Company Strategy & Performance - Chord Energy is positioned as a premier Williston Basin operator focused on enhancing free cash flow generation[1,9] - The company emphasizes a disciplined return of capital and balance sheet management[10] - Chord Energy has returned >$5 billion to shareholders since 2021, representing >50% of the current enterprise value[17,24] - The company is driving per share growth across key metrics, including a 12% CAGR in oil production per share since 2021[36,38] Operational Efficiency & Cost Reduction - Continuous improvements are driving approximately 20% free cash flow growth versus original guidance[25] - Capital expenditure is ~$50 million (~4%) below the original outlook due to faster cycle times and increased pumping hours[26,32] - The company is implementing 4-mile laterals, which are expected to improve inventory quality and lower breakevens, with seven TILs planned in FY25[47,51] Financial Strength & Capital Allocation - Chord Energy maintains a strong balance sheet with 0.3x leverage[15,70] - The company has >$1.8 billion of liquidity as of 2Q25[70,73] - The company aims for peer-leading return of capital, targeting 75%+ of adjusted free cash flow at current leverage[126,127]

Financial Data and Key Metrics Changes - The company generated significant free cash flow for the first half of the year despite a less favorable oil macro backdrop and regional operating environment [6] - Cash flow from operations for the second quarter was $33.6 million lower quarter over quarter primarily due to changes in working capital [18] - Realized oil prices before hedges fell 11% quarter over quarter and 22% year over year, while prices after hedges fell only 7% quarter over quarter and 14% year over year [18] - Adjusted EBITDAX margin decreased to 60% from 71% one year ago, reflecting the impact of lower oil prices [19] - The company converted 59% of year-to-date operating cash flow into $61 million of upstream free cash flow [20] Business Line Data and Key Metrics Changes - Net production declined marginally from 1.41 million to 1.38 million barrels of oil quarter over quarter but increased 3% compared to the same quarter last year [12] - Average daily net production was 15,200 barrels of oil per day and 24,400 barrels of oil equivalent per day for 2025 [13] - The company drilled 10, completed 2, and turned in line 7 gross operated wells during the quarter [11] Market Data and Key Metrics Changes - The company experienced production impacts from infrastructure challenges, particularly unreliable natural gas processing in Mexico, leading to shut-in wells and deferred production [7] - The acquisition of SilverBack Exploration increased the company's footprint to 30,000 net acres, with 98% held by production [8] Company Strategy and Development Direction - The company is focused on building long-term value through disciplined capital allocation, strategic infrastructure investments, and operational excellence [28] - Midstream projects are being advanced to enhance gas and oil flow assurance and support access to a stable power supply [7] - The company plans to maintain a smaller drawdown of drilled but uncompleted wells (DUCs) to set up for maximum flexibility in 2026 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fourth quarter exit rate production and indicated a potential budget of around $120 million for the next year to continue growth [32] - The company remains cautious on the macro front and will monitor OPEC's marketed supply and market absorption of increases [26] - Management highlighted the importance of managing power production as a critical component of operations in the Permian Basin [14] Other Important Information - The company achieved a total recordable incident rate of zero in the second quarter, reflecting a commitment to safe operations [10] - The average upstream lease operating expense (LOE) per barrel of oil equivalent (BOE) decreased by 3.7% compared to the 2024 average [14] - The company is exploring opportunities for power solutions in New Mexico due to longer wait times for power delivery [53] Q&A Session Summary Question: Production trajectory into 2026 and capital run rate - Management indicated that the fourth quarter capital run rate is a reasonable starting point for 2026, with a potential budget of around $120 million to continue growth [31][32] Question: Funding development and flexibility in New Mexico - Management is considering various financing options for midstream development and emphasized the flexibility in their plans [35][36] Question: Economic impact from midstream projects - Management anticipates that midstream projects could translate into $10 to $30 million of cash flow in a few years, depending on market rates [49] Question: Water handling opportunities - The company is enhancing its water handling systems to manage high water cuts effectively, which is integral to their operations [56] Question: Service cost trends - Management noted potential reductions in service costs of 5% to 15% due to increased scale and competitive bidding [59]

