ALPHAFORGE RESEARCH · COMPANY FILE · ENERGY, MATERIALS & POWER

$SOC

Sable Offshore Corp. · NYSE · SIC 1311 · CIK 1831481 · revision 9 as of 2026-09-26

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Research status

Evidence awaiting review · 83 pending evidence leads

Financial accounts through: 2026-06-30
Authored update: 2026-09-20
Source scan: 2026-10-12 09:40 ET
Full model review: Not recorded
Latest event review: Not recorded
Oldest pending lead: 2026-09-21 09:40 ET

Filings: checked | 2026-10-12 09:40 ET
News: checked | 2026-10-12 09:40 ET
Price: checked | 2026-10-12 09:40 ET

Open evidence leads

8-K filed 2026-09-29
SOC Stock Reverses 8 Sessions Of Losses After Pricing $300M Offering – This Analyst Highlights The Need For Additional Financing - Stocktwits
Trump to Invoke Emergency Law for California Oil Producer Sable, Bloomberg News Reports - EnergyNow.com
Trump to Invoke Emergency Law for California Oil Producer Sable, Bloomberg News Reports - energynow.com
COMMENTARY: Nova Scotia Should Seize Natural Gas Opportunity Despite Any Fear Mongering - EnergyNow

Leads require verification; they are not established material changes.

A published model and a successful scan do not establish a completed review. Status describes current monitoring; every promotion requires fresh checks.

Research status JSON

Business

Sable operates the Santa Ynez offshore oil assets and associated processing and pipeline infrastructure in California. Economics depend on saleable net barrels, refinery access, crude-price differentials and debt service. The July refinancing adds mandatory principal payments and a full excess-cash-flow sweep.

Three drivers

Net barrels sold after transport and refinery constraints
Brent price, basis differentials and partial-volume collars
Operating costs, capex and mandatory lender cash claims

Thesis

Our view

Production progress matters only when barrels can be marketed profitably and cash survives financing requirements. A positive operating cash quarter does not imply distributable shareholder cash.

What changes it

Track actual net sales, realized differentials, Hondo and refinery readiness, lender sweeps and litigation developments.

Scenario ranges

Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.

Model · 8 fiscal quarters (last eight)

Fiscal quarter	2024Q3 2024-09-30	2024Q4 2024-12-31	2025Q1 2025-03-31	2025Q2 2025-06-30	2025Q3 2025-09-30	2025Q4 2025-12-31	2026Q1 2026-03-31	2026Q2 2026-06-30
Revenue ($M)	0.0¹	0.0†²	0.0³	0.0⁴	0.0¹	0.0†²	1.3³	137.1⁴
Gross profit ($M)	—	—	—	—	—	—	—	—
Operating income ($M)	-54.6⁵	-50.8†⁶	-59.8⁷	-128.9⁸	-119.4⁵	-100.2†⁶	-118.8⁷	-66.9⁸
Net income ($M)	-255.6⁹	—	-109.5¹⁰	-128.1¹⁰	-110.4⁹	-62.2†¹¹	-197.0¹⁰	-64.2¹⁰
EPS, diluted ($)	-4.11¹²	—	-1.30¹³	-1.40¹⁴	-1.11¹²	—	-1.37¹³	-0.42¹⁴
Diluted shares (M)	62.2¹⁵	—	84.4¹⁶	91.2¹⁷	99.5¹⁵	—	143.7¹⁶	153.5¹⁷
Cash ($M)	288.2¹⁸	300.4¹⁹	189.0²⁰	247.1²¹	41.6¹⁸	97.7²¹	52.2²⁰	21.6²¹
Long-term debt ($M)	814.4²²	833.5²³	854.6²⁴	0.0²⁵	0.0²⁶	0.0²⁷	—	732.1²⁷
Cash from operations ($M)	—	-37.5†²⁸	-47.9²⁹	-95.0†³⁰	-110.6†³¹	-98.1†²⁸	-82.2²⁹	9.4†³⁰
Capex ($M)	—	—	—	—	—	—	—	—
Free cash flow ($M)	—	—	—	—	—	—	—	—

† derived (Q4 = fiscal year minus the first three quarters; year-to-date cash flows differenced; FCF = CFO − capex). Superscripts are the provenance notes below.

Estimates · base scenario

Period	Revenue ($M)	EPS ($)	As of	Basis
2026Q3	162.7	—	2026-09-20	Desk base scenario. Revenue basis: Physical oil revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2026Q4	215.7	—	2026-09-20	Desk base scenario. Revenue basis: Physical oil revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q1	201.5	—	2026-09-20	Desk base scenario. Revenue basis: Physical oil revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.
2027Q2	211.6	—	2026-09-20	Desk base scenario. Revenue basis: Physical oil revenue proxy ($M). Calculated from the operating-model inputs below; not consensus or company guidance.

Net barrels sold, Brent collars and mandatory debt service

Operating scenarios · reviewed 2026-09-20 · USD millions unless labeled otherwise · our assumptions, not consensus

Convert average gross barrels sold into net revenue barrels using the 83.6% interest. Deduct marketing/processing differentials from Brent and settle disclosed collars on hedged volumes only. Apply cash field and corporate costs, taxes, working capital, capex and mandatory amortization. Cash remaining is explicitly BEFORE the 100% excess-cash-flow sweep; it is not distributable equity cash.

Reported anchors and guidance

Measure	Period	Value	Basis
q2 revenue	June / subsequent July-August	137.12	reported. USD millions; Q2 company capex measure can differ from cash expenditure timing. Source · 2026-08-10
q2 cfo	June / subsequent July-August	9.42	reported. USD millions; Q2 company capex measure can differ from cash expenditure timing. Source · 2026-08-10
Reported capex	H1 2026	52.56	reported. Reported consolidated amount, converted from thousands to millions. Source · 2026-08-10
H1 CFO less cash capital spending	H1 2026	-125.37	derived. Historical cash statement.
june cash	June / subsequent July-August	21.60	reported. USD millions; Q2 company capex measure can differ from cash expenditure timing. Source · 2026-08-10
tlb original	June / subsequent July-August	675.00	reported. USD millions; Q2 company capex measure can differ from cash expenditure timing. Source · 2026-08-10
convertible	June / subsequent July-August	345.00	reported. USD millions; Q2 company capex measure can differ from cash expenditure timing. Source · 2026-08-10
revolver borrowing base	June / subsequent July-August	0.00	reported. USD millions; Q2 company capex measure can differ from cash expenditure timing. Source · 2026-08-10
court penalty	June / subsequent July-August	1.45	reported. USD millions; Q2 company capex measure can differ from cash expenditure timing. Source · 2026-08-24
H2 capital spending outlook midpoint	H2 2026	85.00	derived. Calculated midpoint of the company range; not an additional company forecast.
FY2027 capital spending outlook midpoint	FY2027	90.00	derived. Calculated midpoint of the company range; not an additional company forecast.

Downside scenario

Period	Operating cash flow proxy ($M)	Cash after capital spending ($M)	Cash capital spending ($M)	Physical oil revenue proxy ($M)	Brent collar settlement ($M)	Operating income proxy ($M)	Cash before excess-cash-flow sweep ($M)	Mandatory TLB principal ($M)
2026Q3	-39.56	-84.56	45.00	69.22	25.76	-74.90	-101.43	16.88
2026Q4	-29.99	-69.99	40.00	76.91	25.76	-67.96	-86.86	16.88
2027Q1	-6.11	-31.11	25.00	81.26	22.50	-39.56	-64.86	33.75
2027Q2	-3.71	-28.71	25.00	86.27	22.75	-40.67	-62.46	33.75
FY2026	-142.35	-279.91	137.56	284.53	51.52	-328.51	-313.66	33.75
FY2027	-12.61	-102.61	90.00	341.97	91.25	-167.24	-237.61	135.00

Base scenario

Period	Operating cash flow proxy ($M)	Cash after capital spending ($M)	Cash capital spending ($M)	Physical oil revenue proxy ($M)	Operating income proxy ($M)	Cash before excess-cash-flow sweep ($M)	Mandatory TLB principal ($M)
2026Q3	13.70	-31.30	45.00	162.67	2.62	-48.18	16.88
2026Q4	78.54	38.54	40.00	215.74	64.83	21.67	16.88
2027Q1	88.19	63.19	25.00	201.46	74.84	29.44	33.75
2027Q2	105.55	80.55	25.00	211.64	88.94	46.80	33.75
FY2026	19.43	-118.13	137.56	516.80	-118.20	-151.88	33.75
FY2027	439.65	349.65	90.00	859.46	366.67	214.65	135.00

Upside scenario

Period	Operating cash flow proxy ($M)	Cash after capital spending ($M)	Cash capital spending ($M)	Physical oil revenue proxy ($M)	Brent collar settlement ($M)	Operating income proxy ($M)	Cash before excess-cash-flow sweep ($M)	Mandatory TLB principal ($M)
2026Q3	117.48	72.48	45.00	273.04	-14.45	119.85	55.60	16.88
2026Q4	169.45	129.45	40.00	320.03	-14.45	169.18	112.57	16.88
2027Q1	180.05	155.05	25.00	320.15	-33.75	198.85	121.30	33.75
2027Q2	201.51	176.51	25.00	333.78	-34.12	217.42	142.76	33.75
FY2026	214.12	76.56	137.56	731.46	-28.90	103.38	42.81	33.75
FY2027	805.45	715.45	90.00	1,343.25	-136.88	862.95	580.45	135.00

