Company Overview - Venture Global Inc. (VG) is a U.S.-based liquefied natural gas (LNG) company that has updated its full-year operational and financial results, lowering its consolidated adjusted EBITDA guidance from $6.35-$6.50 billion to $6.18-$6.24 billion [1][9] Operational Performance - In the fourth quarter of 2025, VG exported a total of 128 LNG cargoes, achieving LNG sales of 478.3 trillion British thermal units (TBtu) at a weighted average fixed liquefaction fee of $5.15 per million British thermal units (MMBtu) [2][9] - The company exported 38 cargoes from its Calcasieu Pass facility and 90 cargoes from the Plaquemines LNG facility [2] Market Conditions - VG noted that Henry Hub spot prices and international LNG price fluctuations impacted the volumes and pricing of LNG cargoes during the quarter [3] - The company faced tight shipping conditions due to vessel availability constraints in the Atlantic Basin, which affected shipping schedules; however, the impact was partially mitigated by using owned and chartered vessels from its fleet [3] Future Outlook - The forward pricing scenario related to LNG pricing and shipping conditions showed recovery in February and March 2026, suggesting a supportive market environment for VG's business with potential for higher realized margins [4] - Since the announcement on January 12, 2026, Venture Global shares have increased by 7.3% [4]

Core Insights - Listed infrastructure underperformed global equities in Q4, despite two cuts in short-term rates in the U.S., due to higher long-term bond yields and a prevailing higher-for-longer sentiment [3] - European utilities outperformed U.S. utilities, aided by improving regulations, while renewables benefited from their increasing relevance in AI and policy derisking [3] Sector Performance - Underperforming sectors included natural gas utilities, energy infrastructure pipelines, communication towers, and North American rails, primarily due to higher production levels and adverse weather forecasts for natural gas [4] - Electric utilities, particularly in Western Europe, were the top contributors, with SSE and Iberdrola leading the performance [5][6][7] Company Highlights - SSE, the largest renewable energy generator in the U.K., saw its share price rise as funding risks diminished and macroeconomic concerns eased [6] - Iberdrola, a multinational integrated electric utility, raised guidance during its third-quarter results, reflecting strong operational performance [7] - OGE Energy and Redeia were the largest detractors, with OGE facing delays in a data center deal and Redeia impacted by negative sentiment from a regulatory review [8][9] Outlook - The outlook for listed infrastructure remains positive, with expectations of continued performance driven by inflection in electricity demand and solid earnings growth, supported by lower nominal bond yields [10] - Electric utilities are benefiting from several tailwinds, including the energy transition, climate change adaptation, and growing electricity demand from AI data centers and industrial sectors [11] Portfolio Highlights - The strategy saw positive contributions from eight out of ten sectors, with electric and water utilities being the top contributors, while energy infrastructure and communications were detractors [13] - The strategy outperformed relative to the FTSE Global Core Infrastructure 50/50, driven by stock selection in electric, water, and gas utility sectors, along with a renewables overweight [14] - Top contributors to absolute returns included SSE, Iberdrola, Enel, NextEra Energy, and Clearway Energy, while detractors included OGE Energy, Redeia, WEC Energy, Enbridge, and Crown Castle [15] Investment Activity - New positions were initiated in U.S. electric utilities Portland General Electric and Edison International, as well as French utility Engie and Brazilian utility Axia Energia, while positions in CPFL Energia, Crown Castle, and WEC Energy were exited [16]

Core Viewpoint - California Resources Corporation (CRC) is set to release its fourth quarter and full year 2025 financial results on March 2, 2026, before market hours, followed by a conference call to discuss these results [1]. Group 1: Financial Results Announcement - CRC will announce its financial results for Q4 and the full year of 2025 on March 2, 2026 [1]. - A conference call to discuss these results is scheduled for March 2 at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time) [1]. Group 2: Conference Call Participation - Participants are encouraged to pre-register for the conference call via a provided link, which allows them to gain immediate access and bypass the live operator [2]. - The conference call can be accessed by dialing (877) 328-5505 for domestic callers or +1-412-317-5421 for international callers, or through a webcast on the company's website [3]. - A digital replay of the conference call will be available for approximately 90 days on the Investor Relations page of the company's website [3]. Group 3: Company Overview - California Resources Corporation is an independent energy and carbon management company focused on energy transition and environmental stewardship [4]. - The company aims to maximize the value of its land and mineral ownership while developing carbon capture and storage (CCS) and other emissions-reducing projects [4].

