聚焦能源系统革新，打造清洁降碳硬支撑。坚持走"多能互补、能碳一体"发展路子，提升新能源消纳能 力，截至2025年三季度，全市非化石能源消费占比达到28.4%。一是加力提速多元储能发展。全省装机 规模最大的文登抽水蓄能电站顺利投运，纳规总装机280万千瓦的3个抽水蓄能储备场址。国内首个百兆 瓦级飞轮储能调频电站在乳山成功并网，全市建成新型储能装机容量达46万千瓦，为清洁能源大规模消 纳提供可靠支撑。二是加力提速煤炭清洁高效利用。深入推进煤电行业转型升级，成功推动威海热电 2×66万千瓦热电联产项目全面开工建设，同时圆满完成全市小煤电机组关停任务。三是加力提速坚强 电网建设。主动适应高比例新能源外送和消纳需求，加快威海1000千伏特高压项目纳规进程，实施乳山 500千伏输变电等一批重点工程，在全省率先争取1.55亿元国债资金加力实施配电网改造，有效提升全 市网架支撑能力。 聚焦能源应用创新，夯实高质量发展硬保障。坚定贯彻"四个革命、一个合作"能源安全新战略，以改革 创新精神提升能源治理效能。一是以链条思维促优产业发展。坚持以资源禀赋吸引龙头开发企业，以龙 头开发企业拓展装备制造产业，不断培育壮大新能源产业集群，集 ...

Financial Data and Key Metrics Changes - TransAlta reported Adjusted EBITDA of CAD 1.1 billion and Free Cash Flow of CAD 450 million, or CAD 1.73 per share, with an average fleet availability of 92.3% for 2025 [5][19] - The company experienced lower power pricing in Alberta, with the average spot price dropping to CAD 44 per megawatt hour in 2025 from CAD 63 per megawatt hour in 2024 [19][20] - Free Cash Flow for the fourth quarter was CAD 93 million, CAD 47 million higher than the same period last year [17] Business Line Data and Key Metrics Changes - The hydro segment generated Adjusted EBITDA of CAD 285 million, while the wind and solar segment delivered CAD 338 million, a 7% increase compared to 2024 [17][18] - The gas segment's Adjusted EBITDA decreased to CAD 438 million due to lower power prices and higher operating costs [18] - The energy transition segment delivered CAD 100 million of Adjusted EBITDA, increasing year-over-year due to lower purchased power costs [18] Market Data and Key Metrics Changes - The Alberta spot power price averaged CAD 44 per megawatt hour in 2025, significantly lower than the previous year's average [19] - The gas fleet captured an average price of CAD 66 per megawatt hour, a 50% premium to the average spot price [20] - The hydro fleet realized an average price of CAD 58 per megawatt hour, a 32% premium to the average spot price [20] Company Strategy and Development Direction - TransAlta is focusing on advancing its data center opportunity at Keephills, with a memorandum of understanding (MOU) established with CPP Investments and Brookfield [10][11] - The company aims to maximize the value of its legacy thermal sites while pursuing strategic M&A opportunities [28][30] - The strategic priorities for 2026 include improving safety performance, delivering Adjusted EBITDA and Free Cash Flow within guidance ranges, and advancing the cold-to-gas conversion at Centralia [28] Management's Comments on Operating Environment and Future Outlook - Management noted that lower power pricing and subdued market volatility impacted the operating environment in 2025 [5] - The outlook for 2026 anticipates Adjusted EBITDA in the range of CAD 950 million to CAD 1.1 billion, with Free Cash Flow expected between CAD 350 million and CAD 450 million [25][26] - Management expressed confidence in the company's ability to fund growth opportunities through existing Free Cash Flow generation and incremental debt capacity [80] Other Important Information - The board approved an 8% increase in the common share dividend to CAD 0.28 per share, marking the seventh consecutive annual dividend increase [8] - The company achieved record safety performance with a total recordable injury frequency rate of 0.12, significantly lower than the previous year's rate [6] Q&A Session Summary Question: Details on the data center opportunity and ramp-up expectations - Management indicated that speed to power remains a priority and that definitive documents are expected to be completed within the year [33][34] Question: Terms of risk sharing in the MOU - Management refrained from disclosing specific terms but emphasized the commercial framework's appropriateness [35][36] Question: Update on the M&A market and views on gas and renewable assets - Management noted that the M&A market remains active, with opportunities in both renewable and thermal generation assets [52][53] Question: Key gating items to move from MOU to binding agreement - Management stated that definitive agreements are expected to be completed within the year, with ongoing engagement with partners [59][60] Question: Funding capacity for upcoming projects - Management expressed confidence in the ability to fund growth opportunities through existing Free Cash Flow and various financial levers [80][81]

