Core Insights - DraftKings reported a revenue of $1,144 million for Q3 2025, marking a 4% increase from $1,095 million in Q3 2024, driven by strong customer engagement and higher Sportsbook hold percentage [2][3] - The company anticipates a fiscal year 2025 revenue guidance of $5.9 billion to $6.1 billion, reflecting a year-over-year growth of 24% to 28% [7][5] - DraftKings plans to launch its new product, DraftKings Predictions, which is expected to provide significant incremental opportunities [3] Financial Performance - Revenue for Q3 2025 was $1,144 million, up $49 million from the previous year, with Sportsbook Handle increasing by 17% year-over-year in October [2][19] - Monthly Unique Payers (MUPs) rose by approximately 2% to 3.6 million in Q3 2025, with Average Revenue per MUP (ARPMUP) increasing to $106, a 3% rise compared to Q3 2024 [7][19] - Adjusted EBITDA for Q3 2025 was reported at $(126,488) thousand, compared to $(58,504) thousand in Q3 2024 [29] Strategic Developments - The company is live with mobile sports betting in 25 states and Washington, D.C., covering about 49% of the U.S. population, and plans to launch in Missouri pending regulatory approvals [6][12] - DraftKings has increased its share repurchase program from $1 billion to $2 billion, indicating a focus on maximizing shareholder returns [3][5] - The company is also expanding its iGaming footprint, currently operational in five states, representing approximately 11% of the U.S. population [12][6] Operational Metrics - Sportsbook Handle for Q3 2025 was $11.4 billion, a 10% increase from $10.4 billion in Q3 2024, while Sportsbook revenue decreased by 9.3% to $596 million [19][15] - iGaming revenue increased by 24.9% to $451 million, reflecting strong growth in this segment [19][15] - The total assets of DraftKings as of September 30, 2025, were $4.62 billion, up from $4.28 billion at the end of 2024 [11][10]

Core Insights - Lyft Inc. reported strong third-quarter results, highlighting improved execution and operational discipline [1] - J.P. Morgan raised Lyft's price forecast to $22 from $16 while maintaining a Neutral rating [1][7] - Lyft achieved over $1 billion in free cash flow for the first time, indicating effective cost control [1][4] Financial Performance - Lyft's third-quarter gross bookings increased by 16% year-over-year to $4.78 billion, nearing the high end of guidance [2] - Rides grew by 15%, driven by an 18% rise in active riders and double-digit growth in driver hours [2] - Adjusted EBITDA for the quarter reached $139 million, representing 2.9% of gross bookings, exceeding the mid-point of guidance [3] Future Guidance - For the fourth quarter, Lyft guided gross bookings between $5.01 billion and $5.13 billion, implying 17-20% year-on-year growth [3] - Fourth-quarter EBITDA is expected to range from $135 million to $155 million, with margins potentially expanding to 3% [4] - The company anticipates free cash flow conversion to reach 150-175% in 2026 and 2027 [4] Strategic Partnerships and Acquisitions - Lyft's management expects continued growth in 2026, supported by partnerships with United Airlines and Freenow, along with contributions from the TBR acquisition [2][5] - The Freenow acquisition is projected to add approximately EUR 1.0 billion to 2026 revenue [5] Autonomous Vehicle Strategy - Lyft's autonomous vehicle strategy focuses on building a hybrid partner ecosystem with companies like Waymo and May Mobility, expanding in the U.S. and Europe next year [6] - J.P. Morgan's updated estimates project 2026 revenue of $7.47 billion and adjusted EBITDA of $704 million [6] Valuation Metrics - The new price target of $22 reflects a valuation of about 4.5 times Lyft's projected 2027 free cash flow of $1.4 billion [7] - This target implies approximately 7.0 times the estimated 2027 EBITDA, which is a discount compared to industry peers trading at around 18 times [7] Stock Performance - Lyft shares were trading higher by 8.79% to $21.85 at the last check [8]

