Core Insights - Conagra Brands has experienced a 9.2% decline in share price over the past month, underperforming the S&P 500 [1][2] Financial Performance - For Q1 fiscal 2026, Conagra reported adjusted earnings per share (EPS) of 39 cents, exceeding the Zacks Consensus Estimate of 33 cents, but reflecting a 26.4% year-over-year decline [3][4] - The company generated net sales of $2,632.6 million, a 5.8% decrease year-over-year, yet surpassing the Zacks Consensus Estimate of $2,609 million [5] - Organic net sales decreased by 0.6%, with a 0.6% positive impact from price/mix offset by a 1.2% decline in volume [6] Segment Performance - Grocery & Snacks segment net sales were $1,079.6 million, down 8.7% year-over-year, impacted by a 7.7% adverse effect from M&A [9] - Refrigerated & Frozen segment net sales decreased by 0.9% to $1,076.2 million, with a 1.1% headwind from M&A [10] - International segment net sales fell 18% to $212.3 million, driven by a 13.2% unfavorable impact from M&A [11] - Foodservice reported sales of $264.5 million, down 0.8% year-over-year, including a 1.0% headwind from M&A [12] Financial Health - Conagra ended the quarter with cash and cash equivalents of $698.1 million and long-term debt of $7,222.6 million [14] - The company generated $120.6 million in net cash flows from operating activities, with capital expenditures of $146.8 million, resulting in a free cash flow of negative $26.2 million [14] Future Outlook - For fiscal 2026, Conagra expects organic net sales growth to range from negative 1% to positive 1%, with adjusted earnings forecasted between $1.70 and $1.85 per share, down from $2.30 in fiscal 2025 [16] - Recent estimates for the company have been trending downward, indicating a potential in-line return in the coming months [19] Industry Context - Conagra Brands is part of the Zacks Food - Miscellaneous industry, where competitor Lamb Weston reported a slight revenue increase of 0.3% year-over-year [20]

Group 1 - The oil and gas industry has seen a significant increase in focus on free cash flow due to its previously perceived lower growth potential compared to over a decade ago [2] - Antero Long Player, a leader in the Oil & Gas Value Research group, emphasizes the cyclical nature of the oil and gas industry, which requires patience and experience for successful investment [2] - The investing group actively seeks under-followed oil companies and out-of-favor midstream companies that present compelling investment opportunities [2] Group 2 - The Oil & Gas Value Research service provides detailed analysis on companies, including balance sheets, competitive positions, and development prospects, aimed at identifying undervalued names in the sector [1] - Members of the Oil & Gas Value Research group benefit from early access to analyses and insights that are not available on the free site [1]

Core Insights - Magna International, Inc. reported third-quarter adjusted earnings per share of $1.33, exceeding the analyst consensus estimate of $1.22 [2] - Quarterly sales reached $10.462 billion, surpassing the expected $10.138 billion [2] - The company raised its 2025 sales outlook to a range of $41.1 billion to $42.1 billion, up from the previous guidance of $40.4 billion to $42 billion [6] Financial Performance - Sales increased by 2%, driven by a 3% rise in global light vehicle production [3] - Income from operations before taxes decreased by 32% to $473 million, impacted by last year's deferred revenue from Fisker [3] - Adjusted EBIT rose by 3% to $613 million, with an adjusted EBIT margin improvement of 10 basis points [3] Cash Flow and Investments - Operating cash flow was reported at $787 million before working-capital changes, with an additional $125 million from operating assets and liabilities [4] - Capital expenditures amounted to $267 million, alongside a $100 million increase in investments and intangibles [4] Dividend Declaration - The company declared a fourth-quarter dividend of nearly 49 cents per common share, payable on November 28 to shareholders of record as of November 14 [5] Market Reaction - Magna shares experienced a 4.08% increase, trading at $46.47 at the time of publication [7]

INVESTOR PRESENTATION CREATING ENERGY | CREATING VALUE NOVEMBER 2025 ADVISORY In this presentation, we refer to certain specified financial measures which do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). While these measures are commonly used in the oil and natural gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. This presentation also contains oil and ga ...

