Welcome September 11, 2025 Agenda Arnaud Pieton ChiefExecutive Officer BrunoVibert ChiefFinancial Officer Q&A Deal strategic rationale AM&C business overview Financials & value creation Benjamin Lechuga Chief Strategy & Sustainability Officer A Company in Motion Acquisition of Ecovyst's Advanced Materials & Catalysts business ("AM&C") Today's speakers Arnaud Pieton Chief Executive Officer Benjamin Lechuga Chief Strategy & Sustainability Officer Bruno Vibert ChiefFinancial Officer 2 Acquisition of Ecovyst's ...

Core Viewpoint - Technip Energies has entered into a definitive agreement to acquire the Advanced Materials & Catalysts business from Ecovyst Inc. for US$556 million, enhancing its capabilities in advanced catalysts and process technologies [1][2][4]. Group 1: Acquisition Details - The acquisition price of US$556 million represents an EBITDA multiple of approximately 9.8 [1]. - Advanced Materials & Catalysts generated total revenue of US$223 million with an EBITDA margin of around 25% for 2024 [3][5]. - The transaction is expected to close by the first quarter of 2026, pending regulatory approvals [4]. Group 2: Strategic Benefits - This acquisition supports Technip Energies' strategy for disciplined growth in its Technology, Products & Services (TPS) segment, increasing TPS' contribution to Segment EBITDA from 39% to approximately 45% on a pro-forma basis for 2024 [2][4]. - The integration of Advanced Materials & Catalysts is anticipated to provide increased recurring revenues tied to customer operating expenditures and improved long-term revenue visibility [2][6]. - The acquisition is expected to be immediately accretive to earnings and cash flow, enhancing Technip Energies' financial profile [6][8]. Group 3: Technological and Market Expansion - The Advanced Materials & Catalysts business will enhance Technip Energies' development of integrated technology and catalyst solutions, particularly in areas such as circular chemistry, carbon capture, and sustainable fuels [4][8]. - The acquisition will establish a scalable catalysts platform built on high-value silicas and zeolites, supporting Technip Energies' process technologies [8]. - It will also enhance R&D capabilities, bringing world-leading expertise in catalyst design and materials science [8]. Group 4: Leadership Comments - Arnaud Pieton, CEO of Technip Energies, emphasized that the acquisition aligns with their disciplined capital allocation strategy and strengthens their technology platform [4]. - Kurt Bitting, CEO of Ecovyst, expressed confidence that Technip Energies is the ideal long-term partner for Advanced Materials & Catalysts [4]. - Paul Whittleston, President of Advanced Materials & Catalysts, highlighted the exciting opportunities for scaling technologies and accelerating innovation as part of Technip Energies [4].

Market Context - The market demands 24/7 scalable power with pathways to reduce emissions, and natural gas is well-suited to meet this need[6] - The 2025 PJM capacity auction clearing prices increased over 11x, from $29/MW-day in 2023 to $329/MW-day[7] - There's a pragmatic shift towards responsible natural gas use while focusing on decarbonization, driven by federal emphasis on domestic energy and affordability[10] - Newly enacted parity for 45Q credit for EOR is increasing value from $60 to $85[10] Integrated Product - Integrating Net Power with gas turbines offers industrial, economic, and environmental advantages, accelerating market adoption[13] - Integrating simple cycle gas turbines with Net Power doubles power output with half the emissions of a standard 200 MWe gas plant[19] - The integrated product design offers flexibility, creating multiple pathways to meet long-term power and environmental goals[20, 21] Project Permian - Value engineering, favorable tax policy changes, and the integrated product yield a ~33% reduction in targeted LCOE for Project Permian[23] - Project Permian's LCOE is targeted to be under $100/MWh, a reduction from over $150/MWh in May 2025[24] Operations Update - Baker Hughes equipment validation at La Porte is underway, with Phase 1 testing expected to be completed in 2025[28, 29]

