Financial Data and Key Metrics Changes - Crescent Energy reported record production of 263,000 barrels of oil equivalent per day, with 108,000 barrels of oil per day, generating approximately $171 million of free cash flow for the quarter, all exceeding Wall Street expectations [7][14] - The company achieved approximately $514 million of adjusted EBITDA and $265 million of capital expenditures, continuing a strong track record of free cash flow generation [14] - The company has generated cumulative free cash flow roughly equal to its current market cap over the last five years, indicating a compelling discount on free cash flow metrics [14] Business Line Data and Key Metrics Changes - The Eagle Ford operations are delivering on a flexible capital program, focusing on gas activity in the latter half of the year, while maintaining a prudent approach in Utah to capture long-term resource opportunities [9][10] - Operational efficiencies have improved well costs by approximately 15% in both the Eagle Ford and Uinta basins since last year, contributing to enhanced production expectations and reduced capital [8][9] Market Data and Key Metrics Changes - The A and D market was quieter in Q2 with continued commodity price volatility, but the company successfully identified compelling value opportunities for both acquisitions and divestitures [10][12] - The company acquired attractive minerals assets expected to generate returns exceeding the 2x MOIC target, while divesting non-operated assets to streamline the business [11][12] Company Strategy and Development Direction - Crescent Energy is focused on driving long-term value through operational excellence, capital efficiency, and a consistent hedge program to generate durable free cash flow [5][6] - The company is transitioning to a single share class to simplify its stock structure and enhance shareholder value [7][14] - The management emphasizes a proactive approach to capital allocation, balancing debt repayment, dividends, and share buybacks [15][33] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility and highlighted the importance of operational execution in delivering strong results [5][6] - The company is optimistic about future opportunities, particularly in the Eagle Ford and Uinta basins, and is committed to maximizing free cash flow and returns on capital [9][10] - Management acknowledged the current dislocation in the A and D market, indicating a cautious yet opportunistic approach to acquisitions [38] Other Important Information - The company repurchased approximately $28 million worth of stock at a weighted average price of $7.88, roughly 12% below the current share price, as part of its buyback program [15] - Crescent Energy paid down approximately $200 million of debt this quarter, increasing liquidity to $1 billion [15] Q&A Session Summary Question: Efficiency gains on D and C per foot - Management attributed the efficiency gains to the execution of best practices, particularly the implementation of simul frac in completion operations [21] Question: Capital allocation decisions in Uinta - Management indicated excitement about the resource potential in Uinta and plans to allocate capital prudently based on proven economic inventory [24] Question: Justification for adding to the minerals portfolio - Management emphasized that the acquisition aligns with their strategy and is expected to be highly cash flow accretive [29] Question: Balance sheet and capital allocation - Management confirmed that 80% of free cash flow is directed towards debt repayment, with the remaining 20% allocated to dividends and buybacks [33] Question: Dislocation in the A and D market - Management noted that many asset sale processes were pulled due to volatility, indicating a functioning market with opportunities for strategic transactions [38] Question: Comparison of returns between Uinta and Eagle Ford - Management stated that both areas have similar capital allocation potential, but Uinta has more stacked resources that require careful evaluation before further development [70]

Financial Data and Key Metrics Changes - The second quarter adjusted EBITDA increased by 12% compared to the first quarter, reaching $1,980,000,000, or $2,000,000,000 when excluding transaction costs of $21,000,000 [4][7] - Net income attributable to ONEOK totaled $841,000,000, or $1.34 per share, representing a more than 30% increase compared to the first quarter [7] - The company ended the second quarter with $97,000,000 in cash and no borrowings under its $3,500,000,000 credit facility, having reduced senior notes by nearly $600,000,000 during the quarter [8] Business Line Data and Key Metrics Changes - Natural Gas Liquids (NGL) raw feed throughput volumes increased by 18% compared to the first quarter, with Rocky Mountain Region volumes averaging nearly 470,000 barrels per day, a record for the region [12][13] - Refined