Latest news with #ChrisDoyle
Morocco World
a day ago
- Business
- Morocco World
France, UK Poised to Recognise Palestine at Upcoming UN Summit
Rabat – The United States has reportedly issued private warnings to the United Kingdom and France, urging them not to move forward with unilaterally recognizing the Palestinian state at an upcoming UN summit, according to an exclusive by Middle East Eye. The conference, which will be co-hosted by France and Saudi Arabia, is set to take place from June 17–20 in New York and will focus on efforts to revive the long-stalled two-state solution. France is reportedly planning to declare recognition of Palestinian statehood at the summit and has been actively encouraging the UK to do the same — an initiative that British officials appear increasingly open to, according to French reports. Characterized by media sources as a 'point of no return' for the two-state framework, the summit is expected to culminate in a binding roadmap, with concrete timelines for Palestinian statehood and potential punitive measures for those who obstruct its implementation. Officials within the British Foreign Office told MEE that the US has conveyed its opposition to this potential move, cautioning both nations against formal recognition and pushing them to step back from any such commitments — warnings delivered in spite of growing pressure from Arab governments and various global stakeholders calling for decisive recognition of Palestinian sovereignty. Chris Doyle, director of the Council for Arab-British Understanding, insisted that Washington lacks any valid justification to intervene in a decision that lies within the sovereign rights of the UK and France. He maintained that recognizing Palestine would affirm its legitimate claim to nationhood and elevate it to equal standing in any future peace process. During preliminary consultations at the United Nations and at a June 1 meeting in Amman, Arab foreign ministers made clear that the success of the upcoming summit would hinge on formal recognition by influential global powers. A number of Arab officials condemned Israel's decision to block the high-level delegation — including representatives from Saudi Arabia, Egypt, Jordan, the United Arab Emirates, and Qatar — from meeting with Palestinian leadership in Ramallah. The delegation described Israel's obstruction as a 'blatant violation' that illustrates 'the arrogance of the Israeli government' and its continued 'disregard for international law.' This incident followed Israeli gunfire directed at Arab diplomats in the West Bank just days earlier, with Israel labelling the delegation's presence as 'provocative' and accusing the Palestinian Authority of failing to denounce the events of October 7 — while simultaneously amplifying its narrative of victimhood nearly two years into its live-streamed campaign of genocide in Gaza. Such a state would undoubtedly become a terrorist entity in the heart of the Land of Israel,' claimed an Israeli official, declaring that Israel would refuse to cooperate with what it sees as a threat to its existence. Should France and the UK proceed, they would become the first G7 members to officially recognize Palestine — a move that would significantly alter Israel's global diplomatic posture. Israel's threats Israel has already warned of serious consequences, with Strategic Affairs Minister Ron Dermer threatening annexation of parts of the West Bank in response. In line with these threats, the Israeli government recently authorized the creation of 22 new illegal settlements in the West Bank, claiming the move was designed to 'strengthen our hold on Judea and Samaria'— a euphemism that attempts to repackage ethnic cleansing and land theft as strategic sovereignty. Simultaneously, Israeli has revived its highly contentious E1 settlement plan — long denounced for undermining the territorial contiguity of a Palestinian state. The project risks severing East Jerusalem from the West Bank and severing the territory itself. Earlier in May, Israeli Finance Minister Bezalel Smotrich confirmed the government's intent to approve the construction of 3,412 housing units in the E1 zone in the coming months. The reactivation of the E1 plan has reignited debate in the UK about recognising Palestine, particularly given that Britain had signalled as far back as 2014 that it might do so if Israel advanced the E1 project. Frustration continues to mount in Britain and across Europe, as Israel's aggressive expansion of settlements — and its blatant defiance of international law — shatter any remaining illusions of a genuine two-state outcome. While framed as a peaceful and just breakthrough, the two-state solution is also widely controversial as it legitimizes Israel's occupation and the ethnic cleansing of Palestinians since 1948. This framework offers a fragmented and non-sovereign state in only 22% of historic Palestine, and denies millions of refugees their right to return – falsely presenting Israel and Palestine as equal negotiating partners, despite the vast power imbalance and ongoing military occupation, apartheid and ethnic cleansing.
