Summary of Green Plains Conference Call Company Overview - **Company**: Green Plains (NasdaqGS: GPRE) - **Date**: February 26, 2026 - **New Management Team**: CEO Chris Osowski and CFO Anne Reese have recently joined, indicating a significant turnover in management [1][2] Key Industry Insights - **Ethanol Industry**: The ethanol sector is experiencing exciting opportunities, with Green Plains positioned for growth under the new management [6] - **Carbon Credits and 45Z**: The company expects to generate over $180 million in EBITDA from carbon credits this year, a significant increase from previous estimates [7][11] Core Points and Arguments - **Management Changes**: New directors and committees focused on risk management and strategic planning have been established [2] - **Operational Improvements**: New processing models and a sales and operations planning process have been implemented to enhance data-driven decision-making [3] - **Carbon Capture Projects**: The Advantage Nebraska project is operational, capturing carbon at high recovery rates, which has positively impacted financial projections [9] - **Efficiency Gains**: Improved operational efficiency and ethanol yields are critical for monetizing carbon credits [10] - **Future Projections**: The company is optimistic about increasing EBITDA from carbon credits, contingent on operational performance and energy input reductions [11][12] Regulatory and Legislative Context - **USDA Guidance**: The USDA is finalizing a calculator for farmer practices that could impact carbon intensity (CI) scores, which Green Plains is preparing to leverage [13][14] - **Legislative Challenges**: Proposed legislation regarding CO2 pipelines could significantly affect the Summit pipeline project, which is crucial for carbon capture initiatives [20] Market Dynamics - **Ethanol Margins**: Current crush margins are favorable due to record corn yields and strong domestic ethanol market performance [37] - **Export Opportunities**: The export market is growing, particularly to Canada and the EU, with expectations for continued demand [44] - **Global Supply Considerations**: Brazil's increasing ethanol production from sugarcane is a factor to monitor, as it could impact global supply dynamics [52] Strategic Focus - **Capital Allocation**: Green Plains aims to be a low-cost, low-carbon biofuel producer, focusing on maintaining high utilization rates and improving operational efficiency [79][80] - **Debt Management and Growth**: The company is considering options for debt repayment, shareholder returns, and potential M&A opportunities as it generates free cash flow [81] Additional Considerations - **Sustainable Aviation Fuel (SAF)**: The company is exploring opportunities in the SAF market, although current projects are on hold pending economic viability [62][63] - **E15 Legislation**: There is bipartisan support for year-round E15, but legislative hurdles remain, impacting market expansion [72][75] Conclusion Green Plains is navigating a transformative period with new leadership, focusing on operational excellence and capitalizing on carbon credit opportunities while addressing regulatory challenges and market dynamics in the ethanol industry. The company is well-positioned for future growth, contingent on effective execution of its strategic initiatives.

Core Insights - SBM Offshore achieved strong operational performance in 2025, with Directional revenue of US$5.1 billion and Directional EBITDA of US$1.7 billion, reflecting the company's expertise in the FPSO lifecycle [2][8] - The company plans to return a record US$2.57 cash return per share, totaling US$440 million, which is a 57% increase compared to the previous year [3][45] - SBM Offshore's fleet expanded to 16 FPSOs, with total daily production nearing two million barrels of oil equivalent, while maintaining high safety and uptime performance [4][28] Financial Performance - Directional revenue decreased by 17% year-on-year from US$6.1 billion in 2024 to US$5.1 billion in 2025, primarily due to lower Turnkey revenue [9][10] - Directional EBITDA also saw a 10% decline, from US$1.9 billion in 2024 to US$1.7 billion in 2025, largely driven by the Turnkey segment [11] - Profit attributable to shareholders fell by 25% to US$677 million, or US$3.91 per share, reflecting the decrease in Directional EBITDA [14] Operational Updates - The construction of three major projects is on track: FPSO Jaguar for ExxonMobil, FSO Chalchi for Woodside, and FPSO GranMorgu for TotalEnergies [5][23] - The company is well-positioned in the deepwater market with at least 16 FPSO prospects identified for the next three years [6] - Fleet uptime was reported at 99.1%, indicating strong operational reliability [28] Strategic Initiatives - SBM Offshore is advancing its sustainability efforts, achieving approvals for FPSO designs that integrate carbon capture technology, aiming for an 80% reduction in GHG emissions [7][37] - The company signed a memorandum of understanding with Veolia to develop innovative floating desalination units, addressing global water scarcity [42] - Strategic collaborations with Cognite and SLB are being leveraged to optimize asset lifecycle management and enhance operational efficiency [4][40] Shareholder Returns - The company revised its dividend policy to include semi-annual payments, with a proposed US$200 million aggregate dividend for 2025 and 2026 [44][45] - The total cash return to shareholders is expected to reach a minimum of US$2.1 billion over the next six years [3][45] Guidance - For 2026, SBM Offshore projects Directional revenue of approximately US$6.5 billion and Directional EBITDA of around US$1.8 billion [47]