product volumes increased sequentially as seasonal demand picked up, with diesel and aviation fuel volumes remaining strong [16] - Natural gas processing volumes increased by 9% in the Mid Continent region compared to the first quarter, reflecting resilience in producer activity [21] Market Data and Key Metrics Changes - The company is monitoring 2026 market dynamics closely while executing its growth strategy, with a focus on high return organic projects [5][9] - The Permian Basin continues to be a key area of strategic growth, with the company reaching 1,600,000,000 cubic feet per day in July [19] - The overall decrease in crude volumes compared to 2025 was primarily due to low margin exchange volumes, which have significantly lower rates than wellhead gathering or long haul shipments [18] Company Strategy and Development Direction - The company announced a final investment decision on a new natural gas processing plant in the Permian's Delaware Basin, expanding its presence in a key strategic area [5][6] - ONEOK remains focused on capital allocation discipline and is committed to investing in infrastructure that strengthens energy security and resilience [10][24] - The company expects to realize approximately $250,000,000 of synergies in 2025, with significant additional contributions expected in 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the energy sector, supported by domestic and global demand for U.S. energy [4][5] - The outlook for 2026 adjusted EBITDA is expected to be adjusted downward by approximately 2% or $200,000,000 due to current commodity prices and resulting spread differentials [9] - Management highlighted the importance of safety, integrity, and responsibility in operations, with a commitment to sustainability [25] Other Important Information - The company expects to benefit from more than $1,300,000,000 in lower cash taxes over the next five years due to recent tax legislation [10] - The company is actively engaged in discussions with over 30 different parties regarding industrial demand related to data centers and AI [35] Q&A Session Summary Question: Can you provide more color on the 2026 outlook and how much growth is hardwired by contractual volumes? - Management acknowledged the volatility in the market and noted that the 2026 outlook was adjusted down by around 2% due to spread differentials and producer activity [29][32] Question: Can you elaborate on the natural gas business and its performance? - Management indicated that the natural gas business is performing well, with ongoing integration of EnLink assets leading to significant opportunities [36][37] Question: What specific opportunities are driving synergy capture? - Management highlighted the connection of NGL assets to refining products assets as a key driver for increased volume and reduced costs [41][43] Question: Can you discuss the performance of BridgeTex and its outlook? - Management noted that increasing volumes on BridgeTex are expected as it connects to the East Houston facility, enhancing value through integrated operations [60][62] Question: How is the commercialization progress for the Texas City terminal? - Management reported strong interest in the Texas City terminal due to its premium location, with rates in line with estimated economics [50][52] Question: What is the current status of the Elk Creek pipeline expansion? - Management confirmed that the Elk Creek pipeline expansion is completed, with a capacity of over 400,000 barrels per day [78] Question: Can you provide an update on the new processing plant in the Permian? - Management stated that the new processing plant will include infrastructure for CO2 treatment and is expected to enhance overall economics [100][101]

Financial Data and Key Metrics Changes - Cotera Energy reported revenues of $1.7 billion for the quarter, with 52% coming from oil production, reflecting a 7% increase in oil contribution quarter over quarter [15][18] - Net income was $511 million or $0.67 per share, while adjusted net income was $367 million or $0.48 per share for the quarter [15][18] - Cash operating costs totaled $9.34 per BOE, down 6% quarter over quarter [15][18] Business Line Data and Key Metrics Changes - Oil production was 2% above the midpoint of guidance, while natural gas production exceeded the high end of guidance due to outperformance in all business units [14][15] - The Permian had 49 net turn in lines, Anadarko had 9, and Marcellus had 3 during the quarter [14][15] - The company expects total production to average between 740 and 790 MBOE per day for the year, with oil between 158 and 168 MBO per day and natural gas between 2.75 and 2.9 Bcf per day [16][17] Market Data and Key Metrics Changes - There has been a weakening in natural gas prices and a softening of oil markets due to the cessation of OPEC plus curtailments [8][9] - The company maintains a steady operational