Latest news with #operationalresults
Yahoo
4 days ago
- Business
- Yahoo
Aeromexico July 2025 Traffic Results
MEXICO CITY, Aug. 08, 2025 (GLOBE NEWSWIRE) -- Grupo Aeromexico S.A.B. de C.V. ('Aeromexico') reports its July 2025 operational results: Grupo Aeromexico transported 2 million and 298 thousand passengers in July 2025, a 5.1% year-over-year decrease. International passengers increased by 3.4%, while domestic passengers decreased by 9.5%. Aeromexico's total capacity, measured in available seat kilometers (ASKs), increased by 3.3% year-over-year. International ASKs increased by 9.7%, while domestic capacity decreased by 10.3% year-over-year. Demand, measured in passenger kilometers (RPKs), increased by 0.4% year-over-year. International demand increased by 5.7%, while domestic demand decreased by 11.1%, both figures compared to July 2024. Aeromexico's June 2025 load factor was 88.5%, a 2.5 p.p. decrease as compared to July 2024. International load factor decreased by 3.3 p.p. and domestic load factor decreased by 0.8 p.p. July Cumulative to July 2025 2024 Var vs 2024 2025 2024 Var vs 2024 Passengers (itinerary + charter, thousands) Domestic 1,437 1,588 -9.5 % 9,464 10,035 -5.7 % International 860 832 3.4 % 4,891 4,774 2.5 % Total 2,298 2,420 -5.1 % 14,355 14,808 -3.1 % ASKs (itinerary + charter, millions) Domestic 1,495 1,666 -10.3 % 10,189 10,715 -4.9 % International 3,905 3,561 9.7 % 23,821 22,495 5.9 % Total 5,401 5,228 3.3 % 34,010 33,210 2.4 % RPKs (itinerary + charter, millions) Domestic 1,327 1,492 -11.1 % 8,606 9,215 -6.6 % International 3,448 3,263 5.7 % 20,204 19,565 3.3 % Total 4,774 4,755 0.4 % 28,810 28,780 0.1 % Load Factor (itinerary, %) p.p. p.p. Domestic 88.7 % 89.5 % -0.8 84.5 % 86.0 % -1.5 International 88.3 % 91.6 % -3.3 84.8 % 87.0 % -2.1 Total 88.5 % 91.0 % -2.5 84.7 % 86.7 % -1.9 Figures may not sum to total due to rounding. The information included within this report has not been audited and does not provide information on the Company's future performance. Aeromexico's future performance depends on many factors and it cannot be inferred that any period's performance or its year-over-year comparison will be an indicator of similar future performance. Glossary: 'RPKs' Revenue Passenger Kilometers represent one revenue-passenger transported one kilometer. This includes itinerary and charter flights. The total RPKs equals the number of revenue-passengers transported multiplied by the total distance flown. 'ASKs' Available Seat Kilometers represent the number of available seats multiplied by the distance flown. This metric is an indicator of the airline's capacity. It equals one seat offered for one kilometer, whether the seat is used. 'Load Factor' equals the number of passengers transported as a percentage of the number of seats offered. It is a measure of the airline's capacity utilization. This metric considers the total passengers transported and total seats available in itinerary flights only. 'Passengers' refers to the total number of passengers transported by the airline. This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. We use words such as 'believe,' 'anticipate,' 'plan,' 'expect,', 'intend,' 'target,' 'estimate,' 'project,' 'predict,' 'forecast,' 'guideline,' 'should' and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. The Company is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeroméxico, Mexico's global airline, has its main operations center in Terminal 2 of the Mexico City International Airport. Its destination network has reach in Mexico, the United States, Canada, Central America, South America, Asia and Europe. The Group's current operating fleet includes Boeing 787 and 737 aircraft, as well as the latest generation Embraer 190. Aeroméxico is a founding partner of SkyTeam, an alliance that celebrates 20 years and offers connectivity in more than 170 countries, through the 19 partner airlines. Aeroméxico created and implemented a Health and Hygiene Management System (SGSH) to protect its clients and collaborators at all stages of its Contact: aminvestorrelations@
Globe and Mail
4 days ago
- Business
- Globe and Mail
Earth Science Tech, Inc. Reports 61% Asset Growth to $7.69 Million and $8.7 Million in First Quarter Revenue Following Foundational Quarter of Strategic Acquisitions
MIAMI, FL, Aug. 08, 2025 (GLOBE NEWSWIRE) -- MIAMI, FL – August 8, 2025 – Earth Science Tech, Inc. (OTC: ETST) ('ETST' or the 'Company'), a strategic holding company focused on acquiring and scaling high-potential operating businesses, today announced its financial and operational results for the first fiscal quarter ended June 30, 2025. Giorgio R. Saumat, ETST's CEO, commented: 'The first quarter of fiscal 2025 was a pivotal period for Earth Science Tech. We strategically deployed capital to acquire high-potential operating businesses that are now poised to enhance our diversified product and service offerings. This was a foundational quarter, setting the stage for the future. Our focus has now firmly shifted from acquisitions to maximizing the value and profitability of our current divisions, ensuring we capitalize on these strategic investments for our shareholders throughout the remainder of the fiscal year.' First Quarter Fiscal 2025 Financial Highlights Total Assets: Increased by 61% to $7.69 million as of June 30, 2025, up from $4.77 million in the prior-year period. Revenue: Generated $8.7 million as of June 30, 2025, an increase from $8.5 million in the prior-year period. Shareholder Value: Reduced total common shares outstanding by 4.78% to 294,297,607 as of June 30, 2025, down from 309,067,711 shares in the prior-year period. Cash Position: Reported cash and cash equivalents of $0.88 million. The decrease from $1.38 million in the prior-year period is a direct result of the strategic deployment of capital to fund key acquisitions. Strategic and Operational Update During the first quarter, ETST executed its growth strategy by investing