Key Takeaways Golar LNG posted Q4 EPS of 30 cents, missed estimates and remained flat year over year.Q4 revenues of $132.8 million outpaced the Zacks Consensus Estimate and improved 101% year over year.GLNG's share of contractual debt at the end of the fourth quarter increased 80% year over year.Golar LNG Limited (GLNG) reported mixed fourth-quarter 2025 results wherein earnings missed the Zacks Consensus Estimate and revenues surpassed the same.Quarterly earnings of 30 cents per share missed the Zacks Cons ...

Golar LNG Limited (NASDAQ:GLNG) is included among the 14 Best LNG Stocks to Buy Now. Is Golar LNG (GLNG) Among the Best LNG Stocks to Buy Now? As one of the world’s largest independent owners and operators of marine-based LNG midstream infrastructure, Golar LNG Limited (NASDAQ:GLNG) designs, converts, owns, and operates marine infrastructure that turns natural gas into LNG. Golar LNG Limited (NASDAQ:GLNG) received a boost on February 2 when Goldman Sachs analysts added the stock to the firm’s US Convict ...

Achieved record execution in 2025, securing a $14 billion EBITDA backlog for the Argentina contracts and doubling the operating fleet with FLNG Gimi's commencement. FLNG Gimi is currently producing above contracted volumes due to technical optimizations and favorable winter ambient temperatures. Management is pivoting from speculative growth to a more disciplined 'business as usual' approach, prioritizing the maturation of commercial terms before committing significant capital to a fourth unit. The ...

Financial Performance - Golar LNG reported a Q4 2025 net income of $10.4 million, a 130% increase from Q4 2024, and a full-year net income of $66 million, up 29% year-over-year [1][4] - Total operating revenues for Q4 2025 reached $132.8 million, a 101% increase compared to Q4 2024, with year-to-date revenues of $393.5 million, reflecting a 51% increase [1][4] - Adjusted EBITDA for Q4 2025 was $91 million, a 54% increase from Q4 2024, and $265 million for the full year, a 10% increase [1][4] Operational Highlights - The company secured $14 billion in Adjusted EBITDA backlog through two 20-year contracts for FLNG Hilli and MKII FLNG with Southern Energy S.A. in Argentina [3][4] - FLNG Hilli exceeded its 2025 production target, while FLNG Gimi overproduced compared to its contractual commitments during Q4 2025 [4][9] - The construction of MKII FLNG is on schedule and on budget, with all conditions precedent for the contract with SESA satisfied [4][26] Financial Transactions - Golar executed $2.275 billion in new financing facilities during the year, including a $1.2 billion secured bank facility for FLNG Gimi [3][16] - The company entered the U.S. bond market with $500 million of 5-year senior unsecured notes at a 7.50% interest rate [4][15] - A share buyback program resulted in the repurchase and cancellation of 1.1 million shares at an average price of $37.76 per share, with $109 million remaining available [4][9] Liquidity and Debt - Total Golar Cash as of December 31, 2025, was $1.2 billion, while Golar's share of contractual debt was $2.7 billion, resulting in a net debt position of $1.5 billion [13][49] - The company has a significant liquidity release potential through debt refinancing alternatives, particularly for FLNG Hilli, which has an Adjusted EBITDA backlog of $5.7 billion [21][30] Market Position and Future Outlook - Golar is positioned as the only proven FLNG service provider globally, with strong operational uptime and capital efficiency [4][38] - The company anticipates continued strong demand for FLNG services, with plans to order a fourth FLNG unit once commercial terms mature [34][36] - Golar's 10% ownership in SESA provides additional commodity exposure, with potential upside linked to LNG prices [30][31]

