Achieved 46% year-over-year production growth in 2025, driven by strong well performance and disciplined development across the Utica and Marcellus positions.

Expanded the Ohio Utica footprint through a $1.2 billion acquisition, adding high-quality inventory and integrated midstream infrastructure to lower breakeven costs.

Leveraged a standardized drilling and completion design to maintain operational flexibility, allowing for efficient capital reallocation between oil-weighted and gas-weighted projects.

Utilized extended lateral development, averaging over 15,700 feet per well in 2025, to significantly reduce per-foot drilling costs and enhance capital returns.

Maintained industry-leading cycle times of six to seven months from spud to sales, supported by a transition to a continuous two-rig program in early 2026.

Capitalized on regional demand for light hydrocarbons by positioning Ohio Utica liquids as essential refinery feedstock and diluent for heavier crude blends.

Strengthened the balance sheet through a $350 million perpetual convertible preferred equity issuance, reducing debt while increasing working interest in core assets.

Plans to operate two rigs throughout 2026, with one dedicated to legacy assets and one to the newly acquired Ohio Utica acreage starting in the second quarter.

Anticipates 70% year-over-year production growth for 2026, supported by 31 gross wells turned to sales with a focus on rich gas and oil-weighted locations.

Allocated $450 million to $500 million in development capital, including significant investments in midstream infrastructure to support long-term scale.

Maintains optionality for Deep Utica dry gas development in Pennsylvania, with a permit in hand and a capable rig ready for potential late-2026 activity.

Strategy involves systematic de-risking of the development program through a balanced hedging profile for oil and gas to protect investment returns.

Closed the $1.2 billion Antero asset acquisition, which included critical midstream ownership that provides attractive cost structures and third-party revenue potential.

Completed the Chase acquisition using equity for the first time post-IPO, increasing working interest in the South Bend field without adding G&A overhead.

Reported a 36% year-over-year decline in operating costs, attributed to increased Pennsylvania gas volumes flowing through wholly owned midstream systems.

Issued $350 million in convertible preferred stock to Quantum Capital and Carnelian Energy, aligning with long-term investors while limiting immediate common dilution.

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Management attributed the higher CapEx to increasing their working interest in the Antero acquisition to 60% and assuming full costs for the initial 19,000-foot lateral pad.

The budget includes flexibility for the 'ground game' to lengthen laterals and pick up additional working interest in operated projects throughout the year.

Management clarified that while they have 'regulatory spuds' via conductor settings, true drilling activity is slated for the latter half of 2026.

The project is viewed as a long-term opportunity that leverages existing infrastructure in the South Bend field where they already target the Marcellus horizon.

Management emphasized they will not be 'wind socked' or 'schizophrenic' by short-term price moves, preferring a systematic development approach.

They noted that while they have the flexibility to swap projects, they would only accelerate oil development if elevated prices prove to be a long-term trend.

Owning midstream in Pennsylvania and the newly acquired Ohio acreage allows the company to bypass traditional GP&T charges, lowering the overall blended cost structure.

The system currently has 1.2 Bcf per day of capacity, providing a strategic advantage for both internal volume growth and third-party midstream revenue.

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