Financial Data and Key Metrics Changes - Devon generated operating cash flow of $1.7 billion in the third quarter, with free cash flow totaling $820 million, enabling significant shareholder returns including $151 million in dividends and $250 million in share repurchases [13][14] - The company ended the quarter with $4.3 billion in total liquidity, including $1.3 billion in cash, and maintained a low net debt-to-EBITDA ratio of 0.9 times [14] - Devon retired $485 million in debt during the quarter, achieving nearly $1 billion towards its $2.5 billion debt reduction target [14] Business Line Data and Key Metrics Changes - Oil production exceeded guidance by 3,000 barrels per day, with a 5% reduction in operating costs compared to the start of the year [6][13] - Capital investment was 10% below the first-half run rate, contributing to robust free cash flow [6][13] - The business optimization initiative is on track to generate an incremental $1 billion of annual pre-tax free cash flow, with over 60% of the target already achieved [8][9] Market Data and Key Metrics Changes - Devon's production optimization efforts have led to a significant improvement in well productivity, placing the company in the upper echelon of its peers [7] - The company anticipates maintaining production around 845,000 BOE per day in 2026, with oil production at approximately 388,000 bbl per day [15] Company Strategy and Development Direction - Devon is focused on business optimization and capital efficiency, aiming to reshape its operations and enhance margins [4][8] - The company is committed to continuous improvement, innovation, and technological leadership to strengthen operations and deliver strong shareholder returns [12][16] - Devon plans to maintain a disciplined approach to capital planning, with anticipated capital investment of $3.5 billion-$3.7 billion for 2026, a reduction of $500 million compared to previous levels [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate strong free cash flow despite macroeconomic uncertainties and commodity price volatility [15][16] - The management team highlighted the importance of operational momentum and the focus on per-share growth and maximizing free cash flow [15][16] Other Important Information - The company has executed several strategic actions to optimize its portfolio, including dissolving a joint venture in the Eagle Ford and acquiring additional locations in New Mexico [10][11] - Devon's focus on technology and automation is expected to drive further efficiencies and production enhancements [25][37] Q&A Session Summary Question: Insights on business optimization program and future potential - Management highlighted the progress made in the business optimization program, achieving 60% of the target in a third of the time, with over 80 workstreams ongoing [22][23] Question: Managing base production and sustainability - Management discussed the importance of value enhancement alongside cost reduction, emphasizing ongoing projects that contribute to sustainable production improvements [34][40] Question: M&A strategy and interest in the Anadarko Basin - Management acknowledged the renewed interest in the Anadarko Basin and emphasized the importance of evaluating portfolio positioning regularly [78][79] Question: Production optimization and LOE cost expectations - Management confirmed that production optimization efforts have led to significant reductions in LOE costs, with ongoing improvements expected in 2026 [69][70] Question: Future lease sales and cash allocation - Management expressed enthusiasm for participating in upcoming federal lease sales, highlighting the company's competitive positioning and existing infrastructure [93][94]