Industry Overview - Lithium demand is rapidly increasing due to the growth of electric vehicles (EVs) and energy storage solutions, with forecasts indicating that lithium demand could more than double by the end of the decade [1] - The market is expected to transition from surplus to deficit starting in 2026, driven by production slowdowns and project delays among higher-cost producers [2] - The global lithium market is projected to expand from $13.9 billion in 2024 to $55.5 billion by 2032, indicating strong demand driven by electric vehicles and renewable energy [14] Company Developments - US Critical Metals Corp. (USCM) has made significant progress in 2025, including securing a clear path to 100% ownership of the McDermitt East Lithium Project and completing the acquisition of the Clayton Ridge Lithium Project [9][10] - USCM plans to enhance its exploration strategy at McDermitt East in 2026, focusing on geological mapping and surface sampling to refine drill targets [11][12] - The company closed a $510,000 private placement financing to support its U.S. critical minerals portfolio [9] Market Sentiment - Analysts expect improved sentiment around lithium pricing as supply struggles to keep pace with accelerating battery demand, leading to stronger margins for well-positioned lithium producers [2][3] - USCM's CEO highlighted the strategic importance of U.S.-based lithium assets and the company's alignment with market conditions as it enters 2026 [13]

Core Viewpoint - Talen Energy Corporation has signed definitive agreements to acquire approximately 2.6 gigawatts of natural gas generation capacity, significantly expanding its portfolio and presence in the western PJM market [1][3]. Acquisition Details - The acquisition price is $3.45 billion, comprising approximately $2.55 billion in cash and $900 million in Talen stock, reflecting an attractive multiple of about 6.6x 2027E adjusted EBITDA [2]. - The transaction is expected to provide immediate adjusted free cash flow per share accretion exceeding 15% annually through 2030E, with an anticipated unlevered free cash flow conversion rate of approximately 85% before tax benefits [2][6]. Strategic Implications - This acquisition diversifies Talen's generation portfolio by adding baseload capacity and enhancing cash flow contributions, particularly in the western PJM market, which is experiencing significant data center growth [3][6]. - The facilities acquired include the 1,218-megawatt Lawrenceburg and 869-megawatt Waterford plants, which are efficient combined cycle gas turbines (CCGTs) with high capacity factors and low operational costs [6]. Financial Outlook - Talen expects to issue new debt to fund the cash portion of the purchase price, while maintaining balance sheet strength and aiming for a net leverage target of 3.5x or lower by year-end 2026 [5][6]. - The transaction is projected to unlock material value from day one, with robust pro forma cash flows driving rapid deleveraging [6]. Regulatory and Closing Information - The transaction is expected to close in the early second half of 2026, pending customary closing conditions and regulatory approvals from relevant authorities [7].

Disclaimer Accelerating Energy Transition Through Battery Materials Discovery and Health Management January 2026 Although all information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, SES has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith ...

Core Viewpoint - Investor Chamath Palihapitiya predicts that copper will experience a significant price increase, going "parabolic" by 2026 due to supply shortages and geopolitical strategies emphasizing national security and economic reshoring [1][3] Supply Dynamics - The Trump administration reclassified copper as a critical national security asset, imposing a 50% tariff on imported copper to protect domestic interests, which has led to a supply squeeze as the U.S. aims to rebuild its copper smelting and refining infrastructure [2] Demand Drivers - Copper is described as an essential material found in various applications, including data centers, chips, and defense systems, highlighting its ubiquitous demand across multiple sectors [4] - The demand for copper is further driven by the increasing Pentagon spending on defense systems and the ongoing energy transition towards electrification and grid modernization [6] Market Performance - Copper futures have reached record highs of approximately $6.10 per pound, reflecting market concerns over supply risks [5] - Investors are encouraged to consider both ETFs for broad exposure and individual mining stocks for targeted investments in domestic copper producers such as Southern Copper Corp., Rio Tinto Plc, and Freeport-McMoRan, Inc. [5][6]