in and acquiring a portfolio of operating businesses: Healthcare Expansion: Acquired 100% of Las Villas Health Care, Inc., a Coral Gables-based wellness center, and DOConsultation, LLC, a telehealth company. Direct-to-Consumer Brands: Secured 80% ownership of Magnefuse, LLC, and Alicat, LLC (the "MagneChef Portfolio"), DTC brands with a portfolio of unique patents and intellectual property. Operational Infrastructure: Established a new customer service center in Doral, FL, to centralize support operations across all ETST divisions. Subsequent to the quarter's end, the Company has continued to execute on its operational goals: Enhanced Compliance: Joined the OTCID Tier on the OTC Markets, providing enhanced disclosure and transparency for investors. Compounding Pharmacy Expansion: The Company's MisterMeds, LLC division is now fully staffed and operational, actively dispensing in Texas and securing new accounts. Real Estate Development: Avenvi, LLC, an ETST division, has broken ground on its first residential development, with the project progressing on schedule. About Earth Science Tech, Inc. Earth Science Tech, Inc. operates as a strategic holding company, focused on value creation through the acquisition, operational optimization, and management of its operating businesses. The Company's current operations include compounding pharmaceuticals, telemedicine and real estate development through its wholly owned subsidiaries: LLC, Peaks Curative, LLC, Avenvi, LLC, Mister Meds, LLC ('Mister Meds'), and Earth Science Foundation, Inc., Las Villas Health Care, Inc., DOConsultations, LLC., and an 80% interest in MagneChef. To learn more, please visit: LLC. based in Miami, Florida, is a fully licensed compounding pharmacy authorized to fulfill prescriptions in the following states and territories: Arizona, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Maine, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, Utah, Wisconsin and Puerto Rico. RxCompound is actively pursuing licensure in the remaining U.S. states. To learn more please visit: MisterMeds, LLC. Mister Meds, acquired on October 1, 2024, is in Abilene, Texas. The pharmacy received full compounding licensure in March 2025. It operates out of a 5,000 sq. ft. facility owned by Avenvi and includes advanced sterile compounding capabilities with both positive and negative pressure environments, as well as hazardous drug handling. Mister Meds is currently applying for licensure in states not yet serviced by RxCompound. To learn more please visit: Peaks Curative, LLC. Peaks is a telemedicine referral platform offering asynchronous consultations for Peaks-branded compounded medications prepared at RxCompound and Mister Meds. The platform operates in states where either pharmacy is licensed. Through the development of its own healthcare provider network, and ongoing licensure expansion for both pharmacies, Peaks aims to offer services nationwide. In addition, the company has recently expanded into the veterinary market through the acquisition of To learn more please visit: Las Villas Health Care, Inc. Las Villas is a brick-and-mortar healthcare facility dedicated to the Spanish speaking community. Our expert-led services include advanced sexual health treatments, and customized solutions to enhance physical performance. We combine compassionate, personalized care with clear, trustworthy education—empowering you to take control of your health with confidence. To learn more please visit: LLC. Doconsultation was born with a passion to modernize the availability and delivery of home therapies. DOConsultations providers tailor a medication plan around your health and wellness goals and follow up with our patients to ensure results, while our partner pharmacies conveniently ship directly to your door. To learn more please visit: Avenvi, LLC. Avenvi is a diversified real estate company engaged in development, asset management, and financing. With a growing portfolio of real estate holdings, Avenvi provides turnkey solutions from development to end-user financing. It also manages investment activities for ETST and oversees the Company's ongoing $5 million share repurchase program. To learn more please visit: MagneChef MagneChef is a direct-to-consumer retail brand. Utilizing its patents and intellectual properties, the company aims to develop new products that can be marketed and sold online. Currently, the company has developed products for cooking. MagneChef is in the process of expanding its product line for new offerings that incorporate its intellectual property. To learn more please visit: About Earth Science Foundation, Inc. Earth Science Foundation Inc. a 501(c)(3) nonprofit organization incorporated on February 11, 2019, is the charitable arm of ETST. ESF accepts grants and donations to assist individuals who need financial support for prescription costs at both RxCompound and Mister Meds. SAFE HARBOR ACT: Forward-Looking Statements. Except for historical information, the matters discussed herein may be considered 'forward-looking' statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including, without limitation, future-oriented statements related to cash flow, gross margins, revenues, and expenses. These statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts. They may include forward-looking words such as 'expect,' 'expectation,' 'believe,' 'anticipate,' 'may,' 'could,' 'intend,' 'belief,' 'plan,' 'estimate,' 'target,' 'predict,' 'likely,' 'seek,' 'project,' 'model,' 'ongoing,' 'will,' 'should,' 'forecast,' 'outlook' or similar terminology. Forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual results to differ materially from our intent, belief or current expectations, including, inter alia, the markets for the Company's products and services, costs of goods and services, other expenses, government regulations, litigations, and general business conditions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.