BKV (NYSE:BKV) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsBetty Jiang - Managing Director of US Integrateds and E&Ps Equities ResearchChris Kalnin - CEODavid Tameron - CFOEric Jacobsen - President of UpstreamJacob Roberts - DirectorJonathan Mardini - Equity Research AssociateMichael Furrow - VP of PEP ResearchMichael Hall - VP of Investor RelationsMichael Scialla - Managing DirectorPhu Pham - Equity Research AssociateScott Gruber - Director of Oilfield Services and Equipment Res ...

BKV (NYSE:BKV) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker8Good morning, everyone, and welcome to BKV's fourth quarter and full year 2025 earnings conference call. As a reminder, today's call is being recorded, and at this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. I would now like to turn the call over to Mr. Michael Hall, Vice President of Investor Relations. Please go ahead.Speaker6Thank you, operator. Good mo ...

Core Insights - FuelCell Energy (FCEL) is strategically focusing on the convergence of distributed power, carbon capture, and hydrogen production in response to stricter emissions regulations and increasing electricity demand [1] - The company has partnered with ExxonMobil to enhance its carbonate fuel cell technology for carbon capture from industrial exhaust while generating lower-carbon electricity, heat, and hydrogen [1][4] Carbon Capture Technology - Laboratory tests with ExxonMobil have demonstrated carbon capture rates exceeding 90%, with a pilot project scheduled for 2026 at ExxonMobil's Rotterdam facility to validate the technology in real-world conditions [2] - FuelCell Energy's integrated approach captures carbon dioxide during the electrochemical process, improving efficiency and enabling multiple revenue streams, while also reducing nitrogen oxide emissions by approximately 70% when treating industrial exhaust [3] Collaboration and Development - The ongoing collaboration with ExxonMobil showcases the potential of the technology to reduce emissions in carbon-intensive industries without compromising power output [4] - FuelCell Energy is also developing internal carbon recovery solutions that can be integrated into new installations or retrofitted into existing systems, allowing for a gradual reduction in carbon intensity [4] Hydrogen Production Opportunities - The company is expanding its hydrogen production capabilities, with significant advancements in solid oxide electrolysis testing at Idaho National Laboratory, where its system became the largest electrolyzer tested at the site [5] - The Tri-gen project with Toyota at the Port of Long Beach exemplifies FuelCell Energy's hydrogen capabilities, producing electricity, hydrogen, and usable water from a single installation [6] Market Performance - Shares of FuelCell Energy have increased by over 100% in the past six months, outperforming the industry [7]

Core Insights - Halliburton Company has launched the XTR CS injection system, a wireline-retrievable safety valve designed specifically for CO2 injection, aligning with the global expansion of carbon capture, utilization, and storage (CCUS) projects [1][12][13] Group 1: Product Features - The XTR CS injection valve is engineered for harsh CCUS environments, capable of operating under ultra-low temperatures and ensuring dependable flowback prevention [2] - Unlike traditional valves, the system eliminates reliance on hydraulic control systems, enhancing long-term integrity and minimizing potential leak paths, which is crucial for carbon storage projects [3] - The valve's wireline-retrievable design allows it to be deployed as a primary safety valve and a fluid-flowback prevention device, simplifying operations [5] - Its depth-insensitive design facilitates installation at any wellbore point, reducing operational complexity and supporting streamlined inventory management [6] - The valve is designed for high injection rates, low pressure drops, and compliance with API 14A standards, with features that extend operational life and reduce wear [7][11] Group 2: Qualification and Reliability - The "CS" designation indicates Halliburton's rigorous qualification standards, ensuring the valve's operational integrity in harsh CCUS environments [9] - The system is built to withstand thermal and mechanical stresses associated with sustained CO2 injection, reinforcing its reliability [9] Group 3: Industry Positioning - The launch of the XTR CS injection system highlights Halliburton's commitment to advancing low-carbon completion technologies and its strategic shift towards innovation-driven growth in the energy services sector [4][12] - As CCUS projects scale globally, the emphasis on well integrity and equipment longevity positions Halliburton to support operators seeking reliable CO2 injection technologies [12][13]