All inputs and formulas — reproduce this model

Input / calculation	Period / case	Value / unit	Evidence or assumption
Reported revenue h1_revenue	H1 2026 / shared	138.40 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10
Reported operating income h1_operating_income	H1 2026 / shared	-185.65 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10
Reported cfo h1_cfo	H1 2026 / shared	-72.81 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10
Reported capex h1_capex	H1 2026 / shared	52.56 USD_millions	reported: Reported consolidated amount, converted from thousands to millions. Primary source · 2026-08-10
H1 new Brent collar settlements h1_hedge_cash	H1 2026 / shared	0.00 USD_millions	reported: New hedging program commenced July 1. Primary source · 2026-08-10
H1 new TLB principal payments h1_mandatory_principal	H1 2026 / shared	0.00 USD_millions	reported: New TLB closed July 2; no new TLB payment in H1. Primary source · 2026-08-10
H1 CFO less cash capital spending h1_fcf	H1 2026 / shared	-125.37 USD_millions	derived: Historical cash statement. Formula: subtract(h1_cfo, h1_capex).
H1 cash after new TLB mandatory service h1_cash_before_sweep	H1 2026 / shared	-125.37 USD_millions	derived: Historical old debt structure differs from July refinancing. Formula: subtract(h1_fcf, h1_mandatory_principal).
june cash june_cash	June / subsequent July-August / shared	21.60 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-10
tlb original tlb_original	June / subsequent July-August / shared	675.00 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-10
convertible convertible	June / subsequent July-August / shared	345.00 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-10
revolver borrowing base revolver_borrowing_base	June / subsequent July-August / shared	0.00 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-10
q2 revenue q2_revenue	June / subsequent July-August / shared	137.12 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-10
q2 cfo q2_cfo	June / subsequent July-August / shared	9.42 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-10
q2 reported capex q2_reported_capex	June / subsequent July-August / shared	39.40 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-10
court penalty court_penalty	June / subsequent July-August / shared	1.45 USD_millions	reported: USD millions; Q2 company capex measure can differ from cash expenditure timing. Primary source · 2026-08-24
nri nri	Financing / production / shared	83.6% ratio	reported: Reported term; quarter is arithmetic time allocation. Primary source · 2026-08-10
tlb coupon tlb_coupon	Financing / production / shared	15.0% ratio	reported: Reported term; quarter is arithmetic time allocation. Primary source · 2026-08-10
convert coupon convert_coupon	Financing / production / shared	6.5% ratio	reported: Reported term; quarter is arithmetic time allocation. Primary source · 2026-08-10
quarter quarter	Financing / production / shared	25.0% ratio	assumption: Reported term; quarter is arithmetic time allocation.
H2 capital spending outlook low h2_capex_guide_low	H2 2026 / shared	75.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10
H2 capital spending outlook high h2_capex_guide_high	H2 2026 / shared	95.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10
Midpoint divisor two	Model / shared	200.0% ratio	assumption: Arithmetic constant.
H2 capital spending outlook endpoint sum h2_capex_guide_sum	H2 2026 / shared	170.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(h2_capex_guide_low, h2_capex_guide_high).
H2 capital spending outlook midpoint h2_capex_guide	H2 2026 / shared	85.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(h2_capex_guide_sum, two).
FY2027 capital spending outlook low fy27_capex_guide_low	FY2027 / shared	80.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10
FY2027 capital spending outlook high fy27_capex_guide_high	FY2027 / shared	100.00 USD_millions	management guidance: Company guidance; not a desk forecast. Primary source · 2026-08-10
FY2027 capital spending outlook endpoint sum fy27_capex_guide_sum	FY2027 / shared	180.00 USD_millions	derived: Arithmetic intermediate. Formula: sum(fy27_capex_guide_low, fy27_capex_guide_high).
FY2027 capital spending outlook midpoint fy27_capex_guide	FY2027 / shared	90.00 USD_millions	derived: Calculated midpoint of the company range; not an additional company forecast. Formula: divide(fy27_capex_guide_sum, two).
Gross average barrels sold per day downside_2026q3_gross_daily_sales	2026Q3 / downside	3,600,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million downside_2026q3_time_conversion	2026Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels downside_2026q3_net_million_barrels	2026Q3 / downside	276.9% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_gross_daily_sales, nri, downside_2026q3_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels downside_2026q3_brent	2026Q3 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential downside_2026q3_differential	2026Q3 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels downside_2026q3_net_price_reference	2026Q3 / downside	25.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_brent, downside_2026q3_differential).
Physical oil sales revenue downside_2026q3_revenue	2026Q3 / downside	69.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_net_million_barrels, downside_2026q3_net_price_reference).
Hedged millions of barrels downside_2026q3_hedged_volume	2026Q3 / downside	257.6% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar downside_2026q3_collar_settled	2026Q3 / downside	65.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference downside_2026q3_hedge_payoff	2026Q3 / downside	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_collar_settled, downside_2026q3_brent).
Collar settlement on covered volumes downside_2026q3_hedge_cash	2026Q3 / downside	25.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_hedged_volume, downside_2026q3_hedge_payoff).
Lease operating cost per reference downside_2026q3_loe	2026Q3 / downside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs downside_2026q3_field_cost	2026Q3 / downside	60.91 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_net_million_barrels, downside_2026q3_loe).
Cash G&A per reference downside_2026q3_ga_per_barrel	2026Q3 / downside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost downside_2026q3_ga	2026Q3 / downside	27.69 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_net_million_barrels, downside_2026q3_ga_per_barrel).
Revenue tax rate downside_2026q3_production_tax_rate	2026Q3 / downside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes downside_2026q3_severance	2026Q3 / downside	0.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_revenue, downside_2026q3_production_tax_rate).
Other demurrage and legal cash costs downside_2026q3_other_cash	2026Q3 / downside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax downside_2026q3_cash_costs	2026Q3 / downside	97.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_field_cost, downside_2026q3_ga, downside_2026q3_severance, downside_2026q3_other_cash).
Physical oil cash profit downside_2026q3_field_cash_profit	2026Q3 / downside	-27.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_revenue, downside_2026q3_cash_costs).
Depletion depreciation and accretion downside_2026q3_dd_and_a	2026Q3 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2026q3_sbc	2026Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion downside_2026q3_noncash_costs	2026Q3 / downside	47.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_dd_and_a, downside_2026q3_sbc).
Operating income proxy downside_2026q3_operating_income	2026Q3 / downside	-74.90 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_field_cash_profit, downside_2026q3_noncash_costs).
TLB coupon downside_2026q3_tlb_interest	2026Q3 / downside	25.31 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, tlb_coupon, quarter).
Convertible coupon downside_2026q3_convert_interest	2026Q3 / downside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy downside_2026q3_cash_interest	2026Q3 / downside	30.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_tlb_interest, downside_2026q3_convert_interest).
Cash profit plus collar settlement downside_2026q3_cash_including_hedges	2026Q3 / downside	-2.14 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_field_cash_profit, downside_2026q3_hedge_cash).
Net working-capital and income-tax use downside_2026q3_wc	2026Q3 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use downside_2026q3_cash_finance_wc	2026Q3 / downside	37.42 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q3_cash_interest, downside_2026q3_wc).
Operating cash flow proxy downside_2026q3_cfo	2026Q3 / downside	-39.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_cash_including_hedges, downside_2026q3_cash_finance_wc).
Cash capital spending downside_2026q3_capex	2026Q3 / downside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex downside_2026q3_fcf	2026Q3 / downside	-84.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_cfo, downside_2026q3_capex).
Original principal repayment fraction downside_2026q3_amort_rate	2026Q3 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization downside_2026q3_mandatory_principal	2026Q3 / downside	16.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, downside_2026q3_amort_rate).
TLB principal before any excess sweep downside_2026q3_ending_tlb_before_sweep	2026Q3 / downside	658.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(tlb_original, downside_2026q3_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep downside_2026q3_cash_before_sweep	2026Q3 / downside	-101.43 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_fcf, downside_2026q3_mandatory_principal).
Gross average barrels sold per day downside_2026q4_gross_daily_sales	2026Q4 / downside	4,000,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million downside_2026q4_time_conversion	2026Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels downside_2026q4_net_million_barrels	2026Q4 / downside	307.6% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_gross_daily_sales, nri, downside_2026q4_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels downside_2026q4_brent	2026Q4 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential downside_2026q4_differential	2026Q4 / downside	30.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels downside_2026q4_net_price_reference	2026Q4 / downside	25.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_brent, downside_2026q4_differential).
Physical oil sales revenue downside_2026q4_revenue	2026Q4 / downside	76.91 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_net_million_barrels, downside_2026q4_net_price_reference).
Hedged millions of barrels downside_2026q4_hedged_volume	2026Q4 / downside	257.6% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar downside_2026q4_collar_settled	2026Q4 / downside	65.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference downside_2026q4_hedge_payoff	2026Q4 / downside	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_collar_settled, downside_2026q4_brent).
Collar settlement on covered volumes downside_2026q4_hedge_cash	2026Q4 / downside	25.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_hedged_volume, downside_2026q4_hedge_payoff).
Lease operating cost per reference downside_2026q4_loe	2026Q4 / downside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs downside_2026q4_field_cost	2026Q4 / downside	64.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_net_million_barrels, downside_2026q4_loe).
Cash G&A per reference downside_2026q4_ga_per_barrel	2026Q4 / downside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost downside_2026q4_ga	2026Q4 / downside	27.69 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_net_million_barrels, downside_2026q4_ga_per_barrel).
Revenue tax rate downside_2026q4_production_tax_rate	2026Q4 / downside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes downside_2026q4_severance	2026Q4 / downside	0.58 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_revenue, downside_2026q4_production_tax_rate).
Other demurrage and legal cash costs downside_2026q4_other_cash	2026Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax downside_2026q4_cash_costs	2026Q4 / downside	95.87 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_field_cost, downside_2026q4_ga, downside_2026q4_severance, downside_2026q4_other_cash).
Physical oil cash profit downside_2026q4_field_cash_profit	2026Q4 / downside	-18.96 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_revenue, downside_2026q4_cash_costs).
Depletion depreciation and accretion downside_2026q4_dd_and_a	2026Q4 / downside	42.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2026q4_sbc	2026Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion downside_2026q4_noncash_costs	2026Q4 / downside	49.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_dd_and_a, downside_2026q4_sbc).
Operating income proxy downside_2026q4_operating_income	2026Q4 / downside	-67.96 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_field_cash_profit, downside_2026q4_noncash_costs).
TLB coupon downside_2026q4_tlb_interest	2026Q4 / downside	24.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q3_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon downside_2026q4_convert_interest	2026Q4 / downside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy downside_2026q4_cash_interest	2026Q4 / downside	30.29 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_tlb_interest, downside_2026q4_convert_interest).
Cash profit plus collar settlement downside_2026q4_cash_including_hedges	2026Q4 / downside	6.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_field_cash_profit, downside_2026q4_hedge_cash).
Net working-capital and income-tax use downside_2026q4_wc	2026Q4 / downside	6.50 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use downside_2026q4_cash_finance_wc	2026Q4 / downside	36.79 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2026q4_cash_interest, downside_2026q4_wc).
Operating cash flow proxy downside_2026q4_cfo	2026Q4 / downside	-29.99 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_cash_including_hedges, downside_2026q4_cash_finance_wc).
Cash capital spending downside_2026q4_capex	2026Q4 / downside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex downside_2026q4_fcf	2026Q4 / downside	-69.99 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_cfo, downside_2026q4_capex).
Original principal repayment fraction downside_2026q4_amort_rate	2026Q4 / downside	2.5% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization downside_2026q4_mandatory_principal	2026Q4 / downside	16.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, downside_2026q4_amort_rate).
TLB principal before any excess sweep downside_2026q4_ending_tlb_before_sweep	2026Q4 / downside	641.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q3_ending_tlb_before_sweep, downside_2026q4_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep downside_2026q4_cash_before_sweep	2026Q4 / downside	-86.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_fcf, downside_2026q4_mandatory_principal).
Gross average barrels sold per day downside_2027q1_gross_daily_sales	2027Q1 / downside	4,000,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million downside_2027q1_time_conversion	2027Q1 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels downside_2027q1_net_million_barrels	2027Q1 / downside	301.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_gross_daily_sales, nri, downside_2027q1_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels downside_2027q1_brent	2027Q1 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential downside_2027q1_differential	2027Q1 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels downside_2027q1_net_price_reference	2027Q1 / downside	27.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_brent, downside_2027q1_differential).
Physical oil sales revenue downside_2027q1_revenue	2027Q1 / downside	81.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_net_million_barrels, downside_2027q1_net_price_reference).
Hedged millions of barrels downside_2027q1_hedged_volume	2027Q1 / downside	225.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar downside_2027q1_collar_settled	2027Q1 / downside	65.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference downside_2027q1_hedge_payoff	2027Q1 / downside	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_collar_settled, downside_2027q1_brent).
Collar settlement on covered volumes downside_2027q1_hedge_cash	2027Q1 / downside	22.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_hedged_volume, downside_2027q1_hedge_payoff).
Lease operating cost per reference downside_2027q1_loe	2027Q1 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs downside_2027q1_field_cost	2027Q1 / downside	45.14 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_net_million_barrels, downside_2027q1_loe).
Cash G&A per reference downside_2027q1_ga_per_barrel	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost downside_2027q1_ga	2027Q1 / downside	21.07 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_net_million_barrels, downside_2027q1_ga_per_barrel).
Revenue tax rate downside_2027q1_production_tax_rate	2027Q1 / downside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes downside_2027q1_severance	2027Q1 / downside	0.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_revenue, downside_2027q1_production_tax_rate).
Other demurrage and legal cash costs downside_2027q1_other_cash	2027Q1 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax downside_2027q1_cash_costs	2027Q1 / downside	69.82 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_field_cost, downside_2027q1_ga, downside_2027q1_severance, downside_2027q1_other_cash).
Physical oil cash profit downside_2027q1_field_cash_profit	2027Q1 / downside	11.44 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_revenue, downside_2027q1_cash_costs).
Depletion depreciation and accretion downside_2027q1_dd_and_a	2027Q1 / downside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q1_sbc	2027Q1 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion downside_2027q1_noncash_costs	2027Q1 / downside	51.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_dd_and_a, downside_2027q1_sbc).