Yahoo
6 days ago
- Business
- Yahoo
Berry Corporation Announces Second Quarter 2025 Financial and Operational Results, Continued Debt Reduction and Quarterly Dividend
DALLAS, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) ('Berry' or the 'Company') today announced its financial and operational results for the second quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at The Company plans to host a conference call and webcast to discuss its second quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, August 7, 2025; access details can be found in this release. Highlights Reaffirmed FY25 guidance; favorable hedge position protects cash flows and liquidity position Produced 23.9 MBoe/d (92% oil), in-line with plan Paid down approximately $11 million of total debt; year-to-date total debt reduction of approximately $23 million, in-line with target of at least $45 million of total debt reduction in 2025 Returned cash to shareholders via quarterly dividend, representing a 4% dividend yield(1) on an annual basis Year-to-date hedged LOE trending 6% below midpoint of FY25 guidance Reported net income of $34 million, or $0.43 per diluted share Generated operating cash flow of $29 million and Adjusted EBITDA(2) of $53 million Reported zero recordable incidents and zero lost-time incidents in our E&P operations Other Updates Oil volumes 71%(3) hedged for remainder of 2025 at $74.59/Bbl and 63%(3) hedged for 2026 at $69.55/Bbl Mark-to-market (crude oil) hedge value of $30 million as of July 31, 2025 Production from all four horizontal Uinta wells expected in August, with first well currently on flowback and second well running final completion __________ (1) Based on BRY share price of $3.02 as of July 31, 2025.(2) Please see 'Non-GAAP Financial Measures and Reconciliations' in this release for reconciliations to GAAP and more information on these Non-GAAP measures.(3) Based on the midpoint of full year 2025 oil production guidance. MANAGEMENT COMMENTS Fernando Araujo, Berry's Chief Executive Officer, said, 'Our full year drilling activity is now complete and we are positioned for sequential production growth through the end of the year. On the regulatory front, we are encouraged by positive developments in California which could potentially open up new drill permitting pathways by year-end. Irrespective of the outcome, we have the permits in hand today to execute our multi-year development plans.' Mr. Araujo continued, 'In Utah, we began flowback of our first well and our second well is running final completion today, with the remaining two expected to be online later this month. Our Uinta wells should help drive production growth over the second half of the year. Due to an early startup of frac operations, we pulled forward a portion of full-year capex into the second quarter. Our average well cost is approximately 20% below the average cost of our non-op wells. We will also be testing the Castle Peak through a non-operated well just north of our acreage which we expect to be online in the fourth quarter. Berry is poised for strong free cash flow generation through the remainder of the year.' SECOND QUARTER 2025 FINANCIAL AND OPERATING SUMMARY Selected Comparative Results Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)(in millions, except per share amounts) Production (MBoe/d) 23.9 24.7 25.3 Oil, natural gas & NGL revenues(1) $ 126 $ 148 $ 169 Net income (loss) $ 34 $ (97 ) $ (9 ) Adjusted Net Income(2) $ 0 $ 9 $ 14 Adjusted EBITDA(2) $ 53 $ 68 $ 74 Earnings per diluted share $ 0.43 $ (1.25 ) $ (0.11 ) Adjusted earnings per diluted share(2) $ 0.00 $ 0.12 $ 0.18 Cash Flow from Operations $ 29 $ 46 $ 71 Capital expenditures $ 54 $ 28 $ 42 Free cash flow(2) $ (26 ) $ 17 $ 29 __________ (1) Revenues do not include hedge settlements.(2) Please see 'Non-GAAP Financial Measures and Reconciliations' in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures. CAPITAL STRUCTURE As of June 30, 2025, Berry had $428 million outstanding on its term loan facility and no borrowings outstanding under its revolving credit facility. As of June 30, 2025, the Company had $101 million of liquidity consisting of $20 million of cash, $49 million of available borrowing capacity and $32 million of available commitments under the delayed draw portion of the term loan facility. Based on current commodity prices, Berry expects to fund the remainder of its 2025 capital program with cash flow from operations. DEBT REDUCTION AND SHAREHOLDER RETURNS During the quarter, the Company paid down approximately $11 million of debt bringing total debt reduction to approximately $23 million year-to-date. On August 5, 2025, Berry's Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on August 28, 2025 to shareholders of record as of the close of business on August 18, 2025. 2025 GUIDANCE (REAFFIRMED) Full Year 2025 Guidance Low High Average Daily Production (boe/d)(1) 24,800 26,000 Non-energy LOE ($/boe)(2) $13.00 $15.00 Energy LOE (unhedged) ($/boe)(2) $12.70 $14.50 Natural Gas Purchase Hedge Settlements ($/boe)(3)(4) $1.00 $1.60 Taxes, Other Than Income Taxes ($/boe) $5.50 $6.50 Adjusted G&A expenses - E&P Segment & Corp ($/boe)(2) $6.35 $6.75 Capital Expenditures ($ millions)(5)(6) $110 $120 __________ (1) Oil production is expected to be approximately 93% of total.(2) Non-energy LOE, Energy LOE and Adjusted G&A expense are non-GAAP financial measures. The Company does not provide a reconciliation of these forward-looking measures because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. See further discussion in 'Non-GAAP Financial Measures and Reconciliations.'(3) Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.(4) Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.(5) Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.