Financial Data and Key Metrics Changes - The operating EBITDA for Q4 2025 was negative $20 million, an improvement of $8 million compared to Q3 2025, primarily due to stable production and the One Goal One Hundred program, despite market headwinds [3][4] - The consolidated net loss for Q4 2025 was $309 million, or $4.61 per share, compared to a net loss of $81 million, or $1.21 per share in Q3 2025 [13] - Total non-cash impairment charges for the quarter amounted to $260 million, or $3.22 per share, largely due to the ongoing weakness in the hardwood pulp market [3][4] Business Line Data and Key Metrics Changes - Both the pulp and solid wood segments reported negative quarterly EBITDA of $11 million in Q4 2025 [4] - Pulp sales volumes increased by 20,000 tons to 472,000 tons, while pulp production remained stable at 460,000 tons [7][20] - Lumber production decreased by about 6% to 109 million board feet, with sales volumes dropping to 103 million board feet, a decrease of about 7% from Q3 2025 [10][22] Market Data and Key Metrics Changes - Softwood sales realizations decreased to $702 per ton, down from $728 per ton in Q3 2025, while North American NBSK list prices averaged $1,568 per ton, a reduction of about $132 from Q3 [5][6] - The average net price for eucalyptus hardwood in Q4 was $540 per ton, an increase of $37 from Q3, while hardwood sales realizations remained flat at $528 per ton [6][20] - The average price gap between softwood and hardwood pulp in China narrowed to approximately $130 per ton [6] Company Strategy and Development Direction - The company is focusing on strategic initiatives to return the Peace River mill to profitability, including expanding softwood pulp production and exploring government support for energy generation [4][15] - The One Goal One Hundred program aims to improve profitability by $100 million by the end of 2026, with approximately $30 million in cost savings realized in 2025 [12][14] - The company is transitioning from hardwood to softwood production at the Peace River mill, aiming for a 50/50 split by the end of 2026 [50] Management's Comments on Operating Environment and Future Outlook - Management noted that ongoing market headwinds and trade uncertainties are impacting operational performance, but underlying performance has improved quarter-over-quarter [14][20] - The company expects modest price improvements for NBSK and NBHK in Q1 2026, while trade uncertainty continues to affect supply-demand dynamics [20][22] - Management expressed confidence in the mass timber business as a growth engine, with expected revenues of over $120 million in 2026 [25][27] Other Important Information - The company reported an improvement in aggregate liquidity of over $54 million to $430 million, attributed to working capital management and cost reduction activities [12] - Planned capital expenditures for 2026 are expected to be between $60 million and $80 million, focusing on maintenance and environmental projects [28] Q&A Session Summary Question: Can you say how much headroom that you have under any of your maintenance covenants as of December thirty-first? - Management indicated comfort with being well under the covenants at the end of the quarter, but expects them to tighten as the year progresses due to a weak outlook [32] Question: Any thoughts on asset recycling opportunities to expedite potential deleveraging of the balance sheet? - Management is analyzing asset sales or restructuring as part of their debt reduction plans, but noted that current market conditions are not favorable for claiming reasonable value for assets [43] Question: Is there any thought to potentially closing the Peace River mill? - Management clarified that they are focused on transitioning the mill from hardwood to softwood production, which is expected to enhance profitability [50] Question: Any updates on the extension of your two RCFs? - Management stated that discussions with lenders are ongoing and are expected to conclude before the end of Q2 2026 [75][78] Question: How do you see the outlook for the market, particularly regarding softwood pulp? - Management acknowledged significant supply disruptions and indicated potential upward pressure on prices for both hardwood and softwood due to recent developments in Indonesia [59][60]

