RT Bloomberg Live (@BloombergLive)"We've exceed $2 trillion however that has slowed from recent years," @BloombergNEF's Fauziah Marzuki on the global investment in energy transition technology slowing down.⏯️ https://t.co/pybnzsoiE2 https://t.co/VD65wdEAxo ...

Financial Data and Key Metrics Changes - The company reported underlying EBITDA of CHF11.5 billion and operating cash flow of CHF6.9 billion, with a net operating cash flow decrease of just 2% despite lower iron ore prices [10][12][14] - Production volume increased by 6% and sales volume increased by 4% year on year, demonstrating resilience in financial performance [10][12] - Underlying earnings were down 16%, primarily due to a higher interest charge following the Arcadian acquisition and one-off increases in the effective tax rate [14] Business Line Data and Key Metrics Changes - Copper equivalent production was up 6% in the first half, with a 13% increase in the second quarter year on year, driven by strong performance at Oyu Tolgoi [6][10] - Bauxite production hit a new record with 9% growth, supported by consistent performance at the Amrun mine [7][10] - Iron ore generated CHF6.7 billion of EBITDA, with unit costs at $24.3 per tonne despite challenges from cyclones [23][10] Market Data and Key Metrics Changes - The company noted that iron ore prices were 13% lower, but this was offset by increased contributions from copper and aluminium divisions [14][16] - The Pilbara operations generated 58% of group EBITDA, down from 73% in the previous half, indicating a diversification in revenue sources [17][10] - The demand for copper and aluminium is rising due to the energy transition, while iron ore demand remains stable [33][34] Company Strategy and Development Direction - The company is focused on four strategic objectives to unlock business potential, emphasizing operational efficiency and project execution [6][11] - There is a strong emphasis on cost discipline and productivity improvements across all operations, with a commitment to maintaining a strong balance sheet [18][29] - The company is progressing with major projects like Simandou and Oyu Tolgoi, aiming for timely and budget-compliant execution [38][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating global volatility and highlighted the importance of a diversified portfolio to capture new opportunities [11][33] - The energy transition is expected to drive demand for key commodities, with significant growth anticipated in lithium and copper markets [34][35] - The company is optimistic about its competitive position in the lithium market, citing low operational costs and advanced technology [89][90] Other Important Information - The company has maintained a commitment to shareholder returns, declaring a 50% payout for the interim dividend [31][29] - The integration of Arcadian is progressing well, with a focus on enhancing lithium production capabilities [39][90] - The company is actively managing its capital allocation, with a CapEx guidance of around $11 billion for 2025 [29][30] Q&A Session Summary Question: Update on Simandou's ramp-up and lessons learned - Management confirmed the first shipment of high-grade ore is expected in November, with a ramp-up period of 2.5 years to reach full production [51] - The company has learned valuable engineering lessons from its Chinese partners that could be applied to other projects [53] Question: Impact of copper tariffs on profitability - Management indicated that copper tariffs present an opportunity for increased profitability at Kennecott, the U.S.'s largest smelter [57] - The administration's focus on mining development is expected to benefit future projects, including Resolution Copper [59] Question: Iron ore business and revenue impacts from grade adjustments - Management noted that initial shipments under the new product specification have been well received, with a focus on long-term benefits from simplification [80] - The economic impact of grade adjustments is being closely monitored, with expectations of reduced costs in the long term [81] Question: Cost savings opportunities within the company - Management emphasized continuous improvement rather than cost-cutting, focusing on efficiency while growing production [93] - The company is committed to maintaining profitability across its major product groups [105] Question: Update on Genalco discussions - Management acknowledged ongoing discussions regarding share buybacks but did not provide a specific timeline for resolution [96]

Malaysia’s pipeline of initial public offerings is expected to get a boost from firms seeking capital for energy transition projects as Asia weans itself off fossil fuels, according to the top official at the local bourse https://t.co/H8D6GvF6P6 ...