cadence despite commodity price fluctuations, supported by its asset quality and capital allocation discipline [8][9] Company Strategy and Development Direction - Cotera aims to grow free cash flow and demonstrate its durability, with a focus on maintaining a low reinvestment rate of around 50% of cash flow [10][18] - The company is committed to a fortress balance sheet, prioritizing deleveraging and shareholder returns through dividends and share repurchases [20][21] - Cotera plans to maintain consistent activity across its business units, with a focus on capital efficiency and cost reductions [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects for the industry and Cotera, despite facing headwinds [11][12] - The company anticipates a gradual recovery in oil production from the Wyndham Row wells, with a conservative approach to future forecasts [36][37] - Management highlighted the importance of maintaining operational consistency and capital efficiency in a volatile market [80][82] Other Important Information - The company announced a quarterly dividend of $0.22 per share, representing one of the highest yielding base dividends in the industry at over 3.5% [20] - Cotera has repaid $350 million of its outstanding term loans in 2025, with plans to fully repay the remaining $650 million during the year [20][21] Q&A Session Summary Question: Can you provide an update on the Harkey issues and production timeline? - Management indicated that remediation efforts have been successful, and while production will take time to return to optimal levels, they are optimistic about the Harkey program moving forward [35][36] Question: Is now the right time to lean into the gas program given current production levels? - Management noted that they see growing demand with LNG exports and believe their Marcellus program offers the best returns currently [37][38] Question: What are the expectations for oil growth in the second half of the year? - Management expressed high confidence in achieving their oil guidance, citing a strong pipeline of high working interest projects coming online [42][44] Question: How does the company view the potential for federal lease sales in New Mexico? - Management hopes to be competitive in future federal lease sales, which they view as a desirable opportunity [90][91] Question: What is the strategy regarding share buybacks and debt repayment? - Management emphasized that debt repayment is a priority, but they also see potential for increased buyback activity in the latter half of the year as cash flow remains strong [88][89]

Financial Performance - Crescent Energy's Q2 2025 Adjusted EBITDAX was approximately $514 million[17] - The company generated approximately $171 million in Levered Free Cash Flow during Q2 2025[17] - Crescent Energy repurchased approximately $28 million of shares at an average price of $788 per share during Q2 2025[13] - The company has ~$110 million of non-core divestitures YTD[15] Production and Operations - Q2 2025 production averaged approximately 263 Mboe/d, with approximately 41% oil and approximately 59% liquids[17] - Eagle Ford net production was approximately 173 Mboe/d with approximately 42% oil[33] - Uinta net production was approximately 23 Mboe/d with approximately 62% oil[39] - Drilling and completions efficiency gains of ~15% and ~33%, respectively, since 2023 in Eagle Ford[34] Outlook and Strategy - Capital Expenditures are expected to be between $910 million and $990 million for FY'25[20, 64] - Cash taxes are now projected to be 0% of Adjusted EBITDAX for FY'25, a decrease from the prior outlook of 20%-50%[20, 64] - The company closed acquisition of minerals and royalty assets for ~$72 million[15, 46]

Financial Data and Key Metrics Changes - Coterra Energy reported revenues of $1.7 billion for Q2 2025, with 52% coming from oil production, reflecting a 7% increase in oil contribution quarter over quarter due to higher oil volumes [14] - Net income for the quarter was $511 million, or $0.67 per share, while adjusted net income was $367 million, or $0.48 per share [14] - Cash operating costs were $9.34 per BOE, down 6% quarter over quarter, aligning with annual guidance [14] - Free cash flow for the quarter was $329 million after cash capital expenditures [14] Business Line Data and Key Metrics Changes - Oil production was 2% above the midpoint of guidance, while natural gas production exceeded the high end of guidance due to outperformance across all business units [13] - The Permian region had 49 net turn-in-lines, while Anadarko and Marcellus had 9 and 3 net turn-in-lines, respectively [13] - The company expects total production to average between 740 and 790 MBOE per day for 2025, with oil between 158 and 168 MBO per day and natural gas between 2.75 and 2.9 Bcf per day [15][17] Market Data and Key Metrics Changes - There has been a weakening in natural gas prices and