Operating income proxy downside_2027q1_operating_income	2027Q1 / downside	-39.56 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_field_cash_profit, downside_2027q1_noncash_costs).
TLB coupon downside_2027q1_tlb_interest	2027Q1 / downside	24.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2026q4_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon downside_2027q1_convert_interest	2027Q1 / downside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy downside_2027q1_cash_interest	2027Q1 / downside	29.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_tlb_interest, downside_2027q1_convert_interest).
Cash profit plus collar settlement downside_2027q1_cash_including_hedges	2027Q1 / downside	33.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_field_cash_profit, downside_2027q1_hedge_cash).
Net working-capital and income-tax use downside_2027q1_wc	2027Q1 / downside	10.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use downside_2027q1_cash_finance_wc	2027Q1 / downside	40.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q1_cash_interest, downside_2027q1_wc).
Operating cash flow proxy downside_2027q1_cfo	2027Q1 / downside	-6.11 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cash_including_hedges, downside_2027q1_cash_finance_wc).
Cash capital spending downside_2027q1_capex	2027Q1 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex downside_2027q1_fcf	2027Q1 / downside	-31.11 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_cfo, downside_2027q1_capex).
Original principal repayment fraction downside_2027q1_amort_rate	2027Q1 / downside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization downside_2027q1_mandatory_principal	2027Q1 / downside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, downside_2027q1_amort_rate).
TLB principal before any excess sweep downside_2027q1_ending_tlb_before_sweep	2027Q1 / downside	607.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2026q4_ending_tlb_before_sweep, downside_2027q1_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep downside_2027q1_cash_before_sweep	2027Q1 / downside	-64.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_fcf, downside_2027q1_mandatory_principal).
Gross average barrels sold per day downside_2027q2_gross_daily_sales	2027Q2 / downside	4,200,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million downside_2027q2_time_conversion	2027Q2 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels downside_2027q2_net_million_barrels	2027Q2 / downside	319.5% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_gross_daily_sales, nri, downside_2027q2_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels downside_2027q2_brent	2027Q2 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential downside_2027q2_differential	2027Q2 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels downside_2027q2_net_price_reference	2027Q2 / downside	27.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_brent, downside_2027q2_differential).
Physical oil sales revenue downside_2027q2_revenue	2027Q2 / downside	86.27 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_net_million_barrels, downside_2027q2_net_price_reference).
Hedged millions of barrels downside_2027q2_hedged_volume	2027Q2 / downside	227.5% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar downside_2027q2_collar_settled	2027Q2 / downside	65.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference downside_2027q2_hedge_payoff	2027Q2 / downside	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_collar_settled, downside_2027q2_brent).
Collar settlement on covered volumes downside_2027q2_hedge_cash	2027Q2 / downside	22.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_hedged_volume, downside_2027q2_hedge_payoff).
Lease operating cost per reference downside_2027q2_loe	2027Q2 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs downside_2027q2_field_cost	2027Q2 / downside	47.93 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_net_million_barrels, downside_2027q2_loe).
Cash G&A per reference downside_2027q2_ga_per_barrel	2027Q2 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost downside_2027q2_ga	2027Q2 / downside	22.37 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_net_million_barrels, downside_2027q2_ga_per_barrel).
Revenue tax rate downside_2027q2_production_tax_rate	2027Q2 / downside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes downside_2027q2_severance	2027Q2 / downside	0.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_revenue, downside_2027q2_production_tax_rate).
Other demurrage and legal cash costs downside_2027q2_other_cash	2027Q2 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax downside_2027q2_cash_costs	2027Q2 / downside	73.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_field_cost, downside_2027q2_ga, downside_2027q2_severance, downside_2027q2_other_cash).
Physical oil cash profit downside_2027q2_field_cash_profit	2027Q2 / downside	12.33 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_revenue, downside_2027q2_cash_costs).
Depletion depreciation and accretion downside_2027q2_dd_and_a	2027Q2 / downside	46.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q2_sbc	2027Q2 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion downside_2027q2_noncash_costs	2027Q2 / downside	53.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_dd_and_a, downside_2027q2_sbc).
Operating income proxy downside_2027q2_operating_income	2027Q2 / downside	-40.67 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_field_cash_profit, downside_2027q2_noncash_costs).
TLB coupon downside_2027q2_tlb_interest	2027Q2 / downside	22.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q1_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon downside_2027q2_convert_interest	2027Q2 / downside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy downside_2027q2_cash_interest	2027Q2 / downside	28.39 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_tlb_interest, downside_2027q2_convert_interest).
Cash profit plus collar settlement downside_2027q2_cash_including_hedges	2027Q2 / downside	35.08 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_field_cash_profit, downside_2027q2_hedge_cash).
Net working-capital and income-tax use downside_2027q2_wc	2027Q2 / downside	10.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use downside_2027q2_cash_finance_wc	2027Q2 / downside	38.79 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q2_cash_interest, downside_2027q2_wc).
Operating cash flow proxy downside_2027q2_cfo	2027Q2 / downside	-3.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cash_including_hedges, downside_2027q2_cash_finance_wc).
Cash capital spending downside_2027q2_capex	2027Q2 / downside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex downside_2027q2_fcf	2027Q2 / downside	-28.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_cfo, downside_2027q2_capex).
Original principal repayment fraction downside_2027q2_amort_rate	2027Q2 / downside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization downside_2027q2_mandatory_principal	2027Q2 / downside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, downside_2027q2_amort_rate).
TLB principal before any excess sweep downside_2027q2_ending_tlb_before_sweep	2027Q2 / downside	573.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q1_ending_tlb_before_sweep, downside_2027q2_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep downside_2027q2_cash_before_sweep	2027Q2 / downside	-62.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_fcf, downside_2027q2_mandatory_principal).
Gross average barrels sold per day downside_2027q3_gross_daily_sales	2027Q3 / downside	4,200,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million downside_2027q3_time_conversion	2027Q3 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels downside_2027q3_net_million_barrels	2027Q3 / downside	323.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_gross_daily_sales, nri, downside_2027q3_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels downside_2027q3_brent	2027Q3 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential downside_2027q3_differential	2027Q3 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels downside_2027q3_net_price_reference	2027Q3 / downside	27.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_brent, downside_2027q3_differential).
Physical oil sales revenue downside_2027q3_revenue	2027Q3 / downside	87.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_net_million_barrels, downside_2027q3_net_price_reference).
Hedged millions of barrels downside_2027q3_hedged_volume	2027Q3 / downside	230.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar downside_2027q3_collar_settled	2027Q3 / downside	65.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference downside_2027q3_hedge_payoff	2027Q3 / downside	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_collar_settled, downside_2027q3_brent).
Collar settlement on covered volumes downside_2027q3_hedge_cash	2027Q3 / downside	23.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_hedged_volume, downside_2027q3_hedge_payoff).
Lease operating cost per reference downside_2027q3_loe	2027Q3 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs downside_2027q3_field_cost	2027Q3 / downside	48.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_net_million_barrels, downside_2027q3_loe).
Cash G&A per reference downside_2027q3_ga_per_barrel	2027Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost downside_2027q3_ga	2027Q3 / downside	22.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_net_million_barrels, downside_2027q3_ga_per_barrel).
Revenue tax rate downside_2027q3_production_tax_rate	2027Q3 / downside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes downside_2027q3_severance	2027Q3 / downside	0.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_revenue, downside_2027q3_production_tax_rate).
Other demurrage and legal cash costs downside_2027q3_other_cash	2027Q3 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax downside_2027q3_cash_costs	2027Q3 / downside	74.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_field_cost, downside_2027q3_ga, downside_2027q3_severance, downside_2027q3_other_cash).
Physical oil cash profit downside_2027q3_field_cash_profit	2027Q3 / downside	12.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_revenue, downside_2027q3_cash_costs).
Depletion depreciation and accretion downside_2027q3_dd_and_a	2027Q3 / downside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q3_sbc	2027Q3 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion downside_2027q3_noncash_costs	2027Q3 / downside	55.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_dd_and_a, downside_2027q3_sbc).
Operating income proxy downside_2027q3_operating_income	2027Q3 / downside	-42.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_field_cash_profit, downside_2027q3_noncash_costs).
TLB coupon downside_2027q3_tlb_interest	2027Q3 / downside	21.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q2_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon downside_2027q3_convert_interest	2027Q3 / downside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy downside_2027q3_cash_interest	2027Q3 / downside	27.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_tlb_interest, downside_2027q3_convert_interest).
Cash profit plus collar settlement downside_2027q3_cash_including_hedges	2027Q3 / downside	35.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_field_cash_profit, downside_2027q3_hedge_cash).
Net working-capital and income-tax use downside_2027q3_wc	2027Q3 / downside	10.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use downside_2027q3_cash_finance_wc	2027Q3 / downside	37.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q3_cash_interest, downside_2027q3_wc).
Operating cash flow proxy downside_2027q3_cfo	2027Q3 / downside	-2.02 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cash_including_hedges, downside_2027q3_cash_finance_wc).
Cash capital spending downside_2027q3_capex	2027Q3 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex downside_2027q3_fcf	2027Q3 / downside	-22.02 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_cfo, downside_2027q3_capex).
Original principal repayment fraction downside_2027q3_amort_rate	2027Q3 / downside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization downside_2027q3_mandatory_principal	2027Q3 / downside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, downside_2027q3_amort_rate).
TLB principal before any excess sweep downside_2027q3_ending_tlb_before_sweep	2027Q3 / downside	540.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q2_ending_tlb_before_sweep, downside_2027q3_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep downside_2027q3_cash_before_sweep	2027Q3 / downside	-55.77 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_fcf, downside_2027q3_mandatory_principal).
Gross average barrels sold per day downside_2027q4_gross_daily_sales	2027Q4 / downside	4,200,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million downside_2027q4_time_conversion	2027Q4 / downside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels downside_2027q4_net_million_barrels	2027Q4 / downside	323.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_gross_daily_sales, nri, downside_2027q4_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels downside_2027q4_brent	2027Q4 / downside	55.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential downside_2027q4_differential	2027Q4 / downside	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels downside_2027q4_net_price_reference	2027Q4 / downside	27.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_brent, downside_2027q4_differential).
Physical oil sales revenue downside_2027q4_revenue	2027Q4 / downside	87.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_net_million_barrels, downside_2027q4_net_price_reference).
Hedged millions of barrels downside_2027q4_hedged_volume	2027Q4 / downside	230.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar downside_2027q4_collar_settled	2027Q4 / downside	65.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference downside_2027q4_hedge_payoff	2027Q4 / downside	10.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_collar_settled, downside_2027q4_brent).
Collar settlement on covered volumes downside_2027q4_hedge_cash	2027Q4 / downside	23.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_hedged_volume, downside_2027q4_hedge_payoff).
Lease operating cost per reference downside_2027q4_loe	2027Q4 / downside	15.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs downside_2027q4_field_cost	2027Q4 / downside	48.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_net_million_barrels, downside_2027q4_loe).
Cash G&A per reference downside_2027q4_ga_per_barrel	2027Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost downside_2027q4_ga	2027Q4 / downside	22.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_net_million_barrels, downside_2027q4_ga_per_barrel).
Revenue tax rate downside_2027q4_production_tax_rate	2027Q4 / downside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes downside_2027q4_severance	2027Q4 / downside	0.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q4_revenue, downside_2027q4_production_tax_rate).
Other demurrage and legal cash costs downside_2027q4_other_cash	2027Q4 / downside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax downside_2027q4_cash_costs	2027Q4 / downside	74.72 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_field_cost, downside_2027q4_ga, downside_2027q4_severance, downside_2027q4_other_cash).
Physical oil cash profit downside_2027q4_field_cash_profit	2027Q4 / downside	12.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_revenue, downside_2027q4_cash_costs).
Depletion depreciation and accretion downside_2027q4_dd_and_a	2027Q4 / downside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC downside_2027q4_sbc	2027Q4 / downside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion downside_2027q4_noncash_costs	2027Q4 / downside	57.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_dd_and_a, downside_2027q4_sbc).
Operating income proxy downside_2027q4_operating_income	2027Q4 / downside	-44.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_field_cash_profit, downside_2027q4_noncash_costs).
TLB coupon downside_2027q4_tlb_interest	2027Q4 / downside	20.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(downside_2027q3_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon downside_2027q4_convert_interest	2027Q4 / downside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy downside_2027q4_cash_interest	2027Q4 / downside	25.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_tlb_interest, downside_2027q4_convert_interest).
Cash profit plus collar settlement downside_2027q4_cash_including_hedges	2027Q4 / downside	35.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_field_cash_profit, downside_2027q4_hedge_cash).
Net working-capital and income-tax use downside_2027q4_wc	2027Q4 / downside	10.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use downside_2027q4_cash_finance_wc	2027Q4 / downside	36.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(downside_2027q4_cash_interest, downside_2027q4_wc).
Operating cash flow proxy downside_2027q4_cfo	2027Q4 / downside	-0.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cash_including_hedges, downside_2027q4_cash_finance_wc).
Cash capital spending downside_2027q4_capex	2027Q4 / downside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex downside_2027q4_fcf	2027Q4 / downside	-20.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_cfo, downside_2027q4_capex).
Original principal repayment fraction downside_2027q4_amort_rate	2027Q4 / downside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization downside_2027q4_mandatory_principal	2027Q4 / downside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, downside_2027q4_amort_rate).
TLB principal before any excess sweep downside_2027q4_ending_tlb_before_sweep	2027Q4 / downside	506.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q3_ending_tlb_before_sweep, downside_2027q4_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep downside_2027q4_cash_before_sweep	2027Q4 / downside	-54.51 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(downside_2027q4_fcf, downside_2027q4_mandatory_principal).