Core Viewpoint - Goldman Sachs is optimistic about the energy sector, highlighting ten top stocks that offer dividends and significant growth potential, as energy stocks have outperformed the S&P 500 in 2026 due to favorable market conditions [1]. Energy Sector Performance - Energy stocks have surged in 2026, with the XLE index up 23% compared to the S&P 500's 1% increase, driven by high oil prices around $70 per barrel, recovering demand from Asia, and geopolitical tensions [1]. - Goldman Sachs anticipates continued strong performance in the energy sector, with an average total return of approximately 19% for their top picks [1]. Key Stock Recommendations - **Cheniere Energy (LNG)**: Leading U.S. LNG exporter with a 0.94% dividend, positioned for growth in domestic and international markets. Goldman Sachs targets a price of $275, indicating a 25% potential gain [1]. - **EQT Corp (EQT)**: One of the largest U.S. natural gas producers with a 1.14% dividend, focused on low-cost production in the Appalachian Basin. Goldman Sachs sets a price target of $66, suggesting a 16% upside [2]. - **Golar LNG (GLNG)**: Newly added to the Conviction List, offering a 2.26% dividend. Goldman Sachs has a target price of $56, representing a 27% potential gain [2]. - **Viper Energy (VNOM)**: Focused on mineral and royalty interests in the Permian Basin, with a 5.39% dividend yield. Goldman Sachs targets a price of $54, indicating a 23% upside [2]. - **Vistra Corp (VST)**: An integrated electricity and power generation company with a 0.56% dividend, expected to support data centers and cloud computing. Goldman Sachs sets a price target of $205, representing a 28% potential gain [2].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Energy sector**, highlighting a significant repricing of energy equities in 2026, with the XLE index up **23%** compared to the S&P 500's **1%** increase. This strength is attributed to positive GDP revisions, a tech rotation, and favorable oil momentum amid geopolitical uncertainties and smaller-than-expected surpluses [1][2]. Core Investment Ideas - The report identifies **10 stocks** with attractive total return potential, averaging **19%** total return, based on a mid-cycle view of **$70** Brent and **$3.75** Henry Hub prices [1][5]. Key Stocks and Their Investment Thesis 1. **HF Sinclair Corporation (DINO)** - Current Price: **$58.76**, Price Target: **$64** (9% upside) - Expected total return of **12%** with a **3%** dividend yield. - Strong balance sheet, non-refining earnings contributions, and exposure to a tighter West Coast market are key drivers [6]. 2. **ConocoPhillips (COP)** - Current Price: **$111.21**, Price Target: **$120** (8% upside) - Expected total return of **11%** with a **3%** dividend yield. - Major growth projects and cost reductions expected to generate **$7 billion** in incremental free cash flow by 2029 at **$70/b** WTI [7][9]. 3. **EQT Corporation (EQT)** - Current Price: **$56.93**, Price Target: **$66** (16% upside) - Expected total return of **17%** with a **1%** dividend yield. - Strong inventory position in the low-cost Appalachian Basin and improved cost structure post-acquisition are highlighted [10]. 4. **Viper Energy, Inc. (VNOM)** - Current Price: **$43.85**, Price Target: **$54** (23% upside) - Expected total return of **29%** with a **5%** dividend yield. - No-capex business model and commitment to return **75%** of cash available for distribution to shareholders are key factors [11]. 5. **Diamondback Energy, Inc. (FANG)** - Current Price: **$169.01**, Price Target: **$187** (11% upside) - Expected total return of **13%** with a **2%** dividend yield. - Strong operational execution and commitment to return capital to shareholders are emphasized [13]. 6. **Kinder Morgan, Inc. (KMI)** - Current Price: **$31.45**, Price Target: **$32** (2% upside) - Expected total return of **6%** with a **4%** dividend yield. - Significant natural gas-focused backlog and recent earnings beat are noted [14]. 7. **Cheniere Energy, Inc. (LNG)** - Current Price: **$219.41**, Price Target: **$275** (25% upside) - Expected total return of **26%** with a **1%** dividend yield. - Highly contracted asset footprint provides insulation from commodity price downside [15]. 8. **Golar LNG Limited (GLNG)** - Current Price: **$44.20**, Price Target: **$56** (27% upside) - Expected total return of **29%** with a **2%** dividend yield. - Shift towards floating liquefaction business and potential for significant EBITDA growth are highlighted [18]. 9. **Halliburton Company (HAL)** - Current Price: **$35.03**, Price Target: **$40** (14% upside) - Expected total return of **16%** with a **2%** dividend yield. - Strong performance in international markets and potential for margin expansion are noted [19]. 10. **Vistra Corp. (VST)** - Current Price: **$160.15**, Price Target: **$205** (28% upside) - Expected total return of **29%** with a **1%** dividend yield. - Upside potential from contracting remaining nuclear generation and favorable valuation metrics are discussed [21]. Additional Insights - The report emphasizes the importance of monitoring macroeconomic factors, commodity prices, and operational execution as key risks for the companies mentioned [26][27][29][30][31][34]. - The overall sentiment in the energy sector remains constructive, with expectations of continued strength in energy services and integrated oil stocks, despite some relative weakness in gas exploration and production [23]. This comprehensive overview captures the essential insights and investment opportunities within the energy sector as discussed in the conference call.

