Financial Performance - Adjusted earnings per share were $3.01[9] - Adjusted EBITDA reached $3,206 million[9] - Cash flow from operations, excluding changes in working capital, amounted to $2,387 million[7, 9] - $926 million was returned to shareholders[7, 9] - The company expects $2.8 billion of annual distributions from MPLX[7, 33] Segment Highlights - Refining & Marketing (R&M) segment adjusted EBITDA was $1,762 million[13] - R&M segment adjusted EBITDA per barrel was $6.37[9] - Refining & Marketing margin was $4,865 million[16] - Midstream segment adjusted EBITDA reached $1,709 million, a 5% year-over-year growth[19] - Renewable Diesel segment experienced a weaker margin environment, resulting in a negative adjusted EBITDA of -$56 million[21] Outlook - The company anticipates total throughput of 2,905 MBPD for Refining & Marketing in the fourth quarter of 2025[27] - Turnaround costs are projected at $420 million for the fourth quarter of 2025[27] Sustainability - The company is targeting a 30% reduction in Scope 1 & 2 GHG emissions intensity by 2030 and a 38% reduction by 2035 from 2014 levels[29]

Financial Data and Key Metrics Changes - In Q3 2025, revenues increased by 92% to $252.4 million from $131.6 million in Q3 2024, driven by an 88% increase in Bitcoin's average price [18][19] - The company reported a net income of $123.1 million, or $0.27 per diluted share, compared to a net loss of $124.8 million, or $0.42 per diluted share, in the same quarter last year [19] - Bitcoin holdings expanded by over 98%, growing from approximately 27,000 to nearly 53,000 Bitcoin [17] - The energized hash rate increased by 64%, from 36.9 to 60.4 exahash per second [17] Business Line Data and Key Metrics Changes - The company mined 2,144 Bitcoin and purchased an additional 2,257 Bitcoin during the quarter [18] - The purchased energy cost to Bitcoin for the quarter was $39,235, with a 15% year-over-year improvement in daily cost per petahash [19][20] - The company aims to optimize for the lowest cost per token in AI inference, similar to its strategy in Bitcoin mining [9][10] Market Data and Key Metrics Changes - Global hash rate grew by roughly 20%, with both hash rate and network difficulty hitting new all-time highs [17] - Bitcoin's price remained relatively stable, trading between $104,000 and $124,000, closing the quarter with a modest $7,000 gain [17] Company Strategy and Development Direction - The company is evolving from a Bitcoin miner into a vertically integrated digital infrastructure company, focusing on energy as a key resource for both Bitcoin mining and AI [4][9] - The strategy includes the acquisition of Exxion to expand capabilities in enterprise-grade, AI-optimized private cloud and HPC infrastructure [10][11] - A partnership with MPLX aims to develop integrated power generation facilities and data center campuses in West Texas, with an initial capacity of 400 megawatts [11][12] Management's Comments on Operating Environment and Future Outlook - Management views the current period of Bitcoin price consolidation as healthy, with institutional inflows into ETFs balanced by long-term holder liquidation [14] - The company believes that energy, not compute, will become the primary constraint on AI growth, positioning itself to capitalize on this trend [6][12] - The long-term vision includes integrating Bitcoin and AI into a single platform to maximize the value of energy [9][10] Other Important Information - The company ended the quarter with 52,850 Bitcoin, having mined over 2,100 BTC during Q3 [13] - The company issued $1.025 billion of zero-coupon convertible notes due 2032, enhancing balance sheet flexibility [22] - The company aims to derive 50% of revenue from international operations by 2028 [13] Q&A Session Summary Question: How does the current strategy differ from previous approaches? - The company emphasizes access to low-cost, reliable energy and the flexibility to blend AI inference with Bitcoin mining, providing a broader operational canvas [25][26] Question: What is the significance of the Exxion acquisition? - Exxion operates data centers for EDF and provides expertise in secure data management, which will enhance the company's capabilities in private cloud solutions [40][41] Question: What are the expected milestones for the company's strategy? - Key milestones include partnerships with large energy companies and increased customer usage of inference AI, with a focus on profit per megawatt hour as a key performance indicator [60][61]