Financial Data and Key Metrics Changes - Devon generated operating cash flow of $1.7 billion in Q3 2025, with free cash flow totaling $820 million, enabling significant shareholder returns including $151 million in dividends and $250 million in share repurchases [13][14] - The company ended the quarter with $4.3 billion in total liquidity, including $1.3 billion in cash, and maintained a low net debt-to-EBITDA ratio of 0.9 times [14] - Devon retired $485 million in debt during the quarter, achieving nearly $1 billion towards its $2.5 billion debt reduction target [14] Business Line Data and Key Metrics Changes - Oil production exceeded guidance by 3,000 barrels per day, with a 5% reduction in operating costs compared to the start of the year [6][13] - Capital investment was 10% below the first-half run rate, contributing to robust free cash flow [6][13] - The company raised its full-year production expectations every quarter this year while reducing capital by $400 million since preliminary guidance [7] Market Data and Key Metrics Changes - Devon's well productivity is in the upper echelon of peers, reflecting the strength of its asset portfolio and operational execution [7] - The company anticipates maintaining production around 845,000 BOE per day in 2026, with oil production at approximately 388,000 barrels per day [15] Company Strategy and Development Direction - Devon is focused on a business optimization plan aimed at generating an incremental $1 billion of annual pre-tax free cash flow, with over 60% of the target already achieved [3][8] - The company is committed to continuous improvement, innovation, and technological leadership to enhance operational efficiency and shareholder returns [12][16] - Strategic actions taken include dissolving a joint venture in the Eagle Ford and acquiring additional high-return opportunities in New Mexico [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties and maintain operational momentum [15][16] - The focus remains on maximizing free cash flow and making targeted reinvestments for sustained success, with a disciplined approach to capital planning [15][16] - Management highlighted the importance of preparing for potential market challenges while leveraging existing strengths [28][62] Other Important Information - Devon's business optimization initiatives are expected to deliver sustainable results, with ongoing projects aimed at reducing downtime and enhancing production efficiency [24][40] - The company is actively participating in upcoming lease sales and exploring M&A opportunities to enhance its portfolio [48][94] Q&A Session Summary Question: Insights on the business optimization program and potential upside - Management highlighted the progress made with over 80 workstreams and expressed confidence in achieving further results beyond the initial targets [22][23] Question: Managing base production and sustainability - Management discussed ongoing efforts to enhance base production through technology and operational improvements, emphasizing the sustainability of these initiatives [34][40] Question: Interest in M&A and the Anadarko Basin - Management acknowledged the renewed interest in the Anadarko Basin and emphasized the importance of evaluating portfolio positioning regularly [78][79] Question: Production optimization and LOE cost expectations - Management confirmed that production optimization efforts are leading to lower LOE costs and reduced maintenance capital needs, with ongoing improvements expected [68][70] Question: Future lease sales and cash allocation priorities - Management expressed enthusiasm for participating in federal lease sales and highlighted the strategic importance of these opportunities for future growth [93][94]

Financial Performance - Sales increased by 38% year-over-year to $251.4 million in Q3 2025[11, 12] - Operating income increased significantly by 204% year-over-year to $154.6 million[16] - Net cash from operating activities before working capital was $113.9 million, or $0.37 per share[3, 16] - Free cash flow from ongoing operations reached $73.4 million, up from $57.4 million in Q2 2025[3, 16] Production and Operations - Q3 production from continuing operations was 72,462 GEO (Gold Equivalent Ounces)[3, 5] - Séguéla Mine produced 38,799 ounces of gold with cash costs of $688/oz Au and AISC of $1,738/oz Au[5] - Lindero Mine produced 24,417 ounces of gold with cash costs of $1,117/oz Au and AISC of $1,570/oz Au[5] - Caylloma Mine produced 233,612 ounces of silver with cash costs of $17.92/oz Ag Eq and AISC of $25.17/oz Ag Eq[6] Diamba Sud Gold Project - The PEA (Preliminary Economic Assessment) for Diamba Sud projects an initial 3-year average production of 147,000 ounces of gold[6] - The Diamba Sud PEA estimates construction capital costs of $283.2 million[6] - The Diamba Sud PEA indicates an after-tax NPV5% of $563 million and an after-tax IRR of 72% at a gold price of $2,750/oz[6, 7]