Group 1 - The article discusses the investment strategies of Vasily Zyryanov, focusing on identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - Zyryanov emphasizes the importance of analyzing Free Cash Flow and Return on Capital in addition to profit and sales analysis to gain deeper insights into investments [1] - The research covers a wide range of industries, particularly the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] Group 2 - The article highlights that while Zyryanov favors underappreciated and misunderstood equities, he also recognizes that some growth stocks may warrant their premium valuations [1] - The primary goal for investors is to investigate whether the market's current opinion on a stock is accurate or not [1]

Q3 2025 Financial Results Conference Call Slides This presentation may contain forward-looking statements which are inherently difficult to predict. Actual results and outcomes could differ materially for a variety of reasons, including, among others, fluctuations in foreign exchange rates, changes in global economic conditions, tariff and trade policies, and customer demand and spending, inflation, interest rates, regional labor market constraints, world events, the rate of growth of the internet, online c ...

Core Insights - Magnolia achieved a record quarterly total production rate of 100,500 barrels of oil equivalent per day in Q3 2025, reflecting an 11% year-over-year growth [1][14][19] - The company emphasizes a disciplined capital allocation strategy aimed at generating consistent and sustainable free cash flow, despite recent declines in product prices [2][3] - Magnolia plans to maintain a capital spending limit of 55% of adjusted EBITDAX, ensuring financial flexibility and operational efficiency [10][12][77] Production and Financial Performance - Total production growth for 2025 is expected to be approximately 10%, exceeding initial guidance of 5% to 7% [5][18] - Adjusted EBITDAX for Q3 was $219 million, with operating income margins at 31% [6][13] - Free cash flow generated in Q3 was $134 million, with 60% returned to shareholders through share repurchases and dividends [7][14] Capital Management and Shareholder Returns - The company ended Q3 with a cash balance of $280 million, the highest level of the year, and plans to allocate approximately $110 million in capital spending for Q4 [8][17] - Magnolia has a consistent share repurchase program, having repurchased over 79.4 million shares since its inception, leading to a 26% reduction in weighted average diluted shares outstanding [15][16] - The quarterly dividend has increased by 15% to $0.15 per share, reflecting the company's commitment to returning value to shareholders [16][17] Operational Efficiency and Future Outlook - Magnolia's operational efficiencies have led to reduced lease operating expenses and improved production efficiencies, particularly in water handling and fluid management [8][9][62] - The company plans to operate two drilling rigs and one completion crew in 2026, with a focus on appraisal activities in Giddings and Karnes areas [11][12] - Future production growth is anticipated to be mid-single-digit, with capital spending levels similar to 2025, allowing for significant free cash flow generation [11][19] Market Position and Strategic Initiatives - Magnolia continues to explore bolt-on acquisitions to enhance its asset base, leveraging its subsurface knowledge and operational expertise [3][26] - The company remains unhedged on all oil and natural gas production, with price differentials expected to be approximately $3 per barrel discount to Magellan East Houston [19][20] - Magnolia's strong balance sheet, with $730 million in total liquidity, positions it well to navigate a volatile pricing environment [17][18]

Financial Data and Key Metrics Changes - The company experienced a significant free cash flow generation during Q3, which was a primary driver for the uptick in buybacks, marking the highest buyback since Q4 2022 [5] - Free cash flow guidance remains roughly flat despite adjusted EBITDAX moving down and CapEx increasing, with a target of $575 million for free cash flow [20][21] Business Line Data and Key Metrics Changes - The company successfully acquired remaining unleased Utica rights underlying the Apex footprint, enhancing its operational leverage [7] - Drilling costs for Utica have decreased from approximately $2,200 per foot to $1,750 per foot, representing a nearly 20% reduction [33][55] Market Data and Key Metrics Changes - The company remains bullish on long-term demand for natural gas in the Appalachia region, particularly with the potential for AI-generated demand [38] - There is an increasing need for additional pipeline infrastructure to transport low-cost gas from the basin to demand centers [39] Company Strategy and Development Direction - The company plans to maintain a "maintenance mode" for production in 2026, focusing on generating free cash flow and responding flexibly to market conditions [11] - The strategy includes a focus on operational efficiency and cost reduction in drilling, with plans to develop the Utica field without significant exploration [25][30] Management's Comments on Operating Environment and Future Outlook - Management expects to see a concentration of completion activities in Q4 and Q1, with flexibility to adapt to the pricing environment in 2026 [43] - The company is open to M&A opportunities but will prioritize internal capital allocation unless a compelling external opportunity arises [12] Other Important Information - The company is awaiting the notice of final rulemaking on 45Z, with expectations for confirmation of a $30 million annual run rate once finalized [10] - Infrastructure spending will be more efficient moving forward, with a focus on adding a few pads per year rather than large-scale midstream build-outs [50][51] Q&A Session Summary Question: What drove the uptick in buybacks during Q3? - The primary driver was significant free cash flow generation, with the business valuation viewed as attractive relative to its intrinsic value [5] Question: Can you provide an update on the Utica acquisition? - The company acquired remaining unleased Utica rights and plans to leverage existing infrastructure for development [7] Question: What is the outlook for free cash flow guidance? - Free cash flow guidance remains roughly flat, with adjustments based on working capital fluctuations [20][21] Question: What are the plans for drilling and operational efficiency? - The focus will be on reducing drilling costs and increasing efficiency, with a target of $1,750 per foot for Utica [33][55] Question: How does the company view the current market for M&A? - The company is open to opportunities but will prioritize internal capital allocation unless a more attractive external opportunity arises [12] Question: What is the company's strategy for infrastructure development? - Infrastructure spending will be more efficient, focusing on a few pads per year rather than large-scale projects [50][51]

