Summary of U.S. Energy Conference Call Company Overview - **Company**: U.S. Energy - **Industry**: Energy, specifically focusing on helium, CO2, and oil production - **Market Cap**: Approximately $40 million [2] Key Points and Arguments Asset Base and Development - U.S. Energy has a significant asset base in Montana, with a potential production life exceeding 50 years, possibly extending to 150 years due to the resource size [2] - The company controls 1.3 billion cubic feet of helium and 440 billion cubic feet of CO2, along with a large proven oil basin, all fully owned and operated [3] - Initial development project (Phase One) is valued at $92 million with a 45Q tax credit over the first 12 years [3] Revenue Generation - Expected to produce 125,000 metric tons of utilized and sequestered CO2 annually, monetized at $85 per ton, leading to low 8-figure annual revenue [4] - Projected EBITDA run rate of $15 million per year, with a positive economic profile as the project develops [5] - The company has 170+ permitted Class II injection wells, facilitating helium production of about 12 million cubic feet per year [6] Market Position and Competitive Advantages - U.S. Energy is positioned as a first mover in a large emerging market, with significant growth potential projected in the carbon management sector [9] - The company benefits from low decline production rates and a diversified revenue stream from helium, CO2, and oil, which lowers operating costs [8] - The helium market is critical for aerospace, chip manufacturing, and medical devices, indicating strong demand [10] Infrastructure and Permitting - The company has a well-established infrastructure with major rail lines and interstate access, enhancing market access for its products [14][22] - Over 90% of necessary permits for the Big Sky Carbon Hub are completed, with approvals expected by summer 2026 [15][16] Financial Valuation - Currently trading at approximately 2.5x enterprise value to 2027 estimated EBITDA, significantly below the market valuation of similar projects, which range from 7-12 times [6][7] - The company anticipates a substantial increase in profitability as it moves towards monetization, with a projected EBITDA growth to the low 20s millions [20][21] Future Catalysts - Near-term catalysts include executing long-term helium offtake agreements, initiating plant construction, and completing infrastructure projects [25] - The company is exploring M&A opportunities for synergistic partnerships to enhance growth [28] Additional Important Information - The company has invested $22 million of its own capital into the project, indicating strong commitment and confidence in its success [5] - The helium production process is capital-intensive but has low operating costs, with revenues expected to grow modestly as production scales [30][32] - U.S. Energy's unique asset and operational structure provide a significant competitive moat in the industry [12] This summary encapsulates the critical aspects of U.S. Energy's conference call, highlighting its strategic positioning, financial outlook, and growth potential in the energy sector.

Questerre Energy (OTCPK:QTEY.F) Update / briefing February 26, 2026 10:00 AM ET Company ParticipantsBjorn Inge Tonnessen - Chairman of the BoardHans Jacob Holden - Independent DirectorMichael Binnion - President and CEO and Founding ShareholderNone - Company RepresentativeMichael BinnionMichael Binnion.Bjorn Inge TonnessenHello.Michael BinnionOkay. One minute after four, right? I think we can start. Well, welcome, and I think we have quite a few people that are watching online as well. I'm not sure where th ...

Achieved 8% exit-to-exit organic production growth in 2025 by leveraging AI and data-driven optimization to manage mid-tenured shale assets efficiently. Successfully integrated the Bedrock acquisition, which expanded the Barnett footprint and provided 'torque' through higher-than-underwritten inventory and refrac candidates. Maintained a 'fortress balance sheet' with 0.9x net leverage while fully funding all capital investments across business lines through operational cash flow. Advanced the 'close ...

Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, an increase of over $800 million year-over-year, representing a 20% growth compared to 2024 [8][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% for the year, adding over 600 million cubic feet per day [8] - NGL transport volumes increased by almost 170,000 barrels per day, while fractionation volumes averaged a record 1.14 million barrels per day [8][18] - LPG export volumes averaged 13.5 million barrels per month [18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [15] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day [18] Company Strategy and Development Direction - Targa plans to continue investing in growth capital, with an estimated $4.5 billion in growth capital spending for 2026 [23] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [12][24] - Targa's strategy remains centered on executing core projects with strong returns along its integrated value chain [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026, supported by strong producer relationships and commercial success [9][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][42] - Management acknowledged the volatility in natural gas prices at Waha but remains optimistic about long-term growth prospects [17][93] Other Important Information - The company is in an elevated growth capital environment, with several new processing plants and fractionators planned for the coming years [11][10] - Targa's net consolidated leverage ratio was approximately 3.5 times at year-end, well within the long-term target range of 3-4 times [22] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted the strong footprint across Delaware and Midland, strong producer relationships, and commercial success as key drivers for resilience in growth outlook for 2026 [30][31] Question: CapEx increase and growth expectations - Management explained the increase in CapEx is driven by new plants and field capital to support existing contracts and commercial success [33][34] Question: Durability of commercial success - Management stated that even without significant new commercial success, strong growth is expected from existing dedicated acreage [44][45] Question: Waha price outlook and impact on ethane recovery - Management indicated that while Waha prices may fluctuate, the overall recovery in the Permian is expected to continue, with no significant headwinds anticipated for ethane recovery [93] Question: Marketing opportunities for 2026 - Management noted that while there may be bumpy conditions in Waha pricing, they remain well-positioned to capture marketing opportunities as they arise [62][63]

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 company reported a consolidated net loss of $309 million for Q4 2025, or $4.61 per share, which included non-cash impairments totaling approximately $239 million [12][3] - Aggregate liquidity improved by over $54 million to $430 million, consisting of about $187 million in cash and $243 million in undrawn revolvers [11] 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][19] - Lumber production decreased by about 6% to 109 million board feet, with sales volumes dropping to 103 million board feet, a decline of about 7% from Q3 2025 [9] 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 [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] - 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 [11][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 [47] 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 [13][14] - The company expects modest price improvements for NBSK and NBHK in Q1 2026, while trade uncertainty continues to affect supply-demand dynamics [19] - Management expressed confidence in the mass timber business as a growth engine, with expected revenues of over $120 million in 2026 [25][26] Other Important Information - The company plans to maintain a capital expenditure budget of $60 million to $80 million in 2026, focusing on maintenance and environmental projects [27] - The company is actively lobbying against policies that prioritize wood for biofuel over higher-value wood products [80][81] Q&A Session Summary Question: Can you say how much headroom you have under any of your maintenance covenants as of December 31? - The company is comfortable that it is well under the covenants at the end of the quarter, but expects them to tighten as the year progresses [30] Question: Any thoughts on asset recycling opportunities to expedite deleveraging? - The company is analyzing asset sales or restructuring but acknowledges that current market conditions are not favorable for claiming reasonable value [40] Question: Is there any thought to potentially closing the Peace River mill? - The company is focused on transitioning from hardwood to softwood production at the Peace River mill and is working on energy projects to support profitability [47][48] Question: What are the expectations around working capital for this year? - The company expects a modest cash outflow from working capital in 2026 [51] Question: How do you see the outlook for the market, particularly for softwood pulp? - Recent developments in supply disruptions may indicate potential upward pressure on prices for both hardwood and softwood [56][58]

Core Insights - Worley has secured a contract from Samsung C&T Corporation for detailed engineering services related to a CO₂ sequestration project in Qatar, aiming to permanently store approximately 4.3 million tonnes per annum (mtpa) of CO₂ [1][2] Group 1: Project Details - The engineering work will be conducted from Worley's office in Qatar, with support from its Global Integrated Delivery center in India and technical teams in Australia [2] - The QatarEnergy LNG CO₂ sequestration project is part of regional efforts to reduce greenhouse gas (GHG) emissions through permanent CO₂ storage [2] Group 2: Company Statements and Future Projects - Worley CEO Chris Ashton expressed pride in the collaboration with Samsung C&T, highlighting the company's capabilities in carbon capture, utilization, and storage (CCUS) [3] - In June 2025, Worley was selected by Glenfarne to provide engineering services and a final cost estimate for the Alaska LNG Pipeline project, which will support financial investment decisions [3] Group 3: Alaska LNG Pipeline Project - The Alaska LNG Pipeline project involves a 1,300 km natural gas pipeline from Alaska's North Slope to the southern coast near Anchorage, including a gas treatment facility and LNG import/export terminals [4] - The pipeline is expected to transport enough natural gas to meet local demand in Alaska while supplying the full 20 mtpa capacity of the export facility [4]