Financial Data and Key Metrics Changes - Vermilion generated CAD 254 million in fund flows from operations in Q3, with free cash flow of CAD 108 million after exploration and development capital expenditures of CAD 146 million [7] - Net debt has been reduced by over CAD 650 million since Q1 2023, bringing net debt to under CAD 1.4 billion as of September 30, resulting in a net debt to four-quarter trailing fund flows from operations ratio of 1.4 times [7][8] - The company returned CAD 26 million to shareholders through dividends and share buybacks during the quarter, comprising CAD 20 million in dividends and CAD 6 million in share buybacks [7] Business Line Data and Key Metrics Changes - Q3 production averaged 119,062 BOE per day with a 67% gas weighting, at the upper end of guidance [8] - In North America, production averaged 88,763 BOE per day, while international operations averaged 30,299 BOE per day, up 2% from the previous quarter [8] - The Deep Basin drilling program exceeded expectations, with 12 wells completed, six testing over 10 million cubic feet per day of gas production [36] Market Data and Key Metrics Changes - The realized gas price in Q3 was CAD 4.36 per MCF, significantly outperforming the AECO 5A pricing, with Canadian realized prices more than double the AECO benchmark [4][26] - Including hedging gains, the realized price increased to CAD 5.62 per MCF, highlighting the strategic advantage of being a global gas producer [4][28] Company Strategy and Development Direction - The company has repositioned its asset base, concentrating 85% of production and capital in its global gas business, which is expected to drive sustainable long-term success [4] - The 2026 budget includes an exploration and development capital budget of CAD 600 million to CAD 630 million, with approximately 85% allocated to the global gas portfolio [10] - The focus is on operational excellence and financial discipline, with plans to invest in high-return, liquids-rich gas wells in the Montney and Deep Basin [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain production guidance while reducing exploration and development capital guidance, reflecting improved capital efficiency [14][15] - The company is well-positioned to benefit from improving gas prices, with significant free cash flow expected from key development assets [29] - The intention to increase the quarterly cash dividend by 4% reflects confidence in operational activities and financial performance [13] Other Important Information - The company plans to bring the discovery well at Visselhöhe online in Germany in 2026 and expand takeaway capacity over the next two years [5][10] - In the Netherlands, two successful wells were drilled, discovering gas in two zones, with production expected to commence in Q4 2025 [9][35] Q&A Session Summary Question: Current volumes and setup for Australia through 2026 and 2027 - Management indicated that current volumes are around 4,000 barrels per day, with the next drilling program tentatively planned for 2027, depending on rig rates and commodity prices [18] Question: Balancing share buybacks and dividend growth - Management emphasized the focus on driving per share value through various means, including share buybacks and maintaining a strong balance sheet, while also reserving excess free cash flow for debt reduction [20][21] Question: Drivers behind the realized gas price being seven times the AECO price - The diversified portfolio, including strong Canadian and European gas operations, contributed to the high realized price, with strategic decisions to shut in and defer wells without impacting liquids production [26][27] Question: Next steps for the Visselhöhe prospect in Germany - The first discovery well is expected to be tied in and producing by Q2 2026, with follow-up wells planned for January 2027 [31][32] Question: Discoveries in the Netherlands - Two successful wells were drilled, discovering about 16 BCF gross of recoverable gas, with production expected to commence in Q4 [35] Question: Results of the Q3 drilling program in the Deep Basin - The program exceeded expectations, with strong initial test results and coming in under budget, indicating the benefits of a consistent drilling program [36]

Q3 2025 Key Highlights - Devon Energy outperformed Q3 expectations across key value drivers and business optimization accelerates value capture[2] - The company delivered 390,000 barrels of oil per day, reaching the top-end of guidance[2] - Capital investment was $859 million, 5% below guidance[2] - Achieved a 5% improvement in operating cost[2] - Distributed approximately $400 million in dividends and share repurchases[2] - Retired $485 million of debt ahead of schedule[2] - Reduced full-year capital run-rate to $3.6 billion[2] Business Optimization - Business optimization achieved >60% of $1 billion target ahead of schedule[2] - Efficiency gains driving $225 million capital reduction for 2025[23] - Signed contracts in Delaware for $200 million in annual savings[23] Financial Strength and Shareholder Returns - Q3 Free Cash Flow was $820 million[8] - Total liquidity stands at $4.3 billion, including cash and undrawn credit facility[33] - Cash position as of 9/30/2025 was $1.3 billion[33] - Share buybacks amounted to $250 million in Q3 2025[29]

Forward-looking Statements: Certain statements in this earnings supplement contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, expectations, beliefs, plans, and objectives regarding anticipated financial and operating results, cost reductions, rig counts, asset divestitures, estimated reserves, drilling locations, inventory life, capital expenditure ...

