VSE (VSEC) - 2025 Q4 - Annual Results
2026-01-29 14:10
Acquisition Details - The stock purchase agreement involves VSE Corporation and several subsidiaries, indicating a strategic acquisition move [2]. - The agreement outlines a cash contribution and rollover securities, suggesting a significant financial commitment from the purchasers [4]. - The equity purchase price and adjustments are detailed, indicating a structured financial arrangement for the acquisition [4]. - The agreement includes provisions for earnout payments, which may incentivize performance post-acquisition [4]. - The total purchase price for the acquisition of the Company Stock is estimated at $275 million, which will be paid in cash and RP Class B Common Stock [22]. - At the closing, the Rollover Purchaser will deliver newly issued shares of class B common stock valued at $275 million to the Seller [22]. - The cash payment to the Seller will be the estimated purchase price minus the Rollover Stock Payment, to be paid in immediately available funds [22]. - The closing of the transaction is scheduled to occur no later than the second business day following the satisfaction of all conditions, but not before April 30, 2026 [26]. - The Rollover Purchaser will acquire all of the Seller's right, title, and interest in the Rollover Securities, which will be contributed to the Cash Purchaser [20]. - The Cash Purchaser will own 100% of the Company Stock immediately following the closing of the transaction [20]. Financial Performance - The company reported a revenue of $5.8 billion for the quarter, reflecting a year-over-year increase of 12% [8]. - User data showed an increase in active users to 150 million, up from 135 million last year, representing an 11% growth [8]. - The company provided guidance for the next quarter, expecting revenue to be between $6.0 billion and $6.5 billion, indicating a potential growth of 10% to 12% [8]. - New product launches included a flagship device that generated $1.2 billion in sales within the first month, contributing significantly to overall revenue [8]. - The company is investing $200 million in research and development for new technologies aimed at enhancing user experience and product performance [8]. - Market expansion efforts have led to a 15% increase in sales in the Asia-Pacific region, with plans to enter two new markets by the end of the fiscal year [8]. - The company completed a strategic acquisition of a smaller tech firm for $500 million, expected to enhance its product offerings and market position [8]. - Customer satisfaction ratings improved to 90%, up from 85% last year, indicating a positive response to recent product updates [8]. - The company reported a decrease in operational costs by 5%, attributed to improved efficiency measures implemented over the past year [8]. - The company plans to increase its marketing budget by 20% to support new product launches and market penetration strategies [8]. Legal and Compliance - Compliance with laws and regulations is emphasized, indicating the importance of legal adherence in the acquisition process [6]. - The agreement includes clauses for confidentiality and access to information, highlighting the sensitivity of the transaction [6]. - The parties involved are required to make reasonable best efforts to fulfill the agreement, indicating a commitment to successful execution [6]. - Seller is duly organized and validly existing under the laws of its state of formation, with all requisite authority to enter into the Agreement [52]. - Seller represents that the Company Stock to be sold is free and clear of any liens, except for those resulting from the Credit Facility [55]. - There are no pending or threatened legal proceedings against Seller that would prevent or materially delay the consummation of the transactions [56]. - No governmental approval is necessary for the consummation of the transactions, except for compliance with the HSR Act, UK NSI Act, and Australian FIRB Legislation [59]. - The Company and its Subsidiaries are duly incorporated and in good standing under the laws of their jurisdictions, with necessary organizational power to conduct their businesses [69]. - The Company has not been a party to any transaction that resulted in relief from any material non-income Tax in the past five years [155]. - The Company has not sought capital gains tax