Jeffrey Robertson
Water Tower Research LLC

Thank you for joining us for today’s fireside chat with Evolution Petroleum’s Chief Executive Officer, Kelly Loyd; Chief Financial Officer, Ryan Stash; and Chief Operating Officer, Mark Bunch.

Before we begin, I would like to remind participants that our discussion could contain forward-looking statements as of today, June 10, 2026. Disclosures regarding forward-looking statements can be found under the Investor Relations tab of Evolution’s homepage.

Evolution’s asset base includes a diverse mix of producing properties located in multiple regions, including Northeast Louisiana, North Texas, the Mid-Continent, the Permian Basin, Wyoming and in North Dakota. The company’s strategy is built on growing its long-lived asset base through producing property acquisitions and low-risk organic investment while maintaining a conservative balance sheet and returning cash to shareholders. For the fiscal third quarter, which ended March 31, Evolution reported adjusted EBITDA of $3.1 million and average production of approximately 6,700 BOEs per day.

Kelly, Ryan, Mark, thanks for joining us today.

Ryan Stash
Senior VP, CFO, Secretary, Compliance Officer & Treasurer

Yes. Thanks, Jeff. Good to see you.

Here are some key details:

* The company, which ‌did not ⁠disclose ⁠a medium for the raise, said the board will ​deliberate further on options for raising funds

* The fundraise comes ​days after the broadcaster struck a deal with FIFA to broadcast the 2026 World ​Cup in India, ending uncertainty over ⁠the tournament’s ‌availability in one of ​the last major ​markets where rights had remained ⁠unsold.

* The deal covers 39 FIFA events ​over eight years through 2034 and ​also includes the next World Cup in 2030. Financial terms were not disclosed.

Live Events

* The company has expanded its presence in sports broadcasting by launching a dedicated portfolio of ‌sports channels.
* The company previously invested in new businesses, including micro-drama app Bullet ​and visual-effects ​studio PhantomFX, as ⁠it seeks to expand beyond traditional television broadcasting.

* Zee Entertainment reported a loss for the March quarter ​on May 19, as margins were pressured by higher expenses and tighter advertising budgets following the Middle East crisis.

Intel Corp. shares declined modestly in midday trading Wednesday, falling 1.03% to $106.81 as investors rotated among semiconductor names following a strong run in the sector and ahead of key industry events.

The move came on moderate volume with no company-specific news immediately driving the decline. Intel has posted solid gains year-to-date, supported by progress on its foundry ambitions, U.S. government funding under the CHIPS Act, and positioning in artificial intelligence infrastructure. However, the stock continues to trade with volatility typical of the broader chip sector.

Recent Performance and Market Context

Intel has been on a recovery trajectory after several challenging years marked by lost market share in processors and delays in advanced manufacturing processes. The company reported encouraging first-quarter results earlier in 2026, with data center revenue showing strength from AI-related demand and signs of stabilization in its core PC business.

Wednesday’s modest pullback reflects broader sector dynamics rather than fundamental concerns. Rivals such as Nvidia, AMD and TSMC have seen strong interest due to AI tailwinds, while Intel’s turnaround story requires sustained execution on multiple fronts. The stock remains sensitive to updates on process technology improvements and foundry customer wins.

Foundry Strategy and Government Support

A central element of Intel’s strategy is rebuilding its foundry business to compete with TSMC and Samsung. The company has secured major funding from the CHIPS and Science Act, including grants and loans aimed at expanding U.S.-based manufacturing capacity. Progress on 18A and future process nodes is being closely watched by investors and customers.

Intel has announced several customer wins, including partnerships with Microsoft and others for custom chips. These developments are viewed as critical to diversifying revenue beyond its traditional product lines and reducing reliance on internal consumption.

Analysts note that successful execution on foundry goals could significantly re-rate the stock, though timelines remain extended and capital requirements substantial. Management has emphasized disciplined spending and long-term value creation.

