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, 2025.

RISKS RELATED TO INTERNATIONAL OPERATIONS

Escalation of the current armed conflict involving Iran could further increase commodity price volatility, disrupt global energy markets and infrastructure, and adversely affect the Company’s operations, financial condition, and cash flows.

The ongoing conflict involving Iran has caused significant uncertainty in global energy and financial markets and disrupted supply chains. Escalation of the conflict or a broader regional conflict could further disrupt the production, transportation, and export of crude oil, natural gas (including liquefied natural gas), and NGLs, including through additional damage to or targeting of energy infrastructure, pipelines, refineries, export terminals, and related facilities. In addition, while not currently involving the Company’s assets or operations, instability affecting key transit routes, including the Strait of Hormuz, has resulted in shipping delays, rerouting, increased transportation and insurance costs, and reduced market access for the oil and gas industry in the Middle East, further contributing to commodity price volatility. The current elevated commodity price environment may increase input costs and contribute to broader inflationary pressures, including from the Company’s suppliers and contractors, and may reduce demand for the products the Company produces. Conversely, any resolution or de-escalation of the conflict could result in a rapid decline in commodity prices, which may adversely impact the Company’s revenues and operating results.

The conflict also heightens the risk of indirect impacts on the Company’s business. State or state-sponsored cyber actors may target energy companies, critical infrastructure, financial institutions, or service providers, which could result in operational disruptions, loss of data, or other adverse effects. Regional instability may also affect countries in which the Company operates, including Egypt, by impairing government finances, limiting access to foreign currency, or delaying payments, which could adversely affect the Company’s ability to receive timely payment for production or repatriate funds. In addition, supply disruptions may increase reliance on domestically produced oil and natural gas in countries in which the Company operates, including Egypt, which could reduce volumes available for export and negatively impact realized prices. The occurrence of any of these events, individually or in combination, could materially adversely affect the Company’s business, financial condition, liquidity, and results of operations.

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

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 and did not purchase any shares during the quarter ended March 31, 2026. The maximum number of shares that may yet be purchased under the current authorization is 21.9 million.