Q2 2025 Performance Highlights - Ring Energy's Q2 2025 net production reached 21,295 Boe/d, with 68% oil and 85% liquids[7] - The company achieved a realized price of $42.63 per Boe in Q2 2025[13] - Adjusted EBITDA for Q2 2025 was $51.5 million, compared to $46.4 million in Q1 2025[13] - Adjusted Free Cash Flow (AFCF) hit a company record of $24.8 million in Q2 2025[11, 13] - Lease operating costs were reduced by 12% quarter-over-quarter to $10.45 per Boe[11, 13] - Capital expenditures decreased by 48% quarter-over-quarter to $16.8 million[11, 13] Updated Guidance and Reserves - The company updated its FY 2025E AFCF guidance to between ~$50 to ~$75 million, assuming $55 to $75 per BO WTI[11] - FY 2025 capital expenditure guidance was reduced by 36% year-over-year, while maintaining 2% year-over-year growth[11] - 2024 SEC Proved Reserves are 134 MMBoe with a PV10 of ~$1.5 billion[7] - The Lime Rock Acquisition added ~12 MMBoe with a PV10 of ~$160 million[7] Strategic Focus and Valuation - The company's leverage ratio decreased from ~40x in early 2021 to ~20x in Q2 2025[11] - The company hedged the remainder of 2025 with ~13 million BO at an average floor price of $64.87 per Bbl and FY 2026 with ~23 million BO at an average floor price of $65.44 per Bbl[11] - An analysis suggests that Ring Energy is trading at a discount, with a potential share price of $2.51 based on APA Divestiture and MNR Acquisition valuation metrics[56]

Financial Data and Key Metrics Changes - Total reported revenue grew by 9% in the first quarter, with constant currency organic revenue increasing by 8% driven by volume and a 230 basis point price increase [7][9] - Gross margin increased by 20 basis points to 45.3%, while EBIT margin rose by 50 basis points to 22.8% of revenue compared to the previous year [8][9] - Adjusted earnings per diluted share improved by 15% to $2.34, with net income from continuing operations at $231.2 million [9][10] - Free cash flow for the fiscal year 2026 was reported at $327 million, with an increase in outlook for free cash flow raised to $820 million [10][18] Business Line Data and Key Metrics Changes - In the Healthcare segment, constant currency organic revenue grew by 8%, with capital equipment revenue increasing by 6% and service revenue growing by 13% [14] - The AST segment saw a 10% growth in constant currency organic revenue, with services growing by 12% and EBIT margins increasing by 150 basis points to 48.6% [15] - Life Sciences group reported a 4% increase in constant currency organic revenue, driven by an 8% growth in consumables [16] Market Data and Key Metrics Changes - The backlog for Healthcare capital equipment was reported at over $400 million, indicating strong underlying order growth of 14% [14] - Life Sciences backlog increased by over 50% to $111 million, reflecting a recovery in capital orders after a previous slowdown [16][30] Company Strategy and Development Direction - The company is focused on maintaining consistent dividend growth, announcing a 10% increase to $0.63 per quarter [10] - Management emphasized the importance of strategic oversight and financial leadership during the CFO transition, indicating a commitment to continued growth and stability [11][13] - The company is actively pursuing M&A opportunities while also considering stock buybacks to offset dilution [44][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong order growth and backlog, indicating a positive outlook for revenue despite potential challenges in the healthcare payment landscape [42][61] - The company updated its revenue growth outlook to approximately 8% to 9%, reflecting favorable currency impacts, while maintaining a constant currency organic revenue growth forecast of 6% to 7% [17][18] - Management acknowledged the complexities in the bioprocessing market but noted a return to normal volume trajectories [28][30] Other Important Information - The company is experiencing increased costs related to employee healthcare benefits due to higher utilization rates [38] - The effective tax rate for the quarter was reported at 23.5%, with no anticipated changes [18] Q&A Session Summary Question: Revised tariff estimate details - The increase in tariff expectations was driven by higher tariffs on metals and changes in EU tariffs [22] Question: Maintaining organic expectations for AST - The conservative outlook is due to potential fluctuations in manufacturing positions from customers [24] Question: Update on bioprocessing market - Recent volumes have been consistent, indicating a return to normal trajectories [28] Question: Life Sciences segment backlog increase - The increase is attributed to a recovery from previous capital order slowdowns [30] Question: Comments on low temp sterilization market - The company has not seen a slowdown and feels confident in its market position [35] Question: Employee healthcare costs - Increased costs are primarily due to higher utilization of employee healthcare benefits [38] Question: Capital demand environment and order growth - Strong orders in both healthcare and life sciences sectors contribute to confidence in revenue guidance [42] Question: Future cash allocation strategies - The company remains open to M&A opportunities while also considering stock buybacks [44][46] Question: Impact of regulatory changes on EO facilities - The company did not apply for regulatory relief as it has already met compliance standards [56] Question: Hospital outlook and OB3 impact - Management views the situation as a payment reimbursement issue rather than a demand issue [61] Question: FX impact on profitability - The company is largely operationally hedged against FX impacts [63]