Core Insights - Vopak reported strong financial performance in HY1 2025, with a net profit of EUR 319 million, reflecting a 58% year-on-year increase, and an EPS of EUR 2.74, up from EUR 1.73 in HY1 2024 [4][8][9] - The company is increasing its FY 2025 outlook due to resilient portfolio performance, despite facing negative currency translation effects of approximately EUR 30 million [4][6] Financial Performance - Revenues for HY1 2025 were stable at EUR 652 million, slightly down from EUR 654 million in HY1 2024, supported by healthy demand for storage infrastructure [8] - Proportional revenues increased to EUR 982 million in HY1 2025, up from EUR 953 million in HY1 2024, driven by growth projects and a positive one-off item [14] - Proportional EBITDA for HY1 2025 was EUR 615 million, a 3% increase from EUR 599 million in HY1 2024, with an EBITDA margin of 58.7% [4][14] Operational Highlights - The company successfully completed a share buyback program of EUR 100 million, repurchasing 2,551,949 shares [9] - Vopak's joint venture AVTL in India was successfully listed, generating a EUR 111 million exceptional gain [4][6] - The company is progressing with the construction of an LPG terminal in Canada and expanding its RIPET terminal infrastructure [4] Business KPIs - Proportional occupancy rate remained stable at 92% in HY1 2025, reflecting strong demand for infrastructure services [11] - Cash flows from operating activities were EUR 496 million in HY1 2025, down from EUR 518 million in HY1 2024, primarily due to lower dividends from joint ventures [8] Sustainability and Debt Metrics - Total net interest-bearing debt increased to EUR 2,735.8 million, with a total net debt to EBITDA ratio of 2.54x [5][15] - The company reported a Total Injury Rate (TIR) of 0.22 per 200,000 hours worked, indicating a focus on safety performance [5]

Sustainable Energy Transition - Asia needs to transition into a different energy source [1] Company Perspective - DBS Bank believes in the necessity of Asia's energy transition [1]

Core Business Performance - GTT reported a strong financial performance in the first half of 2025, with a revenue growth of 32% to €389 million compared to the same period in 2024 [10][24][27] - EBITDA increased by 49% to €264 million, achieving an EBITDA margin of 68% [7][24][25] - The company secured 17 new orders in the first half of 2025, including ten LNG carriers and seven Very Large Ethane Carriers (VLECs) [4][10][27] Market Dynamics - The lifting of the moratorium on new LNG projects in the United States has led to renewed investment decisions, with three new liquefaction projects approved, totaling a capacity of 36 Mtpa [4] - GTT's core business remains robust despite geopolitical uncertainties, maintaining strong commercial momentum [4][10] Technological Advancements - GTT continues to invest in R&D, obtaining Approvals in Principle for solutions compatible with ethane transport and ammonia use, enhancing its position in the energy transition [5][19][20] - The acquisition of Danelec, a Danish company specializing in maritime data solutions, positions GTT as a leader in vessel performance management [6][15] Digital Business Growth - The digital segment showed sustained momentum, with significant contracts awarded, including a selection by TMS group for Smart Shipping solutions across over 130 vessels [12][13] - The gross margin for the digital business reached 57% in the first half of 2025, up from 48% for the full year 2024 [14] Financial Outlook - GTT confirmed its full-year 2025 objectives, projecting consolidated revenue between €750 million and €800 million and EBITDA between €490 million and €540 million [29][34] - An interim dividend of €4 per share was approved, aligning with the company's distribution policy [10][29] Order Book and Future Projections - As of June 30, 2025, GTT's order book stood at 308 units, with high visibility on revenue supported by core business orders [21][29] - The company anticipates revenue of €1.698 billion over the 2025-2028 period, with specific projections for each year [29]

Core Insights - Brazilian Rare Earths Limited (BRE) has made significant progress in its rare earth elements and critical minerals projects, transitioning from exploration to development with key milestones achieved during the quarter ended June 30, 2025 [1] Group 1: Project Developments - Sulista West has been confirmed as an ultra high-grade project, with diamond drilling returning impressive grades of up to 21% Total Rare Earth Oxides (TREO) and high concentrations of Neodymium-Praseodymium (NdPr) and other valuable minerals [5] - The exploration results at Sulista West indicate the potential for numerous ultra-high-grade rare earth deposits in the Rocha da Rocha Province [5] - The Amargosa Bauxite-Gallium Project has revealed high-grade bauxite intervals and a new gallium discovery, positioning it among the highest-grade undeveloped gallium prospects globally [5] Group 2: Strategic Partnerships and Funding - BRE has secured a strategic partnership with SENAI CIMATEC to develop a laboratory and pilot plant facility in Bahia, Brazil, with funding of approximately R$8.2 million (~A$2.3 million) [5] - The company is included in a BRL 5 billion Strategic Minerals Funding Program initiated by the Brazilian Financial Agency for Studies and Projects (Finep) and the National Bank for Economic and Social Development (BNDES) [9] - A cooperation agreement for the MagBras Project has been signed, aimed at establishing a domestic mine-to-magnet rare earths supply chain in Brazil, involving major industry participants [9] Group 3: Financial Position - As of June 30, 2025, BRE held A$67.3 million in cash, ensuring adequate funding for planned exploration and feasibility work programs through 2026 [9]