relief under the Australian Tax Act for any asset still owned after Closing [156]. Operational Matters - The document outlines the conduct of business during the transition, ensuring operational continuity [6]. - There are specific representations regarding the company's capitalization, which is crucial for understanding its financial structure [4]. - The Adjustment Escrow Amount will be held in an escrow account to facilitate post-closing adjustments [28]. - Seller must provide a detailed statement of Estimated Working Capital, Estimated Closing Indebtedness, Estimated Transaction Expenses, and Estimated Closing Cash at least three business days before the Closing Date [30]. - The Adjustment Statement must be delivered within 120 days after the Closing Date, detailing Closing Working Capital, Closing Indebtedness, and Closing Transaction Expenses [33]. - If the Net Adjustment Amount is negative, the Purchase Price will be adjusted downward accordingly [40]. - If the Net Adjustment Amount is positive, the Purchase Price will be adjusted upward, with payments made to Seller from the Adjustment Escrow Account [41]. - No payment will be made if the Net Adjustment Amount is zero [42]. - The release of the Adjustment Escrow Amount will occur within five business days after the Net Adjustment Amount is determined [43]. - Recovery from the Adjustment Escrow Account is the exclusive remedy for any Downward Adjustment Amount [44]. Employee and Labor Matters - The Company has provided a list of all employees and workers, including details such as title, date of hire, and employment status [171]. - All employees in the United States are "at will," while those in the United Kingdom can be terminated with no more than three months' notice [171]. - The Company and its Subsidiaries have been in compliance with all applicable employment laws, including those regarding discrimination and wages [174]. - Since the Lookback Date, there have been no unfair labor practice charges or investigations against the Company [175]. - There are no labor strikes or work stoppages currently in effect or threatened against the Company [176]. - All current and former employees in the United States have been legally authorized to work [177]. - The Company has maintained necessary employment verification paperwork under the Immigration Reform and Control Act of 1986 [177]. - The Company has not implemented any mass layoffs or redundancies since the Lookback Date [180]. - The Company has complied with all applicable data protection laws regarding personal data of employees [181]. - The Company has not been a party to any union contracts or collective bargaining agreements in the last three years [179].
Gran Tierra Energy(GTE) - 2025 Q4 - Annual Results
2026-01-29 13:47
Reserves and Resources - Gran Tierra achieved over 100% reserve replacement in South America for both proved developed producing (PDP) and proved plus probable (2P) reserves in 2025[5]. - The company reported 2P reserves of 258 million barrels of oil equivalent (MMBOE) and unrisked best estimate contingent resources (2C) of 74 MMBOE in the Hoadley Glauconitic project[5]. - The reserve life index is 8 years for 1P and 15 years for 2P, indicating a strong foundation for future production[5]. - Gran Tierra's South American reserves base is supported by new discoveries and strategic acquisitions, including the Perico and Espejo blocks in Ecuador[8]. - The company reclassified certain natural gas reserves in Canada to contingent resources, resulting in a reduction of 19 MMBOE on a 1P basis and 32 MMBOE on a 2P basis[12]. - Total proved reserves amount to 141.594 million barrels of oil equivalent (Mboe), with 56.921 million barrels in light and medium crude oil and 138,256 million cubic feet (MMcf) in natural gas[22]. - The total proved plus probable reserves are estimated at 257.532 Mboe, with a reserve life index of 15 years based on a Q4 2025 average production rate of 46,513 BOEPD[25]. - The total possible reserves are estimated at 329.390 Mboe, indicating significant potential for future growth[22]. - The chance of development for the Hoadley Glauconitic Play's light and medium crude oil is estimated at 80%, with unrisked resources of 1,237 million barrels[30]. - Developed producing reserves are those expected to be recovered from completion intervals open at the time of the