(6) Approximately 60% of Berry's 2025 capital program is expected to be directed to California with 40% allocated to Utah. RISK MANAGEMENT The Company utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. Based on the midpoint of Berry's 2025 full year oil production guidance and its hedge book as of July 31, 2025, the Company has 71% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.59/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.55/Bbl of Brent. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.22/MMBtu. Complete details on the Company's derivative positions can be found in its investor presentation located at CONFERENCE CALL DETAILS Berry plans to host a conference call to discuss its second quarter 2025 results: Call Date: Thursday, August 7, 2025Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time Join the live listen-only audio webcast at or at Accompanying slides will also be available at the time of the call at If you would like to ask a question on the live call, please preregister at any time using the following link: Once registered, you will receive the dial-in numbers and a unique PIN number. You may then dial-in or have a call back. When you dial in, you will input your PIN and be placed into the call. If you register and forget your PIN or lose your registration confirmation email, you may simply re-register and receive a new PIN. A web based audio replay will be available shortly after the broadcast and will be archived at or visit ABOUT BERRY CORPORATION (BRY) Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production ('E&P') and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company's website at CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can typically identify forward-looking statements by words such as 'aim,' 'anticipate,' 'achievable,' 'believe,' 'budget,' 'continue,' 'could,' 'effort,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'guidance,' 'intend,' 'likely,' 'may,' 'might,' 'objective,' 'outlook,' 'plan,' 'potential,' 'predict,' 'project,' 'seek,' 'should,' 'target,' 'will' or 'would' and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law. Factors that could cause actual results to differ from management's expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company's proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+'s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading 'Item 1A. Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the 'SEC'). Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC's website at CONTACT Contact: Berry Corporation (bry)Christopher Denison: Director - Investor Relations & Sustainability(661) 616-3811ir@ TABLES FOLLOWING The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding. SUMMARY OF RESULTS Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)($ and shares in thousands, except per share amounts) Consolidated Statement of Operations Data: Revenues and other: Oil, natural gas and natural gas liquids sales $ 125,637 $ 147,862 $ 168,781 Service revenue 22,824 23,664 31,155 Electricity sales 4,886 4,967 3,691 Gains (losses) on oil and gas sales derivatives 56,423 5,475 (5,844 ) Marketing and other revenues 308 683 1,851 Total revenues and other 210,078 182,651 199,634 Expenses and other: Lease operating expenses 53,193 57,282 53,885 Cost of services 19,001 20,825 25,021 Electricity generation expenses 624 1,209 586 Transportation expenses 1,225 939 1,039 Marketing expenses 345 292 1,885 Acquisition costs 310 — 1,394 General and administrative expenses 20,270 20,305 18,881 Depreciation, depletion and amortization 35,294 40,392 42,843 Impairment of oil and gas properties — 157,910 43,980 Taxes, other than income taxes 12,957 9,240 12,674 Losses (gains) on natural gas purchase derivatives 3,130 (5,691 ) 2,642 Other operating expense (income) 1,365 401 (3,204 ) Total expenses and other 147,714 303,104 201,626 Other (expenses) income: Interest expense (15,513 ) (15,172 ) (10,050 ) Other, net (59 ) 272 (53 ) Total other expenses (15,572 ) (14,900 ) (10,103 ) Income (loss) before income taxes 46,792 (135,353 ) (12,095 ) Income tax expense (benefit) 13,188 (38,673 ) (3,326 ) Net income (loss) $ 33,604 $ (96,680 ) $ (8,769 ) Net income (loss) per share: Basic $ 0.43 $ (1.25 ) $ (0.11 ) Diluted $ 0.43 $ (1.25 ) $ (0.11 ) Weighted-average shares of common stock outstanding - basic 77,596 77,196 76,939 Weighted-average shares of common stock outstanding - diluted 77,697 77,196 76,939 Adjusted Net Income (Loss)(1) $ (364 ) $ 9,370 $ 14,155 Weighted-average shares of common stock outstanding - diluted 77,596 77,371 77,161 Diluted earnings per share on Adjusted Net Income (Loss)(1) $ 0.00 $ 0.12 $ 0.18 Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)($ and shares in thousands, except per share amounts) Adjusted EBITDA(1) $ 52,915 $ 68,450 $ 74,329 Free Cash Flow(1) $ (25,611 ) $ 17,483 $ 28,566 Adjusted General and Administrative Expenses(1) $ 18,313 $ 18,300 $ 17,038 Effective Tax Rate 28 % 29 % 28 % Cash Flow Data: Net cash provided by operating activities $ 28,638 $ 45,872 $ 70,891 Net cash used in investing activities $ (34,162 ) $ (19,770 ) $ (42,486 ) Net cash used in financing activities $ (13,760 ) $ (16,876 ) $ (25,174 ) __________ (1) See further discussion and reconciliations in 'Non-GAAP Financial Measures and Reconciliations.' June 30, 2025 December 31, 2024 (unaudited)($ and shares in thousands) Balance Sheet Data: Total current assets $ 158,048 $ 149,643 Total property, plant and equipment, net $ 1,176,078 $ 1,320,380 Total current liabilities $ 190,927 $ 187,880 Long-term debt $ 364,602 $ 384,633 Total stockholders' equity $ 664,941 $ 730,636 Outstanding common stock shares as of 77,596 76,939 The following table represents selected financial information for the periods presented regarding the Company's business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis. Three Months EndedJune 30, 2025 E&P Well