Core Insights - Texas Pacific Land Corp. (TPL) has shown resilience with a 9% increase in sales and a 12% increase in free cash flow in Q2, despite a significant drop in average oil prices [1][2] - The market reacted negatively to a 34% decline in water sales, which raised concerns about the company's future performance [2][6] - TPL operates in the Permian Basin, generating income through various high-margin business segments, including leasing land and providing water for fracking [3][5] Financial Performance - TPL's sales grew by 9% and free cash flow increased by 12% in Q2 [1] - The decline in water sales by 34% was attributed to reduced activity from operator customers due to lower oil prices [2][6] Business Model - TPL generates revenue from multiple segments: oil and gas royalties, water sales, produced water royalties, and easements [8] - The company leases land to major oil companies and earns royalties from the oil and gas produced, creating a diversified income stream [5] Future Prospects - TPL is exploring next-generation ideas such as carbon capture, solar, wind, grid-connected batteries, and water desalination, indicating potential for future growth [7]

Core Points - The company AB KN Energies has signed a Grant Agreement with the European Commission for a CO2 terminal in Klaipėda, part of the CCS Baltic Consortium's carbon capture, transport, and storage initiative [1][3] - The European Commission will contribute over EUR 3 million for technical and commercial studies, co-financing 50% of the costs, with a Final Investment Decision expected by the end of 2027 and commercial operations starting in 2030 [2] Group 1 - The CCS Baltic Consortium aims to establish the first integrated carbon capture, transport, and storage value chain in the Baltic region, recognized as a Project of Common Interest by the European Commission [3] - The consortium, formed in 2022, includes multiple partners such as Akmenės Cementas AB and Mitsui O.S.K. Lines, and collaborates with gas transmission operators in Lithuania and Latvia for CO2 transportation assessments [4]

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $181.2 million for Q1 2025, a 10% increase compared to Q1 2024 [11] - Net loss from continuing operations was $7.8 million, an improvement from a net loss of $12.8 million in Q1 2024 [12] - Operating income for Q1 2025 was $5.9 million, slightly above the $5.7 million reported in Q1 2024 [12] - Adjusted EBITDA increased to $14.3 million from $11.3 million in the same period last year [12] - Bookings for Q1 2025 were $167 million, an 11% increase compared to the previous year [12] - Ending backlog reached $526.8 million, a 47% increase from Q1 2024, marking the largest backlog in recent company history [7][12] Business Line Data and Key Metrics Changes - The global parts and services business achieved the highest Q1 bookings, revenue, gross profit, and EBITDA in the past decade [4] - The increase in bookings was supported by record high bookings from the global parts and services business [8] Market Data and Key Metrics Changes - The company noted strong global and North American demand for its technologies, with a global pipeline of identified project opportunities valued at $7.6 billion [4][7] - The Thermal segment performed well due to higher baseload generation demand in North America [7] Company Strategy and Development Direction - The company is focused on executing its strategic plan and improving its balance sheet, with ongoing efforts to reduce or refinance current debt [5][15] - Recent asset sales, including the sale of a Denmark-based waste energy subsidiary for $20 million, are part of the strategy to reduce debt [6] - The company is progressing with the BrightLoop project, aiming to produce low-cost green hydrogen and exploring new renewable energy projects in the U.S. [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to positive cash flows in 2025, despite caution regarding tariff negotiations and their potential impact on projects [10] - The company anticipates continued industry tailwinds and generation demand throughout 2025 [10] Other Important Information - Approximately 40% of outstanding bonds were exchanged into new five-year notes, significantly reducing current debt and annual interest expense [5][14] - The company is exploring further debt refinancing options and potential asset dispositions to enhance liquidity [6][14] Q&A Session Summary Question: Guidance for the year and impact of tariffs - Management reiterated that guidance remains unchanged, with ongoing monitoring of tariff negotiations that could impact project timing [20][21] Question: Timeline and costs for the Massillon project - The Massillon project requires an additional $40 to $50 million in financing, with hopes to complete financing in the next few months and begin construction in the fall [25][26] Question: Drivers of strong demand and bookings - Demand is driven by increased utilization of core technologies in coal and natural gas plants, with a global reach in bookings [37][39] Question: Expectations for seasonality in demand - Management expects normal seasonality in parts and services, with Q2 typically being lower and Q3 and Q4 performing better [41][42]

