Core Viewpoint - Statkraft reported strong underlying results in Q1 2025, achieving record-high power generation despite lower power prices [1][8]. Financial Performance - Power generation reached 21.7 TWh, an increase of 12% from 19.4 TWh in Q1 2024, marking the highest quarterly generation in Statkraft's history [6][8]. - Net operating revenues were NOK 15.8 billion, down from NOK 19.6 billion in the same quarter last year [6]. - Underlying EBITDA decreased to NOK 10.9 billion from NOK 15.1 billion, while underlying EBIT fell to NOK 9.0 billion from NOK 13.5 billion [6][9]. - Net profit remained stable at NOK 6.8 billion, unchanged from the previous year, supported by positive currency effects [13]. Market Development - Average system price in the Nordic region was 46.0 EUR/MWh, down 12.3 EUR/MWh from Q1 2024, while the German market saw an increase to 112.5 EUR/MWh, up 44.9 EUR/MWh year-on-year [4][5]. - Power prices in the Nordic region fell by 21%, while prices in Germany rose by 67% compared to the same quarter last year [6]. Investment and Development - Construction began on the new Svean hydropower plant, part of a broader capacity upgrade and modernization program [3][8]. - Statkraft made investment decisions for the Blåsjø-Saurdal headrace tunnel (NOK 900 million) and submitted license applications for the Moifjellet wind farm and Nore hydropower plant upgrades (both around NOK 4 billion) [6][8]. - The company signed long-term contracts with Alcoa Norway for a total delivery of up to 1800 GWh [6]. Strategic Adjustments - Statkraft is sharpening its strategy by focusing on fewer technologies and markets, divesting non-core assets, and halting new green hydrogen project developments due to increased market uncertainty [15][16]. - The company aims to adapt to the volatile geopolitical environment while maintaining a long-term perspective on energy transition [18].

CALGARY, Alberta, May 07, 2025 (GLOBE NEWSWIRE) -- Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) ("Enerflex" or the "Company"), announces that at its Annual Meeting of Shareholders (the "Meeting") held virtually on May 7, 2025, Enerflex’s shareholders approved the election of all 8 nominee directors presented in the Company’s Management Information Circular dated March 21, 2025. The shares represented at the Meeting voting on individual nominee directors were as follows: ApprovalAgainstDirectorVotes ForPercenta ...

Core Insights - MPLX LP reported first-quarter 2025 earnings of $1.10 per unit, exceeding the Zacks Consensus Estimate of $1.06, and improved from $0.98 in the same quarter last year [1] - Total quarterly revenues reached $3.12 billion, falling short of the Zacks Consensus Estimate of $3.21 billion, but increased from $2.85 billion year-over-year [1] Segment Performance - The Crude Oil and Products Logistics segment's adjusted EBITDA rose to $1.1 billion from $1.06 billion a year ago, driven by increased rates and higher pipeline throughputs, which averaged 5.93 million barrels per day (mbpd), a 12% increase from 5.29 mbpd in the prior year [3] - Adjusted EBITDA from the Natural Gas and NGL Services segment increased to $660 million from $576 million, supported by higher volumes from the Utica and Permian Basins and a non-recurring benefit of $37 million from a customer agreement [4] Operational Metrics - Gathering throughput volumes averaged 6.5 billion cubic feet per day (Bcf/d), reflecting a 5% increase year-over-year, while natural gas processed volumes totaled 9.8 Bcf/d, indicating a 4% improvement [5] - Total costs and expenses rose to $1.76 billion from $1.6 billion, primarily due to higher operating expenses and increased depreciation and amortization [6] Cash Flow and Financial Position - Distributable cash flow for the quarter was $1.49 billion, providing 1.5X distribution coverage, up from $1.37 billion in the previous year [7] - Adjusted free cash flow increased to $641 million from $294 million year-over-year [7] - As of March 31, 2025, the partnership held $2.5 billion in cash and cash equivalents, with total debt at $22.4 billion [8]