Arab News
3 days ago
- Business
- Arab News
Starmer's grown-up approach may lift some negativity
Nine years ago this month, the UK narrowly voted to jettison its membership of the EU. Depending on your point of view, this was either the greatest act of self-harm perpetrated by a modern nation state or a long-overdue reclamation of a great nation's sovereignty and independence. The political, economic and social fault lines that erupted were deep and painful, often akin to a hellish psychodrama. Four years of negotiation, much of it between factions within the British Conservative Party, were required to set the terms of this divorce. As with many divorces, it was costly and bitter. It may not have been a happy marriage, with plenty of febrile squabbles, but separation was tough to take. Now, five years after the exit deal came into effect, emotions have cooled and a more sober examination of the relationship has led to a reevaluation, not least with a more Europhile Labour Party in power. A second marriage is not on the cards, but a more civilized working relationship has been sought. All the arguments of old seem stale and irrelevant. Many Brexiteers have also had buyers' remorse. Hence, a recent poll found that 62 percent of Britons see Brexit as more of a failure than a success, while 56 percent believe it was wrong to leave the EU. Five years after Brexit, emotions have cooled and a more sober examination of the relationship has led to a reevaluation Chris Doyle This is the backdrop to the new deal signed in the middle of May. It realigned the UK-EU relationship, away from what many saw as a hard Brexit to something a little softer and closer. The electorate is broadly content to adhere to some EU rules and regulations if it means a closer economic relationship and easier access to the bloc's market. The security aspect of the deal was a no-brainer. The UK brings military capabilities the EU greatly needs and, with the threat of Russia ever-present, it makes sense for all parties. The isolationist position of the Trump administration and the increasing appeal of this approach in the US has only served to energize a desire for a more assertive European defense posture. There will be meetings every six months to discuss foreign and defense matters, which should return a degree of cooperation to such issues. At the security level, the two sides will share DNA samples and fingerprints, a move that is hard to object to. Few nowadays dissent from the view that Brexit has been costly for the UK economically. The increased red tape and bureaucracy to export to the EU has been a massive burden for businesses. Many stopped bothering trying to export. This agreement envisages a reduction on checks on food exports to the EU, with most routine checks being dropped. The UK will now be able to sell raw burgers and sausages into the bloc for the first time since Brexit. The Starmer government claims this will benefit the UK economy by as much as £9 billion ($12 billion) a year by 2040. Many will also welcome the arrangement to permit British holidaymakers to once again use e-gates at more European airports. This will probably not happen until the autumn. A more politically challenging aspect is the youth experience scheme, which will permit young people to travel and work more freely between the UK and EU. The far right portrays this as a betrayal of the need to crack down on immigration. Critics also point out that the new agreement does nothing to stem the small boats crisis, as more than 36,000 migrants made their way across the English Channel in 2024. Immigration is a hot button issue and a challenge that Prime Minister Keir Starmer, like his predecessors, is struggling to address. As much as farmers will be happy, fishermen may not be, as the fisheries part was the most controversial component. European fishing boats will receive another 12 years of access to British waters in exchange for easing some trade frictions. This agreement augurs a more mature relationship that is focused less on separation and more on maximizing the partnership Chris Doyle The Brexit divide will not disappear, but this agreement augurs a more mature relationship that is focused less on separation and more on cooperation and maximizing the UK-EU partnership. Idealistic Brexiteers have been too determined to oppose the EU no matter what and they may have overestimated the public's appetite for rehashing the same old tired debates of the past. Devout Europhiles, found mainly among the ranks of the Liberal Democrats, will dream of a full remarriage. This cannot be ruled out, but few would argue it is imminent. Starmer, despite being pro-European, knows he does not have the mandate and has yet to show the sort of boldness required to make such a dramatic move. A slow rebalancing of this crucial relationship could be an effective reset. The detail is all still being worked on, but it signifies a more grown-up approach free from the ideological shortsightedness of previous debates. It has pragmatism written all over it. For the Starmer government, this is welcome news, coming as it does in the wake of a free trade deal with India and an agreement on tariffs with the US. Starmer has had a tough first year, but he will hope these international deals will reverse some of the negativity toward his administration.