estimate[55]. - Developed non-producing reserves are those that have not been on production or are shut-in with an unknown date of resumption[56]. - Undeveloped reserves require significant expenditure to render them capable of production and must meet the requirements of the reserves category[57]. - Contingent resources are potentially recoverable quantities of petroleum that are not currently commercially recoverable due to contingencies[58]. - Prospective resources are estimated quantities from undiscovered accumulations, with no certainty of discovery or commercial viability[59]. - Estimates of proved, probable, and possible reserves differ under NI 51-101 and SEC rules, which may be material[68]. - The chance of development is the estimated probability that a known accumulation will be commercially developed, requiring consideration of various contingencies[69]. Financial Performance - The net present value (NPV) before tax at a 10% discount is $1.5 billion for 1P, $2.5 billion for 2P, and $3.3 billion for 3P reserves[5]. - As of December 31, 2025, Gran Tierra's net debt stands at $657 million, with a net asset value (NAV) per share of $22.63 before tax for 1P reserves[7]. - Future net revenue for the company's oil and gas properties is projected to be $18.589 billion (undiscounted) over the next five years, with after-tax future net revenue estimated at $4.334 billion[20]. - The company's total proved plus probable net present value (NPV) at a 10% discount rate is estimated at $2.283 billion after tax[25]. - Gran Tierra Energy's net debt as of December 31, 2025, is $741 million, with cash and cash equivalents of $83 million, indicating a focus on financial sustainability[45]. - NAV per share is calculated as NPV10 minus estimated net debt, divided by the number of shares outstanding[65]. Operational Strategy - Gran Tierra's focus on waterflood surveillance and optimization is expected to improve recovery and reserves realization in its core producing assets[8]. - The company plans to expand its operations in Colombia, Ecuador, and Canada, focusing on both proved and probable reserves[29]. - The company is pursuing additional growth opportunities to strengthen its portfolio, indicating a proactive approach to market expansion[1]. - Gran Tierra's forward-looking statements include expectations for production and financial performance targets for 2026 and beyond, reflecting management's strategic outlook[37]. - The company emphasizes the importance of accurate testing and production results, as well as pricing and cost estimates, in its operational planning[38]. - Gran Tierra's guidance for future performance is subject to uncertainties, particularly regarding capital spending and market conditions, which may necessitate adjustments to its strategy[42]. - The company acknowledges risks associated with its operations in South America, including political instability and market volatility, which could impact production and financial results[39]. - Gran Tierra's reserves and future net revenue estimates are based on assumptions that may not be realized, underscoring the inherent uncertainties in the oil and gas industry[50]. Development Costs - The forecasted future development costs (FDC) are estimated at $888 million for 1P reserves and $1.68 billion for 2P reserves[12]. - Future development costs (FDC) for 2P reserves decreased to $1.682 billion at year-end 2025 from $1.809 billion at year-end 2024, primarily due to capital spending in the Suroriente block[26].
Univest(UVSP) - 2025 Q4 - Annual Results
2026-01-29 13:45
Financial Performance - Net income for Q4 2025 was $22.7 million, or $0.79 diluted earnings per share, a 21.5% increase from Q4 2024[1] - Net income for the year ended December 31, 2025, reached $90,757 thousand, up from $75,931 thousand in 2024, marking an increase of 19.5% year-over-year[31] - Net income for the three months ended December 31, 2025, was $22,745,000, an increase from $18,941,000 for the same period in 2024, representing a year-over-year growth of 20%[50] - Net income before amortization of intangibles for the twelve months ended December 31, 2025, was $91,128,000, up from $76,479,000 in 2024, marking a growth of 19.2%[50] Revenue and Income Sources - Net interest income for Q4 2025 was $62.5 million, an increase of $7.1 million, or 12.8%, from Q4 2024[7] - Noninterest income for Q4 2025 was $22.0 million, an increase of $692 thousand, or 3.2%, from the prior year[9] - Total noninterest income for the year ended December 31, 2025, was $87,861 thousand, slightly down from $88,055 thousand in 2024, showing a marginal decline[31] - Net interest income for the twelve months ended December 31, 2025, was $241,852 thousand, up from $212,343 thousand in 2024, reflecting an increase of about 13.9%[45] Asset and Liability Management - Total assets as of December 31, 2025, amounted to $8,436,897, a decrease of 1.6% from $8,573,616 on September 30, 2025[27] - Total liabilities decreased to $7,493,579, down 1.9% from $7,640,397 on September 30, 2025[27] - Total assets increased to $8.53 billion as of December 31, 2025, compared to $8.16 billion in 2024, reflecting a growth of approximately 4.5%[39] - Total liabilities increased to $7,255,122 thousand in 2025 from $7,039,688 thousand in 2024, marking an increase of approximately 3.1%[43] Credit Quality and Provisions - The provision for credit losses was $3.1 million for Q4 2025, compared to $2.4 million for Q4 2024[20] - Nonperforming assets totaled $37.8 million, down from $52.1 million at September 30, 2025[18] - The allowance for credit losses on loans and leases was $88,165, reflecting a slight increase from $86,527 on September 30, 2025[27] - The allowance for credit losses as a percentage of loans and leases held for investment remained stable at 1.28% for the periods ending December 31, 2025, and September 30, 2025[29] Shareholder Equity and Dividends - Shareholders' equity rose to $943,318, an increase of 1.2% from $933,219 on September 30, 2025[27] - Univest declared a quarterly cash dividend of $0.22 per share, to be paid on February 25, 2026[21] - The total shareholders' equity increased to $936.42 million in Q4 2025, up from $880.24 million in Q4 2024, indicating a growth of approximately 6.4%[39] - Average shareholders' equity for the twelve months ended December 31, 2025, was $916,433,000, compared to $858,019,000 in 2024, representing a year-over-year increase of 6.8%[50] Interest Rates and Margins - Net interest margin was 3.10% for Q4 2025, compared to 2.88% for Q4 2024, with excess liquidity reducing the margin by approximately 27 basis points[8] - The net interest margin improved to 3.10% in Q4 2025, compared to 2.88% in Q4 2024, indicating enhanced profitability from interest-earning assets[39] - The average interest rate on commercial, financial, and agricultural loans was 6.98% in 2025, slightly down from 7.19% in 2024[43] - Interest-bearing liabilities totaled $6.10 billion, with a cost of funds at 3.20% for the three months ended December 31, 2025, compared to 3.56% in the same period of 2024[39] Operational Efficiency - Noninterest expense for Q4 2025 was $52.7 million, an increase of $2.1 million, or 4.1%, from the prior year[13] - Total noninterest expense for the year ended December 31, 2025, was $203,039 thousand, an increase from $197,992 thousand in 2024, reflecting a rise in operational costs[31] - The efficiency ratio for the three months ended December 31, 2025, was 61.8%, compared to 60.2% for the three months ended September 30, 2025[33] Growth in Loans and Leases - Gross loans and leases increased by $129.3 million, or 1.9% (7.6% annualized), from Q3 2025, driven by commercial and commercial real estate loans[2] - Total loans and leases held for investment increased to $6,914,804 thousand as of December 31, 2025, up from $6,785,482 thousand at September 30, 2025, representing a growth of 1.9%[29] - Net loans and leases held for investment increased to $6,826,639, up 1.9% from $6,698,955 on September 30, 2025[27] - Total commercial loans reached $5,509,941 thousand, with the largest sector being industries with over $50 million in outstandings, accounting for 83.6% of the total[47]
Virginia National Bankshares (VABK) - 2025 Q4 - Annual Results
2026-01-29 13:45
Exhibit 99.1 FOR IMMEDIATE RELEASE INVESTOR RELATIONS CONTACT: Cathy W. Liles (434) 817-8267 VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2025 FULL YEAR RESULTS AND QUARTERLY DIVIDEND Charlottesville, VA – January 29, 2026 - Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net income of $6.0 million, or $1.10 per diluted share, for the quarter ended December 31, 2025, compared to the $4.6 million, or $0.85 per diluted share, recognized for the quarter en ...