Financial Data and Key Metrics Changes - The company reported flat net production quarter over quarter at 141,000 barrels of oil equivalent per day, with realized prices at 98% of Brent [12] - Adjusted EBITDAX was $328 million, net cash flow before changes in working capital was $252 million, and free cash flow totaled $131 million, all exceeding consensus expectations [12] - Operating and G&A costs were $388 million, approximately 5% better than guidance, with expectations to reduce operating costs by nearly 10% in the first half of 2025 compared to the second half of 2024 [13] Business Line Data and Key Metrics Changes - The company achieved over 70% of its total $235 million in announced annual synergies from the Era merger, with full target expected by early 2026 [7] - The integrated strategy of power and natural gas marketing is delivering meaningful margins, supporting cash generation and shareholder returns [8] Market Data and Key Metrics Changes - Approximately 70% of oil production and natural gas consumption is hedged at attractive levels relative to current market prices [7] - The company can generate free cash flow at Brent prices down to approximately $34 per barrel, indicating resilience against commodity price fluctuations [8] Company Strategy and Development Direction - The company is focused on mitigating commodity price volatility, generating cash flow, maintaining a strong balance sheet, and sustainably returning cash to shareholders [5] - The strategic steps taken to strengthen the business include achieving critical scale through the Era merger, which has provided opportunities for cost savings and improved returns [6] - The company is pursuing multiple new opportunities in carbon management and power generation, with a focus on integrating gas to power and carbon capture strategies [17][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its strategy despite macroeconomic uncertainties, highlighting a strong balance sheet and quality assets [22] - The management noted that the regulatory environment in California is improving, which supports the company's growth and permitting efforts [20][100] Other Important Information - The company returned a record $258 million to stakeholders through dividends, share buybacks, and debt redemption in the first quarter [10] - The company is actively working on California's first carbon capture and storage project at the Elk Hills Cryogenic Gas Plant, with construction expected to begin in the second quarter [20] Q&A Session Summary Question: How is the company achieving similar EBITDA with a lower Brent assumption? - Management attributed the achievement to synergy targets and strong execution in integrating Era assets, along with cost savings from supply chain advantages and infrastructure consolidation [25][26] Question: What does the breakeven look like on an unhedged basis? - The corporate breakeven is around $34 Brent or about $30 WTI, achieved through low decline, predictable assets and proactive cost management [31] Question: What is the political landscape regarding CO2 pipeline regulation and gas permitting? - Management noted encouraging progress in California and Washington, with constructive engagement on CO2 pipelines and oil and gas permitting [41][43] Question: Update on Huntington Beach real estate marketing and remediation timeline? - The company is preparing to market the property for optimal use, with a timeline of about three years for approvals [49] Question: Thoughts on the Elk Hills PPA and funding for carbon capture? - Management is focused on securing a long-term partner for the Elk Hills project, with various clean energy incentives in play [53][56] Question: Update on synergies and potential for pulling them forward? - Management indicated that while some synergies may be realized earlier, there are timing components tied to specific projects [64][70] Question: Will the company pursue bolt-on acquisitions in California? - Management is open to bolt-on acquisitions if they are significantly accretive to cash flow, but the focus remains on executing the current business strategy [77] Question: Recent advancements in carbon capture technology? - The company is agnostic to technology advancements but focuses on land and mineral ownership for carbon capture opportunities [81] Question: Update on base decline and maintenance capital? - Management highlighted that maintenance capital could potentially decrease in an unconstrained permitting environment, but specific guidance is not yet available [85][87] Question: Clarification on the potential PPA discussions? - Management confirmed ongoing discussions with multiple large-scale industrial customers for power purchase agreements, emphasizing the interest in clean baseload power [102]

Group 1 - Bernard Fontana has been appointed as Chairman and Chief Executive Officer of EDF effective from May 7, 2025 [1] - EDF is a key player in the energy transition, operating in all aspects of the energy business including power generation, distribution, trading, energy sales, and energy services [2] - The Group is a world leader in low-carbon energy, with an output of 520 TWh, 94% of which is decarbonized, and a carbon intensity of 30 gCO2/kWh [2] - EDF's diverse generation mix is primarily based on nuclear and renewable energy, including hydropower [2] - The company aims to build a net zero energy future with innovative solutions and services, contributing to environmental sustainability and economic development [2] - EDF serves approximately 41.5 million customers and generated consolidated sales of €118.7 billion in 2024 [2]

Contract Award - Valaris Limited has secured a contract for its ultra-deepwater Valaris DS-15 drillship for work offshore West Africa, with a total contract value of $135 million and an estimated duration of 250 days [1][2] - The contract involves drilling five wells for an undisclosed operator, expected to begin in the third quarter of 2026, and includes priced options for up to five additional wells with an estimated duration of 80 to 100 days [2] Rig Upgrades and Capabilities - As part of the contract, the Valaris DS-15 drillship will undergo upgrades to add an improved managed pressure drilling system, enhancing its operational capabilities [3] - The Valaris DS-15 drillship features a GustoMSC P10,000 design and can drill to a maximum depth of 40,000 feet, positioning the company well for future opportunities in the offshore West Africa region [3] Company Ranking and Comparisons - Valaris currently holds a Zacks Rank 4 (Sell), indicating a less favorable outlook compared to other energy sector stocks [4] - In contrast, Archrock, EQT Corporation, and Galp Energia have better rankings, with Archrock at Zacks Rank 1 (Strong Buy) and EQT and Galp at Rank 2 (Buy) [4]

