The move isn’t about chasing a cyclical bounce, but about locking in exposure to a business with record orders and deep industrial leverage.London-based Decagon Asset Management initiated a new stake in Chart Industries (GTLS 0.01%), adding 137,732 shares valued at approximately $27.57 million during the third quarter, according to a November 14 SEC filing.What HappenedAccording to a filing with the Securities and Exchange Commission dated November 14, Decagon Asset Management established a new position in ...

莱茵生物：控制权拟变更拟购买北京金康普80%股权；石大胜华（603026）、伯特利（603596）筹划赴 港上市；宁波华翔：下属子公司获得机器人关节订单；震裕科技：拟发行可转债募资不超18.8亿元；宁 波港：拟7.06亿元收购舟山港综保区码头100%股权；胜通能源：公司不涉及机器人相关业务；华新建 材：股东华新集团拟以2亿至4亿元增持公司股份…… 今日看点 ▼聚焦一：莱茵生物：控制权拟变更 拟购买北京金康普80%股权 2025年12月22日，公司控股股东、实际控制人秦本军与广州德福营养投资合伙企业（有限合伙）（以下 简称"广州德福营养"）签署《控制权变更框架协议》《股份转让协议》《表决权放弃协议》，约定秦本 军向广州德福营养协议转让其所持公司6000万股股份（占公司总股本比例为8.09%），放弃1.89亿股股 份表决权（占公司总股本比例为25.5%），保留2224.83万股股份表决权（占公司总股本比例为3%）。 本次协议转让完成股份过户且公司董事会完成换届后，广州德福营养将成为公司控股股东，侯明女士和 LI ZHENFU先生（双方为夫妻关系）将成为公司共同实际控制人。 公司同时披露发行股份购买资产并募集配套资 ...

J P M O R G A N North America Equity Research 08 December 2025 2026 E&P and Natural Gas Outlook Oil and NGL Fundamentals Stuck Between a Rock and a Hard Place While Tailwinds Continue for U.S. Gas; Upgrade CNX and DVN, Downgrade AR, OXY, and RRC JPM View: The 2026 E&P Outlook continues to be framed by supply side risks for oil and liquids, but the long-awaited demand inflection for natural gas has finally arrived. While there may be some temptation to take the other side of the "awash in oil" trade, the mag ...

Participants at Istanbul’s World LNG Summit see Europe having enough gas to make it through winter, write @priazrocha and pat_syk https://t.co/dRFLLygM75 ...

The global market could absorb a record wave of new supply of LNG, but much depends on net zero policies and renewables growth, the International Energy Agency says https://t.co/46KOXyE3yP ...

Company Performance & Strategy - BKV's corporate 1-year decline rate is 99% for all PDP reserves including impact from the Bedrock Acquisition[11] - BKV aims to increase ownership in Power JV to 75%[18] - BKV's assets are aligned with the fastest-growing energy markets in the US[16] - BKV is the largest producer in the Barnett with potential to expand[67] Financial Highlights (Q3 2025) - Combined Adjusted EBITDAX attributable to BKV was $918 million[35] - Total Accrued CAPEX was $796 million, against a guidance of $65-$105 million[35] - Adjusted Free Cash Flow Attributable to BKV was $(106) million[35] - Net Leverage was 132x as of September 30, 2025[35] CCUS Projects - Barnett Zero is operational with a projected annual average injection of 183 ktpy (kilotonnes per year)[148] - Eagle Ford Project is at FID (Final Investment Decision) stage with a projected annual average injection of 90 ktpy[148] - Cotton Cove is at FID stage with a projected annual average injection of 32 ktpy[148]

Core Insights - Chart Industries, Inc. reported a significant increase in orders and sales for the third quarter of 2025, with orders reaching $1.68 billion, a 43.9% increase compared to the same period in 2024 [4][7]. - The company is in the process of being acquired by Baker Hughes, with a definitive agreement for Baker Hughes to acquire all outstanding shares of Chart's common stock for $210 per share in cash [1][15]. - The company recorded a termination fee expense of $266 million related to a previously proposed merger with Flowserve, impacting reported operating income [1][34]. Financial Performance - Total sales for the third quarter of 2025 were $1.1 billion, reflecting a 3.6% increase year-over-year, with a notable increase of 9.7% when excluding the Repair, Service and Leasing segment [6][8]. - The adjusted operating income margin reached a record 22.9%, with gross profit as a percentage of sales remaining flat at 34.1% [7][8]. - Reported diluted earnings per share (EPS) were ($3.23), but adjusted EPS increased by 27.5% to $2.78 compared to the third quarter of 2024 [8]. Segment Performance - Cryo Tank Solutions (CTS) saw orders decrease by 8.0% to $116.1 million, with sales declining by 7.0% to $151.2 million due to lower industrial gas sales [9]. - Heat Transfer Systems (HTS) experienced a significant increase in orders, up 79.1% to $760.8 million, and sales increased by 36.3% to $349.3 million, driven by demand in LNG and data centers [10]. - Specialty Products orders grew by 84.4% to $438.5 million, although sales decreased by 4.7% to $269.9 million due to timing issues and non-repeat of higher sales from the previous year [11]. - The Repair, Service and Leasing segment saw orders decrease by 3.4% to $365.0 million, with sales declining by 8.4% to $330.2 million [12]. Balance Sheet and Cash Flow - The company reported net cash from operating activities of $118.0 million, resulting in free cash flow of $94.7 million after capital expenditures of $23.3 million [13]. - The net leverage ratio improved to 2.78, down from 2.85 in the previous quarter and 3.04 in the same quarter last year [13]. - Total assets increased to $9.79 billion as of September 30, 2025, compared to $9.12 billion at the end of 2024 [29]. Acquisition Details - The acquisition by Baker Hughes was approved by approximately 99% of Chart's shareholders on October 6, 2025, with the transaction expected to close by mid-2026 [15][16]. - The merger agreement stipulates that Chart shareholders will receive $210 per share in cash upon completion of the transaction [15].