a softening of oil markets due to the cessation of OPEC plus curtailments [7] - The company is maintaining nine rigs in the Permian, two in the Marcellus, and one to two in the Anadarko, ensuring consistent activity through 2025 [8] Company Strategy and Development Direction - Coterra aims to grow free cash flow and demonstrate its durability, focusing on capital efficiency and maintaining a low reinvestment rate of around 50% of cash flow [9][17] - The company is committed to maintaining a strong balance sheet and prioritizing deleveraging, with plans to fully repay remaining term loans during 2025 [20][21] - Coterra is optimistic about the long-term prospects for the industry, emphasizing the importance of having a deep inventory of low-cost assets [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the perpetual uncertainty in commodity prices but expressed confidence in the company's ability to maintain steady operations [7] - The company plans to update its three-year outlook in February, underpinned by steady cash flow and investment returns [8] - Management remains confident in the durability of free cash flow and the potential for production growth despite industry challenges [9] Other Important Information - Coterra announced a quarterly dividend of $0.22 per share, representing one of the highest yielding base dividends in the industry at over 3.5% [20] - The company repaid an additional $100 million of outstanding term loans during the quarter, bringing the total term loan paydown to $350 million in 2025 [20] Q&A Session Summary Question: Can you provide an update on the Harkey issue and production timeline? - Management expressed high confidence in the remediation efforts and noted that production is expected to gradually improve over time [36][37] Question: Is now the optimal time to lean into the gas program given current production levels? - Management highlighted growing demand from LNG exports and emphasized the quality and cost efficiency of their Marcellus program [39][40] Question: What are the expectations for oil growth in the second half of the year? - Management indicated high confidence in achieving the midpoint of oil guidance due to several high working interest projects coming online [44] Question: How does the company view the potential for federal lease sales in New Mexico? - Management expressed hope to participate in future federal lease sales, viewing them as a competitive opportunity [90][91] Question: Will the company consider more aggressive buybacks once term loans are paid off? - Management confirmed that once the term loans are repaid, they expect to balance buybacks with shareholder returns [66][88]

Financial Data and Key Metrics Changes - Total sales in Q2 2025 declined by 5% to $1,300,000,000, with volume down 7.8%, partially offset by M&A contributing 1.9% and pricing contributing 0.9% [13][14] - Adjusted EBITDA for Q2 was $261,300,000, representing a margin of 20.1%, which improved by 110 basis points from Q1 and was down only 20 basis points year-over-year [15][16] - Adjusted earnings per diluted share were $5.31, compared to $5.42 in the previous year [17] Business Line Data and Key Metrics Changes - Installation segment sales totaled $780,700,000, down 8.3%, driven by a 10.5% volume decline, partially offset by acquisitions and pricing [14] - Specialty distribution sales improved by 1.1% to $599,200,000, with acquisitions growing sales by 2.3% and pricing adding 0.8% [14][15] - Adjusted EBITDA margin for the installation segment was 22.3%, up 120 basis points sequentially and flat year-over-year [16] Market Data and Key Metrics Changes - The residential new construction market remained weak, with single-family demand sliding further year-over-year [6][7] - Heavy commercial and industrial sectors showed growth, particularly in technology, education, and healthcare [6][14] - The company noted a mixed economic environment affecting consumer confidence, particularly in the housing market [6][7] Company Strategy and Development Direction - The acquisition of Progressive Roofing aims to establish a new growth platform in the $75 billion commercial roofing services market, enhancing service offerings and exposure to non-cyclical revenue [4][5] - The company has diversified its business, with commercial and industrial sales now accounting for approximately 40% of total sales, up from 15% in 2015 [10] - The total addressable market for insulation and commercial roofing is nearly $95 billion, indicating significant growth opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying fundamentals of the business, emphasizing the ability to adjust operations as demand changes [24] - The company anticipates continued challenges in the residential market, projecting low double-digit declines in residential sales for the year [21][33] - Management highlighted a robust pipeline of acquisition candidates