Financial Performance - The company reported adjusted EPS of $0.98 for Q1 2025, a 15% increase from $0.85 in the same quarter last year [7][21] - The company reaffirmed its 2025 adjusted EPS guidance of $1.85 to $1.89 and annual growth of 6% to 8% through 2029 [7][24] - The company achieved over 52% of its projected midpoint earnings for the year, an increase of 8% compared to the same period last year [21] Business Lines and Capital Investments - The company continues to advance its energy transition strategy, having installed 2,100 megawatts of renewable nameplate capacity [18] - The capital investment outlook projects over $19 billion over the next five years, with $2 billion identified for safety and reliability improvements [19] - The company is actively developing its base plan to include investments that meet its standards, focusing on electric generation, gas and electric customer growth, and system modernization [19][20] Market and Regulatory Environment - The company is engaged in collaborative regulatory processes to ensure resources for critical investments, such as the Ohio legislative proposal to modernize natural gas rate making [6][10] - The company has filed new rate cases in Pennsylvania and Virginia to recover significant anticipated investments necessary for reliable service [13][14] - The regulatory framework is seen as stable, which helps mitigate the impact of rising product costs on the business [23][24] Strategic Direction and Industry Competition - The company emphasizes operational excellence through initiatives like AI and Project Apollo, which aim to enhance efficiency and reduce waste [12][11] - The company is focused on maintaining a strong balance sheet and enhancing visibility into how investments convert into earnings [26] - The company is positioned to capitalize on economic development opportunities, particularly in data center development and onshoring manufacturing [28][102] Management Commentary on Future Outlook - Management expressed confidence in achieving 2025 guidance and sustaining long-term growth through a balanced and diversified business plan [24][26] - The company is assessing the impact of regulatory changes and executive orders on its operational plans, particularly regarding coal asset retirements [40][41] - Management highlighted the importance of flexibility in capital allocation decisions to adapt to changing market conditions [20][26] Other Important Information - The company is leveraging AI to optimize operations, resulting in significant productivity improvements across various regions [12] - The company has secured a significant portion of critical equipment to support its operations and capital plans for the five-year horizon [22] - The company is exploring opportunities for data center development across its service territories, including Ohio and Virginia [94][95] Q&A Session Summary Question: On the NIPSCO, Jenco filing, do you need to receive an outcome before announcing a signed agreement? - The company can proceed with a special contract and announce it without having the Genco completed [31] Question: How do you think about the pricing of PPAs relative to regulatory perspectives? - The Genco structure allows flexibility to respond to stakeholder needs, and NIPSCO will still be the resource adequacy provider [33] Question: Is there an opportunity to accelerate the $2.2 billion currently outside of the base plan? - The $2.2 billion upside does not include data center development; any data center capital would be incremental to the plan [35] Question: How are you assessing the impact of executive orders on your asset retirement plans? - The company is currently assessing the impact and will work with regulators to determine the best course of action [41] Question: What is the current engagement pace with large load prospective customers? - The company is making excellent progress but emphasizes the complexity of these transactions [55] Question: Can you discuss the regulatory cap structure for Genco? - The financing structure for Genco has not been disclosed yet, as the focus is on completing special contracts with customers [59] Question: What are the expectations for O&M costs moving forward? - The company expects O&M to remain flat year over year, driven by efficiency initiatives [116]