Core Viewpoint - U.S. Energy Corp. is advancing its Kevin Dome project into a scalable industrial gas and carbon management hub, focusing on helium production, CO2 recovery, and enhanced oil recovery, positioning itself at the intersection of energy security and environmentally responsible practices [1][2]. Key Milestones Accomplished - The company has aggregated approximately 80,000 net acres in Montana's Kevin Dome, with a third-party evaluation estimating 1.3 trillion cubic feet (Tcf) of CO2 and 2.3 billion cubic feet (Bcf) of helium [5]. - U.S. Energy has submitted the first Monitoring, Reporting, and Verification (MRV) plans in Montana, which, upon approval, could rank its project among the top 20 largest carbon capture projects in the U.S. [5]. - Three producing industrial gas wells are currently operational, expected to supply the initial processing facility for multiple years without additional drilling [5][6]. - The final engineering and design work for the processing facility has been completed, and an 80-acre plant site has been acquired, reducing execution risk [5]. Processing Facility and Infrastructure Update - The planned processing facility is designed for approximately 8.0 million cubic feet per day (MMcf/d) of inlet capacity, producing high-purity helium and refined CO2 for enhanced oil recovery [8]. - Installation of about 10 miles of in-field gathering pipelines is set to begin in Spring 2026, with completion targeted for Q3 2026 [9]. Expected Production and Commercialization - Initial operations are expected to yield approximately 12 million cubic feet of helium and 125,000 metric tons of refined CO2 annually [13]. - The company is in discussions with a global industrial gas company for a long-term helium offtake agreement, anticipated to be finalized in Q1 2026 [10]. Enhanced Oil Recovery on Legacy Assets - U.S. Energy plans to utilize refined CO2 in a large-scale enhanced oil recovery project at its Cut Bank oil field, leveraging favorable reservoir characteristics and existing infrastructure [11]. 2026 Catalysts and Investor Outreach Events - Key milestones anticipated in 2026 include executing a long-term helium offtake agreement, securing project-level financing, and completing gathering infrastructure [14]. - Upcoming investor outreach events include a non-deal roadshow on February 25-26, 2026, and participation in the Emerging Growth Virtual Conference on February 26, 2026 [14].

Permian Basin, Texas 4Q 2025 Earnings Call ExxonMobil January 30, 2026 1 Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, performance, earnings power, earnings growth at constant prices and margins, potential addressable markets, opportunities, ambitions, or results in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions of future carbon capture, transportation, and storage, as well as lower ...

Core Viewpoint - Exxon Mobil Corporation is a leading player in the energy sector, focusing on exploration, production, and sale of crude oil, natural gas, and petrochemicals, with a strategic emphasis on long-term growth and shareholder returns [1][4]. Price Target Summary - The consensus price target for Exxon Mobil has decreased from $142.56 to $138.25 over the past month, indicating a shift in analysts' optimism, although it remains relatively stable compared to a year ago at $137.11 [2][5]. Earnings and Market Sensitivity - Exxon Mobil's stock is influenced by oil price fluctuations, regulatory changes, and earnings reports, with upcoming fourth-quarter earnings expected to be challenged by softer crude prices impacting upstream earnings, but gains in refining and long-term asset value are anticipated to provide a positive outlook [3][4]. Future Projections - The company is projecting significant earnings and cash flow growth by 2030, which supports ongoing dividend increases and aligns with its strategic shift towards molecule management, carbon capture, and lithium, despite a recent downgrade from 'Buy' to 'Hold' by Morgan Stanley [4][5].

Core Insights - Angkor Resources Corp. is initiating additional exploration on its CZ Gold target located in Ratanakiri Province, Cambodia, following previous announcements regarding the gold prospect [1][2] Exploration Activities - The CZ Gold Prospect is situated on a steep hill with a 47-metre underground incline, where artisanal miners have conducted shallow channel sampling [2] - A trenching, sampling, assay, and analysis program will be conducted, starting at the top of the exit area, with the trench expected to be 80 metres long [3][4] - Farmers will be compensated for any loss or damage to their crops during the exploration activities [3] Additional Prospects - Plans are underway for a drill program on the Wild Boar gold prospect, located 3 kilometers east of the CZ target, where trenching has revealed quartz veins and expanded the gold anomaly to 1.5 by 1.2 kilometers [7] Company Overview - Angkor Resources Corp. is a public company listed on the TSX-Venture Exchange, focusing on mineral and energy solutions in Cambodia and Canada [9] - The company holds two mineral exploration licenses in Cambodia, with multiple prospects in copper and gold [9] - Angkor's energy subsidiary, EnerCam Resources Cambodia Co. Ltd., has an onshore oil and gas license covering over 4095 square kilometers in Cambodia [10]