Financial Data and Key Metrics Changes - Vermilion generated CAD 254 million in fund flows from operations in Q3, with free cash flow of CAD 108 million after exploration and development capital expenditures of CAD 146 million [7] - Net debt has been reduced by over CAD 650 million since Q1 2023, bringing net debt to under CAD 1.4 billion as of September 30, resulting in a net debt to four-quarter trailing fund flows from operations ratio of 1.4 times [7][8] - The company returned CAD 26 million to shareholders through dividends and share buybacks during the quarter, comprising CAD 20 million in dividends and CAD 6 million in share buybacks [7] Business Line Data and Key Metrics Changes - Q3 production averaged 119,062 BOE per day with a 67% gas weighting, at the upper end of guidance [8] - In North America, production averaged 88,763 BOE per day, while international operations averaged 30,299 BOE per day, up 2% from the previous quarter [8] - The Deep Basin drilling program exceeded expectations, with 12 wells completed, six testing over 10 million cubic feet per day of gas production [36] Market Data and Key Metrics Changes - The realized gas price in Q3 was CAD 4.36 per MCF, significantly outperforming the AECO 5A pricing, with Canadian realized prices more than double the AECO benchmark [4][26] - Including hedging gains, the realized price increased to CAD 5.62 per MCF, highlighting the strategic advantage of being a global gas producer [4][28] Company Strategy and Development Direction - The company has repositioned its asset base, concentrating 85% of production and capital in its global gas business, which is expected to drive sustainable long-term success [4] - The 2026 budget includes an exploration and development capital budget of CAD 600 million to CAD 630 million, with approximately 85% allocated to the global gas portfolio [10] - The focus is on operational excellence and financial discipline, with plans to invest in high-return, liquids-rich gas wells in the Montney and Deep Basin [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain production guidance while reducing exploration and development capital guidance, reflecting improved capital efficiency [14][15] - The company is well-positioned to benefit from improving gas prices, with significant free cash flow expected from key development assets [29] - The intention to increase the quarterly cash dividend by 4% reflects confidence in operational activities and financial performance [13] Other Important Information - The company plans to bring the discovery well at Visselhöhe online in Germany in 2026 and expand takeaway capacity over the next two years [5][10] - In the Netherlands, two successful wells were drilled, discovering gas in two zones, with production expected to commence in Q4 2025 [9][35] Q&A Session Summary Question: Current volumes and setup for Australia through 2026 and 2027 - Management indicated that current volumes are around 4,000 barrels per day, with the next drilling program tentatively planned for 2027, depending on rig rates and commodity prices [18] Question: Balancing share buybacks and dividend growth - Management emphasized the focus on driving per share value through various means, including share buybacks and maintaining a strong balance sheet, while also reserving excess free cash flow for debt reduction [20][21] Question: Drivers behind the realized gas price being seven times the AECO price - The diversified portfolio, including strong Canadian and European gas operations, contributed to the high realized price, with strategic decisions to shut in and defer wells without impacting liquids production [26][27] Question: Next steps for the Visselhöhe prospect in Germany - The first discovery well is expected to be tied in and producing by Q2 2026, with follow-up wells planned for January 2027 [31][32] Question: Discoveries in the Netherlands - Two successful wells were drilled, discovering about 16 BCF gross of recoverable gas, with production expected to commence in Q4 [35] Question: Results of the Q3 drilling program in the Deep Basin - The program exceeded expectations, with strong initial test results and coming in under budget, indicating the benefits of a consistent drilling program [36]

VERMILION ENERGY INVESTOR PRESENTATION GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED FINANCIAL DISCIPLINE NOVEMBER 2025 WHY INVEST IN VERMILION? Repositioned Global Gas Portfolio o More efficient, long-life assets with direct exposure to premium-priced European gas Dominant Deep Basin Montney Momentum o Free cash flow inflection following infrastructure build-out Germany Production Growth o Positioned for organic growth with production from new discoveries, upside from additional prospects Return of Capital o ...

