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PEDEVCO Announces Q3 2025 Financial Results and Operations Update
PEDEVCO Announces Q3 2025 Financial Results and Operations Update HOUSTON, TX / ACCESS Newswire / November 17, 2025 / PEDEVCO Corp. (NYSE American:PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States, with a focus on the Rocky Mountain region, announced its financial results for the three months ended September 30, 2025 and provided an operations update, which financial results do not reflect the effect of the Company's October 31, 2025 transformative merger with certain portfolio companies controlled by Juniper Capital Advisors, L.P., as announced by the Company on November 3, 2025.Key Financial and Operational Highlights Include:Produced an average of 1,471 barrels of oil equivalent per day ("BOEPD") (84% liquids) in the three months ended September 30, 2025 ("Q3 2025"), decreasing 13% from 1,698 BOEPD produced in Q3 2024.Q3 2025 revenue of $7.0 million, decreasing $2.1 million from Q3 2024.Operating loss of $834 thousand, decreasing $3.7 million from Q3 2024.Operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of $7.8 million, increasing 12% from Q3 2024.Net loss of $325 thousand, or $0.00 net loss per basic and diluted common share outstanding, compared to $2.9 million net income, or $0.03 income per basic and diluted common share outstanding in Q3 2024.Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), of $4.3 million, compared to $5.7 million in Q3 2024.Cash and cash equivalents (including $2.75 million in restricted cash) of $13.7 million as of September 30, 2025, and zero debt.Participated in the drilling of eight 2.5 mile lateral non-operated wells located in the D-J Basin with a ~7.5% working interest, that have come online with first production in Q4 2025.Participated in the drilling of three 2.5 mile lateral and one 3 mile U-shaped lateral non-operated wells located in the D-J Basin with a ~46% working interest, with first production anticipated in mid-Q4 2025.Participated in the drilling of six 1.5 mile lateral non-operated wells located in the D-J Basin with a ~5% working interest, with completions by the operator scheduled for late Q4 2025 and production anticipated in early 2026.Participated in the drilling of a pad with one 3 mile lateral (~14% working interest) and three 2 mile lateral (~19% working interest) non-operated wells located in the D-J Basin with completions taking place in Q4 2025 and production expected early 2026.Acquired one 1.5 mile lateral and one 2.5 mile lateral D-J Basin Codell wells, each with a 94% working interest and brought online in early November 2025, operated by our recently acquired operating subsidiary.Four operated horizontal San Andres wells with a 50% working interest completed in the Chaveroo Field earlier this year continue to produce to expectation.J. Douglas Schick, President and Chief Executive Officer of the Company, stated, "While Q3 was a challenging quarter given commodity price pressure and the fact that the majority of our 2025 development plan comes online in the back end of the year, we are very excited about the Company's future given the significant number of wells coming online in Q4 2025 and early 2026, and the significantly increased scale, production and development opportunities the Company expects to realize as a direct result of our recently announced merger with certain portfolio companies formerly controlled by Juniper Capital that closed on October 31, 2025. Now with an expansive acreage position in the Rockies, over 6,500 BOEPD of current production, and significant flush production expected to come online in Q4 2025 and early 2026, we believe that PEDEVCO is well-positioned to become the leading pure play public oil and gas company focused on the Rockies region. In the coming months, we will focus on integrating the recently acquired operations and achieving economies of scale in the Rockies, while continuing to focus on organic growth and seeking accretive M&A opportunities."Financial Summary:We reported a net loss for the three-month period ended September 30, 2025, of $0.3 million, or ($0.00) per common share, compared to net income for the three-month period ended September 30, 2024 of $2.9 million or $0.03 per share. The decrease in net income of $3.2 million, when comparing the current period to the prior year's period, was primarily due to a decrease of revenues of $2.1 million coupled with a $0.8 million increase in total operating expense (which includes an impairment of oil and gas properties of $0.2 million and an increase in DD&A expense of $1 million), and a $0.7 million gain in sale of oil and gas properties in the prior period offset with $0.2 million increased in other income (each discussed in more detail below) and an income tax benefit of $0.2 million.We reported operating expenses in Q3 2025 of $7.8 million, which was approximately $1.0 million higher than we reported in Q3 2024. The increase was primarily due to a $1.0 million increase in depreciation, depletion, amortization, and accretion expenses associated with additional capital spending related to lift conversions on five operated wells in our Permian Basin Asset and additional accretion expenses from our increased ARO liability from our compliance order with the New Mexico OCD, offset by a $0.5 million decrease in direct and variable lease operating expenses.Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), decreased 24% to $4.3 million in Q3 2025, compared to $5.7 million in Q3 2024.Cash and cash equivalents were $13.7 million as of September 30, 2025 (including $2.75 million in restricted cash), compared with $6.6 million as of December 31, 2024 (including $2.6 million in restricted cash), which increase was due largely to decreased cash outlay during the period.Production, Prices and Revenues:Production for Q3 2025 was 135,266 barrels of oil equivalent ("Boe"), comprised of 96,864 barrels of oil, 128,369 million cubic feet ("Mcf") of natural gas, and 17,007 Boe of natural gas liquids ("NGLs"). Liquids production comprised 84% of total production in the quarter.Our average realized crude oil sales price in Q3 2025 was $63.76 per barrel, average realized natural gas price was $2.94 per Mcf, and average realized NGL sales price was $24.00 per barrel. Our combined average realized sales price for the quarter was $51.46 per Boe, which was a decrease of 11% compared with $57.97per Boe in Q3 2024.Total crude oil, natural gas and NGL revenues for the three-month period ended September 30, 2025, decreased $2.1 million, or 23%, to $7.0 million, compared to $9.1 million for the same period a year ago, due to an unfavorable price variance of $1.1 million, due to the average sales price for crude oil and NGL realized by the Company decreasing compared to the three-month period ended September 30, 2024, coupled with an unfavorable volume variance of $1.0 million.Production volume decreased mainly due to the sale of 17 operated wells in the D-J Basin in April 2025, and natural declines from both our third-party D-J Basin wells and our Permian Basin wells as no new development came online in Q3 2025.Lease Operating Expenses ("LOE"):Total LOE for Q3 2025 was $2.1 million compared to total LOE for Q3 2024 of $2.6 million. The decrease of $0.5 million was primarily due to lower direct and variable lease operating expenses associated with the lower crude oil, natural gas and NGL volumes resulting from the production volume declines noted above.Depreciation, Depletion, Amortization and Accretion ("DD&A"):The $1.0 million increase was primarily the result of additional capital spending related to lift conversions on five operated wells in our Permian Basin Asset and additional accretion expenses from our increased ARO liability from our compliance order with the New Mexico OCD.Impairment of Oil and Gas Properties:The Company recorded an impairment of oil and gas properties of $0.2 million related to undeveloped leases representing 187 net acres in the D-J Basin that it allowed to expire or currently have no plans to drill prior to expiration, in the current period. There was no impairment in the prior period.General and Administrative Expenses ("G&A"):The $0.1 million increase was primarily the result of additional payroll, audit fees and software licensing fees.Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, increased nominally due to the award of certain employee restricted stock and stock-based options. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.Interest Income and Other Income:We earned $69,000 in interest, including interest earned from our interest-bearing cash accounts and interest on our note receivable (in the prior period), which nominally decreased due to additional cash usage for our operations and no interest on the note receivable, which has been fully written-off. Other income in the current period is related to revenue and tax adjustments from a prior period from a third-party operating partner.Working Capital and Liquidity:At September 30, 2025, the Company's total current assets of $16.1 million exceeded its total current liabilities of $14.6 million, resulting in a working capital surplus of $1.5 million, while at December 31, 2024, the Company's total current assets of $13.2 million exceeded its total current liabilities of $6.9 million, resulting in a working capital surplus of $6.3 million. The $4.8 million decrease in our working capital surplus is primarily related to an increase in payables and expenses related to our current capital drilling program, when comparing the current period to the prior period (described above).Operations Update:During the quarter, the Company participated in (i) eight 2.5 mile lateral non-operated wells located in the D-J Basin with a ~7.5% working interest, with production coming online in Q4 2025, (ii) three 2.5 mile lateral and one 3 mile U-shaped lateral non-operated wells located in the D-J Basin with a ~46% working interest, with production expected to come online in mid-Q4 2025, (iii) six 1.5 mile lateral non-operated wells planned to be completed in late Q4 2025 in the D-J Basin with a ~5% working interest, with production expected in early 2026, (iv) one well pad that contains one 3 mile lateral non-operated well with a 14% working interest and three 2 miles lateral non-operated wells with 19% working interest, and (v) one 1.5 mile lateral and one 2.5 mile lateral wells located in the northern D-J Basin with a 94% working interest, with production coming online in early November, which wells were drilled and completed by our new northern D-J Basin operating subsidiary that we acquired effective October 31, 2025 as discussed below.The Company received first production in mid-Q2 from four new horizontal San Andres wells the Company drilled and completed in its Chaveroo Field in the Permian Basin in Q1 2025 and early Q2 2025. The production results continue to meet expectations. The Company also performed lift conversions in the field that are expected to reduce future operating costs and improve production performance.On October 31, 2025, the Company announced a transformative merger with certain portfolio companies (the "Portfolio Companies") controlled by Juniper Capital Advisors, L.P. (together with affiliates, "Juniper"), which own substantial oil-weighted producing assets and significant leasehold interests with future drilling inventory located in the Northern DJ and Powder River Basins (the "Transaction"). The Transaction adds substantial, oil-weighted, production and a large acreage position across the Northern DJ Basin and Powder River Basin, together with the Company's existing D-J Basin production and acreage, transforming the Company into a premier publicly-traded Rockies-focused operator with over 6,500 BOEPD of current production, which is over 88% oil and liquids, and over 320,000 net acres.More information regarding our operating results for the three months ended September 30, 2025, including our full financial statements and footnotes, can be found in our Quarterly Report on Form 10-Q which was filed November 14, 2025 with the Securities and Exchange Commission and is available at www.sec.gov. More information regarding the Transaction with Juniper can be found in our Current Report on Form 8-K which was filed November 3, 2025 with the Securities and Exchange Commission and is available at www.sec.gov.About PEDEVCO Corp.PEDEVCO Corp. (NYSE American:PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States, with a focus on the Rocky Mountain region. The Company's principal assets are its Rockies Asset located in the D-J Basin of southeastern Wyoming and the Wattenberg Extension in Weld County Colorado and the Powder River Basin of Wyoming, and its Permian Basin Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico. PEDEVCO is headquartered in Houston, Texas.Use of Non-GAAP Financial InformationThis earnings release discusses EBITDA and Adjusted EBITDA which are presented as supplemental measures of the Company's performance. These measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA before share-based compensation expense, impairment of oil and gas properties, gain on sale of oil and gas properties, gain on sale of fixed assets, and note receivable - credit loss. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We use EBITDA and Adjusted EBITDA as supplements to GAAP measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA and Adjusted EBITDA do not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. For example, although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Additionally, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than PEDEVCO Corp. does, limiting its usefulness as a comparative measure. You should not consider EBITDA and Adjusted EBITDA in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. The Company's presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure. For more information on these non-GAAP financial measures, please see the section titled "Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA", included at the end of this release.Cautionary Statement Regarding Forward Looking StatementsThis press release may contain forward-looking statements, including information about management's view of PEDEVCO's future expectations, plans and prospects, within the meaning of the federal securities laws, including the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act and such laws, and are subject to the safe harbor created by the Act and applicable laws. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors, which may cause the results of PEDEVCO and its subsidiaries to be materially different than those expressed or implied in such statements. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and programs, including the costs thereof, drilling locations, estimated oil, natural gas and natural gas liquids production, price realizations, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes, statements regarding future production, costs and cash flows, liquidity and our capital structure, PEDEVCO's ability to integrate the Juniper assets, operations, and personnel into PEDEVCO's business following the closing of the Transaction, PEDEVCO's ability to service the debt assumed in the Transaction, the expected benefits of the Transaction, dilution caused by the conversion of the Convertible Preferred Shares, certain board appointment rights provided in the Transaction, potential lawsuits regarding the Transaction, potential adverse reactions or changes to business relationships resulting from the completion of the Transaction; and uncertainty as to the long-term value of the common stock of the Company following the closing of the Transaction. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, risks of our operations not being profitable or generating sufficient cash flow to meet our obligations; risks relating to the future price of oil, natural gas and NGLs; risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changing economic, regulatory and political environments in the markets in which the Company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; actions of competitors or regulators; the potential disruption or interruption of the Company's operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company's control; risks related to the need for additional capital to complete future acquisitions, conduct our operations, and fund our business on favorable terms, if at all, the availability of such funding and the costs thereof; risks related to the limited control over activities on properties we do not operate and the speculative nature of oil and gas operations in general; risks associated with the uncertainty of drilling, completion and enhanced recovery operations; risks associated with illiquidity and volatility of our common stock, dependence upon present management, the fact that Juniper Capital Advisors, L.P. and its affiliates, and Dr. Simon G. Kukes, beneficially own a significant portion of our common stock; our ability to maintain the listing of our common stock on the NYSE American; pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; inflationary risks and recent increased interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; risks related to military conflicts in oil producing countries; changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; the amount and timing of future development costs; the availability and demand for alternative energy sources; regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, many of which are beyond our control, including, but not limited to, in the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections of its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission, including, but not limited to its Annual Report on Form 10-K/A for the year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. These reports are available at www.sec.gov . The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on PEDEVCO's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. PEDEVCO cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The internal projections, expectations, or beliefs underlying our 2025 capital budget are subject to change in light of numerous factors, including, but not limited to, the prevailing prices of oil and gas, actions taken by businesses and governments, ongoing results, prevailing economic circumstances, commodity prices, and industry conditions and regulations.Important Additional Information Regarding the Transactions Will Be Filed With the SECIn connection with the Transaction described above and the related $35 million private placement of preferred stock of PEDEVCO (the "Equity Raise," and together with the Transaction, collectively, the "Transactions"), PEDEVCO will file an Information Statement with the Securities and Exchange Commission (SEC). The definitive Information Statement will be sent to the shareholders of PEDEVCO. PEDEVCO may also file other documents with the SEC regarding the Transactions. INVESTORS AND SECURITY HOLDERS OF PEDEVCO ARE ADVISED TO CAREFULLY READ THE INFORMATION STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS, THE PARTIES TO THE TRANSACTIONS AND THE RISKS ASSOCIATED WITH THE TRANSACTION. Investors and security holders may obtain a free copy of the Information Statement (when available) and other relevant documents filed by PEDEVCO with the SEC from the SEC's website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the Information Statement and other relevant documents (when available) by (1) directing your written request to: 575 N. Dairy Ashford, Suite 210, Houston, Texas 77079 or (2) contacting our Investor Relations department by telephone at (713) 221-1768. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company's website at www.pedevco.com .PEDEVCO CORP.CONSOLIDATED BALANCE SHEETS(amounts in thousands, except share and per share data)Assets September 30, 2025 (Unaudited) December 31, 2024 Current assets: Cash and cash equivalents $10,922 $4,010 Note receivable, current - 293 Accounts receivable - oil and gas 5,002 7,995 Prepaid expenses and other current assets 229 917 Total current assets 16,153 13,215 Oil and gas properties: Oil and gas properties, subject to amortization, net 93,431 95,070 Oil and gas properties, not subject to amortization, net 14,400 8,442 Total oil and gas properties, net 107,831 103,512 Note receivable - 933 Operating lease - right-of-use asset 256 224 Deferred income taxes 7,833 7,255 Other assets 3,815 3,210 Total assets $135,888 $128,349 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $10,295 $2,625 Accrued expenses 1,339 2,255 Revenue payable 2,208 1,266 Operating lease liabilities - current 178 99 Asset retirement obligations - current 616 663 Total current liabilities 14,636 6,908 Long-term liabilities: Operating lease liabilities, net of current portion 79 129 Asset retirement obligations, net of current portion 5,805 5,708 Total liabilities 20,520 12,745 Commitments and contingencies Shareholders' equity: Common stock, $0.001 par value, 200,000,000 shares authorized; 92,519,352 and 89,495,267 shares issued and outstanding, respectively 93 89 Additional paid-in capital 228,634 227,013 Accumulated deficit (113,359) (111,498)Total shareholders' equity 115,368 115,604 Total liabilities and shareholders' equity $135,888 $128,349 PEDEVCO CORP.CONSOLIDATED STATEMENTS OF OPERATIONS(amounts in thousands, except share and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Revenue: Oil and gas sales $6,961 $9,050 $22,669 $28,977 Operating expenses: Lease operating costs 2,095 2,556 8,305 8,635 Selling, general and administrative expense 1,525 1,343 4,815 4,221 Impairment of oil and gas properties 165 - 907 - Depreciation, depletion, amortization and accretion 4,010 3,055 11,213 10,782 Total operating expenses 7,795 6,954 25,240 23,638 Gain on sale of oil and gas properties - 735 1,021 735 Note receivable - credit loss - - (1,378) - Operating income (loss) (834) 2,831 (2,928) 6,074 Other income (expense), net: Interest income 69 84 196 326 Interest expense (102) - (102) - Gain on sale of fixed asset - - - 12 Other income (expense) 378 - 395 (43)Total other income 345 84 489 295 Income (loss) before income taxes (489) 2,915 (2,439) 6,369 Income tax benefit 164 - 578 - Net (loss) income $(325) $2,915 $(1,861) $6,369 Earnings (loss) per common share: Basic $(0.00) $0.03 $(0.02) $0.07 Diluted $(0.00) $0.03 $(0.02) $0.07 Weighted average number of common shares outstanding: Basic 92,161,635 89,428,310 91,482,504 89,147,092 Diluted 92,161,635 89,428,310 91,482,504 89,147,092 PEDEVCO CORP.CONSOLIDATED STATEMENTS OF CASH FLOWS(amounts in thousands) Nine Months Ended September 30, 2025 2024 Cash Flows From Operating Activities: Net (loss) income $(1,861) $6,369 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, amortization and accretion 11,213 10,782 Impairment of oil and gas properties 907 - Note receivable - credit loss 1,378 - Amortization of right-of-use asset 122 83 Amortization of deferred financing costs 102 - Share-based compensation expense 1,486 1,401 Disposition of escrow cash account - 50 Deferred income taxes (578) - Gain on sale of oil and gas properties, net (1,021) (735)Gain on disposal of fixed asset - (12)Changes in operating assets and liabilities: Accounts receivable - oil and gas 2,882 467 Note receivable accrued interest (41) (78)Prepaid expenses and other assets (62) (543)Accounts payable 7,271 (1,088)Accrued expenses (9,835) (6,041)Revenue payable 942 (2,108)Net cash provided by operating activities 12,905 8,547 Cash Flows From Investing Activities: Cash paid for drilling and completion costs (8,905) (23,134)Cash received for sale of oil and gas properties 2,923 1,115 Cash received for sale of vehicle - 12 Cash paid for vehicle - (91)Net cash used in investing activities (5,982) (22,098) Cash Flows From Financing Activities: Proceeds from issuance of shares, net of offering costs 139 - Net cash provided by investing activities 139 - Net increase (decrease) in cash and restricted cash 7,062 (13,551)Cash and restricted cash at beginning of period 6,607 20,715 Cash and restricted cash at end of period $13,669 $7,164 Supplemental Disclosure of Cash Flow Information Noncash investing and financing activities: Change in accrued oil and gas development costs $(8,843) $5,009 Changes in estimates of asset retirement costs, net $476 $56 Issuance of restricted common stock $4 $2 Reconciliation of Net (Loss) Income attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 Net (loss) income $(325) $2,915 $(1,861) $6,369 Add (deduct) Interest expense 102 - 102 - Income tax benefit (164) - (578) - Depreciation, depletion, amortization and accretion 4,010 3,055 11,213 10,782 EBITDA 3,623 5,970 8,876 17,151 Add (deduct) Share-based compensation 537 464 1,486 1,401 Impairment of oil and gas properties 165 - 907 - Gain on sale of oil and gas properties - (735) (1,021) (735)Gain on sale of fixed asset - - - (12)Note receivable - credit loss - - 1,378 - Adjusted EBITDA $4,325 $5,699 $11,626 $17,805 * EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See also "Use of Non-GAAP Financial Information", above.CONTACT:PEDEVCO Corp.(713) 221-1768PR@pedevco.comSOURCE: PEDEVCO Corp.View the original press release on ACCESS Newswire
Prairie Operating Co. Announces Third Quarter 2025 Results
Prairie Operating Co. Announces Third Quarter 2025 Results Total Revenue of $77.7 million, an increase of approximately 15% quarter-over-quarterNet Income of $1.3 millionRecord Adjusted EBITDA of $56.3 million, an increase of over 45% quarter-over-quarterApproximately 10% increase in quarterly production to a total of 23,029 Boe/d per day (52% oil / 72% liquids)Current production rate of approximately 27,000 net Boe/d per day HOUSTON, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the "Company," "Prairie," "we," "our," or "us") an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids ("NGL") resources in the Denver-Julesburg (DJ) Basin today announced its financial and operational results through and subsequent to the quarter ended September 30, 2025. RECENT KEY HIGHLIGHTS Record total production of 23,029 barrels of oil equivalent per day ("Boe/d") (approximately 52% oil), an increase of approximately 10% quarter-over-quarter.Current production rate as of today of approximately 27,000 net Boe/d per day, reflecting the successful execution of our development program.Expanded hedging program, securing favorable commodity pricing through 2028.Completed transition services period following acquisition of assets from Bayswater Exploration & Production.Closed two complementary bolt-on acquisitions, which added approximately 11 net drilling locations and 3,400 net acres. From Edward Kovalik, Chairman and Chief Executive Officer "The third quarter represented another major step forward for Prairie as we continue to execute across all areas of our business," said Edward Kovalik, Chairman and Chief Executive Officer. "With the Bayswater transition now complete, Prairie has assumed full operational control and is focused on expanding its DJ Basin footprint." "Looking ahead, our strategy remains clear and disciplined. We're focused on building long-term shareholder value through a combination of high-return organic development, continued operational optimization, and selective, accretive acquisitions. I want to personally thank the entire Prairie team for their dedication, hard work, and professionalism. The progress we've made this year has set the stage for continued momentum into 2026 and beyond." THIRD QUARTER FINANCIAL RESULTS SUMMARY Revenue of $77.7 million, driven by realized prices (excluding hedges) of $58.70 per barrel for oil, $12.27 per barrel for NGLs, and $2.15 per thousand cubic feet ("Mcf") for natural gas.Net loss attributable to common stockholders of $22.5 million, or $0.44 basic loss per share.Adjusted EBITDA (1) of $56.3 million, an increase of over 45% quarter-over-quarter.Capital expenditure incurred of $69.6 million.Net cash provided by operating activities of $57.7 million. (1) Adjusted EBITDA is a Non-GAAP measure, refer to "Non-GAAP Financial Measures" for reconciliations of GAAP to non-GAAP financial measures used throughout this press release. Operations Update Operationally, the third quarter marked another significant step forward for Prairie as the Company completed the transition period following the Bayswater acquisition and assumed full operational control of those assets. As of today, Prairie's current production rate stands at approximately 27,000 net Boe/d, reflecting the combined impact of its legacy operations, the Bayswater assets, and new wells brought online during the quarter. On the development front, flowback operations are now completed on seven new wells on our Noble pad, and completion activities are being finalized on six newly drilled wells at the Simpson pad. The Noble pad is now fully on-line with the Simpson pad expected to be fully online in the fourth quarter. At the Rusch pad, drilling, completions, and drill-out operations for 11 wells have been finalized and turned to sales. These wells target multiple horizons across the Niobrara A, B, and C zones, as well as the Codell formation, and are expected to meaningfully contribute to production growth through the remainder of 2025. In addition, Prairie successfully completed and turned to sales nine wells on the Opal Coalbank pad that were acquired as drilled and uncompleted ("DUC") locations in the Bayswater transaction. Initial results have exceeded expectations, with an average IP30 of approximately 525 Boe/d per well (two-stream, gross). Beyond new drilling, Prairie remains focused on optimizing its existing asset base. The Company has launched a robust workover program targeting 32 wells across the third and fourth quarters, with 31 workovers completed to date, including 18 during the third quarter. Additionally, Prairie has installed plungers across 183 wells, resulting in an average oil production increase of 12.6% per well. These optimization initiatives along with ongoing improvements to gas-lift systems and pad efficiencies underscore Prairie's commitment to maximizing per-well productivity and overall capital efficiency. THIRD QUARTER 2025 RESULTS Key Financial Highlights Revenue and Production Revenue for the third quarter of 2025 was $77.7 million, $64.9 million related to oil. Production for the third quarter of 2025 was 23,029 Boe/d and was comprised of approximately 52% oil (approximately 72% liquids). Operating Costs Acquisitions and Capital Expenditures LIQUIDITY AND CAPITAL RESOURCES As of September 30, 2025, we had approximately $68.6 million of liquidity, consisting of $58.0 million of borrowings available under our Credit Facility and $10.6 million in unrestricted cash. As of September 30, 2025, the Credit Facility had a borrowing base of $475.0 million and aggregate elected commitments of $475.0 million. 