and remains disciplined around valuation to drive shareholder returns [7][20] Other Important Information - The company repurchased approximately 455,000 shares, returning $136,000,000 to shareholders in Q2 [8][20] - Total liquidity at the end of Q2 was $1,800,000,000, with total debt at $2,400,000,000 [17][18] Q&A Session Summary Question: Impact of Progressive on margins and future contributions - Management indicated that Progressive is expected to contribute approximately $215,000,000 in incremental sales, with EBITDA around 20%, not significantly dilutive to current margins [27][28] Question: Details on residential market softness - Management noted that the residential market is primarily affected by single-family construction, with light commercial also facing challenges, while heavy commercial remains strong [31][33] Question: Pricing and cost dynamics - Management acknowledged a $30,000,000 headwind in the second half due to pricing pressures, particularly in the residential distribution side, while maintaining solid pricing in commercial products [55][56] Question: Outlook for M&A in commercial roofing - Management expressed optimism about the M&A pipeline in commercial roofing, with several larger deals anticipated and a disciplined approach to acquisitions [99][100] Question: Staffing adjustments in response to market conditions - Management confirmed that they have calibrated staffing levels appropriately and will continue to monitor the situation as market conditions evolve [91][93]

Financial Performance & Outlook - 2Q25 production exceeded guidance, leading to an increase in the full-year 2025 BOE (Barrels of Oil Equivalent) guidance by 4% at the midpoint[20] - The company estimates a 2025 Free Cash Flow (FCF) of $2.1 billion, supported by a balanced commodity exposure between oil and natural gas[20] - Coterra's pro forma leverage is approximately 0.9x, with $350 million of Term Loans retired during 1H25[20] - The company anticipates a 2025 reinvestment rate of approximately 52%[23] Capital Allocation & Investment - The company expects to be near the high end of the $2.1 billion to $2.3 billion 2025 capex guidance range due to increased gas activity[23] - Approximately $1.52 billion is allocated to Permian D&C (Drilling & Completion), $350 million to Marcellus D&C, and $230 million to Anadarko D&C for 2025[24] - Coterra has approximately $31 billion of economic capex opportunities, with approximately 45% expected to generate a 20x PVI10 or better, based on benchmark prices of $75/bbl WTI and $3.75/mmbtu[35] Asset Overview & Operational Highlights - The Permian asset has a midpoint D&C capex of $1.52 billion, targeting 150-165 net wells online with an average lateral length of 10,600 feet[45] - The Marcellus asset has a midpoint D&C capex of $350 million, targeting 10-15 net wells online with an average lateral length of 19,000 feet[54] - The Anadarko asset has a midpoint D&C capex of $230 million, targeting 15-25 net wells online with an average lateral length of 11,060 feet[57] Shareholder Returns - Coterra offers an attractive shareholder return with a 36% dividend yield[9] - The company's 2025 estimated FCF is projected to increase by 73% year-over-year[29]

Financial Data and Key Metrics Changes - The company reported a solid Q2 performance with double-digit margins and accelerating free cash flow, raising the full-year profit guidance by $35 million for continuing operations [6][11] - Adjusted EBITDA for continuing operations was $145 million, with a profit margin of 7.5%, reflecting a 210 basis point improvement from the previous year [20] - Free cash flow guidance was increased by $50 million to approximately $275 million at the midpoint for the year [27][30] Business Line Data and Key Metrics Changes - Continuing operations saw sales of $2.052 billion, a decrease from the previous year due to lower end market demand, while adjusted EBITDA was impacted by lower sales and tariffs [18][20] - Cost savings initiatives delivered $59 million in profit, contributing to a total of $110 million year-to-date, with a target of $225 million for the current year [22][30] Market Data and Key Metrics Changes - The company experienced softness in the North American commercial vehicle market, partially offset by better volumes in South America and Europe [11][62] - Tariff impacts were noted, with expectations of an 80% recovery for the year, although there was a headwind of 80 basis points in Q2 [10][11] Company Strategy and Development Direction - The company is transitioning to a more North American-centric light vehicle company, with a strong aftermarket business and integrated thermal and sealing operations [12][34] - A commitment to return $1 billion to shareholders, with an increased share buyback target of $600 million, was announced [7][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 10% margin target for 