Core Viewpoint - Chevron reported strong fourth-quarter earnings and significant production growth, emphasizing a shift towards free cash flow growth and strategic acquisitions to enhance its upstream portfolio [1][2][3]. Financial Performance - Fourth-quarter earnings reached $2.8 billion, or $1.39 per share, with adjusted earnings of $3.0 billion, or $1.52 per share, impacted by pension curtailment costs of $128 million and negative foreign currency effects of $130 million [1]. - Operating cash flow for Q4 was $10.8 billion, contributing to an adjusted free cash flow of approximately $20 billion for the year, with record cash returned to shareholders, including $3 billion in buybacks during the quarter [4][6]. - The company announced a 4% increase in the quarterly dividend, marking it as a top financial priority, with over $100 billion returned in dividends and buybacks over the last four years [7]. Production and Growth Strategy - Chevron achieved record global and U.S. production in 2025, reaching approximately 1,000,000 barrels of oil equivalent per day in the Permian, with a target of 300,000 boe/d in the Gulf of Mexico by 2026 [2][5]. - The company completed the Future Growth Project at Tengiz, adding 260,000 barrels of oil per day, and initiated major projects such as Ballymore and Whale in the Gulf of Mexico [2][5]. - Chevron's production in Venezuela has increased by over 200,000 barrels per day since 2022, with potential for an additional 50% increase pending U.S. approvals [3][8][9]. Cost Management and Efficiency - Chevron's cost reduction program exceeded expectations, delivering $1.5 billion in 2025 and targeting $3 billion–$4 billion in savings by the end of 2026, with over 60% of savings expected from durable efficiency gains [16]. - The company is optimizing cash generation and capital efficiency in the Permian, maintaining production at roughly 1 million barrels per day [16]. Future Outlook - Looking ahead to 2026, Chevron expects continued production growth driven by project ramp-ups and efficiency improvements, with a projected year-over-year increase of 7%–10% in production, excluding asset sales [15]. - The company is also focusing on expanding its Eastern Mediterranean gas projects, with significant capacity increases anticipated by the end of the decade [11][12].

Core Insights - Chevron reported fourth-quarter adjusted earnings of $3.0 billion, or $1.52 per share, exceeding analyst expectations of $1.45 per share, despite revenue falling short of forecasts at $46.87 billion compared to the expected $47.15 billion [2][4] - The company's earnings declined from $3.6 billion, or $2.06 per share, in the same period last year, primarily due to lower crude prices [2][3] Financial Performance - Worldwide net oil-equivalent production increased by 20.7% year over year to 4,045 thousand barrels of oil equivalent per day, driven by the Hess acquisition and production growth in the Permian Basin and the Gulf of Mexico [3] - Chevron generated $10.8 billion in cash flow from operations during the quarter and $4.2 billion in adjusted free cash flow [3] - For the full year 2025, Chevron reported operating cash flow of $33.9 billion, marking the highest in its history at comparable commodity prices [3] Dividend and Cost Management - Chevron announced a 4% increase in its quarterly dividend to $1.78 per share, extending its streak of annual dividend increases to 39 consecutive years [4] - The company achieved its initial $1 billion synergy target from the Hess integration and delivered $1.5 billion in structural cost reductions in 2025, as part of a broader plan to cut costs by $3 billion to $4 billion by the end of 2026 [4]

Fourth quarter 2025 earnings call January 30, 2026 © 2026 Chevron Leviathan Platform Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 © 2026 Chevron 2 Building a bigger stronger Chevron in 2025 Execution Record production 12% increase Projects & milestones TCO, Permian, GOA, Geismar Portfolio Hess acquisition premier upstream portfolio Future growth ...

