Financial Data and Key Metrics Changes - In 2025, the company achieved a record-high EBITDA of $5 billion, marking the highest in the last 10 years and the third largest in company history, despite a 15% contraction in Brent prices [5][10] - Annual revenues totaled $18.4 billion, reflecting a modest decline of 4% compared to the previous year, primarily due to the significant drop in Brent prices [10][11] - Adjusted EBITDA increased by 8% in 2025, with the EBITDA margin growing from 24% in 2024 to 27% in 2025 [11][12] - Free cash flow returned to positive territory in Q4 2025 at $261 million, driven by operational performance and proceeds from asset sales [13] Business Line Data and Key Metrics Changes - Shale oil production grew by 42% year-on-year in December 2025, reaching 204,000 barrels per day, exceeding the target of 190,000 barrels per day [6][23] - Conventional oil production averaged 90,000 barrels per day in 2025, a 32% decline compared to 2024, with Q4 production dropping to 68,000 barrels per day [23][24] - The midstream and downstream segments achieved record-high operational results, with refinery utilization rates reaching almost 100% in Q4 2025 [7][12] Market Data and Key Metrics Changes - Vaca Muerta shale reserves expanded by 32% in 2025, now accounting for 88% of total peak oil reserves, with a reserve replacement ratio of 3.2 times and a reserve life of 9 years [7][29] - The company maintained a solid 56% market share in domestic gasoline and diesel sales, which increases to 60% when including third-party gas stations [38] Company Strategy and Development Direction - The company is focused on becoming a leading shale integrating company and a significant shale exporter, with a strategic shift towards unconventional operations [10][44] - Significant steps were taken in the development of the LNG project, with a commitment from international partners and a competitive LNG breakeven price positioning YPF for future leadership in the global LNG market [9][40] - The company executed a series of M&A transactions to enhance its portfolio, including acquiring world-class blocks in Vaca Muerta and divesting conventional assets [8][31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational year of 2025, emphasizing resilience and operational discipline despite volatile pricing environments [5] - The company expects to target shale oil production of approximately 215,000 barrels per day in 2026, with an exit rate of around 250,000 barrels per day [44] - The outlook for adjusted EBITDA in 2026 is estimated to range between $5.8 billion and $6.2 billion, driven by a strategic shift in production mix and efficiency programs [44] Other Important Information - The company successfully raised $3.7 billion in new funding during 2025, demonstrating strong market access and credibility [10][18] - Safety performance improved significantly, achieving a frequency rate of 0.09 accidents per million hours worked [14] Q&A Session Summary Question: Production targets and operational bottlenecks - Management expects to deliver between 200,000 to 210,000 barrels per day in the first half of 2026, with infrastructure improvements needed for higher production [48][49] Question: Well productivity and drilling inventory - YPF maintains a leading position in well productivity, with significant cost reductions achieved through competitive bidding processes [50][51] Question: Free cash flow profile and concentration - The company anticipates a neutral to slightly negative free cash flow position for 2026, influenced by CapEx and M&A activities [53][62] Question: Conventional asset investments and lifting costs - Management aims to exit conventional production entirely by the end of 2026, with expected lifting costs decreasing to around $7 per barrel [66][68]

YPF (NYSE:YPF) Q4 2025 Earnings call February 27, 2026 09:00 AM ET Company ParticipantsAndres Cardona - DirectorBruno Montanari - Executive DirectorDaniel Guardiola - Executive DirectorHoracio Marín - Chairman and CEOMargarita Chun - IR ManagerMaximiliano Westen - VP Strategy of Business Development and ControlNicolas Barros - Equity Research AssociatePedro Kearney - VP of FinanceConference Call ParticipantsGeorge Gasztowtt - Equity Research AnalystGuilherme Martins - Equity Research AnalystMatías Cattaruzz ...

Performance in 2025 was impacted by elevated medical cost trends, specifically a step-up in inpatient volume and several discrete multimillion-dollar claims in the third quarter. Management is executing a strategic pivot that prioritizes economic sustainability over membership growth, leading to the intentional exit of unprofitable payer contracts. The company is migrating certain markets to care coordination fee models to reduce downside risk while maintaining a long-term path to full-risk arrangemen ...

