Q4 & FY'25 Financial Results November 3, 2025 Today's Presenters Jure Sola Chairman & CEO Jon Faust EVP & CFO 2 Safe Harbor Statement Certain statements made during this presentation, including our financial outlook for the first quarter fiscal 2026 and expectations for growth generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements a ...

Core Insights - Diamondback Energy, Inc. reported strong financial and operational results for Q3 2025, highlighting significant cash flow generation and shareholder returns [1][2]. Financial Performance - Average oil production reached 503.8 thousand barrels per day (MBO/d), with total production at 942.9 thousand barrels of oil equivalent per day (MBOE/d) [7]. - Net cash provided by operating activities was $2.4 billion, while Operating Cash Flow Before Working Capital Changes was $2.5 billion [7]. - Free Cash Flow and Adjusted Free Cash Flow both stood at $1.8 billion [7]. - The company declared a base cash dividend of $1.00 per share, yielding an annualized rate of 2.8% based on the closing share price of $143.19 on October 31, 2025 [7][18]. Shareholder Returns - Diamondback repurchased 4,286,080 shares for approximately $603 million at an average price of $140.70 per share [7][21]. - Total return of capital for the quarter was $892 million, representing 50% of Adjusted Free Cash Flow [7][21]. Operational Highlights - The company drilled 108 gross wells and completed 137 gross wells in Q3 2025 [9]. - For the full year 2025, Diamondback increased its oil production guidance to 495 - 498 MBO/d and total BOE guidance to 910 - 920 MBOE/d [8][22]. - The average lateral length of wells drilled was approximately 11,500 feet [8][22]. Capital Expenditures - Cash capital expenditures for the quarter were $774 million, with a full-year guidance of $3.45 - $3.55 billion [7][22]. - The company expects to drill 445 - 465 gross wells and complete 510 - 520 gross wells in 2025 [8][22]. Debt and Liquidity - As of September 30, 2025, Diamondback had total liquidity of $2.431 billion and consolidated total debt of $16.432 billion [17]. - The company repurchased $203 million in senior notes due 2051 & 2052 at 82.3% of par value [8]. Market Conditions - Average realized prices for oil were $64.60 per barrel, while natural gas prices averaged $0.75 per Mcf [11]. - The company experienced a slight decrease in natural gas liquids prices, averaging $17.28 per barrel [11].

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Group 1 - Investors show a strong preference for S&P 500-tracking vehicles, as evidenced by the significant assets under management in ETFs like the iShares Core S&P 500 ETF (IVV) and Vanguard S&P 500 [1] - The individual investor and writer Vasily Zyryanov employs various techniques to identify 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 investment opportunities [1] Group 2 - The article highlights the energy sector, including oil & gas supermajors and exploration & production companies, as a key focus area for investment research [1] - It is noted that while some growth stocks may deserve their premium valuations, investors must critically assess whether the market's current opinions are justified [1]

Core Insights - The individual has a B.Tech degree in Mechanical Engineering and nearly twenty-five years of experience in the oil and gas sector, primarily in the Middle East [1] - The investment strategy is informed by traits of efficiency, carefulness, and discipline, developed through extensive industry experience [1] - There is a sustained interest in U.S. equity markets, focusing on technology, energy, and healthcare sectors [1] - The investment approach has evolved from growth investing to a blend of value and growth, emphasizing the understanding of business economics and competitive advantages [1] - The strategy includes a focus on generating consistent free cash flow and a conservative orientation towards minimizing downside risk [1] - Recent years have seen a shift towards income-generating assets, such as dividend-paying equities and REITs, in preparation for retirement [1] - Investing is viewed as a means to achieve peace of mind, not just high returns, with a commitment to ecologically sensitive businesses [1] Industry Focus - The oil and gas sector is characterized by high stakes and the necessity for operational efficiency [1] - The technology, energy, and healthcare sectors are highlighted as areas of significant interest for investment opportunities [1] - The approach to investing in these sectors involves a careful evaluation of business fundamentals and long-term sustainability [1]

