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- **Cost Savings Ahead of Schedule**: $300M in 2025 savings vs. $60M target, with $50M-$100M additional savings by end-2026.
- **Egypt Gas Growth**: 2026 gas production growth offsetting $60M in legacy cost recovery decline, with new contract economics equivalent to $75-$80/bbl Brent oil.
- **Permian Flexibility**: 5-rig program supports 120,000 bbl/day oil production, with option to drop to 4 rigs if oil prices fall below $50/bbl.
- **Balance Sheet Strength**: $475M cash, $339M free cash flow in Q3, and ~$0 U.S. cash taxes in 2025-2026.

**【CEO Summary Section】**
- **Operational Excellence**: Exceeded production guidance across all regions (Permian, Egypt, North Sea, Suriname), with Permian oil production above expectations and Egypt gas volumes growing sequentially.
- **Cost Savings Acceleration**: Achieved $300M in annualized savings this year, 2 years ahead of the original 2027 target. Targeting an additional $50M-$100M in run-rate savings by end-2026 through G&A, LOE, and capital efficiency.
- **Strategic Flexibility**: 2026 capital plan allows for 120,000 bbl/day Permian oil production with 5 rigs, while maintaining flexibility to reduce activity if oil prices fall below $50-$60/bbl. Egypt gas program on track to grow gross BOEs year-over-year.
- **Suriname Progress**: GranMorgu first oil remains on track for mid-2028, with development capital of ~$250M in 2026.

**【CFO Financial Commentary】**
- **Financial Performance**: Q3 2025 GAAP net income of $205M, adjusted net income of $332M, and free cash flow of $339M. Reduced net debt by $430M, ending the quarter with $475M in cash.
- **Cost Control**: LOE below guidance due to North Sea efficiency, G&A ~$15M below guidance. U.S. tax savings of ~$75M year-to-date due to new corporate alternative minimum tax guidelines.
- **Egypt Receivables**: Nearly eliminated past-due receivables, with $148M in payments received in Q3. Modernized contract terms reduce cash flow impact of legacy cost recovery by ~70% in 2026.
- **ARO Management**: Proactive decommissioning in the North Sea reduced after-tax spend by $55M in 2026, with 40% tax benefit on decommissioning costs.

**【Q&A Highlights】**
- **Permian Flexibility**: 5-rig program supports 120,000 bbl/day oil production, with ability to drop to 4 rigs if oil prices fall below $50/bbl. Delaware Basin breakeven ~$50/bbl, Midland ~$30/bbl.
- **Egypt Gas Pricing**: New contract terms allow gas development economics equivalent to $75-$80/bbl Brent oil, with minimal infrastructure costs. 2026 gas production growth offsetting ~$60M in lost legacy cost recovery cash flow.
- **Exploration Outlook**: Minimal 2026 exploration spend (~$65M), with focus on Suriname and Western Desert gas. Alaska Sockeye appraisal expected in 2026, with potential for ice road construction in late 2026/early 2027.
- **Tax Efficiency**: U.S. cash taxes expected to be ~$0 in 2025 and 2026, with ongoing benefits from OBBB and bonus depreciation rules.

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