Performance Summary - Tourlite Fund, LP returned 0.2% for Q4 2025 and 2.8% for the full year, with an annualized return of 8.1% since inception, underperforming the S&P 500 (13.3%) and Russell 2000 (6.5%) [2] - The fund's long positions struggled due to poor stock selection, while the short book generated a positive contribution of 0.9% [3][4] Market Outlook - The outlook for 2026 is optimistic, anticipating strong economic growth and declining inflation, supported by pro-growth policies ahead of midterm elections [5] - A rotation in market performance has been observed, with the Russell 2000 outperforming the S&P 500 and sectors like industrials and materials leading [6] Risks and Opportunities - There are concerns about potential inflationary pressures re-emerging later in the year due to aggressive monetary policy and fiscal stimulus [7] - If inflation pressures return, it may create opportunities for short sellers as market dynamics shift [8] Portfolio Composition - The average net beta-adjusted exposure was 20%, with gross exposure ranging from approximately 175% to 260% [9] - Sector concentration included consumer (~20%), industrials (~50%), and technology (~25%), with a strategy of being short consumer and long industrials [10] Notable Positions - FTAI Aviation is expected to reach $250 per share, with potential for $1 billion EBITDA from a new initiative [13] - Montana Aerospace has been initiated as a new position, trading at a significant discount with strong growth potential in the aerospace sector [18][19] Short Positions - The fund has established short positions in companies with unfavorable supply-demand dynamics and high valuations, anticipating declines in volume and margins [23][24] - Specific shorts include a consumer company expected to face revenue and margin disappointments due to transitory conditions [27]

Core Viewpoint - Flowco Holdings Inc. (FLOC) shares experienced a significant increase of 6.9% in the last trading session, closing at $22.62, driven by strong trading volume and a 10.8% gain over the past four weeks [1][2]. Group 1: Company Developments - Flowco announced a definitive agreement to acquire the parent company of Valiant Artificial Lift Solutions for approximately $200 million, which is expected to enhance its artificial lift portfolio and expand its addressable market [2]. - The acquisition is anticipated to be accretive to earnings and free cash flow, thereby boosting investor confidence in the company [2]. Group 2: Financial Expectations - Flowco is projected to report quarterly earnings of $0.24 per share, reflecting a year-over-year decline of 91.6%, while revenues are expected to reach $189.55 million, marking a 1.9% increase from the previous year [3]. - The consensus EPS estimate for Flowco has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4]. Group 3: Industry Context - Flowco Holdings Inc. is categorized under the Zacks Oil and Gas - Integrated - International industry, where it holds a Zacks Rank of 3 (Hold) [5]. - Another company in the same industry, Golar LNG (GLNG), also holds a Zacks Rank of 3 (Hold) and has shown a 0.8% increase in the last trading session, with an 8.1% return over the past month [5][6].

Core Viewpoint - Chevron reported quarterly earnings of $1.52 per share, exceeding the Zacks Consensus Estimate of $1.44 per share, but down from $2.06 per share a year ago, indicating a decline in profitability [1] Financial Performance - The company achieved revenues of $46.87 billion for the quarter ended December 2025, which fell short of the Zacks Consensus Estimate by 8.87% and decreased from $52.23 billion year-over-year [2] - Over the last four quarters, Chevron has surpassed consensus EPS estimates four times but has not beaten revenue estimates during the same period [2] Stock Performance - Chevron shares have increased approximately 12.3% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.8% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future due to unfavorable estimate revisions [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.50 on revenues of $48.09 billion, while the estimate for the current fiscal year is $6.33 on revenues of $195.37 billion [7] - The outlook for the industry, specifically the Oil and Gas - Integrated - International sector, is currently in the bottom 13% of Zacks industries, which may negatively impact stock performance [8]

Core Viewpoint - Golar LNG will release its Q4 2025 results on February 25, 2026, before market opening, accompanied by a webcast presentation [1] Group 1: Webcast and Conference Call Details - The webcast presentation will take place at 08:00 AM Eastern Time (1:00 PM London Time) on February 25, 2026 [1] - Participants are encouraged to join the conference call via the listen-only live webcast link provided [1] - Sell-side analysts wishing to ask questions during the Q&A session must access the event through the conference call [1] - It is recommended to connect 10 minutes prior to the call start, with a limit of two questions per participant during the Q&A [1] Group 2: Accessing the Webcast - To access the live webcast, participants should visit the Investors, Results Centre section on the Golar LNG website [2] - A sound card is required on the computer to listen to the conference call, but no special plugins are needed [2] - A "Help" link is available for users experiencing issues accessing the webcast [2] Group 3: Teleconference Registration - Conference call participants must register to obtain dial-in and passcode details, which helps eliminate wait times [3] - Participants can either dial in using provided numbers and their unique PIN or use the "Call me" option to connect instantly [3] Group 4: Presentation Material and Replay - Presentation materials can be downloaded from the Golar LNG website to view while listening to the conference [4] - If unable to listen live, a replay of the event audio will be available for a limited time on the website [4] - This information complies with the disclosure requirements of the Norwegian Securities Trading Act [4]