Servicing and Abandonment Services Corporate/Eliminations Consolidated Company (unaudited)(in thousands) Revenues(1) $ 130,831 $ 31,082 $ (8,258 ) $ 153,655 Net income (loss) before income taxes $ 81,001 $ (296 ) $ (33,913 ) $ 46,792 Capital expenditures $ 53,350 $ 333 $ 566 $ 54,249 Total assets $ 1,429,078 $ 43,451 $ (44,414 ) $ 1,428,115 Three Months EndedMarch 31, 2025 E&P Well Servicing and Abandonment Services Corporate/Eliminations Consolidated Company (unaudited)(in thousands) Revenues(1) $ 153,512 $ 29,747 $ (6,083 ) $ 177,176 Net (loss) income before income taxes $ (101,417 ) $ (1,711 ) $ (32,225 ) $ (135,353 ) Capital expenditures $ 27,618 $ 56 $ 715 $ 28,389 Total assets $ 1,385,674 $ 52,392 $ (33,728 ) $ 1,404,338 Three Months EndedJune 30, 2024 E&P Well Servicing and Abandonment Services Corporate/Eliminations Consolidated Company (unaudited)(in thousands) Revenues(1) $ 174,323 $ 36,680 $ (5,525 ) $ 205,478 Net income (loss) before income taxes $ 13,860 $ 1,117 $ (27,072 ) $ (12,095 ) Capital expenditures $ 41,735 $ 468 $ 122 $ 42,325 Total assets $ 1,547,334 $ 63,329 $ (77,754 ) $ 1,532,909 __________ (1) These revenues do not include hedge PRICING Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Weighted Average Realized Prices Oil without hedge ($/bbl) $ 61.26 $ 69.48 $ 78.18 Effects of scheduled derivative settlements ($/bbl) 6.28 0.08 (4.60 ) Oil with hedge ($/bbl) $ 67.54 $ 69.56 $ 73.58 Natural gas ($/mcf) $ 2.30 $ 3.95 $ 1.78 NGLs ($/bbl) $ 26.04 $ 30.56 $ 24.46 Purchased Natural Gas Purchase price, before the effects of derivative settlements($/mmbtu) $ 2.80 $ 4.35 $ 2.24 Effects of derivative settlements ($/mmbtu) 1.89 0.35 2.05 Purchase price, after the effects of derivative settlements($/mmbtu) $ 4.69 $ 4.70 $ 4.29 Index Prices Brent oil ($/bbl) $ 66.71 $ 74.98 $ 85.03 WTI oil ($/bbl) $ 63.92 $ 71.51 $ 80.60 Natural gas ($/mmbtu) – SoCal Gas city-gate(1) $ 3.11 $ 4.50 $ 1.86 Natural gas ($/mmbtu) – Northwest, Rocky Mountains(2) $ 2.18 $ 3.88 $ 1.40 Henry Hub natural gas ($/mmbtu)(2) $ 3.19 $ 4.14 $ 2.07 __________ (1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.(2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub. Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 2,000 mmbtu/d in the second quarter of 2025, 4,000 mmbtu/d in the first quarter of 2025 and 2,000 mmbtu/d in the second quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices. CURRENT HEDGING SUMMARY As of July 31, 2025, we had the following crude oil production and gas purchase hedges. Q3 2025 Q4 2025 FY 2026 FY 2027 FY 2028 Brent - Crude Oil production Swaps Hedged volume (bbls) 1,613,083 1,610,000 5,382,518 3,901,500 2,045,000 Hedged volume (mbbls) per day 17.5 17.5 14.7 10.7 5.6 Weighted-average price ($/bbl) $ 74.48 $ 74.69 $ 69.71 $ 69.29 $ 67.59 Collars Hedged volume (bbls) — — 90,000 364,000 106,000 Hedged volume (mbbls) per day — — 0.2 1.0 0.3 Weighted-average ceiling ($/bbl) $ — $ — $ 82.25 $ 72.58 $ 67.67 Weighted-average floor ($/bbl) $ — $ — $ 60.00 $ 62.50 $ 60.00 NWPL - Natural Gas purchases(1) Swaps Hedged volume (mmbtu) 3,680,000 3,680,000 14,600,000 12,160,000 — Hedged volume (mmbtu) per day 40.0 40.0 40.0 33.3 — Weighted-average price ($/mmbtu) $ 4.29 $ 4.15 $ 3.97 $ 4.18 $ — __________ (1) The term 'NWPL' is defined as Northwest Rocky Mountain Pipeline. GAINS (LOSSES) ON DERIVATIVES A summary of gains and losses on the derivatives included on the statements of operations is presented below: Three Months Ended June 30,2025 March 31,2025 June 30,2024 (unaudited)(in thousands) Realized gains (losses) on commodity derivatives: Realized gains (losses) on oil sales derivatives $ 8,593 $ 164 $ (9,801 ) Realized losses on natural gas purchase derivatives (7,698 ) (1,476 ) (9,314 ) Total realized gains (losses) on derivatives $ 895 $ (1,312 ) $ (19,115 ) Unrealized gains on commodity derivatives: Unrealized gains on oil sales derivatives $ 47,830 $ 5,311 $ 3,957 Unrealized gains on natural gas purchase derivatives 4,568 7,167 6,672 Total unrealized gains on derivatives $ 52,398 $ 12,478 $ 10,629 Total gains (losses) on derivatives $ 53,293 $ 11,166 $ (8,486 ) PRODUCTION STATISTICS Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Net Oil, Natural Gas and NGLs Production Per Day(1): Oil (mbbl/d) California 19.7 20.4 21.1 Utah 2.3 2.6 2.3 Total oil 22.0 23.0 23.4 Natural gas (mmcf/d) Utah 9.1 7.9 8.9 Total natural gas 9.1 7.9 8.9 NGLs (mbbl/d) Utah 0.4 0.4 0.4 Total NGLs 0.4 0.4 0.4 Total Production (mboe/d)(2) 23.9 24.7 25.3 __________ (1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.(2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended June 30, 2025, the average prices of Brent oil and Henry Hub natural gas were $66.71 per bbl and $3.19 per mmbtu, EXPENDITURES Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)(in thousands) Capital expenditures(1)(2) $ 54,249 $ 28,389 $ 42,325 __________ (1) Capital expenditures include capitalized overhead and interest and exclude acquisitions and asset retirement spending.(2) Capital expenditures for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024 were less than $1 million related to the well servicing and abandonment services segment. NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver. We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure. We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company's ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company's core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers. We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company's ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company's administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers. While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP. Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies. ADJUSTED EBITDAThe following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated. Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)(in thousands) Adjusted EBITDA reconciliation: Net income (loss) $ 33,604 $ (96,680 ) $ (8,769 ) Add (Subtract): Interest expense 15,513 15,172 10,050 Income tax expense (benefit) 13,188 (38,673 ) (3,326 ) Depreciation, depletion, and amortization 35,294 40,392 42,843 Impairment of oil and gas properties — 157,910 43,980 Stock compensation expense 2,026 2,406 1,990 (Gains) losses on derivatives (53,293 ) (11,166 ) 8,486 Net cash received (paid) for scheduled derivative settlements 4,908 (1,312 ) (19,115 ) Acquisition costs(1) 310 — 1,394 Other operating expense (income) 1,365 401 (3,204 ) Adjusted EBITDA $ 52,915 $ 68,450 $ 74,329 Net cash provided by operating activities $ 28,638 $ 45,872 $ 70,891 Add (Subtract): Cash interest payments 14,487 13,459 1,395 Cash income tax payments 5,239 66 491 Acquisition costs(1) 310 — 1,394 Changes in operating assets and liabilities - working capital(2) 3,852 9,265 3,293 Other operating income - cash portion(3) 389 (212 ) (3,135 ) Adjusted EBITDA $ 52,915 $ 68,450 $ 74,329 __________ (1) Includes legal and other professional expenses related to various transaction activities.(2) Changes in other assets and liabilities consists of working capital and various immaterial items.(3) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement. FREE CASH FLOW The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated. Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)(in thousands) Free Cash Flow reconciliation: Net cash provided by operating activities $ 28,638 $ 45,872 $ 70,891 Capital expenditures (54,249 ) (28,389 ) (42,325 ) Free Cash Flow $ (25,611 ) $ 17,483 $ 28,566 LEVERAGE RATIO The following table presents our leverage ratio. Three Months Ended June 30, 2025 (unaudited)(in thousands) Net debt reconciliation: 2024 Term loan borrowings $ 427,500 2024 Revolver borrowings — Subtract: Unrestricted cash (19,728 ) Net Debt $ 407,772 Trailing twelve month Adjusted EBITDA $ 270,266 Leverage Ratio 1.51x ADJUSTED NET INCOME (LOSS) The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated. Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (in thousands) per share - diluted (in thousands) per share - diluted (in thousands) per share - diluted (unaudited) Adjusted Net Income (Loss) reconciliation: Net income (loss) $ 33,604 $ 0.43 $ (96,680 ) $ (1.25 ) $ (8,769 ) $ (0.11 ) Add (Subtract): (Gains) losses on derivatives (53,293 ) (0.69 ) (11,166 ) (0.14 ) 8,486 0.11 Net cash received (paid) for scheduled derivative settlements 4,908 0.07 (1,312 ) (0.02 ) (19,115 ) (0.25 ) Other operating expenses (income) 1,365 0.03 401 0.00 (3,204 ) (0.05 ) Impairment of oil and gas properties — — 157,910 2.04 43,980 0.57 Acquisition costs(1) 310 0.00 — — 1,394 0.02 Total additions, net (46,710 ) (0.59 ) 145,833 1.88 31,541 0.40 Income tax expense (benefit) of adjustments(2) 12,742 0.16 (39,783 ) (0.51 ) (8,617 ) (0.11 ) Adjusted Net Income (Loss) $ (364 ) $ 0.00 $ 9,370 $ 0.12 $ 14,155 $ 0.18 Basic EPS on Adjusted Net Income $ 0.00 $ 0.12 $ 0.18 Diluted EPS on Adjusted Net Income $ 0.00 $ 0.12 $ 0.18 Weighted average shares of common stock outstanding - basic 77,596 77,196 76,939 Weighted average shares of common stock outstanding - diluted 77,596 77,371 77,161 __________ (1) Includes legal and other professional expenses related to various transaction activities.(2) The federal and state statutory rates were utilized for all periods presented. ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated. Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)($ in thousands) Adjusted General and Administrative Expense reconciliation: General and administrative expenses $ 20,270 $ 20,305 $ 18,881 Subtract: Non-cash stock compensation expense (G&A portion) (1,957 ) (2,005 ) (1,843 ) Adjusted General and Administrative Expenses $ 18,313 $ 18,300 $ 17,038 Well servicing and abandonment services segment $ 2,124 $ 2,300 $ 2,454 E&P segment, and corporate $ 16,189 $ 16,000 $ 14,584 E&P segment, and corporate ($/Boe) $ 7.44 $ 7.19 $ 6.34 Total MBoe 2,177 2,225 2,300 E&P OPERATING COSTS Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses ('LOE') which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities. The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE - hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE - hedged includes the realized (cash settled) hedge effects on our total LOE. Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)($ in thousands) Energy LOE - unhedged $ 22,476 $ 26,323 $ 21,891 Non-energy LOE 30,717 30,959 31,994 Lease operating expenses(1) 53,193 57,282 53,885 Gas purchase hedges - realized 7,699 1,476 9,314 Lease operating expenses - hedged $ 60,892 $ 58,758 $ 63,199 Energy LOE - unhedged $ 22,476 $ 26,323 $ 21,891 Gas purchase hedges - realized 7,699 . 1,476 . 9,314 Energy LOE - hedged $ 30,175 $ 27,799 $ 31,205 Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (unaudited)(per Boe) Energy LOE - unhedged $ 10.32 $ 11.83 $ 9.52 Non-energy LOE 14.11 13.91 13.91 Lease operating expenses(1) 24.43 25.74 23.43 Gas purchase hedges - realized 3.54 0.66 4.05 Lease operating expenses - hedged $ 27.97 $ 26.40 $ 27.48 Energy LOE - unhedged $ 10.32 $ 11.83 $ 9.52 Gas purchase hedges - realized 3.54 . 0.66 . 4.05 Energy LOE - hedged $ 13.86 $ 12.49 $ 13.57 __________ (1) Lease operating expenses ('LOE') is also referred to as LOE - unhedged. Energy LOE - hedged and LOE - hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE - hedged and LOE - hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods. While Energy LOE - hedged and LOE - hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE - hedged and LOE - hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE - hedged and LOE - hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.
