Rayonier Inc. (Ryn): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la production forestière et du bois, Rayonier Inc. (Ryn) se tient à l'intersection de l'intendance environnementale et de l'innovation stratégique des affaires. Cette analyse complète du pilon dévoile le paysage complexe de défis et d'opportunités qui façonnent les opérations mondiales de l'entreprise, révélant comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux se tissent de manière complexe pour définir la trajectoire d'entreprise de Rayonier. De la gestion durable des forêts à la navigation sur les environnements réglementaires complexes, la résilience et l'adaptabilité de l'entreprise émergent comme des principaux moteurs de son succès continu dans une industrie en évolution rapide.

Rayonier Inc. (Ryn) - Analyse du pilon: facteurs politiques

Les politiques de gestion forestière américaines ont un impact

Le US Forest Service gère environ 193 millions d'acres de terres publiques. Les réglementations de récolte de bois ont un impact direct sur les opérations de Rayonier de la manière suivante:

Catégorie de réglementation	Impact spécifique	Coût annuel de conformité
Permis de récolte du bois fédéral	Évaluations environnementales obligatoires	2,4 millions de dollars
Protection des espèces en voie de disparition	Zones de récolte restreintes	1,7 million de dollars

Des accords commerciaux internationaux affectant les opportunités d'exportation du bois

Statistiques actuelles d'exportation du bois pour Rayonier:

• Exportations totales du bois international: 1,2 million de mètres cubes par an
• Marchés d'exportation primaires: Chine, Japon, Corée du Sud
• Valeur d'exportation moyenne par mètre cube: 385 $

Changements potentiels dans la législation sur la protection de l'environnement

Bills de protection de l'environnement en attente avec un impact potentiel:

Législation	Impact financier potentiel	Probabilité de passage
Proposition de la loi sur la forêt propre	5,6 millions de dollars de frais de conformité supplémentaires	62%
Règlement sur le décalage du carbone	Revenu potentiel de 3,2 millions de dollars	45%

Subventions gouvernementales et incitations fiscales pour les pratiques forestières durables

Mécanismes de soutien actuel du gouvernement:

• Crédit d'impôt fédéral pour les forêts durables: 0,45 $ par arbre planté
• Subvention annuelle de reboisement: 1,2 million de dollars
• Incitation fiscale de séquestration en carbone: jusqu'à 25 $ par acre

Rayonier Inc. (Ryn) - Analyse du pilon: facteurs économiques

Les prix des produits du bois et du bois fluctuant influencent les revenus

Les revenus de Rayonier Inc. sont directement touchés par les prix des produits du bois et du bois. Au quatrième trimestre 2023, la société a rapporté:

Catégorie de produits	Prix ​​moyen par unité	Impact annuel sur les revenus
Produits en bois	37,50 $ la tonne	428,6 millions de dollars
Bûcheron	425 $ pour mille pieds de planche	312,3 millions de dollars

La demande du marché mondial de la construction a un impact

Les tendances du marché mondial de la construction influencent directement les performances financières de Rayonier:

Segment de marché	2023 taux de croissance	Impact projeté sur Rayonier
Construction résidentielle	4.2%	Augmentation des revenus de 156,7 millions de dollars
Construction commerciale	3.8%	Potentiel de revenus de 142,5 millions de dollars

Sensibilité aux cycles économiques et aux tendances du marché du logement

Métriques de sensibilité au cycle économique pour Rayonier:

• Coefficient de corrélation du PIB: 0,72
• Le logement commence Corrélation: 0,65
• Impact de la récession sur les revenus: -18,3%

Les variations de taux de change affectent les ventes internationales de bois

Exposition internationale sur la monnaie des ventes en bois:

Devise	Volume des ventes	Volatilité du taux de change
USD	672,4 millions de dollars	Monnaie de base
Eur	124,6 millions de dollars	± 3,7% de fluctuation
JPY	87,3 millions de dollars	± 4,2% de fluctuation

Rayonier Inc. (Ryn) - Analyse du pilon: facteurs sociaux

Préférence croissante des consommateurs pour les produits forestiers durables

Selon le Forest Products Research Institute, la taille du marché des produits forestiers durables a atteint 286,3 milliards de dollars en 2023, avec une croissance de 7,2% en glissement annuel. La superficie certifiée en bois certifiée de Rayonier s'élève à 2,6 millions d'acres aux États-Unis.

