At the end of 2025, American households were collectively sitting on $18.8 trillion in aggregate debt, according to the Federal Reserve Bank of New York (1). Meanwhile, 87% of U.S. adults surveyed by Talker Research said the lack of affordability for basic essentials has hit “crisis” levels in America, and nearly half (46%) of these respondents expect the crisis to get worse in 2026 (2). Must Read Simply put, many families are struggling to make ends meet and are borrowing at a staggering pace to plug ...

He also detailed the intended use of proceeds: the company plans to repay the term loan used to fund the cash portion of the NuVista acquisition, repay its 2028 notes, and then apply remaining proceeds to the credit facility and commercial paper balance. After those repayments, the company expects its remaining long-term debt to have no maturities before 2030.McCracken said Ovintiv expects the Anadarko sale to close early in the second quarter. After closing, he expects net debt to be roughly $3.6 billion, ...

A married couple in Montreal is staring down 1.8 million Canadian dollars ($1.3 million) in total debt while expecting their second child. The 35-year-old husband works as a nurse and says their household income is about CA$110,000 to CA$120,000 a year before taxes, yet CA$22,000 went out in a single month once he finally built a real budget. That financial breaking point prompted him to share the situation on “The Ramsey Show.” “I had my aha moment,” he said. “I don't know what exactly to do.” ‘The Hou ...

Core Viewpoint - Occidental Petroleum's strong fourth-quarter earnings report has led to a significant increase in its stock price, reflecting positive investor sentiment and confidence in the company's financial health [1]. Financial Performance - Occidental's stock price increased by over 9% following the earnings report, closing at $51.57 with a market capitalization of $46 billion [4]. - The company produced an average of 1,481 thousand barrels of oil equivalent per day in the fourth quarter, supported by robust performance in its Permian and Rockies operations [5]. - Despite a decline in realized crude oil and natural gas prices, Occidental generated substantial cash flow, with operating cash flow at $2.6 billion and free cash flow at $1 billion [6]. Strategic Actions - Occidental completed the sale of its chemical manufacturing business, OxyChem, on January 2, which allowed the company to reduce its debt by $5.8 billion since mid-December [3]. - The company has increased its quarterly dividend by 8% to $0.26 per share, with the dividend payable on April 15 to shareholders of record as of March 10 [3]. Market Metrics - The stock's trading range for the day was between $49.67 and $52.22, with a 52-week range of $34.78 to $52.58 [5]. - The company has a gross margin of 33.46% and a dividend yield of 2.04% [5].

Industrial: Same-property NOI decreased 9% in Q4 and fell 3.7% for the year. Industrial occupancy declined to 90.7% at Dec. 31, 2025, from 98.9% a year earlier.Retail: Same-property NOI rose 4.4% in Q4 and 6.7% for the full year, driven by occupancy gains at River Landing and “Forex,” according to Froom.Office: Same-property NOI increased 1.5% for both Q4 2025 year-over-year and full-year 2025 versus 2024. Office occupancy was 96% at Dec. 31, 2025, with an average remaining lease term of 5.2 years. Froom sa ...

Financial Data and Key Metrics Changes - The company recorded $1.4 billion in group property EBITDA for the full year of 2025, growing by 17% compared to 2024 [3] - Group-wide adjusted property EBITDA for Q4 2025 grew 12% year-over-year to approximately $331 million [6] - Macau property EBITDA grew 24% year-over-year in Q4 and 25% for the full year compared to 2024 [3] Business Line Data and Key Metrics Changes - In Macau, the company focused on enhancing customer experience, leading to significant EBITDA growth [3] - City of Dreams Mediterranean and satellite casinos in Cyprus achieved 78% year-over-year growth in property EBITDA to $21 million for Q4 2025 [5] - The Philippines faced competitive pressures, but positive developments such as visa-free travel for Chinese nationals were noted [4] Market Data and Key Metrics Changes - Macau market GGR was up by 24% year-over-year, with an increase in market share observed in early 2026 [3] - The company expects Macau daily operating expenses to rise to approximately $3.2 million in Q1 2026 due to increased marketing activities [8] Company Strategy and Development Direction - The company plans to implement new initiatives in 2026, including the opening of the renovated Countdown Hotel, expected to set a new benchmark in Macau [4] - A revamp of the retail area at COD and upgrades to food and beverage offerings are also in the pipeline [4] Management's Comments on Operating Environment and Future Outlook - Management noted that competition in Macau remains intense but is expected to stabilize [21][26] - The company is confident in its ability to manage operating costs and maintain EBITDA margins throughout 2026 [27] Other Important Information - The company had available liquidity of approximately $2.4 billion and consolidated cash on hand of approximately $1.2 billion as of the end of 2025 [8] - Total CapEx for 2026 is projected at $450 million, with significant investments in the Countdown Hotel and other properties [33] Q&A Session Summary Question: Impact of House of Dancing Water on visitation and revenue - Management noted a meaningful uptick in property visitation since reopening the show, driving additional spending across non-gaming segments [15][16] Question: Competitive intensity in Macau and EBITDA margin expectations - Management acknowledged intense competition but expressed confidence in maintaining margins due to disciplined cost management [21][27] Question: Clarification on operating expenses related to non-recurring items - Management quantified additional bad debt at approximately $5 million and anniversary-related expenses at about $6 million for the quarter [31] Question: CapEx breakdown for major projects - Total CapEx for 2026 is $450 million, with $375 million allocated to Macau and significant funds for the Countdown Hotel [33]