Globe and Mail
6 days ago
- Business
- Globe and Mail
Gold Resource Corporation Reports Financial Results for the Second Quarter of 2025
Gold Resource Corporation ( NYSE American: GORO) (the 'Company') is pleased to announce its second quarter operational results from its Don David Gold Mine ('DDGM') near Oaxaca, Mexico. 'While production remained lower than we would like in the second quarter of 2025, we are starting to see the hard work we have been performing start to pay off,' said Allen Palmiere, President and CEO. 'We have secured the additional funding we needed through ATM sales and a loan that we finalized at the end of the quarter. With this capital, we have been able to place orders for much needed equipment to begin to replace our existing aging fleet, and we have also ordered a third dry stack filter press to increase processing throughput and increase return. We have also engaged Cominvi Servicios, an experienced underground mining contractor, to accelerate the development of the Three Sisters vein systems. These initiatives are part of the disciplined execution plan we have been communicating, and we are excited to see them start moving forward.' Don David Gold Mine: In the second quarter of 2025, DDGM, located in Mexico, produced and sold a total of 2,420 gold equivalent ('AuEq') ounces, comprised of 878 gold ounces and 150,365 silver ounces at an average sales price per ounce of $3,350 and $34.35, respectively. During the second quarter, underground definition and ore control drilling progressed as planned at the Three Sisters vein system, with continued focus on the Sandy and Sadie vein sets. Positive results from this work have contributed to an improved geologic model, supporting near-term production planning. Additional definition drilling was also completed on the Splay 31 and Candelaria veins within the Arista vein system. The objective of these drilling programs is to maximize potential economic returns from near-term production across both vein systems. While underground exploration drilling remains suspended, new step-out targets have been identified at both Three Sisters and Arista for future drill testing. Exploration drilling is expected to resume following the completion of the necessary development and improvements in the Company's working capital position. Corporate and Financial: The Company has $10.4 million in working capital and $12.7 million in cash as of June 30, 2025. In the second quarter, the Company made some strategic changes in management and at the board level. On June 18, 2025, Peter Gianulis was appointed to the board as a director and as a member of the Audit Committee and the Compensation Committee. Additionally, Armando Alexandri, a mining engineer with more than 40 years of operational and executive experience in the industry, was added to the team as the new Chief Operating Officer. On June 26, 2025, the Company executed a loan agreement with Private Investors in the amount of $6.28 million, to be used for working capital. In connection with the loan agreement, the Company issued a common stock purchase warrant to an affiliate of the Private Investors for the purchase of up to 1,500,000 shares of the Company's common stock at an exercise price per share of $0.65. Net loss was $11.5 million or $0.09 per share for the quarter, which was mainly attributable to lower production and a decrease in net sales. Production was significantly impacted by two key constraints: the reduced availability of critical mining equipment due to an aging fleet and a shortage of alternative ore production headings to maintain output. Total cash cost after co-product credits for the quarter was $4,017 per AuEq ounce, and total all-in sustaining cost ('AISC') after co-product credits for the quarter was $5,458 per AuEq ounce. (See Item 2—Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures for a reconciliation of non-GAAP measures to applicable U.S. GAAP measures). Liquidity Update: Tonnes produced from the mining operations at DDGM in 2025 remained lower than in the previous year, and except for silver, grades were lower as well. There are several factors that caused these declines. The Company continues to encounter significant issues with equipment availability due to the age and condition of some of the critical mining equipment in use at the mine. Due to the challenges with equipment availability, the Company was not able to maintain its projected timeline for the development of future production zones. As a result, the Company is currently mining only one face at a time in areas that are accessible. The current lack of other available production zones has placed additional pressure on the Company's ability to achieve its production estimates, as any problems encountered at the current production zone cannot be offset by production elsewhere in the mine. In addition, the mill continued to experience mechanical issues that resulted in lower throughput, and when combined with the lower tonnes mined, resulted in a production shortfall. To minimize the mechanical issues and return the mine to a cash positive position, the Company engaged a third-party contract miner during the second quarter and started to upgrade its mining fleet. The Company believes that the mine has potential to generate positive cash flow based on the information to date from the new areas of the Three Sisters, as well as other areas that have been discovered near the existing mining zones. In order to develop access and better define these new areas, an investment must be made in the equipment and mine plan. Without the addition of these areas to the life-of-mine plan, the Company does not believe that the mine will generate sufficient free cash flow in the near term. The Company's inability to achieve its production estimates and continued operating losses have created substantial doubt about its ability to continue as a going concern. The Company previously announced that it would require approximately $7.0 million to obtain additional mining equipment and for mill upgrades. Management is currently looking to reduce the amount necessary for mining equipment purchases by purchasing used equipment in good condition and using a third-party contractor that will provide its own equipment. In addition to the above-mentioned equipment and mill upgrades, the Company also expects to require approximately $8.0 million in working capital over the next 12 months in order to fund the initial development to access the Three Sisters and Splay 31 systems, although not all of this capital will be required immediately. The Company raised $2.5 million through a registered direct offering in January 2025. Further, in February 2025, the Company sold its interest in Green Light Metals for $0.9 million. In the second quarter of 2025, the Company raised approximately $5.6 million through its At-The-Market Offering ('ATM') Program, after deducting the agent's commissions and other expenses. Year-to-date 2025, the Company has raised approximately $8.6 million, after deducting the agent's commissions and other expenses, through its ATM Program and intends to utilize it further to raise capital, as required, throughout the year. On May 7, 2025, the Company received the previously disclosed tax refund of 76 million pesos from the overpayment of Mexico taxes by DDGM in 2023, plus an inflation adjustment, for a total of 79.6 million pesos (approximately $4.0 million). Additionally, on June 26, 2025, the Company executed a loan agreement with Private Investors in the amount of $6.28 million, to be used for working capital. In connection with the loan agreement, the Company issued a common stock purchase warrant to an affiliate of the Private Investors for the purchase of up to 1,500,000 shares of the Company's common stock at an exercise price per share of $0.65, the aggregate exercise proceeds of