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- **Free Cash Flow Dominance**: $230M Q3 FCF, 69% returned to shareholders. Pro forma free cash flow per share up 35% since Enerplus combo.
- **4-Mile Well Breakthrough**: 7 wells online, 40% of 2026 program. EUR estimates 90-100% of 2-mile wells, with 2026 benefits materializing late 2026/2027.
- **Cost Efficiency Record**: $120M savings in 2025, targeting $30-50M annual marketing cost savings. 2026 CapEx flat vs 2025 + $40M for XTO.
- **XTO Synergy**: 4,000 bbls/day added, with 2026 program incorporating XTO acreage. 2026 oil volumes 157-161k bbls/day, up 4% vs 2024 pro forma.
- **AI-Driven Optimization**: 5,000 wells under AI automation, reducing downtime. Workover rig efficiency improved 23x with 24/7 operations.

**【Management Opening Remarks】**
- Bob Bakanauskas provided standard forward-looking statements and referenced the Q3 2025 press release and investor presentation.

**【CEO Commentary】**
- **Free Cash Flow & Shareholder Returns**: Q3 2025 free cash flow of $230M, with 69% returned to shareholders via dividends and buybacks. Base dividend of $1.30/share, with incremental capital returned to share repurchases.
- **4-Mile Well Program**: 7 wells turned-in-line by year-end, targeting 40% of 2026 program. Early wells under budget, with EUR estimates 90-100% of 2-mile wells despite assumed 20% degradation in 4th mile.
- **Alternative Shaped Wells**: 11 drilled, 8 online, with costs ~2-3% higher than straight wells but no material EUR difference. Expected to make up ~10% of long-term inventory.
- **Marketing Cost Efficiency**: $30-50M annual savings, with ~$120M improvement in 2025 from production, LOE, capital, and marketing cost reductions.
- **XTO Acquisition**: Added 4,000 bbls/day production, with $15M capital added to 2025 budget. 2026 CapEx guidance of $1.4B (flat vs 2025 + $40M for XTO). 2026 oil volumes expected at 157-161k bbls/day.
- **2026 Outlook**: Capital efficiency improved by ~$100M vs 2024, with focus on longer laterals and cost derisking.

**【CFO Commentary】**
- **Financial Performance**: GAAP net income $420M, Non-GAAP EPS $1.08 (vs $0.95 consensus). Free cash flow per share up 20% YoY, 35% since Enerplus combo.
- **Cost Savings**: $30-50M annual marketing cost savings, with ~$40M realized in 2025. LOE and capital efficiency improvements driving $120M total savings.

**【Q&A Highlights】**
- **4-Mile Well Timeline**: Benefits expected in late 2026/2027 due to longer decline curves. 2027 CapEx impact TBD.
- **Marketing Savings**: $20M impact in 2025, $40M midpoint in 2026. Gas price volatility expected to moderate in 2026.
- **Alternate Shapes**: Execution success with <5% cost premium, no EUR penalty. Concentrated in legacy-constrained areas but broadly applicable.
- **Artificial Lift**: 5,000 wells under AI automation, reducing downtime and workover frequency. ESP conversion to rodless systems in pilot.
- **XTO Integration**: Minimal execution risk, with 2026 program incorporating XTO acreage in late 2026. 2027+ potential for longer laterals.
- **Dividend Policy**: Base dividend defendable at low oil prices, with share buybacks for incremental returns. No immediate plans for dividend growth.

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