Energy Prospectus

2022 Highlights

Set Company records for full-year net cash provided by operating activities of $1.5 billion and adjusted free cash flow of $622.7 million
Set Company record for full-year net income of $19.54 per diluted share (all per share amounts are stated on a diluted basis)
Improved full-year operating margin by 38% year-over-year to $58.04 per barrel of oil equivalent (Boe)
Grew annual production by nearly 10% to 104.3 MBoe/d, in line with guidance
Invested $841.5 million in operational capital expenditures, or less than 60% of net cash provided by operating activities
Year-end total proved reserves of 479.5 MMBoe (57% oil) with a standardized measure of future discounted cash flows of total proved reserves of $9.0 billion; PV-10 of total proved reserves of $10.5 billion
Increased proved developed reserves by 7% to 293.2 MMBoe (58% oil), representing 61% of total reserve volumes
Paid down $461.9 million in debt and reduced leverage ratio, as defined by our credit facility, by over 40% over the last 12 months
Fourth Quarter 2022 Highlights

Generated $372.6 million of net cash provided by operating activities and adjusted free cash flow of $165.4 million
Net income of $272.5 million, or $4.41 per diluted share, adjusted EBITDA of $412.2 million, and adjusted income of $207.7 million or $3.36 per diluted share
Fourth quarter 2022 production averaged 106.3 MBoe/d (62% oil)
Reduced lease operating expense (LOE) to $7.58 per Boe
Reduced debt by an additional $133.0 million

Really hard to understand the share price and market cap considering these results and future prospects.

Their debt has been reduced greatly since Q121 by 70%. The EBITDA/Total Debt ratio was 4.8 in 2021 and is now at 1.3. As this moves below 1.25 they announced this AM on their call, they will start share buybacks, while still reducing debt. Good moves.