Financial Performance - Crescent Energy's Q1 2025 Adjusted EBITDAX was approximately $530 million[11] - The company generated approximately $242 million in Levered Free Cash Flow during Q1 2025[11] - The company repurchased approximately $30 million of shares YTD at an average price of $826 per share[10] - The company has ~$14 billion in liquidity as of March 31, 2025[11] Operational Highlights - Q1 2025 net production averaged approximately 258 Mboe/d, with approximately 40% oil and approximately 58% liquids[11] - Eagle Ford net production was approximately 165 Mboe/d with approximately 40% oil in Q1 2025[32] - Uinta net production was approximately 23 Mboe/d with approximately 63% oil in Q1 2025[39] Capital Allocation and Returns - The company offers an approximately 6% fixed dividend yield and an approximately 7% yield inclusive of buybacks[10] - The company closed approximately $90 million of non-core divestitures YTD[10, 42] 2025 Outlook - The company anticipates 2025 capital expenditures between $925 million and $1025 million[61] - The company expects total production to be between 251 and 261 Mboe/d in 2025, adjusted for divestitures[61]

Financial Data and Key Metrics Changes - Targa reported record quarterly adjusted EBITDA of $1,179 million, a 22% increase year-over-year, primarily driven by higher Permian volumes [5][14][15] - The adjusted EBITDA increased 5% sequentially, attributed to the Badlands transaction and higher marketing margins [14] - The company expects full-year 2025 adjusted EBITDA to be in the range of $4,650 million to $4,850 million [14] Business Line Data and Key Metrics Changes - In the Permian, natural gas inlet volumes averaged over 6,000 million cubic feet per day, an 11% increase from a year ago, despite a 1% decrease from the previous quarter due to winter weather impacts [9][10] - NGL pipeline transportation volumes averaged 844,000 barrels per day, and fractionation volumes averaged 980,000 barrels per day, both impacted by winter weather events [11] - LPG export loadings averaged 13,400,000 barrels per month during the first quarter, with continued strength in cargo loadings [12][13] Market Data and Key Metrics Changes - The forward crude price curve has shifted lower, but customers are not indicating material changes to their drilling programs for 2025 and 2026, suggesting continued volume growth [6][10] - The demand for LPGs globally remains strong, with long-term contracts in place, positioning the company well in the market [12][13] Company Strategy and Development Direction - The company aims to maintain a strong investment-grade balance sheet, invest in high-return integrated projects, and return increasing capital to shareholders [14][17] - Targa's integrated asset footprint and strong financial position, with over 90% fee-based revenue, are expected to generate attractive returns [7][14] - The company is focused on expanding its footprint in the Permian Basin and enhancing its logistics and transportation capabilities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and outlook for 2025, citing strong producer relationships and multiyear drilling programs [6][24] - The company is well-prepared to navigate global tariff impacts and has managed operating costs effectively [13][14] - Management noted that the current environment allows for opportunistic share repurchases, with a focus on maintaining financial flexibility [14][49] Other Important Information - Targa has successfully completed a $2 billion debt offering to fund share repurchases and general corporate purposes [14][15] - The company has a pro forma consolidated leverage ratio of approximately 3.6 times, well within its long-term target range [15][17] Q&A Session Summary Question: How does Targa differ from others regarding customer relationships and positioning in the Permian? - Management highlighted their strong G&P footprint and relationships with well-capitalized producers, which provide resilience in drilling programs [22][24] Question: Can you elaborate on CapEx direction for 2026 relative to 2025? - Management indicated that CapEx will depend on activity levels, with ongoing growth capital projects expected to support future growth [26][30] Question: Are there any signs of optimization opportunities due to market volatility? - Management noted that they are seeing more opportunities to monetize positions, particularly in gas and NGL marketing [34][35] Question: What is the current hedging strategy and fee floor status? - Management confirmed that they are hedged 90% through 2026, which mitigates commodity price impacts on operating results [38][102] Question: How is the LPG export activity and destination changing? - Management reported no material change in activity levels but noted some shifts in cargo destinations due to market dynamics [43][46] Question: Would Targa consider small-scale bolt-on deals in the current environment? - Management stated that they remain open to bolt-on acquisitions if they meet return criteria, while focusing on organic growth opportunities [59][60] Question: What is the outlook for Permian production if crude prices remain flat? - Management suggested a baseline growth of 2% to 3% in gas production under flat crude oil conditions, with confidence in capturing a larger share of drilled volumes [98][105]