Physical oil revenue proxy ($M) downside_fy2026_revenue	FY2026 / downside	284.53 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, downside_2026q3_revenue, downside_2026q4_revenue).
Brent collar settlement ($M) downside_fy2026_hedge_cash	FY2026 / downside	51.52 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_hedge_cash, downside_2026q3_hedge_cash, downside_2026q4_hedge_cash).
Operating income proxy ($M) downside_fy2026_operating_income	FY2026 / downside	-328.51 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, downside_2026q3_operating_income, downside_2026q4_operating_income).
Operating cash flow proxy ($M) downside_fy2026_cfo	FY2026 / downside	-142.35 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, downside_2026q3_cfo, downside_2026q4_cfo).
Cash capital spending ($M) downside_fy2026_capex	FY2026 / downside	137.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, downside_2026q3_capex, downside_2026q4_capex).
Cash after capital spending ($M) downside_fy2026_fcf	FY2026 / downside	-279.91 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, downside_2026q3_fcf, downside_2026q4_fcf).
Mandatory TLB principal ($M) downside_fy2026_mandatory_principal	FY2026 / downside	33.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_mandatory_principal, downside_2026q3_mandatory_principal, downside_2026q4_mandatory_principal).
Cash before excess-cash-flow sweep ($M) downside_fy2026_cash_before_sweep	FY2026 / downside	-313.66 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_before_sweep, downside_2026q3_cash_before_sweep, downside_2026q4_cash_before_sweep).
Physical oil revenue proxy ($M) downside_fy2027_revenue	FY2027 / downside	341.97 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_revenue, downside_2027q2_revenue, downside_2027q3_revenue, downside_2027q4_revenue).
Brent collar settlement ($M) downside_fy2027_hedge_cash	FY2027 / downside	91.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_hedge_cash, downside_2027q2_hedge_cash, downside_2027q3_hedge_cash, downside_2027q4_hedge_cash).
Operating income proxy ($M) downside_fy2027_operating_income	FY2027 / downside	-167.24 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_operating_income, downside_2027q2_operating_income, downside_2027q3_operating_income, downside_2027q4_operating_income).
Operating cash flow proxy ($M) downside_fy2027_cfo	FY2027 / downside	-12.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cfo, downside_2027q2_cfo, downside_2027q3_cfo, downside_2027q4_cfo).
Cash capital spending ($M) downside_fy2027_capex	FY2027 / downside	90.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_capex, downside_2027q2_capex, downside_2027q3_capex, downside_2027q4_capex).
Cash after capital spending ($M) downside_fy2027_fcf	FY2027 / downside	-102.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_fcf, downside_2027q2_fcf, downside_2027q3_fcf, downside_2027q4_fcf).
Mandatory TLB principal ($M) downside_fy2027_mandatory_principal	FY2027 / downside	135.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_mandatory_principal, downside_2027q2_mandatory_principal, downside_2027q3_mandatory_principal, downside_2027q4_mandatory_principal).
Cash before excess-cash-flow sweep ($M) downside_fy2027_cash_before_sweep	FY2027 / downside	-237.61 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(downside_2027q1_cash_before_sweep, downside_2027q2_cash_before_sweep, downside_2027q3_cash_before_sweep, downside_2027q4_cash_before_sweep).
Gross average barrels sold per day base_2026q3_gross_daily_sales	2026Q3 / base	4,500,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million base_2026q3_time_conversion	2026Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels base_2026q3_net_million_barrels	2026Q3 / base	346.1% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_gross_daily_sales, nri, base_2026q3_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels base_2026q3_brent	2026Q3 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential base_2026q3_differential	2026Q3 / base	28.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels base_2026q3_net_price_reference	2026Q3 / base	47.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_brent, base_2026q3_differential).
Physical oil sales revenue base_2026q3_revenue	2026Q3 / base	162.67 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_net_million_barrels, base_2026q3_net_price_reference).
Hedged millions of barrels base_2026q3_hedged_volume	2026Q3 / base	257.6% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar base_2026q3_collar_settled	2026Q3 / base	75.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference base_2026q3_hedge_payoff	2026Q3 / base	0.00 USD_millions	derived: Base Brent is inside the collar: zero payoff. If changing price across a strike, switch to the appropriate downside/upside payoff branch. Formula: subtract(base_2026q3_brent, base_2026q3_brent).
Collar settlement on covered volumes base_2026q3_hedge_cash	2026Q3 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_hedged_volume, base_2026q3_hedge_payoff).
Lease operating cost per reference base_2026q3_loe	2026Q3 / base	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs base_2026q3_field_cost	2026Q3 / base	72.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_net_million_barrels, base_2026q3_loe).
Cash G&A per reference base_2026q3_ga_per_barrel	2026Q3 / base	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost base_2026q3_ga	2026Q3 / base	31.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_net_million_barrels, base_2026q3_ga_per_barrel).
Revenue tax rate base_2026q3_production_tax_rate	2026Q3 / base	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes base_2026q3_severance	2026Q3 / base	1.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_revenue, base_2026q3_production_tax_rate).
Other demurrage and legal cash costs base_2026q3_other_cash	2026Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax base_2026q3_cash_costs	2026Q3 / base	113.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_field_cost, base_2026q3_ga, base_2026q3_severance, base_2026q3_other_cash).
Physical oil cash profit base_2026q3_field_cash_profit	2026Q3 / base	49.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_revenue, base_2026q3_cash_costs).
Depletion depreciation and accretion base_2026q3_dd_and_a	2026Q3 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2026q3_sbc	2026Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion base_2026q3_noncash_costs	2026Q3 / base	47.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_dd_and_a, base_2026q3_sbc).
Operating income proxy base_2026q3_operating_income	2026Q3 / base	2.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_field_cash_profit, base_2026q3_noncash_costs).
TLB coupon base_2026q3_tlb_interest	2026Q3 / base	25.31 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, tlb_coupon, quarter).
Convertible coupon base_2026q3_convert_interest	2026Q3 / base	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy base_2026q3_cash_interest	2026Q3 / base	30.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_tlb_interest, base_2026q3_convert_interest).
Cash profit plus collar settlement base_2026q3_cash_including_hedges	2026Q3 / base	49.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_field_cash_profit, base_2026q3_hedge_cash).
Net working-capital and income-tax use base_2026q3_wc	2026Q3 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use base_2026q3_cash_finance_wc	2026Q3 / base	35.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q3_cash_interest, base_2026q3_wc).
Operating cash flow proxy base_2026q3_cfo	2026Q3 / base	13.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_cash_including_hedges, base_2026q3_cash_finance_wc).
Cash capital spending base_2026q3_capex	2026Q3 / base	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex base_2026q3_fcf	2026Q3 / base	-31.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_cfo, base_2026q3_capex).
Original principal repayment fraction base_2026q3_amort_rate	2026Q3 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization base_2026q3_mandatory_principal	2026Q3 / base	16.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, base_2026q3_amort_rate).
TLB principal before any excess sweep base_2026q3_ending_tlb_before_sweep	2026Q3 / base	658.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(tlb_original, base_2026q3_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep base_2026q3_cash_before_sweep	2026Q3 / base	-48.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_fcf, base_2026q3_mandatory_principal).
Gross average barrels sold per day base_2026q4_gross_daily_sales	2026Q4 / base	5,500,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million base_2026q4_time_conversion	2026Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels base_2026q4_net_million_barrels	2026Q4 / base	423.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_gross_daily_sales, nri, base_2026q4_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels base_2026q4_brent	2026Q4 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential base_2026q4_differential	2026Q4 / base	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels base_2026q4_net_price_reference	2026Q4 / base	51.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_brent, base_2026q4_differential).
Physical oil sales revenue base_2026q4_revenue	2026Q4 / base	215.74 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_net_million_barrels, base_2026q4_net_price_reference).
Hedged millions of barrels base_2026q4_hedged_volume	2026Q4 / base	257.6% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar base_2026q4_collar_settled	2026Q4 / base	75.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference base_2026q4_hedge_payoff	2026Q4 / base	0.00 USD_millions	derived: Base Brent is inside the collar: zero payoff. If changing price across a strike, switch to the appropriate downside/upside payoff branch. Formula: subtract(base_2026q4_brent, base_2026q4_brent).
Collar settlement on covered volumes base_2026q4_hedge_cash	2026Q4 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_hedged_volume, base_2026q4_hedge_payoff).
Lease operating cost per reference base_2026q4_loe	2026Q4 / base	17.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs base_2026q4_field_cost	2026Q4 / base	71.91 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_net_million_barrels, base_2026q4_loe).
Cash G&A per reference base_2026q4_ga_per_barrel	2026Q4 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost base_2026q4_ga	2026Q4 / base	25.38 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_net_million_barrels, base_2026q4_ga_per_barrel).
Revenue tax rate base_2026q4_production_tax_rate	2026Q4 / base	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes base_2026q4_severance	2026Q4 / base	1.62 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_revenue, base_2026q4_production_tax_rate).
Other demurrage and legal cash costs base_2026q4_other_cash	2026Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax base_2026q4_cash_costs	2026Q4 / base	101.91 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_field_cost, base_2026q4_ga, base_2026q4_severance, base_2026q4_other_cash).
Physical oil cash profit base_2026q4_field_cash_profit	2026Q4 / base	113.83 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_revenue, base_2026q4_cash_costs).
Depletion depreciation and accretion base_2026q4_dd_and_a	2026Q4 / base	42.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2026q4_sbc	2026Q4 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion base_2026q4_noncash_costs	2026Q4 / base	49.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_dd_and_a, base_2026q4_sbc).
Operating income proxy base_2026q4_operating_income	2026Q4 / base	64.83 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_field_cash_profit, base_2026q4_noncash_costs).
TLB coupon base_2026q4_tlb_interest	2026Q4 / base	24.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q3_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon base_2026q4_convert_interest	2026Q4 / base	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy base_2026q4_cash_interest	2026Q4 / base	30.29 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_tlb_interest, base_2026q4_convert_interest).
Cash profit plus collar settlement base_2026q4_cash_including_hedges	2026Q4 / base	113.83 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_field_cash_profit, base_2026q4_hedge_cash).
Net working-capital and income-tax use base_2026q4_wc	2026Q4 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use base_2026q4_cash_finance_wc	2026Q4 / base	35.29 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2026q4_cash_interest, base_2026q4_wc).
Operating cash flow proxy base_2026q4_cfo	2026Q4 / base	78.54 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_cash_including_hedges, base_2026q4_cash_finance_wc).
Cash capital spending base_2026q4_capex	2026Q4 / base	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex base_2026q4_fcf	2026Q4 / base	38.54 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_cfo, base_2026q4_capex).
Original principal repayment fraction base_2026q4_amort_rate	2026Q4 / base	2.5% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization base_2026q4_mandatory_principal	2026Q4 / base	16.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, base_2026q4_amort_rate).
TLB principal before any excess sweep base_2026q4_ending_tlb_before_sweep	2026Q4 / base	641.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q3_ending_tlb_before_sweep, base_2026q4_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep base_2026q4_cash_before_sweep	2026Q4 / base	21.67 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_fcf, base_2026q4_mandatory_principal).
Gross average barrels sold per day base_2027q1_gross_daily_sales	2027Q1 / base	5,250,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million base_2027q1_time_conversion	2027Q1 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels base_2027q1_net_million_barrels	2027Q1 / base	395.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_gross_daily_sales, nri, base_2027q1_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels base_2027q1_brent	2027Q1 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential base_2027q1_differential	2027Q1 / base	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels base_2027q1_net_price_reference	2027Q1 / base	51.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_brent, base_2027q1_differential).
Physical oil sales revenue base_2027q1_revenue	2027Q1 / base	201.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_net_million_barrels, base_2027q1_net_price_reference).
Hedged millions of barrels base_2027q1_hedged_volume	2027Q1 / base	225.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar base_2027q1_collar_settled	2027Q1 / base	75.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference base_2027q1_hedge_payoff	2027Q1 / base	0.00 USD_millions	derived: Base Brent is inside the collar: zero payoff. If changing price across a strike, switch to the appropriate downside/upside payoff branch. Formula: subtract(base_2027q1_brent, base_2027q1_brent).
Collar settlement on covered volumes base_2027q1_hedge_cash	2027Q1 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_hedged_volume, base_2027q1_hedge_payoff).
Lease operating cost per reference base_2027q1_loe	2027Q1 / base	12.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs base_2027q1_field_cost	2027Q1 / base	47.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_net_million_barrels, base_2027q1_loe).
Cash G&A per reference base_2027q1_ga_per_barrel	2027Q1 / base	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost base_2027q1_ga	2027Q1 / base	23.70 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_net_million_barrels, base_2027q1_ga_per_barrel).
Revenue tax rate base_2027q1_production_tax_rate	2027Q1 / base	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes base_2027q1_severance	2027Q1 / base	1.51 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_revenue, base_2027q1_production_tax_rate).
Other demurrage and legal cash costs base_2027q1_other_cash	2027Q1 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax base_2027q1_cash_costs	2027Q1 / base	75.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_field_cost, base_2027q1_ga, base_2027q1_severance, base_2027q1_other_cash).
Physical oil cash profit base_2027q1_field_cash_profit	2027Q1 / base	125.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_revenue, base_2027q1_cash_costs).
Depletion depreciation and accretion base_2027q1_dd_and_a	2027Q1 / base	44.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q1_sbc	2027Q1 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion base_2027q1_noncash_costs	2027Q1 / base	51.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_dd_and_a, base_2027q1_sbc).
Operating income proxy base_2027q1_operating_income	2027Q1 / base	74.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_field_cash_profit, base_2027q1_noncash_costs).
TLB coupon base_2027q1_tlb_interest	2027Q1 / base	24.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2026q4_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon base_2027q1_convert_interest	2027Q1 / base	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy base_2027q1_cash_interest	2027Q1 / base	29.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_tlb_interest, base_2027q1_convert_interest).
Cash profit plus collar settlement base_2027q1_cash_including_hedges	2027Q1 / base	125.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_field_cash_profit, base_2027q1_hedge_cash).
Net working-capital and income-tax use base_2027q1_wc	2027Q1 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use base_2027q1_cash_finance_wc	2027Q1 / base	37.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q1_cash_interest, base_2027q1_wc).
Operating cash flow proxy base_2027q1_cfo	2027Q1 / base	88.19 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cash_including_hedges, base_2027q1_cash_finance_wc).
Cash capital spending base_2027q1_capex	2027Q1 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex base_2027q1_fcf	2027Q1 / base	63.19 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_cfo, base_2027q1_capex).
