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- **Montney Transformation**: $1.3 billion NuVista acquisition adds 930 high-margin locations, boosting oil production by 85,000 b/d and free cash flow per share by 10%. Deal includes $100 million annual synergies.
- **Debt Reduction Path**: Anadarko sale targeting $4 billion net debt by 2026, enabling higher shareholder returns post-target achievement.
- **Permian Dominance**: 70 new locations added at $1.5 million/well, extending inventory to 15 years. Ground game strategy has 3,200 locations added since 2023 at industry-low costs.
- **Financial Resilience**: Q3 free cash flow up 5% YoY to $351 million, with 2025 guidance for 5% annual growth. Undervalued equity with buybacks screening as top return.

**【CEO Summary Section】**
- **NuVista Acquisition**: Acquired 930 net 10,000-foot equivalent well locations in the Montney oil window, expected to boost free cash flow per share by 10% and add 85,000 barrels per day of oil and condensate by 2026. The deal is leverage-neutral at closing and includes $100 million in annualized synergies from lower capital costs and operational efficiency.
- **Anadarko Divestiture**: Planning to commence Anadarko asset sale by end-2026 to reduce net debt below $4 billion, enabling higher free cash flow allocation to shareholders.
- **Permian Expansion**: Added 70 premium drilling locations in the Midland Basin at an average cost of $1.5 million per well, extending inventory runway to nearly 15 years. Ground game strategy has added 3,200 locations since 2023 at $1.4 million per well, unmatched by peers.
- **Debt Target**: Committed to reaching $4 billion net debt target by mid-cycle, with a focus on preserving investment-grade credit ratings.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Generated $3.47 cash flow per share and $351 million free cash flow, both beating estimates. Returned $235 million to shareholders via buybacks and dividends, reduced net debt by $126 million.
- **Guidance Updates**: Raised full-year production targets while maintaining capital guidance. 2025 free cash flow expected to grow 5% annually, driven by cost efficiency and inventory expansion.
- **Tax Optimization**: Reduced 2025 cash tax bill by $7 million through internal restructuring, with durable savings expected for several years.

**【Q&A Highlights】**
- **NuVista Synergies**: $1 million per well cost savings from streamlined facilities and AI-driven optimization. Long-term optionality to grow oil volumes by over 5% annually without major infrastructure spend.
- **Anadarko Sale Timing**: Proceeds will be used for debt reduction, with shareholder returns framework refresh expected post-sale. Management confident in asset's value despite macro uncertainty.
- **Capital Allocation**: Prioritizing buybacks over growth in current macro environment. 2026 capital program will balance activity across Montney legacy, Paramount, and NuVista assets.
- **AECO Mitigation**: Reduced AECO exposure from 30% to 25% post-deal through NuVista's diversified gas marketing contracts and midstream capacity.

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