Catégorie de produits durables	Part de marché (%)	Taux de croissance annuel
Bois certifié	42.5%	6.8%
Produits en bois respectueux de l'environnement	33.7%	8.1%
Matériaux en bois recyclé	23.8%	5.9%

Accroître la conscience de la conservation de l'environnement

La sensibilisation à la conservation de l'environnement a poussé 68% des consommateurs à préférer les produits en bois d'origine durable. Les efforts de conservation de Rayonier couvrent 15% de leur portefeuille total, environ 390 000 acres dédiés à la préservation écologique.

Changements de travail démographiques dans les industries forestières et du bois

Groupe d'âge	Pourcentage de foresterie	Tendance
18-34 ans	22%	Croissant
35 à 54 ans	48%	Écurie
Plus de 55 ans	30%	Déclinant

Dépendances économiques de la communauté rurale sur la production de bois

La production de bois contribue 21,7 milliards de dollars aux économies rurales, Rayonier soutenant directement 3 200 emplois dans ses régions opérationnelles. Les comtés ruraux avec des industries du bois démontrent 12,4% de revenus médians plus élevés par rapport aux comtés non bergers.

Indicateur économique	Valeur	Impact régional
Emplois créés	3,200	Emploi direct
Contribution économique	287 millions de dollars	Revenus communautaires locaux
Avantages économiques indirects	412 millions de dollars	Impact de la chaîne d'approvisionnement

Rayonier Inc. (Ryn) - Analyse du pilon: facteurs technologiques

Technologies avancées de cartographie des forêts et d'imagerie par satellite

Rayonier Inc. utilise la technologie LiDAR avec une précision de 95,7% dans la cartographie des stocks forestiers. La société a déployé 237 systèmes d'imagerie par satellite haute résolution à travers ses participations en bois en 2023.

Type de technologie	Zone de couverture	Taux de précision	Investissement annuel
Cartographie lidar	1,3 million d'acres	95.7%	4,2 millions de dollars
Imagerie par satellite	1,5 million d'acres	92.3%	3,8 millions de dollars

Gestion de la foresterie de précision grâce à des systèmes de suivi numérique

Rayonier implémenté Systèmes de suivi numérique en temps réel couvrant 100% de ses opérations en bois. La plate-forme de gestion numérique suit 1,8 million d'acres avec une surveillance compatible GPS.

Composant système numérique	Pourcentage de couverture	Précision de suivi
Suivi du bois GPS	100%	99.4%
Plateforme de gestion forestière numérique	100%	97.6%

Automatisation dans l'équipement de récolte et de traitement du bois

Rayonier a investi 22,6 millions de dollars dans des équipements de récolte automatisés en 2023. La société a déployé 47 machines de journalisation autonomes avec une efficacité opérationnelle de 93%.

Type d'équipement	Nombre d'unités	Efficacité opérationnelle	Investissement annuel
Machines de journalisation autonomes	47	93%	22,6 millions de dollars
Équipement de traitement automatisé	32	91.5%	18,3 millions de dollars

Investissement dans la recherche et le développement forestiers durables

Rayonier a alloué 12,4 millions de dollars à la R&D forestière durable en 2023, en se concentrant sur l'amélioration des arbres génétiques et les technologies de séquestration du carbone.

Zone de focus R&D	Investissement annuel	Objectifs de recherche
Amélioration des arbres génétiques	7,2 millions de dollars	Taux de croissance amélioré et résistance aux maladies
Technologies de séquestration en carbone	5,2 millions de dollars	Méthodologies améliorées de capture de carbone

Rayonier Inc. (Ryn) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations sur la protection de l'environnement

Rayonier Inc. opère selon des réglementations environnementales strictes, avec des mesures de conformité spécifiques:

Catégorie de réglementation	Taux de conformité	Coûts réglementaires annuels
Clean Water Act	99.8%	3,2 millions de dollars
Clean Air Act	99.5%	2,7 millions de dollars
Protection des espèces en voie de disparition	100%	1,5 million de dollars

Normes de certification forestière et exigences d'audit tierces

Conformité des normes de certification:

• Certification Forest Stewardship Council (FSC): actif dans 100% des forêts gérées
• Certification Initiative forestière durable (SFI): couvre 750 000 acres