National Fuel Gas pany(NFG) - 2026 Q1 - Quarterly Results
2026-01-29 13:26
Financial Performance - National Fuel reported GAAP earnings of $181.6 million, or EPS of $1.98, compared to $45.0 million, or $0.49 per share, in the prior year[6]. - Adjusted earnings increased to $187.7 million, or adjusted EPS of $2.06, representing a 24% increase per share from $151.9 million, or $1.66 per share, in the prior year[6]. - The Utility segment's net income increased by 5% to $34.1 million, primarily due to higher customer margin from system modernization investments[20]. - Adjusted earnings for the first quarter of 2026 are reported at $187.682 million, compared to $151.941 million in the first quarter of 2025[32]. - First quarter 2025 GAAP earnings per share was $(0.21), while adjusted earnings per share was $1.66, reflecting a significant increase from $(0.01) in the previous year[34]. - Net income available for common stock was $181.6 million, significantly higher than $45.0 million in the same quarter last year, indicating a year-over-year increase of 303.5%[37]. - Net income available for common stock increased significantly to $181,645,000 in Q4 2025 from $44,986,000 in Q4 2024, representing a growth of 304%[41]. - Reported GAAP earnings for the quarter were $181.645 million, significantly up from $44.986 million in the same quarter of 2024[62]. Revenue Growth - Operating revenues for the first quarter of 2025 reached $651.5 million, up from $549.5 million in the same period last year, representing an increase of approximately 18.6%[37]. - Integrated Upstream and Gathering Revenues increased to $323.2 million, a rise of 28.2% compared to $252.3 million in the prior year[37]. - Utility revenues grew to $259.0 million, compared to $228.4 million in the previous year, marking an increase of 13.4%[37]. - Total operating revenues rose to $323,223,000 in Q4 2025, up from $252,308,000 in Q4 2024, marking an increase of 28%[43]. - Revenues from external customers in the utility segment increased to $259,047,000 in Q4 2025 from $228,424,000 in Q4 2024, a growth of 13%[48]. Production and Pricing - The Integrated Upstream and Gathering segment's adjusted EPS rose by 45% to $1.36, driven by a 14% increase in natural gas price realizations and a 12% growth in natural gas production[6]. - Seneca produced 109 Bcf of natural gas, an increase of 11 Bcf, or 12%, from the prior year due to new Utica pads turned in line in Tioga County[14]. - The weighted average realized natural gas price was $2.89 per Mcf, an increase of $0.36 per Mcf, or 14%, from the prior year[15]. - Gas production in Appalachia for the quarter was 109,181 MMcf, up 11,464 MMcf from 97,717 MMcf in the same quarter of 2024[56]. - The weighted average price per Mcf increased to $2.77 in 2025 from $2.23 in 2024, reflecting a $0.54 increase[56]. Capital Expenditures and Guidance - Capital expenditures for fiscal 2026 are projected to be between $955 million and $1,065 million, with specific segments allocated as follows: Integrated Upstream and Gathering $560 - $610 million, Pipeline and Storage $210 - $250 million, and Utility $185 - $205 million[30]. - National Fuel reaffirmed its fiscal 2026 adjusted EPS guidance range of $7.60 to $8.10 per share, with a midpoint of $7.85[8]. - The company revised its adjusted earnings per share guidance for fiscal 2026 to a range of $7.60 - $8.10, maintaining the previous guidance[28]. - The company expects natural gas production to be between 440 Bcf and 455 Bcf for fiscal 2026, with NYMEX natural gas price assumptions set at $3.75 per MMBtu[30]. - The effective tax rate for fiscal 2026 is anticipated to be approximately 25.5%[30]. Acquisition and Related Costs - The Company successfully issued $350 million in common equity to fund the acquisition of CenterPoint Ohio gas utility, expected to close in Q4 2026[6]. - The acquisition of CenterPoint Energy's Ohio natural gas utility business is expected to close in Q4 2026, with no impact on fiscal 2026 guidance[28]. - The company plans to acquire an Ohio gas utility, which is expected to impact future earnings and operational strategy[34]. - The company incurred costs of $7.687 million related to the pending Ohio gas utility acquisition during the quarter[62]. - Management reported costs related to the pending Ohio gas utility acquisition amounting to $2,007[64]. Cash Flow and Liquidity - Cash and temporary cash investments rose to $271.4 million, up from $43.2 million, indicating a substantial increase in liquidity[39]. - Net cash provided by operating activities was $274,921,000 in Q4 2025, an increase from $220,088,000 in Q4 2024, indicating a growth of 25%[41]. - Net cash provided by financing activities surged to $232,197,000 in Q4 2025, compared to $24,933,000 in Q4 2024, showing a substantial increase[41]. - The company reported a net interest benefit from equity issuance of $509 thousand in the first quarter of 2026[32]. Segment Performance - Integrated Upstream and Gathering Segment reported GAAP earnings of $124,047, a significant increase from a loss of $19,632 in the same period last year[64]. - Adjusted EBITDA for the Integrated Upstream and Gathering Segment rose to $268,442, up 28.7% from $208,581 year-over-year[64]. - Pipeline and Storage Segment reported GAAP earnings of $31,219, slightly down from $32,454 in the previous year[64]. - Utility Segment reported GAAP earnings of $34,090, an increase from $32,499 year-over-year[64]. - Corporate and All Other segment reported a GAAP loss of $7,711, compared to a loss of $335 in the same quarter last year[64]. - Adjusted EBITDA for the Utility Segment increased to $64,651, up 6.5% from $60,665 year-over-year[64].