TransAlta (NYSE:TAC) Q4 2025 Earnings call February 27, 2026 11:00 AM ET Company ParticipantsJoel Hunter - EVP Finance and CFOJohn Kousinioris - President and CEONancy Brennan - EVP of Legal and External AffairsStephanie Paris - VP of Investor Relations and Corporate StrategyConference Call ParticipantsBenjamin Pham - Managing Director and Senior Equity Research AnalystJohn Mould - VP and Equity Research AnalystMark Jarvi - Managing Director and Senior Equity AnalystMaurice Choy - Managing Director and Seni ...

Financial Data and Key Metrics Changes - TransAlta reported Adjusted EBITDA of CAD 1.1 billion and Free Cash Flow of CAD 450 million, or CAD 1.73 per share, with an average fleet availability of 92.3% [4][18] - The company experienced lower power pricing in Alberta, which impacted its operating environment, leading to Adjusted EBITDA being at the lower end of expectations [4][18] - The total recordable injury frequency rate improved to 0.12 from 0.56 in 2024, surpassing the target of 0.37 [5] Business Line Data and Key Metrics Changes - The hydro segment generated Adjusted EBITDA of CAD 285 million, driven by lower spot and ancillary power prices [16] - The wind and solar segment delivered Adjusted EBITDA of CAD 338 million, a 7% increase compared to 2024, due to higher wind resources and contributions from Oklahoma wind assets [16] - The gas segment's Adjusted EBITDA decreased to CAD 438 million, primarily due to lower power prices in Alberta and higher operating costs [17] - The energy transition segment delivered CAD 100 million of Adjusted EBITDA, increasing year-over-year due to lower purchased power costs [17] Market Data and Key Metrics Changes - The average spot price in Alberta was CAD 44 per megawatt hour in 2025, down from CAD 63 per megawatt hour in 2024 [18] - The gas fleet captured an average price of CAD 66 per megawatt hour, a 50% premium to the average spot price [19] - The hydro fleet achieved an average realized price of CAD 58 per megawatt hour, a 32% premium to the average spot price [19] Company Strategy and Development Direction - TransAlta aims to advance its data center opportunity at Keephills, establishing a framework for phased development with CPP Investments and Brookfield [9][10] - The company is focused on maximizing the value of its legacy thermal sites while pursuing strategic M&A opportunities [27][28] - The board approved an 8% increase in the common share dividend, affirming the commitment to returning value to shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management noted that Alberta's spot power prices are expected to remain under pressure, impacting the merchant portfolio [25] - The company anticipates Adjusted EBITDA for 2026 to be in the range of CAD 950 million to CAD 1.1 billion, with Free Cash Flow expected between CAD 350 million and CAD 450 million [24] - Management expressed confidence in the company's ability to fund growth opportunities through existing Free Cash Flow generation and incremental debt capacity [78] Other Important Information - TransAlta fully integrated Heartland into its operations, providing additional contracted cash flows and synergies [6] - The company completed its ERP system implementation on time and on budget, enhancing operational efficiency [6] - The acquisition of Far North Power is expected to add approximately CAD 30 million of average Adjusted EBITDA per year [12] Q&A Session Summary Question: Can you share more details around the data center opportunity? - Management indicated that specifics are limited due to MOU terms but emphasized the priority of speed to power and the expectation of definitive documents being completed within the year [32][33] Question: What are the terms of risk sharing in the MOU? - Management refrained from disclosing specific terms but expressed confidence in the commercial framework established with partners [34][35] Question: Can you provide an update on the M&A market? - Management noted that the M&A market remains active, with opportunities in both renewable and thermal generation assets [51][52] Question: What is the timeline for moving from MOU to binding agreement? - Management expects definitive agreements to be completed within the year, with ongoing engagement to finalize terms [57][58] Question: How will Alberta's interties with neighboring power markets influence the outlook? - Management is optimistic about the opportunities created by interties, particularly for load growth requirements in the Pacific Northwest and beyond [102]