This story was originally published on WardsAuto. To receive daily news and insights, subscribe to our free daily WardsAuto newsletter. Lucid Motors on Tuesday told investors it needs to shore up its margins and leverage autonomy better if it's to succeed as a company. Despite continued losses and hundreds of U.S. layoffs last week, the EV maker argued that its $4.6 billion in liquidity gives it flexibility to fund its operations through the first half of 2027. Lucid aims to scale up Gravity SUV producti ...

Core Insights - Transocean Ltd. reported a strong financial performance for 2025, achieving a full-year adjusted EBITDA of $1.37 billion, reflecting a ~20% year-on-year increase [1] - The company is undergoing a strategic expansion with the acquisition of Valaris, expected to generate over $200 million in cost synergies and create a pro forma combined backlog of nearly $11 billion [1] Financial Performance - The adjusted EBITDA for 2025 was $1.37 billion, marking a ~20% increase compared to the previous year [1] - Transocean successfully removed $100 million in costs during 2025 and aims for an additional $150 million in reductions for 2026 [2] Strategic Initiatives - The acquisition of Valaris is a key strategic move, anticipated to enhance operational efficiencies and financial performance [1] - Management plans to reposition assets from lower-demand markets like the US Gulf to higher-demand regions in Africa and Asia [2] Market Outlook - The outlook for late 2026 and 2027 is positive due to rising exploration budgets and increased tendering activity [3] - However, the company faces near-term challenges, including potential idle time for specific rigs and prolonged negotiations with Petrobras [3] - Leadership remains confident in the cyclical recovery of offshore drilling, noting an increase in rig years awarded for larger development projects [3]

UFP Industries (NasdaqGS:UFPI) Q4 2025 Earnings call February 24, 2026 09:00 AM ET Speaker5Good day, and welcome to the UFP Industries 4th quarter and full year 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw you ...

EnQuest exceeded its 2025 production guidance and reduced costs below forecast, while guiding broadly stable to slightly lower output in 2026 following weather-related disruptions in the UK North Sea. The independent upstream producer reported average 2025 production of 45,606 barrels of oil equivalent per day (boepd), above its 40,000–45,000 boepd guidance range. Asset uptime reached 89%, placing performance at the upper end of sector benchmarks. Pro forma 2025 expenditures were approximately 4% below ...

Wanblad reiterated expectations for completion about 12–18 months from the announcement, putting the estimated closing window between September 2026 and March 2027. He also said a $4.5 billion special dividend is expected to be payable to Anglo American shareholders of record around completion. When asked about U.S. approvals, Wanblad said all required approvals applied for have been received, with only South Korea and China outstanding.Anglo American also described progress toward its proposed merger with ...

A bitter taste in the world of chocolate. Brad Reese, the grandson of the inventor of the iconic Reese's Peanut Butter Cups, posting an open letter to Hershey on LinkedIn, saying it is quietly replacing the very ingredients that built Reese's trust in the first place. Some experts say it has to do with cost.The price of cocoa skyrocketed over the past two years due to climate impacts in West Africa, and that caused some brands to swap in different ingredients. Now, Reese telling the AP he recently threw out ...

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The company expects natural gas throughput to remain flat year-over-year in 2026, with crude oil and NGL throughput declining by low- to mid-single digits [26] - The Delaware Basin is anticipated to be the primary driver of throughput growth, despite expected declines in the DJ and Powder River Basins [40] Company Strategy and Development Direction - The company aims for mid- to low-single-digit Adjusted EBITDA growth in the long term, supported by producers' development plans and undrilled inventory on serviced acreage [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's produced water solutions capabilities [10][16] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility affecting producer activity levels, particularly in the Delaware Basin [5][7] - The company remains confident in its long-term growth strategy despite a transition year in 2026, with stable long-term contract structures supporting financial stability [9][10] Other Important Information - The capital expenditure program for 2026 has been reduced to a midpoint of $925 million, down from at least $1.1 billion, reflecting a disciplined approach to capital allocation [9][40] - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with 85% expected to be realized by the end of Q1 2026 [17] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that the strategy remains unchanged, focusing on capital deployment to sustain or grow distributions, with a preference for M&A opportunities that offer synergies [52][56] Question: Can you elaborate on the Waha pricing situation? - Management indicated that new egress solutions expected in the second half of the year should help alleviate pricing volatility, and they are working with customers to find commercial solutions [58][59] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with core business growth projected at 2%-3% over time [70]