Summary of GE Vernova Investor Update - December 09, 2025 Company Overview - **Company**: GE Vernova (NYSE: GEV) - **Industry**: Energy and Electrification Key Themes and Insights 1. **Growth Opportunities**: The company is experiencing accelerated growth driven by several factors including AI, U.S. reindustrialization, global industrial growth, electrification of buildings, and transportation [6][22][24] 2. **Infrastructure Challenges**: The transition to a larger market will take time due to the complexities of infrastructure development, permitting, and construction [6][7] 3. **Market Position**: GE Vernova is well-positioned with the largest installed base, providing over 50% of the electrons consumed in the U.S. and a third globally (excluding China) [7][8] 4. **Energy Market Dynamics**: The global energy market is valued at over $1.5 trillion, with only 20% currently from electric power. This proportion is expected to grow significantly [9][10] 5. **Contract Wins**: The company secured 18 gigawatts of new gas contracts in the current quarter, with expectations to end the year with approximately 80 gigawatts on contract [10][11] Financial Outlook 1. **Revenue Projections**: GE Vernova projects at least $52 billion in revenue by 2028, with an adjusted EBITDA margin of 20% [17][38] 2. **Free Cash Flow**: Cumulative free cash flow is expected to reach $22 billion from 2025 to 2028, after investing $10 billion in capital expenditures and R&D [17][34] 3. **Capital Allocation**: The company plans to return $3.6 billion to shareholders in 2025, primarily through stock buybacks, and has increased its buyback program from $6 billion to $10 billion [20][35] Segment Performance 1. **Gas Power**: The gas power segment is expected to achieve a run rate of 20 gigawatts annualized by mid-2026, with significant productivity improvements anticipated [26][27] 2. **Electrification**: This segment is projected to grow mid-20% in 2025, with a backlog that has increased fourfold since the end of 2022 [18][30] 3. **Wind Energy**: While wind revenue is expected to decline, the company anticipates improved EBITDA losses in 2026 due to productivity gains [27][33] Strategic Initiatives 1. **Acquisitions**: The planned acquisition of Prolec GE is expected to enhance the company's capabilities in low voltage and grid reliability solutions [8][19] 2. **Nuclear Investments**: GE Vernova is actively working with the U.S. government to re-establish a nuclear industry, with a memorandum of understanding for up to $100 billion in small modular reactor (SMR) industrialization [14][48] 3. **Innovation and R&D**: The company is investing in new technologies such as carbon capture and solid-state transformers, with expectations for commercialization in the coming years [50][51] Cultural and Operational Focus 1. **Workforce Development**: GE Vernova emphasizes the importance of attracting young talent and fostering a strong company culture to drive future growth [52][53] 2. **Lean Operations**: The company is implementing lean practices across its manufacturing processes to enhance productivity and reduce costs [32][31] Conclusion - GE Vernova is positioned for significant growth in the energy sector, with a strong focus on electrification, gas power, and innovative technologies. The company aims to leverage its market position and operational efficiencies to achieve its ambitious financial targets by 2028 and beyond [58][59]

Financial Performance & Growth - The company plans for ~$25 billion earnings growth by 2030 vs 2024[7], increased from >$20 billion[8] - The company plans for ~$35 billion cash flow growth by 2030 vs 2024[9], increased from ~$30 billion[10] - The company aims for >17% return on capital employed by 2030[11] - Major investments are projected to contribute ~$50 billion in cumulative earnings from 2026-2030[27] Production & Cost Efficiency - ~65% of 2030 total production will be from Upstream advantaged production, increased from >60%[12] - Product Solutions advantaged projects are expected to contribute ~$4 billion in earnings growth by 2030[13], with ~60% de-risked from completed projects[14] - The company targets >60% corporate flaring intensity reduction from 2024 vs 2016[15], 6 years ahead of the 2030 plan[16] - The company is targeting ~$20 billion structural cost savings by 2030 vs 2019[20], increased from $18 billion[20] Capital Allocation & Shareholder Returns - The company plans ~$100 billion cash capex for major investments planned to start up in 2026-2030[27] - Total cash capex is projected to be ~40% of total cash flow from operations from 2026-2030[27] - The company is continuing $20 billion repurchase pace per year through 2026, assuming reasonable market conditions[76] Permian Basin Operations - The company anticipates ~2.5 Moebd 2030 Permian production[55], a 200 Koebd increase vs prior guidance[55]

Core Insights - Babcock & Wilcox (B&W) has received a limited notice to proceed for engineering and long-lead procurement on a carbon dioxide capture system valued at $80 million, with a full notice expected by March 2026 [1][6] - The SolveBright system is designed to capture and store over 550,000 tons of CO annually, utilizing both advanced specialty solvents and commodity solvents for operational flexibility and cost savings [2][3] Company Overview - B&W is headquartered in Akron, Ohio, and is recognized as a leader in energy and environmental products and services for power and industrial markets globally [5] - The company has a strong history in providing flue gas treatment and scrubber technologies, positioning itself to support energy producers in capturing CO for storage and beneficial use, particularly in the context of growing data centers and AI factories in North America [3][4] Project Details - The project involves a post-combustion carbon capture system for an existing power plant in the U.S., with B&W capable of supporting both small- and large-scale projects from initial surveys to commissioning [4] - The anticipated project value of $80 million may include additional scope and construction services, indicating potential for further business opportunities [1][6]

