Item 1A. RISK FACTORS

4K characters. Original on sec.gov · Markdown

Item 1A. RISK FACTORS

Except as set forth herein, there have been no material changes to the risk factors disclosed in Part I, Item 1A—Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

RISKS RELATED TO GOVERNMENTAL REGULATION AND POLITICAL RISKS

Changes to laws, regulations, guidance, and industry standards, or higher than anticipated costs, for asset retirement and decommissioning obligations could adversely affect the Company’s results of operations and cash flows.

The Company is subject to extensive requirements governing the plugging, abandonment, and decommissioning of wells, facilities, sites, and related infrastructure. The cost and timing of these activities are uncertain and may be materially affected by changes in laws, regulations, guidance, or industry standards. Governments in key jurisdictions, including the United States and the United Kingdom, have increased focus on decommissioning requirements, financial assurance, and environmental remediation. New or revised rules or guidance could expand the scope of required activities, alter timelines, or increase financial security obligations, resulting in higher costs and greater cash flow demands.

Additionally, inflation, supply constraints, and limited contractor and vessel availability have also raised decommissioning costs. If decommissioning spending materially exceeds current estimates or the Company’s joint venture partners or current owners of the Company’s previous assets fail to meet their decommissioning obligations, the Company’s cash flows, capital resources, and liquidity could be adversely affected.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table presents information on shares of common stock repurchased by the Company during the quarter ended September 30, 2025:


Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(1)



July 1 to July 31, 2025	989,196	19.31		989,196	26,693,910
August 1 to August 31, 2025	1,214,309	19.92		1,214,309	25,479,601
September 1 to September 30, 2025	910,343	23.54		910,343	24,569,258
Total	3,113,848	$	20.78

(1) During the third quarter of 2022, the Company's Board of Directors authorized the purchase of 40 million shares of the Company's common stock. Shares may be purchased either in the open market or through privately negotiated transactions. The Company is not obligated to acquire any specific number of shares.

Previous: Item 4. CONTROLS AND PROCEDURES · Next: Item 5. OTHER INFORMATION