Valero(VLO) - 2025 Q4 - Annual Results
2026-01-29 13:19
Financial Performance - Valero reported net income attributable to stockholders of $1.1 billion, or $3.73 per share, for Q4 2025, a significant increase from $281 million, or $0.88 per share, in Q4 2024[2]. - For the full year 2025, net income attributable to stockholders was $2.3 billion, or $7.57 per share, compared to $2.8 billion, or $8.58 per share, in 2024[3]. - Adjusted net income for Q4 2025 was $1.2 billion, or $3.82 per share, up from $207 million, or $0.64 per share, in Q4 2024[4]. - Net income attributable to Valero Energy Corporation stockholders for the three months ended December 31, 2025, was $1,134 million, compared to $281 million in the same period of 2024, showing a significant increase of 303.2%[30]. - Adjusted net income attributable to Valero Energy Corporation stockholders for the year ended December 31, 2025, was $3,292 million, compared to $2,739 million in 2024, representing an increase of 20.2%[30]. - Earnings per common share for the year ended December 31, 2025, was $7.57, down from $8.58 in 2024, a decrease of approximately 11.8%[30]. Segment Performance - Refining segment reported operating income of $1.7 billion for Q4 2025, compared to $437 million in Q4 2024, with throughput averaging 3.1 million barrels per day[5]. - Renewable Diesel segment reported operating income of $92 million for Q4 2025, down from $170 million in Q4 2024, with sales volumes averaging 3.1 million gallons per day[6]. - Ethanol segment reported operating income of $117 million for Q4 2025, compared to $20 million in Q4 2024, with production averaging 4.8 million gallons per day[7]. - Operating income for the refining segment was $4,040 million for the year ended December 31, 2025, compared to $3,971 million in 2024, indicating an increase of 1.7%[28]. - The company’s operating income (loss) by segment for the year ended December 31, 2025, was $3,181 million, compared to $3,755 million in 2024, reflecting a decrease of 15.3%[28]. Revenue and Costs - Total revenues for the year ended December 31, 2025, were $122,687 million, a decrease from $129,881 million in 2024, representing a decline of approximately 5.5%[28]. - The cost of materials and other for the year ended December 31, 2025, was $101,096 million, up from $110,616 million in 2024, reflecting a decrease of about 8.6%[28]. - Total cost of sales for the year ended December 31, 2025, was $117,255 million, compared to $125,076 million in 2024, indicating a reduction of about 6.3%[28]. - Operating expenses (excluding depreciation and amortization) for the Refining segment were $5.426 billion for the year ended December 31, 2025, an increase from $4.946 billion in 2024[65]. Capital Expenditures and Investments - Capital investments totaled $412 million in Q4 2025, with $368 million allocated for sustaining the business[11]. - Capital expenditures attributable to Valero for the year ended December 31, 2025, were $1,797 million, a decrease of 4.8% from $1,888 million in 2024[58]. - The expected capital investments attributable to Valero for the year ending December 31, 2026, are projected to be $1,700 million[58]. Debt and Equity - Valero's total debt at the end of 2025 was $8.3 billion, with cash and cash equivalents of $4.7 billion, resulting in a debt to capitalization ratio of 18%[14]. - Total debt and finance lease obligations increased to $10,619 million as of December 31, 2025, compared to $10,463 million in 2024, marking an increase of 1.5%[56]. - Valero's stockholders' equity decreased to $23,725 million as of December 31, 2025, from $24,512 million in 2024, a decline of 3.2%[56]. Margins and Pricing - The refining margin for the year ended December 31, 2025, reached $13,403 million, compared to $11,325 million in 2024, indicating an increase of 18.4%[32]. - Refining margin per barrel of throughput for Q4 2025 was $13.61, compared to $8.44 in Q4 2024, showing an increase of 61.5%[39]. - The average product margin for U.S. Gulf Coast ultra-low-sulfur diesel less Brent increased to $23.86 per barrel in Q4 2025, compared to $12.41 in Q4 2024, reflecting a significant increase of 92.5%[53]. - The average price for New York Mercantile Exchange ultra-low-sulfur diesel was $2.33 per gallon in Q4 2025, compared to $2.23 in Q4 2024, indicating an increase of 4.5%[54]. - The average price for California Low-Carbon Fuel Standard carbon credit was $53.53 per metric ton in Q4 2025, down from $72.27 in Q4 2024, representing a decrease of 26%[54]. Asset Impairment and Losses - The company reported an asset impairment loss of $1,131 million for the year ended December 31, 2025[30]. - The asset impairment loss for the Benicia and Wilmington refineries was recognized at a combined total of $1.1 billion due to non-recoverable carrying values[63]. - Incremental depreciation expense related to the Benicia Refinery was approximately $300 million for the year ended December 31, 2025[63]. - The company plans to cease refining operations at the Benicia Refinery by the end of April 2026[63]. Other Notable Items - Total stockholder cash returns were $1.4 billion in Q4 2025, resulting in a payout ratio of 66% of adjusted net cash provided by operating activities[12]. - A current income tax benefit of $79 million was recognized in December 2024 for the tax credit related to cellulosic ethanol produced and sold from 2020 through 2024[63]. - The employee retention and separation costs related to the Benicia Refinery amounted to $50 million for the year ended December 31, 2025[63]. - Navigator Energy Services canceled a large-scale carbon capture project, resulting in a charge of $29 million recognized in the year ended December 31, 2024[63].
Carter Bankshares(CARE) - 2025 Q4 - Annual Results
2026-01-29 13:16
Exhibit 99.1 interest income and net interest margin continue to be significantly impacted by the Bank's largest lending relationship remaining on nonaccrual status since the second quarter of 2023; "We are pleased to report continued strong fundamentals and positive trends for the fourth quarter and for the full year 2025. During the quarter, we again realized margin expansion and solid loan growth throughout our footprint. Our annual loan growth of 7.0% reflects good momentum in our commercial lending pla ...
Darling Ingredients(DAR) - 2025 Q4 - Annual Results
2026-01-29 13:16
EXHIBIT 99.1 FOR IMMEDIATE RELEASE January 29, 2026 Darling Ingredients Issues Statement on Fourth Quarter and Fiscal Year 2025 Earnings; Announces Timing of Earnings Release and Conference Call IRVING, Texas, – Darling Ingredients Inc. (NYSE: DAR) today issued the following statement regarding fourth quarter and fiscal year 2025 earnings. For the 12 months ended Dec. 31, 2025, net loss for DGD was ($68) million. During the same time period, DGD sold/shipped 1.003 billion gallons of renewable fuels. As dete ...
ESS Tech(GWH) - 2025 Q4 - Annual Results
2026-01-29 13:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 23, 2026 ESS TECH, INC. (Exact name of registrant as specified in charter) Delaware 001-39525 98-1550150 (State or other jurisdiction of incorporation) Wilsonville, Oregon 97070 (Address of principal executive offices) (Zip code) (855) 423-9920 (Registrant's telephone number, including ...
Norfolk Southern(NSC) - 2025 Q4 - Annual Results
2026-01-29 13:05
Exhibit 99.2 Norfolk Southern Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) | | | | Fourth Quarter | | | | Years Ended December 31, | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | (in millions, except per share amounts) | | | | | | Railway operating revenues | | | | | | | | | | Merchandise | $ | 1,880 | $ | 1,842 | $ | 7,684 | $ | 7,470 | | Intermodal | | 747 | | 792 | | 3,009 | | 3,042 | | Coal | | 347 | | 390 | | 1, ...