EPS of $0.25 beat estimates of $0.195 and revenues of $147.14M missed estimates of $154.65M. It recorded $147.1M in natural gas and liquids sales, a decline against the prior year, but its adjusted funds flow was relatively strong and its production rose year-over-year. It outlined a 2023 reserves update that was highlighted by a 4% year-on-year increase in proven and probable reserves, and an 8% increase in proved, developing and producing reserves. These were decent results, and the company is well-capitalized. It does not pay a dividend but instead uses its free cash to repurchase shares. While it is difficult to predict movements over a short timeframe (12-18 months), we expect with the rising energy market, that AAV can perform fairly well here.
5i Research Answer: