All amounts are in United States dollars, unless otherwise stated TORONTO, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported results of the Expansion Study (“IGD Expansion”) completed on the Island Gold District operation, located in Ontario, Canada. Compared to the Base Case Life of Mine Plan (“Base Case LOM”) released in June 2025, the IGD Expansion incorporates a 30% increase in Mineral Reserves, and an expansion of the Magino mill to 20,000 ...

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]

Core Viewpoint - Chevron reported strong fourth-quarter earnings and significant production growth, emphasizing a shift towards free cash flow growth and strategic acquisitions to enhance its upstream portfolio [1][2][3]. Financial Performance - Fourth-quarter earnings reached $2.8 billion, or $1.39 per share, with adjusted earnings of $3.0 billion, or $1.52 per share, impacted by pension curtailment costs of $128 million and negative foreign currency effects of $130 million [1]. - Operating cash flow for Q4 was $10.8 billion, contributing to an adjusted free cash flow of approximately $20 billion for the year, with record cash returned to shareholders, including $3 billion in buybacks during the quarter [4][6]. - The company announced a 4% increase in the quarterly dividend, marking it as a top financial priority, with over $100 billion returned in dividends and buybacks over the last four years [7]. Production and Growth Strategy - Chevron achieved record global and U.S. production in 2025, reaching approximately 1,000,000 barrels of oil equivalent per day in the Permian, with a target of 300,000 boe/d in the Gulf of Mexico by 2026 [2][5]. - The company completed the Future Growth Project at Tengiz, adding 260,000 barrels of oil per day, and initiated major projects such as Ballymore and Whale in the Gulf of Mexico [2][5]. - Chevron's production in Venezuela has increased by over 200,000 barrels per day since 2022, with potential for an additional 50% increase pending U.S. approvals [3][8][9]. Cost Management and Efficiency - Chevron's cost reduction program exceeded expectations, delivering $1.5 billion in 2025 and targeting $3 billion–$4 billion in savings by the end of 2026, with over 60% of savings expected from durable efficiency gains [16]. - The company is optimizing cash generation and capital efficiency in the Permian, maintaining production at roughly 1 million barrels per day [16]. Future Outlook - Looking ahead to 2026, Chevron expects continued production growth driven by project ramp-ups and efficiency improvements, with a projected year-over-year increase of 7%–10% in production, excluding asset sales [15]. - The company is also focusing on expanding its Eastern Mediterranean gas projects, with significant capacity increases anticipated by the end of the decade [11][12].

Financial Data and Key Metrics Changes - Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share, with adjusted earnings of $3 billion or $1.52 per share, reflecting a decrease of approximately $600 million from the previous quarter [8][9] - Cash flow from operations was $10.8 billion for the quarter, including a $1.7 billion drawdown in working capital [8] - Adjusted free cash flow for the year was $20 billion, which included the first loan repayment from TCO and $1.8 billion in asset sales [9] Business Line Data and Key Metrics Changes - Production reached record levels globally and in the U.S., with significant contributions from the Future Growth Project at Tengiz, which added 260,000 barrels of oil per day [3] - Adjusted upstream earnings decreased primarily due to lowered liquids prices, while adjusted downstream earnings were lower due to reduced chemicals earnings and refining volumes [9] - The downstream segment achieved the highest U.S. refinery throughput in two decades, driven by recent expansion projects and higher efficiency [3] Market Data and Key Metrics Changes - Chevron's production in Venezuela increased by over 200,000 barrels per day since 2022, with potential for further growth of up to 50% over the next 18-24 months [4][5] - Recent and upcoming project startups in Guyana, the Gulf of Mexico, and the Eastern Mediterranean are expected to increase offshore production by approximately 200,000 barrels of oil equivalent per day [11] - The company anticipates a 7%-10% year-over-year increase in production, excluding the impact of asset sales [11] Company Strategy and Development Direction - Chevron is focusing on free cash flow growth and capital discipline, with a break-even below $50 Brent [12][13] - The company aims to continue its structural cost reduction program, targeting $3 billion-$4 billion in savings by the end of 2026 [12] - Chevron is committed to leveraging its expertise in Venezuela and expanding its operations in the Eastern Mediterranean, with significant projects underway [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 from a position of strength, with a diversified portfolio and a strong balance sheet [7][13] - The company highlighted the importance of fiscal stability and regulatory predictability in its international operations, particularly in Venezuela and the Middle East [28][66] - Management emphasized the need to maintain capital discipline while exploring new opportunities in resource-rich countries [66] Other Important Information - Chevron's balance sheet remains strong, ending the year with a net debt coverage ratio of 1x [9] - The company announced a 4% increase in the quarterly dividend, reflecting its commitment to shareholder returns [13] Q&A Session Summary Question: TCO volumes and maintenance schedule - Management discussed the recent power distribution issue at TCO and the steps taken to resume production, emphasizing safety and efficiency [16][17][19] Question: Venezuela asset conditions and growth potential - Management provided insights into the operational stability in Venezuela and the potential for significant production growth, highlighting the importance of fiscal stability [24][26][28] Question: Opportunities in Libya and Iraq - Management acknowledged ongoing discussions in Libya and Iraq, noting improvements in fiscal terms and the potential for exploration opportunities [54][55] Question: LNG portfolio size and strategy - Management reiterated the importance of competitive returns in LNG investments and the company's current focus on U.S. offtake without significant capital deployment [56] Question: Bakken performance and cross-learning - Management expressed satisfaction with Bakken's performance and the application of best practices from other regions to enhance productivity and efficiency [88]

Core Viewpoint - UBS upgraded Waste Management from Neutral to Buy and raised the price target to $260 from $225, anticipating a positive impact from the resumption of share repurchases [1] Group 1: Shareholder Returns - The resumption of share repurchases, which had been suspended since Q1 2024, is expected to drive a 2.5-times increase in capital returned to shareholders [1] - UBS noted that following previous investment cycles, Waste Management's relative valuation had expanded by as much as 20% [2] Group 2: Financial Performance - Waste Management successfully integrated Stericycle into its WM Healthcare Solutions business and reduced leverage from 3.6x to 3.0x in Q4 2024 [2] - These actions are projected to set the stage for over 30% year-over-year growth in free cash flow in 2026 [2] Group 3: Market Trends - UBS expects a shift in investor preference towards companies that emphasize capital returns rather than continued investment in municipal solid waste, which may support a re-rating of the stock [3]

Core Insights - EQT Corp is positioned to benefit from increasing natural gas demand driven by AI data centers and other factors, making it a potential investment opportunity [1] - Kinder Morgan is recommended as a preferable investment over EQT due to its lower exposure to commodity price volatility, presenting a lower-risk option for investors [2] Company Overview - EQT Corp is a leading natural gas producer with significant resources in the Appalachian basin and extensive infrastructure, including gathering lines, storage, and transmission pipelines [4] - The company operates with a low breakeven cost of approximately $2 per MMBtu, making it one of the lowest-cost producers in the U.S. [4] Financial Performance - EQT is projected to generate between $10 billion to over $25 billion in cumulative free cash flow through 2029, assuming average gas prices between $2.75 and $5.00 per MMBtu [5] - This cash flow will support debt repayment, share repurchases, and an increase in its 1.2% dividend yield [5] Earnings Stability - EQT has significant exposure to commodity price volatility, which it attempts to manage through hedging contracts [6] - Kinder Morgan, as a midstream company, has a more stable cash flow, with approximately 69% of its earnings derived from take-or-pay and hedging contracts, minimizing commodity price risk [6] Growth Prospects - Kinder Morgan has a backlog of $9.3 billion in organic expansion projects expected to be completed by mid-2030, including three large-scale gas pipelines [7] - The company is also exploring an additional $10 billion in natural gas project opportunities that may be approved soon [8]

Group 1 - The article discusses a cautious approach towards initial public offerings (IPOs), suggesting they may often be overpriced [1] - The focus is on identifying value in small-cap stocks that offer asymmetric upside potential and sustainable high dividend yields [1] - Key investment criteria include insider buying, high insider ownership, a history of free cash flow growth, and significant catalysts for turnaround [1] Group 2 - The investor expresses a preference for long-term holdings and is comfortable with matching market returns during bull markets while aiming for superior returns in downturns [1] - Influences on the investment strategy include notable investors such as Warren Buffett and Peter Lynch [1] - The investor has a background in Economics and Finance, which informs their investment decisions [1]

Core Insights - AngloGold Ashanti plc reported a significant 185% increase in free cash flow for the first nine months of 2025, reaching $1.86 billion, with a record $920 million in Q3, driven by cost discipline, higher production, and rising gold prices [2][10] - The company achieved a net cash inflow from operating activities of $3.17 billion, a 147% year-over-year increase, supported by solid gold sales and increased dividends from joint ventures, despite higher operating costs and tax payments [3] - AngloGold Ashanti's gold production rose 20% year-over-year to 2.292 million ounces, bolstered by contributions from the Sukari mine and improved performances at key assets [5][10] Financial Performance - The available liquidity as of September 30, 2025, was $3.9 billion, including cash and cash equivalents of $2.5 billion [4] - The company affirmed its 2025 production guidance of 2.900-3.225 million ounces, indicating a year-over-year growth of 9-21% [6][10] - AngloGold Ashanti's stock has appreciated 282.7% over the past year, outperforming the Zacks Mining – Gold industry, which saw a 151.8% increase [9] Valuation and Estimates - The forward 12-month earnings multiple for AngloGold Ashanti is 111.13X, which is discounted compared to the industry average of 13.61X [12] - The Zacks Consensus Estimate for 2025 sales is $9.67 billion, reflecting a 66.9% year-over-year increase, with earnings estimated at $5.51 per share, a 149.3% rise [14] - EPS estimates for 2025 have increased by 3.8% over the past 60 days, while 2026 estimates have risen by 29.6% [15]

Core Viewpoint - ConocoPhillips is positioned as a more attractive investment compared to Occidental Petroleum due to its clear growth strategy and strong financial position. Group 1: Occidental Petroleum - Occidental Petroleum is a leading international energy company with operations in the U.S., Middle East, and North Africa, but it has accumulated significant debt from acquisitions [3]. - The company plans to reduce its principal debt balance below $15 billion by selling OxyChem to Berkshire Hathaway for $9.7 billion, which will allow it to focus on shareholder value creation [4]. - Despite the sale, Occidental lacks a firm action plan for growth, relying on free cash flow and asset sales to manage its debt [6]. Group 2: ConocoPhillips - ConocoPhillips has a robust growth strategy, having invested heavily in acquisitions funded primarily through equity, resulting in a strong balance sheet [6]. - The company is investing $3.4 billion in three liquefied natural gas (LNG) projects and $8.5 billion to $9 billion in the Willow oil project in Alaska, which is expected to generate an additional $6 billion in annual free cash flow by 2029 [8]. - This increasing cash flow will support dividend growth within the top 25% of S&P 500 companies and enable share repurchases, positioning ConocoPhillips for strong total returns [9].

Core Insights - The podcast episode features a discussion on the VictoryShares Free Cash Flow Growth ETF (GFLW) and its investment strategy focusing on companies with strong free cash flow [1] Group 1: ETF Overview - The VictoryShares Free Cash Flow Growth ETF (GFLW) aims to invest in companies that demonstrate robust free cash flow generation, which is a key indicator of financial health and operational efficiency [1] - The ETF is designed to provide investors with exposure to growth-oriented companies that prioritize cash flow, potentially leading to better long-term performance [1] Group 2: Market Context - The discussion highlights the importance of free cash flow in the current market environment, where companies with strong cash flow are better positioned to weather economic uncertainties [1] - The podcast emphasizes the growing interest in ETFs that focus on specific financial metrics, such as free cash flow, as investors seek more targeted investment strategies [1]