Sweet 16 Updated Forecast Models - June 30

[dan_s]

I will finish updating all of the Sweet 16 individual forecasts models today.

Models of AR, CIVI, CTRA, CRGY and EOG have already been posted to the EPG website. You can view them and download them from the EPG home page or by clicking on the Sweet 16 tab.

The other 11 will be updated today and posted to the EPG website late today.

I have a HIGH level of confidence in the Q2 2025 forecasts. For future periods, realized oil, gas and NGL prices might be different than what I am using the forecasts. I believe that the stock valuation multiples are reasonable considering the level of uncertainty that currently exists for commodity prices these days.

All 16 companies are generating a lot of operating cash flow; more than enough to cover their D&C capital programs. They should all be free cash flow positive for the year. AR is still the only one that does not pay dividends, but as a "gasser" it has more than enough free cash flow to pay dividends or aggressively buy back stock.