Financial Data and Key Metrics Changes - The company has successfully reduced approximately $1 billion in gross debt, including about $440 million in the first quarter [9] - The company expects to achieve approximately $400 million in synergies in 2025 and $500 million by year-end 2026 [9][10] - The company plans for capital allocation around a mid-cycle gas price of $3.5 to $4, consistent with the forward strip [9] Business Line Data and Key Metrics Changes - The company anticipates exiting 2025 at approximately 7.2 Bcfe per day, with plans to grow production to 7.5 Bcf a day in 2026 [11] - The productive capacity strategy has generated approximately $225 million more in free cash flow compared to if the wells had been turned in line last year [11] Market Data and Key Metrics Changes - The company has joined the S&P 500 Index and received investment-grade ratings from all major agencies, indicating strong market positioning [10] - The macro fundamentals for natural gas remain constructive, with growing LNG and data center demand expected to support market strength in 2026 [9] Company Strategy and Development Direction - The company focuses on building scale in the best gas assets, lowering costs through merger synergies, and strengthening its capital structure [8] - The company is exploring opportunities in the LNG business and is in discussions regarding various projects [29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges recent market volatility but emphasizes a resilient financial foundation and efficient operations as key strengths [8] - The company plans to absorb near-term volatility in capital allocation decisions, maintaining a focus on mid-cycle pricing [20] Other Important Information - The company has a strong commitment to returning cash to shareholders, having returned approximately $3.7 billion through dividends and buybacks historically [35] - The company is actively managing its hedging strategy, having added about 740 Bcf of new hedges for 2026 with favorable floor and ceiling prices [16] Q&A Session Summary Question: Thoughts on hedging strategy for 2026 - The company will continue a disciplined approach to hedging, adding new hedges to manage commodity price risks effectively [15] Question: Perspective on gas commodity supply and demand - Management noted strong supply due to deferred activity and light demand in early months, but remains confident in mid-cycle price expectations [18][20] Question: Breakeven point and future trajectory - Current breakeven is below $3, with expectations to drive it lower through synergies and efficiencies [25] Question: LNG business potential and pricing impact - The company is exploring LNG opportunities and is well-positioned to grow its value chain, with ongoing discussions in Asia [28] Question: Cash return program and tranche three details - The company is evaluating how to apply tranche three cash returns, considering both buybacks and variable dividends [33][36] Question: Haynesville activity levels and operational changes - The company is on track with its operational plans, running four frac crews and focusing on reducing DUC inventory [38] Question: Trends in well costs and tariff impacts - The company expects costs to remain flat to slightly down, with most casing sourced domestically mitigating tariff impacts [45] Question: Future M&A opportunities - Management remains focused on realizing synergies from the recent merger but will consider future opportunities that meet their non-negotiables [49] Question: Infrastructure developments in Appalachia - The company supports infrastructure build-out discussions and is exploring opportunities for expanded gas demand in the region [56] Question: Production levels and market dynamics - The company plans to optimize production and manage flexibility in response to market conditions, ensuring a strategic approach to capital spending [90]

Northern Oil and Gas (NOG) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants Evelyn Infurna - VP - IRNicholas O'Grady - CEOAdam Dirlam - PresidentChad Allen - CFONoah Hungness - Equity Research AssociateJim Evans - Chief Technical OfficerNoel Parks - Managing Director - Energy Research Conference Call Participants Phillips Johnston - Senior E&P Analyst Operator Greetings, and welcome to the NOG's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants ar ...

EQT Corp (EQT) Q1 2025 Earnings Call April 23, 2025 10:00 AM ET Company Participants Cameron Horwitz - Managing Director of Investor Relations & StrategyToby Rice - President, CEO and DirectorJeremy Knop - Chief Financial OfficerDevin Mcdermott - Executive DirectorNeil Mehta - Head of Americas Natural Resources Equity ResearchJake Roberts - Director - E&P ResearchScott Gruber - Director - Oilfield Services & Equipment ResearchKevin MacCurdy - Managing DirectorDavid Deckelbaum - Managing Director: Sustainabi ...

Financial Data and Key Metrics Changes - For Q4 2024, consolidated revenue was $48.8 million, with total company adjusted EBITDA of $4.9 million and operated segment adjusted EBITDA of $9.6 million [14][29] - For the full year 2024, consolidated revenue was $122.3 million, down from $125.1 million in 2023, with total company adjusted EBITDA of $17 million [36][38] - The net loss for Q4 2024 was $13.4 million, or $0.14 per share, compared to a net income of $74.8 million, or $0.75 per share in Q4 2023 [34][36] Business Line Data and Key Metrics Changes - Energy operations generated $17.3 million in revenue for Q4 2024, significantly up from $0.8 million in the same quarter last year [29] - Manufacturing operations, following the acquisition of Deflecto, generated $23.2 million in revenue for Q4 2024 [30] - Industrial operations generated $8.2 million in revenue for Q4 2024, a slight decrease from $8.6 million in the same quarter last year [30] - Intellectual property operations generated $0.1 million in licensing revenue during Q4 2024, down from $82.8 million in the same quarter last year [30][36] Market Data and Key Metrics Changes - The energy vertical reported Benchmark's highest ever revenue this quarter, demonstrating effective operational strategies [19] - The manufacturing operations are expected to improve earnings leverage as market conditions rebound [24] Company Strategy and Development Direction - The company aims to maximize value through disciplined capital allocation and strategic acquisitions, focusing on operational efficiencies and integration synergies [9][45] - The strategy includes evaluating potential acquisition targets in both private and public markets while maintaining a strong balance sheet [46][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and highlighted the stability offered by the company's diversified asset base [47] - The company remains optimistic about future growth opportunities, particularly in the energy sector, due to rising demand for electricity and LNG exports [21][47] Other Important Information - The company repurchased $20 million of stock at an average price of $4.61 per share, reflecting a strategic use of shareholder capital [16] - Cash, cash equivalents, and equity securities totaled $297 million at year-end 2024, down from $403.2 million at year-end 2023, primarily due to acquisitions and stock repurchases [41][42] Q&A Session Summary Question: Thoughts on the overall economy and tariffs - Management indicated that the company is insulated from tariffs due to its market position and has plans to adjust manufacturing operations if necessary [52][55] Question: Acquisition of more wells and Cherokee play potential - Management confirmed ongoing efforts to acquire additional asset packages while being disciplined about valuations, and expressed enthusiasm about the Cherokee area as it gains interest from other players [61][64] Question: Deflecto's gross margin performance - Management acknowledged that the fourth quarter is seasonally weak but remains committed to achieving the targeted gross margin of 15% [66] Question: Cash levels and acquisition strategy - Management clarified that the increase in cash levels despite significant expenditures is due to the cash-generating nature of the acquired businesses [92] Question: Flexibility in private equity pricing - Management noted that while private equity firms typically seek high prices, there are opportunities for reasonable valuations, especially for businesses that may not fit traditional private equity models [96][97]