Financial Data and Key Metrics Changes - In Q3 2025, the company achieved oil production of 187,000 barrels per day, a 6% increase from Q2, and total production of 410,000 barrels of oil equivalent per day [3][4] - Adjusted operating cash flow reached $949 million, with record adjusted free cash flow of $469 million, despite $480 million in cash capital expenditures [4][5] - Controllable cash costs were reduced by 6% quarter over quarter, with lease operating expenses (LOE) decreasing to $5.07 per BOE and drilling and completion (D&C) costs averaging $7.25 per foot [4][6] Business Line Data and Key Metrics Changes - The company closed 250 deals in Q3, primarily in New Mexico, adding 5,500 net leasehold acres and 2,400 net royalty acres for approximately $180 million [11] - The company raised its full-year production guidance to 181.5 thousand barrels of oil per day and 394 thousand barrels of oil equivalent per day, reflecting a 5% increase from the original guidance [6][7] Market Data and Key Metrics Changes - The company has agreements to sell approximately 330 million cubic feet per day of gas out of the basin in 2026, increasing to 700 million cubic feet per day in 2028, which is expected to realize approximately $1 per MCF higher pricing net of fees in 2026 [12] - The company has reduced its Waha exposure to approximately 25% of total gas volumes in 2026, positioning itself to benefit from growing natural gas demand and higher realized prices [12] Company Strategy and Development Direction - The company emphasizes a flexible capital allocation strategy, allowing it to pursue acquisitions, buybacks, and debt repayment simultaneously [13] - The management highlighted a strong focus on maintaining a competitive cost structure in the Delaware Basin, which is seen as a key advantage [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, indicating it could be the most capital-efficient year, with expectations of better realizations and continued strong productivity [17][18] - The management acknowledged a slowdown in activity in the Permian Basin but noted the resilience of the region historically [48] Other Important Information - The company received its first investment-grade credit rating from Fitch and a positive outlook upgrade from Moody's, enhancing its financial standing [5][45] - The company has been actively reducing debt, with over $450 million in debt reduction during the quarter [5] Q&A Session Summary Question: Thoughts on activity pace and oil production for 2026 - Management indicated that they will provide guidance for 2026 in February, emphasizing flexibility to adapt to macro conditions [16] Question: Opportunities across acreage and performance of the Haley pad - Management noted that the Haley pad outperformed expectations and highlighted the overall performance consistency across their portfolio [19][20] Question: Gas marketing agreements and optionality between markets - Management confirmed flexibility to shift gas volumes between DFW and Gulf Coast markets, expecting a balanced distribution [25][27] Question: Dividend growth and capital allocation strategy - Management stated that growing the dividend is a priority, with expectations for continued growth in the future [82][83] Question: M&A activity and deal pipeline - Management reported a robust M&A pipeline, with more transactions completed this year than any previous year, indicating a strong ground game [39][40] Question: Investment-grade status and implications - Management expressed confidence in achieving investment-grade status soon, which would lower the cost of capital and enhance financial flexibility [45][46] Question: Maintenance CapEx and dividend break-even - Management indicated maintenance CapEx is around $1 billion, with expectations for improved dividend break-even over time [97][98]

