EOG Resources (NYSE:EOG) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsAnn Janssen - CFODerrick Whitfield - Managing DirectorEzra Yacob - Chairman and CEOJeff Leitzell - COOKeith Trasko - SVP of Exploration and ProductionMatthew Portillo - Partner and Head of ResearchNeil Mehta - Head of Americas Natural Resources Equity ResearchPearce Hammond - VP of Investor RelationsPhillip Jungwirth - Managing DirectorScott Hanold - Managing DirectorSteve Richardson - Senior Managing DirectorCo ...

EOG Resources (NYSE:EOG) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsAnn Janssen - CFODerrick Whitfield - Managing DirectorEzra Yacob - Chairman and CEOJeff Leitzell - COOKeith Trasko - SVP of Exploration and ProductionMatthew Portillo - Partner and Head of ResearchNeil Mehta - Head of Americas Natural Resources Equity ResearchPearce Hammond - VP of Investor RelationsPhillip Jungwirth - Managing DirectorScott Hanold - Managing DirectorSteve Richardson - Senior Managing DirectorCo ...

Earnings Presentation 4Q 2025 Sustainable Value Creation Through Industry Cycles EOG Is Focused On Being Among The Highest Return And Lowest Cost Producers, Committed To Strong Environmental Performance And Playing A Significant Role In The Long-Term Future Of Energy CAPITAL DISCIPLINE OPERATIONAL EXCELLENCE • Organic Exploration Maintains Low Cost, High Quality, Multi- Basin Inventory SUSTAINABILITY CULTURE 1. See (1) schedules posted to "Investors" section of EOG website for reconciliations & definitions ...

Diamondback Energy posted $5.9 billion in adjusted free cash flow in 2025, raised its base dividend by 5%, and outlined a flat production plan for 2026 as it prioritizes capital discipline, buybacks, and balance sheet repair. Midland-based Diamondback Energy reported fourth-quarter 2025 oil production of 512,800 barrels per day, capping a year in which the Permian pure-play averaged 497,200 bpd of oil and 921,000 boe/d overall. For the full year, the company generated $8.8 billion in operating cash flo ...

(By Oil & Gas 360) – Capital discipline continues to define strategy across the U.S. energy sector. Asset Sales, debt reduction and gas growth mark Q4 E&P moves- oil and gas 3600 SM Energy announced an agreement to sell its South Texas assets to Caturus Energy for $950 million, further streamlining its portfolio and reinforcing liquidity. The transaction reflects an industry trend toward concentrating capital in core operating areas while monetizing non-core positions. Occidental Petroleum reported a st ...

Financial Data and Key Metrics Changes - The company reported an underlying EBITDA increase of 9% to $25.4 billion, driven by strong operational performance and productivity improvements [6][12] - Stable underlying earnings were recorded at $10.9 billion, with a dividend payout of 60%, equating to $6.5 billion returned to shareholders [6][13] - Net debt increased to $14.4 billion, reflecting the Arcadium acquisition, but remains manageable with a gearing ratio of 18% [13][23] Business Line Data and Key Metrics Changes - Copper equivalent production increased by 8%, setting annual records for both copper and bauxite, with copper EBITDA more than doubling to $7.4 billion [5][20] - Iron ore delivered $15.2 billion of EBITDA, with unit costs in line with guidance at $23.50 per ton [20] - Aluminum maintained stability, with EBITDA up 20%, benefiting from stronger market conditions [21] Market Data and Key Metrics Changes - Copper and aluminum prices rose by 9%, with copper ending the year 44% higher than the previous year [14] - The demand for lithium has surged, with prices increasing significantly, reflecting a strong market recovery [14][60] - The iron ore market remains supported by Chinese steel export growth, with a structurally balanced market [13] Company Strategy and Development Direction - The company aims for a 3% compound annual growth rate (CAGR) for copper equivalent production through the end of the decade, focusing on operational excellence and cost reductions [7][10] - A significant portion of the exploration budget (85%) is now directed towards copper, indicating a strategic focus on this commodity [9] - The company is committed to capital discipline, with rigorous capital allocation guiding all investment decisions [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for improved safety measures following a tragic incident at the Simandou site, emphasizing the importance of safety in operations [3][4] - The leadership expressed confidence in achieving production targets, including the ramp-up to 60 million tons per annum of iron ore from Simandou [9][58] - The company is optimistic about future growth, particularly in aluminum, lithium, and copper, despite some market challenges [7][14] Other Important Information - The company is actively testing the market for asset sales, including RTIT and the Borates businesses, to generate cash proceeds of $5 billion to $10 billion [10] - The management has restructured its organization to enhance operational efficiency and accountability [16] Q&A Session Summary Question: Insights on Glencore discussions and coal ownership - Management discussed the valuation gap in the Glencore talks, emphasizing a focus on underlying asset quality and potential synergies [30][39] Question: Opportunities in streaming agreements - Management indicated that while there are options for streaming agreements, the focus remains on systematically evaluating the best capital release opportunities [32][33] Question: Cost-cutting opportunities in Pilbara - Management confirmed that the $650 million productivity program is expected to exceed initial targets, with ongoing efforts to identify further cost reductions across all business lines [34][35] Question: Iron ore negotiations and market dynamics - Management acknowledged ongoing conversations with CMRG and other market participants, focusing on securing supply and understanding customer needs [74][75] Question: Geopolitical risk considerations - Management highlighted the importance of value assessment and risk mitigation strategies when considering investments in higher-risk regions [92][96]