Financial Performance - Western Midstream Partners (WES) achieved a record quarterly Adjusted EBITDA of $618 million, a 4% increase quarter-over-quarter[13] - Operating cash flow was $564 million in the second quarter of 2025[20] - Free cash flow for the second quarter of 2025 was $3884 million[20] - Cash distributions paid in the second quarter of 2025 were $35534 million[20] - Net income for the second quarter of 2025 was $334 million[21] Operational Performance - Total natural gas throughput was 54 Bcf/d, a 3% increase quarter-over-quarter[13] - Total crude oil and NGLs throughput was 543 MBbls/d, a 6% increase quarter-over-quarter[13] - Total produced water throughput was 1242 MBbls/d[13] Strategic Growth - WES sanctioned a new 300 MMcf/d cryogenic processing train at the North Loving plant in the Delaware Basin, expected to be in service by the second quarter of 2027[13, 17] - The company is constructing the Pathfinder Pipeline, an ~800 MBbls/d produced-water transportation pipeline, expected to be in service by the first quarter of 2027, with ~85% of the total project capex to be spent in 2026[17] Ownership Structure - Occidental owns 447% of Western Midstream Partners, LP, while public unitholders own 553%[8] - The market capitalization of Western Midstream Partners, LP is approximately $15 billion[8]

Financial Performance & Growth - Hyatt's Adjusted Free Cash Flow reached $540 million[8] - The company has returned $4.5 billion to shareholders over the past 8 years (2017-2024) through share repurchases and dividends[10, 12] - System-wide rooms have grown by 87% from 186,000 in 2017 to 347,000 in 2024[13] - Gross fee revenue increased by 120% from $498 million in 2017 to $1,099 million in 2024[13] - World of Hyatt loyalty members increased by 435% from 10 million in 2017 to 54 million in 2024[13] Portfolio & Strategy - Asset-light earnings mix increased from 47% in 2017 to 79% in 2024[7, 13] - Hyatt has significantly expanded its luxury, resort, and lifestyle hotels portfolio[17] - Luxury rooms have doubled from 43,000 in 2017 to 114,000 in 2024[19] - Resort rooms have tripled from 23,000 in 2017 to 90,000 in 2024[19] Q2 2025 Highlights - Adjusted EBITDA was $303 million[52] - Net Income (Loss) was $(3) million[52] - Gross Fees reached $301 million[52] - World of Hyatt members reached ~58 million, a new record, with 21% growth[52]

Core Insights - Western Midstream Partners LP (WES) reported Q2 2025 earnings of $0.87 per common unit, exceeding the Zacks Consensus Estimate of $0.82, but down from $0.97 in the same quarter last year [1][10] - Total revenues for the quarter reached $942.3 million, surpassing the Zacks Consensus Estimate of $941 million and increasing from $905.6 million in the prior year [1][10] Operational Performance - Natural gas throughput for WES was 5,251 million cubic feet per day (MMcf/d), a 5% increase from the prior-year quarter, driven by growth in the Delaware and Powder River Basins [3] - Crude oil and NGL throughput was 532 thousand barrels per day (MBbls/d), up from 515 MBbls/d in Q2 2024, attributed to higher volumes from the Delaware Basin and DJ-Basin [4] - Produced-water throughput increased to 1,217 MBbls/d from 1,080 MBbls/d in the year-ago quarter [4] Costs and Expenses - Total operating expenses for the quarter were $524.1 million, slightly higher than the previous year's $522.7 million, primarily due to increased general and administrative expenses and higher depreciation and amortization costs [5][10] Cash Flow - Net cash provided by operating activities was $564 million in Q2, down from $631.4 million in the same period of 2024 [6] - Free cash flow for the quarter totaled $388.4 million [6] Balance Sheet - As of June 30, 2025, WES had long-term debt of $6.92 billion and cash and cash equivalents of $129.7 million [7] Outlook - WES maintained its adjusted EBITDA guidance for full-year 2025 in the range of $2,350 million to $2,550 million, with total capital expenditures expected to be between $625 million and $775 million [8]

