Achieved $72 million in free cash flow improvements in 2025, significantly exceeding the $25 million target through margin enhancement and organizational restructuring.

Maintained a unit operating cost structure approximately 30% lower than the offshore peer group average by proactively managing the cost base during production growth.

Expanded Tarantula facility throughput to 38,000 BOE/d via low-capital debottlenecking, maximizing value from the high-performing Katmai field.

Strategic pivot toward oil-weighted assets resulted in top-decile EBITDA margins, with oil expected to reach 73% of total production in 2026.

Leveraged proprietary seismic reprocessing to secure 11 new leases, adding 300 million barrels of gross unrisked resource potential to the portfolio.

Maintained a disciplined capital allocation framework, returning 44% of adjusted free cash flow to shareholders through share repurchases since Q2 2025.

Anticipate a higher 2026 year-end exit rate compared to 2025, driven by the Monument project startup and the return of the Genovese well.

Allocated 60% of the $500-$550 million 2026 CapEx budget to operated projects, focusing on low-breakeven oil developments in the $30-$40 range.

Expect first oil from the Monument project by year-end 2026, providing a durable production profile for 2027 and beyond.

Planned appraisal of the Daenerys discovery with a well spudding in late Q2 2026 to determine if the prospect warrants a standalone facility or a subsea tieback.

Guidance incorporates a 4,000 BOE/d contingency for unplanned downtime and weather-related factors, consistent with historical conservative modeling.

Recorded a $170 million non-cash impairment charge due to the SEC full-cost ceiling test following a decline in trailing twelve-month commodity prices.

Shut-in of the Genovese well due to a safety valve failure impacted Q4 production by 3,000 BOE/d; remediation via intervention vessel is planned for early H2 2026.

Extended the credit facility to 2030 and reaffirmed a $700 million borrowing base, ensuring liquidity to navigate volatile commodity cycles.

Approximately half of the $72 million in 2025 cost savings were identified as one-time benefits, with the remainder being structural and recurring.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.

Management clarified the failure was a mechanical piston issue with no environmental leak, occurring in a well that has produced 12 million barrels since 2018.

The company will use an intervention vessel to install an insert safety valve rather than a full rig-based completion replacement to minimize costs.

Timing is dependent on aligning with the third-party operator of the Nakika facility, with a target return to production in early H2 2026.

The appraisal well is scheduled to spud in late Q2 2026, with results expected by the end of Q3 or early Q4.

The well is engineered to allow for multiple sidetracks to thoroughly assess reservoir intervals and preserve future utility.

Management is running parallel design studies for both a standalone development and a subsea tieback to accelerate the timeline once results are confirmed.

CEO Paul Goodfellow emphasized that while organic growth is strong, the company remains open to inorganic opportunities in other conventional basins.

Management set a high bar for M&A, stating they will not grow just for scale but only for assets that improve the portfolio and fit the disciplined capital framework.

The company prioritizes opportunities where its specific subsurface and deepwater operational expertise can be applied to drive value.

One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.