Collaboration Announcement - MARA Holdings and MPLX LP have announced a collaboration to build integrated power generation and data center campuses in West Texas, marking a significant advancement in energy and computing infrastructure development [1] - MPLX will supply natural gas from its Delaware Basin processing plants to MARA's planned gas-fired power facilities, which will initially deliver 400 MW of electricity with potential expansion to 1.5 GW [1] Benefits of the Collaboration - The power generated will serve MARA's data centers and enhance energy reliability for MPLX's regional operations [2] - MPLX's CEO stated that the deal strengthens the company's natural gas value chain, while MARA's CEO highlighted the advantages of utilizing local low-cost gas for efficient, high-performance data centers [2] - The project is expected to evolve from supporting mining operations to advanced AI and high-performance computing workloads [2] Financial Performance - MARA reported third quarter 2025 revenues of $252 million, a 92% increase year-over-year [3] - The company achieved a net income of $123 million, a significant turnaround from a net loss of $125 million in the same period last year [3] - Adjusted EBITDA rose by 1,671% to $395.6 million, and the energized hashrate climbed 64% to 60.4 EH/s, with bitcoin holdings nearly doubling to 52,850 [3] - Despite strong financial results, MARA's stock is down 2.3% in early trading due to declines in both crypto and traditional markets [3]

Core Insights - Kayne Anderson Energy Infrastructure Fund, Inc. reported a net asset value of $2.2 billion and a net asset value per share of $13.13 as of October 31, 2025 [2][3] - The company's asset coverage ratio for senior securities representing indebtedness was 663%, while the total leverage asset coverage ratio was 486% [2] Financial Summary - Total assets amounted to $3,088.9 million, with investments constituting $3,074.3 million and cash and cash equivalents at $2.2 million [3] - Total liabilities were reported at $296.6 million, which includes a credit facility of $22.0 million and notes of $400.0 million [3] Investment Composition - The company had 169,126,038 common shares outstanding as of October 31, 2025 [5] - Long-term investments were primarily in Midstream Energy Companies (95%), with smaller allocations in Power Infrastructure (3%) and Other (2%) [5] - The ten largest holdings included major companies such as The Williams Companies, Inc. ($325.8 million, 10.6%) and Enterprise Products Partners L.P. ($313.3 million, 10.2%) [5]

Core Viewpoint - Master Limited Partnerships (MLPs) like Energy Transfer and MPLX offer attractive dividend yields alongside solid growth prospects, making them compelling investment opportunities. Group 1: Energy Transfer - Energy Transfer announced a quarterly distribution rate of $0.3325 per unit, annualized to $1.33, with a forward yield of 7.8% [3][4] - The company generated nearly $4.3 billion in cash during the first half of the year, covering less than $2.3 billion in distributions, allowing it to retain about $2 billion [4] - Energy Transfer plans to invest $5 billion in growth capital projects this year, with significant projects expected to enter commercial service by the end of next year [6][8] - The MLP has a strong financial position, allowing it to continue increasing its payout by 3% to 5% annually [8] Group 2: MPLX - MPLX declared a quarterly distribution of $1.0765 per unit, annualized to $4.31, reflecting a 12.5% increase from the previous payment [9][11] - The company produced enough cash to cover its distribution by 1.6 times in the second quarter, with a low leverage ratio of 3.1x [11] - MPLX is investing over $5 billion into growth opportunities this year, including a $2.4 billion acquisition of Northwind Midstream [12] - The MLP has numerous organic expansion projects underway, with expectations of mid-single-digit annual earnings growth to support continued distribution increases [13] Group 3: Investment Potential - Both Energy Transfer and MPLX provide lucrative cash distributions that are expected to continue increasing, supported by strong financial profiles and growth prospects [14] - The combination of rising distributions and potential unit price appreciation offers robust total return potential for long-term investors [14]

Core Insights - Transportadora De Gas Sa Ord B (TGS) shares experienced a significant increase of 36.8%, closing at $30.75, with trading volume notably higher than usual [1] - The surge in stock price is attributed to the company's resilient business model, which generates steady, fee-based revenues from core midstream assets that are well-utilized by customers [2] - The company is projected to report quarterly earnings of $0.25 per share, reflecting a year-over-year decline of 32.4%, while revenues are expected to reach $337.53 million, marking a 23.9% increase from the previous year [3] Earnings and Estimates - The consensus EPS estimate for TGS has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [5] Industry Context - TGS operates within the Zacks Oil and Gas - Production and Pipelines industry, where MPLX LP, a peer, saw a slight increase of 0.7% to $50.82, but has returned -1.6% over the past month [5] - MPLX LP's consensus EPS estimate has decreased by 1.8% over the past month to $1.08, representing a year-over-year change of +6.9%, and it currently holds a Zacks Rank of 4 (Sell) [6]

RT Santiment (@santimentfeed)🧑‍💻 Here are crypto's top Solana ecosystem projects by development. Directional indicators represent each project's ranking rise or fall since last month:➡️ 1) @solana $SOL 🥇➡️ 2) @wormholefdn $W 🥈📈 3) @driftprotocol $DRIFT 🥉📈 4) @swarms_corp $SWARMS📉 5) @pythnetwork $PYTH➡️ 6) @helium $IOT➡️ 7) @jito_sol $JTO📈 8) @orca_so $ORCA➡️ 9) @marinadefinance $MNDE📉 10) @metaplex $MPLX📖 Read about @santimentfeed's methodology for covering development activity for each project, objectivel ...