Financial Data and Key Metrics Changes - National Fuel Gas Company reported adjusted earnings per share of $1.22 for Q4 2025, a 58% increase from the previous year, and a 38% increase compared to fiscal 2024 [4][12] - The company achieved a consolidated production increase of 21% year over year, with total per unit operating expenses lower [13] - Adjusted earnings per share in the integrated upstream and gathering business increased by 70% year over year [13] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment saw significant growth, with production increasing by approximately 20% since the EDA transition began in mid-2023 [4][5] - The company added approximately 220 prospective well locations in the Upper Utica formation, nearly doubling its inventory in the EDA [5] - Capital expenditures for the integrated upstream and gathering segment are expected to be $550-$610 million for fiscal 2026, down 3% at the midpoint compared to fiscal 2025 [26] Market Data and Key Metrics Changes - NYMEX prices averaged approximately $3.75, with adjusted earnings expected to be within the range of $7.60-$8.10 per share for fiscal 2026 [14][17] - Approximately 85% of expected fiscal 2026 volumes are covered by physical firm sales and/or firm transportation, minimizing exposure to spot pricing [27] Company Strategy and Development Direction - The company is focused on enhancing capital efficiency and operational excellence, with a strong emphasis on the development of its Tioga County assets [4][5] - National Fuel is pursuing the acquisition of CenterPoint's Ohio Gas Utility, which is expected to double its utility rate base and provide significant growth opportunities [10][20] - The company is optimistic about the future of natural gas as a reliable energy source, advocating for an all-of-the-above energy approach [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth potential, citing strong operational performance and a solid outlook for fiscal 2026 [12][20] - The company anticipates generating $300-$350 million in free cash flow for fiscal 2026, which will support dividend payments and balance sheet strengthening [17] - Management highlighted the importance of firm transportation agreements to ensure market access for production growth [6][27] Other Important Information - The company streamlined its segment reporting by combining exploration and production with gathering into one integrated segment [14] - National Fuel's sustainability efforts were recognized, with improvements in ECHO origin ratings reflecting its commitment to environmental stewardship [30] Q&A Session Summary Question: Details on Upper Utica inventory and economics - Management indicated that the Upper Utica zone has been under examination for years, with confidence in the 220 locations based on extensive testing and production history [34][35] Question: Outlook for in-basin demand and project interest - Management noted strong interest from data center developers and other entities, emphasizing the advantages of integrated operations in discussions with potential partners [36][37] Question: Upper Utica's role in future plans - Management confirmed that Upper Utica wells will be incorporated into future plans, with a gradual increase in their proportion relative to Lower Utica wells [40][41] Question: Debt allocation with CenterPoint acquisition - Management explained that financing decisions are made at the parent company level, considering overall cash flows and capital structures across segments [42] Question: Supply Corp rate case returns - Management indicated that typical rate-making returns for Supply Corp are in the low double digits, with potential for higher returns based on capital structure [45][46]

Financial Data and Key Metrics Changes - Total production reached 200,000 barrels of oil equivalent per day, with oil production at 94,000 barrels per day, exceeding production guidance for the second consecutive quarter [4] - Operating costs averaged $9.39 per BOE, a 20% decrease from the previous quarter [5] - Capital expenditures totaled $164 million, below guidance, reflecting ongoing efforts to drive capital efficiencies [5] Business Line Data and Key Metrics Changes - Significant progress in international development and exploration, with the Lac Da Vang Golden Camel field development on track and the first development well drilled [5][6] - The Hai Su Vang 2X appraisal well was spud as planned, and the Savette well in Côte d'Ivoire is expected to be spud before year-end [6] Market Data and Key Metrics Changes - Exploration teams are assessing prospects across three continents, testing gross resource potential of over 1 billion barrels of oil equivalent [6] - The company is closely monitoring commodity markets to manage near-term volatility while pursuing long-term goals [6] Company Strategy and Development Direction - Exploration remains a significant focus, with a robust portfolio of assets positioned to capitalize on global energy demand [7] - The company aims to balance near-term production and free cash flow with investments for longer-term resource additions, particularly in offshore business [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong balance sheet and flexible multi-basin portfolio to navigate potential commodity price volatility [26][30] - The company is developing a multi-year plan that supports its strategy while being cautious about capital expenditures in response to market conditions [30] Other Important Information - The company highlighted operational improvements in Eagle Ford and Montney, with breakeven costs reported as low as $35 or less [39] - An impairment charge was taken due to high operating costs associated with non-operated facilities, but it does not significantly impact other producing assets [58][60] Q&A Session Summary Question: Details on the exploration program in West Africa - Management expressed excitement about the Côte d'Ivoire exploration program, with the Savette well expected to spud in December and significant potential identified [11][12] Question: Down cycle playbook and capital allocation - Management is closely monitoring commodity markets and developing a flexible capital plan that balances short-term and long-term investments [26][30] Question: Operational improvements and breakeven analysis - Management reported strong performance in Eagle Ford and Montney, with significant improvements in capital efficiency and low breakeven costs [39] Question: Appraisal well objectives in Vietnam - The main objective of the HSV 2X well is to determine reservoir continuity and oil-water contact, which will inform future development plans [20][21] Question: Implications of impairment charges - The impairment was due to high costs associated with non-operated facilities, with no significant impact on other assets [58][60]

Core Insights - Canadian Natural achieved record quarterly production volumes in Q3/25, totaling approximately 1,620 MBOE/d, reflecting a 19% increase from Q3/24 levels, driven by both acquisitions and organic growth [1][5][8] - The company reported adjusted net earnings of $1.8 billion or $0.86 per share for Q3/25, with total returns to shareholders amounting to approximately $1.5 billion [5][14] - Canadian Natural's strong operational performance in its Oil Sands Mining and Upgrading segment included an average production of approximately 581,000 bbl/d of SCO, with industry-leading operating costs of approximately $21 per barrel [2][8][16] Production and Financial Performance - Total corporate production increased by approximately 257,000 BOE/d or 19% from Q3/24 levels, with record quarterly liquids production of 1,175,604 bbl/d, up 15% from the previous year [5][16] - Adjusted funds flow for Q3/25 was approximately $3.9 billion, with year-to-date returns to shareholders totaling approximately $6.2 billion [5][14] - The company maintained a strong balance sheet with liquidity of approximately $4.3 billion as of September 30, 2025, and net debt levels remained stable compared to Q2/25 [4][8] Operational Highlights - The AOSP swap with Shell, effective March 1, 2025, allows Canadian Natural to operate 100% of the Albian oil sands mines, adding approximately 31,000 bbl/d of annual, zero decline bitumen production [3][8][16] - Oil Sands Mining and Upgrading achieved strong upgrader utilization of 104% in Q3/25, reflecting effective operations [2][16] - Thermal in situ production averaged 274,752 bbl/d in Q3/25, with operating costs averaging $10.35/bbl, a decrease of 2% from Q3/24 levels [17] Shareholder Returns - Canadian Natural returned approximately $1.5 billion to shareholders in Q3/25, including $1.2 billion in dividends and $0.3 billion in share repurchases [5][14] - The company has a history of 25 consecutive years of dividend growth, with a compound annual growth rate (CAGR) of 21% [5][14] - A quarterly cash dividend of $0.5875 per common share was declared subsequent to the quarter end, payable on January 6, 2026 [14] Market and Pricing - North America natural gas production averaged 2,658 MMcf/d in Q3/25, a 30% increase from Q3/24 levels, with operating costs averaging $1.14/Mcf [25] - The WTI benchmark price was $64.95 per barrel in Q3/25, with a WCS heavy differential of $(10.36) per barrel [24][27] - The company has entered into a long-term natural gas supply agreement with Cheniere Energy, agreeing to sell 140,000 MMBtu/d starting in 2030 [30]

Core Insights - Purple Innovation, Inc. is recognized for its innovative comfort technology in mattresses and bedding products, but it faces challenges in capital efficiency [1] - The company's Return on Invested Capital (ROIC) is -19.51%, while its Weighted Average Cost of Capital (WACC) is 9.87%, leading to a negative ROIC to WACC ratio of -1.98, indicating poor capital utilization [2][6] - In contrast, Vroom, Inc. demonstrates efficient capital utilization with a ROIC of 14.05% and a WACC of 8.39%, resulting in a positive ROIC to WACC ratio of 1.67 [4][6] - Other industry peers, such as The RealReal, Inc. and CarParts.com, Inc., also exhibit negative ROIC to WACC ratios of -2.53 and -8.61, respectively, highlighting a common challenge of capital inefficiency in the sector [5][6] Comparative Analysis - The Lovesac Company has a ROIC of 7.16% and a WACC of 9.71%, resulting in a ROIC to WACC ratio of 0.74, indicating it is closer to breaking even compared to Purple Innovation [3] - The negative ROIC to WACC ratios of Purple Innovation and its peers emphasize the need for strategic improvements in capital management across the industry [5][6]