Group 1: Market Outlook - Investor Chamath Palihapitiya predicts that copper is set to go "parabolic" in 2026 due to a supply shortage and the geopolitical strategy known as the "Trump Doctrine" [1][3] - Copper futures have reached record highs around $6.10 per pound, driven by market focus on supply risks [5] Group 2: Geopolitical Context - The Trump administration reclassified copper as a critical pillar of national security, imposing a 50% tariff on imported copper to protect domestic interests [2] - This tariff has created a supply squeeze as the U.S. aims to rebuild its copper smelting and refining infrastructure [2] Group 3: Demand Drivers - Copper is described as an essential material found in various applications, including data centers, chips, and weapon systems, highlighting its ubiquitous demand [4] - The demand for copper is further driven by next-generation AI facilities, defense systems, and the ongoing energy transition, which requires significant amounts of copper [6] Group 4: Investment Opportunities - Investors can capitalize on the copper market through ETFs for broad exposure or individual stocks for higher-leverage bets on specific miners, such as Southern Copper Corp., Rio Tinto Plc, and Freeport-McMoRan, Inc. [5] - ETFs like the Global X Copper Miners ETF and the United States Copper Index Fund ETV are also available for tracking copper investments [6]

Core Insights - ConocoPhillips has encountered probable gas in all three targeted Waarre reservoirs while drilling the Charlemont-1 exploration well in the Otway Basin, offshore Victoria [2][3][8] - The drilling operations faced temporary suspensions due to high-pressure conditions, but resumed in early January with encouraging results indicating elevated gas readings [3][4][5] Drilling Operations - The Charlemont-1 well was drilled to a measured depth of 2,753 meters below the kelly bushing by January 7, 2026, where unexpectedly high-pressure conditions were encountered [4] - A seven-inch liner was installed to maintain well control during drilling operations, which were paused earlier than planned due to safety concerns [4][8] Gas Presence and Evaluation - Initial results from the Charlemont-1 well have shown gas presence across multiple Waarre reservoirs, with unexpected findings in the Waarre C formation [5][6] - The operator is currently analyzing different wireline logging scenarios to assess reservoir properties and hydrocarbon presence in the Waarre sandstone reservoirs [4][8] Company Stake and Partnerships - ConocoPhillips holds a 51% stake in the VIC/P79 permit, while partners 3D Energi and Korea National Oil Corporation hold 20% and 29% stakes, respectively [6]

Core Viewpoint - Duke Energy is advancing its energy transition by implementing battery energy storage systems (BESS) to enhance reliability and support economic growth in the Carolinas [4][6]. Group 1: Battery Energy Storage Systems - Duke Energy has launched a 50-megawatt BESS at the former Allen coal plant, completed under budget at approximately $100 million, and began serving customers in November [2][9]. - A second, larger BESS of 167 megawatts is set to begin construction in May, utilizing the site of a demolished emissions control system [2][7]. - Both BESS projects qualify for federal investment tax credits, which will cover 40% of the costs, including an additional 10% for reinvestment in an energy community [3][5]. Group 2: Future Plans and Investments - Duke Energy's 2025 Carolinas Resource Plan anticipates adding 6,550 megawatts of battery storage by 2035, sufficient to power over 5 million homes during peak energy use [5]. - The company plans to construct a 115-megawatt BESS at the Riverbend site, with construction expected to start in late 2026 and operational by late 2027 [7]. - A proposed third BESS at Allen is planned to be operational by the end of 2028, along with a regional operations and training facility for batteries and renewables [8]. Group 3: Economic and Community Impact - The initiatives aim to repurpose existing energy infrastructure while leveraging federal funding to reduce costs for customers [4][6]. - Duke Energy's long-term strategy includes maintaining a diverse energy mix, incorporating solar, storage, nuclear, and natural gas to meet rising electricity demand [6][12]. - The company emphasizes its commitment to the local community, with former employees from the Allen plant now working on the new battery projects [8].