AI and Data Center Momentum

Intel continues pushing into artificial intelligence with its Gaudi accelerators and Xeon processors optimized for AI workloads. While trailing Nvidia in the high-end GPU market, the company is gaining traction in inference and certain enterprise segments where cost and integration matter.

Data center revenue has shown improvement, providing a counterbalance to softness in consumer-facing businesses. The company’s broad portfolio across CPUs, GPUs, FPGAs and other components gives it unique positioning, though competition remains intense across all categories.

Financial Outlook and Capital Allocation

Intel maintains a solid balance sheet despite heavy capital expenditures for factory builds. The company has outlined plans for improved profitability and free cash flow generation as newer process technologies come online and operational efficiencies take hold.

Dividend stability remains a priority for many long-term shareholders, with Intel viewed as a reliable payer in the technology sector. Share repurchases and cost management are also part of the strategy to support shareholder returns during the multi-year turnaround.

Analyst Views and Valuation

Wall Street consensus remains cautiously optimistic. Several firms have Buy ratings with price targets reflecting potential upside from successful foundry execution and AI growth. However, some analysts maintain Hold positions citing execution risks and near-term margin pressures.

At current levels, Intel trades at a valuation that many consider attractive relative to growth prospects if key milestones are met. The stock has been volatile but shows signs of bottoming as operational improvements materialize.

Broader Semiconductor Landscape

The chip sector overall has been strong in 2026, driven primarily by AI infrastructure buildouts. While Intel has lagged some high-flyers, its diversified business and domestic manufacturing focus provide unique attributes in an industry facing geopolitical and supply chain risks.

Trade tensions and export restrictions continue to influence sector dynamics, with U.S.-based companies balancing growth opportunities against regulatory considerations. Intel’s position as a key domestic manufacturer gives it strategic importance beyond pure financial metrics.

Investor Considerations

For investors, Intel represents a higher-risk, higher-reward opportunity within the semiconductor space. Success depends on multiple variables including process technology leadership, customer acquisition for foundry services, and effective capital deployment.

Short-term traders may react to quarterly updates and guidance, while longer-term investors focus on structural improvements and market share recovery. The stock’s inclusion in major indexes ensures continued visibility and institutional interest.

Looking Ahead

Intel’s next earnings report and updates on factory ramps and customer pipeline will be important catalysts. Management has set ambitious targets for 2026 and beyond, with progress on 18A process technology expected to be a key focus area.

The company continues hiring talent and investing in research and development to regain technological edge. Partnerships with governments and other industry players are also part of the strategy to strengthen its position.

As the semiconductor industry evolves, Intel’s ability to adapt and execute will determine its long-term success. Wednesday’s modest decline represents normal market fluctuations rather than a shift in fundamentals, with the stock still reflecting optimism around its multi-year turnaround plan.

Investors will continue monitoring Intel’s progress closely in coming quarters. The company’s transformation efforts, supported by substantial government backing and a broad technology portfolio, position it as a key player in the ongoing evolution of the global semiconductor industry.

The session’s trading activity reflects typical midweek positioning with limited new information. Broader market sentiment and sector rotation will likely influence near-term movements, while fundamental developments remain the primary driver for longer-term valuation.

LISBON — Portugal coach Roberto Martinez has issued a robust defense of Cristiano Ronaldo’s central role in the national team ahead of the 2026 FIFA World Cup, describing the 41-year-old captain as an iconic figure whose influence and leadership remain essential despite questions about his age and the emergence of younger attackers.

In a recent interview, Martinez praised Ronaldo’s extraordinary commitment and on-field impact, pushing back against recurring debates about whether the all-time leading international goalscorer should step aside. The comments come as Portugal prepares for what is widely expected to be Ronaldo’s final World Cup appearance.

“A unique footballer that has changed the game,” Martinez said. “His commitment to the game is still an example for many young players. Twenty-one years of service to the national team, 227 games for the national team. No other player has done that. The number of goals. All those figures make Cristiano Ronaldo iconic.”