"The transaction allows us to efficiently fund accelerating investment opportunities driven by record customer growth and a deepening economic development pipeline," said Harry Sideris, Duke Energy president and chief executive officer. "We're confident Spire will support the continued growth and success of the Tennessee natural gas business and serve as an incredible operator for the benefit of employees, customers and communities." Sideris added, "I want to thank our customers and the Nashville community ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Asia Pacific power markets**, highlighting the ongoing changes due to electrification outpacing the growth in base load supply [1][4] - **Artificial Intelligence (AI)** is revitalizing fossil-fuel-based generation amidst grid constraints, while renewables are influencing price resets across various regions, particularly in **Southeast Asia** [1][4] Core Insights - **Power Demand Growth**: Global power demand is projected to grow 2.4 times faster outside of China through 2030 compared to the last decade, with significant contributions from data centers and electrification of industries [30][32] - **Asia Pacific Consumption**: Power consumption in the Asia Pacific is expected to compound annually at approximately 5% through 2030, with natural gas fulfilling 10% of the incremental demand [36][32] - **Tight Power Markets**: Global power markets are tightening, leading to expanded prices and margins for generators, driven by strong demand growth from AI and shifting supply chains [39][42] Market Dynamics - **Price Trends**: Despite lower fuel prices, global power prices are increasing due to heightened demand from AI and electrification [41][42] - **Natural Gas Role**: Natural gas is becoming increasingly competitive, nearing coal parity for domestic electricity generation in Asia, and is expected to play a crucial role in meeting the growing power demand [78][83] - **Renewables and Gas Coexistence**: The adoption of renewables and natural gas is seen as complementary, enhancing energy security and facilitating the transition to cleaner energy sources [75][83] Regional Insights - **ASEAN Utilities**: The call discussed various utilities in the ASEAN region, including **Tenaga Nasional** and **Meralco**, emphasizing the need for increased investments in grid infrastructure to support growing power demands [86][101] - **Electricity Tariffs**: Fuel costs are a significant driver of electricity tariffs, with increasing prominence of transmission and distribution charges [91][89] Additional Considerations - **Supply Chain Shifts**: There is a notable shift in supply chains towards Southeast Asia and India, which remain cost-competitive globally, although U.S. incentives are enhancing competitiveness in that region [53][56] - **Data Center Expansion**: The power requirements for data centers are expected to nearly triple by 2030, indicating a substantial increase in energy demand driven by technological advancements [64][66] Conclusion - The Asia Pacific power markets are undergoing significant transformations driven by electrification, AI, and the interplay between renewables and natural gas. The tightening of power markets and the evolving dynamics of energy consumption present both opportunities and challenges for investors and stakeholders in the sector [1][4][39]

Core Viewpoint - NOV Inc. reported a decline in revenues and net income for the second quarter of 2025, primarily due to previous year's gains from business sales and current market challenges affecting customer orders and margins [3][4][6]. Financial Performance - Revenues for Q2 2025 were $2.19 billion, a decrease of 1% year-over-year, but up 4% sequentially [3][9]. - Net income fell 52% to $108 million, or $0.29 per share, with operating profit down 54% to $143 million, representing 6.5% of sales [3][9]. - Adjusted EBITDA decreased 10% year-over-year to $252 million, or 11.5% of sales [3][9]. Segment Performance - **Energy Products and Services**: Generated revenues of $1.03 billion, down 2% from the previous year, with operating profit decreasing to $83 million (8.1% of sales) [7]. - **Energy Equipment**: Revenues remained flat at $1.21 billion, but operating profit decreased significantly due to prior year gains, while adjusted EBITDA increased to $158 million (13.1% of sales) [8]. Market Conditions - The company faced macroeconomic uncertainties, including OPEC+ production changes and geopolitical conflicts, leading to cautious customer behavior and deferred orders [4][5]. - North American customers reduced oil-directed drilling, partially offset by slight increases in gas drilling, while offshore activity remained strong despite project delays [5]. Future Outlook - The company anticipates continued lower industry activity levels through the second half of 2025, with expectations for offshore activity growth resuming in 2026 [6]. - Long-term demand for secure and cost-effective energy sources is expected to drive investment in core markets [6]. Capital Management - NOV returned $176 million to shareholders through share repurchases and dividends during the quarter [12]. - The company repurchased approximately 5.5 million shares for $69 million [12]. Order and Backlog - New orders totaled $420 million, a decrease of $557 million compared to the same quarter in 2024, with a book-to-bill ratio of 66% [10]. - As of June 30, 2025, the backlog for capital equipment orders was $4.30 billion, down $31 million from the previous year [10].