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Executive summary

• Achieved record free cash flow of $1.7 billion in Q1 2026, driven by strong operational execution, productive capacity activation, and strategic positioning in high-demand markets.

• Net income for Q1 2026 was $1,159 million, a turnaround from a net loss in Q1 2025, supported by higher natural gas prices and increased production volumes.

• Maintained production at ~7.44 Bcfe/d, reaffirming full-year guidance of ~7.5 Bcfe/d.

• Signed a 20-year SPA with Delfin FLNG for 1.15 million tonnes of LNG per year, expanding global market reach.

• CEO search is on track, with Marcel Teunissen appointed CFO and Michael Wichterich as Interim CEO.

Financial highlights

• Revenues for Q1 2026 were $4,397 million, up from $2,196 million in Q1 2025, with natural gas, oil, and NGL sales up $1,015 million.

• Adjusted EBITDAX was $1,968 million, up from $1,395 million year-over-year.

• Free cash flow for the quarter was $1,695 million; adjusted free cash flow was $1,704 million.

• Net debt at quarter-end was $2.8 billion, down $1.6 billion from year-end 2025.

• Returned over $290 million to shareholders via dividends and buybacks, including $150 million in share repurchases through April 2026.

Outlook and guidance

• 2026 production guidance reaffirmed at 7,400–7,600 MMcfe/d with capital expenditures projected at $2.75–$2.95 billion.

• Plans to run 11–12 rigs for the year, with continued focus on balance sheet strength and shareholder returns.

• Over 65% of projected gas volumes through 2026 are hedged, providing downside protection and upside participation.

• Guidance includes seasonal curtailments in 2Q26 and continued focus on capital efficiency.

• Management anticipates continued operational flexibility and strong liquidity to navigate market volatility.