2025 UPDATED GUIDANCE Prairie re-affirms full year guidance for 2025: Average Daily Production: 24,000 26,000 Boe/d.Capital Expenditures (Capex): $260.0 million - $280.0 million.Adjusted EBITDA(1): Expected to range between $240.0 million and $260.0 million. (1) Adjusted EBITDA is a Non-GAAP measure, refer to "Non-GAAP Financial Measures" for reconciliations of GAAP to non-GAAP financial measures used throughout this press release. The 2025 full-year guidance includes production, revenue, and related expenses attributable to the assets acquired from Bayswater from January 1, 2025 through March 26, 2025, the closing date of the acquisition and is based on an active hedging program and a commodity price deck of $60.00 $64.00 per Bbl for oil and $4.00 per Mcf for gas. Commodity Hedges The following table reflects contracted volumes and weighted average prices we will receive under the terms of our derivative contracts as of September 30, 2025: In October and November 2025, we executed a portfolio of hedges to maintain the hedging requirement under our Amended & Restated Credit Agreement. These hedges secured prices of $60.45 per barrel through the rest of 2025, $60.02 per barrel in 2026 and 2027, and $60.62 per barrel through the fourth quarter of 2028, and $4.07 per MMBtu through 2027. Non-GAAP Financial Measures This press release contains Adjusted EBITDA which is a financial measure not presented in accordance with U.S. GAAP. Adjusted EBITDA is used by management to evaluate the performance of our business, make operational decisions, and assess our ability to generate cashflows. Management believes Adjusted EBITDA provides investors with helpful information to better understand the underlying performance trends of our business, facilitate period-to-period comparisons, and assess the company's operating results. Adjusted EBITDA is derived from net income (loss) from continuing operations and is adjusted for income tax expense, depreciation, depletion, and amortization, accretion of asset retirement obligations, non-cash stock-based compensation, interest expense (income), net, non-cash loss on adjustment to fair value embedded derivatives, debt, and warrants, loss on debt issuance, unrealized gain on derivatives, and litigation settlement expense all as applicable. We adjust net income (loss) from continuing operations for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially between periods and companies within our industry depending upon accounting methods, book values of assets, capital structures, and the method by which assets were acquired. Adjusted EBITDA has limitations as an analytical tool, including that it excludes certain items that affect our reported financial results. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income calculated in accordance with GAAP or as an indicator of our operating performance or liquidity. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The following table presents the reconciliation of Net income (loss) from continuing operations to Adjusted EBITDA for the periods indicated: The following table presents the reconciliation of our expected full year 2025 Net income to our expected full year 2025 Adjusted EBITDA: Cautionary Statement about Forward-Looking Statements The information included in this press release and in any oral statements made in connection herewith include "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. These forward-looking statements include, without limitation, statements regarding future financial performance, business strategies, expansion plans, future results of operations, estimated revenues, losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on our management's current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as "may," "should," "could," "would," "expect," "plan," "anticipate," "intend," "believe," "estimate," "continue," "project" or the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained herein are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks are not exhaustive. Other sections of this press release could include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the effects of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. Our Securities and Exchange Commission (the "SEC"), filings are available publicly on the SEC website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Accordingly, forward-looking statements in this press release should not be relied upon as representing our views as of any subsequent date, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. Regulation FD Disclosure The Company announces material information to the public through a variety of means, including filings with the SEC, press releases, public conference calls, and the investor relations section of its website at www.prairieopco.com. In addition to these traditional channels, the Company also uses its official social media accounts as a means of disclosing information about Prairie and its business, and to comply with its disclosure obligations under Regulation FD. The Company's official social media accounts currently include @PrairieOpCo on X (formerly Twitter) and linkedin.com/company/prairie-operating-co on LinkedIn. Information the Company posts through these social media channels may be deemed material. Accordingly, investors, the media, and others interested in the Company should monitor these accounts in addition to following the Company's press releases, SEC filings, and public conference calls and webcasts. The Company may update the list of official social media accounts from time to time, and any such updates will be posted on the investor relations section of its website. About Prairie Operating Co. Prairie Operating Co. is a Houston-based publicly traded independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquid resources in the United States. The Company's assets and operations are concentrated in the oil and liquids-rich regions of the Denver-Julesburg (DJ) Basin, with a primary focus on the Niobrara and Codell formations. The Company is committed to the responsible development of its oil natural gas, and natural gas liquid resources and is focused on maximizing returns through consistent growth, capital discipline, and sustainable cash flow generation. More information about the Company can be found at www.prairieopco.com. Investor Relations Contact: Wobbe Ploegsma info@prairieopco.com 832-274-3449 Supplemental Disclosures of Cash Flow Information The following table presents noncash investing and financing activities for the periods presented:
Epsilon Announces the Closing of the Acquisitions of the Peak Companies With Assets in the Powder River Basin
Epsilon Announces the Closing of the Acquisitions of the Peak Companies With Assets in the Powder River Basin HOUSTON, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. ("Epsilon" or the "Company") (NASDAQ: EPSN) today reported the consummation of the previously announced acquisitions of Peak Exploration and Production LLC and Peak BLM Lease LLC (together, the "Peak Companies") (the "Closing"). The Closing followed a special meeting of the Company's shareholders held on November 12, 2025, where the Company's shareholders approved the issuance of common shares in connection with the acquisitions. As consideration at Closing, 5,681,489 common shares were issued to the shareholders of the Peak Companies, after closing purchase price adjustments. Following Closing, up to 2,500,000 common shares or $6.5 million in cash is required to be issued or paid based on the timing of certain regulatory approvals, as contemplated by the membership interest purchase agreement for Peak BLM Lease LLC, a copy of which was attached to the Company's proxy statement filed with the Securities and Exchange Commission on October 10, 2025. At Closing, the commitments on the Company's credit facility were increased to $80 million, with loans extended (drawn) at Closing of $50.5 million. Loan proceeds were used to repay the Peak Companies' existing loan and associated costs. All other material terms of the Company's credit facility remain the same. Also at Closing, the Company's board of directors (the "Board") appointed Bryan H. Lawrence and Jack Vaughn to the Board. Sixteen former employees of the Peak Companies have accepted full-time offers of employment with the Company's subsidiary, Epsilon Energy USA Inc., and will be primarily based in Durango, Colorado and Wright, Wyoming. Jason Stabell, Epsilon's Chief Executive Officer, commented "We are thrilled to announce the successful closing of this transformational acquisition, marking a pivotal step in the company's growth. We warmly welcome our new colleagues to the team. Their combined talents and basin expertise will be instrumental to our future success. We're also honored to welcome two exceptional leaders in Bryan and Jack to our board. Their guidance will be invaluable as we execute on our strategy moving forward." About Epsilon Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Wyoming, Pennsylvania, Texas, Alberta CA, New Mexico, and Oklahoma. Forward-Looking Statements Certain statements contained in this news release constitute forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", âmay", "will", "project", "should", âbelieve", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated. Forward-looking statements are based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon. Contact Information: 281-670-0002 Jason StabellChief Executive OfficerJason.Stabell@EpsilonEnergyLTD.com Andrew WilliamsonChief Financial OfficerAndrew.Williamson@EpsilonEnergyLTD.com
Transaction in Own Shares
Transaction in Own Shares Transaction in Own Shares 14 November, 2025 o o o o o o o o o o o o o o o o Shell plc (the `Company') announces that on 14 November, 2025 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according to trading venue: These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 30 October 2025. In respect of this programme, Merrill Lynch International will make trading decisions in relation to the securities independently of the Company for a period from 30 October 2025 up to and including 30 January 2026. The on-market limb will be effected within certain pre-set parameters and in accordance with the Company's general authority to repurchase shares on-market. The off-market limb will be effected in accordance with the Company's general authority to repurchase shares off-market pursuant to the off-market buyback contract approved by its shareholders and the pre-set parameters set out therein. The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes ("EU MAR") and EU MAR as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310), from time to time ("UK MAR") and the Commission Delegated Regulation (EU) 2016/1052 (the "EU MAR Delegated Regulation") and the EU MAR Delegated Regulation as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310), from time to time. In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by Merrill Lynch International on behalf of the Company as a part of the buy-back programme is detailed below. Enquiries Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html Attachment 2025.11.14 Shell RNS (with fills)
Enbridge Adding Canadian Egress to Key U.S. Refining Markets, Enhancing North American Energy Security
Enbridge Adding Canadian Egress to Key U.S. Refining Markets, Enhancing North American Energy Security CALGARY, AB, Nov. 14, 2025 /PRNewswire/ - Today, Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced that it has reached a final investment decision on the Mainline Optimization Phase 1 project (MLO1). MLO1 will add capacity to the Company's Mainline network and Flanagan South Pipeline (FSP) to meet customer demand for incremental egress, increasing deliveries of Canadian heavy oil to key refining markets in the U.S. Midwest (PADD II) and Gulf Coast (PADD III). Key details: Expected aggregate capital cost of US$1.4 billion Adding 150 kbpd of Mainline system capacity Adding 100 kbpd of FSP capacity Capacity is anticipated to be available in 2027 "MLO1 is expected to add capital-efficient and timely egress capacity from Canada, supporting Canadian production and increasing connectivity to the best refining markets in North America," said Colin Gruending, Enbridge's Executive Vice President and President of Liquids Pipelines. "This project demonstrates the competitive advantage of leveraging existing networks to meet growing customer demand, supporting long-term energy security and affordability across North America". MLO1 will increase capacity on the Mainline through a combination of upstream optimizations and terminal enhancements. In addition, Enbridge plans to add pump stations and terminal enhancements for FSP to increase capacity and will utilize existing capacity on Seaway Pipeline1. The FSP expansion is underpinned by long-term take-or-pay contracts for full-path service from Edmonton, Alberta to Houston, Texas, which support attractive returns for MLO1. As part of the open season process on FSP earlier this year, the majority of existing customers elected to extend their existing full-path contracts through the next decade. ________________________ 1 Seaway Pipeline is jointly owned 50/50 between Enbridge Inc. and Enterprise Products Partners L.P . About Enbridge Inc. At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com. Forward-Looking Statements Forward-looking statements have been included in this news release to provide readers with information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge's and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely", and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this news release include, but are not limited to, statements with respect to Mainline Optimization Phase 1, including projected capacity, anticipated benefits, expected costs, key milestone dates, and other related matters. Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; anticipated utilization of assets; exchange rates; inflation; interest rates; tariffs and trade policies; availability and price of labor and construction materials; the stability of our supply chain; operational reliability; maintenance of support and regulatory approvals for our projects and transactions; anticipated in-service dates; weather; the timing, terms and closing of acquisitions, dispositions and other transactions; the realization of anticipated benefits of transactions; governmental legislation; litigation; estimated future dividends and impact of our dividend policy on our future cash flows; our credit ratings; capital project funding; hedging program; expected earnings before interest, income taxes and depreciation and amortization (EBITDA); expected earnings/(loss); expected future cash flows; and expected distributable cash flow. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs, and are therefore inherent in all forward-looking statements. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes. Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; legislative and regulatory parameters; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions or other trade measures; operational dependence on third parties; dividend policy; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; public opinion; changes in tax laws and tax rates; exchange rates; inflation; interest rates; commodity prices; access to and cost of capital; our ability to maintain adequate insurance in the future at commercially reasonable rates and terms; political decisions; global geopolitical conditions; and the supply of, demand for and prices of commodities and other alternative energy, including but not limited to, those risks and uncertainties discussed in this news release and in our filings with Canadian and US securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. FOR FURTHER INFORMATION PLEASE CONTACT: Media Investment Community Toll Free: (888) 992-0997 Toll Free: (800) 481-2804 Email: media@enbridge.com Email: investor.relations@enbridge.com View original content to download multimedia:https://www.prnewswire.com/news-releases/enbridge-adding-canadian-egress-to-key-us-refining-markets-enhancing-north-american-energy-security-302615251.html SOURCE Enbridge Inc.