2026, supported by a cost reduction savings plan of $310 million [34][38] - The outlook for the commercial vehicle market remains cautious, with no cyclical upturn expected in the near term [64] Other Important Information - The Off Highway business is classified as a discontinued operation, with the sale expected to close in Q4, and the company is focused on a smooth transition [6][7] - The company has ample liquidity of approximately $1.35 billion at the end of Q2, allowing for flexibility in capital allocation [32] Q&A Session Summary Question: Can you provide color on the drivers of the expected margin improvement from new business backlog? - The new business wins are coming from significant programs with customers like JLR and Ford, contributing to the backlog [41][42] Question: How much room is there for incremental cost savings? - Most remaining cost savings will focus on operating improvements in the plants, with opportunities to reduce stranded costs [45][46] Question: Will the Off Highway guidance cut impact deal closing timing? - No, the guidance cut will not impact the timing of the deal closing, as the Off Highway team has maintained margins despite lower revenue [52][54] Question: What is driving the expected improvement in working capital? - The improvement is attributed to the normalization of working capital requirements and efficiency gains expected in the second half of the year [97][99] Question: Can you clarify the nature of variable costs associated with stranded costs? - Variable costs include fixed costs that will decrease with the reduction in business size, such as auditing costs [100][101]

Q2 2025 Financial Performance - Consolidated revenues reached $1686 million, a 5.7% increase year-over-year, or 4.6% on a foreign exchange (FX) neutral basis[6] - Insights revenues grew by 4.2% to $1319 million, or 3.3% on an FX neutral basis, with a contribution margin of 73.9%[6] - Conference revenues increased by 13.6% to $211 million, or 12.0% on an FX neutral basis, boasting a contribution margin of 57.4%[6] - Consulting revenues rose by 8.8% to $156 million, or 6.5% on an FX neutral basis, with a contribution margin of 39.6%[6] - Adjusted EBITDA increased by 6.6% to $443 million, with an Adjusted EBITDA margin of 26.3%[6] - Adjusted EPS grew by 9.6% to $3.53[6] - Free cash flow was $347 million[6] Contract Value Growth - Global contract value (CV) increased by 4.9%[6] - Global Technology Sales CV grew by 3.6% to $3800 million[6] - Global Business Sales CV increased by 9.2% to $1200 million[6] Updated 2025 Guidance - The company projects consolidated revenues of at least $6455 billion[7] - Adjusted EBITDA is expected to be at least $1515 billion[7] - Adjusted EPS is projected to be at least $11.75[7] - Free cash flow is anticipated to be at least $1145 billion[7]

Core Insights - Blade Air Mobility, Inc. reported a 4.2% increase in revenue to $70.8 million for Q2 2025 compared to $67.9 million in Q2 2024, driven primarily by growth in the Medical segment [9][12] - The company announced the sale of its Passenger division to Joby Aviation for up to $125 million, while the Medical division will remain a standalone public company, rebranding as Strata Critical Medical [6][8] - Net loss improved significantly by $7.6 million year-over-year to $(3.7) million in Q2 2025, with Adjusted EBITDA increasing by $2.2 million to $3.2 million [6][14] Financial Results - Total revenue for the six months ended June 30, 2025, was $125.1 million, up 4.7% from $119.5 million in the same period of 2024 [3][9] - Cost of revenue increased by 2.9% to $53.1 million in Q2 2025, while total operating expenses decreased by 5.4% to $75.8 million [3][9] - Gross profit rose to $12.9 million in Q2 2025, reflecting a gross margin improvement to 18.2% from 16.7% in Q2 2024 [3][9] Segment Performance - Medical revenue increased by 17.6% year-over-year to $45.1 million in Q2 2025, while Passenger segment revenue decreased by 13.2% to $25.7 million [9][35] - Flight profit for the Medical segment was $9.9 million, with a flight margin of 22.0%, while the Passenger segment achieved a flight profit of $7.8 million and a flight margin of 30.5% [39][40] - The company reported a decrease in Short Distance revenue by 17.8% to $17.2 million, attributed to reduced demand following a helicopter incident and inclement weather [9][14] Strategic Updates - The divestiture of the Passenger division is expected to be neutral to Adjusted EBITDA and Free Cash Flow on a go-forward basis, supported by estimated corporate cost efficiencies of approximately $7 million [9][12] - Blade's Medical division will focus on contractual healthcare solutions with no direct reimbursement risk, aiming for a strong growth profile [8][9] - The company ended Q2 2025 with $113.4 million in cash and short-term investments, positioning itself for future growth and strategic investments [14][12]