Core Insights - Eastman Chemical Company (EMN) reported fourth-quarter 2025 earnings of 92 cents per share, a decline of approximately 67% from $2.82 in the same quarter last year [1] - Adjusted earnings were 75 cents per share, down from $1.87 year-over-year, and below the Zacks Consensus Estimate of 76 cents [1][10] - Revenues for the fourth quarter were $1,973 million, a decrease of around 12% year-over-year, missing the Zacks Consensus Estimate of $2,037.2 million [2] Financial Performance - The company achieved approximately $100 million in cost savings, surpassing its target of over $75 million for 2025 [3] - Cash and cash equivalents at the end of the quarter were $566 million, down about 32% year-over-year, while net debt increased to $4,221 million, up roughly 1% [8] - Operating cash flow was $502 million for the quarter, a decline of around 7% year-over-year, with nearly $1 billion generated from operating activities in 2025 [8] Segment Performance - Advanced Materials segment sales fell 9% year-over-year to $656 million, missing estimates [4] - Additives & Functional Products segment sales were $662 million, down 5% from the previous year, also missing estimates [5] - Chemical Intermediaries segment sales decreased 17% year-over-year to $418 million, below estimates due to weak market demand [6] - Fibers segment reported sales of $234 million, down 27% year-over-year, but exceeded estimates [7] Guidance and Outlook - For Q1 2026, EMN expects adjusted EPS to be in the range of $1.00-$1.20, driven by volume growth and reduced customer caution [10][14] - The company aims to enhance cost reduction actions to a range of $125-$150 million, building on previous efforts [11] - EMN anticipates improved earnings year-over-year in 2026, supported by innovation, better manufacturing utilization, and favorable currency exchange rates [12] Market Performance - EMN's shares have declined by 30.7% over the past year, compared to a 21.8% decline in the Zacks Chemicals Diversified industry [15]

Core Insights - The company is undergoing a transformation aimed at improving efficiency, accountability, and collaboration through organizational restructuring, including workforce reductions and leadership realignments [1][2][10] - The marketing strategy focuses on enhancing profitability and efficiency while stabilizing the business for future growth, moving from a brand-based to a function-based operating structure [2][5][7] Financial Performance - In the second quarter, consolidated revenue decreased by 9.5%, with a 22.7% decline in the Consumer Floral and Gift segment and a 3.8% decline in the BloomNet segment, primarily due to a strategic shift towards more efficient marketing spending [11][12] - Adjusted EBITDA for the second quarter was $98.1 million, down from $116.3 million in the prior year, reflecting the impact of lower revenue and increased costs [13] Cost Management - The company has achieved approximately $15 million in annualized run rate cost savings for fiscal 2026, with expectations to reach around $50 million in total cost savings across fiscal 2026 and 2027 [11][10] - Ongoing cost reduction initiatives, including organizational simplification and tighter expense management, are beginning to benefit the business, although full benefits are not yet reflected in the P&L [10][12] Marketing and Sales Strategy - The updated marketing approach is improving the ad-to-sales ratio and enhancing product discoverability, which is expected to drive better conversion rates across online experiences [7][30] - The company is discontinuing unprofitable initiatives, such as temporary pop-up stores, and is focusing on a more disciplined retail approach to optimize capital deployment [5][41] Future Outlook - For fiscal 2026, the company expects revenue to decline in the low double-digit range, influenced by ongoing marketing adjustments and changes in search engine result pages [14][15] - The company anticipates that adjusted EBITDA will decline slightly compared to the prior year, but on a normalized basis, it is expected to increase slightly year over year, excluding certain anticipated costs [15]

