Peyto's 2025 gas opex + transport of C$0.82/Mcf is the lowest in Canada among producers of meaningful scale. Q1 2026: record 147,513 boe/d (+10% YoY), FFO C$293M (+30%), D/EBITDA 1.0x. Dividend raised 9% to C$1.44/yr. At C$24.50, that's a 5.9% yield. My five-scenario PV10 range spans C$8.26 (Lower for Longer) to C$35.89 (Higher for Longer). Base PV10: C$21.21. At C$24.50, the stock carries a 15% premium to the base case.