Financial Data and Key Metrics Changes - The company reported adjusted EBITDA attributable to Plains of $672 million for Q2 2025, with a full-year EBITDA guidance range of $2.8 billion to $2.95 billion remaining intact [4][10] - The crude oil segment adjusted EBITDA was $580 million, benefiting from Permian volume growth and higher throughput from refiner customers [9] - The NGL segment reported adjusted EBITDA of $87 million, which decreased sequentially due to normal seasonality and lower frac spreads [9] Business Line Data and Key Metrics Changes - The company executed a definitive agreement to sell substantially all of its NGL business to Keyera for approximately $3.75 billion, expected to close in 2026, which will streamline operations and reduce commodity exposure [5][12] - Year-to-date, the company completed five bolt-on transactions totaling approximately $800 million, indicating a strong focus on expanding its crude oil portfolio [6] Market Data and Key Metrics Changes - The company anticipates that new OPEC+ supply will be absorbed, reducing spare capacity, and that limited long-lead project additions will increase reliance on North American onshore production [13] - Management noted improving diesel demand from refiners, with no signs of slowdown in demand, indicating a positive outlook for the refining sector [20][21] Company Strategy and Development Direction - The divestiture of the NGL business marks a significant strategic shift towards focusing on crude oil operations, enhancing financial flexibility and operational efficiency [12][13] - The company aims to redeploy approximately $3 billion from the NGL sale into bolt-on acquisitions and optimizing its capital structure, including potential unit buybacks [5][36] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market dynamics, expecting fundamentals to improve in the long term due to population and economic growth driving energy demand [13][22] - The company remains committed to being a vital infrastructure provider for reliable energy across global markets, despite short-term volatility [13] Other Important Information - The company expects to generate approximately $870 million of adjusted free cash flow for 2025, with growth capital guidance increased to $475 million [10][11] - Maintenance capital is trending closer to $230 million, which is $10 million below the initial forecast [11] Q&A Session Summary Question: How does the company factor in sensitivity to basin-level growth in its bolt-on strategies? - Management considers all factors, focusing on discounted cash flow and integrated networks, while evaluating opportunities across different basins [16][17] Question: Can you provide insights on real-time demand signals and any signs of slowdown? - Management noted strong diesel demand and no expected slowdown, with a positive outlook for refining demand continuing [20][22] Question: Can you discuss the BridgeTex deal and its fit within the business? - The company is consolidating its interest in BridgeTex with ONEOK, focusing on optimizing cost structures and filling the pipeline [27][28] Question: What is the outlook for growth CapEx and its relation to producer activity? - The increase in growth CapEx reflects new opportunities and capturing business not previously anticipated, with a focus on synergy capture [29][54] Question: Is there a shift in messaging regarding distribution growth? - Management clarified that there is no intended shift; the goal remains to grow distributions sustainably over multiple years [39][40] Question: What is the guidance for the second half of the year? - Management indicated that contract roll-offs will impact the second half, but growing production and other factors will help backfill those losses [44] Question: How will the company approach potential larger acquisitions with the proceeds from the NGL sale? - The company is positioned to explore various opportunities, maintaining financial flexibility to execute on small, medium, or large acquisitions as they arise [46]

Financial Performance - 2Q25 Adjusted EBITDA attributable to PAA was $672 million[5] - Crude Oil Adjusted EBITDA was $580 million in 2Q25[5] - NGL Adjusted EBITDA was $87 million in 2Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - The leverage ratio was 3.3x in 2Q25[5] Strategic Initiatives - The company is divesting its NGL business for approximately $3.75 billion[5] - Net proceeds from the NGL divestiture are expected to be around $3.0 billion after taxes, transaction expenses, and potential special distribution[5,8] - The company acquired an additional 20% interest in the BridgeTex Pipeline, bringing its total ownership to 40%[5] Capital Allocation - The company is targeting approximately $0.15/unit annual distribution growth from 2026 onwards until approximately 160% common unit coverage is reached[26] - The company increased its annual distribution by $0.25/unit to $1.52/unit in 2025[26] - The company has invested approximately $1.4 billion in bolt-on acquisitions since the second half of 2022[11,30]