VERMILION ENERGY INVESTOR PRESENTATION GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED FINANCIAL DISCIPLINE NOVEMBER 2025 WHY INVEST IN VERMILION? Repositioned Global Gas Portfolio o More efficient, long-life assets with direct exposure to premium-priced European gas Dominant Deep Basin Montney Momentum o Free cash flow inflection following infrastructure build-out Germany Production Growth o Positioned for organic growth with production from new discoveries, upside from additional prospects Return of Capital o ...

Financial Data and Key Metrics Changes - National Fuel Gas Company reported adjusted earnings per share of $1.22 for Q4 2025, a 58% increase from the previous year, and a 38% increase compared to fiscal 2024 [4][12] - The company achieved a consolidated production increase of 21% year over year, with total per unit operating expenses lower [13] - Adjusted earnings per share in the integrated upstream and gathering business increased by 70% year over year [13] Business Line Data and Key Metrics Changes - The integrated upstream and gathering segment saw significant growth, with production increasing by approximately 20% since the EDA transition began in mid-2023 [4][5] - The company added approximately 220 prospective well locations in the Upper Utica formation, nearly doubling its inventory in the EDA [5] - Capital expenditures for the integrated upstream and gathering segment are expected to be $550-$610 million for fiscal 2026, down 3% at the midpoint compared to fiscal 2025 [26] Market Data and Key Metrics Changes - NYMEX prices averaged approximately $3.75, with adjusted earnings expected to be within the range of $7.60-$8.10 per share for fiscal 2026 [14][17] - Approximately 85% of expected fiscal 2026 volumes are covered by physical firm sales and/or firm transportation, minimizing exposure to spot pricing [27] Company Strategy and Development Direction - The company is focused on enhancing capital efficiency and operational excellence, with a strong emphasis on the development of its Tioga County assets [4][5] - National Fuel is pursuing the acquisition of CenterPoint's Ohio Gas Utility, which is expected to double its utility rate base and provide significant growth opportunities [10][20] - The company is optimistic about the future of natural gas as a reliable energy source, advocating for an all-of-the-above energy approach [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term growth potential, citing strong operational performance and a solid outlook for fiscal 2026 [12][20] - The company anticipates generating $300-$350 million in free cash flow for fiscal 2026, which will support dividend payments and balance sheet strengthening [17] - Management highlighted the importance of firm transportation agreements to ensure market access for production growth [6][27] Other Important Information - The company streamlined its segment reporting by combining exploration and production with gathering into one integrated segment [14] - National Fuel's sustainability efforts were recognized, with improvements in ECHO origin ratings reflecting its commitment to environmental stewardship [30] Q&A Session Summary Question: Details on Upper Utica inventory and economics - Management indicated that the Upper Utica zone has been under examination for years, with confidence in the 220 locations based on extensive testing and production history [34][35] Question: Outlook for in-basin demand and project interest - Management noted strong interest from data center developers and other entities, emphasizing the advantages of integrated operations in discussions with potential partners [36][37] Question: Upper Utica's role in future plans - Management confirmed that Upper Utica wells will be incorporated into future plans, with a gradual increase in their proportion relative to Lower Utica wells [40][41] Question: Debt allocation with CenterPoint acquisition - Management explained that financing decisions are made at the parent company level, considering overall cash flows and capital structures across segments [42] Question: Supply Corp rate case returns - Management indicated that typical rate-making returns for Supply Corp are in the low double digits, with potential for higher returns based on capital structure [45][46]