Battalion Oil Corporation Announces Third Quarter 2025 Financial and Operating Results
Battalion Oil Corporation Announces Third Quarter 2025 Financial and Operating Results HOUSTON, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Battalion Oil Corporation (NYSE American: BATL, "Battalion" or the "Company") today announced financial and operating results for the third quarter of 2025. Key Highlights Generated third quarter 2025 sales volumes of 12,293 barrels of oil equivalent per day ("Boe/d") (53% oil)AGI facility remains out of serviceGas Production is being treated by third partyThe Company has entered into an amendment of its existing credit facility allowing additional operational flexibilityThe Company continues to pursue potential merger, acquisition and divestiture opportunities Management Comments Drilling and completion operations concluded in the West Quito Draw with two wells coming online and producing an average of 883 Boe/ day over the first 120 days of production. Well operations yielded more than $1.1 million in savings per well across all phases compared to AFE. Both wells are still on choke while flowing back, confirming the significant inventory in the asset area. The acid gas injection ("AGI") facility ceased operations on August 11, 2025 and remains out of service. In response, we temporarily shut in a portion of our Monument Draw field and redirected our gas production to alternative gas processing options available in the immediate vicinity of our operations. Currently, we have brought most wells back online; however, approximately 1,600 barrels of oil per day remain shut-in across Monument Draw ready to flow to sales. Results of Operations Average daily net production and total operating revenue during the third quarter of 2025 were 12,293 Boe/d (53% oil) and $43.5 million, respectively, as compared to production and revenue of 12,076 Boe/d (52% oil) and $45.3 million, respectively, during the third quarter of 2024. The decrease in revenues in the third quarter of 2025 as compared to the third quarter of 2024 is primarily attributable to a $2.24 decrease per Boe in average realized prices (excluding the impact of hedges) partially offset by an approximate 217 Boe/d increase in average daily production. Excluding the impact of hedges, Battalion realized 98.3% of the average NYMEX oil price during the third quarter of 2025. Realized hedge gains totaled approximately $4.1 million during the third quarter of 2025. Lease operating and workover expense was $11.69 per Boe in the third quarter of 2025 versus $11.56 per Boe in the third quarter of 2024. The increase in lease operating and workover expense per Boe year-over-year is primarily the result of increased water production from new wells yielding higher disposal costs. Gathering and other expenses were $9.02 per Boe in the third quarter of 2025 versus $11.20 per Boe in the third quarter of 2024. The decrease in gathering and other expenses per Boe is primarily related to progress made at the central production facilities yielding lower labor and repair costs as well as increased throughput and overall production volumes being treated by the AGI facility during 2025. Although the AGI facility ceased operations on August 11, 2025, we were able to secure treatment at alternative facilities. The AGI facility treated natural gas production from March 2024 to August 11, 2025. General and administrative expenses were $2.73 per Boe in the third quarter of 2025 compared to $3.46 per Boe in the third quarter of 2024. The decrease in general and administrative expenses for the third quarter of 2025 is primarily due to lower merger costs. Excluding non-recurring charges, general and administrative expenses would have been $2.44 per Boe in the third quarter of 2025 compared to $2.58 per Boe in the third quarter of 2024. For the third quarter of 2025, the Company reported a net loss available to common stockholders of $15.0 million and a net loss of $0.91 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the third quarter of 2025 of $15.7 million or an adjusted diluted net loss of $0.96 per common share (see Reconciliation for additional information). Adjusted EBITDA during the third quarter ended September 30, 2025 was $18.9 million as compared to $13.5 million during the quarter ended September 30, 2024 (see Adjusted EBITDA Reconciliation table for additional information). Liquidity and Balance Sheet As of September 30, 2025, the Company had $213.8 million of term loan indebtedness outstanding and total liquidity made up of cash and cash equivalents of $50.5 million. On November 12, 2025, the Company entered into the Second Amendment to the Second Amended and Restated Senior Secured Credit Agreement which provides total net leverage ratio and asset coverage ratio covenant relief through the fiscal quarter ended June 30, 2027. For additional details on liquidity, financial position, and recent developments, please refer to Management's Discussion and Analysis and Risk Factors included in Battalion's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Forward Looking Statements This 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. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", "projects," "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.battalionoil.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations. About Battalion Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Contact Matthew B. SteeleChief Executive Officer & Principal Financial Officer832-538-0300
Cenovus announces closing of MEG Energy acquisition
Cenovus announces closing of MEG Energy acquisition CALGARY, Alberta, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE.CA) (NYSE:CVE) is pleased to announce that its acquisition of MEG Energy Corp. (TSX:MEG.CA) (MEG) was completed today. This acquisition strengthens Cenovus's portfolio of long-life, low-cost oil sands assets, adding top-tier operations that are directly adjacent to the company's Christina Lake asset. Total consideration paid by Cenovus included: $752 million of cash paid for 25.0 million MEG shares acquired through open market transactions.$3.44 billion of cash paid to MEG shareholders, other than Cenovus, under the terms of the agreement.143.9 million Cenovus common shares issued to MEG shareholders, other than Cenovus, under the terms of the agreement.Approximately $800 million of estimated net debt assumed, on closing. "The addition of MEG assets and people will have an immediate positive impact on Cenovus," said Jon McKenzie, Cenovus President & Chief Executive Officer. "The strategic fit is exceptional, the assets are of the highest quality and the synergies we have identified will create significant value over both the short and long term." The acquisition immediately adds approximately 110,000 barrels per day of low-cost, long-life oil sands production to Cenovus. Cenovus will provide updated guidance to reflect the MEG acquisition with its 2026 budget on December 11, 2025. The MEG common shares are expected to be delisted by the Toronto Stock Exchange at the close of market on November 14, 2025. Advisory This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation about Cenovus's current expectations, estimates and projections about the future of Cenovus, including following the Acquisition of MEG, based on certain assumptions made in light of Cenovus's experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this document is identified by words such as "estimated", "expected", "strengthens", "synergies", and "will" or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the impact of the acquisition of MEG (Acquisition) on Cenovus, including that the Acquisition strengthens Cenovus's portfolio of long-life, low-cost oil sands assets, adding top-tier operations and that the synergies identified by Cenovus will create significant value over the short and long term; estimated assumed net debt associated with the Acquisition; that the Acquisition is expected to add approximately 110,000 barrels per day of low-cost, long-life oil sands production capacity to Cenovus; the timing of Cenovus's updated guidance; and the expected delisting date for the MEG common shares. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and MEG and others that apply to the industry generally. The factors or assumptions on which the forward-looking information in this news release are based include, but are not limited to: information currently available to Cenovus about itself and MEG and the businesses in which they operate; general economic, market and business conditions; anticipated tax treatment of the Acquisition; Cenovus's portfolio and business plan; the ability of Cenovus to successfully integrate the MEG assets into its operations; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the completion of the Acquisition; that there will be no material change to MEG's operations prior to completion of the Acquisition; no material changes to laws and regulations, or actions from any regulatory authority, other governmental entity or court, adversely affecting Cenovus's operations or the Acquisition; and the assumptions inherent in Cenovus's updated 2025 corporate guidance available on cenovus.com. The risk factors and uncertainties that could cause actual results to differ materially from the forward-looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; actions by any regulatory authority, other governmental entity or court that could adversely affect Cenovus or the Acquisition; potential undisclosed liabilities in respect of MEG unidentified during the due diligence process; the interpretation of the Acquisition by tax authorities; the focus of management's time and attention on the Acquisition and other disruptions arising from the Acquisition; volatility of, and other assumptions regarding, commodity prices; product supply and demand; market competition, including from alternative energy sources; the integration of the MEG assets into Cenovus's operations; the ability to maintain relationships with partners and to successfully manage and operate integrated businesses; and other risks identified under "Risk Management and Risk Factors" and "Advisory" in Cenovus's Management's Discussion and Analysis for the periods ended December 31, 2024 and September 30, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus's website at cenovus.com). Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. Cenovus Energy Inc.Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company's preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com. Find Cenovus on Facebook, LinkedIn, YouTube and Instagram. Cenovus contacts InvestorsInvestor Relations general line403-766-7711 MediaMedia Relations general line403-766-7751
Energy Services of America to Present and Host 1x1 Investor Meetings at the 17th Annual Southwest IDEAS Investor Conference on November 20
Energy Services of America to Present and Host 1x1 Investor Meetings at the 17th Annual Southwest IDEAS Investor Conference on November 20 HUNTINGTON, W.Va., Nov. 13, 2025 /PRNewswire/ -- Energy Services of America (Nasdaq: ESOA), today announced its President, Doug Reynolds, and Chief Financial Officer, Charles Crimmel, will present at the Southwest IDEAS Investor Conference on Thursday November 20, 2025 in Dallas, TX. The company's presentation is scheduled to begin at 4:20pm ET. The presentation is webcast and can be accessed through the conference host's main website: https://www.threepartadvisors.com/southwest. If interested in participating or learning more about the IDEAS conferences, please contact Lacey Wesley at (817) 769 -2373 or lWesley@IDEASconferences.com. About Energy Services Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 1,000+ employees on a regular basis. The Company's core values are safety, quality, and production. View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-services-of-america-to-present-and-host-1x1-investor-meetings-at-the-17th-annual-southwest-ideas-investor-conference-on-november-20-302614468.html SOURCE Energy Services of America Corporation
Equinor ASA: Ex. Dividend second quarter 2025 today - OSE
Equinor ASA: Ex. Dividend second quarter 2025 today - OSE The shares in Equinor ASA (OSE: EQNR; NYSE:EQNR) will as from today be traded on the Oslo Stock Exchange exclusive the second quarter 2025 cash dividend as detailed below. Ex. date: 13 November 2025 Dividend amount: 0.37 Announced currency: USD This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
New Concept Energy, Inc. Reports Third Quarter 2025 Results
New Concept Energy, Inc. Reports Third Quarter 2025 Results DALLAS, Nov. 12 /BusinessWire/ -- New Concept Energy, Inc. (NYSE American:GBR), (the "Company" or "NCE") a Dallas-based company, today reported Results of Operations for the third quarter ended September 30, 2025. The Company reported a net loss of ($20,000) for the three months ended September 30, 2024, as compared to a net loss of ($4,000) for the similar period in 2023. For the three months ended September 30, 2025 the Company had revenue of $39,000 including $26,000 for rental revenue and $13,000 for management fees as compared to revenue of $37,000 including $26,000 for rental revenue and $11,000 for management fees for the comparative period in 2024. For the three months ended September 30, 2025, corporate general & administrative expenses were $88,000 as compared to $79,000 for the comparable periods in 2024. For the three months ended September 30, 2024, interest income was $43,000 as compared to $52,000 for the comparable periods in 2024. New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company's website at www.newconceptenergy.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20251112892120/en/ back
Mexco Energy Corporation Reports Financial Results for first Six Months
Mexco Energy Corporation Reports Financial Results for first Six Months MIDLAND, TX, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Mexco Energy Corporation (NYSE American: MXC) today reported net income of $565,457, or $0.27 per diluted share, for the six months ending September 30, 2025. Operating revenues in the first six months of fiscal 2026 were $3,548,919, an increase of 2% when compared to the first six months of fiscal 2025. This increase was primarily due to an increase in revenues from our most recent limited liability company investment, an increase in average gas prices, and an increase in oil and natural gas production volumes partially offset by a decrease in average oil prices. Oil contributed 76% of our operating revenues for the first six months of fiscal 2026. Net income of $323,506, or $0.16 per diluted share, for the Company's second quarter of fiscal 2026 compared with $317,198, or $0.15 per diluted share for the comparable quarter ending September 30, 2024. Operating revenues in the second quarter of fiscal 2026 were $1,734,743. The President and Chief Financial Officer of the Company said, "Although oil production volumes increased during the six-month period, the 17% decline in average oil prices has adversely impacted overall revenues." The Company currently expects to participate in the drilling and completion of 46 horizontal wells and 1 vertical well at an estimated aggregate cost of approximately $1.0 million for the fiscal year ending March 31, 2026, of which approximately $300,000 has been expended to date. The Company is evaluating other prospects for participation during this fiscal year. During fiscal 2026, the Company has expended to date, approximately $450,000 for royalty and mineral interest acquisitions in 63 producing wells with additional potential development located in Weld County, Colorado; Caddo Parish, Louisiana; Eddy County, New Mexico; and, Martin and Pecos Counties, Texas. Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration, and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com. In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Mexco Energy Corporation cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may impact the Company's actual results of operations. These risks include, but are not limited to, production variance from expectations, volatility of oil and gas prices, the need to develop and replace reserves, exploration risks, uncertainties about estimates of reserves, competition, government regulation, and mechanical and other inherent risks associated with oil and gas production. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Form 10-K for the fiscal year ended March 31, 2025. Mexco Energy Corporation disclaims any intention or obligation to revise any forward-looking statements. For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer of Mexco Energy Corporation, (432) 682-1119.
DAWSON GEOPHYSICAL REPORTS THIRD QUARTER 2025 RESULTS