Financial Data and Key Metrics Changes - Underlying EBITDA increased by 9% to $25.4 billion, driven by strong operational performance and productivity improvements [6][12] - Stable underlying earnings of $10.9 billion, with a dividend payout of 60%, equating to $6.5 billion returned to shareholders [6][13] - Net debt rose to $14.4 billion, with a modest gearing of 18% [13][23] Business Line Data and Key Metrics Changes - Copper equivalent production increased by 8%, setting annual records for both copper and bauxite [5][6] - Copper EBITDA more than doubled to $7.4 billion, with shipments up 60% at Oyu Tolgoi [20][21] - Iron ore delivered $15.2 billion of EBITDA, with unit costs in line with guidance at $23.50 per ton [20][21] Market Data and Key Metrics Changes - Copper and aluminum prices rose by 9%, with copper ending the year 44% higher than the previous year [14] - Iron ore remains supported by Chinese steel export growth, with a structurally balanced market [13][14] - Lithium markets showed strong momentum, with battery storage demand emerging as a fast-growing pillar of the energy transition [14][15] Company Strategy and Development Direction - The company aims for a 3% CAGR for copper equivalent production through to the end of the decade, focusing on operational excellence and cost reductions [7][10] - A significant portion of the exploration budget (85%) is directed towards copper, emphasizing the importance of value-accretive projects [9] - The company is committed to capital discipline, with rigorous capital allocation guiding every investment decision [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need for improved safety measures following a recent tragedy at the Simandou site, emphasizing the importance of safe operations [3][4] - The company is confident in achieving its production targets, including the 60 million tons per annum of iron ore from Simandou [9][58] - Future growth is expected to be driven by strong demand for aluminum, lithium, and copper, despite some supply constraints [7][14] Other Important Information - The company is actively testing the market for RTIT and the Borates businesses, aiming to deliver $5 billion-$10 billion in cash proceeds from its asset base [10] - The company has a strong balance sheet and is generating stable operating cash flow from its diversified portfolio [24] Q&A Session Summary Question: Insights on Glencore discussions and coal ownership - Management assessed the transaction with a focus on underlying asset quality and potential value creation, concluding that an agreement could not be reached [30][39] Question: Opportunities in streaming agreements - Management indicated that various options exist across the portfolio for capital release, including potential streaming agreements [32][33] Question: Cost-cutting opportunities in Pilbara - Management confirmed that the $650 million run rate for productivity improvements is expected to be exceeded in 2026, with a multi-year program in place [34][35] Question: Iron ore cost targets compared to competitors - Management emphasized the importance of comparing full unit costs and highlighted ongoing efforts to drive efficiencies in the Pilbara [67][69] Question: Future of iron ore negotiations - Management confirmed ongoing conversations with customers, focusing on securing supply and creating value together [74][75] Question: Geopolitical risk considerations - Management acknowledged the complexities of operating in high-risk regions and emphasized the importance of value and risk mitigation in decision-making [92][96]