Original principal repayment fraction base_2027q1_amort_rate	2027Q1 / base	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization base_2027q1_mandatory_principal	2027Q1 / base	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, base_2027q1_amort_rate).
TLB principal before any excess sweep base_2027q1_ending_tlb_before_sweep	2027Q1 / base	607.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2026q4_ending_tlb_before_sweep, base_2027q1_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep base_2027q1_cash_before_sweep	2027Q1 / base	29.44 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_fcf, base_2027q1_mandatory_principal).
Gross average barrels sold per day base_2027q2_gross_daily_sales	2027Q2 / base	5,350,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million base_2027q2_time_conversion	2027Q2 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels base_2027q2_net_million_barrels	2027Q2 / base	407.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_gross_daily_sales, nri, base_2027q2_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels base_2027q2_brent	2027Q2 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential base_2027q2_differential	2027Q2 / base	23.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels base_2027q2_net_price_reference	2027Q2 / base	52.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_brent, base_2027q2_differential).
Physical oil sales revenue base_2027q2_revenue	2027Q2 / base	211.64 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_net_million_barrels, base_2027q2_net_price_reference).
Hedged millions of barrels base_2027q2_hedged_volume	2027Q2 / base	227.5% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar base_2027q2_collar_settled	2027Q2 / base	75.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference base_2027q2_hedge_payoff	2027Q2 / base	0.00 USD_millions	derived: Base Brent is inside the collar: zero payoff. If changing price across a strike, switch to the appropriate downside/upside payoff branch. Formula: subtract(base_2027q2_brent, base_2027q2_brent).
Collar settlement on covered volumes base_2027q2_hedge_cash	2027Q2 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_hedged_volume, base_2027q2_hedge_payoff).
Lease operating cost per reference base_2027q2_loe	2027Q2 / base	11.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs base_2027q2_field_cost	2027Q2 / base	44.77 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_net_million_barrels, base_2027q2_loe).
Cash G&A per reference base_2027q2_ga_per_barrel	2027Q2 / base	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost base_2027q2_ga	2027Q2 / base	20.35 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_net_million_barrels, base_2027q2_ga_per_barrel).
Revenue tax rate base_2027q2_production_tax_rate	2027Q2 / base	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes base_2027q2_severance	2027Q2 / base	1.59 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_revenue, base_2027q2_production_tax_rate).
Other demurrage and legal cash costs base_2027q2_other_cash	2027Q2 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax base_2027q2_cash_costs	2027Q2 / base	69.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_field_cost, base_2027q2_ga, base_2027q2_severance, base_2027q2_other_cash).
Physical oil cash profit base_2027q2_field_cash_profit	2027Q2 / base	141.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_revenue, base_2027q2_cash_costs).
Depletion depreciation and accretion base_2027q2_dd_and_a	2027Q2 / base	46.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q2_sbc	2027Q2 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion base_2027q2_noncash_costs	2027Q2 / base	53.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_dd_and_a, base_2027q2_sbc).
Operating income proxy base_2027q2_operating_income	2027Q2 / base	88.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_field_cash_profit, base_2027q2_noncash_costs).
TLB coupon base_2027q2_tlb_interest	2027Q2 / base	22.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q1_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon base_2027q2_convert_interest	2027Q2 / base	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy base_2027q2_cash_interest	2027Q2 / base	28.39 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_tlb_interest, base_2027q2_convert_interest).
Cash profit plus collar settlement base_2027q2_cash_including_hedges	2027Q2 / base	141.94 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_field_cash_profit, base_2027q2_hedge_cash).
Net working-capital and income-tax use base_2027q2_wc	2027Q2 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use base_2027q2_cash_finance_wc	2027Q2 / base	36.39 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q2_cash_interest, base_2027q2_wc).
Operating cash flow proxy base_2027q2_cfo	2027Q2 / base	105.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cash_including_hedges, base_2027q2_cash_finance_wc).
Cash capital spending base_2027q2_capex	2027Q2 / base	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex base_2027q2_fcf	2027Q2 / base	80.55 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_cfo, base_2027q2_capex).
Original principal repayment fraction base_2027q2_amort_rate	2027Q2 / base	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization base_2027q2_mandatory_principal	2027Q2 / base	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, base_2027q2_amort_rate).
TLB principal before any excess sweep base_2027q2_ending_tlb_before_sweep	2027Q2 / base	573.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q1_ending_tlb_before_sweep, base_2027q2_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep base_2027q2_cash_before_sweep	2027Q2 / base	46.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_fcf, base_2027q2_mandatory_principal).
Gross average barrels sold per day base_2027q3_gross_daily_sales	2027Q3 / base	5,450,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million base_2027q3_time_conversion	2027Q3 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels base_2027q3_net_million_barrels	2027Q3 / base	419.2% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_gross_daily_sales, nri, base_2027q3_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels base_2027q3_brent	2027Q3 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential base_2027q3_differential	2027Q3 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels base_2027q3_net_price_reference	2027Q3 / base	53.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_brent, base_2027q3_differential).
Physical oil sales revenue base_2027q3_revenue	2027Q3 / base	222.16 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_net_million_barrels, base_2027q3_net_price_reference).
Hedged millions of barrels base_2027q3_hedged_volume	2027Q3 / base	230.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar base_2027q3_collar_settled	2027Q3 / base	75.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference base_2027q3_hedge_payoff	2027Q3 / base	0.00 USD_millions	derived: Base Brent is inside the collar: zero payoff. If changing price across a strike, switch to the appropriate downside/upside payoff branch. Formula: subtract(base_2027q3_brent, base_2027q3_brent).
Collar settlement on covered volumes base_2027q3_hedge_cash	2027Q3 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_hedged_volume, base_2027q3_hedge_payoff).
Lease operating cost per reference base_2027q3_loe	2027Q3 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs base_2027q3_field_cost	2027Q3 / base	41.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_net_million_barrels, base_2027q3_loe).
Cash G&A per reference base_2027q3_ga_per_barrel	2027Q3 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost base_2027q3_ga	2027Q3 / base	18.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_net_million_barrels, base_2027q3_ga_per_barrel).
Revenue tax rate base_2027q3_production_tax_rate	2027Q3 / base	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes base_2027q3_severance	2027Q3 / base	1.67 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_revenue, base_2027q3_production_tax_rate).
Other demurrage and legal cash costs base_2027q3_other_cash	2027Q3 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax base_2027q3_cash_costs	2027Q3 / base	65.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_field_cost, base_2027q3_ga, base_2027q3_severance, base_2027q3_other_cash).
Physical oil cash profit base_2027q3_field_cash_profit	2027Q3 / base	156.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_revenue, base_2027q3_cash_costs).
Depletion depreciation and accretion base_2027q3_dd_and_a	2027Q3 / base	48.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q3_sbc	2027Q3 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion base_2027q3_noncash_costs	2027Q3 / base	55.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_dd_and_a, base_2027q3_sbc).
Operating income proxy base_2027q3_operating_income	2027Q3 / base	101.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_field_cash_profit, base_2027q3_noncash_costs).
TLB coupon base_2027q3_tlb_interest	2027Q3 / base	21.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q2_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon base_2027q3_convert_interest	2027Q3 / base	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy base_2027q3_cash_interest	2027Q3 / base	27.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_tlb_interest, base_2027q3_convert_interest).
Cash profit plus collar settlement base_2027q3_cash_including_hedges	2027Q3 / base	156.71 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_field_cash_profit, base_2027q3_hedge_cash).
Net working-capital and income-tax use base_2027q3_wc	2027Q3 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use base_2027q3_cash_finance_wc	2027Q3 / base	35.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q3_cash_interest, base_2027q3_wc).
Operating cash flow proxy base_2027q3_cfo	2027Q3 / base	121.59 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cash_including_hedges, base_2027q3_cash_finance_wc).
Cash capital spending base_2027q3_capex	2027Q3 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex base_2027q3_fcf	2027Q3 / base	101.59 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_cfo, base_2027q3_capex).
Original principal repayment fraction base_2027q3_amort_rate	2027Q3 / base	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization base_2027q3_mandatory_principal	2027Q3 / base	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, base_2027q3_amort_rate).
TLB principal before any excess sweep base_2027q3_ending_tlb_before_sweep	2027Q3 / base	540.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q2_ending_tlb_before_sweep, base_2027q3_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep base_2027q3_cash_before_sweep	2027Q3 / base	67.84 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_fcf, base_2027q3_mandatory_principal).
Gross average barrels sold per day base_2027q4_gross_daily_sales	2027Q4 / base	5,500,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million base_2027q4_time_conversion	2027Q4 / base	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels base_2027q4_net_million_barrels	2027Q4 / base	423.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_gross_daily_sales, nri, base_2027q4_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels base_2027q4_brent	2027Q4 / base	75.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential base_2027q4_differential	2027Q4 / base	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels base_2027q4_net_price_reference	2027Q4 / base	53.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_brent, base_2027q4_differential).
Physical oil sales revenue base_2027q4_revenue	2027Q4 / base	224.20 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_net_million_barrels, base_2027q4_net_price_reference).
Hedged millions of barrels base_2027q4_hedged_volume	2027Q4 / base	230.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar base_2027q4_collar_settled	2027Q4 / base	75.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference base_2027q4_hedge_payoff	2027Q4 / base	0.00 USD_millions	derived: Base Brent is inside the collar: zero payoff. If changing price across a strike, switch to the appropriate downside/upside payoff branch. Formula: subtract(base_2027q4_brent, base_2027q4_brent).
Collar settlement on covered volumes base_2027q4_hedge_cash	2027Q4 / base	0.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_hedged_volume, base_2027q4_hedge_payoff).
Lease operating cost per reference base_2027q4_loe	2027Q4 / base	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs base_2027q4_field_cost	2027Q4 / base	42.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_net_million_barrels, base_2027q4_loe).
Cash G&A per reference base_2027q4_ga_per_barrel	2027Q4 / base	4.50 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost base_2027q4_ga	2027Q4 / base	19.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_net_million_barrels, base_2027q4_ga_per_barrel).
Revenue tax rate base_2027q4_production_tax_rate	2027Q4 / base	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes base_2027q4_severance	2027Q4 / base	1.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q4_revenue, base_2027q4_production_tax_rate).
Other demurrage and legal cash costs base_2027q4_other_cash	2027Q4 / base	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax base_2027q4_cash_costs	2027Q4 / base	66.02 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_field_cost, base_2027q4_ga, base_2027q4_severance, base_2027q4_other_cash).
Physical oil cash profit base_2027q4_field_cash_profit	2027Q4 / base	158.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_revenue, base_2027q4_cash_costs).
Depletion depreciation and accretion base_2027q4_dd_and_a	2027Q4 / base	50.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC base_2027q4_sbc	2027Q4 / base	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion base_2027q4_noncash_costs	2027Q4 / base	57.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_dd_and_a, base_2027q4_sbc).
Operating income proxy base_2027q4_operating_income	2027Q4 / base	101.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_field_cash_profit, base_2027q4_noncash_costs).
TLB coupon base_2027q4_tlb_interest	2027Q4 / base	20.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(base_2027q3_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon base_2027q4_convert_interest	2027Q4 / base	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy base_2027q4_cash_interest	2027Q4 / base	25.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_tlb_interest, base_2027q4_convert_interest).
Cash profit plus collar settlement base_2027q4_cash_including_hedges	2027Q4 / base	158.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_field_cash_profit, base_2027q4_hedge_cash).
Net working-capital and income-tax use base_2027q4_wc	2027Q4 / base	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use base_2027q4_cash_finance_wc	2027Q4 / base	33.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(base_2027q4_cash_interest, base_2027q4_wc).
Operating cash flow proxy base_2027q4_cfo	2027Q4 / base	124.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cash_including_hedges, base_2027q4_cash_finance_wc).
Cash capital spending base_2027q4_capex	2027Q4 / base	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex base_2027q4_fcf	2027Q4 / base	104.32 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_cfo, base_2027q4_capex).
Original principal repayment fraction base_2027q4_amort_rate	2027Q4 / base	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization base_2027q4_mandatory_principal	2027Q4 / base	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, base_2027q4_amort_rate).
TLB principal before any excess sweep base_2027q4_ending_tlb_before_sweep	2027Q4 / base	506.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q3_ending_tlb_before_sweep, base_2027q4_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep base_2027q4_cash_before_sweep	2027Q4 / base	70.57 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(base_2027q4_fcf, base_2027q4_mandatory_principal).
Physical oil revenue proxy ($M) base_fy2026_revenue	FY2026 / base	516.80 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, base_2026q3_revenue, base_2026q4_revenue).
Brent collar settlement ($M) base_fy2026_hedge_cash	FY2026 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_hedge_cash, base_2026q3_hedge_cash, base_2026q4_hedge_cash).
Operating income proxy ($M) base_fy2026_operating_income	FY2026 / base	-118.20 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, base_2026q3_operating_income, base_2026q4_operating_income).
Operating cash flow proxy ($M) base_fy2026_cfo	FY2026 / base	19.43 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, base_2026q3_cfo, base_2026q4_cfo).
Cash capital spending ($M) base_fy2026_capex	FY2026 / base	137.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, base_2026q3_capex, base_2026q4_capex).
Cash after capital spending ($M) base_fy2026_fcf	FY2026 / base	-118.13 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, base_2026q3_fcf, base_2026q4_fcf).
Mandatory TLB principal ($M) base_fy2026_mandatory_principal	FY2026 / base	33.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_mandatory_principal, base_2026q3_mandatory_principal, base_2026q4_mandatory_principal).
Cash before excess-cash-flow sweep ($M) base_fy2026_cash_before_sweep	FY2026 / base	-151.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_before_sweep, base_2026q3_cash_before_sweep, base_2026q4_cash_before_sweep).
Physical oil revenue proxy ($M) base_fy2027_revenue	FY2027 / base	859.46 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_revenue, base_2027q2_revenue, base_2027q3_revenue, base_2027q4_revenue).
Brent collar settlement ($M) base_fy2027_hedge_cash	FY2027 / base	0.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_hedge_cash, base_2027q2_hedge_cash, base_2027q3_hedge_cash, base_2027q4_hedge_cash).
Operating income proxy ($M) base_fy2027_operating_income	FY2027 / base	366.67 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_operating_income, base_2027q2_operating_income, base_2027q3_operating_income, base_2027q4_operating_income).