Core Insights - Abaxx Technologies Inc. has successfully completed its first delivery under a carbon futures contract on the Abaxx Exchange, marking a significant milestone for the company [1][2] - The delivery involved 50 lots of May 2025 CORSIA Phase 1 Carbon Offset Unit Futures priced at USD $24.25 per tonne of CO₂ equivalent, validating the exchange's infrastructure for managing environmental assets [2][3] Company Overview - Abaxx Technologies is a financial software and market infrastructure company, and the majority shareholder of Abaxx Singapore Pte Ltd., which owns the Abaxx Commodity Exchange and Clearinghouse [1][7] - The company aims to create smarter markets by providing better tools, benchmarks, and technology to address societal challenges, including the energy transition [6][8] Market Infrastructure - The Abaxx Exchange offers a suite of physically-deliverable futures contracts across various sectors, including energy, environmental, battery materials, and precious metals [4][8] - The CORSIA Phase 1 Carbon Offset Unit Futures contract, launched in June 2024, is part of this growing suite and is designed to support price formation, risk management, and forward planning in environmental markets [4][8] Transaction Details - The first delivery was executed between Mercuria Energy Trading SA and a U.S.-based counterparty, facilitated by Eagle Commodities, with clearing services provided by KGI Securities, Marex, and another bank clearing firm [3][4] - The transaction involved the transfer of eligible CORSIA Phase 1 carbon units from Mercuria to a registry account for the buyer, fulfilling the delivery obligations under the futures contract [3][4] Commitment to Sustainable Finance - Abaxx Exchange's infrastructure is designed to empower clients in the evolving environmental asset landscape, emphasizing the importance of sustainable finance [4][8] - The successful execution of the carbon futures contract highlights the company's commitment to connecting capital to climate-linked exposures [4][8]

Core Insights - California Resources Corporation (CRC) reported a strong start to 2025, returning a record $258 million to stakeholders while maintaining balance sheet strength and flat quarter-over-quarter total net production [3][5][10] - The company reaffirmed its production, capital investment, and adjusted EBITDAX guidance for 2025, indicating confidence in its operational strategy and market positioning [1][7] Financial Performance - In Q1 2025, CRC reported net income of $115 million and adjusted net income of $98 million, with adjusted EBITDAX of $328 million [5][6] - Total operating revenues for Q1 2025 were $912 million, an increase from $877 million in Q4 2024 [6][28] - The company generated $186 million in net cash from operating activities and $131 million in free cash flow [5][6] Production and Pricing - Average net production was 141 thousand barrels of oil equivalent per day (MBoe/d), with 79% of production being oil [5][6] - Realized oil price was $72.01 per barrel, while realized natural gas price was $4.12 per Mcf [4][5] Shareholder Returns - CRC returned $258 million to stakeholders in Q1 2025, including $100 million in share repurchases and $35 million in dividends [5][9] - The company has returned approximately $1,195 million to shareholders since mid-2021 [10] Capital Investments and Guidance - Capital investments in Q1 2025 totaled $55 million, with plans to run a one rig program in the first half and a two rig program in the second half of 2025 [7][8] - The company expects net production for Q2 2025 to be between 133 - 137 MBoe/d and adjusted EBITDAX between $275 - $290 million [8][34] Balance Sheet and Liquidity - As of March 31, 2025, CRC had $199 million in available cash and $983 million in borrowing capacity, totaling $1,182 million in liquidity [11][12] - The company redeemed $123 million of its 2026 Senior Notes in February 2025 and plans to redeem the remaining $122 million in 2025 [11]

Core Viewpoint - Powell Industries, Inc. is expected to report strong second-quarter fiscal 2025 results, driven by solid momentum in petrochemical and oil and gas markets, alongside growth in energy transition projects [2][3]. Group 1: Earnings Expectations - The Zacks Consensus Estimate for Powell's fiscal second-quarter revenues is $277.3 million, reflecting an 8.7% increase from the previous year [3]. - The consensus estimate for adjusted earnings is $3.34 per share, indicating a 21.5% increase from the year-ago quarter [3]. - Powell has a history of earnings surprises, with an average beat of 33.3%, and last quarter's earnings of $2.86 per share exceeded the Zacks Consensus Estimate of $2.83 by 1.1% [1][3]. Group 2: Performance Drivers - Solid performance is anticipated due to the company's investments in energy transition projects, including biofuels, carbon capture, and hydrogen [2]. - The expansion of the Houston facility is expected to enhance fabrication and integration support for large power control rooms, contributing positively to top-line results [2]. Group 3: Challenges - High costs and expenses, particularly an increase in raw material costs, are likely to negatively impact Powell's performance in the upcoming quarter [4]. - The company's international operations expose it to risks from adverse currency fluctuations, which may also affect performance [4]. Group 4: Earnings Prediction Model - Powell has an Earnings ESP of 0.00%, as both the Most Accurate Estimate and the Zacks Consensus Estimate are at $3.34, indicating uncertainty in predicting an earnings beat this time [5][6]. - The company currently holds a Zacks Rank of 3, suggesting a neutral outlook [6].