Al Jazeera
10-05-2025
- Politics
- Al Jazeera
Israel capitalises as Gaza fatigue sets in
One might think that images of starving children, as political leaders withhold aid and openly call for ethnic cleansing, would be topping news agendas everywhere. In the case of Gaza, the failure of many in the international media to meet the moment has made them part of the story. Lead contributors: Chris Doyle – Director, Council for Arab-British Understanding Daniel Levy – President, US/Middle East Project Muhammad Shehada – Visiting fellow, ECFR Sarah Leah Whitson – Director, DAWN As India and Pakistan go toe-to-toe in their most intense fighting for decades, a flood of disinformation is fuelling the sense of panic on both sides. Meenakshi Ravi reports. If you are dealing with something personal and painful – a broken marriage or a family dispute – you might turn to a friend. For something as serious as sexual assault, it might go to trial. But in Ghana, more and more people are turning somewhere else: live radio. The so-called 'justice-style' shows promise swift, public resolutions. But they are also controversial, with critics accusing them of turning private pain into primetime theatre. Featuring: George Sarpong – Executive secretary, National Media Commission Menenaba – Ghanaian writer Oheneni Adazoa – Host, Sompa Nkomo Show Zakaria Tanko Musah – Lecturer in media law and ethics, Journalism Institute
Arab News
10-05-2025
- Health
- Arab News
UK pro-Israel group slammed for suggesting war could reduce Gaza obesity
LONDON: A pro-Israel pressure group in the UK has been condemned for suggesting that Palestinians in the Gaza Strip may benefit from a reduction in obesity levels arising from the war, The Guardian reported on Saturday. The comments — made by Jonathan Turner, head of UK Lawyers for Israel — followed a series of warnings by the UN and aid agencies that Gaza faces imminent famine. Turner, on behalf of UKLFI, was responding to a motion set to be debated at the annual general meeting of the Co-operative Group, a major British retailer. The motion calls for the Co-operative to stop stocking Israeli products, as part of the worldwide Boycott, Divestment and Sanctions movement. UKLFI urged the Co-operative council to withdraw the motion. In doing so, Turner highlighted the motion's reference to a letter published last year by The Lancet, a leading medical journal, which said the death toll in Gaza could be far higher than the 52,000 put forth by the enclave's Health Ministry. Turner said the letter 'ignored factors that may increase average life expectancy in Gaza, bearing in mind that one of the biggest health issues in Gaza prior to the current war was obesity … These factors include the possible reduction in the availability of confectionery and cigarettes.' Chris Doyle, director of the Council for Arab-British Understanding, said on X that Turner's comments represent 'atrocious views,' adding: 'How very kind of Israel to put 2.3 million Palestinians on an enforced diet to improve their obesity levels.' The Lancet has published several studies relating to Israel's war in Gaza. One found that life expectancy in the enclave plunged by 34.9 years during the first year of the war. Gaza's pre-war life expectancy was 75.5 years. Since March, Israel has implemented a total blockade on the entry of humanitarian goods to the enclave. Ben Jamal, director of the Palestine Solidarity Campaign, said: 'As children in the Gaza Strip face the growing risk of starvation, illness and death, the suggestion by the head of UK Lawyers for Israel that they might benefit from weight loss is utterly sickening. 'These repulsive comments illustrate exactly what it means to be 'for Israel' and how low its apologists are prepared to sink in their attempts to justify genocide in Gaza.' UKLFI previously faced controversy over the removal of artwork made by Palestinian children in a London hospital. The organization submitted a complaint to Chelsea and Westminster Hospital in 2023, claiming that artwork created by Palestinian children and displayed in the facility made Jewish patients feel 'vulnerable, harassed and victimized.' The hospital removed the works.
