This report does not constitute a rating action. We expect Moss Creek to maintain strong credit measures over the next two years. We forecast S&P Global Ratings-adjusted funds from operations (FFO) to debt of 75%-80% and adjusted debt to EBITDA of about 1.0x through 2027. We expect the company will generate positive free operating cash flow (FOCF) of around $200 million in 2026 and 2027, supported by declining capital spending relative to 2025. Moss Creek's modest leverage and positive FOCF provide it with financial flexibility to fund its development program and pursue potential acquisitions aimed at expanding geographic diversity and bolstering inventory life. As of June 30, 2026, Moss Creek’s liquidity position is adequate, with about $707 million in cash,
