Exon Mobile out with third quarter results this morning and joining us right now to talk about it is Darren Woods. He's Exon Mobile's chairman and CEO. And Darren, welcome.It's really great to have you here today. >> Thank you, Becky. Good to see you again. >> Good to see you, too.Let's talk a little bit about the numbers. You guys beat on the bottom line adjusted earnings per share $188 versus the consensus of a 182. Uh revenue looked like it was a little short of Wall Street's call, at least according to ...

Core Viewpoint - Exxon Mobil reported strong third-quarter results, with adjusted earnings per share of $1.88, exceeding the consensus estimate of $1.82, although revenue fell short of expectations at $85.3 billion compared to the anticipated $86.5 billion [2][3] Financial Performance - The third quarter marked the highest earnings per share since the merger with Exxon Mobil, reflecting significant cost reduction efforts since 2019, with an expected additional $2.5 billion in cost reductions for the year [3][4] - Cumulatively, the company has achieved over $14 billion in cost reductions since 2019, outperforming industry competitors [4] Production and Growth - Production levels from the Permian Basin and Guyana are at record highs, contributing to a strong quarter despite mixed price environments [5] - The company plans to grow earnings by $20 billion and cash flow by $30 billion through 2030, supported by the delivery of ten major projects, with eight already completed on or ahead of schedule [6][7] Market Reaction - Despite strong results, the stock experienced a 1.6% decline, potentially due to market concerns about growing production amid falling oil prices, which historically has led to challenges for companies in the sector [7][8] Cost Management and Profitability - The company has more than doubled its profitability per barrel of oil since 2019, maintaining a low cost of production with a break-even cost of $35 per barrel [10][12] - Investments are focused on projects that generate double-digit returns at low costs, ensuring competitiveness in commodity markets [13][15] Workforce and Restructuring - The company announced layoffs of approximately 2,000 employees as part of a restructuring effort in the EU and Canada, aimed at improving effectiveness rather than cost-cutting [17][20] - The overall demand for Exxon Mobil's services remains strong, with healthy growth in global economies and no significant challenges in attracting talent [21]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported EBITDA of $313 million on net sales of $2.8 billion, with a loss of $38 million or $0.29 per share, reflecting a $26 million increase in loss compared to Q2 2025 primarily due to lower average sales prices, especially in PVC resin [6][16][24] - The company recorded a non-cash impairment charge of $727 million related to goodwill associated with its North American chlorovinyls business unit, which significantly impacted financial results [3][10][16] Business Line Data and Key Metrics Changes - The Housing and Infrastructure Products (HIP) segment delivered EBITDA of $215 million on $1.1 billion of sales, with sales volumes 6% lower compared to Q2 2025, but comparable to Q3 2024 [18][19] - The Performance and Essential Materials (PEM) segment saw sales of $1.7 billion, a decrease of $46 million from Q2 2025, driven by a 4% decline in average sales price, which more than offset a 1% increase in sales volume [21][22][24] Market Data and Key Metrics Changes - North American residential construction demand has softened in 2025, impacting the HIP segment, although sales volumes remained stable compared to 2024 [6][8] - The global demand for PEM products, particularly PVC resins, has softened, contributing to a challenging macroeconomic environment and an extended trough in the chlorovinyl chain [10][24] Company Strategy and Development Direction - The company is focused on a three-pillar strategy to improve PEM's performance: enhancing plant reliability, reducing costs, and optimizing the manufacturing footprint [11][13][29] - The company is committed to long-term growth in the HIP segment, supported by investments in new facilities and acquisitions, such as the ACI acquisition, which will expand its global compound business [9][21][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term growth outlook for the HIP segment despite current affordability challenges in the housing market, citing ongoing investments and a solid pipeline of new products [8][27] - The company anticipates that the global supply-demand imbalance will improve over time, which will positively impact the chlorovinyls business [10][29] Other Important Information - The company expects total capital expenditures for 2025 to be approximately $900 million and has achieved $115 million towards its structural savings target of $150 million to $175 million for 2025 [25][24] - The company has a cash and investments balance of $2.1 billion and total debt of $4.7 billion as of September 30, 2025 [24] Q&A Session Summary Question: How will the weakening polyethylene market affect earnings in Q4? - Management acknowledged a slight weakening in polyethylene prices but expects stable operating efficiency and will strive to create value in that segment [35][36] Question: Is the board committed to the current