Financial Data and Key Metrics Changes - The company reported a 6% increase in EBITDA and a 16% growth in adjusted EPS year-on-year, reflecting strong underlying business performance and successful execution of growth projects [11][19][20] - Net income attributable to the company was $628 million, with EPS at $0.28 per share, consistent with the third quarter of 2024 [19] - The net debt to adjusted EBITDA ratio improved to 3.9 times, down from 4.1 times at the end of the first quarter [21][22] Business Line Data and Key Metrics Changes - The natural gas segment, which constitutes two-thirds of the business, outperformed its budget, with transport volumes up 6% compared to the third quarter of 2024 [11][15] - Natural gas gathering volumes increased by 9% year-on-year, with significant contributions from the Haynesville and Eagle Ford systems [15] - Refined product volumes decreased by 1% in the quarter compared to the previous year, while crude and condensate volumes fell by 3% [16] Market Data and Key Metrics Changes - The company transports over 40% of the natural gas in the U.S., including significant volumes to LNG export facilities and Mexico [12][13] - Internal projections estimate a 28 BCF per day increase in natural gas demand by 2030, driven by LNG exports and power generation [12][13] Company Strategy and Development Direction - The company emphasizes its long-term strategy focused on natural gas transportation, with over $9 billion in approved projects aimed at expanding pipeline and terminal networks [9][10] - The company is actively pursuing over $10 billion in potential projects, primarily in natural gas, indicating strong demand for its services [12][27] - The company aims to maintain a disciplined approach to capital deployment, with a backlog multiple below six times [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the significant growth in LNG feed gas demand, expecting demand to double between 2024 and 2030 [4][5] - The company remains confident in its strategy and execution, anticipating strong cash flow benefits from tax reforms and a favorable regulatory environment [22][23] - Management noted that while the base business is relatively flat, capital projects will drive substantial growth in EBITDA and EPS for years to come [10][11] Other Important Information - The company declared a quarterly dividend of $0.2925 per share, representing a 2% increase over the previous year [19] - The company is exploring opportunities to expand its gas infrastructure to meet growing demand, particularly in the power generation sector [16][47] Q&A Session Summary Question: What has driven the improved outlook for the $10 billion opportunity set? - Management indicated that the opportunities are primarily in natural gas, supporting LNG exports and power generation, with projects across the southern U.S. [27] Question: How does the Western Gateway project compare to Oneok's competing project? - Management explained that the Western Gateway project would provide additional capacity to serve the growing Arizona market and connect to California and Las Vegas [31] Question: What is the competitive landscape for Kinder Morgan? - Management acknowledged that while competition exists, the company's existing footprint and track record of delivering projects on time and on budget provide a competitive advantage [38] Question: What is the outlook for the CO2 business? - Management expressed interest in supplying CO2 but emphasized the need for a thorough risk-return analysis before considering investments in new technologies [110][111] Question: How does the company view the refined products market in California? - Management refrained from speculating on the California market but noted that the Western Gateway pipeline could adapt to changes in demand [94]

Industry Collaboration - The US and Qatar, as the world's largest LNG producers, are jointly advocating for EU countries to reconsider a sustainability directive [1] Energy Policy - The US and Qatar are urging EU countries to abandon a sustainability directive [1]

above where expand energy is now. Nick Delaso is the CEO and joins us now for power play. Nick, thank you for coming on set.We do appreciate it. >> Thanks for having us, Brian. >> Okay, the hardest words in TV are, "I was wrong." And I said erroneously the other day that there are no natural gas plants under construction.There are, they just won't open this year. We talk about all this demand that's coming for AI, this demand for natural gas, much of it yours to sell to Europe. But I'm looking at a natural ...