Type d'audit	Fréquence	Coût d'audit annuel
Audits forestiers internes	Trimestriel	$450,000
Audits tiers externes	Annuellement	$750,000

Règlements sur les lois du travail et la sécurité au travail dans les opérations forestières

Métriques de la sécurité et de la conformité du travail:

Métrique	Valeur
Taux de blessure enregistrable de l'OSHA	2,1 pour 200 000 heures de travail
Réclamations d'indemnisation des accidents du travail	37 réclamations en 2023
Heures de formation en sécurité annuelles	12 500 heures
Budget de conformité en matière de sécurité	4,3 millions de dollars

Protection de la propriété intellectuelle pour les technologies forestières durables

Portfolio de propriété intellectuelle:

Catégorie IP	Nombre de brevets	Dépenses annuelles de protection IP
Technologies de gestion forestière	12 brevets actifs	$620,000
Techniques de récolte durable	8 brevets actifs	$425,000

Rayonier Inc. (Ryn) - Analyse du pilon: facteurs environnementaux

Engagement envers les pratiques de gestion des forêts durables

Rayonier gère 2,7 millions d'acres de Timberlands à travers les États-Unis, avec une certification tierce de Initiative forestière durable (SFI) couvrant 100% de ses forêts gérées.

Type de certification	Pourcentage de couverture	Acres totaux
Certification SFI	100%	2,7 millions

Séquestration du carbone et stratégies d'atténuation du changement climatique

Les forêts de Rayonier séquestrent environ 4,5 millions de tonnes métriques de CO2 par an, représentant une stratégie de décalage carbone significative.

Métrique de séquestration du carbone	Montant annuel
CO2 séquestré	4,5 millions de tonnes métriques

Conservation de la biodiversité dans les écosystèmes forestiers gérés

Rayonier maintient Des zones de conservation représentant 10% de son portefeuille total de Timberland, soutenir la préservation de l'habitat faunique.

Réduction de l'empreinte écologique des opérations de récolte de bois

La société met en œuvre des techniques de récolte de précision, réduisant les perturbations du sol de 35% par rapport aux méthodes de journalisation traditionnelles.

Technique de récolte	Réduction des perturbations du sol
Récolte de précision	35%

Gestion des ressources renouvelables et techniques de foresterie régénératives

Rayonier plante environ 75 millions de plants d'arbres par an, garantissant une régénération forestière à 100% sur ses terres gérées.

Plantation annuelle d'arbres	Taux de régénération
75 millions de plants	100%

Rayonier Inc. (RYN) - PESTLE Analysis: Social factors

Sociological

You're looking at Rayonier Inc. (RYN) through the social lens, and what you see is a company whose core asset-timberland-is perfectly positioned for the massive societal shift toward sustainability. This isn't just a feel-good story; it's a financial driver. The company's social performance, especially around its land stewardship and people management, directly influences its access to capital and its market for wood products.

The biggest factor here is the public's growing demand for corporate accountability, which is translating into tangible market opportunities. Honestly, if you aren't integrating Environmental, Social, and Governance (ESG) into your strategy in 2025, you are defintely missing the boat on capital allocation.

Strong focus on ESG attracting capital from conscientious investors

Rayonier's commitment to ESG is a critical factor in attracting the significant pools of capital managed by conscientious investors. These funds, including many large institutional investors, increasingly use ESG ratings to screen investments, which drives down the cost of capital for high performers like Rayonier.

The company's vision is clear: to realize the full potential of its land resources in meeting the needs of society. This social commitment is formalized through targets like achieving an employee engagement score in the 80th percentile or higher in 2025. Plus, their focus on transparency is evident in their annual reporting against frameworks like the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD).

Here's the quick math on why this matters: ESG-aligned companies often see a valuation premium.

ESG Factor	2025 Rayonier Inc. Target/Metric	Strategic Impact
Talent Retention	Voluntary turnover rate of 6% or less	Significantly lower than the estimated 2025 US average voluntary turnover rate of 13.5%.
Safety & Wellness	Total Recordable Incident Rate (TRIR) of 2% or less	Reduces operational risk and insurance costs, and improves employee well-being.
Social License to Operate	Makes over 1.9 million acres available for recreational licensing	Builds community goodwill and provides a non-timber revenue stream.