Operating cash flow proxy ($M) base_fy2027_cfo	FY2027 / base	439.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cfo, base_2027q2_cfo, base_2027q3_cfo, base_2027q4_cfo).
Cash capital spending ($M) base_fy2027_capex	FY2027 / base	90.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_capex, base_2027q2_capex, base_2027q3_capex, base_2027q4_capex).
Cash after capital spending ($M) base_fy2027_fcf	FY2027 / base	349.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_fcf, base_2027q2_fcf, base_2027q3_fcf, base_2027q4_fcf).
Mandatory TLB principal ($M) base_fy2027_mandatory_principal	FY2027 / base	135.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_mandatory_principal, base_2027q2_mandatory_principal, base_2027q3_mandatory_principal, base_2027q4_mandatory_principal).
Cash before excess-cash-flow sweep ($M) base_fy2027_cash_before_sweep	FY2027 / base	214.65 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(base_2027q1_cash_before_sweep, base_2027q2_cash_before_sweep, base_2027q3_cash_before_sweep, base_2027q4_cash_before_sweep).
Gross average barrels sold per day upside_2026q3_gross_daily_sales	2026Q3 / upside	5,000,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million upside_2026q3_time_conversion	2026Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels upside_2026q3_net_million_barrels	2026Q3 / upside	384.6% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_gross_daily_sales, nri, upside_2026q3_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels upside_2026q3_brent	2026Q3 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential upside_2026q3_differential	2026Q3 / upside	24.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels upside_2026q3_net_price_reference	2026Q3 / upside	71.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_brent, upside_2026q3_differential).
Physical oil sales revenue upside_2026q3_revenue	2026Q3 / upside	273.04 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_net_million_barrels, upside_2026q3_net_price_reference).
Hedged millions of barrels upside_2026q3_hedged_volume	2026Q3 / upside	257.6% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar upside_2026q3_collar_settled	2026Q3 / upside	89.39 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference upside_2026q3_hedge_payoff	2026Q3 / upside	-5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_collar_settled, upside_2026q3_brent).
Collar settlement on covered volumes upside_2026q3_hedge_cash	2026Q3 / upside	-14.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_hedged_volume, upside_2026q3_hedge_payoff).
Lease operating cost per reference upside_2026q3_loe	2026Q3 / upside	18.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs upside_2026q3_field_cost	2026Q3 / upside	69.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_net_million_barrels, upside_2026q3_loe).
Cash G&A per reference upside_2026q3_ga_per_barrel	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost upside_2026q3_ga	2026Q3 / upside	26.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_net_million_barrels, upside_2026q3_ga_per_barrel).
Revenue tax rate upside_2026q3_production_tax_rate	2026Q3 / upside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes upside_2026q3_severance	2026Q3 / upside	2.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_revenue, upside_2026q3_production_tax_rate).
Other demurrage and legal cash costs upside_2026q3_other_cash	2026Q3 / upside	8.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax upside_2026q3_cash_costs	2026Q3 / upside	106.19 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_field_cost, upside_2026q3_ga, upside_2026q3_severance, upside_2026q3_other_cash).
Physical oil cash profit upside_2026q3_field_cash_profit	2026Q3 / upside	166.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_revenue, upside_2026q3_cash_costs).
Depletion depreciation and accretion upside_2026q3_dd_and_a	2026Q3 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2026q3_sbc	2026Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion upside_2026q3_noncash_costs	2026Q3 / upside	47.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_dd_and_a, upside_2026q3_sbc).
Operating income proxy upside_2026q3_operating_income	2026Q3 / upside	119.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_field_cash_profit, upside_2026q3_noncash_costs).
TLB coupon upside_2026q3_tlb_interest	2026Q3 / upside	25.31 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, tlb_coupon, quarter).
Convertible coupon upside_2026q3_convert_interest	2026Q3 / upside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy upside_2026q3_cash_interest	2026Q3 / upside	30.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_tlb_interest, upside_2026q3_convert_interest).
Cash profit plus collar settlement upside_2026q3_cash_including_hedges	2026Q3 / upside	152.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_field_cash_profit, upside_2026q3_hedge_cash).
Net working-capital and income-tax use upside_2026q3_wc	2026Q3 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use upside_2026q3_cash_finance_wc	2026Q3 / upside	34.92 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q3_cash_interest, upside_2026q3_wc).
Operating cash flow proxy upside_2026q3_cfo	2026Q3 / upside	117.48 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_cash_including_hedges, upside_2026q3_cash_finance_wc).
Cash capital spending upside_2026q3_capex	2026Q3 / upside	45.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex upside_2026q3_fcf	2026Q3 / upside	72.48 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_cfo, upside_2026q3_capex).
Original principal repayment fraction upside_2026q3_amort_rate	2026Q3 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization upside_2026q3_mandatory_principal	2026Q3 / upside	16.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, upside_2026q3_amort_rate).
TLB principal before any excess sweep upside_2026q3_ending_tlb_before_sweep	2026Q3 / upside	658.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(tlb_original, upside_2026q3_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep upside_2026q3_cash_before_sweep	2026Q3 / upside	55.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_fcf, upside_2026q3_mandatory_principal).
Gross average barrels sold per day upside_2026q4_gross_daily_sales	2026Q4 / upside	5,700,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million upside_2026q4_time_conversion	2026Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels upside_2026q4_net_million_barrels	2026Q4 / upside	438.4% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_gross_daily_sales, nri, upside_2026q4_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels upside_2026q4_brent	2026Q4 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential upside_2026q4_differential	2026Q4 / upside	22.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels upside_2026q4_net_price_reference	2026Q4 / upside	73.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_brent, upside_2026q4_differential).
Physical oil sales revenue upside_2026q4_revenue	2026Q4 / upside	320.03 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_net_million_barrels, upside_2026q4_net_price_reference).
Hedged millions of barrels upside_2026q4_hedged_volume	2026Q4 / upside	257.6% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar upside_2026q4_collar_settled	2026Q4 / upside	89.39 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference upside_2026q4_hedge_payoff	2026Q4 / upside	-5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_collar_settled, upside_2026q4_brent).
Collar settlement on covered volumes upside_2026q4_hedge_cash	2026Q4 / upside	-14.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_hedged_volume, upside_2026q4_hedge_payoff).
Lease operating cost per reference upside_2026q4_loe	2026Q4 / upside	16.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs upside_2026q4_field_cost	2026Q4 / upside	70.14 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_net_million_barrels, upside_2026q4_loe).
Cash G&A per reference upside_2026q4_ga_per_barrel	2026Q4 / upside	6.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost upside_2026q4_ga	2026Q4 / upside	26.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_net_million_barrels, upside_2026q4_ga_per_barrel).
Revenue tax rate upside_2026q4_production_tax_rate	2026Q4 / upside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes upside_2026q4_severance	2026Q4 / upside	2.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_revenue, upside_2026q4_production_tax_rate).
Other demurrage and legal cash costs upside_2026q4_other_cash	2026Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax upside_2026q4_cash_costs	2026Q4 / upside	101.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_field_cost, upside_2026q4_ga, upside_2026q4_severance, upside_2026q4_other_cash).
Physical oil cash profit upside_2026q4_field_cash_profit	2026Q4 / upside	218.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_revenue, upside_2026q4_cash_costs).
Depletion depreciation and accretion upside_2026q4_dd_and_a	2026Q4 / upside	42.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2026q4_sbc	2026Q4 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion upside_2026q4_noncash_costs	2026Q4 / upside	49.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_dd_and_a, upside_2026q4_sbc).
Operating income proxy upside_2026q4_operating_income	2026Q4 / upside	169.18 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_field_cash_profit, upside_2026q4_noncash_costs).
TLB coupon upside_2026q4_tlb_interest	2026Q4 / upside	24.68 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q3_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon upside_2026q4_convert_interest	2026Q4 / upside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy upside_2026q4_cash_interest	2026Q4 / upside	30.29 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_tlb_interest, upside_2026q4_convert_interest).
Cash profit plus collar settlement upside_2026q4_cash_including_hedges	2026Q4 / upside	203.73 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_field_cash_profit, upside_2026q4_hedge_cash).
Net working-capital and income-tax use upside_2026q4_wc	2026Q4 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use upside_2026q4_cash_finance_wc	2026Q4 / upside	34.29 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2026q4_cash_interest, upside_2026q4_wc).
Operating cash flow proxy upside_2026q4_cfo	2026Q4 / upside	169.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_cash_including_hedges, upside_2026q4_cash_finance_wc).
Cash capital spending upside_2026q4_capex	2026Q4 / upside	40.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex upside_2026q4_fcf	2026Q4 / upside	129.45 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_cfo, upside_2026q4_capex).
Original principal repayment fraction upside_2026q4_amort_rate	2026Q4 / upside	2.5% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization upside_2026q4_mandatory_principal	2026Q4 / upside	16.88 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, upside_2026q4_amort_rate).
TLB principal before any excess sweep upside_2026q4_ending_tlb_before_sweep	2026Q4 / upside	641.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q3_ending_tlb_before_sweep, upside_2026q4_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep upside_2026q4_cash_before_sweep	2026Q4 / upside	112.57 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_fcf, upside_2026q4_mandatory_principal).
Gross average barrels sold per day upside_2027q1_gross_daily_sales	2027Q1 / upside	5,750,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million upside_2027q1_time_conversion	2027Q1 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels upside_2027q1_net_million_barrels	2027Q1 / upside	432.6% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_gross_daily_sales, nri, upside_2027q1_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels upside_2027q1_brent	2027Q1 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential upside_2027q1_differential	2027Q1 / upside	21.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels upside_2027q1_net_price_reference	2027Q1 / upside	74.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_brent, upside_2027q1_differential).
Physical oil sales revenue upside_2027q1_revenue	2027Q1 / upside	320.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_net_million_barrels, upside_2027q1_net_price_reference).
Hedged millions of barrels upside_2027q1_hedged_volume	2027Q1 / upside	225.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar upside_2027q1_collar_settled	2027Q1 / upside	80.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference upside_2027q1_hedge_payoff	2027Q1 / upside	-15.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_collar_settled, upside_2027q1_brent).
Collar settlement on covered volumes upside_2027q1_hedge_cash	2027Q1 / upside	-33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_hedged_volume, upside_2027q1_hedge_payoff).
Lease operating cost per reference upside_2027q1_loe	2027Q1 / upside	10.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs upside_2027q1_field_cost	2027Q1 / upside	43.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_net_million_barrels, upside_2027q1_loe).
Cash G&A per reference upside_2027q1_ga_per_barrel	2027Q1 / upside	5.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost upside_2027q1_ga	2027Q1 / upside	21.63 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_net_million_barrels, upside_2027q1_ga_per_barrel).
Revenue tax rate upside_2027q1_production_tax_rate	2027Q1 / upside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes upside_2027q1_severance	2027Q1 / upside	2.40 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_revenue, upside_2027q1_production_tax_rate).
Other demurrage and legal cash costs upside_2027q1_other_cash	2027Q1 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax upside_2027q1_cash_costs	2027Q1 / upside	70.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_field_cost, upside_2027q1_ga, upside_2027q1_severance, upside_2027q1_other_cash).
Physical oil cash profit upside_2027q1_field_cash_profit	2027Q1 / upside	249.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_revenue, upside_2027q1_cash_costs).
Depletion depreciation and accretion upside_2027q1_dd_and_a	2027Q1 / upside	44.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q1_sbc	2027Q1 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion upside_2027q1_noncash_costs	2027Q1 / upside	51.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_dd_and_a, upside_2027q1_sbc).
Operating income proxy upside_2027q1_operating_income	2027Q1 / upside	198.85 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_field_cash_profit, upside_2027q1_noncash_costs).
TLB coupon upside_2027q1_tlb_interest	2027Q1 / upside	24.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2026q4_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon upside_2027q1_convert_interest	2027Q1 / upside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy upside_2027q1_cash_interest	2027Q1 / upside	29.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_tlb_interest, upside_2027q1_convert_interest).
Cash profit plus collar settlement upside_2027q1_cash_including_hedges	2027Q1 / upside	216.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_field_cash_profit, upside_2027q1_hedge_cash).
Net working-capital and income-tax use upside_2027q1_wc	2027Q1 / upside	6.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use upside_2027q1_cash_finance_wc	2027Q1 / upside	36.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q1_cash_interest, upside_2027q1_wc).
Operating cash flow proxy upside_2027q1_cfo	2027Q1 / upside	180.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cash_including_hedges, upside_2027q1_cash_finance_wc).
Cash capital spending upside_2027q1_capex	2027Q1 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex upside_2027q1_fcf	2027Q1 / upside	155.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_cfo, upside_2027q1_capex).
Original principal repayment fraction upside_2027q1_amort_rate	2027Q1 / upside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization upside_2027q1_mandatory_principal	2027Q1 / upside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, upside_2027q1_amort_rate).
TLB principal before any excess sweep upside_2027q1_ending_tlb_before_sweep	2027Q1 / upside	607.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2026q4_ending_tlb_before_sweep, upside_2027q1_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep upside_2027q1_cash_before_sweep	2027Q1 / upside	121.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_fcf, upside_2027q1_mandatory_principal).
Gross average barrels sold per day upside_2027q2_gross_daily_sales	2027Q2 / upside	5,850,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million upside_2027q2_time_conversion	2027Q2 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels upside_2027q2_net_million_barrels	2027Q2 / upside	445.0% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_gross_daily_sales, nri, upside_2027q2_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels upside_2027q2_brent	2027Q2 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential upside_2027q2_differential	2027Q2 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels upside_2027q2_net_price_reference	2027Q2 / upside	75.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_brent, upside_2027q2_differential).
Physical oil sales revenue upside_2027q2_revenue	2027Q2 / upside	333.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_net_million_barrels, upside_2027q2_net_price_reference).
Hedged millions of barrels upside_2027q2_hedged_volume	2027Q2 / upside	227.5% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar upside_2027q2_collar_settled	2027Q2 / upside	80.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference upside_2027q2_hedge_payoff	2027Q2 / upside	-15.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_collar_settled, upside_2027q2_brent).
Collar settlement on covered volumes upside_2027q2_hedge_cash	2027Q2 / upside	-34.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_hedged_volume, upside_2027q2_hedge_payoff).
Lease operating cost per reference upside_2027q2_loe	2027Q2 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs upside_2027q2_field_cost	2027Q2 / upside	40.05 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_net_million_barrels, upside_2027q2_loe).
