Core Insights - The healthcare sector is currently underperforming compared to other market sectors, making it challenging to maintain exposure to high-quality healthcare investments [1] Investment Strategy - A hybrid investment strategy combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Core Insights - As market indexes approach all-time highs, investors are seeking ways to hedge against uncertainty and volatility in traditional equities [1] Group 1: Investment Strategies - The Barings Global Short Duration High Yield Fund is highlighted as a potential investment option for those looking to mitigate risks associated with traditional equities [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds is suggested to enhance investment income while achieving total returns comparable to traditional index funds [1]

Financial Data and Key Metrics Changes - Canadian Natural achieved record quarterly corporate production of approximately 1.62 million BOEs per day, an increase of approximately 257,000 BOEs per day or up 19% from Q3 2024 levels [4][14] - Adjusted funds flow for Q3 2025 was approximately CAD 3.9 billion, with adjusted net earnings of CAD 1.8 billion [14][16] - Returns to shareholders in the quarter were CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases [14][15] - The company reported a strong balance sheet with a debt to EBITDA ratio of 0.9 times and liquidity of over CAD 4.3 billion [15][16] Business Line Data and Key Metrics Changes - Oil sands mining and upgrading production averaged 581,136 bbl per day, an increase of approximately 83,500 bbl per day or 17% from Q3 2024 levels [7] - Thermal in situ operations averaged 274,752 bbl per day, slightly up from Q3 2024 levels, with operating costs averaging CAD 10.35 per barrel, a decrease of 2% [8] - Primary heavy crude oil production averaged 87,705 bbl per day, an increase of 14% from Q3 2024 levels, with operating costs averaging CAD 16.46 per barrel, a decrease of 12% [9] - North American light crude oil production averaged 180,100 bbl per day, an increase of 69% from Q3 2024 levels [10] Market Data and Key Metrics Changes - North American natural gas production averaged approximately 2.66 BCF for the quarter, an increase of 30% from Q3 2024 levels [11] - Operating costs for North American natural gas averaged CAD 1.14 per MCF, a decrease of 7% from Q3 2024 levels [11] Company Strategy and Development Direction - The company is focused on continuous improvement and operational efficiency, with a commitment to driving execution of growth opportunities and increasing shareholder value [12][16] - Canadian Natural has increased its dividend for 25 consecutive years, reflecting a strong commitment to returning value to shareholders [15] - The company is exploring egress opportunities to enhance market access for its crude, particularly in light of new pipeline projects [28][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current operational setup, indicating that all assets are performing as expected [48] - There is a cautious but positive outlook regarding engagement with the federal government on carbon competitiveness and pathways for future growth [39][40] - The company anticipates continued strong demand for Canadian heavy crude, supported by egress opportunities and stable pricing [55] Other Important Information - The company closed an asset swap with Shell Canada, enhancing its operational capabilities and production capacity [5][6] - The board approved a quarterly dividend of CAD 58.75 per common share, payable on January 6, 2026 [15] Q&A Session Summary Question: Potential operational benefits from the Albion Oil Sands asset swap - Management highlighted the potential for equipment utilization and cost savings due to the proximity of the two mining assets [20] Question: Opportunities for egress capacity to Midcontinent or Gulf Coast refiners - Management is open to participating in projects that enhance egress capacity, which is crucial for maintaining strong pricing differentials [28] Question: Need for further consolidation in Western Canada gas - Management noted that while consolidation is occurring, the focus should be on increasing egress opportunities to unlock the basin's potential [33] Question: Implications of T block decommissioning on capital expenditures - Management indicated that capital expenditures for 2026 are expected to increase modestly, with tax recoveries playing a significant role [44] Question: Operational setup and asset performance as the year ends - Management confirmed that all assets are performing as expected, with no significant issues to report [48] Question: Thoughts on M&A activity and capital allocation strategy - Management stated that while they look at M&A opportunities, there are no significant changes to their capital allocation strategy [54]