Martinez emphasized Ronaldo’s value as a No. 9, highlighting his movement, timing, finishing and ability to create space for teammates. “The influence of Cristiano Ronaldo as a No. 9, the movement, the timing of the movement, the finishing, the way he opens spaces, the way that he can influence the defensive back line of the opposition, that’s a big, big strength,” he added.

Ronaldo’s Remarkable Longevity

Ronaldo has scored a record 143 international goals across more than 226 appearances for Portugal, a tally unmatched in the history of the game. His contributions have been pivotal in major successes, including the 2016 European Championship title and the recent UEFA Nations League triumph.

After moving to Al Nassr in Saudi Arabia following the 2022 World Cup, many anticipated a decline in his international impact. Instead, Ronaldo has continued producing, scoring in the Nations League semifinals and final in 2025 and adding five goals during World Cup qualifying. His recent Saudi Pro League title further underscores his enduring competitiveness.

Martinez made clear that Ronaldo’s presence provides tactical and psychological advantages that are difficult to replicate. The veteran’s ability to stretch defenses and inspire teammates remains a key asset for a Portugal squad regarded as one of the most talented in the tournament.

Squad Strength and Group Stage Outlook

Portugal enters Group K alongside DR Congo, Uzbekistan and Colombia. The draw offers a mix of physical and technical challenges, with matches scheduled in Houston and Miami. The team boasts impressive depth, featuring stars such as Bruno Fernandes, Bernardo Silva, Ruben Dias and Rafael Leao, but Martinez sees Ronaldo as integral rather than replaceable.

The coach’s strong endorsement aims to quiet speculation and foster unity as the squad finalizes preparations. Portugal’s blend of experience and youth positions it among the contenders, with many analysts viewing it as a potential dark horse for a deep run or even the title.

Legacy and Historical Significance

Ronaldo’s pursuit of a sixth World Cup appearance would tie him with the record. His longevity has defied repeated predictions of decline, and speculation persists about a possible role in the 2030 tournament, which Portugal will co-host. For now, focus remains on 2026, where Ronaldo seeks to add to his legendary international résumé.

Martinez has overseen a successful period for Portugal, including strong performances in the Nations League and consistent qualification results. His tactical approach leverages Ronaldo’s strengths while integrating younger talents, creating a balanced and dangerous side.

Preparation and Broader Context

As the tournament nears, Portugal’s training camp will emphasize fitness, cohesion and adapting to North American conditions. Ronaldo’s leadership and professionalism set the tone for the group, with younger players drawing inspiration from his work ethic.

The 2026 World Cup’s expanded 48-team format increases opportunities for strong performances, but Group K still demands focus and execution. A strong start against DR Congo could set a positive tone for the campaign.

Public and Fan Sentiment

Ronaldo remains a national icon in Portugal, with widespread support for his continued inclusion. Fans value his dedication and clutch performances, viewing him as a symbol of resilience and excellence. Martinez’s comments are likely to resonate positively with supporters eager to see their captain shine on the global stage once more.

The debate over Ronaldo’s role reflects broader discussions in international football about balancing legacy players with emerging talent. Martinez’s stance underscores a philosophy that prioritizes current impact and team needs over arbitrary age considerations.

Tournament Ambitions

Portugal enters the competition with realistic hopes of advancing far. The squad’s quality, combined with Ronaldo’s experience, creates a potent mix. Success would depend on collective performance, but the captain’s presence provides a focal point and motivational edge.

As preparations intensify, all eyes will be on how Ronaldo performs in what could be his farewell World Cup. His ability to influence matches at 41 remains a testament to his dedication and skill.

Martinez’s firm backing of Ronaldo sends a clear message: the veteran remains a vital part of Portugal’s plans. With the tournament fast approaching, the team will look to translate that confidence into results on the pitch in North America this summer.

The coach’s words reinforce the special place Ronaldo holds in Portuguese football history. As the squad aims for glory, his leadership and goal threat will be central to their aspirations in the 2026 World Cup.