Business Wire
07-05-2025
- Business
- Business Wire
Civitas Resources, Inc. Reports First Quarter 2025 Results
DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (NYSE: CIVI) (the "Company" or "Civitas") today reported its first quarter 2025 financial and operating results. A webcast and conference call to review the Company's results is planned for 6:30 a.m. MT (8:30 a.m. ET) on Thursday, May 8, 2025. Participation details are available in this release, and supplemental materials can be accessed on the Company's website, Management Quote CEO Chris Doyle commented, "Our high-quality, low-breakeven assets continue to position us well in the current environment, following our disciplined start to the year with a plan that prioritizes free cash flow generation and strengthens the balance sheet. We continue to take important steps to further enhance free cash flow and improve our performance, including launching a $100 million cost optimization and efficiency improvement plan across all aspects of the business. We are reiterating our full year 2025 outlook; however, we are positioned to adjust activity levels lower should market conditions deteriorate further." Strengthening Civitas in Current Market Volatility The Company has taken the following actions in response to current market volatility: Removed over $150 million of capital when announcing the Company's original 2025 plan Elected to level-load and sustain activity rather than adding capex to maintain 2024 production level Launched a $100-plus million cost optimization and efficiency initiative Savings expected to come through capital efficiencies, production optimization, commercial/midstream opportunities, and streamlined corporate costs Approximately $40 million to benefit 2025 free cash flow, with the entire amount additive to 2026 Added commodity downside protection through additional hedging Nearly 50% of remaining 2025 oil production hedged with an average floor price of $68 per barrel WTI Approximately 40% of remaining 2025 natural gas production hedged with an average floor price of $3.74 per MMBtu; added 93,000 MMBtu/d of basis swaps for the remainder of the year Hedge positions at the end of April 2025 (including April settlements) valued at approximately $290 million Increased elected commitment on the Company's revolving credit facility to $2.5 billion Ended the first quarter with $1.5 billion in financial liquidity Prioritized net debt reduction through free cash flow generation and asset divestments Targeting $4.5 billion net debt by year-end 2025 (a reduction of approximately $800 million from pro-forma year-end 2024 (1)) Pursuing $300 million in asset divestments by year-end 2025 Doyle added, "These actions will strengthen our Company as we focus on delivering sustainable returns for our shareholders. We are always looking for ways to optimize our diverse asset portfolio, and we were highly encouraged by the interest we saw in our divestment process earlier this year. Market volatility precluded a transaction at a value representative of the quality of the assets, yet we remain confident in achieving our divestment target for the year." Key First Quarter 2025 Results First Quarter 2025 Operational Highlights Total sales volumes and oil production were within the Company's guidance ranges. Approximately 53% of volumes for the first quarter were contributed by the Company's Permian Basin assets, with the remainder from the DJ Basin. As compared to the fourth quarter, first quarter volumes primarily reflect anticipated production declines in the DJ Basin following a low TIL count at the end of 2024 and in early 2025, along with a modest impact to volumes in the first quarter as a result of severe winter weather and wind storms in both basins. Approximately 80% of the quarter-on-quarter change in oil volumes occurred in the DJ Basin. Capital expenditures were slightly below plan primarily due to the timing of activities in the DJ Basin, which shifted some capital into the second quarter. Permian Basin activity for the quarter included 22, 33, and 47 net operated wells drilled, completed, and turned to sales, respectively. The Company's average lateral length completed in the quarter was 2.3 miles. 42% of the Permian Basin wells drilled in the quarter occurred in the Delaware Basin, with the remainder of wells drilled and all of the wells completed and turned to sales in the Midland Basin. Drilling cycle times in the Delaware Basin were 10% faster than plan in the first quarter. Simulfrac operations in the Midland Basin have averaged 160 thousand barrels of fluid pumped per day per crew, approximately five percent higher than the fourth quarter of last year. DJ Basin activity for the quarter included 25, 30, and 3 net operated wells drilled, completed, and turned to sales, respectively. The Company's average lateral length completed in the quarter was 2.1 miles. During the quarter, the Company increased its utilization of local sand in its completions from approximately 50% to more than 90%. First Quarter 2025 Financial Highlights Crude oil, natural gas and NGL revenues totaled $1.2 billion. Crude oil realizations benefited from the Company's higher-quality crude production, while natural gas realizations reflected strong seasonal Colorado Interstate Gas pricing. Natural gas liquid realizations strengthened to 34% of the West Texas