Core Viewpoint - The stock market has risen significantly, with the S&P 500 up over 13%, but certain energy stocks are trading at low valuations, presenting investment opportunities for discerning investors [1]. Group 1: Energy Transfer - Energy Transfer (ET) trades at less than 9 times earnings, the second-lowest in its peer group, which averages around 12 times, resulting in a high yield of 8% [2]. - The company has achieved a 10% compound annual earnings growth rate since 2020 and is in its strongest financial position in history [2]. - Energy Transfer is investing $5 billion in growth capital projects this year, with additional projects scheduled to enter commercial service through 2029, aiming to grow its distribution by 3% to 5% annually [3]. Group 2: MPLX - MPLX trades at a low valuation, offering a distribution yield of 7.8%, and has grown its earnings and cash flow at nearly 7% compound annual rate since 2021 [4]. - The company is deploying over $5 billion into growth initiatives this year, including organic expansion and accretive acquisitions, with projects lined up through the end of the decade [5]. Group 3: Plains All American Pipeline - Plains All American Pipeline (PAA) has a high yield of 9.6% due to its low valuation and has experienced 7% compound annual earnings growth since 2021 [6]. - The company is optimizing its portfolio by selling Canadian natural gas liquids assets to enhance cash flow durability and reinvesting in more resilient cash flow-producing assets [7]. Group 4: General Insights on MLPs - Energy Transfer, MPLX, and Plains All American Pipeline are trading at low valuations partly due to their MLP structures, which require more complex tax filings but offer high-yield income that can justify the effort for investors seeking bargains [8].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a pressing concern regarding the energy supply needed to sustain this growth [2] - AI data centers, such as those powering large language models, consume energy equivalent to that of small cities, indicating a looming energy crisis [2] - The company in focus is positioned to capitalize on the surge in demand for electricity driven by AI, making it a potentially lucrative investment opportunity [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses significant nuclear energy infrastructure assets, which are crucial for America's future power strategy [7] - The company is noted for its ability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7] Financial Position - The company is completely debt-free and has a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium costs [9] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar, trading at less than seven times earnings [10][11] - The company is recognized for delivering real cash flows and owning critical infrastructure, making it a compelling investment choice in the context of the AI and energy sectors [11][12]

Core Viewpoint - The energy sector has underperformed since the new bull market began in 2022, with the S&P 500 Energy Index only up about 3% compared to a 14% gain in the overall market [1][2]. Industry Performance - Energy stocks have struggled due to concerns over slowing global demand and a shift in investor preference towards higher-growth sectors like technology and communication services [2][3]. - Oil prices have decreased to approximately $61 per barrel, struggling to surpass the $70 psychological level [3]. - The energy sector is currently trading at significant discounts, presenting a higher risk-reward profile compared to the broader market, which is facing premium valuations [4]. Long-term Outlook - The long-term outlook for the energy sector remains positive, bolstered by a $750 billion trade agreement between the U.S. and the European Union, which mandates the EU to purchase U.S. energy exports over the next three years [5][6]. - Achieving the $750 billion target is ambitious, as current import levels are under $100 billion, requiring the EU to import 67% of its energy needs from the U.S. [6]. Methodology for Stock Selection - The list of the most profitable energy stocks was compiled using Finviz to screen for companies with positive earnings and over $1 billion in trailing twelve-month (TTM) net income, focusing on those with a TTM Operating Margin of at least 15% and popularity among elite hedge funds [8]. - The strategy of selecting stocks that hedge funds favor has historically outperformed the market, with a reported return of 427.7% since May 2014 [9]. Notable Energy Stocks - **Western Midstream Partners, LP (NYSE:WES)**: TTM Operating Margin of 43.29%, TTM Net Income of $1.27 billion, and 5 hedge fund holders. UBS has a 'Neutral' rating with a $40 price target, awaiting the completion of a $1.4 billion acquisition [10][11]. - **MPLX LP (NYSE:MPLX)**: TTM Operating Margin of 39.64%, TTM Net Income of $4.31 billion, and 13 hedge fund holders. UBS has a 'Buy' rating with a $64 price target, citing expected volume growth and an increase in EBITDA estimates [13][14].