Cash G&A per reference upside_2027q2_ga_per_barrel	2027Q2 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost upside_2027q2_ga	2027Q2 / upside	17.80 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_net_million_barrels, upside_2027q2_ga_per_barrel).
Revenue tax rate upside_2027q2_production_tax_rate	2027Q2 / upside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes upside_2027q2_severance	2027Q2 / upside	2.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_revenue, upside_2027q2_production_tax_rate).
Other demurrage and legal cash costs upside_2027q2_other_cash	2027Q2 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax upside_2027q2_cash_costs	2027Q2 / upside	63.36 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_field_cost, upside_2027q2_ga, upside_2027q2_severance, upside_2027q2_other_cash).
Physical oil cash profit upside_2027q2_field_cash_profit	2027Q2 / upside	270.42 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_revenue, upside_2027q2_cash_costs).
Depletion depreciation and accretion upside_2027q2_dd_and_a	2027Q2 / upside	46.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q2_sbc	2027Q2 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion upside_2027q2_noncash_costs	2027Q2 / upside	53.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_dd_and_a, upside_2027q2_sbc).
Operating income proxy upside_2027q2_operating_income	2027Q2 / upside	217.42 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_field_cash_profit, upside_2027q2_noncash_costs).
TLB coupon upside_2027q2_tlb_interest	2027Q2 / upside	22.78 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q1_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon upside_2027q2_convert_interest	2027Q2 / upside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy upside_2027q2_cash_interest	2027Q2 / upside	28.39 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_tlb_interest, upside_2027q2_convert_interest).
Cash profit plus collar settlement upside_2027q2_cash_including_hedges	2027Q2 / upside	236.30 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_field_cash_profit, upside_2027q2_hedge_cash).
Net working-capital and income-tax use upside_2027q2_wc	2027Q2 / upside	6.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use upside_2027q2_cash_finance_wc	2027Q2 / upside	34.79 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q2_cash_interest, upside_2027q2_wc).
Operating cash flow proxy upside_2027q2_cfo	2027Q2 / upside	201.51 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cash_including_hedges, upside_2027q2_cash_finance_wc).
Cash capital spending upside_2027q2_capex	2027Q2 / upside	25.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex upside_2027q2_fcf	2027Q2 / upside	176.51 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_cfo, upside_2027q2_capex).
Original principal repayment fraction upside_2027q2_amort_rate	2027Q2 / upside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization upside_2027q2_mandatory_principal	2027Q2 / upside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, upside_2027q2_amort_rate).
TLB principal before any excess sweep upside_2027q2_ending_tlb_before_sweep	2027Q2 / upside	573.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q1_ending_tlb_before_sweep, upside_2027q2_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep upside_2027q2_cash_before_sweep	2027Q2 / upside	142.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_fcf, upside_2027q2_mandatory_principal).
Gross average barrels sold per day upside_2027q3_gross_daily_sales	2027Q3 / upside	5,950,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million upside_2027q3_time_conversion	2027Q3 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels upside_2027q3_net_million_barrels	2027Q3 / upside	457.6% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_gross_daily_sales, nri, upside_2027q3_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels upside_2027q3_brent	2027Q3 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential upside_2027q3_differential	2027Q3 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels upside_2027q3_net_price_reference	2027Q3 / upside	75.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_brent, upside_2027q3_differential).
Physical oil sales revenue upside_2027q3_revenue	2027Q3 / upside	343.22 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_net_million_barrels, upside_2027q3_net_price_reference).
Hedged millions of barrels upside_2027q3_hedged_volume	2027Q3 / upside	230.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar upside_2027q3_collar_settled	2027Q3 / upside	80.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference upside_2027q3_hedge_payoff	2027Q3 / upside	-15.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_collar_settled, upside_2027q3_brent).
Collar settlement on covered volumes upside_2027q3_hedge_cash	2027Q3 / upside	-34.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_hedged_volume, upside_2027q3_hedge_payoff).
Lease operating cost per reference upside_2027q3_loe	2027Q3 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs upside_2027q3_field_cost	2027Q3 / upside	41.19 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_net_million_barrels, upside_2027q3_loe).
Cash G&A per reference upside_2027q3_ga_per_barrel	2027Q3 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost upside_2027q3_ga	2027Q3 / upside	18.31 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_net_million_barrels, upside_2027q3_ga_per_barrel).
Revenue tax rate upside_2027q3_production_tax_rate	2027Q3 / upside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes upside_2027q3_severance	2027Q3 / upside	2.57 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_revenue, upside_2027q3_production_tax_rate).
Other demurrage and legal cash costs upside_2027q3_other_cash	2027Q3 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax upside_2027q3_cash_costs	2027Q3 / upside	65.07 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_field_cost, upside_2027q3_ga, upside_2027q3_severance, upside_2027q3_other_cash).
Physical oil cash profit upside_2027q3_field_cash_profit	2027Q3 / upside	278.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_revenue, upside_2027q3_cash_costs).
Depletion depreciation and accretion upside_2027q3_dd_and_a	2027Q3 / upside	48.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q3_sbc	2027Q3 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion upside_2027q3_noncash_costs	2027Q3 / upside	55.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_dd_and_a, upside_2027q3_sbc).
Operating income proxy upside_2027q3_operating_income	2027Q3 / upside	223.15 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_field_cash_profit, upside_2027q3_noncash_costs).
TLB coupon upside_2027q3_tlb_interest	2027Q3 / upside	21.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q2_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon upside_2027q3_convert_interest	2027Q3 / upside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy upside_2027q3_cash_interest	2027Q3 / upside	27.12 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_tlb_interest, upside_2027q3_convert_interest).
Cash profit plus collar settlement upside_2027q3_cash_including_hedges	2027Q3 / upside	243.65 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_field_cash_profit, upside_2027q3_hedge_cash).
Net working-capital and income-tax use upside_2027q3_wc	2027Q3 / upside	6.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use upside_2027q3_cash_finance_wc	2027Q3 / upside	33.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q3_cash_interest, upside_2027q3_wc).
Operating cash flow proxy upside_2027q3_cfo	2027Q3 / upside	210.13 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cash_including_hedges, upside_2027q3_cash_finance_wc).
Cash capital spending upside_2027q3_capex	2027Q3 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex upside_2027q3_fcf	2027Q3 / upside	190.13 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_cfo, upside_2027q3_capex).
Original principal repayment fraction upside_2027q3_amort_rate	2027Q3 / upside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization upside_2027q3_mandatory_principal	2027Q3 / upside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, upside_2027q3_amort_rate).
TLB principal before any excess sweep upside_2027q3_ending_tlb_before_sweep	2027Q3 / upside	540.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q2_ending_tlb_before_sweep, upside_2027q3_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep upside_2027q3_cash_before_sweep	2027Q3 / upside	156.38 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_fcf, upside_2027q3_mandatory_principal).
Gross average barrels sold per day upside_2027q4_gross_daily_sales	2027Q4 / upside	6,000,000.0% ratio	assumption: Sales, not produced inventory; normalized with days/one million below.
Days divided by one million upside_2027q4_time_conversion	2027Q4 / upside	0.0% ratio	assumption: Desk assumption; not company guidance.
Net sales in millions of barrels upside_2027q4_net_million_barrels	2027Q4 / upside	461.5% ratio	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_gross_daily_sales, nri, upside_2027q4_time_conversion).
Brent dollar-per-barrel scenario as $M per million barrels upside_2027q4_brent	2027Q4 / upside	95.00 USD_millions	assumption: Desk assumption; not company guidance.
Marketing processing and transport differential upside_2027q4_differential	2027Q4 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Net revenue per million barrels upside_2027q4_net_price_reference	2027Q4 / upside	75.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_brent, upside_2027q4_differential).
Physical oil sales revenue upside_2027q4_revenue	2027Q4 / upside	346.10 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_net_million_barrels, upside_2027q4_net_price_reference).
Hedged millions of barrels upside_2027q4_hedged_volume	2027Q4 / upside	230.0% ratio	assumption: Desk assumption; not company guidance.
Brent price clipped to contractual collar upside_2027q4_collar_settled	2027Q4 / upside	80.00 USD_millions	assumption: Case Brent clipped between $65 floor and the disclosed ceiling.
Collar settlement per reference upside_2027q4_hedge_payoff	2027Q4 / upside	-15.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_collar_settled, upside_2027q4_brent).
Collar settlement on covered volumes upside_2027q4_hedge_cash	2027Q4 / upside	-34.50 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_hedged_volume, upside_2027q4_hedge_payoff).
Lease operating cost per reference upside_2027q4_loe	2027Q4 / upside	9.00 USD_millions	assumption: Desk assumption; not company guidance.
Field cash costs upside_2027q4_field_cost	2027Q4 / upside	41.53 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_net_million_barrels, upside_2027q4_loe).
Cash G&A per reference upside_2027q4_ga_per_barrel	2027Q4 / upside	4.00 USD_millions	assumption: Desk assumption; not company guidance.
Corporate cash cost upside_2027q4_ga	2027Q4 / upside	18.46 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_net_million_barrels, upside_2027q4_ga_per_barrel).
Revenue tax rate upside_2027q4_production_tax_rate	2027Q4 / upside	0.8% ratio	assumption: Desk assumption; not company guidance.
Severance and property taxes upside_2027q4_severance	2027Q4 / upside	2.60 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q4_revenue, upside_2027q4_production_tax_rate).
Other demurrage and legal cash costs upside_2027q4_other_cash	2027Q4 / upside	3.00 USD_millions	assumption: Desk assumption; not company guidance.
Field corporate and production tax upside_2027q4_cash_costs	2027Q4 / upside	65.59 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_field_cost, upside_2027q4_ga, upside_2027q4_severance, upside_2027q4_other_cash).
Physical oil cash profit upside_2027q4_field_cash_profit	2027Q4 / upside	280.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_revenue, upside_2027q4_cash_costs).
Depletion depreciation and accretion upside_2027q4_dd_and_a	2027Q4 / upside	50.00 USD_millions	assumption: Desk assumption; not company guidance.
SBC upside_2027q4_sbc	2027Q4 / upside	7.00 USD_millions	assumption: Desk assumption; not company guidance.
DD&A SBC and accretion upside_2027q4_noncash_costs	2027Q4 / upside	57.00 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_dd_and_a, upside_2027q4_sbc).
Operating income proxy upside_2027q4_operating_income	2027Q4 / upside	223.52 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_field_cash_profit, upside_2027q4_noncash_costs).
TLB coupon upside_2027q4_tlb_interest	2027Q4 / upside	20.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(upside_2027q3_ending_tlb_before_sweep, tlb_coupon, quarter).
Convertible coupon upside_2027q4_convert_interest	2027Q4 / upside	5.61 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(convertible, convert_coupon, quarter).
Cash coupon proxy upside_2027q4_cash_interest	2027Q4 / upside	25.86 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_tlb_interest, upside_2027q4_convert_interest).
Cash profit plus collar settlement upside_2027q4_cash_including_hedges	2027Q4 / upside	246.02 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_field_cash_profit, upside_2027q4_hedge_cash).
Net working-capital and income-tax use upside_2027q4_wc	2027Q4 / upside	6.40 USD_millions	assumption: Desk assumption; not company guidance.
Cash coupon and working-capital use upside_2027q4_cash_finance_wc	2027Q4 / upside	32.26 USD_millions	derived: Calculated from the named operating assumptions. Formula: sum(upside_2027q4_cash_interest, upside_2027q4_wc).
Operating cash flow proxy upside_2027q4_cfo	2027Q4 / upside	213.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cash_including_hedges, upside_2027q4_cash_finance_wc).
Cash capital spending upside_2027q4_capex	2027Q4 / upside	20.00 USD_millions	assumption: Desk assumption; not company guidance.
Cash after capex upside_2027q4_fcf	2027Q4 / upside	193.76 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_cfo, upside_2027q4_capex).
Original principal repayment fraction upside_2027q4_amort_rate	2027Q4 / upside	5.0% ratio	assumption: Desk assumption; not company guidance.
Mandatory TLB amortization upside_2027q4_mandatory_principal	2027Q4 / upside	33.75 USD_millions	derived: Calculated from the named operating assumptions. Formula: multiply(tlb_original, upside_2027q4_amort_rate).
TLB principal before any excess sweep upside_2027q4_ending_tlb_before_sweep	2027Q4 / upside	506.25 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q3_ending_tlb_before_sweep, upside_2027q4_mandatory_principal).
Cash BEFORE 100% excess-cash-flow sweep upside_2027q4_cash_before_sweep	2027Q4 / upside	160.01 USD_millions	derived: Calculated from the named operating assumptions. Formula: subtract(upside_2027q4_fcf, upside_2027q4_mandatory_principal).
Physical oil revenue proxy ($M) upside_fy2026_revenue	FY2026 / upside	731.46 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_revenue, upside_2026q3_revenue, upside_2026q4_revenue).
Brent collar settlement ($M) upside_fy2026_hedge_cash	FY2026 / upside	-28.90 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_hedge_cash, upside_2026q3_hedge_cash, upside_2026q4_hedge_cash).
Operating income proxy ($M) upside_fy2026_operating_income	FY2026 / upside	103.38 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_operating_income, upside_2026q3_operating_income, upside_2026q4_operating_income).
Operating cash flow proxy ($M) upside_fy2026_cfo	FY2026 / upside	214.12 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cfo, upside_2026q3_cfo, upside_2026q4_cfo).
Cash capital spending ($M) upside_fy2026_capex	FY2026 / upside	137.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_capex, upside_2026q3_capex, upside_2026q4_capex).
Cash after capital spending ($M) upside_fy2026_fcf	FY2026 / upside	76.56 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_fcf, upside_2026q3_fcf, upside_2026q4_fcf).
Mandatory TLB principal ($M) upside_fy2026_mandatory_principal	FY2026 / upside	33.75 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_mandatory_principal, upside_2026q3_mandatory_principal, upside_2026q4_mandatory_principal).
Cash before excess-cash-flow sweep ($M) upside_fy2026_cash_before_sweep	FY2026 / upside	42.81 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(h1_cash_before_sweep, upside_2026q3_cash_before_sweep, upside_2026q4_cash_before_sweep).
Physical oil revenue proxy ($M) upside_fy2027_revenue	FY2027 / upside	1,343.25 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_revenue, upside_2027q2_revenue, upside_2027q3_revenue, upside_2027q4_revenue).
Brent collar settlement ($M) upside_fy2027_hedge_cash	FY2027 / upside	-136.88 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_hedge_cash, upside_2027q2_hedge_cash, upside_2027q3_hedge_cash, upside_2027q4_hedge_cash).
Operating income proxy ($M) upside_fy2027_operating_income	FY2027 / upside	862.95 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_operating_income, upside_2027q2_operating_income, upside_2027q3_operating_income, upside_2027q4_operating_income).
Operating cash flow proxy ($M) upside_fy2027_cfo	FY2027 / upside	805.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cfo, upside_2027q2_cfo, upside_2027q3_cfo, upside_2027q4_cfo).
Cash capital spending ($M) upside_fy2027_capex	FY2027 / upside	90.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_capex, upside_2027q2_capex, upside_2027q3_capex, upside_2027q4_capex).
Cash after capital spending ($M) upside_fy2027_fcf	FY2027 / upside	715.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_fcf, upside_2027q2_fcf, upside_2027q3_fcf, upside_2027q4_fcf).
Mandatory TLB principal ($M) upside_fy2027_mandatory_principal	FY2027 / upside	135.00 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_mandatory_principal, upside_2027q2_mandatory_principal, upside_2027q3_mandatory_principal, upside_2027q4_mandatory_principal).
Cash before excess-cash-flow sweep ($M) upside_fy2027_cash_before_sweep	FY2027 / upside	580.45 USD_millions	derived: Reported year-to-date amount plus remaining forecast quarters, or sum of four forecast quarters. Formula: sum(upside_2027q1_cash_before_sweep, upside_2027q2_cash_before_sweep, upside_2027q3_cash_before_sweep, upside_2027q4_cash_before_sweep).