Core Insights - SM Energy reported fourth-quarter 2025 adjusted earnings of 83 cents per share, exceeding the Zacks Consensus Estimate of 73 cents, but down from $1.91 in the same quarter last year [1][10] - Total quarterly revenues were $705 million, missing the Zacks Consensus Estimate of $766 million and declining from $852 million year-over-year [1][10] Operational Performance - Production volume for the fourth quarter was 206.9 thousand barrels of oil equivalent per day (MBoe/d), a 1% decrease from 208 MBoe/d year-over-year, and below the Zacks Consensus Estimate of 209 MBoe/d [3][10] - Oil production increased approximately 1% year-over-year to 108.4 thousand barrels per day (MBbls/d), but fell short of the Zacks Consensus Estimate of 111 MBbls/d [4] - Natural gas production was 428.3 million cubic feet per day, up 1% year-over-year, while natural gas liquids production decreased 10% year-over-year to 27.1 MBbls/d [4] Realized Prices - The average realized price per Boe was $36.92, down from $43.68 in the year-ago quarter [5] - Average realized oil price decreased 16% to $58.17 per barrel, while natural gas prices fell 17% to $1.81 per thousand cubic feet, and natural gas liquids prices declined 16% to $20.67 per barrel [5] Costs & Expenses - Unit lease operating expenses rose 4% year-over-year to $5.55 per Boe, while general and administrative expenses decreased 4% to $2.10 per Boe [6] - Total operating expenses for the quarter decreased to $523 million from $565 million in the previous year [7][10] Capital Expenditures - Capital expenditures for the fourth quarter totaled $216 million, with adjusted free cash flow amounting to $198 million [8][10] Balance Sheet - As of December 31, 2025, SM Energy had cash and cash equivalents of $368 million and a net debt of $2.4 billion [11] Guidance - For Q1 2026, total production is expected to be between 30.5-32.5 million barrels of oil equivalent (MMBoe), with oil accounting for approximately 52% [12] - Full-year 2026 net production volume is projected to be in the range of 146-153 MMBoe, with about 54% from oil, and capital expenditures forecasted between $2.65-$2.85 billion [12]

Core Insights - Algeria is accelerating its energy transition, supported by government policy, strong renewable energy potential, and sustainability targets [2] - Despite ambitious renewable targets, thermal power capacity, particularly gas-fired power, is projected to dominate the power generation mix, accounting for 85.2% by 2035 [2] - The reliance on natural gas for power generation is significant, with thermal power expected to represent 72.4% of total power capacity by 2035, down from 97.5% in 2025 [3] Market Dynamics - Algeria's electricity supply security is a concern due to increasing demand amid economic diversification and energy transition, although ample gas reserves mitigate immediate supply risks [6] - Long-term reliance on natural gas exposes the system to vulnerabilities, including export pressures and internal disruptions, which could affect supply security [6] - Public funding for new energy projects is often contingent on oil and gas revenues, leading to potential delays or reductions in project scale during periods of low global energy prices [7] Investment Landscape - Natural gas is the primary energy source for Algeria's power generation, with the Hassi R'Mel gas field being a key asset [8] - The lack of a competitive market and transparent regulatory framework hinders independent power producers (IPPs) from investing in renewable energy projects [9] - Issues such as undefined power purchase agreements (PPAs) and local content mandates add complexity and risk for potential investors in the renewable sector [9]

Key Takeaways Cactus Q4 EPS of 65 cents beat estimates on $261M revenues, led by Pressure Control growth.WHD's Pressure Control sales rose on higher product per rig and rental income gains.Spoolable Technologies' revenue fell due to lower activity, though EBITDA topped estimates.Cactus, Inc. (WHD) reported fourth-quarter 2025 adjusted earnings of 65 cents per share, which beat the Zacks Consensus Estimate of 58 cents. The bottom line declined from the year-ago quarter’s figure of 71 cents.Total quarterly re ...