Financial Data and Key Metrics Changes - Canadian Natural achieved record quarterly corporate production of approximately 1.62 million BOEs per day, a significant increase of approximately 257,000 BOEs per day, or up 19% from Q3 2024 levels [4][14] - Adjusted funds flow for Q3 2025 was approximately CAD 3.9 billion, with adjusted net earnings of CAD 1.8 billion [14][16] - Returns to shareholders in the quarter totaled CAD 1.5 billion, including CAD 1.2 billion in dividends and CAD 300 million in share repurchases [14][15] - The company increased its 2025 corporate production guidance range to 1,560,000-1,580,000 BOEs per day [6] Business Line Data and Key Metrics Changes - Oil sands mining and upgrading production averaged 581,136 barrels per day of SCO, an increase of approximately 83,500 barrels per day, or 17% from Q3 2024 levels [7] - Thermal in situ operations averaged 274,752 barrels per day, showing slight growth from Q3 2024 [8] - Primary heavy crude oil production averaged 87,705 barrels per day, an increase of 14% from Q3 2024 levels [9] - North American light crude oil and natural gas production averaged 180,100 barrels per day, a 69% increase from Q3 2024 [10][11] Market Data and Key Metrics Changes - North American natural gas production averaged approximately 2.66 BCF for the quarter, a 30% increase from Q3 2024 levels [11] - Operating costs for North American natural gas averaged CAD 1.14 per MCF, a decrease of 7% from Q3 2024 [11] Company Strategy and Development Direction - The company focuses on continuous improvement and operational efficiency to drive value creation for shareholders [12][16] - Canadian Natural is exploring egress opportunities to enhance market access for its crude, particularly in light of new pipeline projects [28][40] - The company is committed to capital allocation towards high-return projects without reliance on any single commodity [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the operational setup into the end of the year, with all assets performing as expected [48] - There is a positive outlook on discussions with the federal government regarding carbon competitiveness and egress opportunities [39][40] - The company anticipates maintaining light-heavy differentials in the range of CAD 10-13 per barrel, supported by strong demand and egress capacity [55] Other Important Information - The company has a strong balance sheet with a quarter-end debt to EBITDA ratio of 0.9 times and liquidity of over CAD 4.3 billion [15][16] - Canadian Natural has increased its dividend for 25 consecutive years, with a CAGR of 21% [14][15] Q&A Session Summary Question: Potential operational benefits from the Albion Oil Sands asset swap - Management highlighted the potential for equipment utilization and cost savings due to the proximity of the two mining assets [20] Question: Opportunities for egress capacity to Midcontinent or Gulf Coast refiners - Management is open to reviewing opportunities for egress and sees positive implications for Canadian crude pricing [28] Question: Need for further consolidation in Western Canada gas - Management noted that while consolidation is occurring, the focus should be on increasing egress opportunities for gas [33] Question: Production growth outlook from Palliser and Endeavor assets - Management confirmed that both areas will be part of the capital allocation strategy for next year [34] Question: Progress on working with the federal government on pathways - Management reported more positive engagement with the new federal government, emphasizing the need for detailed discussions on carbon competitiveness [39][40] Question: Implications of potential acceleration of T block decommissioning on capital expenditures - Management indicated that capital expenditures for 2026 are expected to increase modestly, with tax recoveries considered [44] Question: Operational performance as the year ends - Management stated that all assets are performing as expected, with strong optimization and utilization [48] Question: Scheduled maintenance for 2026 - Management confirmed that Horizon will have a significant turnaround in Q3 2026, along with routine maintenance for thermal facilities [50] Question: Updated thoughts on M&A and capital allocation strategy - Management indicated no significant changes in M&A strategy, focusing on accretive opportunities close to core areas [54]

Financial Data and Key Metrics Changes - The company reported diluted earnings per share of $7.46, marking the 23rd consecutive year of earnings per share growth and the 41st consecutive year of dividend growth [3][10] - Consolidated capital spending increased to $3.6 billion, with 87% dedicated to improving safety and reliability [10] - Rate base increased by 14% to an estimated $21 billion as of September 30 [10] Business Line Data and Key Metrics Changes - Approximately 57,000 residential customers were added during Fiscal 2025, with over 44,000 located in Texas [4] - Nearly 3,200 commercial customers and 29 industrial customers were added, with anticipated annual gas consumption of approximately 4 BCF from industrial customers [4] - Over the last five years, the company has added nearly 300,000 residential and commercial customers and 225 industrial customers, with an estimated annual load of 63 BCF when fully operational [4] Market Data and Key Metrics Changes - Texas added jobs at a faster rate than the nation, growing at a rate of 1.14% [5] - The current population estimate for the Texas metroplex is approximately 8.6 million, projected to be the third largest metropolitan area in the U.S. by 2030 [5] Company Strategy and Development Direction - The company plans to invest $26 billion over the next five years, with approximately 85% allocated to safety and reliability [7][14] - The five-year plan reflects the impact of Texas House Bill 4384, allowing for quicker capital recovery [8][15] - The company anticipates earnings per share growth of 6-8% from the midpoint of its rebased Fiscal 2026 guidance [8][13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety, reliability, and modernization of natural gas systems to meet customer and community expectations [18][19] - The company maintains a strong balance sheet with a weighted average cost of debt of 4.2% and approximately $4.9 billion in liquidity [20] Other Important Information - The board of directors approved a 15% increase in the annual dividend to $4.00, reflecting the rebasing of the dividend to align with earnings per share growth [13][52] - The company expects to recover over 95% of its capital spending within six months due to the new legislation [8][15] Q&A Session Summary Question: Can you talk about the larger load customers and the Refresh Capital plan? - Management indicated that 85% of spending is dedicated to safety and reliability, with modest growth included in the plan [24] Question: Can you elaborate on capital recovery and its impact on growth? - Management stated that the capital recovery process has been part of their planning since 2011, focusing on safety, reliability, and growth needs [26] Question: How does the Texas House Bill 4384 impact your guidance? - The annual impact from the legislation was clarified, with a full-year impact expected to be reflected in the rebased guidance [46] Question: What is the expected split between debt and equity in the five-year plan? - Management indicated a balanced approach with roughly 50% of funding coming from equity and 50% from debt [47] Question: Will the 60/40 split of HB 4384 benefits change year over year? - Management confirmed that they do not expect significant changes to the split due to their consistent five-year planning process [50]

