Pedevco Corp.

Good morning and welcome to Bedevco's fourth quarter and full year 2025 earnings conference call. All participants are in a listen-only mode. After the prepared remarks, we will open the call for questions. To ask a question during this session, you'll need to press star 1-1 on your phone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. Today's program is being recorded. I would now like to turn the call over to Laurent Weil. of Elevate IR. Please go ahead, sir.

Thank you, operator, and good morning, everyone. Welcome to Pedefco's fourth quarter and full year 2025 earnings call. With me today are Doug Schick, President and Chief Executive Officer, Archie Dukes, Chief Operating Officer, and Bobby Long, Chief Financial Officer. Before we begin, I would like to remind everyone that today's discussion includes forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. For more information, please refer to our 2025 Form 10-K and other SEC filings. The company undertakes no obligation to update or revise any forward-looking statements. During today's call, we may discuss certain non-GAAP financial measures, including adjusted EBITDA. Reconciliation to the most directly comparable GAAP measures are available in our earnings release and 10-K filings. These non-GAAP measures should not be considered in isolation or as substitutes for GAAP results. I would also note that all per share and share count figures referenced today reflect the company's 1 for 20 reverse stock split, which became effective on March 13, 2026, and has been applied retroactively for all periods presented. As of March 27, 2026, the company had 13,300,621 shares of common stock outstanding. As many of you know, this is Pedefco's first earnings call as a combined company following the completion of the Juniper merger on October 31st, 2025. Today, you will hear about both the reported results and the normalized earnings power of the combined platform, which we believe is the more relevant lens for evaluating the company going forward. Here is today's agenda. Doug will begin with opening remarks outlining the company's strategy and investment case, followed by RT with an operational update, and then Bobby will walk through our financial performance. After our prepared remarks, the management team will open the call for questions. With that, I will turn it over to Doug.

Thanks, Laurent, and good morning, everyone. Thank you for joining us today for our first earnings call as a combined company. 2025 was a transformational year for Podepco. Through the closing of our merger with the Juniper Portfolio Companies on October 31st, we built a scaled, rocky-focused energy platform, which we believe is unique in the public oil and gas space due to its extensive development inventory relative to its market cap. We went from producing approximately 1,500 barrels of oil equivalent per day to a combined rate that averaged over 5,300 VOE per day in the fourth quarter. Our approved reserves nearly doubled to 32.1 million BOE, or approximately $27 per share on a post-split basis. We hold over 310,000 net acres across the DJ Basin, Powder River Basin, and Permian Basin, with an approximately 88% liquids mix and well over a decade of identified inventories. Our independent reserve engineer's valuation of our approved reserves provides a useful floor for the asset value discussion. And that valuation does not include over 1,000 additional identified drilling locations, a vast majority of which are high-impact wells that can be pad drilled to multiple formations to maximize efficiency and cash returns on capital deploys. I also want to underscore the alignment at this company. Insiders, including the management team, own a significant majority of Bedefco, so we are focused on maximizing the value of the shares while minimizing risk. Our largest investor, Juniper Capital, is a seasoned oil and gas private equity firm that has been investing in the space for over 20 years. Juniper invested approximately $18.6 million of new equity at the merger, which demonstrates their strong commitment to the company's success. Turning to our fourth quarter results, it's important to note that because the merger closed on October 31st, our reported results only include a partial contribution from the acquired assets. In the fourth quarter, we generated $15.4 million of adjusted EBITDA on over 5,300 barrels of oil equivalent per day of production, reflecting an initial period of combined operations. Bobby will walk you through the full bridge and our 2026 outlook But the headline is this, adjusted EBITDA in the fourth quarter grew 203% year over year, despite a 16% decline in realized crude oil prices, reflecting both the impact of the merger and the underlying operational strength. This merger wasn't just about getting bigger. It was about building scale and adding capabilities to the team, which will allow for efficiencies and additional growth. We now have production and cash flow base that allows us to operate the business more efficiently and generate strong margins while utilizing our internally generated cash flow to further develop our extensive asset base. Importantly, the core business stands on its own. We do not have to do deals to be a good company because we have such an extensive development inventory already. From here, acquisitions are about building on our strong foundation and our focus for any acquisition will be to build upon what we already have, which is an efficient company that generates significant cash flow and owns a large amount of attractive development opportunities. And we will weigh every potential acquisition relative to our existing opportunity set. We have significant development opportunities across all three basins, and we'll pursue that development at a pace that reflects financial discipline. The management team and our large shareholders are focused on maintaining a strong company that can thrive in any commodity price environment. Looking ahead, our focus is straightforward. First, we will continue to optimize the business, driving down costs and improving margins across the asset base. We are also focused on prioritizing our extensive development opportunity set with a goal of maximizing the risk-adjusted returns on our capital deployed over many years. With over 1,000 identified drilling opportunities across three basins in over a dozen different formations, we have substantial optionality on where to deploy capital. I want to give investors a clear message of what we are focused on. First, you will see our cash realized per barrel produced improve over the course of 2026 as our ongoing optimization projects continue to improve our cost structure. Second, you will see us execute on a capital plan that generates strong returns on capital while maintaining a strong balance sheet. Finally, you will see PDEPCO maintain and grow its deep inventory of development opportunities, which we plan to more fully detail over the coming quarters. As we think about 2026, the macro environment has become more constructive in the recent weeks, with geopolitical developments supporting higher oil prices. That said, our approach does not change. We're not building a plan that depends on commodity prices moving in our favor. Our focus remains on maximizing the efficiency of every barrel produced and every dollar spent, while generating consistent cash flows across cycles. If the current price environment holds, it provides incremental upside, both in terms of cash flow and the pace at which we can execute our development plan. But we will remain disciplined in how we allocate capital and will scale activity in line with what our business can support. With that, I will turn it over to R.T. Dukes.