Financial Data and Key Metrics Changes - The company has maintained its expectation for EBITDA margins of around 16% in 2026, with an anticipated 100 basis points of expansion each year [23][28] - The company reported a 1% drag on pricing in the recent quarter, which was in line with expectations [42][46] Business Line Data and Key Metrics Changes - The company is seeing strong growth in its Boulder Canyon brand, which is the number one potato chip brand in the natural channel, with velocities up about 35% [80] - The On the Border brand is experiencing short-term challenges, but management believes these issues are not structural and can be addressed [76][78] Market Data and Key Metrics Changes - The company has a 1.9% market share in California, which represents a significant opportunity as the state accounts for about 10% of the salty snacks category in the U.S. [41] - Expansion markets such as Florida, Illinois, Colorado, and Missouri are averaging about 6% growth, outperforming the average expansion market share [114][115] Company Strategy and Development Direction - The company plans to make incremental investments to support its expansion into California, leveraging a proven playbook from previous market entries [26][27] - The strategy focuses on holding core markets while expanding into new geographies, with a strong emphasis on innovation and communication to drive growth [111][112] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the salty snacks category, noting that consumer participation is increasing and the pricing environment remains rational [120][121] - The company is committed to increasing marketing investments, particularly in retail media, to drive consumer engagement and support brand growth [124][125] Other Important Information - The company is addressing recent challenges related to potato supply quality, which impacted gross margins, but expects these issues to be isolated and resolved [61][66] - The company is focused on productivity improvements and supply chain optimization to enhance operational efficiency and support top-line growth [98][102] Q&A Session Summary Question: Can you elaborate on the California route acquisition and its impact? - Management indicated that the acquired network will allow for product introduction in early 2026, with confidence in driving growth through existing customer relationships [40] Question: What is the outlook for pricing and volume mix? - The company experienced a 1% drag on pricing but expects to manage this through effective revenue management strategies [46][47] Question: How does the competitive landscape affect the company? - Management views competitor innovations as a net positive for the category, as they can drive consumer interest and engagement [88][90] Question: What are the expectations for market share dynamics? - The company is seeing incremental market share gains in core markets, driven by strong relationships with retailers and effective execution [111][112] Question: What is the company's approach to innovation? - Management believes that innovation can drive category growth and is focused on simplifying ingredients and addressing consumer trends [130][133]

Financial Performance - The company reported Adjusted EBITDA of $1320 million in the third quarter[10] - Total Segment Margin was $146576 thousand in the third quarter[13, 21] - Available Cash Before Reserves was $35482 thousand in Q3 2025, with a Common Unit Distribution Coverage Ratio of 176x[17, 23] - The company exited the third quarter with a leverage ratio of 541x, aiming to improve the balance sheet and maintain the ratio near 40x[10] Operational Highlights - Shenandoah achieved first oil in late July and ramped up to a targeted rate of 100 kbd in early October[15] - Salamanca achieved first oil at the end of September, expecting production from the first 3 wells to approach 40 kbd, with a fourth well planned for 2Q 2026 potentially reaching 50 kbd[15] - Marine Transportation segment experienced challenging conditions in July and August but rebounded in September and October[15] Liquidity and Capital Allocation - The company has a credit facility with $800 million in commitments[8] - The current quarterly distribution remains $0165 per common unit[8] - To date, the company has repurchased $325 million of Class A convertible preferred securities and 114900 common units at an average price of $909 per unit[10]