Intermediate oil price for the period. Cash operating expenses, including lease operating expense ("LOE"), midstream operating expense, gathering, transportation, and processing, and cash G&A (3), totaled $11.39 per barrel of oil equivalent ('BOE'). Higher than anticipated LOE was impacted by a third-party's inability to fulfill water takeaway obligations in the Permian Basin, along with additional repair and maintenance costs following adverse weather and wind storms in both basins. Included in cash G&A (3) was $4 million associated with a previously-announced workforce reduction. These short-term items impacted cash operating cost per BOE by approximately $0.43 for the quarter. Transaction fees totaled $6 million, primarily related to the Midland Basin bolt-on announced in the first quarter. In addition, other expenses include $9 million related to the mark-to-market on crude oil pipeline linefill agreements. Financial liquidity at the end of the first quarter 2025 totaled $1.5 billion, representing cash on hand and borrowings available under the Company's revolving credit facility. Long-term debt at the end of the first quarter totaled $5.1 billion. First Quarter 2025 Strategic Highlights The Company returned $121 million to shareholders, including $50 million in dividends and $71 million in share repurchases (repurchased 1.5 million shares). In 2025, Civitas has added approximately 17 MBbl/d of oil hedges and 103,000 MMBtu/d of natural gas hedges on average for the remainder of 2025. Also in February, Civitas expanded the size of its Board of Directors from nine to ten directors and appointed Lloyd W. 'Billy' Helms, Jr., the former President of EOG Resources, Inc. to the Board. Dividend to be Paid in June The Company's Board of Directors approved a quarterly dividend of $0.50 per share, payable on June 26, 2025, to shareholders of record as of June 12, 2025. Second Quarter Outlook The Company has reiterated its full year guidance for 2025. For the second quarter, Civitas anticipates approximately five percent oil volume growth at the midpoint of the Company's guidance range, primarily resulting from new wells coming online in the Permian Basin. Second quarter capital expenditures are expected to be modestly higher than the first quarter of the year, reflecting a slight shift of DJ Basin capital from the first quarter to the second. The Company is currently operating five drilling rigs and two frac crews in the Permian Basin and two rigs and two frac crews in the DJ Basin. Webcast / Conference Call Information The Company plans to host a webcast and conference call at 6:30 a.m. MT (8:30 a.m. ET) on Thursday, May 8, 2025. The webcast will be available on the Investor Relations section of the Company's website at The dial-in number for the call is 888-510-2535, with passcode 4872770. About Civitas Resources, Inc. Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. Civitas' proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership. For more information about Civitas, please visit Cautionary Statement Regarding Forward-Looking Information Certain statements in this press release concerning future opportunities for Civitas, future financial performance and condition, guidance, and any other statements regarding Civitas' future expectations, beliefs, plans, objectives, financial conditions, returns to shareholders, assumptions, or future events or performance that are not historical facts are 'forward-looking' statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words 'anticipate,' 'believe,' 'ensure,' 'expect,' 'if,' 'intend,' 'estimate,' 'probable,' 'project,' 'forecasts,' 'predict,' 'outlook,' 'aim,' 'will,' 'could,' 'should,' 'would,' 'potential,' 'may,' 'might,' 'anticipate,' 'likely,' 'plan,' 'positioned,' 'strategy,' and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements included in this press release include statements regarding the Company's plans and expectations with respect to drilling and completion activity, achievement of the Company's net debt and divestiture targets, future production, sales volumes, capital expenditures, and cash operating expenses, and the effects of such on the Company's results of operations, financial position, growth opportunities, reserve estimates and competitive position. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to: future financial condition, results of operations, strategy and plans; declines or volatility in the prices we receive for our crude oil, natural gas, and NGLs; general economic conditions, whether internationally, nationally, or in the regional and local market areas in which we do business, including any future economic downturn, the impact of continued or further inflation, disruption in the financial markets, the imposition of tariffs or trade or other economic sanctions, political instability, and the availability of credit on acceptable terms; our ability to identify, select, and consummate possible additional acquisition and disposition opportunities; the effects of disruption of our operations or excess supply of crude oil and natural gas and other effects of world events, and actions taken by OPEC+ as it pertains to global supply and demand of, and prices for, crude oil, natural gas, and NGLs; the ability of our customers to meet their obligations to us; our access to capital on acceptable terms; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions and to meet our capital allocation initiatives; the presence or recoverability of estimated crude oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved crude oil and natural gas reserves; changes in local, state, and federal laws, regulations or policies that may affect our business or our industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); environmental, health, and safety risks; seasonal weather conditions as well as severe weather and other natural events caused by climate change; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized crude oil and natural gas processing facilities; competition in the crude oil and natural gas industry; management's ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for crude oil, natural gas, and NGL we produce, and to sell the crude oil, natural gas, and NGL at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; pandemics and other public health epidemics; political conditions in or affecting other producing countries, including conflicts or hostilities in or relating to the Middle East, South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage and the effects therefrom; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing. Additional information concerning other factors that could cause results to differ materially from those described above can be found under Item 1A. 'Risk Factors' and 'Management's Discussion and Analysis' sections in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, subsequently filed Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings made with the Securities and Exchange Commission. All forward-looking statements speak only as of the date they are made and are based on information available at the time they were made. The Company assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. Three Months Ended March 31, 2025 2024 Operating net revenues: Crude oil, natural gas, and NGL sales $ 1,192 $ 1,328 Other operating income 2 1 Total operating net revenues 1,194 1,329 Operating expenses: Lease operating expense 174 131 Midstream operating expense 14 14 Gathering, transportation, and processing 87 89 Severance and ad valorem taxes 89 102 Exploration 3 11 Depreciation, depletion, and amortization 445 467 Transaction costs 6 23 General and administrative expense 57 58 Other operating expense 4 7 Total operating expenses 879 902 Other income (expense): Derivative gain (loss), net 52 (110 ) Interest expense (107 ) (110 ) Other, net (13 ) 4 Total other income (expense) (68 ) (216 ) Income from operations before income taxes 247 211 Income tax expense (61 ) (35 ) Net income $ 186 $ 176 Earnings per common share: Basic $ 1.99 $ 1.75 Diluted $ 1.99 $ 1.74 Weighted-average common shares outstanding: Basic 93,474,523 100,545,589 Diluted 93,620,495 101,293,188 Expand Schedule 2: Condensed Consolidated Statements of Cash Flows ($ in millions, unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Net income $ 186 $ 176 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, and amortization 445 467 Stock-based compensation 13 11 Derivative (gain) loss, net (52 ) 110 Derivative cash settlement gain (loss), net 4 (11 ) Amortization of deferred financing costs and deferred acquisition consideration 4 12 Deferred income tax expense 56 30 Other, net 10 1 Changes in operating assets and liabilities, net Accounts receivable, net 57 (77 ) Prepaid expenses and other (4 ) 7 Accounts payable, accrued expenses, and other liabilities — 87 Net cash provided by operating activities 719 813 Cash flows from investing activities: Acquisitions of businesses, net of cash acquired (756 ) (834 ) Acquisitions of crude oil and natural gas properties (17 ) — Capital expenditures for drilling and completion activities and other fixed assets (475 ) (572 ) Proceeds from property transactions 2 93 Other, net 1 — Net cash used in investing activities (1,245 ) (1,313 ) Cash flows from financing activities: Proceeds from credit facility 1,100 300 Payments to credit facility (500 ) (650 ) Dividends paid (50 ) (148 ) Common stock repurchased and retired (71 ) (67 ) Payment of employee tax withholdings in exchange for the return of common stock (5 ) (7 ) Other, net (4 ) (3 ) Net cash provided by (used in) financing activities 470 (575 ) Net change in cash, cash equivalents, and restricted cash (56 ) (1,075 ) Cash, cash equivalents, and restricted cash: Beginning of period 76 1,127 End of period $ 20 $ 52 Expand Schedule 3: Condensed Consolidated Balance Sheets ($ in millions, except per share amounts, unaudited) March 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 20 $ 76 Accounts receivable, net: Crude oil and natural gas sales 573 646 Joint interest and other 142 125 Derivative assets 135 67 Prepaid expenses and other 74 74 Total current assets 944 988 Property and equipment (successful efforts method): Proved properties 17,660 16,897 Less: accumulated depreciation, depletion, and amortization (4,721 ) (4,288 ) Total proved properties, net 12,939 12,609 Unproved properties 589 631 Wells in progress 580 506 Other property and equipment, net of accumulated depreciation of $10 million in 2025 and $9 million in 2024 49 48 Total property and equipment, net 14,157 13,794 Derivative assets 57 17 Other noncurrent assets 172 145 Total assets $ 15,330 $ 14,944 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 