Core Insights - Chevron Corp (CVX) reported a 52% year-over-year increase in Q3 adjusted free cash flow (FCF), reaching $7 billion, which significantly exceeded its shareholder payments for dividends and buybacks [1][4][7] - The adjusted FCF margin for Q3 was 14%, an improvement from 9.1% a year ago, indicating enhanced operational efficiency [1][7] - The stock price of CVX is currently $155.72, with a potential upside to $177.49 if the company raises its dividend by 5%, representing a 14% gain [1] Financial Performance - Q3 adjusted FCF of $7 billion marked a 42.9% increase from $4.9 billion in Q2 and a 52% increase from $4.6 billion in the same quarter last year [4] - Year-to-date, Chevron's adjusted FCF totaled $16 billion, reflecting a 23% increase compared to the previous year [4] - The adjusted FCF margin for the first nine months was 11.3%, showing consistent growth in cash generation [7] Shareholder Returns - Chevron's Q3 adjusted FCF of $7 billion was greater than the $6 billion spent on dividends and buybacks, indicating strong cash generation capabilities [7] - Year-to-date, the total for dividends and buybacks was $18.5 billion, which is lower than the $16 billion in adjusted FCF, suggesting that the company can sustain its shareholder payments moving forward [7][8] Market Context - The stock is currently below its recent peak of $161.82 on September 2, but has recovered from a low of $148.90 on October 10 [1] - The article suggests that the current market reaction to Chevron's Q3 results presents a buying opportunity for value investors [3]

Core Insights - Chevron Corporation reported stronger-than-expected third-quarter results, driven by higher upstream production and refining margins, with newly integrated Hess assets enhancing output [1] - The company is on track to exceed synergies ahead of schedule, with key projects like Tengiz and the Permian contributing to growth, indicating a solid foundation for increasing shareholder returns [1] Earnings Performance - Chevron's adjusted earnings were $1.85 per share, a decrease from $2.51 year-over-year but above the consensus estimate of $1.71 [3] - U.S. production rose by 27% year-over-year, while global production increased by 21% in the quarter [3] Analyst Perspective - Bank of America Securities analyst Jean Ann Salisbury reaffirmed a Buy rating on Chevron with a price target of $183 following the earnings results [2] - The company's project execution remains strong, with legacy production up by 195 thousand barrels per day (kbd) sequentially, positioning it to meet the high end of its 6%-8% fiscal 2025 growth target excluding Hess [4] - The Permian region saw production growth due to moderated capital expenditures, reflecting operational efficiencies and a potential plateau above 1 million barrels of oil equivalent per day (Mboed) [5] Market Reaction - Chevron shares were trading lower by 1.52% to $155.33 at the last check [5]