Financial Data and Key Metrics Changes - The company reported diluted earnings per share of $7.46, marking the 23rd consecutive year of earnings per share growth and the 41st consecutive year of dividend growth [3][10] - Consolidated capital spending increased to $3.6 billion, with 87% dedicated to improving safety and reliability [10] - Rate base increased by 14% to an estimated $21 billion as of September 30 [10] Business Line Data and Key Metrics Changes - Approximately 57,000 residential customers were added during fiscal 2025, with over 44,000 of those in Texas [4] - Nearly 3,200 commercial customers and 29 industrial customers were added, with anticipated annual consumption of approximately 4 BCF of gas from industrial customers [4] - Over the last five years, the company has added nearly 300,000 residential and commercial customers and 225 industrial customers, equivalent to nearly 1.2 million residential customers on a volumetric basis [4] Market Data and Key Metrics Changes - Texas added jobs at a faster rate than the nation, growing at a rate of 1.14% [5] - The current population estimate for the Dallas-Fort Worth metroplex is approximately 8.6 million, projected to be the third largest metropolitan area in the U.S. by 2030 [5] Company Strategy and Development Direction - The company plans to invest $26 billion over the next five years, with approximately 85% allocated to safety and reliability [7][14] - The five-year plan reflects the impact of Texas House Bill 4384, allowing for quicker recovery of capital spending [8][15] - The company anticipates earnings per share growth of 6%-8% from the midpoint of its rebased fiscal 2026 guidance [8][13] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety, reliability, and modernization of natural gas systems to meet customer and community expectations [18][20] - The company remains focused on maintaining a strong balance sheet and available liquidity, with $4.9 billion in liquidity [20] Other Important Information - The company completed integrity inspections for its Bethel Salt Dome Caverns and is working on further inspections [7] - The average monthly natural gas bill for residential customers is expected to remain the lowest utility bill in the home [20] Q&A Session Summary Question: Discussion on larger load customers and Refresh Capital plan - Management indicated that 85% of spending is dedicated to safety and reliability, with modest growth included in the plan [24] Question: Capital recovery and its impact on growth - Management stated that the capital recovery process has been consistent and is part of their long-term planning since 2011 [26] Question: EPS rebase and impact of Texas legislation - Management confirmed that the impact of House Bill 4384 is included in the rebased earnings per share guidance [46] Question: O&M budgeting for 2026 - Management explained that the O&M budget is consistent with previous years, with adjustments based on compliance and system monitoring needs [34] Question: Long-term gas price assumptions - Management noted that the long-term gas price assumptions are based on the forward curve and that residential gas bills are expected to remain competitive [41][42] Question: Dividend guidance and its sustainability - Management indicated that the dividend has been increased by 15% to align with rebased earnings per share guidance, with intentions to grow the dividend in line with earnings growth [52]

Core Viewpoint - ConocoPhillips reported better-than-expected earnings for Q3 and raised its quarterly dividend by 8% [1][4] Financial Performance - Adjusted earnings for Q3 were $2 billion, or $1.61 per share, surpassing the analyst consensus estimate of $1.41 per share [1] - Total production was 2.399 million barrels of oil equivalent per day (boed), with Lower 48 production averaging 1.528 million boed, reflecting a 4% increase in oil and gas production compared to the same period last year [2] Price Realization - The average realized price was $46.44 per barrel of oil equivalent (boe), a 14% decrease from $54.18 per boe in Q3 2024 [3] - The decline in prices was partially offset by the benefits from the Marathon Oil acquisition and higher underlying production volumes [3] Dividend and Future Guidance - The company increased its base dividend by 8%, aligning with its goal for top quartile dividend growth in the S&P 500 [4] - Looking ahead to 2026, the company expects lower capital and operating costs with flat to modest production growth [5]