DAWSON GEOPHYSICAL REPORTS THIRD QUARTER 2025 RESULTS MIDLAND, Texas, Nov. 12, 2025 /PRNewswire/ -- Dawson Geophysical Company (NASDAQ: DWSN) (the "Company") today reported unaudited financial results for its third quarter ended September 30, 2025. Management Comment Tony Clark, Dawson's President and CEO, commented, "We received our first delivery of our new single node channels in mid-August and immediately deployed the new equipment on a small channel crew with promising results. Due to the high demand from our customers for this equipment, we have accelerated our delivery timeline and received two additional equipment deliveries, at the end of September and October. We expect that the increase in our channel count will allow us to continue to improve our top-line results as we continue to utilize our legacy equipment and deploy our new equipment. Currently we have over 180,000 channels of legacy and new equipment available to service the industry, and we are increasing our efforts on passive seismic monitoring with positive activity. Our Canadian segment acquired several passive monitoring surveys in the third quarter while preparing for a robust winter season. We are incorporating the new single node channels in this market, with positive feedback from our customers. Overall, we saw the potential that this new equipment can have in terms of our competitive position in the market, and our financial results. We expect to capitalize on that potential with our first large channel crew deployment of the single node channels in the fourth quarter." Third Quarter and Year-to-Date Results For the third quarter ended September 30, 2025, the Company reported fee revenues of $14.9 million, an increase of 220% compared to $4.7 million for the comparable quarter ended September 30, 2024. Total revenue included reimbursable revenue of $7.8 million and $9.8 million for the quarters ended September 30, 2025, and September 30, 2024, respectively. Gross margin1 for the quarter ended September 30, 2025, was 15% compared to negative 37% for the comparable quarter ended September 30, 2024, due to the increase in fee revenue and improved efficiencies in our operations. We incurred a net loss of $1.2 million or $0.04 per common share compared to a net loss of $5.6 million or $0.18 per common share for the quarter ended September 30, 2024. During the quarter ended September 30, 2025, we generated EBITDA of $0.2 million, compared to negative EBITDA of $4.3 million in the quarter ended September 30, 2024. Year-to-date, we incurred a net loss of $2.5 million or $0.08 per common share in 2025 compared to a net loss of $3.3 million or $0.11 per common share in 2024. We generated EBITDA of $1.4 million in the nine months ended September 30, 2025, compared to EBITDA of $0.9 million in the nine months ended September 30, 2024. 1Defined as fee revenues less fee operating expenses, divided by fee revenues Operations Update In the United States, we continued to operate one large channel crew throughout the third quarter utilizing our legacy channels. That crew is scheduled to complete that job in mid-November and immediately start another large channel job, utilizing the new single node channels, scheduled to end in April. Our seasonal operations in Canada resumed in October, and we expect them to ramp up into another successful season. We have multiple small channel crew jobs contracted in the fourth quarter in the United States and Canada and expect our revenue to continue to increase quarter-over-quarter. Capital Budget and Liquidity Year-to-date, we have generated $11.9 million in cash flows from our operations, and increased our cash balance to $5.1 million at September 30, 2025, compared to $1.4 million at December 31, 2024. In October 2025, we entered into a revolving credit facility with a maximum lender commitment amount of $5 million. We believe that our cash on hand, operating cash flows and cash available under our revolving credit facility are sufficient to fund our cash flow requirements as well as our debt obligations. About Dawson Dawson Geophysical Company is a leading provider of North American onshore seismic data acquisition services with operations throughout the continental United States and Canada. Dawson acquires and processes 2-D, 3-D and multi-component seismic data solely for its clients, ranging from major oil and gas companies to independent oil and gas operators, as well as providers of multi-client data libraries. Carbon Capture Utilization and Storage ("CCUS") seismic monitoring continues to grow and be an intricate part of our business. Dawson has acquired several CCUS base surveys and plan to acquire more in the future. Non-GAAP Financial Measures In an effort to provide investors with additional information regarding the Company's preliminary and unaudited results as determined by generally accepted accounting principles ("GAAP"), the Company has included in this press release information about the Company's EBITDA, a non-GAAP financial measure as defined by Regulation G promulgated by the U.S. Securities and Exchange Commission. The Company defines EBITDA as net income (loss) plus interest expense, interest income, income taxes, depreciation and amortization expense. The Company uses EBITDA, further adjusted for other unusual items (Adjusted EBITDA), when applicable, as a supplemental financial measure to assess: the financial performance of its assets without regard to financing methods, capital structures, taxes or historical cost basis; our operating performance over time in relation to other companies that own similar assets and that we believe calculate EBITDA in a similar manner; and the ability of the Company's assets to generate cash sufficient for the Company to pay potential interest costs. The Company also understands that such data are used by investors to assess our performance. However, the term EBITDA is not defined under generally accepted accounting principles ("GAAP"), and EBITDA is not a measure of operating income or operating performance presented in accordance with GAAP. When assessing the Company's operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss), cash flow from operating activities or other cash flow data calculated in accordance with GAAP. In addition, the Company's EBITDA may not be comparable to EBITDA or similarly titled measures utilized by other companies since other companies may not calculate EBITDA in the same manner as the Company. Further, the results presented by EBITDA cannot be achieved without incurring the costs that the measure excludes: interest, taxes, depreciation and amortization, and other unusual items. For the three and nine months ended September 30, 2025, and 2024, there were no unusual items and therefore Adjusted EBITDA and EBITDA were equal, and only EBITDA is presented in the tables following the text of this press release. Forward-Looking Statements In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company cautions that statements in this press release which are forward-looking and which provide other than historical information involve risks and uncertainties that may materially affect the Company's actual results of operations. Forward-looking statements generally relate to future events or the Company's future financial or operating performance and may be identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. Such statements include, but are not limited to, statements about the Company's future financial or operating performance, statements of the Company's position in the marketplace; statements about the Company's growth potential and strategies for growth; statements about the Company's ability to realize the benefits expected from the new single node channels; and any indication that the Company may be able to sustain or increase its sales, earnings or earnings per share, or its sales, earnings or earnings per share growth rates. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors. These risks include, but are not limited to, the Company's status as a controlled public company, which exempts the Company from certain corporate governance requirements; the limited market for the Company's shares, which could result in the delisting of the Company's shares from Nasdaq and the Company no longer being required to make filings with the U.S. Securities and Exchange Commission (the "SEC"); the impact of general economic, industry, market or political conditions; dependence upon energy industry spending; changes in exploration and production spending by our customers and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers, particularly during extended periods of low prices for crude oil and natural gas; the volatility of oil and natural gas prices; changes in economic conditions; surplus in the supply of oil and the ability of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+ to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; the potential for contract delays; reductions or cancellations of service contracts; limited number of customers; credit risk related to our customers; reduced utilization; high fixed costs of operations and high capital requirements; industry competition; external factors affecting the Company's crews such as weather interruptions and inability to obtain land access rights of way; whether the Company enters into turnkey or day rate contracts; crew productivity; risks that the Company's cash reserves, liquidity or capital resources may be insufficient; risks related to our indebtedness and compliance with covenants contained in our revolving credit facility; the Company's ability to execute its business strategies and plans for growth; the failure to operationalize the new single node channels in a timely manner or at all; disruptions in the global economy, including export controls and financial and economic sanctions imposed on certain industry sectors and parties as a result of the developments in Ukraine and related activities, and whether or not a future transaction or other action occurs that causes the Company to be delisted from Nasdaq and no longer be required to make filings with the SEC. A discussion of these and other factors, including risks and uncertainties, is set forth in the Company's Annual Report on Form 10-K that was filed with the SEC on April 2, 2025. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise. DAWSON GEOPHYSICAL COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited and amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Operating revenues: Fee Revenue $ 14,942 $ 4,663 $ 38,936 $ 39,727 Reimbursable Revenue 7,804 9,758 9,739 18,790 22,746 14,421 48,675 58,517 Operating costs: Operating expenses Fee operating expenses 12,655 6,393 31,216 31,712 Reimbursable operating expenses 7,804 9,758 9,739 18,790 Total operating expenses 20,459 16,151 40,955 50,502 General and administrative 2,110 2,630 6,435 7,347 Depreciation and amortization 1,349 1,388 3,794 4,383 23,918 20,169 51,184 62,232 Loss from operations (1,172) (5,748) (2,509) (3,715) Other income (expense): Interest income 59 72 98 290 Interest expense (71) (35) (205) (120) Other income (expense), net 41 59 112 264 Loss before income tax (1,143) (5,652) (2,504) (3,281) Income tax (expense) benefit (10) 35 (6) (36) Net loss (1,153) (5,617) (2,510) (3,317) Other comprehensive income (loss): Net unrealized (loss) income on foreign exchange rate translation (71) 29 376 (241) Comprehensive loss $ (1,224) $ (5,588) $ (2,134) $ (3,558) Basic loss per share of common stock $ (0.04) $ (0.18) $ (0.08) $ (0.11) Diluted loss per share of common stock $ (0.04) $ (0.18) $ (0.08) $ (0.11) Weighted average equivalent common shares outstanding 31,047,801 30,906,777 31,006,304 30,845,076 Weighted average equivalent common shares outstanding - assuming dilution 31,047,801 30,906,777 31,006,304 30,845,076 DAWSON GEOPHYSICAL COMPANY CONSOLIDATED BALANCE SHEETS (unaudited and amounts in thousands, except share data) September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 5,081 $ 1,385 Accounts receivable, net 2,171 9,970 Prepaid expenses and other current assets 5,934 3,186 Total current assets 13,186 14,541 Property and equipment 250,374 238,064 Less accumulated depreciation (226,553) (225,085) Property and equipment, net 23,821 12,979 Operating lease right-of-use assets 3,209 3,002 Intangibles, net 359 348 Total assets $ 40,575 $ 30,870 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,698 $ 3,381 Accrued liabilities: Payroll costs and other taxes 1,403 2,014 Other 1,052 830 Deferred revenue 3,709 1,570 Current maturities of notes payable and finance leases 3,598 1,010 Current maturities of operating lease liabilities 1,075 1,125 Total current liabilities 16,535 9,930 Long-term liabilities: Notes payable and finance leases, net of current maturities 6,545 1,512 Operating lease liabilities, net of current maturities 2,290 2,131 Deferred tax liabilities, net 16 16 Total long-term liabilities 8,851 3,659 Commitments and contingencies - - Stockholders' equity: Preferred stock-par value $1.00 per share; 4,000,000 shares authorized, none outstanding - - Common stock-par value $0.01 per share; 35,000,000 shares authorized, 31,047,801 and 30,983,437 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 310 310 Additional paid-in capital 157,115 157,073 Accumulated deficit (140,129) (137,619) Accumulated other comprehensive loss, net (2,107) (2,483) Total stockholders' equity 15,189 17,281 Total liabilities and stockholders' equity $ 40,575 $ 30,870 Reconciliation of EBITDA to Net Income (Loss) (amounts in thousands) Three Months Ended September 30, 2025 US 2025 CA 2025 Consol. 2024 US 2024 CA 2024 Consol. Net income (loss) $ 60 $ (1,213) $ (1,153) $ (4,423) $ (1,194) $ (5,617) Depreciation and amortization 1,160 189 1,349 1,144 244 1,388 Interest expense (income), net 11 1 12 (34) (3) (37) Income tax expense (benefit) 10 - 10 (35) - (35) EBITDA $ 1,241 $ (1,023) $ 218 $ (3,348) $ (953) $ (4,301) Nine Months Ended September 30, 2025 US 2025 CA 2025 Consol. 2024 US 2024 CA 2024 Consol. Net (loss) income $ (5,783) $ 3,273 $ (2,510) $ (4,552) $ 1,235 $ (3,317) Depreciation and amortization 3,218 576 3,794 3,611 772 4,383 Interest expense (income), net 94 13 107 (157) (13) (170) Income tax expense 6 - 6 36 - 36 EBITDA $ (2,465) $ 3,862 $ 1,397 $ (1,062) $ 1,994 $ 932 Reconciliation of EBITDA to Net Cash (Used in) Provided By Operating Activities (amounts in thousands) Three Months Ended September 30, 2025 US 2025 CA 2025 Consol. 2024 US 2024 CA 2024 Consol. Net cash used in operating activities $ (4,042) $ (694) $ (4,736) $ (3,331) $ (900) $ (4,231) Changes in working capital and other items 5,459 (271) 5,188 252 (2) 250 Non-cash adjustments to net income (loss) (176) (58) (234) (269) (51) (320) EBITDA $ 1,241 $ (1,023) $ 218 $ (3,348) $ (953) $ (4,301) Nine Months Ended September 30, 2025 US 2025 CA 2025 Consol. 2024 US 2024 CA 2024 Consol. Net cash provided by (used in) operating activities $ 4,244 $ 7,647 $ 11,891 $ (33) $ 3,592 $ 3,559 Changes in working capital and other items (5,877) (3,615) (9,492) (26) (1,446) (1,472) Non-cash adjustments to net (loss) income (832) (170) (1,002) (1,003) (152) (1,155) EBITDA $ (2,465) $ 3,862 $ 1,397 $ (1,062) $ 1,994 $ 932 Statements of Operations by operating segment for the three and nine months ended September 30, 2025. Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 USA Operations Canada Operations Consolidated USA Operations Canada Operations Consolidated Operating revenues Fee revenue $ 14,776 $ 166 $ 14,942 $ 25,906 $ 13,030 $ 38,936 Reimbursable revenue 7,803 1 7,804 9,489 250 9,739 22,579 167 22,746 35,395 13,280 48,675 Operating costs: Fee operating expenses 11,729 926 12,655 23,086 8,130 31,216 Reimbursable operating expenses 7,803 1 7,804 9,489 250 9,739 Operating expenses 19,532 927 20,459 32,575 8,380 40,955 General and administrative 1,839 271 2,110 5,392 1,043 6,435 Depreciation and amortization 1,160 189 1,349 3,218 576 3,794 22,531 1,387 23,918 41,185 9,999 51,184 Income (loss) from operations 48 (1,220) (1,172) (5,790) 3,281 (2,509) Other income (expense): Interest income 49 10 59 75 23 98 Interest expense (60) (11) (71) (169) (36) (205) Other income (expense), net 33 8 41 107 5 112 Income (loss) before income tax 70 (1,213) (1,143) (5,777) 3,273 (2,504) Income tax expense (10) - (10) (6) - (6) Net income (loss) $ 60 $ (1,213) $ (1,153) $ (5,783) $ 3,273 $ (2,510) Other Comprehensive income (loss): Net unrealized (loss) income on foreign exchange rate translation - (71) (71) - 376 376 Comprehensive income (loss) $ 60 $ (1,284) $ (1,224) $ (5,783) $ 3,649 $ (2,134) EBITDA $ 1,241 $ (1,023) $ 218 $ (2,465) $ 3,862 $ 1,397 Statements of Operations by operating segment for the three and nine months ended September 30, 2024. Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 USA Operations Canada Operations Consolidated USA Operations Canada Operations Consolidated Operating revenues Fee revenue $ 4,652 $ 11 $ 4,663 $ 31,260 $ 8,467 $ 39,727 Reimbursable revenue 9,758 - 9,758 18,753 37 18,790 14,410 11 14,421 50,013 8,504 58,517 Operating costs: Fee operating expenses 5,652 741 6,393 26,193 5,519 31,712 Reimbursable operating expenses 9,758 - 9,758 18,753 37 18,790 Operating expenses 15,410 741 16,151 44,946 5,556 50,502 General and administrative 2,405 225 2,630 6,416 931 7,347 Depreciation and amortization 1,144 244 1,388 3,611 772 4,383 18,959 1,210 20,169 54,973 7,259 62,232 (Loss) income from operations (4,549) (1,199) (5,748) (4,960) 1,245 (3,715) Other income (expense): Interest income 58 14 72 246 44 290 Interest expense (24) (11) (35) (89) (31) (120) Other income (expense), net 57 2 59 287 (23) 264 (Loss) income before income tax (4,458) (1,194) (5,652) (4,516) 1,235 (3,281) Income tax benefit (expense) 35 - 35 (36) - (36) Net (loss) income $ (4,423) $ (1,194) $ (5,617) $ (4,552) $ 1,235 $ (3,317) Other Comprehensive income (loss): Net unrealized income (loss) on foreign exchange rate translation - 29 29 - (241) (241) Comprehensive (loss) income $ (4,423) $ (1,165) $ (5,588) $ (4,552) $ 994 $ (3,558) EBITDA $ (3,348) $ (953) $ (4,301) $ (1,062) $ 1,994 $ 932 View original content:https://www.prnewswire.com/news-releases/dawson-geophysical-reports-third-quarter-2025-results-302613559.html SOURCE Dawson Geophysical Company
Houston American Energy Corp. Announces Restructuring of Debt Through Strategic Investor Buyout
Houston American Energy Corp. Announces Restructuring of Debt Through Strategic Investor Buyout HOUSTON, TX, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Houston American Energy Corp. (NYSE American: HUSA) ("HUSA" or the "Company") and its wholly owned subsidiary, Abundia Global Impact Group, LLC ("AGIG"), today announced that a majority of the senior secured convertible note originally used to finance the purchase of the Company's Cedar Port property has been acquired by Bower Family Holdings, LLC ("BFH"), one of the Company's largest stockholders. This transaction represents a further demonstration of BFH's continued confidence in HUSA's strategic direction and its commitment to supporting the Company's transition toward circular fuels and sustainable energy solutions. The restructuring also reflects the collaborative relationship between HUSA and the note's original holder, 3i, LP, whose early participation provided critical growth capital during the initial development phase. In connection with the acquisition, BFH agreed not to convert any portion of the outstanding principal or accrued and unpaid interest, positioning the Company with improved financial flexibility to advance ongoing projects and engage with strategic capital partners. "We greatly appreciate the confidence and partnership demonstrated by both 3i and Bower Family Holdings," said Ed Gillespie, CEO of Houston American Energy Corp. "This restructuring enhances our balance sheet, simplifies our capital structure, and enables us to pursue long-term growth with the support of an aligned and engaged shareholder base." The Company remains focused on accelerating development of its Renewable Energy Complex at Cedar Port, advancing its plastics-to-fuel and renewable chemicals platform, and executing on its broader vision to scale circular energy solutions across North America and Europe. About Houston American Energy Corp. Houston American Energy Corp. (NYSE American: HUSA) is an independent energy company with a growing and diversified portfolio across both conventional and renewable sectors. Historically focused on the exploration and production of oil and natural gas, the Company is actively expanding into high-growth segments of the energy industry. In July 2025, HUSA acquired Abundia Global Impact Group, LLC, a technology-driven platform specializing in the conversion of waste plastics into low-carbon fuels and chemical feedstocks. This strategic acquisition reflects HUSA's broader commitment to meeting global energy demands through a balanced mix of traditional and alternative energy solutions and positions the Company to capitalize on emerging opportunities in sustainable fuels and energy transition technologies. Cautionary Note Regarding Forward-Looking Information: This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") 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 information generally is accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes, but is not limited to, statements about the Company ability to create financial flexibility for future investments. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of factors, including, but not limited to: (i) risks and uncertainties impacting the Company's business including, risks related to its current liquidity position and the need to obtain additional financing to support ongoing operations, the Company's ability to continue as a going concern, the Company's ability to maintain the listing of its common stock on NYSE American, the Company's ability to predict its rate of growth, the Company's ability to hire, retain and motivate employees, the effects of competition on the Company's business, including price competition, technological, regulatory and legal developments, developments in the economy and financial markets, and (ii) other risks as set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are beyond the control of the Company. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing the Company's business is disclosed in our Annual Report on Form 10-K and other filings with the SEC on www.sec.gov. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. For additional information, view the company's website at www.houstonamerican.com or contact Houston American Energy Corp. at (713)-322-8818.
Baytex to Divest of U.S. Eagle Ford Assets to Advance Higher-Return Canadian Core Portfolio
Baytex to Divest of U.S. Eagle Ford Assets to Advance Higher-Return Canadian Core Portfolio Transaction delivers immediate value, strengthens financial position, supports material shareholder returns and accelerates disciplined growth in Western CanadaCalgary, Alberta--(Newsfile Corp. - November 12, 2025) - Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) ("Baytex" or the "Company") today announced it has entered into a definitive purchase and sale agreement to sell its U.S. Eagle Ford assets to an undisclosed buyer (the "Buyer") for US$2.305 billion (approximately $3.25 billion) in cash (the "Transaction"). "This Transaction positions Baytex as a focused, high-return Canadian energy producer," said Eric T. Greager, President and Chief Executive Officer. "Consistent with our disciplined approach to portfolio management, we continually review our asset base to maximize long-term value. Monetizing our U.S. Eagle Ford assets strengthens our balance sheet, supports capital allocation to our highest-return opportunities and positions us to deliver meaningful shareholder returns."Transaction Highlights Portfolio Optimization: Refocuses Baytex on the highest-return assets in its portfolio to drive long-term value creation - capital efficient heavy oil development and its scalable position in the Pembina Duvernay. Balance Sheet Recapitalization: Results in an industry leading financial position. Initially, Baytex will have a net cash position and intends to repay its outstanding credit facilities and 2030 Senior Notes. Accelerated Shareholder Returns: With strengthened financial positioning, Baytex intends to resume purchases under its normal course issuer bid and is committed to returning a significant portion of the proceeds to shareholders following closing which may include a substantial issuer bid. Baytex expects to maintain its current dividend of $0.09 per share (annualized) (1).Disciplined Growth: Extensive Canadian inventory of over 2,200 drilling locations supports a targeted annual production growth rate of 3-5% at US$60-65/bbl WTI with flexibility to further accelerate growth in a more constructive pricing environment. "This Transaction provides Baytex with the financial strength and flexibility to pursue our strategic priorities," said Mark Bly, Chair of the Board of Directors. "By sharpening our focus on core Canadian assets, we have a solid foundation to drive disciplined growth, capitalize on new opportunities, and deliver long-term value for our shareholders."(1) Refer to the Distribution Advisory section in the press release for further information. The purchase price will be subject to adjustments based on an effective date of September 1, 2025. The Transaction is expected to close in late 2025 or early 2026, subject to customary closing conditions and regulatory approvals, including approval under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act. The purchase and sale agreement provides for a US$200 million deposit by the Buyer, which deposit may be forfeited by the Buyer to Baytex in certain circumstances set out in the purchase and sale agreement. A copy of the purchase and sale agreement will be filed on Baytex's SEDAR+ profile and will be available for viewing at www.sedarplus.ca.Post Transaction Strategy: A Focused Canadian Energy ProducerBaytex will be a focused Canadian energy producer with high-quality heavy oil operations at Peavine, Peace River, and Lloydminster, as well as an attractive, scalable position in the Pembina Duvernay and high netback light oil in the Viking. With a net cash balance sheet and a US$8/bbl improvement in the corporate sustaining break-even(1) to US$52/bbl, Baytex will have the financial strength and resiliency to pursue value-enhancing opportunities for shareholders.The Canadian portfolio delivered production of 65,000 boe/d(2) (89% crude oil and NGLs) in the first nine months of 2025, which reflects a 5% growth rate compared to 2024 (excluding non-core divestitures).The Company's heavy oil assets comprise 750,000 net acres of land and 1,100 drilling locations, which supports approximately 10 years of drilling at our current pace of development. In the Pembina Duvernay, Baytex has assembled 91,500 net acres of land and identified approximately 212 drilling locations. Over the next two years, the Company expects to transition to a one-rig drilling program with 18 to 20 wells per year, targeting production of 20,000-25,000 boe/d by 2029-2030. At a WTI price of US$60-65/bbI, Baytex intends to target annual production growth of 3-5%. In a more constructive pricing environment, the Company has significant optionality across its portfolio to accelerate growth beyond these levels. Preliminary capital spending plans for the Canadian business in 2026 are estimated at $550-$625 million. Upon closing, Baytex will provide detailed 2026 guidance, a three-year outlook highlighting the Company's streamlined Canadian asset base, and an updated capital allocation framework reflecting our improved financial position. Details of the Eagle Ford Assets The Eagle Ford assets being divested represent all of Baytex's U.S. business. As of December 31, 2024, these assets had proved plus probable reserves of 401 million boe (277 million boe proved; 124 million boe probable). In Q3/2025 production averaged 82,765 boe/d (52,330 bbl/d of light oil and condensate, 15,582 bbl/d of NGLs, and 89,115 Mcf/d of natural gas). (1) Corporate sustaining break-even is determined by calculating the minimum WTI price (US$/bbl) required to generate free cash equal to zero while sustaining current production levels.(2) Comprised of 42,825 bbl/d heavy oil, 11,852 bbl/d light oil and condensate, 3,199 bbl/d NGLs and 42,335 Mcf/d natural gas.Advisors and Fairness OpinionRBC Capital Markets is acting as financial advisor to Baytex in connection with the Transaction. The Transaction has been unanimously approved by the Baytex board of directors. Scotiabank has provided an opinion to Baytex's board of directors to the effect that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Baytex under the Transaction is fair, from a financial point of view, to Baytex.Goldman Sachs Canada Inc. is acting as strategic advisor to Baytex. Vinson & Elkins LLP and Burnet, Duckworth & Palmer LLP are serving as Baytex's legal counsel.Advisory Regarding Forward-Looking StatementsIn the interest of providing Baytex's shareholders and potential investors with information regarding Baytex, including management's assessment of Baytex's future plans and operations, certain statements in this press release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). In some cases, forward-looking statements can be identified by terminology such as "believe", "continue", "estimate", "expect", "forecast", "intend", "may", "objective", "ongoing", "outlook", "potential", "project", "plan", "should", "target", "would", "will" or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date hereof and are expressly qualified by this cautionary statement.The forward-looking statements in this press release, include, among other matters, the following: the expected closing of the Transaction and the expected timing thereof; the conditions to closing of the Transaction; the intended use of proceeds of the Transaction, including the statement that Baytex intends to use the proceeds to repay its outstanding credit facilities and notes and to return a significant portion of the proceeds to shareholders; Baytex's plans to resume purchases under its normal course issuer bid and to provide shareholder returns, including potentially through a substantial issuer bid; Baytex's expectation that it will maintain its current dividend amount; the benefits of the Transaction and Baytex's business, business strategies and plans following the completion of the Transaction; planned and potential exploration, development and production activities; Baytex's targeted annual growth rate for its Canadian assets; and Baytex's capital spending plans for 2026 assuming completion of the Transaction; and targeted future production.The forward-looking statements contained herein are based on certain key assumptions regarding, among other things: all closing conditions to the Transaction will be satisfied and the closing of the Transaction will occur as anticipated; expected closing adjustments and Transaction costs; the approval of any share buybacks and dividend payments being subject to the approval of the Board of Directors; oil and natural gas prices and differentials between light, medium and heavy crude oil prices; well production rates and reserve volumes; ability to add production and reserves through our exploration and development activities; capital expenditure levels; operating costs; ability to borrow under credit agreements; the receipt, in a timely manner, of regulatory and other required approvals; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; ability to develop crude oil and natural gas properties in the manner currently contemplated; ability to market oil and natural gas successfully; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed and to pay shareholder returns; current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated); royalty rates, taxes and capital, operating, general & administrative and other costs; anticipated timelines and budgets being met in respect of drilling programs and other operations; and other matters. Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such risks and uncertainties include, but are not limited to: failure to meet estimated production guidance; changes to capital spending plans; risk that the Transaction will not be completed on the terms anticipated or at all, including due to a closing condition not being satisfied; if the Transaction closes as anticipated, the Board of Directors of the Company retains the discretion to determine how to use the proceeds to the Transaction, and such use of proceeds may be different from that disclosed herein; failure of Baytex to achieve the benefits of the Transaction; the risk of an extended period of low oil and natural gas prices (including as a result of tariffs); risks associated with our ability to develop our properties and add reserves; that we may not achieve the expected benefits of dispositions and acquisitions and we may sell assets below their carrying value; the availability and cost of capital or borrowing; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; the impact of an energy transition on demand for petroleum productions; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; changes in income tax or other laws or government incentive programs; risks associated with large projects; risks associated with higher a higher concentration of activity and tighter drilling spacing; costs to develop and operate our properties; risks associated with achieving our total debt target, production guidance, exploration and development expenditures guidance; the amount of free cash flow we expect to generate; risk that the board of directors determines to allocate capital other than as set forth herein; current or future controls, legislation or regulations; restrictions on or access to water or other fluids; public perception and its influence on the regulatory regime; new regulations on hydraulic fracturing; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; risks associated with a third-party operating our Eagle Ford properties; additional risks associated with our thermal heavy crude oil projects; our ability to compete with other organizations in the oil and gas industry; risks associated with our use of information technology systems; adverse results of litigation; failure to comply with the covenants in our debt agreements; the impact of Indigenous claims; risks of counterparty default; impact of geopolitical risk and conflicts, loss of foreign private issuer status; conflicts of interest between the Company and its directors and officers; variability of share buybacks and dividends; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. Readers are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management's Discussion and Analysis for the year ended December 31, 2024 filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission and in our other public filings. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex's current and future operations and such information may not be appropriate for other purposes.The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.All amounts in this press release are stated in Canadian dollars unless otherwise specified.Financial OutlookThis press release contains information that may be considered a financial outlook under applicable securities laws about the Company's potential financial position, including, but not limited to, our capital spending plans for our Canadian assets for 2026, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook, whether as a result of new information, future events or otherwise. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company's potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.Distribution AdvisoryAny decision to pay dividends on Baytex's common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) or acquire common shares pursuant to a share buyback (including through the Company's current normal course issue bid or a potential substantial issuer bid) will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation, the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions (including covenants contained in the agreements governing any indebtedness that the Company has incurred or may incur in the future) and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of common shares that the Company will acquire pursuant to share buybacks, if any, in the future. Further, the payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely.Advisory Regarding Oil and Gas InformationWhere applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.This press release discloses drilling inventory and potential drilling locations. Drilling inventory and drilling locations refers to Baytex's total proved, probable and unbooked locations. Proved locations and probable locations account for drilling locations in our inventory that have associated proved and/or probable reserves. Unbooked locations are internal estimates based on our prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves. Unbooked locations are farther away from existing wells and, therefore, there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty whether such wells will result in additional oil and gas reserves, resources or production. In the Duvernay, Baytex's net drilling locations include 42 proved and 20 probable locations as at December 31, 2024 and 150 unbooked locations. In the Viking, Baytex's net drilling locations include 541 proved and 168 probable locations as at December 31, 2024 and 207 unbooked locations. In the heavy oil business unit, Baytex's net drilling locations include 149 proved and 112 probable locations as at December 31, 2024 and 839 unbooked locations. Reserves data set forth in this press release is based upon an evaluation of the Company's reserves prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook by McDaniel & Associates Consultants Ltd. effective December 31, 2024 (the "McDaniel Report"). The estimates of reserves contained in the McDaniel Report and referenced in this press release are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates contained in the McDaniel Report and referenced in this press release. The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation. Readers should refer to the Company's annual information form for the year ended December 31, 2024, which is available on SEDAR+ at www.sedarplus.ca for a complete description of the McDaniel Report and the material assumptions, limitations and risk factors pertaining thereto.Additional information regarding the Transaction can be found in the presentation on Baytex's website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets and Investor RelationsToll Free Number: 1-800-524-5521Email: investor@baytexenergy.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/274138
U.S. Energy Corp. Reports Third Quarter 2025 Results