Core Insights - Allied Energy Corporation (AGYP) is focused on revitalizing underutilized domestic oil and gas resources, specifically through a project at the Thiel site in partnership with Louis Energy Inc. to deliver natural gas for off-grid computing applications [1][12] Infrastructure Developments - AGYP has made significant progress at the Thiel site, including the delivery of a second modular computing container, installation of an on-site mobile office, and preparation for electrical installations [6][11] - The site is preparing for final testing and the delivery of computing equipment, with generator tests pending regulatory approval [9][11] Strategic Vision - The company aims to transform stranded and flared gas into a sustainable power source for decentralized infrastructure, including AI and machine learning compute farms [10][12] - AGYP is positioning itself at the center of a new energy economy, redirecting natural gas to power real-world innovations [12] Future Plans - As the Thiel site nears full operational status, AGYP is exploring additional partnerships and deployment models to expand its gas-to-power strategy [13] - The company plans to provide further updates on its carbon capture, gas monetization, and off-grid computing ventures in the coming months [13] Industry Context - There is a national opportunity to utilize trapped gas, with states like Texas, North Dakota, New Mexico, and Wyoming leading the way in regulatory and ESG-driven momentum [12] - Over 1.4 billion cubic feet per day of gas is flared or vented in the U.S., indicating a significant untapped resource for energy production [15]

Financial Data and Key Metrics Changes - The first quarter of 2025 saw EBITDA of $46 million, up 2% sequentially and 18% year over year, marking the second-best first quarter EBITDA results in the company's history [8][10] - Total revenue for the first quarter was $599 million, an increase of 4.9% from the previous quarter and 6.4% year over year [10][26] - Gross margins remained resilient at 23.2%, better than expected [11][29] - Net income attributable to DNOW Inc. for the first quarter was $22 million, or $0.20 per fully diluted share [31] Business Line Data and Key Metrics Changes - U.S. revenue totaled $474 million, up $23 million or 5% sequentially, driven by increased midstream demand [17][27] - U.S. Process Solutions contributed approximately 31% of total U.S. revenue, marking the highest revenue dollar contribution yet for this segment [28] - Canadian revenue was $62 million, down $4 million sequentially, while international revenue was $63 million, up $9 million or 17% sequentially [22][28] Market Data and Key Metrics Changes - In the U.S., revenue growth was driven by a full quarter contribution from the Trojan acquisition and increased midstream demand [17] - Internationally, revenue growth was primarily due to increased project activity, with a notable $15 million project not expected to repeat in the second quarter [23][28] - The company reported that approximately 70% of products sold in U.S. operations are sourced domestically, reducing dependence on international sources [13] Company Strategy and Development Direction - The company is focused on diversifying its market mix and investing in core markets while capturing additional revenues from energy evolution opportunities [11] - A small but strategic acquisition in Singapore was completed to enhance the McLean International brand, allowing for increased revenue synergies [12] - The company aims to balance growth with capital returns, having repurchased $16 million in shares year-to-date under a new $160 million share repurchase program [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dynamic tariff situation and its potential impact on margins, stating that they are passing supplier cost increases through as quickly as possible [15][37] - The company expects second quarter growth driven by increased midstream activity, despite anticipated declines in Canadian revenue due to seasonal factors [39][68] - Full year guidance for 2025 remains flat to up in the high single-digit percentage range from 2024 levels, with EBITDA potentially approaching 8% of revenue [40] Other Important Information - The company ended the first quarter with zero debt and a cash position of $219 million, providing significant liquidity for future investments [31][32] - The company is actively pursuing opportunities in adjacent markets, including water, wastewater, and data centers, which are expected to contribute to growth [55][58] Q&A Session Summary Question: How is inflation tracking in the business? - Management noted that while normal inflationary pressures are emerging, tariff impacts have not yet significantly affected gross margins [46][47] Question: Are smaller competitors staying rational in the market? - Management indicated that while competitors are cautious about inventory, there is still intense bidding on projects, maintaining a competitive environment [50][51] Question: What are the opportunities for market share gains? - The company highlighted its global buying power as an advantage over smaller competitors, allowing for better product availability and cost management [53] Question: What is the outlook for geographic growth? - Management reaffirmed expectations for U.S. growth, particularly in midstream, while anticipating flat performance in international markets [66][68] Question: How does the company plan to navigate potential declines in drilling and completion activity? - The focus is on growing the energy transition business and leveraging gains in midstream to offset potential upstream declines [80]