Financial Data and Key Metrics Changes - For Q3 2025, net income was $176 million, a slight decrease from $180 million in Q2 2025. Adjusted EBITDA increased to $321 million from $316 million in the previous quarter, primarily due to higher third-party gas gathering and processing throughput volumes [9][10] - Total revenues, excluding pass-through revenues, increased by approximately $7 million, with gathering revenues up by about $4 million and processing revenues up by approximately $3 million [9][10] - The gross adjusted EBITDA margin for Q3 was maintained at approximately 80%, above the target of 75%, indicating strong operating leverage [10] Business Line Data and Key Metrics Changes - Throughput volumes averaged 462 million cubic feet per day for gas processing, 130,000 barrels of oil per day for crude terminaling, and 137,000 barrels of water per day for water gathering, with a 3% increase in gas gathering and processing compared to Q2 [5][10] - Capital expenditures for Q3 were approximately $80 million, with adjusted free cash flow of about $187 million [10][12] Market Data and Key Metrics Changes - The company expects fourth quarter volumes to be relatively flat compared to Q3 due to lower expected third-party volumes and planned maintenance at the Little Missouri Ford gas plant [6][11] Company Strategy and Development Direction - The company remains committed to a strategy prioritizing the return of capital to shareholders, supported by excess free cash flow and a long-term leverage target of three times adjusted EBITDA [7][12] - The removal of the Kappa gas plant from future plans is expected to lead to significantly lower capital expenditures, enhancing free cash flow for shareholder returns [6][12] Management's Comments on Operating Environment and Future Outlook - Management noted that gas represents 75% of revenues, and future growth is expected to be driven by gas-to-oil ratios (GORs) as Chevron operates three rigs, maintaining oil production while allowing gas volumes to increase [17][36] - The company anticipates continued growth in free cash flow through 2027, supporting targeted annual distribution growth of at least 5% [12][31] Other Important Information - A $100 million share and unit repurchase was executed in Q3, and distributions were increased by 2.4%, approximately 10% on an annualized basis per Class A share [5][11] - Full-year 2025 capital expenditures are now expected to total approximately $270 million, with adjusted free cash flow projected at $760 million to $770 million [12] Q&A Session Summary Question: Trends in Bakken and GORs - Management indicated that GORs have not been increasing due to active drilling programs, and they expect oil to plateau while gas volumes increase over time [16][17] Question: 2028 MVC Expectations - Guidance for 2026 and 2028 MVCs will be provided after the budget process concludes in December [18][19] Question: Future Buybacks - The company expressed confidence in maintaining financial flexibility for capital returns, including potential share repurchases, supported by lower capital expenditures [20][24] Question: CapEx Outlook - Management confirmed that expected capital expenditures will be significantly lower than previous guidance, with a base level around $125 million for ongoing operations [23][24] Question: Relationship with Chevron - The integration with Chevron has been positive, with successful board meetings and distribution increases, indicating a strong partnership moving forward [26][27] Question: 2026 EBITDA Outlook - Management expects EBITDA to be flat in 2026 despite rising gas volumes, with further details to be provided after the budget process [30][31]

Transaction Overview - Coeur will acquire all outstanding common shares of New Gold, valuing the transaction at approximately $7 billion based on New Gold's basic common shares outstanding[18] - New Gold shareholders will receive 04959 of a Coeur share for each New Gold share, implying a consideration of $851 per New Gold share, representing a 16% premium[18] - Coeur and New Gold shareholders will own approximately 62% and 38% of the combined company, respectively[18] Combined Company Financial Highlights (2026E) - The combined company is expected to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow[10] - The combined entity is projected to have $390 million in cash[40] - The combined entity is projected to have $761 million in debt[40] Production and Revenue - The combined company is expected to produce approximately 20 million ounces of silver, 900000 ounces of gold, and 100 million pounds of copper[12] - The combined company's 2026 estimated gold equivalent production is 1243 Koz Au Eq[46] - Gold is expected to account for 72% of the combined 2026 estimated revenue, silver 20%, and copper 8%[13] New Gold Asset Overview (YTD 2025) - New Afton's operating cash flow is $197 million and free cash flow is $115 million[21] - New Afton's copper production is 391 million pounds and gold production is 502K ounces[21] - Rainy River's operating cash flow is $412 million and free cash flow is $215 million[28] - Rainy River's gold production is 1958K ounces[28]

Transaction Overview - The transaction represents an enterprise value of approximately $12.8 billion[10] - The deal is a stock-for-stock transaction with an exchange ratio of 1.45 shares of SM Energy for each Civitas share[10] - Pro forma ownership will be 48% for SM Energy and 52% for Civitas[10, 12] Scale and Production - The combined company will have approximately 823,000 net acres[13] - Q2'25 net production is estimated to be 526 Mboe/d[13] - Year-end 2024 estimated net proved reserves are 1,476 MMBoe[13] Synergies and Financial Impact - The merger is expected to generate annual run-rate synergies of approximately $200 million to $300 million by 2027[30, 42] - The synergies are expected to come from overhead/G&A, D&C/Operational costs, and cost of capital[30] - The combined company aims to achieve a net leverage ratio of 1.0x by year-end 2027[32] Capital Allocation - The company plans to maintain a sustainable quarterly fixed dividend of $0.20 per share[35]