Core Viewpoint - Tokyo Electric Power Company Holdings (TEPCO) has introduced its Fifth Comprehensive Special Business Plan, focusing on the decommissioning of Fukushima Daiichi and committing to ¥3.1 trillion ($19–20 billion) in cumulative cost reductions over FY2025–FY2034, alongside asset sales and potential partnerships to strengthen its financial position [1][2]. Financial Strategy - The new plan represents a significant shift from the previous strategy, recognizing TEPCO's inability to finance both Fukushima decommissioning and growth investments simultaneously under current conditions, even with potential nuclear restarts [2]. - TEPCO aims to achieve ¥3.1 trillion in cumulative cost reductions through third-party benchmarking, project reprioritization, and stricter capital discipline over the next decade [5]. - The company plans to generate ¥200 billion from asset sales within three years, including real estate and non-core holdings [5]. - A return to positive free cash flow is targeted to restore autonomous funding capacity and reduce reliance on emergency financing [5]. Decommissioning Focus - TEPCO has characterized the next phase of Fukushima Daiichi decommissioning, particularly large-scale fuel debris retrieval, as technologically and economically uncertain, with estimated decommissioning-related costs reaching approximately ¥5.4 trillion [3]. - The governance structure has been adjusted to grant the decommissioning entity greater autonomy over resources and decision-making, while still under the oversight of Japan's Nuclear Damage Compensation and Decommissioning Facilitation Corporation (NDF) [4]. Strategic Alliances and Energy Transition - TEPCO emphasizes the necessity of forming alliances for capital, technology, and expertise, while ensuring governance structures that secure Fukushima funding and eventual repayment of public capital [4]. - The company positions itself as a key player in Japan's GX/DX transition and energy security agenda, particularly in East Japan, with priorities including grid expansion and faster connections to meet data center demand in the Tokyo metropolitan area [6]. - Plans include the expansion of renewables, grid-scale storage, and decarbonized power procurement, along with nuclear restarts at Kashiwazaki-Kariwa, contingent on local consent and regulatory confidence [6].

Core Insights - The truckload market is stable but experienced a lack of seasonal demand until late in the quarter, with improvements noted in December primarily due to reduced capacity rather than increased demand [1][4] Financial Performance - Knight-Swift reported a GAAP loss per diluted share of $0.04, while adjusted EPS was $0.31, down from $0.36 a year earlier [2][7] - The consolidated adjusted operating ratio increased to 94%, up 30 basis points year over year, with operating income down approximately $51.5 million [2][7] - Non-cash impairment charges of $52.9 million were included in the GAAP results, primarily due to the integration of the Abilene brand into Swift [3][7] Truckload Segment - Truckload volumes were softer, with loaded miles down 3.3%, and revenue excluding fuel surcharge declined by 2.4% year over year [6][9] - The adjusted operating income for the truckload segment fell by $9.2 million, a decrease of 10.7% [9] - Management combined the smaller Abilene brand into Swift to enhance efficiency and network utilization [6][12] Less-Than-Truckload (LTL) Segment - The LTL business saw revenue excluding fuel grow by 7% year over year, with shipments per day increasing by 2.1% [5][14] - Despite revenue growth, adjusted operating income declined by 4.8%, and the adjusted operating ratio worsened by 60 basis points year over year [5][15] - Management emphasized the need for market-driven pricing to normalize margins and highlighted ongoing cost-reduction efforts [5][21] Logistics and Intermodal - In logistics, fourth-quarter revenue declined by 4.8% year over year, with volumes falling by 1% and revenue per load dropping by 4.1% [17] - Intermodal improved its adjusted operating ratio by 140 basis points year over year, driven by a 2.8% increase in revenue per load [18] Future Guidance - Management guided for first-quarter 2026 adjusted EPS of $0.28 to $0.32, assuming stable current conditions and a seasonal recovery in LTL [20] - The company expects a rebound in the all-other category following a seasonal slowdown and has reduced its expected gain-on-sale range due to trends in the secondary equipment market [20]