597 $ 561 Production taxes payable 330 323 Crude oil and natural gas revenue distribution payable 668 702 Derivative liability 78 22 Deferred acquisition consideration — 479 Other liabilities 131 118 Total current liabilities 1,804 2,205 Long-term liabilities: Debt, net 5,096 4,494 Ad valorem taxes 332 294 Derivative liability 19 13 Deferred income tax liabilities, net 856 801 Asset retirement obligations 393 399 Other long-term liabilities 125 109 Total liabilities 8,625 8,315 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding — — Common stock, $.01 par value, 225,000,000 shares authorized, 92,584,426 and 93,933,857 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 5 5 Additional paid-in capital 5,019 5,095 Retained earnings 1,681 1,529 Total stockholders' equity 6,705 6,629 Total liabilities and stockholders' equity $ 15,330 $ 14,944 Expand Schedule 4: Average Sales Volumes and Prices The following table presents crude oil, natural gas, and NGL sales volumes by operating region as well as consolidated average sales prices before and after derivatives. Average sales price, after derivatives is a non-GAAP financial measure that incorporates the net effect of derivative cash receipts from or payments on commodity derivatives that are presented in our accompanying statements of cash flows, netted into the average sales price, before derivatives, the most directly comparable GAAP financial measure. We believe that the presentation of average sales price, after derivatives is a useful means to reflect the actual cash performance of our commodity derivatives for the respective periods and is useful to management and our stockholders in determining the effectiveness of our price risk management program. The following table provides a reconciliation of the GAAP financial measure of average sales price, before derivatives to the non-GAAP financial measure of average sales prices, after derivatives for the periods presented: March 31, 2025 December 31, 2024 Average sales volumes per day (1) Crude oil (MBbls/d) Permian Basin 75 80 DJ Basin 66 84 Total 141 164 Natural gas (MMcf/d) Permian Basin 273 286 DJ Basin 288 309 Total 561 595 Natural gas liquids (MBbls/d) Permian Basin 43 49 DJ Basin 33 41 Total 76 90 Average sales volumes per day (MBoe/d) Permian Basin 164 176 DJ Basin 147 176 Total 311 352 Average sales prices Crude oil (per Bbl) $ 70.90 $ 69.96 Effects of derivatives, net (per Bbl) (2) 0.06 (0.02 ) Crude oil (after derivatives) (per Bbl) $ 70.96 $ 69.94 Natural gas (per Mcf) $ 2.48 $ 1.14 Effects of derivatives, net (per Mcf) (2) 0.08 0.23 Natural gas (after derivatives) (per Mcf) $ 2.56 $ 1.37 Natural gas liquids (per Bbl) $ 24.07 $ 21.47 Effects of derivatives, net (per Bbl) (2) — — Natural gas liquids (after derivatives) (per Bbl) $ 24.07 $ 21.47 ____________________ (1) Items may not recalculate due to rounding. (2) Derivatives economically hedge the price we receive for crude oil, natural gas, and NGL. For the three months ended March 31, 2025, the derivative cash settlement gain for crude oil and natural gas was $1 million and $3 million, respectively. For the three months ended December 31, 2024, the derivative cash settlement loss for crude oil was nominal, and the derivative cash settlement gain for natural gas was $12 million. Expand Schedule 5: Adjusted Net Income ($ in millions, except per share amounts, unaudited) Adjusted Net Income is a supplemental non-GAAP financial measure that is used by management to present a more comparable, recurring profitability between periods. We believe that Adjusted Net Income provides external users of our consolidated financial statements with additional information to assist in their analysis of the Company. Adjusted Net Income represents net income after adjusting for (1) the impact of certain non-cash items and/or non-recurring charges and correspondingly (2) the related tax effect in each period. Adjusted Net Income is not a measure of net income as determined by GAAP and should not be considered in isolation or as a substitute for net income, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP. The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted Net Income. Three Months Ended March 31, 2025 December 31, 2024 Net income $ 186 $ 151 Adjustments to net income: Derivative (gain) loss, net (52 ) 11 Derivative cash settlement gain 4 12 Transaction costs 6 1 Other, net (1) 16 2 Total adjustments to net income before taxes (26 ) 26 Tax effect of adjustments 6 (6 ) Total adjustments to net income after taxes (20 ) 20 Adjusted Net Income $ 166 $ 171 Adjusted Net Income per diluted share $ 1.77 $ 1.78 Diluted weighted-average common shares outstanding 93,620,495 96,394,281 (1) The three months ended March 31, 2025 includes (i) $9 million of non-recurring and non-cash loss on crude oil linefill contracts that is included in other, net, (ii) $4 million of non-recurring cash severance charges and $1 million of non-recurring stock compensation expense in connection with our announced reduction in force that are included in general and administrative expense, and (iii) $2 million for non-recurring cash unused commitment fees that are included in other operating expense, all of which are in the accompanying unaudited condensed consolidated statements of operations for the period. The three months ended December 31, 2024 includes