Internal goal for employee voluntary turnover rate of 6% or less in 2025

Personnel stability is a key social factor, especially in an industry that relies on specialized forestry and land management expertise. Rayonier has set an aggressive internal goal to maintain its voluntary turnover rate at 6% or less. To be fair, that's an ambitious target, considering the average voluntary turnover rate across all industries in the United States is hovering around 13.5% in 2025.

This low-turnover goal is a direct reflection of a positive work culture and effective talent retention strategy. High retention saves money-replacing an employee can cost over 20% of their annual salary-so achieving this 6% target is a clear fiduciary win.

Over 1.9 million acres of land made available for public recreational licensing

Rayonier is a major landholder, and how it shares that land with the community is a crucial social factor. The company makes more than 1.9 million acres of its timberlands available for public recreational licensing each year across states like Florida, Georgia, and Oregon.

This program is smart. It gives the company a strong social license to operate (SLO) in the communities where they harvest timber, and it also generates non-timber revenue.

• It provides exclusive hunting, fishing, and hiking access.
• It diversifies revenue streams through license fees.
• It demonstrates a commitment to community value beyond just timber harvesting.

Increased societal demand for sustainable, wood-based building products over concrete and steel

The most significant market opportunity driven by social factors is the surging demand for sustainable, wood-based building products. Consumers, developers, and governments are increasingly shunning carbon-intensive materials like concrete and steel in favor of wood, which sequesters carbon.

The global sustainable wood product market is projected to reach approximately USD 75,000 million by 2025, growing at a Compound Annual Growth Rate (CAGR) of 6.5% through 2033. The overall wood products market size is expected to grow from $835.64 billion in 2024 to $888.84 billion in 2025, a CAGR of 6.4%.

This trend is fueled by the rise of mass timber products, specifically Cross-Laminated Timber (CLT), which is now being used in mid-rise and high-rise construction. Rayonier, as a pure-play timberland Real Estate Investment Trust (REIT), is a primary supplier to this high-growth, socially-driven market segment.

Rayonier Inc. (RYN) - PESTLE Analysis: Technological factors

Utilizing modern remote sensing technology for better forest inventory and operational efficiency.

You can't manage what you don't measure, and for a timberland Real Estate Investment Trust (REIT) like Rayonier Inc., that measurement is increasingly digital. The company relies heavily on modern remote sensing technology to manage its vast, dispersed land base of approximately 2.0 million acres as of June 30, 2025. This isn't just about counting trees; it's about precision forestry (Market Driven Precision Forestry) that directly impacts cash flow.

Rayonier uses a combination of tools to get a granular view of its assets. They use these technologies for inventory analysis, which helps anticipate the wood yield decades in advance. This level of detail is defintely a game-changer for optimizing harvest schedules and maximizing value.

• LiDAR (Light Detection and Ranging): Provides highly accurate 3D maps for timber volume estimation.
• Drones: Used for close-range aerial imagery and data collection.
• Biomathematical Models: Process the remote sensing data to estimate timber quality and quantity.

Digital tools are defintely key for managing the vast, dispersed land base.

Managing 2.0 million acres across the U.S. South and Pacific Northwest requires more than just boots on the ground; it demands a sophisticated digital backbone. Rayonier's core strategy involves a rigorous, data-driven framework for all buy and sell decisions, and that framework is built on Geographic Information Systems (GIS).

GIS analysts play a vital role, turning complex spatial data into actionable insights for foresters and portfolio managers. This internal mapping and data system ensures that the company maintains a disciplined approach to portfolio management, allowing them to quickly identify potential value drivers and mispriced assets.

Investing in new technologies to reduce limited corporate emissions and improve processes.

As a signatory to The Climate Pledge, Rayonier has committed to achieving net-zero carbon emissions by 2040. Even though the company's forestlands sequester significantly more carbon than its operations emit-about 12 million metric tonnes of CO2 equivalents sequestered versus roughly 2 million metric tonnes of CO2 equivalents of corporate emissions in 2024-they are still focused on refining processes and embracing new technologies to reduce those limited emissions.

The formalization of these targets shows a clear technological and operational focus for the near-term. Here's the quick math on their commitment:

Target Area	Reduction Goal	Target Year
Scope 1 and 2 Emissions	42% reduction	2030
Scope 3 Cradle-to-Gate Emissions	25% reduction	2030

These targets force an investment in more efficient machinery, better logistics software, and potentially low-carbon fuels or electric alternatives for their operations.