Financial Overview - Vermilion Energy's trading price was $10.74 (TSX) and US$7.83 (NYSE) as of August 7, 2025[3] - The company's market capitalization stood at $1.7 billion, with an enterprise value of $3.0 billion[3] - Year-end 2025 net debt is estimated at $1.3 billion, resulting in a net debt-to-FFO ratio of 1.3x[3] Production and Capital Expenditure - The company's 2025 production guidance is between 117,000 and 122,000 boe/d[3] - Exploration and Development (E&D) capital expenditures for 2025 are projected to be between $630 million and $660 million[3] - Global gas assets are expected to contribute 84% to H2/25E FFO, while legacy oil contributes 16%[3] - Global gas assets account for 90% of H2/25E production, with legacy oil making up the remaining 10%[3] Strategic Initiatives and Synergies - Post-acquisition synergies from Westbrick are now estimated to exceed $200 million NPV10[10, 14] - DCET costs in the Deep Basin have been further reduced from $9.0 million to $8.5 million per well[10] - The Wisselshorst discovery in Germany is estimated to contain 380 Bcf of gas in place (240 Bcf net)[14, 55]

Core Viewpoint - Granite Ridge Resources reported strong Q2 2025 results with GAAP revenue exceeding analyst estimates, but non-GAAP EPS fell short of expectations due to increased operating costs and a lower well count [1][6][14] Financial Performance - GAAP revenue for Q2 2025 was $109.2 million, surpassing the estimate of $107.3 million, and reflecting a year-over-year increase of 20.4% from $90.7 million in Q2 2024 [2][6] - Non-GAAP EPS was $0.11, missing the forecast of $0.12 and down 15.4% from $0.13 in Q2 2024 [2][6] - Adjusted EBITDAX rose to $75.4 million, a 10.4% increase year-over-year [2] - Net income increased significantly to $25.1 million, up 392.2% from $5.1 million in Q2 2024 [2][7] - Operating cash flow before working capital changes was $69.5 million, a 7.3% increase from $64.8 million in Q2 2024 [2] Production and Operations - The company achieved record production growth, with output reaching 31,576 barrels of oil equivalent per day, a 37% increase from the prior year [5] - Oil production grew by 46% to 16,009 barrels per day, while natural gas production increased by 28% [5] - The company placed 4.9 net wells online during the quarter, with a total of 44 gross wells in the Permian Basin [5][9] - Granite Ridge's asset acquisitions during the quarter added 5.5 net undeveloped locations, extending its drilling runway by an estimated three years [5] Strategic Focus - The company operates in six major U.S. basins, emphasizing geographic and product mix diversification to provide stability [3] - Recent efforts have prioritized expanding inventory in the Permian Basin, which now accounts for approximately 69% of total proved reserves [4] - Risk management through commodity price hedging and conservative leverage is a key strategy to control cash flow volatility [4][11] Cost Management - Lease operating expenses increased to $7.00 per barrel of oil equivalent, up from $6.50 in Q2 2024, primarily due to rising service costs [6][12] - General and administrative expenses were impacted by $2.8 million in nonrecurring costs [12] Capital Allocation and Guidance - The company maintained its quarterly dividend at $0.11 per share, signaling a focus on returning capital to shareholders [13][16] - Management raised full-year 2025 production guidance to 31,000–33,000 barrels of oil equivalent per day, reflecting a 10% increase at the midpoint from previous estimates [14] - The updated capital expenditure plan for 2025 is set at $400–$420 million, focusing on both development and acquisition spending [14]

Financial Data and Key Metrics Changes - Group revenue increased by 16% year over year, while adjusted EBITDA grew by 25% [22][5] - Net income decreased by 88% year over year due to increased non-cash charges, primarily related to FOX option valuation [23][6] - Cash from operating activities increased by $36 million year over year, while free cash flow reduced by 9% [6][26] Business Line Data and Key Metrics Changes - In the U.S., revenue grew by 17%, with sportsbook growth of 11% and exceptional iGaming growth of 42% [24][14] - International revenue increased by 15% year over year, driven by the SNAI and NSX acquisitions [17][24] - Adjusted EBITDA for international markets was £591 million, reflecting a 13% year-over-year increase [25] Market Data and Key Metrics Changes - The U.S. market maintained its position as the number one online operator in both sportsbook and iGaming [14][12] - The company achieved over 30% share of the online market in Italy following the SNAI acquisition [12] - In Brazil, the company is optimistic about significant market opportunities and is focusing on product and marketing improvements [12][13] Company Strategy and Development Direction - The company is focused on expanding its U.S. market presence and has made significant progress in regulatory matters [10][6] - Strategic acquisitions, such as SNAI and NSX, are aimed at enhancing market leadership in Italy and Brazil [12][24] - The company is committed to returning capital to shareholders while maintaining flexibility for organic and inorganic investments [29][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals and strategic objectives for the remainder of 2025 [20][21] - The company is monitoring regulatory developments closely, particularly in relation to tax changes in various states [10][44] - Management highlighted the importance of maintaining a balanced tax strategy to promote market growth and investment [10][9] Other Important Information - The company has extended its market access agreement with Boyd, which is expected to deliver approximately $65 million in annual cost savings [27][29] - The company is targeting $300 million in savings from its cost transformation program, with the majority expected to arise in 2027 [26][25] Q&A Session Summary Question: U.S. Marketing and Efficiency Drivers - Management noted that U.S. marketing expenses are lower year over year due to a maturing stake profile and proactive marketing phasing into H2 [40][41] Question: Prediction Markets Investment - Management is evaluating regulatory developments in prediction markets and assessing potential opportunities for Fanjul [38][39] Question: Illinois Surcharge and Future Strategy - Management expressed disappointment over the Illinois wager fee and introduced a fee to mitigate its impact, viewing Illinois as an outlier [44][43] Question: California Sports Betting Update - Management is monitoring developments in California, particularly regarding the AG's opinion on DFS and the importance of working with tribal stakeholders [49][48] Question: iGaming Growth and Market Penetration - Management believes there is significant potential for iGaming growth, focusing on acquiring direct casino customers [59][60] Question: International Business Performance - Management highlighted strong performance in Southern Europe and Africa, particularly following the SNAI acquisition [111][112]

