled for release on August 6, and better-than-expected results could lead to a stock price increase [2] - Conversely, missing expectations may result in a decline in stock price [2] - The consensus EPS estimate has been revised 4% higher in the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - APA currently holds a Zacks Rank of 3, making it challenging to predict an earnings beat conclusively [12] Historical Performance - In the last reported quarter, APA exceeded the expected earnings of $0.83 per share, achieving $1.06, resulting in a surprise of +27.71% [13] - Over the past four quarters, APA has beaten consensus EPS estimates two times [14] Industry Context - Devon Energy, another player in the oil and gas exploration and production sector, is expected to report earnings of $0.82 per share, indicating a year-over-year decline of 41.8% [18] - Devon's revenues are projected to be $4.01 billion, up 2.5% from the previous year [18] - The consensus EPS estimate for Devon has been revised 13.8% higher in the last 30 days, but a lower Most Accurate Estimate results in an Earnings ESP of -0.16% [19]

Core Viewpoint - Exxon Mobil (XOM) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended June 2025, with the actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The consensus estimate for Exxon’s quarterly earnings is $1.49 per share, reflecting a year-over-year decrease of 30.4%. Revenues are projected to be $82.82 billion, down 11% from the same quarter last year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 10.74% higher, indicating a reassessment by analysts of their initial estimates [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for Exxon is the same as the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%. This suggests no recent differing analyst views from the consensus [12]. Historical Performance - In the last reported quarter, Exxon was expected to post earnings of $1.74 per share but actually reported $1.76, achieving a surprise of +1.15%. Over the past four quarters, the company has consistently beaten consensus EPS estimates [13][14]. Investment Considerations - Despite the potential for an earnings beat, Exxon does not currently appear to be a compelling candidate for such an outcome, and investors should consider other factors when making investment decisions [17].

Core Viewpoint - Amplify Energy Corp. is focusing on strategic initiatives to simplify its portfolio, reduce debt, and enhance shareholder value through divestitures and operational optimization [2][3][5]. Strategic Initiatives - The company is committed to simplifying its portfolio and focusing on attractive investment opportunities to create shareholder value [2]. - Amplify has engaged TenOaks Energy Advisors to explore the divestiture of its assets in East Texas and Oklahoma, aiming to reduce debt and lower general and administrative costs [3]. - The potential sale of these assets is expected to allow Amplify to accelerate its development program at Beta and pursue cost-saving opportunities at Bairoil [4]. Executive Leadership Changes - Effective July 22, 2025, Martyn Willsher has stepped down as President and CEO, with Dan Furbee promoted to CEO and Jim Frew promoted to President and CFO [5][6]. - The Board of Directors believes the new leadership team can effectively implement the focused strategic plan [6]. Company Overview - Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, and production of oil and natural gas properties, with operations primarily in Oklahoma, the Rockies, federal waters offshore Southern California, and East Texas/North Louisiana [7].

Core Viewpoint - Frontera Energy Corporation has announced a normal course issuer bid (NCIB) to purchase up to 3,502,962 common shares, representing approximately 5% of its issued and outstanding shares, to enhance shareholder value [1][2][4]. Group 1: NCIB Details - The NCIB will commence on July 18, 2025, and conclude on July 17, 2026, allowing the company to buy back shares based on market conditions [2]. - As of July 15, 2025, Frontera had 70,059,243 common shares issued and outstanding [2]. - The average daily trading volume of the common shares was 48,188, limiting daily purchases to 12,047 shares, excluding block purchase exceptions [3]. Group 2: Rationale for Share Buyback - The company believes that the market price of its common shares may not reflect its underlying business value, prompting the buyback to increase the value of remaining shares [4]. - The shares repurchased will be cancelled, thereby reducing the total number of outstanding shares [6]. Group 3: Implementation of the Buyback - Frontera has established an automatic share purchase plan with BMO Nesbitt Burns Inc. to facilitate the NCIB, allowing purchases even during regulatory restrictions [5]. - Purchases will be conducted through open market transactions, with the price based on the market rate at the time of acquisition [6]. Group 4: Previous Buyback Performance - Under the previous NCIB that expired on November 20, 2024, Frontera was authorized to repurchase 3,949,454 shares and successfully bought back 1,552,100 shares at an average price of C$8.33 [8]. Group 5: Company Overview - Frontera Energy Corporation is a Canadian public company engaged in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, with interests in 22 exploration and production blocks [9].