In 2023, Moss Creek achieved record production level of approximately 61,000 barrels of oil equivalent (boe) per day, representing a 10% year-over-year increase, and exited 2023 with around 285 million boe of proved reserves. The production increase largely reflects the company?s development efforts in the Middle and Lower Spraberry and Wolfcamp A formations. Despite the growth, we note the company?s scale of reserves and production remains smaller than that of its similar and higher-rated peers. Looking into 2024, we expect Moss Creek will continue to maintain a three-rig drilling program, with total capital spending of about $510 million (around 8% lower compared to the 2023 level), resulting in fairly flat production driven by greater completion efficiency and cost deflation. Additionally,
