Significant Production Increase
Production for Q1 2025 increased by 23% to just over 103,000 BOEs per day, reflecting the acquisition of Westbrick assets.
Westbrick Acquisition Synergies
Integration of the Westbrick acquisition is ahead of schedule with $100 million in operational and development synergies identified.
Strong Free Cash Flow and Shareholder Returns
Generated $256 million of fund flows in Q1 with $74 million in free cash flow. Returned $37 million to shareholders through dividends and share buybacks.
Successful Deep Gas Exploration
In Germany, successfully tested the Wisselshorst deep gas exploration well with a combined test rate of 41 million cubic feet per day.
Debt Reduction and Liquidity
Ended the quarter with just over $2 billion of net debt (1.7x trailing fund flows) and ample liquidity with plans for further debt reduction.
Robust Hedging Strategy
Over 50% of 2025 production hedged, providing a buffer against market volatility.