portfolio structure? - Management believes in the synergy of the combined businesses and expects improvements in the PVC business as market conditions stabilize [38][39] Question: What is the near and mid-term outlook for PVC? - Management noted challenges in the chlorovinyl chain but is focused on cost reductions and improving reliability to return to acceptable financial returns [44][46] Question: Can you provide details on the ACI acquisition? - The ACI business is expected to have good margins and synergies with the existing compounds business, enhancing overall performance [48][49] Question: What are the reasons for the revision to HIP guidance? - The revision was due to a shift in product mix and non-recurring period-related costs, but management remains optimistic about the repair and remodeling segment [53][55] Question: How is the company addressing affordability issues in the housing market? - The company is adjusting its product mix to include more affordable options to meet customer needs [112]

Financial Data and Key Metrics Changes - The company reported record third quarter sales of $3.2 billion, an increase of 16.1% year over year, with diluted earnings per share of $3.68 compared to $2.56 in the same period last year [5][15][18] - Shipbuilding sales grew by 18% year over year, driven by increased throughput in shipyards [5][15] - Mission Technologies saw an 11% sales growth, reaching $787 million, supported by innovative solutions in critical areas [5][16] Business Line Data and Key Metrics Changes - Ingalls revenues reached a record $828 million, up 24.7% year over year, primarily due to higher material volume and surface combatants [15][17] - Newport News revenues increased by 14.5% to $1.6 billion, driven by higher volumes in submarine and aircraft carrier programs [15][17] - Shipbuilding revenue totaled $2.4 billion, exceeding guidance due to higher than expected material receipts and wage investments [15][16] Market Data and Key Metrics Changes - The company secured $2 billion in contract awards during the third quarter, with a backlog of $56 billion, of which $33 billion is funded [7] - The operational initiatives are expected to yield a throughput improvement of approximately 15% for the full year 2025 [10] Company Strategy and Development Direction - The company is committed to accelerating shipbuilding construction to meet customer requirements and is focusing on increasing throughput across shipbuilding programs [5][10] - Strategic partnerships have been formed to enhance capabilities in unmanned systems and autonomy solutions, indicating a focus on innovation and technology integration [8][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational initiatives and the positive impact of investments in workforce, infrastructure, and supply chain on throughput [10][12] - The company is monitoring the federal government's funding situation closely, as it could impact Mission Technologies programs [12][13] Other Important Information - The company announced a modest increase in its quarterly dividend to $1.38 per share [19][20] - Free cash flow guidance for 2025 has been updated to between $550 million and $650 million [22] Q&A Session Summary Question: Impact of government shutdown on Virginia Block 6 and Columbia negotiations - Management indicated that furloughs are not impacting negotiations and that efforts are ongoing to finalize contracts by year-end [26][27] Question: Retention rates and wage increases at Ingalls - Discussions are ongoing with the union at Ingalls regarding wage increases, with hopes to finalize by early next year [29] Question: Shipbuilding revenue growth and future expectations - Management noted that while Q3 showed strong growth, they are cautious about Q4 projections and expect to evaluate guidance in February [34][36] Question: Unmanned vessels partnership strategy - The company is leveraging open-source software for autonomy in unmanned vessels and forming partnerships to enhance capabilities [48][49] Question: Future cash flow expectations - Management expects a conservative cash flow trajectory of about $600 million for 2025 and 2026, with potential for growth as new contracts are executed [70][72]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $560.8 million, a decrease of 8.4% year-over-year, or 6.8% on a same-store basis [27] - Adjusted EBITDA was $57.2 million, representing a 10.2% margin, impacted by revenue timing shifts and incremental expenses [28] - Total digital revenues were $262.7 million, a decrease of 5.3% year-over-year, representing 47% of total company revenue [29] Business Line Data and Key Metrics Changes - Digital-only subscription revenues totaled $43.7 million, reflecting sequential growth of 2.4% [29] - Digital-only ARPU reached a record high of $8.80, up approximately 8% year-over-year [30] - Core platform revenue in the Digital Marketing Solutions (DMS) segment was $114 million, with segment adjusted EBITDA at $9.8 million [32] Market Data and Key Metrics Changes - The company achieved an average of 187 million monthly unique visitors, growing more than 3% compared to Q2 [11] - Digital advertising revenues increased by 2.9%, driven by improved client retention and a large audience base [29] - The company anticipates stronger results in Q4, fueled by strong advertiser response in high