which may provide additional funds for the Company. For the six months ended June 30, 2025, the Company has raised $21.3 million through the ATM, direct offering, the tax refund, and the loan. However, there can be no assurances that the revenue will be sufficient to generate profits and positive cash flows from operations in the future, and the Company may be compelled to place the mine on 'care and maintenance' status and cease operations until sufficient capital is available. If the Company is unable to successfully develop the new mining areas, the continued operation of the mine may not be possible beyond the third quarter of 2026. If continued operation of the mine is not possible, the Company may be compelled to place the mine on 'care and maintenance' status, which would likely trigger significant severance and other costs, which the Company may not be able to pay. For the six months ended June 30, 2025 2025 2024 Sustaining Investments: Underground Development $ 1,430 $ 2,657 Other Sustaining Capital 653 851 Infill Drilling 419 786 Surface and Underground Exploration Development & Other 145 2 Subtotal of Sustaining Investments: 2,647 4,296 Growth Investments: DDGM growth: Surface Exploration / Other 850 1,045 Underground Exploration Drilling - 38 Underground Exploration Development 3,285 - Back Forty growth: Back Forty Project Optimization & Permitting 371 347 Subtotal of Growth Investments: 4,506 1,430 Total Capital and Exploration: $ 7,153 $ 5,726 Trending Highlights 2024 2025 2025 Q1 Q2 Q3 Q4 Q1 Q2 Operating Data Total tonnes milled 98,889 93,687 83,690 80,367 56,906 63,479 Average Grade Gold (g/t) 1.89 1.27 0.54 0.64 0.70 0.56 Silver (g/t) 88 102 83 94 169 115 Copper (%) 0.37 0.26 0.19 0.20 0.18 0.13 Lead (%) 1.25 1.00 1.01 1.12 0.72 0.88 Zinc (%) 2.82 2.59 2.63 2.73 1.68 2.72 Metal production (before payable metal deductions) Gold (ozs.) 4,757 2,947 944 1,258 903 758 Silver (ozs.) 251,707 263,023 194,525 210,581 257,285 196,435 Copper (tonnes) 280 181 93 88 54 50 Lead (tonnes) 812 616 576 678 272 373 Zinc (tonnes) 2,310 2,020 1,741 1,734 699 1,380 Metal produced and sold Gold (ozs.) 3,557 2,724 1,357 960 859 878 Silver (ozs.) 216,535 234,560 181,434 184,804 230,320 150,365 Copper (tonnes) 264 197 98 82 50 43 Lead (tonnes) 667 491 467 548 277 272 Zinc (tonnes) 1,682 1,771 1,473 1,360 617 1,060 Average metal prices realized Gold ($ per oz.) $ 2,094 $ 2,465 $ 2,561 $ 2,706 $ 2,956 $ 3,350 Silver ($ per oz.) $ 23.29 $ 30.49 $ 30.61 $ 31.11 $ 32.54 $ 34.35 Copper ($ per tonne) $ 8,546 $ 10,428 $ 8,832 $ 8,969 $ 9,656 $ 9,619 Lead ($ per tonne) $ 1,977 $ 2,235 $ 2,065 $ 1,897 $ 1,950 $ 1,887 Zinc ($ per tonne) $ 2,483 $ 2,871 $ 2,854 $ 3,062 $ 2,710 $ 2,607 Gold equivalent ounces sold Gold Ounces 3,557 2,724 1,357 960 859 878 Gold Equivalent Ounces from Silver 2,408 2,901 2,169 2,125 2,535 1,542 Total AuEq oz 5,965 5,625 3,526 3,085 3,394 2,420 Second Quarter 2025 Conference Call The Company will host a conference call on Wednesday, August 6, 2025, at 12:00 p.m. Eastern Time. The conference call will be recorded and posted to the Company's website later in the day following the conclusion of the call. Following prepared remarks, Allen Palmiere, President and Chief Executive Officer, Armando Alexandri, Chief Operating Officer, and Chet Holyoak, Chief Financial Officer, will host a live question and answer (Q&A) session. There are two ways to join the conference call. To join the conference via webcast, please click on the following link: To join the call via telephone, please use the following dial-in details: Please connect to the conference call at least 10 minutes prior to the start time using one of the connection options listed above. About GRC: Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of an experienced board and senior leadership team, the Company's focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine in Oaxaca, Mexico and to develop the Back Forty Project in Michigan, USA. For more information, please visit the Company's website, located at Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking words such as 'plan,' 'target,' 'anticipate,' 'believe,' 'estimate,' 'intend' and 'expect' and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, (i) the success and timing of the Company's contractor negotiations and equipment acquisitions; (ii) Company's anticipated near-term capital needs and potential sources of capital; (iii) the Company's expectations regarding cash flow, productivity and the resumption of exploration drilling; (iv) the Company's belief as to the cash flow potential of DDGM; and (v) the Company's ability to continue to operate the Don David Gold Mine in the absence of additional capital. All forward-looking statements in this press release are based upon information available to the Company as of the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. Forward-looking statements are subject to risks and uncertainties. Additional risks related to the Company may be found in the periodic and current reports filed with the Securities and Exchange Commission by the Company, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024, which are available on the SEC's website at
Zawya
04-08-2025
- Business
- Zawya
Jordan loan Guarantee Corporation reports ‘strong' performance in H1 2025
AMMAN — The Jordan Loan Guarantee Corporation (JLGC) on Saturday announced 'strong' financial and operational results for the first half of 2025, driven by notable growth across its various programmes. According to the company's mid-year report, the total value of guarantees issued during the first six months of 2025 reached JD204 million, up from JD178 million in the same period of 2024, the Jordan News Agency, Petra, reported. The company said that this increase reflects its ongoing commitment to enhancing financial inclusion and supporting productive sectors across the Kingdom. JLGC Chairman Adel Sharkas expressed pride in the company's performance, highlighting the strength of its business model and the effectiveness of its strategies. He noted that these results align with the company's mission to support economic growth and expand access to finance, particularly for small- and medium-sized enterprises (SMEs), startups, and export-oriented businesses. The company reported a 3.8 per cent growth in total revenues, reaching JD25.2 million in the January-June period of 2025, compared with JD24.3 million in the corresponding period of 2024, and net profit after tax rose to JD1.79 million, up from JD1.76 million in the same period last year, Sharkas said. He added that as of the end of June 2025, total shareholders' equity stood at JD44.8 million, while the company's total assets reached JD781.3 million. JLGC Director General Adnan Naji highlighted the company's continued developmental role, noting that it guaranteed 831 loans worth nearly JD96 million during the first half of the year, including 111 startup projects valued at JD10.5 million. He also noted the growth of the Micro Enterprise Loan Guarantee Programme, launched two years ago, which has benefited 1,742 companies with total financing of JD13.2 million as of the end of June 2025. In terms of export support, Naji said that the company remained active under its Export Credit and Domestic Sales Guarantee Programme, securing 2,306 export shipments and domestic sales transactions valued at JD107.7 million. Also, 16 new industrial companies from various sectors joined the programme, bringing the total number of active insurance policies to 128, covering exports and sales to buyers in 40 countries around the world. JLGC stressed that these results reflect growing trust from partners in the banking and industrial sectors, the strength of its relationships with financial institutions and exporters, and its continued role as a key enabler of sustainable economic growth and financial inclusion in Jordan.