Mercer International Inc. Transforming biomass into bioproducts for a more sustainable world Q4 2025 Earnings Call February 13th, 2026 Juan Carlos Bueno – President & CEO Richard Short – CFO, Executive VP & Secretary Forward-looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements For more information regarding these risks and uncertainties, review Mercer's filings with the United States Securities and Exchange Commission Unless required ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net income of $11.9 million, or $0.17 per diluted share, compared to a net loss of $54.9 million, or -$0.86 per diluted share in Q4 2024 [12] - Adjusted EBITDA for Q4 2025 was $49.1 million, an improvement of over $67 million compared to Q4 2024's adjusted EBITDA of -$18.2 million [7][13] - Revenue for Q4 2025 was $428.8 million, down 26.6% year-over-year, primarily due to the sale of the Obion plant and idling of the Fairmont facility [14] Business Line Data and Key Metrics Changes - The production capacity for plants, excluding Fairmont, was increased to 730 million gallons per year, a 10% increase from the previous capacity [5] - The startup of CO2 compression equipment at three Nebraska plants was highlighted, with carbon capture now fully operational [7] Market Data and Key Metrics Changes - Ethanol margins remained resilient in Q4 2025, supported by strong domestic blending and export demand [20] - Ethanol exports set a record last year, and demand is expected to increase again in 2026 [21] Company Strategy and Development Direction - The company is focusing on five strategic priorities: improving energy efficiency, evaluating carbon sequestration opportunities, expanding facilities, increasing grain storage, and balancing capital structure [24] - The company aims to capitalize on carbon decarbonization programs and operational excellence while maintaining a disciplined hedging strategy [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational execution and the potential for carbon-related earnings, projecting at least $188 million of adjusted EBITDA from carbon initiatives in 2026 [8][9] - The company is optimistic about the ethanol market, citing strong bipartisan support for biofuels and favorable policy developments [9][10] Other Important Information - The company refinanced a majority of its 2027 convertible notes with a new $200 million convertible note due in 2030 [13] - The company has a federal net operating loss balance of $2,260.2 million, providing future tax efficiency [18] Q&A Session Questions and Answers Question: Interest in 2026 45Z credits - Management is actively marketing the 2026 45Z credits and is confident in the platform's ability to deliver credits going forward [28] Question: Cash flow from operations vs. EBITDA - The lower cash flow from operations was due to not fully receiving cash from carbon earnings, with a portion expected in Q1 [34] Question: Q1 ethanol EBITDA outlook - The company expects a better position compared to the previous year, with operational efficiency and favorable market fundamentals [36] Question: Clarification on carbon efficiency projects - The $5-$10 million efficiency projects are separate from the $15-$25 million in capital expenditures for maintenance [46] Question: CI score and on-farm practices - The company is optimistic about capturing value from on-farm practices, which could positively impact the CI score [54]

Core Insights - Essar Oil and Gas Exploration & Production (EOGEPL) plans to invest $100 million (Rs 9.15 billion) in a new drilling initiative at its Raniganj East coal bed methane (CBM) block in West Bengal, India, aiming to enhance natural gas production from the largest CBM-producing site in India [1][2] Investment and Development Plans - The new drilling program represents the next phase of development at Raniganj East, focusing on introducing pilot projects for horizontal CBM wells [2] - Raniganj East is estimated to have approximately four trillion cubic feet of in-place CBM resources, with existing infrastructure capable of handling up to three million standard cubic meters per day (mscm/d) of gas, which the new investment will help expand [2] Historical Investment and Future Potential - EOGEPL has invested over Rs 60 billion in developing the Raniganj East CBM block, including drilling 454 wells and constructing more than 350 km of pipeline infrastructure [3] - The company has spent an additional Rs 6 billion to drill around 100 wells, all of which are now in production [3] - Technical studies with IIT Bombay and the University of Utah have identified hydrocarbons and favorable geo-mechanical conditions for potential shale gas development in the Raniganj area [3] Strategic Goals and Industry Context - India's initiative to increase domestic gas production aims to reduce dependency on imports while promoting city gas networks and industrial usage, particularly in coal-rich regions like Raniganj [4] - EOGEPL plans to increase production to around 5 mscm/d by 2028 through a combination of incremental CBM drilling, improved recovery techniques, and potential shale development [4] - In January 2024, Essar Oil UK partnered with Elessent Clean Technologies to develop an industrial carbon capture facility at Stanlow, UK, indicating a broader commitment to sustainable practices [4]