Capital AllocationLGN highlighted a slight beat on production, the replacement of 79% of PDP reserves, and an update to 2025 capex as a result of postponing capital from last quarter.
Cost EfficiencyPDP FD&A cost at $27.11/boe (recycle ratio ~0.7x).
Financial PerformanceThe PDP value created in 2024 was ~$106mn versus capital spending (net of A&D) of ~$212mn, meaning for every dollar spent, there was a loss of $0.50.