Shares declined 4.4% as investors reacted negatively to cautious commentary on future growth opportunities and a lack of meaningful upward revision to full-year guidance despite operational execution and cost savings.

• Production hit a record 341,000 boe/d with 140,000 bbl/d of oil, outperforming near-term expectations on base volumes and Permian acceleration.
• Levered free cash flow reached $192 million, supported by operational efficiencies and an opportunistic refinancing that lowered the cost of capital.
• Permian integration exceeded initial synergy targets with $120 million captured and well costs reduced by over $500,000 per well versus prior operator.
• Efficiency gains continued in Eagle Ford and Uinta basins, including 20% year-over-year well cost reductions and expanded development programs.
• The company highlighted significant resource potential and value creation opportunities but offered no upgrade to full-year guidance or a more optimistic outlook, tempering investor enthusiasm.