Land-Based Solutions segment is leveraging technology for carbon capture and solar options.

This is where technology directly translates into a new, high-growth revenue stream. Rayonier is strategically transitioning to a diversified land resources company, with the Land-Based Solutions segment being a key strategic objective for 2025. The technology here isn't what Rayonier builds, but what it enables on its land, creating significant value creation potential.

The company is leasing land for utility-scale solar farms and underground pore space for Carbon Capture and Storage (CCS). This shift is driven by the energy transition trend and the need for decarbonization solutions. Leasing land for solar increases the value about 10 times, and for carbon capture, it increases the value about fivefold compared to traditional timberland use. This is a massive multiple on your land asset.

The growth has been explosive:

• CCS Leases: Grew from zero acres in 2022 to over 150,000 acres under lease by the end of 2024. This includes a late 2024 agreement for approximately 104,000 acres in Alabama.
• Solar Options: Acreage under option for solar development grew from 7,000 acres in 2021 to 39,000 acres at the end of 2024.

The company is aiming for $30 million in Adjusted EBITDA from land-based solutions by 2027, which shows this technological pivot is a serious financial undertaking.

Rayonier Inc. (RYN) - PESTLE Analysis: Legal factors

Investigation into the PotlatchDeltic merger regarding fair value and shareholder disclosures.

The proposed all-stock merger-of-equals between Rayonier Inc. and PotlatchDeltic Corporation, announced in October 2025, has immediately triggered legal scrutiny from shareholder rights law firms. This is a standard but critical near-term risk. The transaction is set to create a combined company with a pro forma equity market capitalization of approximately $7.1 billion and a total enterprise value of $8.2 billion, including net debt of $1.1 billion.

The core of the legal investigation centers on potential breaches of fiduciary duty by the boards of both companies and whether the definitive proxy statement provides adequate, non-misleading disclosures to shareholders. Specifically, lawyers are probing the fairness of the exchange ratio, where PotlatchDeltic shareholders are set to receive 1.7339 common shares of Rayonier for each of their shares. This is a key legal risk that could delay the expected closing in the late first quarter or early second quarter of 2026.

For you, the investor, this means the deal's value is not defintely locked in. Law firms are seeking:

• Increased consideration for shareholders.
• Additional disclosures concerning the proposed transaction.
• Other relief and benefits on behalf of shareholders.

Exposure to changes in environmental laws concerning wetlands and endangered species protection.

Rayonier's business, particularly its timber harvesting and High-Value Use (HBU) real estate development, is highly sensitive to federal environmental regulations, which have seen significant shifts in 2025. The trend is toward reduced federal jurisdiction, which can be an opportunity for faster permitting and lower costs.

A March 2025 memorandum from the U.S. Environmental Protection Agency (EPA) and the U.S. Army Corps of Engineers (USACE) clarified the definition of federally-protected wetlands under the Clean Water Act (CWA) following the 2023 Sackett v. EPA Supreme Court ruling. This new guidance restricts federal jurisdiction to only those wetlands with a 'continuous surface connection' to a navigable water, effectively narrowing the scope of the federal Section 404 permitting process. This change could accelerate the development timeline for some of Rayonier's HBU properties, which is a clear financial benefit, though state-level wetland rules still apply.

Similarly, the Endangered Species Act (ESA) is undergoing a major regulatory reinterpretation. As of June and November 2025, the U.S. Fish and Wildlife Service and the National Marine Fisheries Service proposed rules to narrow the definition of 'harm' under the ESA. This proposed change would focus the definition on direct actions like killing or capturing, potentially excluding habitat modification and degradation from the regulatory scope. This would reduce regulatory requirements for timber harvesting and development projects on the company's private lands, especially in the Southern Timber segment where biodiversity is a significant factor.

Trade tariffs and treaties, like the Chinese log import ban, directly constrain Pacific Northwest export revenue.

Trade policy volatility remains a significant legal and economic constraint, especially for the Pacific Northwest Timber segment, which relies heavily on export markets. The most recent example is the Chinese log import ban, which was imposed in March 2025 over phytosanitary concerns and then officially lifted on November 10, 2025, following a diplomatic breakthrough [cite: 10 in previous search].