Core Points - ePlus inc. has declared its first quarterly cash dividend of $0.25 per common share, to be paid on September 17, 2025, to shareholders of record as of August 26, 2025 [1] - The Board's approval of the dividend reflects the company's commitment to enhancing shareholder value and is supported by its cash generation capabilities [2] Financial Strategy - The company will continue its share repurchase program and consider organic investments and targeted M&A to drive additional shareholder value [2] - The declaration and payment of future dividends will be at the discretion of the Board of Directors [4]

Financial Data and Key Metrics Changes - The company generated total revenue of $3.6 billion in Q2 2025, compared to $3.2 billion in Q2 2024, excluding net recognized gains and losses [12] - Adjusted net earnings were $318 million or $1.16 per diluted share, down from $338 million or $1.24 per share in Q2 2024 [13] - The title segment contributed $260 million to adjusted net earnings, while the F and G segment contributed $89 million [13] Business Line Data and Key Metrics Changes - The title segment generated $2.2 billion in total revenue in Q2 2025, up from $2 billion in Q2 2024, with direct premiums increasing by 12% [14] - Adjusted pretax title earnings were $337 million, a $13 million or 4% increase from the previous year, with a title margin of 15.5% [5][14] - The F and G segment's assets under management grew to $69.2 billion, a 13% increase year-over-year [10] Market Data and Key Metrics Changes - Daily purchase orders opened increased by 5% compared to Q2 2024, while refinance orders saw a significant 28% increase [6][7] - Commercial volumes showed strong performance with direct commercial revenue of $626 million in the first half of 2025, up 23% from $511 million in the same period of 2024 [8] Company Strategy and Development Direction - The company is focused on long-term growth through strategic investments in security, technology, and recruiting [5] - F and G is pursuing a more fee-based, higher-margin, and less capital-intensive business model, supported by the launch of a new reinsurance vehicle [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a rebound in transaction volumes and the potential for efficiencies across operations [9] - The company anticipates that elevated health claims will normalize in 2026, and they remain confident in maintaining a 15% to 20% pretax title margin [15][45] Other Important Information - The company repurchased 2.9 million shares for $159 million at an average price of $55.2 per share during Q2 2025 [20] - The company returned nearly $300 million of capital to shareholders through dividends and share repurchases in the second quarter [21] Q&A Session Summary Question: Thoughts on holding separate businesses under the same company - Management is pleased with F and G's performance and sees continued value in the current structure, contributing 32% of adjusted earnings [27][28] Question: Details on personnel expenses - Personnel expenses increased due to active recruiting and elevated health claims, with a significant impact from medical claims [29][32] Question: Margin and expense outlook - Management expects health claims to peak this quarter and then moderate, maintaining confidence in the 15% to 20% margin range [44][45] Question: Commercial order momentum - National open orders were up 22% year-over-year, with strong expectations for continued growth in the back half of the year [49][50] Question: Buyback strategy - The company plans to remain active in share buybacks, particularly if share prices show weakness [55][60] Question: Dividend capacity for the second half - Approximately $250 million is available from regulated entities, with an additional $60 million from F and G [67]

