Above expectations, revenue above guidance, Riverbend acquisition completed successfully.

Production guidance 65.5 thousand barrels per day, cash tax rate 27%-30%, FCF distribution rate 90%.

Completed Riverbend acquisition, 75% asset overlap with Midland, added high-quality New Mexico assets; capital allocation mainly through distribution, FCF distribution rate up to 90%; Diamondback resource recovery technology breakthrough, long-term positive for production.

Management expects production growth in 2027, but flat in the long term; no clear upward or downward revision to guidance, but hints at possible accelerated development.

Tone positive, stating “cautiously optimistic” and “未来光明”, showing confidence in M&A and growth.