Core Insights - Taxpayers can anticipate larger-than-usual refunds for the 2025 tax year due to provisions in the One Big Beautiful Bill Act (OBBBA) [2] Tax Cuts Under OBBBA - Maximum child tax credit increased by $200 [7] - Standard deduction raised by $750 for single filers and $1,500 for joint filers [7] - State and local tax (SALT) deduction cap increased to $40,000 for taxpayers earning less than $500,000 annually [7] - New $6,000 additional deduction for seniors, phasing out for incomes over $75,000 (or $150,000 for joint filers) [7] - New $10,000 auto loan interest deduction, phasing out for incomes over $100,000 (or $200,000 for joint filers) [7] - New deduction for up to $25,000 in tip income, phasing out for incomes over $150,000 ($300,000 joint) [7] - New deduction for up to $12,500 in overtime income ($25,000 for joint filers), phasing out for incomes over $150,000 ($300,000 joint) [7] Financial Recommendations for Tax Refunds - Paying down debt, especially high-interest credit card debt, is recommended as the best use of tax refunds [3][5] - The average credit card balance in the U.S. was $5,595 per cardholder as of Q2 2025, while the average federal tax refund last year was $3,116, indicating that refunds can significantly reduce debt [4] - Building up an emergency fund is advised, ideally covering three to six months of essential expenses [6]

Core Insights - Hess Midstream reported a decrease in costs and expenses by approximately $7 million, attributed to lower allocations and seasonal maintenance activity, while the gross adjusted EBITDA margin remained strong at around 83% [1] - The company experienced a decline in total revenues by about $19 million, primarily due to severe winter weather and lower third-party volumes [1] - For full-year 2025, net income was approximately $685 million, with adjusted EBITDA increasing by about 9% from 2024 [2] Financial Performance - In Q4 2025, net income was $168 million, down from approximately $176 million in Q3, while adjusted EBITDA was $309 million compared to approximately $321 million in Q3 [2] - Full-year 2025 adjusted EBITDA was reported at $1,238 million, with average volumes for gas processing at 445 million cubic feet per day, crude terminaling at 129,000 barrels per day, and water gathering at 131,000 barrels per day [3] Capital Expenditures - The company is entering a period of significantly lower capital spending, with 2026 capital expenditures expected to be around $150 million, a reduction of approximately 40% compared to 2025 [5] - Q4 2025 capital expenditures were approximately $47 million, reflecting lower activity and completion of the compression buildout [6] - Future capital spending is projected to decline further to less than $75 million per year in 2027 and 2028 [7] Volume and Revenue Guidance - Management expects first-quarter 2026 volumes to be lower due to ongoing severe winter weather, but anticipates seasonal volume growth throughout the year [9] - For full-year 2026, net income guidance is set at $650 million to $700 million, with adjusted EBITDA expected to be flat at the midpoint compared to 2025 [11] - Approximately 95% of 2026 revenues are covered by minimum volume commitments (MVCs), providing significant revenue protection [11] Free Cash Flow and Shareholder Returns - The company targets a gross adjusted EBITDA margin of approximately 75% in 2026 and expects to generate adjusted free cash flow of $850 million to $900 million [12] - After funding a targeted 5% annual distribution growth, the company anticipates excess adjusted free cash flow of about $210 million for shareholder returns and debt repayment [12] - Long-term projections through 2028 indicate a 5% annualized growth in net income and adjusted EBITDA, supported by gas volume growth and lower operating costs [13] Operational Efficiency - Integration with Chevron has optimized midstream and upstream investments, reducing the need for overbuilding and capital expenditures [8] - The company is focused on maintaining a leverage ratio below 3x as EBITDA grows, with a conservative approach to funding shareholder returns from free cash flow [15]

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January 2026 DIVERSIFIED OIL & GAS PRODUCER FOCUSED ON LONG TERM VALUE CREATION www.grantierra.com GENERAL ADVISORY The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. You are encouraged to conduct your own analysis and review of Gran Tierra Energy Inc. ("Gran Tierra", "GTE", or the "Company") and of the information contained in this presentation. Without limitation, you should read the entire record of publicly filed docum ...