Model boundaries

Sales volumes differ from production and stored inventory. Exit rates and gross preliminary July/August volumes cannot be treated as quarterly net sales. Gas contribution is excluded consistently with approximately 100% oil guidance.
For unit-safe arithmetic, one million barrels is the quantity reference: $1/bbl corresponds to $1M per reference. Price cells therefore use USD_millions and quantity cells are dimensionless multiples of that reference.
Collars apply only to disclosed volumes: 28,000 b/d in H2 2026 and 25,000 in 2027, with $65 floors and $89.39/$80 ceilings. They do not hedge basis differentials or all production.
August operating/capex guidance is management expectation; Hondo restart and relief of refinery constraints are not marked complete without confirmation. Base Brent $75 is a scenario, not a live quote or futures curve.
July refinancing is subsequent to June cash. Gross financing proceeds largely refinance Exxon debt and fees; the $500M revolver has a zero borrowing base and supplies no modeled liquidity.
Term Loan B quarterly mandatory amortization uses 2.5% of original $675M principal in H2 2026 and 5% in 2027. Interest uses opening modeled principal; actual quarterly timing and the excess-cash-flow sweep can reduce debt and interest sooner.
The 100% excess-cash-flow sweep has contractual adjustments not fully forecast here. Cash before sweep cannot be used as a dividend estimate; no terminal equity valuation or EPS bridge.
August court orders declined shutdown injunctions but imposed $1.449M penalty; California appealed. Regulatory and environmental risks remain event-driven, and downside volumes are a disruption sensitivity, not a legal prediction.

Oil sales through the refinery and lender cash waterfall

Research reviewed 2026-09-20

Can restarted production generate cash after wide crude differentials and the July debt-service burden?

Q2 revenue was $137.1M and CFO $9.4M; reported capex was $39.4M. Average sales of roughly 21,000 net b/d differ from the 40,000 net b/d exit rate. July refinancing brought a $675M TLB at 15%, $345M convertibles at 6.5% and equity funding; the $500M revolver has zero borrowing base. Mandatory TLB principal is $16.875M per quarter in H2 and $33.75M per quarter in 2027, before a 100% excess-cash-flow sweep. August guidance projects 47,500-52,500 gross b/d in H2 with $24-28/bbl marketing/processing deducts. Collars cover only part of sales. The August court order declined shutdown relief but imposed $1.449M penalty and California appealed.

The competing explanation

Refinery bottlenecks and crude-quality discounts can suppress cash despite productive wells. Regulatory interruption, lower oil prices and high coupon/principal payments may require further financing.

Risks to track

Pipeline litigation and environmental obligations.
Refinery access, sulfur differentials and marketing capacity.
Brent exposure outside hedged volumes and unhedged basis.
15% TLB coupon, mandatory amortization and full excess sweep.
Hondo readiness and sales versus production timing.

Next checkpoints

Hondo and downstream access · September 2026 company target (estimated). Require confirmation of restart and actual increased sales, not expected throughput.
Q3 financial results · Next release; date unconfirmed (estimated). Reconcile gross/net sales, hedge settlements, cash coupons and mandatory payments.
Court and regulatory developments · Each order or appeal (event driven). Read actual orders before changing interruption assumptions.

Data coverage and open work

Sales volumes differ from production and stored inventory. Exit rates and gross preliminary July/August volumes cannot be treated as quarterly net sales. Gas contribution is excluded consistently with approximately 100% oil guidance.
For unit-safe arithmetic, one million barrels is the quantity reference: $1/bbl corresponds to $1M per reference. Price cells therefore use USD_millions and quantity cells are dimensionless multiples of that reference.
Collars apply only to disclosed volumes: 28,000 b/d in H2 2026 and 25,000 in 2027, with $65 floors and $89.39/$80 ceilings. They do not hedge basis differentials or all production.
August operating/capex guidance is management expectation; Hondo restart and relief of refinery constraints are not marked complete without confirmation. Base Brent $75 is a scenario, not a live quote or futures curve.
July refinancing is subsequent to June cash. Gross financing proceeds largely refinance Exxon debt and fees; the $500M revolver has a zero borrowing base and supplies no modeled liquidity.
Term Loan B quarterly mandatory amortization uses 2.5% of original $675M principal in H2 2026 and 5% in 2027. Interest uses opening modeled principal; actual quarterly timing and the excess-cash-flow sweep can reduce debt and interest sooner.
The 100% excess-cash-flow sweep has contractual adjustments not fully forecast here. Cash before sweep cannot be used as a dividend estimate; no terminal equity valuation or EPS bridge.
August court orders declined shutdown injunctions but imposed $1.449M penalty; California appealed. Regulatory and environmental risks remain event-driven, and downside volumes are a disruption sensitivity, not a legal prediction.

This review: Adds July refinancing, partial-volume collars, mandatory debt service and August legal update; no gross-financing cash double count.

What the memory says

State as of the 2026-09-25 close: in a 120-day downtrend, below its 200-day, off the 52-week high, with overhead supply, ordinary volume, closed mid-range, and some peers moving

300 similar days

Vs the market, in points	Low	Middle	High	Share up
1 session	-3.9	-0.1	+3.4	48%
5 sessions	-11.8	-0.4	+7.8	46%
10 sessions	-14.5	-0.1	+10.8	49%
1 month (21 sessions)	-18.4	+0.8	+18.7	54%
3 months (63 sessions)	-37.6	-2.5	+31.3	44%
6 months (126 sessions)	-52.7	-2.7	+44.7	46%
1 year (252 sessions)	-80.1	+2.2	+94.0	53%

Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side. In the D7 test (403 anchors, 2023-2025) the 1-month band held 76% of outcomes, 3-month 77%, 6-month 76%, 1-year 75%, against a nominal 80%; the analog pool under-represents names that later delisted.

Notes on this name

No published notes on this name yet.

Scorecard: 0 notes scored

Next report: 2026-11-08 (source: estimated from 10-Q filed 2026-08-10 plus 90 days)

Provenance

[1] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[2] derived: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[3] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[4] reported: RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[5] reported: OperatingIncomeLoss, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[6] derived: OperatingIncomeLoss, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[7] reported: OperatingIncomeLoss, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[8] reported: OperatingIncomeLoss, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[9] reported: NetIncomeLoss, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[10] reported: NetIncomeLoss, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[11] derived: NetIncomeLoss, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[12] reported: EarningsPerShareDiluted, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[13] reported: EarningsPerShareDiluted, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[14] reported: EarningsPerShareDiluted, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[15] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[16] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[17] reported: WeightedAverageNumberOfDilutedSharesOutstanding, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[18] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[19] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[20] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[21] reported: CashAndCashEquivalentsAtCarryingValue, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[22] reported: LongTermDebt, accession 0001831481-24-000011, 10-Q filed 2024-11-14; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[23] reported: LongTermDebt, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[24] reported: LongTermDebt, accession 0001831481-25-000033, 10-Q filed 2025-05-09; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[25] reported: LongTermDebt, accession 0001831481-25-000064, 10-Q filed 2025-08-12; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[26] reported: LongTermDebt, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[27] reported: LongTermDebtNoncurrent, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[28] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-26-000026, 10-K filed 2026-02-27; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[29] reported: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-26-000049, 10-Q filed 2026-05-06; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[30] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-26-000104, 10-Q filed 2026-08-10; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json
[31] derived: NetCashProvidedByUsedInOperatingActivities, accession 0001831481-25-000103, 10-Q filed 2025-11-13; retrieved 2026-09-26T11:16:49+00:00 from https://data.sec.gov/api/xbrl/companyfacts/CIK0001831481.json

What the author read

June financial statements and July subsequent financing · retrieved 2026-09-20
August sales/cost guidance and collar schedule · retrieved 2026-09-20
August court orders, penalty and appeal · retrieved 2026-09-20

Compiled 2026-09-26T11:16:50.510711+00:00 · authored d3c0b25197c7 · generated 6e60f792029a · JSON

Daily notes · Scorecard