Balance sheet and funding
Trailing twelve months EBITDAX $485.2M
Net debt
$542.2M
$585.0M drawn less $42.8M cash
Net leverage
1.12x
covenant 3.5x
Liquidity
$632.8M
$590.0M undrawn + cash
Interest cover
10.0x
EBITDAX over interest expense
Leverage against covenant
At 1.12x against a 3.5x limit there is
$1.16B of EBITDAX
headroom — the amount cash flow could fall before the covenant binds. That is the
number to watch when prices move, not the debt balance itself.
EBITDAX, 12 months
Borrowing base
| Borrowing base | $900.0M |
| Drawn | $310.0M |
| Undrawn | $590.0M |
| Cash | $42.8M |
| Total liquidity | $632.8M |
| Current ratio | 1.42 |
Reserves
| Proved developed PV-10 | $1.31B |
| Proved undeveloped PV-10 | $740.0M |
| Proved reserves | 214.6 MMBOE |
| Developed share | 63% |
| Reserve life | 10.1 years |
Reserve life is proved reserves over the last twelve months of
net production. Developed share matters more than the headline: undeveloped
reserves need capital before they are worth anything.
Hedge book, next eight quarters
| Quarter | Volume | Hedged | % hedged | Floor | Ceiling | Instrument |
|---|---|---|---|---|---|---|
| Q3 2026 | 5,599,197 | 3,961,086 | 71% | $64.29 | $88.1 | Swap |
| Q4 2026 | 5,515,209 | 3,740,389 | 68% | $65.73 | $88.64 | Costless collar |
| Q1 2027 | 5,432,481 | 3,025,465 | 56% | $63.31 | $86.07 | Costless collar |
| Q2 2027 | 5,350,993 | 2,662,273 | 50% | $63.37 | $90.19 | Swap |
| Q3 2027 | 5,270,729 | 2,041,196 | 39% | $65.61 | $90.38 | Costless collar |
| Q4 2027 | 5,191,668 | 1,677,990 | 32% | $62.1 | $93.57 | Costless collar |
| Q1 2028 | 5,113,793 | 1,192,120 | 23% | $62.78 | $88.17 | Swap |
| Q2 2028 | 5,037,086 | 705,272 | 14% | $63.58 | $94.71 | Costless collar |
Executives read one thing off a hedge book: how much of next
year's cash flow is already protected and at what floor. Coverage falls off
further out because that is where the market is thinnest and the volume least
certain.