Financial Performance - Adjusted EBITDA for Q2 2025 was $243 million[8] - Free Cash Flow for Q2 2025 was $8 million[8] - Capital Expenditures for Q2 2025 were $126 million[8] - Leverage Ratio stood at 3.6x[8] - Midstream Logistics Adjusted EBITDA for Q2 2025 was $151 million, a 3% year-over-year increase, benefiting from an 11% year-over-year processed gas volume growth[12] - Pipeline Transportation Adjusted EBITDA for Q2 2025 was $97 million, a 3% year-over-year increase, benefiting from EPIC Crude ownership and PHP/Kinetik NGL outperformance[15] Guidance and Outlook - FY 2025 Adjusted EBITDA Guidance updated to a range of $1.03 billion to $1.09 billion[9] - FY 2025 Capital Guidance narrowed to a range of $460 million to $530 million[9] - The company maintains ~$1.2 billion annualized 4Q25E Adjusted EBITDA[23] Strategic Initiatives - The company repurchased $173 million of Class A common stock year-to-date, with $73 million repurchased in Q2 2025[9] - Commissioning at Kings Landing is underway, with full commercial in-service expected in late September 2025[9] - Construction began on the ECCC Pipeline, with expected in-service in the first half of 2026[9]

Q1 FY26 Performance - Revenue reached $249.5 million, a 6.6% decrease compared to the previous year[18, 22] - Organic revenue declined by 6.4% year-over-year, primarily due to Clear Eyes supply constraints[17, 24] - Diluted EPS increased by 5.6% to $0.95 compared to the adjusted prior year[11, 17, 18, 22] - Free cash flow was solid at $78 million[11] Financial Metrics - Gross margin improved to 56.2%[11, 22, 24] - EBITDA remained relatively flat at $79.6 million[17, 18, 22] - EBITDA margin increased to 31.9%[22, 24] - A&M expenses accounted for 14.0% of revenue[22, 24] - G&A expenses represented 11.4% of revenue[22, 24] Strategic Initiatives and Outlook - The company entered into an agreement to acquire Pillar5 Pharma for approximately $100 million[11, 25] - The company repurchased approximately 400,000 shares for $35 million[25] - Full-year revenue is projected to be between $1.1 billion and $1.115 billion[28] - Full-year free cash flow is expected to be $245 million or more[28]

Financial Performance - Altice USA is driving towards approximately $3.4 billion of Adjusted EBITDA in FY 2025[11] - Q2 2025 revenue was $2.147 billion, a decrease of 4.2% year-over-year[25,49] - Adjusted EBITDA for Q2 2025 was $804 million, a decrease of 7.3% year-over-year, with a margin of 37.4%[25,49] - Cash capital expenditures for Q2 2025 were $384 million, representing 17.9% of revenue, an increase of 10.3% year-over-year[30,49] Subscriber and ARPU Trends - Improved broadband subscriber trends were observed in Q2 2025, with a 31% improvement in net adds compared to Q2 2024[13,15] - Broadband ARPU grew year-over-year in Q2 2025, reaching $74.77[13,25] - Fiber customer net adds reached 56,000 in Q2 2025, compared to 40,000 in Q2 2024[20] - Mobile line net adds reached 38,000 in Q2 2025, compared to 33,000 in Q2 2024[20] Network and Operational Enhancements - The company added 35,000 total passings in Q2 2025 and 61,000 in H1 2025, with a focus on fiber passings[35] - Service visit rates improved by approximately 19% year-over-year in Q2 2025[22] - Workforce optimization led to approximately a 5% headcount reduction[23] Capital Structure - Altice USA completed a $1 billion primarily HFC Asset-Backed Loan in July 2025[13,36,38] - The weighted average cost of debt is 6.9%, and the weighted average life of debt is 3.6 years[40] - Liquidity is approximately $1.5 billion as of June 30, 2025[40]