Financial Data and Key Metrics Changes - Chord Energy reported adjusted free cash flow of approximately $230 million for Q3 2025, returning 69% of this to shareholders [5][9] - Free cash flow per share has grown over 20% since February, and pro forma free cash flow per share is up more than 35% since the Enerplus transaction [9][10] - The company has reduced diluted shares outstanding by approximately 11% since the combination with Enerplus [5] Business Line Data and Key Metrics Changes - Chord has raised oil volume guidance for the second time in 2025, expecting four-mile wells to constitute up to 40% of the operated program in 2026 [6][7] - The company has drilled 11 alternate-shaped wells year to date, with costs trending below initial estimates [7][31] - Chord has achieved $120 million in improvement in free cash flow generation from controllable items, including higher production and lower operating expenses [9] Market Data and Key Metrics Changes - The XTO transaction closed on October 31, adding 4,000 barrels of oil per day to fourth quarter production [10][40] - The company expects to maintain oil volumes of approximately 157,000-161,000 barrels per day in 2026, with a total CapEx of roughly $1.4 billion [11][12] Company Strategy and Development Direction - Chord aims to enhance capital efficiency and has made significant progress in its four-mile well program, which is expected to improve production and reduce costs [6][10] - The company is focused on maintaining a low-cost inventory depth through technology adoption and opportunistic M&A [11][14] - Chord's strategy includes a commitment to sustainability and continuous improvement in operations [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate commodity volatility and maintain operational flexibility [12] - The company is optimistic about the integration of high-quality assets from the XTO acquisition, which aligns with its long-term strategic objectives [10][11] - Management highlighted the importance of improving production uptime and artificial lift optimization as key areas for future growth [32][100] Other Important Information - Chord has published its 2024 sustainability report, reflecting its commitment to responsible energy production [12][13] - The company has identified expected savings of $30 million-$50 million annually from marketing cost structure improvements [9] Q&A Session Summary Question: What are the expected benefits from the four-mile wells in terms of capital efficiency? - Management anticipates seeing significant benefits from four-mile wells towards the end of 2026 and into 2027, particularly in terms of lower decline rates [17][18] Question: How will the marketing and midstream agreements impact natural gas and NGL differentials? - Management noted that approximately $20 million was impacted in 2025, with expectations of $40 million in benefits spread across gas and NGL in the following year [20][21] Question: Can you provide insights on the cost and execution differences between alternate-shaped wells and traditional wells? - Management indicated that alternate-shaped wells are only slightly more expensive than traditional wells, with strong execution and cost savings observed [30][31] Question: What is the company's approach to dividend growth and capital allocation? - Management emphasized a commitment to a competitive base dividend while considering share repurchases and potential variable dividends based on capital allocation decisions [89][90]

Japanese trading firm Mitsui will buy back as much as $1.3 billion worth of shares in order to boost shareholder returns and improve capital efficiency https://t.co/CdkbyD6mbP ...

Core Insights - Gartner, Inc. is a leading research and advisory company providing insights and tools for various sectors including IT, finance, HR, and customer service [1] - The company demonstrates effective capital management with a Return on Invested Capital (ROIC) of 24.87% and a Weighted Average Cost of Capital (WACC) of 8.07% [2][6] Capital Efficiency Comparison - Gartner's ROIC to WACC ratio is 3.08, indicating strong capital efficiency compared to its cost of capital [2] - CDW Corporation has a ROIC of 19.21% and a WACC of 7.30%, resulting in a ROIC to WACC ratio of 2.63, reflecting efficient capital use [3] - Mettler-Toledo International Inc. leads with a ROIC of 37.77% and a WACC of 9.74%, achieving the highest ROIC to WACC ratio of 3.88 among peers, indicating exceptional capital utilization [4] - Jack Henry & Associates has a ROIC to WACC ratio of 2.34, suggesting efficient capital use, while ANSYS, Inc. has a lower ratio of 0.88, indicating its returns do not cover its cost of capital [5][6]