non-recurring costs of $1 million for unused commitment fees that are included in other operating expense and $1 million for loss on property transactions, net that are included in other, net, all of which are in the accompanying unaudited condensed consolidated statements of operations for the period. Expand Schedule 6: Adjusted EBITDAX ($ in millions, unaudited) Adjusted EBITDAX is a supplemental non-GAAP financial measure that represents earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash and/or non-recurring charges. Adjusted EBITDAX excludes certain items that we believe affect the comparability of operating results and can exclude items that are generally non-recurring in nature. We present Adjusted EBITDAX because we believe it provides useful additional information to investors and analysts, as a performance measure, for analysis of our ability to internally generate funds for exploration, development, acquisitions, and to service debt. We are also subject to financial covenants under our revolving credit facility based on Adjusted EBITDAX ratios. In addition, Adjusted EBITDAX is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in the crude oil and natural gas exploration and production industry. Adjusted EBITDAX should not be considered in isolation or as a substitute for net income, net cash provided by operating activities, or other profitability or liquidity measures prepared under GAAP. Because Adjusted EBITDAX excludes some, but not all items that affect net income and may vary among companies, the Adjusted EBITDAX amounts presented may not be comparable to similar metrics of other companies. The following table presents a reconciliation of the GAAP financial measure of net income to the non-GAAP financial measure of Adjusted EBITDAX: Three Months Ended December 31, 2024 Net Income $ 186 $ 151 Total adjustments to net income before taxes (from schedule 5) (26 ) 26 Interest expense, net (1) 105 111 Income tax expense 61 49 Depreciation, depletion, and amortization 445 545 Exploration 3 1 Stock-based compensation (2) 12 12 Adjusted EBITDAX $ 786 $ 895 (1) Includes interest income of $2 million and $3 million for the three months ended March 31, 2025 and December 31, 2024, respectively. Interest income is included as a portion of other, net in the accompanying unaudited condensed consolidated statements of operations. (2) Included as a portion of general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. The three months ended March 31, 2025 excludes $1 million of non-recurring stock compensation expense incurred in connection with our announced reduction in force that was added back within the total adjustments to net income before taxes (from schedule 5). Expand Schedule 7: Adjusted Free Cash Flow ($ in millions, unaudited) Adjusted Free Cash Flow is a supplemental non-GAAP financial measure that is calculated as net cash provided by operating activities before changes in operating assets and liabilities and less exploration and development of crude oil and natural gas properties, changes in working capital related to capital expenditures, and purchases of carbon credits. We believe that Adjusted Free Cash Flow provides additional information that may be useful to investors and analysts in evaluating our ability to generate cash from our existing crude oil and natural gas assets to fund future exploration and development activities and to return cash to stockholders. Adjusted Free Cash Flow is a supplemental measure of liquidity and should not be viewed as a substitute for cash flows from operations because it excludes certain required cash expenditures. The following table presents a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP financial measure of Adjusted Free Cash Flow: Three Months Ended March 31, 2025 December 31, 2024 Net cash provided by operating activities $ 719 $ 859 Add back: Changes in operating assets and liabilities, net (53 ) (59 ) Cash flow from operations before changes in operating assets and liabilities 666 800 Less: Cash paid for capital expenditures for drilling and completion activities and other fixed assets (475 ) (292 ) Less: Changes in working capital related to capital expenditures (20 ) 14 Capital expenditures (495 ) (278 ) Less: Purchases of carbon credits and renewable energy credits — (2 ) Adjusted Free Cash Flow $ 171 $ 520 Capital expenditures by operating region Permian Basin $ 271 $ 200 DJ Basin 223 78 Other/Corporate 1 — Total $ 495 $ 278 Expand Schedule 8: Cash General and Administrative ($ in millions, unaudited) Cash general and administrative is a supplemental non-GAAP financial measure that excludes stock-based compensation, that we believe affects the comparability of operating results as it is non-cash. Cash general and administrative is a non-GAAP financial measure that we include in our total cash operating expense per BOE. We believe it provides useful additional information to investors and analysts, as a performance measure, for analysis of our operations. The following table presents a reconciliation of the GAAP financial measure of general and administrative expense to the non-GAAP financial measure of cash general and administrative: Three Months Ended March 31, 2025 December 31, 2024 General and administrative expense $ 57 $ 53 Stock-based compensation (13 ) (12 ) Cash general and administrative $ 44 $ 41 Expand
