Significant Production Increase
Production for the quarter averaged just under 19,000 barrels of oil equivalent per day, marking a 27% increase from the first quarter.
Successful Legal Settlement
Resolved pending litigation with a key operator resulting in a onetime cash payment of $24 million and new long-term agreements for gas gathering and marketing.
Dividend Declaration
The Board declared a third quarter dividend at an annual rate of $2.25 per share.
Strong Financial Performance
Adjusted EBITDA for the quarter was $61.1 million, and adjusted net income was $18.4 million.
Debt Reduction
Reduced total debt to $106 million, resulting in a net debt to an adjusted annualized EBITDA ratio of 0.4x.
Robust Acquisition Pipeline
The company is actively evaluating a significant number of acquisition opportunities, signaling potential growth through strategic deals.