Financial Data and Key Metrics Changes - For the full year 2025, the company delivered $293 million of adjusted EBITDA with tax attributes, nearly a 30% increase year-over-year [5] - Restricted debt was reduced by more than $220 million, and net recourse leverage improved from 8.2x to 4.9x [5] - The company eliminated its 2026 and 2027 debt maturities, significantly improving its financial durability [6] Business Line Data and Key Metrics Changes - The Specialty Products and Solutions segment generated $88.5 million in adjusted EBITDA for the quarter and $291.8 million for the full year, reflecting strong commercial excellence initiatives [16] - Montana Renewables segment had an adjusted EBIT of -$5.4 million for Q4 and positive $31.3 million for the full year, despite challenging market conditions [19] - The Performance Brands segment achieved adjusted EBIT of $5.4 million for the quarter and $47.9 million for the full year, marking the third consecutive year of growth [18] Market Data and Key Metrics Changes - Operating costs at Montana Renewables averaged $0.41 per gallon in the second half of the year, a 60% improvement over two years ago [10] - Specialty sales volumes exceeded 20,000 barrels per day during every quarter of the year, indicating strong market demand [9] - The regulatory environment for biofuels is improving, with expectations for a stronger Renewable Volume Obligation (RVO) to enhance industry utilization and margins [12] Company Strategy and Development Direction - The company aims to execute the MaxSAF 150 project safely, on time, and on budget, while continuing to improve cost levels and leverage its early mover advantage in Sustainable Aviation Fuel (SAF) [23] - The focus remains on driving durable free cash flow and enhancing deleveraging while expanding specialties and executing the MaxSAF 150 strategy [23] - The company is committed to operational excellence and anticipates further opportunities for earnings expansion through reliability gains and customer-focused growth [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory uncertainties and emphasized the importance of being a low-cost provider [27] - The outlook for the renewable diesel market is cautiously optimistic, with expectations for a thoughtful ramp-up in production as the RVO is clarified [36] - Management highlighted the importance of maintaining operational efficiency and cost discipline to sustain margins in a volatile market [22] Other Important Information - The company plans capital expenditures of $115 million to $145 million for 2026, primarily due to a heavy turnaround year [15] - The Montana Asphalt segment is expected to continue producing in the $30 million to $50 million EBIT range, supported by improved asphalt margins [21] Q&A Session Summary Question: Can you talk about the macro setup and operational level at MaxSAF? - Management acknowledged regulatory uncertainty but emphasized their position as a low-cost provider and the durability added by the MaxSAF project [27][29] Question: What are your views on the RINs market and utilization? - Management noted that the industry is currently running at variable margins and that the return of idle plants will depend on the RVO [33][36] Question: When should we expect capacity ramp-up at full scale for MaxSAF? - Management indicated that they expect to ramp up to the 120-150 million gallon run rate in the second half of the year following the turnaround [44] Question: How does feedstock pricing impact SAF contracts? - Management explained that they have successfully linked feedstock pricing to contracts and have access to a broad range of feedstocks [48] Question: What is enabling the Specialty margin to sustain higher levels? - Management attributed the strong specialty margins to commercial excellence initiatives and improving production reliability [54]

Key Takeaways MasTec's Q4 EPS of $2.07 beat estimates and rose 44% year over year on 16% higher revenues.Growth in communications, clean energy and power delivery fueled double-digit segment gains.Backlog jumped 33% to $18.96B, driven by 90% growth in Pipeline Infrastructure orders.MasTec, Inc. (MTZ) reported results for the fourth quarter of 2025, with earnings and revenues beating the Zacks Consensus Estimate. Both top and bottom lines increased on a year-over-year basis.MasTec delivered a solid fourth-qu ...

Core Insights - TransAlta Corporation reported strong performance in 2025, achieving solid free cash flow despite challenges in Alberta power prices and lower merchant production [2][4] - The company announced an eight percent increase in its common share dividend, marking the seventh consecutive annual increase [2][10] Financial Performance - Fourth Quarter 2025 Highlights: - Adjusted EBITDA was $247 million, down from $282 million in Q4 2024 [7] - Free cash flow (FCF) reached $93 million, or $0.31 per share, compared to $46 million, or $0.15 per share in Q4 2024 [7][8] - Net loss attributable to common shareholders was $62 million, or $0.21 per share, compared to a loss of $65 million, or $0.22 per share in Q4 2024 [7][8] - Full Year 2025 Highlights: - Adjusted EBITDA totaled $1,104 million, down from $1,255 million in 2024 [7] - Free cash flow was $514 million, or $1.73 per share, compared to $575 million, or $1.90 per share in 2024 [7][8] - Net loss attributable to common shareholders was $190 million, or $0.64 per share, compared to net earnings of $177 million, or $0.59 per share in 2024 [7][8] Operational Highlights - Achieved operational availability of 90.1% in Q4 2025, up from 87.8% in Q4 2024 [7][8] - Total production for 2025 was 24,521 GWh, compared to 22,811 GWh in 2024 [8] Strategic Developments - The company secured a tolling agreement to convert Centralia Unit 2 to natural gas, extending its operational life [3][21] - TransAlta closed the acquisition of Far North Power Corporation for $95 million, enhancing its capacity in Ontario by 310 MW [14][15] - A memorandum of understanding was signed for data centre development in Alberta, establishing a framework for future growth [12] 2026 Outlook - The company expects adjusted EBITDA for 2026 to be between $950 million and $1,050 million, and free cash flow to be between $350 million and $450 million [10][25] - Anticipated improvements in Alberta power market fundamentals due to expected data centre load growth [4][25]