engagement verticals [29] Company Strategy and Development Direction - The company is focused on expanding its digital audience and maximizing monetization across the customer journey [11] - A $100 million cost reduction program is fully implemented, expected to drive significant year-over-year growth in adjusted EBITDA in Q4 [5][28] - The company is optimistic about the potential of AI licensing deals, including partnerships with Microsoft and Perplexity [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong Q4, driven by the realization of delayed revenues and the full benefit of cost reduction measures [28][80] - The recent ruling in the Google antitrust lawsuit is seen as a significant win, establishing liability and moving the case towards damages [40][80] - The company expects to achieve full-year growth in adjusted EBITDA and a 30% increase in free cash flow [33] Other Important Information - Total debt fell below $1 billion for the first time since the merger in 2019, marking a significant milestone [5][33] - The company blocked 75 million AI bots in September, primarily from OpenAI, indicating the value of its content [21][63] Q&A Session Summary Question: Can you share the recent developments in the Google antitrust lawsuit? - Management highlighted a positive ruling from Judge Castell, establishing liability for Google and focusing the case on damages [40] Question: What is driving the shift of large revenue drivers from Q3 to Q4? - Management clarified that the shift was primarily due to timing related to product launches and advertising deals, not broader trends [42] Question: Can you elaborate on the incremental expenses incurred during Q3? - Incremental expenses were mainly tied to headcount reductions and associated benefits, which are not expected to continue in Q4 [44] Question: How do you see the digital revenue mix evolving into 2026? - The company expects digital revenue to surpass 50% in 2026, supported by diverse revenue streams and strong audience engagement [48] Question: Can you elaborate on the AI partnerships and their monetization? - Management discussed the importance of high-quality content and the evolving monetization models with AI partners, emphasizing the need for fair compensation [51] Question: What is the current status of traffic from AI platforms? - Management noted that there is currently no meaningful traffic from AI search companies, highlighting the importance of licensing deals for monetization [60]

Paramount began a planned round of job cuts involving 1,000 workers on Wednesday as part of an effort to slash $2 billion in costs following its August merger with Skydance Media. More cuts are expected at a later date. https://t.co/W3v29KoBu5 ...

Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion for Q3 2025, representing a 74% increase year-over-year, with earnings per share of $0.76 [11] - Underlying pre-tax profit was $3.6 billion, up 50% on 5% revenue growth, with a return on CET1 capital of 16.3% [11][12] - The tangible book value per share grew by 2% to $26.54, primarily due to net profit, partially offset by share repurchases [15] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with APAC showing a standout performance with a 48% increase [17][18] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, with transaction-based income increasing by 10% [23][24] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [26][27] - The Investment Bank reported a pre-tax profit of $787 million, more than double year-on-year, with revenues up 23% to $3 billion [28][29] Market Data and Key Metrics Changes - Invested assets reached nearly $7 trillion across the group, with Global Wealth Management and Asset Management contributing significantly [3][4] - In APAC, invested assets exceeded $1 trillion, reinforcing the company's position as the largest global wealth manager in the region [3] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth, including applying for a national bank charter in the U.S. [8][10] - The integration of Asset Management is substantially complete, allowing the company to focus on driving efficient growth [5][27] - The company aims to strategically invest across its platform to position itself for long-term value creation [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong results amid macroeconomic uncertainties and regulatory challenges, emphasizing the importance of client engagement [9][10] - The outlook for Q4 indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may cloud the economic outlook [9][10] Other Important Information - The company has made significant progress in its cost reduction program, achieving $900 million in incremental gross run-rate cost savings in Q3, with a cumulative total reaching $10 billion [13][14] - The company is actively managing its balance sheet, with total assets of $1.6 trillion and a CET1 capital ratio of 14.8% [16] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance? - Management indicated that the ongoing year-end planning process will inform guidance updates for 2026 [37] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS does not have balance sheet exposure to First Brands and is taking steps to protect clients' interests [38] Question: Benefits of the national charter and net new asset outlook? - The national charter is expected to broaden banking capabilities and enhance net interest income, with a healthy recruiting pipeline supporting future growth [41][42] Question: Clarification on AT1 write-down and acquisition of Credit Suisse? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that Credit Suisse had no outstanding AT1 instruments at the time of acquisition [72]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $18 million, at the high end of the guidance range of $10 to $20 million, with year-to-date adjusted EBITDA from continuing operations at $87 million, up from $26 million in the same period last year [4][13] - Net sales reached $399 million, a 1% increase year over year, driven by a 3% increase in paperboard shipment volumes, partially offset by lower market pricing [13] - Net loss from continuing operations was $54 million, or $3.34 per diluted share, primarily due to a $48 million non-cash goodwill impairment [13][14] - The company generated $34 million in cash from operations during the quarter and approximately $3.5 million in free cash flows, with a net leverage ratio of 2.7 times and available liquidity of $455 million [15] Business Line Data and Key Metrics Changes - The company successfully completed all three planned major maintenance outages for 2025, with the Lewiston outage costing $24 million and the Augusta outage costing $16 million [4][5] - Fixed cost reduction initiatives are tracking to around $50 million in savings for the year, exceeding the original estimate of $30 to $40 million [5] Market Data and Key Metrics Changes - The industry is facing margin pressure due to low utilization rates, projected to be in the low 80% range by year-end, significantly below the normalized cross-cycle average of 90 to 95% [6] - RECI forecasts a net capacity reduction of approximately 350,000 tons in the first half of 2026, which could drive utilization rates above 90% [7][18] Company Strategy and Development Direction - The company is exploring adding coated unbleached kraft (CUK) swing capability to one of its solid bleached sulfate (SBS) machines, with an estimated capital requirement of approximately $50 million and a projected return of over 20% [11][12] - The company remains focused on defending its SBS market share and preserving the strength of its balance sheet, with plans to revisit the CUK investment decision in the future [12][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the paperboard market, emphasizing the demand for sustainable and renewable packaging solutions [19] - The company expects adjusted EBITDA for Q4 2025 to be between $13 to $23 million, anticipating slightly lower paperboard shipments due to seasonality [16] Other Important Information - The company repurchased $2 million of shares, bringing the total to $20 million against a $100 million authorization [15] - Initial assumptions for 2026 include revenue of around $1.45 to $1.55 billion and capital expenditures of $65 to $75 million [17] Q&A Session Summary Question: Decision to hold the CUK swing capacity project - The decision to hold the project is based on prioritizing a strong balance sheet and maintaining a leverage ratio in the 1 to 2% range, with a focus on running SBS mills [22][23] Question: Market outlook for SBS and import relief - The company is cautiously optimistic about market rebalancing and has observed a 10% decrease in European imports year to date, indicating potential import relief [24][25] Question: Maintenance schedule for 2026 - The maintenance costs for 2026 are expected to be similar to 2025 levels, with specific schedules to be finalized and communicated in February [26][27] Question: Incremental strength in shipments and product categories - The company noted strong performance in food service sales, with optimism from customers and potential import relief contributing to demand [31][32] Question: Working capital improvements for 2026 - The target for working capital improvements of over $20 million will primarily focus on inventory reductions, expected to be achieved in the second half of the year [36][38]

Core Viewpoint - U.S. oil and gas producers are focusing on efficiencies and cost reductions due to lower oil prices compared to 2024 levels, leading to workforce reductions and restructuring efforts across the industry [1]. Group 1: Company Actions - ConocoPhillips is implementing workforce reductions in its Canadian operations, with notifications scheduled for November 5 for Calgary employees and November 6 for those in Surmont and Montney [2][3]. - The company currently employs approximately 950 people in Canada, and this number is expected to decrease as part of a broader strategy to streamline operations and cut costs [4]. - ConocoPhillips plans to reduce its workforce by up to 25% across various functions and geographies to simplify its organizational structure [5]. Group 2: Industry Context - The oil and gas sector is experiencing a trend of mergers and acquisitions, with ConocoPhillips having completed the acquisition of Marathon Oil Corporation for an enterprise value of $22.5 billion, which is seen as a move to achieve greater scale and diversification in U.S. shale basins [5]. - Industry consolidation is viewed as necessary by executives, with ConocoPhillips CEO Ryan Lance emphasizing the need for fewer players in the market to enhance scale and diversity [6].