U.S. Energy Corp. Reports Third Quarter 2025 Results HOUSTON, Nov. 12, 2025 (GLOBE NEWSWIRE) -- U.S. Energy Corporation (NASDAQ: USEG, "U.S. Energy" or the "Company"), a growth-focused energy company engaged in the development and operation of high-quality producing energy and industrial gas assets, today reported financial and operating results for the three and nine months ended September 30, 2025. MANAGEMENT COMMENTS "U.S. Energy delivered another quarter of meaningful operational progress in Q3 2025 as we advanced our Montana industrial gas project," said Ryan Smith, CEO. "With disciplined execution across upstream development, infrastructure build-out, and carbon management, the Kevin Dome's scale and strategic location continue to position us as a first mover in a rapidly expanding segment of the energy market. Design of our initial processing facility is now complete, with construction commencing in the coming monthsunlocking new revenue streams from both industrial gas production and carbon initiatives. The capture of recycled COâ will support carbon management and enhanced oil recovery across legacy assets, creating an integrated platform that maximizes value realization. Our consistent performance, capital discipline, and long-term strategy continue to drive scalable growth and build sustainable shareholder value." ADVANCING FULL-CYCLE INDUSTRIAL GAS DEVELOPMENT The Company continues to achieve significant milestones while advancing the full-cycle development of its industrial gas assets across the Kevin Dome in Montana. Upstream Development Drilled two additional industrial gas wells in the quarter, bringing the total to three high-deliverability wells in the COâ and helium-rich Duperow Formation, each positioned to deliver strong economic returns.The three wells achieved a combined peak rate of 12.2 MMcf/d, with high-value composition of ~0.5% helium and 85% COâ. After testing, flows were restricted to ~8.0 MMcf/d and then shut in to preserve reservoir value until infrastructure is online, setting up an efficient production ramp-up.Planning one additional industrial gas well for Spring 2026 in the same formation.Advancing EOR opportunities using recycled COâ on nearby Company-owned oil assets.Undertaking helium offtake negotiations with third-party end users to support commercialization. Infrastructure Development Finalized the design for the initial gas processing facility, targeting high purity recovery of helium and recycled CO2, with capital deployment expected to begin in early 2026.Acquired 80 acres in Toole County, MT for $240,000 to serve as the facility site.Finalized design of the infill gathering system; construction scheduled for early 2026 to connect wells directly to processing and sequestration.Permitting, land access, and utility connections progressing in parallel to support a timely startup.Once operational, the facilities are expected to generate diversified cash flow from helium sales, incremental oil from EOR, and carbon management. Carbon Management Initiatives EPA Monitoring, Reporting, and Verification (MRV) plan was submitted in October 2025, with approval expected by Spring-Summer 2026, creating the ability to capture federal carbon credits.Preparing second MRV plan for EOR operations, with submission targeted for December 2025.Sustained injection of 17.0 MMcf/d across two Company-owned wells, equivalent to ~240,000 metric tons of COâ sequestered annually.Progressing near-term EOR projects using recycled COâ on legacy oil assets.Second Class II injection well approved by Montana regulators in August 2025. CURRENT INDUSTRIAL GAS RESOURCE REPORT The Company recently had an industrial gas resource report prepared by Ryder Scott for the volumes in place on its initial target development area across its Kevin Dome asset. The report concluded 1.28 billion cubic feet ("BCF") of net helium resources and 443.8 BCF of net CO2 resources, contingent upon economics and future development. The gas concentrations used for the report were 0.4% - 0.5% helium and 84% - 85% CO2, reflecting the composition of the Company's recent development activities. BALANCE SHEET AND LIQUIDITY UPDATE As shown in the table below, U.S. Energy ended the third quarter with approximately $11.4 million in available liquidity. This solid financial position provides flexibility to advance our growth initiatives while maintaining a disciplined and resilient balance sheet. THIRD QUARTER 2025 FINANCIAL RESULTS The Company's proved developed producing ("PDP") oil and gas reserve base as of October 1, 2025 consisted of approximately 1.5 million barrels of oil equivalent ("BOE") comprised of approximately 75% oil. The present value discounted at 10% ("PV-10") of the Company's reserves was approximately $20.5 million at SEC pricing, with assumed pricing of $67.45/bbl, $3.10/mcf, and $33.01/boe for oil, gas, and natural gas liquids, respectively. Total hydrocarbon production for the third quarter of 2025 was approximately 35,326 BOE consisting of 75% oil production. Total oil and gas sales for the third quarter of 2025 were approximately $1.7 million, compared to $5.0 million in the same quarter of 2024. This decrease in production and revenue primarily reflects the effects of the Company's divestiture program throughout 2024. Oil sales accounted for 91% of total revenue this quarter, an increase from 88% during the third quarter of 2024. Lease operating expenses (LOE) for the third quarter of 2025 were approximately $1.0 million, or $29.36 per Boe, compared to $3.1 million, or $28.95 per Boe, in the prior year. The overall reduction in LOE is primarily attributable to fewer producing assets as a result of our asset divestitures. Cash general and administrative (G&A) expenses for the third quarter of 2025 were approximately $1.7 million, a decrease of 15 percent when compared to $2.0 million reported in the third quarter of 2024. The decrease was due to a reduction in acquisition costs. Adjusted EBITDA was ($1.3) million in the third quarter of 2025, compared to adjusted EBITDA of $1.9 million in the third quarter of 2024. The Company reported a net loss of $3.3 million, or a loss of $0.10 per diluted share, in the third quarter of 2025. ABOUT U.S. ENERGY CORP. We are a growth company focused on the development and operation of high-quality energy and industrial gas assets in the United States through low-risk development. We are committed to being a leader in reducing our carbon footprint in the areas in which we operate. More information about U.S. Energy Corp. can be found at www.usnrg.com. INVESTOR RELATIONS CONTACT Mason McGuire IR@usnrg.com(303) 993-3200www.usnrg.com FORWARD-LOOKING STATEMENTS Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as "strategy," "expects," "continues," "plans," "anticipates," "believes," "would," "will," "estimates," "intends," "projects," "goals," "targets" and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation: (1) the ability of the Company to grow and manage growth profitably and retain its key employees; (2) the ability of the Company to close previously announced transactions and the terms of such transactions; (3) risks associated with the integration of recently acquired assets; (4) the Company's ability to comply with the terms of its senior credit facilities; (5) the ability of the Company to retain and hire key personnel; (6) the business, economic and political conditions in the markets in which the Company operates; (7) the volatility of oil and natural gas prices; (8) the Company's success in discovering, estimating, developing and replacing oil and natural gas reserves; (9) risks of the Company's operations not being profitable or generating sufficient cash flow to meet its obligations; (10) risks relating to the future price of oil, natural gas and NGLs; (11) risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; (12) risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; (13) risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; (14) technological advancements; (15) changing economic, regulatory and political environments in the markets in which the Company operates; (16) general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; (17) actions of competitors or regulators; (18) the potential disruption or interruption of the Company's operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company's control; (19) pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; (20) inflationary risks and recent changes in inflation and interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; (21) risks related to military conflicts in oil producing countries; (22) changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; (23) the amount and timing of future development costs; (24) the availability and demand for alternative energy sources; (25) regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; (26) uncertainties inherent in estimating quantities of oil and natural gas reserves and projecting future rates of production and timing of development activities; (27) risks relating to the lack of capital available on acceptable terms to finance the Company's continued growth; (28) the review and evaluation of potential strategic transactions and their impact on stockholder value and the process by which the Company engages in evaluation of strategic transactions; and (29) other risk factors included from time to time in documents U.S. Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company's publicly filed reports, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and future annual reports and quarterly reports. These reports and filings are available at www.sec.gov. Unknown or unpredictable factors also could have material adverse effects on the Company's future results. The Company cautions that the foregoing list of important factors is not complete, and does not undertake to update any forward-looking statements except as required by applicable law. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this communication are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. FINANCIAL STATEMENTS ADJUSTED EBITDA RECONCILIATION In addition to our results calculated under generally accepted accounting principles in the United States ("GAAP"), in this earnings release we also present Adjusted EBITDA. Adjusted EBITDA is a "non-GAAP financial measure" presented as supplemental measures of the Company's performance. It is not presented in accordance with accounting principles generally accepted in the United States, or GAAP. The Company defines Adjusted EBITDA as net income (loss), plus net interest expense, net unrealized loss (gain) on change in fair value of derivatives, income tax (benefit) expense, deferred income taxes, depreciation, depletion, accretion and amortization, one-time costs associated with completed transactions and the associated assumed derivative contracts, non-cash share-based compensation, transaction related expenses, transaction related acquired realized derivative loss (gain), and loss (gain) on marketable securities. Company management believes this presentation is relevant and useful because it helps investors understand U.S. Energy's operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA is presented because we believe it provides additional useful information to investors due to the various noncash items during the period. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: Adjusted EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; Adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments; although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and other companies in this industry may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure. The Company's presentation of this measure should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of this non-GAAP measure to the most comparable GAAP measure, below. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view this non-GAAP measure in conjunction with the most directly comparable GAAP financial measure.
Chevron Outlines Plan for Sustained Cash Flow Growth at Investor Day
Chevron Outlines Plan for Sustained Cash Flow Growth at Investor Day Expects adjusted free cash flow annual growth greater than 10% at $70 Brent Reduces capex guidance range to $18 to $21 billion per year Forecasts earnings per share annual growth greater than 10% at $70 Brent NEW YORK, Nov. 12 /BusinessWire/ -- At its investor day, Chevron Corporation (NYSE:CVX) outlined its five-year plan to 2030 and how it intends to deliver sustained cash flow growth, further strengthen its portfolio, advance power solutions for AI data centers, and grow shareholder distributions. "We believe Chevron is uniquely positioned to grow earnings and free cash flow into the next decade," said Mike Wirth, Chevron's chairman and CEO. "Never in my career have I seen a higher confidence outlook, further into the future and with lower execution risk; Chevron is stronger, more resilient, and better positioned than ever." Delivering Sustained Cash Flow Growth Chevron expects to maintain capital and cost discipline while investing to extend cash flow growth into the next decade. In line with these objectives, the company expects to: Maintain a capex and dividend breakeven below $50 Brent per barrel through 2030. Improve return on capital employed by over 3% by 2030 at $70 Brent. Increase Hess synergies to $1.5B and structural cost reductions to $3B to $4B by the end of 2026. Grow oil and gas production 2% to 3% annually through 2030. Deliver its first AI data center power project in West Texas, targeting first power in 2027. Strengthening the Portfolio Through years of project execution and strategic acquisitions, Chevron has built a resilient, world-class portfolio with diversified growth opportunities that extend into the next decade. The company has premier Upstream assets in some of the world's most prolific oil and gas basins. The Downstream and Chemicals business is strategically advantaged and growing, with two major Chemicals projects expected to start up in 2027. "Chevron is poised to deliver resilient free cash flow growth with low execution risk," said Mark Nelson, vice chairman and executive vice president, Oil, Products, and Gas. "We're continuing to demonstrate that capital discipline and innovation position us to deliver long-term value for shareholders." Superior Shareholder Returns Chevron expects to extend its track-record of leading dividend growth and consistent share repurchases through the commodity cycle, supported by a growing and diversified portfolio of high-margin assets. Chevron has led its peers in dividend per share growth over the last 25 years with an average annual increase of 7%. The company has repurchased shares in 18 of the last 22 years and expects to repurchase $10 to $20 billion per year through 2030 at average prices of $60 to $80 Brent. "Chevron's sustained cash generation underpins superior shareholder returns," said CFO Eimear Bonner. "Our advantaged assets, balance sheet strength and disciplined capital program provide the foundation to thrive in any price environment." Pragmatic Approach to New Energies Chevron is taking a pragmatic, returns-driven approach to New Energies. The company is developing businesses that leverage its core strengths and capabilities, including a large-scale power project in West Texas to support data center growth, as well as renewable fuels, hydrogen, CCUS and lithium businesses. "Our disciplined approach to investing in new energies positions us to deliver competitive returns and keep pace with the evolving market," said Jeff Gustavson, president of Chevron New Energies. "We are excited about our new power business, where we have an early-mover advantage and look forward to providing the power required to support U.S. leadership in Artificial Intelligence." Webcast A webcast of Chevron Investor Day will be available on November 12, 2025 at 9:30 a.m. ET in listen-only mode to individual investors, media, and other interested parties. The webcast can be accessed on Chevron's website at www.chevron.com under the "Investors" section. Presentations, prepared remarks and a full transcript of the meeting will also be available on the Investor Relations website. Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. NOTICE As used in this news release, the term "Chevron" and such terms as "the company," "the corporation," "our," "we," "us" and "its" may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs. Please visit Chevron's website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, X: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations. Chevron also publishes a "Sensitivities and Forward Guidance" document with consolidated guidance and sensitivities that is updated quarterly and posted to the Chevron website the month prior to earnings calls. Non-GAAP Financial Measures - This news release includes free cash flow and adjusted free cash flow. Free cash flow is defined as net cash provided by operating activities less capital expenditures and generally represents the cash available to creditors and investors after investing in the business. Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits related to asset sales and returns of investments plus net repayment (borrowing) of loans by equity affiliates and generally represents the cash available to creditors and investors after investing in the business excluding the timing impacts of working capital. The company cannot provide a reconciliation of forward-looking non-GAAP and other measures to the most comparable GAAP measure without unreasonable effort. Certain information needed to make a meaningful or reasonably accurate reconciliation cannot be predicted and is dependent on future events that are uncertain or beyond the company's control. The unavailable information could have a significant impact on the calculation of the comparable GAAP financial measure. Forward-looking non-GAAP measures are estimated in a manner consistent with the relevant definitions and assumptions. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This news release contains forward-looking statements relating to Chevron's operations, assets and strategy that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "progress," "design," "enable," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "trajectory," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "future," "aspires" and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company's ability to successfully integrate the operations of the company and Hess Corporation and achieve the anticipated benefits and projected synergies from the transaction; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company's capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 20 through 27 of the company's 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20251112722021/en/ back
