Adjusted EBITDA grew by 9% to $35 million compared to Q1 2025.
Capital expenditures in Q2 2025 were $10 million; asset retirement costs totaled $12 million.
Liquidity increased to $171 million as of June 30, 2025.
Midyear 2025 SEC proved reserves were 123 million barrels of oil equivalent, slightly down from 127 million at year-end 2024 due to production but partially offset by 1.8 million barrels of positive revisions.
Pretax PV-10 value of midyear 2025 proved reserves was flat at $1.2 billion compared to year-end 2024.
Total debt reduced from $393 million at year-end 2024 to $350 million at the end of Q2 2025; net debt reduced from $284 million to $229 million.
Total lease operating expenses were $77 million, within guidance.
Unrestricted cash grew to over $120 million while net debt was lowered by about $15 million to under $230 million.
W&T Offshore increased production by 10% quarter-over-quarter to 33,500 barrels of oil equivalent per day in Q2 2025, within guidance range.
EBITDA was $94 million, beating guidance of $80 million to $90 million, representing a 24% sequential increase and a 22% EBITDA margin, up 200 basis points quarter-over-quarter and year-over-year.
Expro reported revenue of $423 million in Q2 2025, up $32 million or about 8% from Q1 2025, exceeding guidance of $400 million to $410 million.
Expro repurchased $5 million in shares in Q2, totaling $15 million year-to-date, with $61 million remaining under the $100 million authorization.
Free cash flow on an adjusted basis was $36 million, or 9% of revenue, marking the third consecutive quarter of financial results above expectations.
Liquidity at quarter-end was approximately $343 million, including $207 million cash and $136 million available under revolving credit facility, with new credit facilities increasing total commitments to $500 million.
Segment EBITDA margins: ESSA 30% (up 400 bps), MENA 36% (down 70 bps), APAC 26% (up 500 bps).
Segment revenues: North and Latin America (NLA) $143 million, Europe and Sub-Saharan Africa (ESSA) $132 million, Middle East and North Africa (MENA) $91 million, Asia Pacific (APAC) $57 million.
PSEG maintained total available liquidity of $3.6 billion as of June 30, 2025, including $186 million in cash.
PSEG Power & Other reported net income of $253 million in Q2 2025 versus $132 million in Q2 2024, with non-GAAP operating earnings rising to $52 million from $11 million, benefiting from higher nuclear output and absence of last year's refueling outage.
PSEG reported net income of $1.17 per share for Q2 2025, up from $0.87 in Q2 2024, and non-GAAP operating earnings of $0.77 per share, up from $0.63 in Q2 2024, reflecting over 20% growth year-over-year.
PSE&G segment net income and non-GAAP operating earnings were $332 million in Q2 2025 compared to $302 million in Q2 2024, driven by new distribution rates and higher generating volume.
PSEG's nuclear fleet achieved a capacity factor of 88.8% in Q2 2025, producing approximately 7.5 terawatt hours, up 0.5 terawatt hours from the prior year period.
Dafinchi