Core Insights - Rio Tinto reported an 8% increase in CuEq production, driven by the ramp-up of the Oyu Tolgoi underground copper mine and record iron ore production from Pilbara operations [1][2] - Underlying EBITDA rose by 9% to $25.4 billion, with operating cash flow at $16.8 billion, reflecting strong operational performance and cost discipline [1][2] - The company aims for a 3% CAGR in CuEq production through 2030, supported by a high-quality pipeline and structural cost improvements [1] Financial Performance - Net cash generated from operating activities increased by 8% to $16.8 billion in 2025 compared to $15.6 billion in 2024 [1] - Free cash flow decreased by 28% to $4.0 billion from $5.6 billion in 2024 [1] - Consolidated sales revenue grew by 7% to $57.6 billion, while underlying earnings remained stable at $10.9 billion [1] Operational Highlights - The company achieved a 5% reduction in operating unit costs in 2025, with significant productivity benefits expected to yield $650 million in annualized savings by Q1 2026 [1][2] - Key project milestones included the completion of the Oyu Tolgoi underground development and the opening of the Western Range iron ore replacement mine on time and on budget [1][2] Strategic Focus - Rio Tinto's strategy emphasizes operational excellence, project execution, and capital discipline, with a diversified portfolio of world-class assets [1][2] - The company is targeting to release $5-10 billion in cash proceeds from its asset base, alongside ongoing market testing of borates and TiO2 [2] Sustainability Initiatives - CO2 emissions were reported at 31.5 million tonnes in 2025, marking a 14% reduction from the 2018 baseline, with a goal of a 50% reduction by 2030 [2] - The company signed modernized agreements with local communities to strengthen partnerships and ensure long-term benefits [2]

Core Viewpoint - Energy stocks are experiencing a rally despite stable crude oil prices, driven by corporate fundamentals, sector rotation, and favorable investor sentiment towards cash-flow-rich energy companies [1][14]. Group 1: Strong Earnings and Corporate Fundamentals - Integrated energy firms benefit from diversified revenue streams, with refining and chemical operations remaining profitable, which insulates balance sheets from oil price fluctuations [2]. - Companies have shown disciplined capital management, prioritizing shareholder returns over volume growth, which resonates with investors seeking consistency [5]. Group 2: Investor Behavior and Market Dynamics - There is a market rotation towards sectors with strong free cash flow and attractive dividends, with energy stocks fitting this profile [3][4]. - High dividend yields and share buyback programs are appealing in a high-interest-rate environment, attracting investors seeking income [4]. Group 3: Geopolitical and Supply Factors - Geopolitical risks, such as potential supply disruptions from the Middle East or Russia, add a risk premium to energy equities, making them more attractive to investors [6]. - Companies with exposure to natural gas and LNG exports are gaining attention due to rising global demand, particularly in Europe and Asia, supporting revenues [7]. Group 4: Technical Strength and Investor Sentiment - Investor psychology views energy equities as a hedge against inflation and a defensive play amid economic uncertainty, creating a feedback loop that supports stock prices [8]. - The disconnect between oil prices and energy equities highlights the importance of fundamentals and market positioning in stock performance [15]. Group 5: Investment Opportunities - Investors are encouraged to select companies with strong balance sheets and diversified revenue streams, such as integrated majors like Exxon Mobil Corp. and Chevron Corp. [12]. - Thematic opportunities exist in companies expanding LNG exports or refining operations that benefit from resilient fuel demand, providing exposure to energy sector strength without relying solely on crude price movements [13].

Energy Transfer (NYSE:ET) Q4 2025 Earnings call February 17, 2026 09:00 AM ET Company ParticipantsAdam Mackay - EVP of Crude OilDylan Bramhall - CFOMackie McCrea - Co-CEOThomas Long - CFOConference Call ParticipantsElvira Scotto - Equity Research AnalystGabe Moreen - Equity Research AnalystJason Gabelman - Equity Research AnalystJean Salisbury - Equity Research AnalystJohn Mackay - Equity Research AnalystJulien Dumoulin-Smith - Equity Research AnalystKeith Stanley - Equity Research AnalystManav Gupta - Equi ...