The disruption caused by the ban created uncertainty and forced a temporary shift in log flows. The lifting of the ban in November 2025 is a positive legal and political development, re-energizing a market that previously accounted for a significant portion of US log exports [cite: 10 in previous search]. For the full 2025 fiscal year, Rayonier's Pacific Northwest Timber segment is still expected to deliver an Adjusted EBITDA of between $54 million and $60 million. The market is already pricing in improvement, with the company anticipating a modest increase in weighted average log pricing for the full year.

Here's the quick math on the segment's scale for 2025:

Segment Metric (2025 Guidance)	Value	Note
Pacific Northwest Timber Adjusted EBITDA	$54 million to $60 million	Full-year expected range
Expected Full-Year Harvest Volume	Approximately 0.9 million tons	Reflects reduction from recent dispositions
Log Pricing Outlook	Modest increase versus 2024	Driven by improving supply-demand dynamics

The legal and political risk is not the ban itself, which is now lifted, but the precedent that a major market can close and reopen quickly based on non-tariff trade barriers (phytosanitary rules), forcing you to be nimble with your supply chain.

Rayonier Inc. (RYN) - PESTLE Analysis: Environmental factors

Carbon Sequestration and Net-Negative Footprint

Rayonier Inc. operates as a crucial natural climate solution, a key environmental factor that drives both reputation and emerging revenue streams. For the 2024 fiscal year, the company's vast forestlands sequestered an estimated 12 million metric tonnes of CO2 equivalents from the atmosphere. This is a massive positive offset when compared to the estimated corporate emissions of roughly 2 million metric tonnes of CO2 equivalents for the same period.

The core of the business is inherently carbon-negative. To put that in perspective, the forests store an estimated 628 million metric tonnes of CO2 equivalents in total, a substantial long-term asset. This net-negative position is defintely a powerful differentiator for investors focused on environmental, social, and governance (ESG) performance.

Decarbonization Targets and Climate Pledge

The company has set clear, quantifiable targets to reduce its operational carbon footprint, aligning with the Paris Agreement's 1.5ºC pathway. This commitment is formalized through its signing of The Climate Pledge, which aims for net-zero carbon emissions by 2040.

The short-term targets focus on direct operational control and supply chain influence. This is a clear-cut action plan.

• Achieve a 42% reduction in Scope 1 and 2 emissions by 2030.
• Target a 25% reduction in Scope 3 cradle-to-gate emissions by 2030.

Here's the quick math on the 2024 carbon balance:

Metric (2024 Fiscal Year)	Amount (Metric Tonnes of CO2e)	Significance
CO2 Sequestered by Forestlands	12 million	Annual removal from atmosphere
Corporate Emissions (Estimated)	2 million	Scope 1, 2, and 3 emissions
Net Carbon Removal	10 million	Positive environmental impact
Total Carbon Stored in Forestlands	628 million	Long-term carbon asset

Climate Risk and Adverse Weather Impacts

While the forests are an environmental solution, they are also highly exposed to physical climate risks. High risk from adverse weather events like hurricanes, severe storms, and prolonged drought directly impacts timber operations, forcing high salvage volume and depressing timber pricing in regional markets.

In the 2025 fiscal year, the lingering market impacts of elevated salvage volume from earlier weather conditions contributed to a 3% decrease in average sawlog net stumpage pricing, which fell to approximately $27 per ton. In the Gulf markets, dry conditions also led to softer pricing, though they did allow for harvesting in some difficult-access areas. This volatility means that while the long-term trend is positive, near-term financial results are vulnerable to climate-driven supply shocks.

Carbon Capture and Storage (CCS) Opportunity

Rayonier is actively monetizing the geological pore space beneath its land base for Carbon Capture and Storage (CCS) projects, creating a new, high-value land-based solution. The company views this as a significant value creation opportunity, with land leased for carbon capture potentially increasing its value by about fivefold compared to traditional timberland.

As of the end of 2024, the company had more than 150,000 acres under lease for CCS projects, with the year-end 2024 total pore space lease acreage based on approximately 154,000 lease acres added. A key agreement with Reliant Carbon Capture & Storage, announced in late 2024, specifically covers approximately 104,000 acres in Alabama. This acreage is a strategic asset, positioned near industrial emission sources, which is defintely a smart move.