Core Insights - BP plc has canceled its "H2Teesside" hydrogen and carbon capture project in favor of developing a large AI data center at the same location [1][8] - The new AI data center is planned to cover almost 500,000 square meters, making it the largest in Europe, and has government backing [2][3] - The UK government introduced "AI growth zones" to promote AI infrastructure, offering benefits like simplified planning and energy access [3] Project Viability - The decision to scrap the H2Teesside project was influenced by weaker demand for low-carbon hydrogen and the closure of a nearby Sabic facility, which was a potential customer [4] - Initially, BP aimed for the project to produce 20% of the UK's hydrogen target by 2030, but high production costs and reduced demand undermined its viability [4] Future Commitments - Despite abandoning the hydrogen project, BP remains committed to the Teesside region and plans to engage in other energy initiatives, including a new gas-fired power station with carbon capture technology [5] - BP is also involved in developing carbon dioxide pipelines and a carbon storage site in the area [5]

Prime Minister Mark Carney unveiled a sweeping energy plan with the province of Alberta that paves the way for a new oil pipeline, a massive carbon capture project and the construction of nuclear power for data centers https://t.co/8BeJW9Zj8A ...

Group 1: Cost Efficiency - Occidental Petroleum is recognized as a low-cost leader in the fossil fuel sector, typically breaking even when crude oil prices are below $60 per barrel, with some fields having breakeven points under $50 and nearly half of its wells able to break even at prices under $40 [2][3] Group 2: Carbon Capture Initiatives - The company is actively developing direct air capture technology, with a facility in Ector County, Texas, set to be the largest of its kind, capable of removing up to 500,000 metric tons of carbon dioxide from the air annually [6][4] - Successful implementation of carbon capture technology at an industrial scale could enhance the marketability of crude oil [7] Group 3: Investment Confidence - Warren Buffett has expressed strong support for Occidental Petroleum, highlighting the company's expertise in oil extraction and its significant U.S. oil and gas holdings, with Berkshire Hathaway owning nearly 265 million shares valued at approximately $11 billion, representing about 26.9% of the company [8]

Core Insights - Angkor Resources Corp. has announced further analysis and findings from the Andong Bor drill core in Oddar Meanchey, Cambodia, highlighting significant mineralization observed in the recent drilling [1][2]. Drill Core Analysis - The recent drilling included two new holes (ABDDH25-009 and ABDDH25-010), with hole 009 being significantly deeper, revealing mineralization with abundant pyrite and chalcopyrite between 245 meters and 316 meters [2]. - Previous analyses were based on historical drilling data, and the current drill core is being logged and cut for sampling [3]. Geological Findings - The analysis indicates that the structural relationship between intrusive rock and host sedimentary rock was not adequately revealed in earlier drilling due to faulting and poor core recovery [4]. - The best copper mineralization is found in sedimentary rocks, while low-grade copper porphyry-style mineralization is associated with diorite and feldspar porphyry intrusive rocks [7]. - The contacts between sedimentary and intrusive rocks are steep (70 to 80 degrees), with mineralization occurring both disseminated and along fractures parallel to these contacts, suggesting significant ground preparation prior to mineralization [7]. Future Plans - Assays will be sent to ALS for analysis once core cutting is completed, and the drilling program is expected to continue into 2026 [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, with exploration licenses for copper and gold [9]. - The company's energy subsidiary, EnerCam Resources, has been granted an onshore oil and gas license covering over 4095 square kilometers in Cambodia, actively advancing exploration activities [11].

Food and agricultural waste, excess manurses, human waste, and paper sludge. These are the materials that a Houston, Texas-based startup called Vaulted Deep deals in. Building on expertise from oil and gas waste engineering, it converts all this waste into so-called slurry and injects it directly into the earth.It's sort of a win-win. Um, both a win for the climate because we're helping lock away carbon for hundreds of thousands of years. We're avoiding methane emissions.We're also contributing to cleaner l ...

Core Insights - San Francisco-based investment firm No Street GP LP has significantly reduced its stake in Chart Industries by selling 565,000 shares, resulting in a position decrease of approximately $79.7 million [1][2][6] - Chart Industries' stock is currently priced at $203.54, reflecting a 20% increase over the past year, outperforming the S&P 500 by 5 percentage points [3][4] Company Overview - Chart Industries, Inc. is a leading global provider of highly engineered cryogenic equipment and process technologies, with a strong presence in the energy transition and industrial gas markets [5] - The company reported a trailing twelve months (TTM) revenue of $4.3 billion and a net income of $66.7 million, with a market capitalization of $9.2 billion [4][5] Operational Performance - In the third quarter, Chart Industries achieved record orders of $1.7 billion, representing a year-over-year increase of 43.9%, and an adjusted operating income of $251.5 million, yielding a strong margin of 22.9% [7][8] - The company has a growing backlog valued at $6 billion, indicating strong demand for its products [8] Strategic Considerations - The reduction in stake by No Street GP reflects a shift in opportunity cost, as the stock is expected to be acquired for $210 per share in mid-2026, limiting potential upside for investors [6][8] - Chart Industries' GAAP results were impacted by a $266 million termination fee related to previously terminated merger talks, which may affect investor sentiment [8]

Mr. Selby continued, "We look forward to working with the government and the Major Projects Office to unlock the financing and permitting necessary to break ground and begin construction on the project by the end of next year. With aligned federal and provincial support, our experienced management team can continue to advance development of Crawford and unlock the Timmins Nickel District as an important secure, domestic supply of critical minerals – nickel, cobalt, and North America's only domestic source o ...