Core Insights - Halliburton Company (HAL) reported fourth-quarter 2025 adjusted net income per share of 69 cents, exceeding the Zacks Consensus Estimate of 54 cents, primarily due to successful cost reduction initiatives, although it slightly decreased from the year-ago adjusted profit of 70 cents due to softer activity in North America [1] Financial Performance - Revenues for Halliburton reached $5.7 billion, marking a 0.8% increase year over year and surpassing the Zacks Consensus Estimate by 4.7% [2] - North American revenues decreased by 0.3% year over year to $2.2 billion but exceeded projections by over $146 million, while international revenues rose by 1.5% to $3.5 billion, beating estimates by 3% [3] Segment Performance - The Completion and Production segment generated $570 million in operating income, down from $629 million the previous year, but exceeded estimates of $473.2 million due to a favorable activity mix [4] - The Drilling and Evaluation unit's profit fell to $367 million from $401 million year over year, attributed to lower fluid services in North America and reduced drilling services in the Middle East/Asia, yet it surpassed estimates of $359.9 million [5] Capital Expenditure and Cash Flow - Halliburton's fourth-quarter capital expenditure was $337 million, below the projected $390.4 million, with approximately $2.2 billion in cash/cash equivalents and $7.2 billion in long-term debt as of December 31, 2025, resulting in a debt-to-capitalization ratio of 40.5 [6] - The company executed $1 billion in share repurchases during 2025, returning 85% of free cash flow to shareholders, with a generated cash flow from operations of $1.2 billion in the fourth quarter, leading to a free cash flow of $875 million [6] Management Outlook - Halliburton anticipates continued strength in its international business, supported by a collaborative value proposition and proven technology, while maintaining its Maximize Value strategy in North America, expecting the region to respond first as macro fundamentals improve [7] Investment Position - Halliburton currently holds a Zacks Rank 2 (Buy), indicating a favorable investment outlook [8]

2026 Market and Backlog January 21, 2026 Safe Harbor Statement Certain statements and projections contained in this presentation are, by their nature, forward- looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be ide ...

PetroTal 2026 Guidance Webcast Summary Company Overview - **Company**: PetroTal (OTCPK:PTAL.F) - **Industry**: Oil and Gas - **Key Asset**: Bretaña oil field, Peru's largest crude oil producer Core Points and Arguments 1. **2026 Budget Focus**: The 2026 budget is a discipline reset aimed at protecting liquidity, restructuring costs, and preserving the Bretaña asset's value amid low oil prices [3][4][5] 2. **Production Guidance**: Expected average production for 2026 is approximately 12,000 barrels of oil per day, down from an average of over 19,000 barrels per day in 2025 [3][4] 3. **Financial Projections**: Anticipated net operating income of approximately $90 million and adjusted EBITDA of $30-$40 million in 2026, supported by significant cost reductions [4][11] 4. **Capital Expenditure**: Approved capital expenditure budget of $80-$90 million, with a focus on erosion control and potential drilling resumption in Q4 2026 [4][8] 5. **Liquidity Preservation**: The company aims to exit 2026 with approximately $60 million in available cash, viewed as a minimum operating floor [4][12] 6. **Cost Structure Reset**: Targeted reductions in operating expenses (OPEX) of over 25% and general and administrative (G&A) expenses approaching 20% compared to 2025 levels [6][8] 7. **Growth Repositioning**: While 2026 is not a growth year, the budget allows for the option to resume drilling by October 1st, with plans for two development wells [6][9] 8. **Long-term Strategy**: The budget is designed to bridge the company through low oil prices while preserving the long-term value of the Bretaña asset [7][10] Additional Important Information 1. **Production Challenges**: Current production is constrained by water handling capacity, with about 5,000 barrels per day shut in due to these limitations [16][17] 2. **2P Reserves Update**: The company will publish updated 2P reserves next month, with ongoing work to certify reserves [18] 3. **Drilling Strategy**: Transitioning to third-party drilling contractors to lower operational risks and costs [20] 4. **EBITDA Sensitivity**: For every $1 change in oil price, EBITDA is expected to change by approximately $3-$4 million [23] 5. **Future Dividend Payments**: Resumption of dividends is uncertain and may not occur until 2028, depending on oil price recovery and successful drilling campaigns [24] 6. **Water Handling Capacity Plans**: Plans to increase water handling capacity from 170,000 barrels per day to 240,000 by year-end 2027 and 320,000 by year-end 2028 [29] This summary encapsulates the key points from PetroTal's 2026 Guidance Webcast, highlighting the company's strategic focus on liquidity, cost management, and future growth potential in a challenging oil market environment.