Flex LNG - Third Quarter 2025 Earnings Release
Flex LNG - Third Quarter 2025 Earnings Release HAMILTON, Bermuda, Nov. 12, 2025 /PRNewswire/ -- Flex LNG Ltd. ("Flex LNG" or the "Company") today announced its unaudited financial results for the quarter ended September 30, 2025. Highlights: Vessel operating revenues of $85.7 million for the third quarter 2025, compared to $86.0 million for the second quarter 2025. Net income of $16.8 million and basic earnings per share of $0.31 for the third quarter 2025, compared to net income of $17.7 million and basic earnings per share of $0.33 for the second quarter 2025. Average Time Charter Equivalent ("TCE") rate of $70,921 per day for the third quarter 2025, compared to $72,012 per day for the second quarter 2025. Adjusted EBITDA of $61.2 million for the third quarter 2025, compared to $62.6 million for the second quarter 2025. Adjusted net income of $23.5 million for the third quarter 2025, compared to $24.8 million for the second quarter 2025. Adjusted basic earnings per share of $0.43 for the third quarter 2025, compared to $0.46 for the second quarter 2025. In September, we successfully completed our scheduled drydocking for Flex Amber and Flex Artemis. In July 2025, we signed a $180 million term loan facility in respect of Flex Constellation. The new facility was drawn down in September. The Flex Constellation $180 Million Facility has a 15.5-year tenor and an interest rate of SOFR plus a margin of 165 basis points. The repayment of the facility is based on a 25-year age-adjusted repayment profile for the first 7.5 years, and thereafter follows a 22-year profile until maturity. In September 2025, we completed a sale and leaseback agreement with an Asian-based lease provider for the vessel, Flex Resolute. Under the terms of the agreement, the vessel was sold for a consideration of $175 million, with a bareboat charter back of 10 years. The Company declared a dividend for the third quarter 2025 of $0.75 per share. The dividend is payable on or about December 11, 2025 to shareholders, on record as of November 28, 2025. Marius Foss, Interim CEO of Flex LNG Management AS, commented: "Third quarter revenues came in at $85.7 million, with a TCE rate of ~$70,900 per day. We completed the drydockings of two vessels during the quarter, and Flex Artemis traded in the spot market. The charterer of Flex Volunteer decided not to exercise the one-year option, and we expect her to be redelivered in late December this year, where she will go straight into drydock for her five-year special survey and thereafter be marketed for new employment. While this year's winter season began on a sluggish note, we are encouraged to see spot rates for modern tonnage in the region of $60,000-70,000 per day. We have completed all of the four planned drydockings for 2025, on time and within budget. I would like to extend my thanks to our dedicated technical team and the crews onboard for their outstanding efforts in ensuring efficient operations throughout. Looking ahead, we plan to complete three drydockings in 2026: Flex Volunteer, Flex Freedom and Flex Vigilant. In September, we finalized the refinancing of Flex Constellation and Flex Resolute, marking the completion of our Balance Sheet Optimization Program 3.0. In total, the program has delivered $530 million in new financings this year on attractive terms, extending our next debt maturity to 2029 and releasing $137 million in net proceeds. As of the end of the third quarter, we recorded an all-time high cash balance of $479 million. 2025 has seen record-high FIDs for new liquefaction capacity, with nearly 70 MTPA of additional capacity sanctioned, and this is supported by what could be the strongest year for long-term SPA contracting since 2011. In addition, US LNG export volumes are up more than 20% so far this year through an impressive ramp up of new export capacity and higher utilization, which has helped absorb available tonnage. We expect the short- to medium-term freight market to remain challenging, with newbuild deliveries occurring before new export capacity comes online. However, we are finally seeing a notable increase in scrapping activity, among older and less efficient steam vessels, with 14 scrapped year-to-date. With nearly 120 steam vessels either open or rolling off contracts over the next few years, we expect a wave of further retirements ahead. Despite near-term market softness, Flex LNG remains well positioned, supported by a robust balance sheet and a substantial charter backlog. The Board has again declared an ordinary dividend of $0.75 per share for the seventeenth consecutive quarter. This dividend corresponds to an annualized dividend yield of approximately 11%. This decision is supported by strong financial performance and position, as well as a minimum charter backlog of 53 years." Third Quarter 2025 Result Presentation In connection with the earnings release, a video webcast will be held today at 15:00 CET (09:00 a.m. EST). In order to watch the webcast, use the following link:Third Quarter 2025 Earnings Presentation A Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session. The presentation material which will be used in the live video webcast can be downloaded on www.flexlng.com and replay details will also be available at this website. For further information, please contact:Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management ASTelephone: +47 23 11 40 00Email: ir@flexlng.com Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "expect," "forecast," "anticipate," "aim," "commit," "estimate," "intend," "plan," "possible," "potential," "pending," "target," "project," "likely," "may," "will," "would," "should," "could" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. As such, these forward-looking statements are not guarantees of the Company's future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically declines any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures, the strength of world economies and currencies, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG tanker market, the impact of public health threats, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of the Company's vessels, the market for the Company's vessels, availability of financing and refinancing, ability to comply with covenants in such financing arrangements, failure of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those that may limit the commercial useful lives of LNG tankers, customers' increasing emphasis on environmental and safety concerns, potential liability from pending or future litigation, global and regional economic and political conditions or developments, armed conflicts, including the war between Russia and Ukraine, and possible cessation of such war in Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attack in the Red Sea and Gulf of Aden, threats by Iran to close the Strait of Hormuz, trade wars, tariffs, embargoes and strikes, the impact of restrictions on trade, including the imposition of new tariffs, port fees and other import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the European Union on the United States, business disruptions, including supply chain disruption and congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, or political events, potential cybersecurity or other privacy threats and data security breaches, vessel breakdowns and instances of offhire, and other factors, including those that may be described from time to time in the reports and other documents that the Company files with or furnishes to the U.S. Securities and Exchange Commission ("Other Reports"). For a more complete discussion of certain of these and other risks and uncertainties associated with the Company, please refer to the Other Reports. This information was brought to you by Cision http://news.cision.com https://news.cision.com/flex-lng/r/flex-lng---third-quarter-2025-earnings-release,c4265675 The following files are available for download: https://mb.cision.com/Main/22886/4265675/3777765.pdf Flex LNG - Earnings Release Q3 2025 View original content:https://www.prnewswire.com/news-releases/flex-lng---third-quarter-2025-earnings-release-302612630.html SOURCE Flex LNG
Geospace Technologies Schedules Fourth Quarter 2025 Earnings Call
Geospace Technologies Schedules Fourth Quarter 2025 Earnings Call HOUSTON, Nov. 11 /BusinessWire/ -- Geospace Technologies (NASDAQ:GEOS) today announced that it will release fourth quarter 2025 and fiscal year 2025 financial results on Thursday, November 20, 2025 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Friday, November 21, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central). WHAT: Geospace Technologies Fourth Quarter 2025 and Fiscal Year 2025 Results Conference Call WHEN: Friday, November 21, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central) HOW: Live via phone - U.S. participants can dial toll-free 800-267-6313. International participants can dial 203-518-9783. Please reference the Geospace Technologies conference ID: GEOSQ425 prior to the start of the conference call. For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations page on the Geospace.com website. About Geospace Technologies Geospace Technologies is a global technology and instrumentation manufacturer specializing in advanced sensing, IOT and highly ruggedized products, which serve smart water, energy exploration, industrial, government and commercial customers worldwide. The Company's products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company's more than 450 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange under the ticker symbol GEOS. For more information, visit www.geospace.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20251111688009/en/ back
ONEOK to Participate in Investor Conference
ONEOK to Participate in Investor Conference TULSA, Okla., Nov. 11, 2025 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) will participate in an investor conference this week and in a fireside chat session at 1:10 p.m. Eastern Time (12:10 p.m. Central Time) on Wednesday, Nov. 12. The session will be webcast live on ONEOK's website at www.oneok.com. The webcast will also be available for replay. ONEOK's latest investor materials are available at www.oneok.com. ------------------------------------------------------------------------------------------------------------------- At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world. ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma. For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.
World Kinect Corporation Extends $2 Billion Credit Facility to 2030
World Kinect Corporation Extends $2 Billion Credit Facility to 2030 MIAMI, Nov. 11 /BusinessWire/ -- World Kinect Corporation (NYSE:WKC) today announced the amendment and extension of its $2 billion senior unsecured credit facility, which includes both a revolving credit facility and a term loan. The maturity date has been extended to November 2030, with an option to further extend to November 2031, subject to lender consent. Led by Bank of America, the facility reflects continued strong support from a diversified syndicate of global financial institutions and reinforces World Kinect's robust liquidity position. "This extension underscores the strength of our credit profile and further supports our ability to deliver long-term value through a sharpened focus on execution and profitable growth," said Ira M. Birns, President of World Kinect Corporation. "We're grateful for the continued support of our banking partners," added Mike Tejada, Executive Vice President and Chief Financial Officer. "This facility gives us the financial agility to support our strategic growth initiatives and respond to the evolving needs of the business." The amended facility includes improved pricing terms and expanded covenant flexibility to support the company's capital allocation priorities and growth plans. About World Kinect Corporation Headquartered in Miami, Florida, World Kinect Corporation (NYSE: WKC) is a global energy management company offering fulfillment and related services to customers across the aviation, marine, and land-based transportation sectors. The company also supplies natural gas and power in the United States and Europe along with a broad suite of sustainability-related products and services. Information Relating to Forward-Looking Statements This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "could," "would," "will," "will be," "will continue," "plan," or words or phrases of similar meaning. Specifically, this release includes forward-looking statements regarding our strategic growth initiatives. Our forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in our Securities and Exchange Commission ("SEC") filings, including our most recent Annual Report on Form 10-K filed with the SEC. Our actual results may differ materially from the future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited to: the effects of tariffs and other trade restrictions, which can lead to continuing uncertainty and volatility in global financial and commodity markets, declining consumer confidence, lower personal and business travel and consequent demand for our fuel products; customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts; changes in the market prices of energy or commodities or extremely high or low fuel prices that continue for an extended period of time; adverse conditions in the industries in which our customers operate; our inability to effectively mitigate certain financial risks and other risks associated with derivatives and our physical fuel products; our ability to achieve the expected level of benefit from our restructuring activities and cost reduction initiatives; relationships with our employees and potential labor disputes associated with employees covered by collective bargaining agreements; our failure to comply with restrictions and covenants governing our outstanding indebtedness; the impact of cyber and other information technology or security related incidents on us, our customers or other parties; changes in the political, economic or regulatory environment generally and in the markets in which we operate, including as a result of geopolitical conflicts, including the current conflicts in Eastern Europe and the Middle East and the actions of the U.S. presidential administration; greenhouse gas reduction programs and other environmental and climate change legislation adopted by governments around the world, including cap and trade regimes, carbon taxes, increased efficiency standards and mandates for renewable energy, each of which could increase our operating and compliance costs as well as adversely impact our sales of fuel products; changes in credit terms extended to us from our suppliers; non-performance of suppliers on their sale commitments and customers on their purchase commitments; non-performance of third-party service providers; our ability to effectively integrate and derive benefits from acquired businesses; our ability to meet financial forecasts associated with our operating plan; lower than expected cash flows and revenues, which could impair our ability to realize the value of recorded intangible assets and goodwill; the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs; currency exchange fluctuations; inflationary pressures and their impact on our customers or the global economy, including sudden or significant increases in interest rates or a global recession; our ability to effectively leverage technology and operating systems and realize the anticipated benefits; failure to meet fuel and other product specifications agreed with our customers; environmental and other risks associated with the storage, transportation and delivery of petroleum products; reputational harm from adverse publicity arising out of spills, environmental contamination or public perception about the impacts on climate change by us or other companies in our industry; risks associated with operating in high-risk locations, including supply disruptions, border closures and other logistical difficulties that arise when working in these areas; uninsured or underinsured losses; seasonal variability that adversely affects our revenues and operating results, as well as the impact of natural disasters, such as earthquakes, hurricanes and wildfires; declines in the value and liquidity of cash equivalents and investments; our ability to retain and attract senior management and other key employees; changes in U.S. or foreign tax laws, including changes resulting from the One Big Beautiful Bill Act, interpretations of such laws, changes in the mix of taxable income among different tax jurisdictions, or adverse results of tax audits, assessments, or disputes; our failure to generate sufficient future taxable income in jurisdictions with material deferred tax assets and net operating loss carryforwards; changes in multilateral conventions, treaties or other arrangements between or among sovereign nations; our ability to comply with U.S. and international laws and regulations, including those related to anti-corruption, economic sanction programs and environmental matters; the outcome of litigation, regulatory investigations and other legal matters, including the associated legal and other costs; and other risks described from time to time in our SEC filings. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law. For more information, visit www.world-kinect.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20251111928470/en/ back