Group 1 - The article promotes iREIT on Alpha as a platform providing in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its positive testimonials [1] - Leo Nelissen is identified as an analyst focusing on economic developments related to supply chains, infrastructure, and commodities, contributing to iREIT®+HOYA Capital with an emphasis on dividend growth opportunities [2] Group 2 - The article includes a disclosure stating that the author has no stock or derivative positions in the mentioned companies and does not plan to initiate any positions in the next 72 hours, emphasizing the independence of the analysis [3] - Seeking Alpha's disclosure notes that past performance does not guarantee future results and clarifies that no investment recommendations are being made, indicating the nature of the analysis as independent and not reflecting the views of Seeking Alpha as a whole [4]

Pharmaceutical stocks are getting more attention these days as the global drug market is expected to reach $1.21 trillion in 2025, showing why the industry matters so much. The growth is driven by new treatments coming out and more people needing specialty medicines. Within this environment, AbbVie (ABBV) delivered third-quarter 2025 results that beat what Wall Street was expecting. The company brought in $15.78 billion in revenue, up 9.1% from the same quarter last year and beating analyst estimates of $ ...

Financial Data and Key Metrics Changes - Targa Resources reported adjusted EBITDA for Q3 2025 at $1.275 billion, representing a 19% increase year-over-year and a 10% sequential increase [18] - The company expects full-year 2025 adjusted EBITDA to be around the top end of the guidance range of $4.65 billion to $4.85 billion [18] - Available liquidity at the end of Q3 was $2.3 billion, with a pro forma consolidated leverage ratio of approximately 3.6x, within the long-term target range of 3x-4x [18] Business Line Data and Key Metrics Changes - Permian natural gas inlet volumes averaged a record 6.6 billion cubic feet per day in Q3, an 11% increase year-over-year [11] - NGL volumes increased by about 180,000 barrels per day compared to the previous year, driven by growth in the Permian [6] - NGL pipeline transportation volumes averaged a record 1.02 million barrels per day, and fractionation volumes averaged 1.13 million barrels per day in Q3 [14][15] Market Data and Key Metrics Changes - The company noted that October volumes were impacted by producer shut-ins due to low commodity prices and storms, but these volumes have largely returned [11] - The outlook for NGL supply growth remains strong, supported by ongoing projects and expansions in the Permian [15] Company Strategy and Development Direction - Targa Resources is focused on executing large capital projects while investing in high-return projects to transform into a large investment-grade integrated NGL infrastructure company [9] - The company announced several new growth projects, including the Speedway NGL transportation expansion and the Yeti gas processing plant, to accommodate continued volume growth [7] - The strategy emphasizes maintaining a strong investment-grade balance sheet while increasing common dividends and reducing share count [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued Permian volume growth, supported by customer success and a favorable industry trend of rising gas-to-oil ratios [8] - The company anticipates a durable increase in free cash flow, even in a strong growth environment [9] - Management acknowledged some conservatism in Q4 guidance due to potential headwinds from maintenance and commodity price fluctuations [51] Other Important Information - Targa plans to recommend an increase in the annual common dividend to $5 per share, a 25% increase from the previous level, effective Q1 2026 [19] - The company repurchased $156 million in common shares during Q3, bringing year-to-date repurchases to $642 million [18] Q&A Session Summary Question: How have things unfolded versus original expectations? - Management noted that volumes have largely materialized consistent with or better than initial forecasts, driven by producer performance and some volatility providing additional marketing opportunities [24] Question: What is the outlook for growth in the Permian? - Management expressed confidence in continued growth, supported by bottom-up forecasts from producers and a strong commercial position [27] Question: Can you discuss operational leverage and future expansions? - Management indicated that downstream spending will be modest post-2027, focusing on rateable fracs as projects come online [34] Question: What is the rationale behind recent project announcements? - Management emphasized a capital-efficient approach, leveraging existing volumes and ensuring operational reliability for producers [42] Question: How do you view the competitive landscape in the Permian? - Management acknowledged ongoing competition but highlighted Targa's unique capabilities and strong commercial relationships as key advantages [105]