Core Insights - Microsoft is purchasing 3.7 million metric tons of carbon removal credits from CO280 to help achieve its goal of becoming carbon-negative by 2030 [1][2] - The carbon capture project is expected to start in 2028 and will capture approximately 40% of the biogenic carbon dioxide released by the mill [1][7] - CO280 is collaborating with SLB Capturi to build the carbon capture facility, utilizing amine process technology [5] Microsoft’s Carbon Goals - The purchase of carbon credits is part of Microsoft's strategy to offset its greenhouse gas emissions, which totaled 17.1 million metric tons in 2023 [2][3] - Microsoft has been investing in renewable energy and carbon removal initiatives to meet its sustainability targets [3] CO280’s Project Details - CO280's first carbon capture project is located at a paper mill on the Gulf Coast, with plans for additional projects in the future [1][4] - The facility will capture carbon dioxide that would typically be released during the paper production process, effectively removing carbon from the atmosphere [6] - CO280 aims to double the carbon capture capacity in a second phase of the project [7] Financial Aspects - CO280 sells its carbon credits at approximately $200 per metric ton, allowing buyers to benefit from tax credits under the Inflation Reduction Act [8] - The collaboration with paper mills will provide them with a share of the carbon credit proceeds, enhancing their financial performance [8]

Core Insights - Warren Buffett has shifted his perspective on the oil and energy sector, particularly with his significant investment in Occidental Petroleum Co. (OXY) [2][13] - Buffett's previous investment in ConocoPhillips was deemed a "major mistake," leading to substantial losses [5][4] Investment in Occidental Petroleum - Berkshire Hathaway acquired OXY stock when it was down 30% from its highs in February 2025, increasing its stake by 763,017 shares to a total of 265 million shares, representing 28.2% of the company [2] - This investment accounted for 4.63% of Berkshire's total assets, making it the sixth-largest holding in the portfolio [2] - Buffett's investment strategy with Occidental included a $10 billion investment in preferred stock, which provided an 8% annual dividend and warrants for purchasing common stock at $59.62 per share [9][13] Comparison with Previous Investments - Buffett's earlier investment in ConocoPhillips involved accumulating nearly 85 million shares, but he exited by 2013 with estimated losses of $1.5 billion due to a failure to anticipate the collapse in energy prices [5][4] - In contrast, Buffett's investment in Occidental is characterized by a solid foundation of dividends and the potential for further stock acquisition at a discount [13] Leadership and Strategy - Buffett praised Occidental's CEO Vicki Hollub for her fiscal discipline and long-term vision, which influenced Berkshire's decision to invest [10] - Occidental is diversifying its operations, particularly through investments in carbon capture technology via its subsidiary 1PointFive, which is set to launch a billion-dollar direct air capture facility in 2025 [11][12] Market Outlook - Analysts have a 12-month stock price forecast for Occidental Petroleum at $59.00, indicating a potential upside of 52.44% from the current price of $38.70 [11] - The company is also selling carbon dioxide removal credits, which could enhance its revenue streams and align with environmental accountability [12]