Financial Data and Key Metrics Changes - The company reduced its compulsory debts from BRL 20 billion to under BRL 12 billion, showcasing effective liability management [6] - Reported a loss of BRL 1.3 billion due to regulatory remeasurement of transmission contracts, but adjusted net income would have reached BRL 1.4 billion, approximately 40% higher than the previous year [13][14] - EBITDA was impacted by nearly EUR 800 million in equity income, leading to a year-on-year reduction [13] Business Line Data and Key Metrics Changes - Generation margins increased by 21% compared to Q1 and 16% compared to Q2 2024, despite a drop in transmission revenue [10] - Investments grew by 116% compared to Q1 2025, focusing on reinforcements and improvements [11][27] - The company concluded its first post-privatization transmission auction, the Caladinho project, and financial rebalancing for Transnorte Energia [12] Market Data and Key Metrics Changes - The company highlighted a seasonal pattern in energy production, with a decrease in available energy for trading in the dry season [18] - Contribution margins from energy available for trading increased from BRL 1 billion in Q1 to BRL 1.6 billion in Q2 [17] - The company anticipates a more constructive price scenario for 2026 and 2027, despite some volatility [20] Company Strategy and Development Direction - The company aims to improve predictability of results, increase investments, reduce costs, and manage liabilities, transitioning from a turnaround phase to a stable growth phase [8][56] - Future growth opportunities will focus on M&A and auctions, with a strategy to provide more predictable dividends [56] - The company is modernizing its infrastructure and integrating new technologies, aiming to enhance operational efficiency and value generation [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's improved risk profile and operational outlook, citing significant reductions in compulsory loans and successful project completions [25][26] - The company is focused on creating resilience in its transmission assets and maintaining a robust investment strategy [39] - Management emphasized the importance of aligning capital allocation with long-term growth and shareholder returns [56] Other Important Information - The company announced a BRL 4 billion dividend payout, reflecting its improved financial position and commitment to shareholder returns [9][27] - The Transnorte Energia project is expected to create 3,500 jobs and reduce carbon emissions significantly [28] Q&A Session Summary Question: Details on trading strategy for Q2 and expected recurring CapEx - Management explained that trading strategies are region-specific, focusing on client value addition and portfolio analysis [32][34] - Recurring CapEx for improvements is expected to be significant, with ongoing investments in assets [38] Question: Internal efforts to accelerate investments and differences in IFRS - Management confirmed that internal processes for investment acceleration are robust and ongoing, with a focus on regulatory alignment [42][44] Question: Expected returns on reinforcements and improvements - Management indicated that returns on regulated investments are expected to converge over time, with a focus on maintaining robust methodologies [50] Question: Liquidity in the energy market and trading decisions - Management noted that liquidity is improving, with a focus on strategic energy allocation based on market conditions [52][64] Question: Company's future focus and dividend strategy - Management outlined a vision for consolidating initiatives and providing predictable dividends, with a focus on growth opportunities [56][58]

Financial Data and Key Metrics Changes - The company achieved record quarterly revenue of $4.4 million, a nearly 50% increase in adjusted EBITDA to $2.4 million compared to the previous quarter [7][9] - Positive free cash flow was reported for the quarter, with cash balances slightly above $5 million, including undrawn revolver capacity [20][21] - The average gold price during the quarter was $3,279 per ounce, contributing to strong cash flows [9] Business Line Data and Key Metrics Changes - Cote mine achieved nameplate throughput with revenue exceeding $1 million in the quarter [11] - Bobrema mine contributed $1.2 million in revenue, maintaining guidance of 33,000 to 40,000 ounces of gold produced for 2025 [12][14] - Revenue from Ignico Eagle's Canadian Malartic mine was reported at $18,000, viewed as a temporary issue due to mine sequencing [13] Market Data and Key Metrics Changes - The company maintains its full-year guidance of 5,700 to 7,000 gold equivalent ounces (GEO) for 2025, despite a guidance cut at Verus mine [14] - The company expects a five-year outlook of 23,000 to 28,000 GEO, primarily from mature and brownfield operations [14] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [4][5] - There is an expectation of accelerated consolidation in the royalty sector, driven by new strategic capital and recent mergers [5][29] - The company aims to create a mid-tier royalty company with organic growth and sufficient scale to attract global institutional equity investors [5][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a five-year period of pronounced gold equivalent production growth across its portfolio [6] - The company plans to use excess cash to repay outstanding debt, aiming to be effectively debt-free by 2026 [10][36] - Management emphasized the importance of maintaining a disciplined approach to capital allocation and potential acquisitions [16][29] Other Important Information - The company has approximately 20 million outstanding share purchase warrants, exercisable at $2.25 per share [17] - The company is exploring opportunities in safe jurisdictions, primarily in Canada and the US, while also considering investments in Brazil and Australia [35] Q&A Session Summary Question: How was the free cash flow from Q2 2025 handled? - The company generated positive free cash flow and aims to maintain a cash balance above $5 million, with plans to evaluate repayment of the revolver in the coming quarters [20][21] Question: Can you elaborate on Jared Canyon's revenues and expectations? - Revenues from Jared Canyon were related to a settlement, and no further revenues are expected until the mine restarts [22][23] Question: What is the company's stance on the merger landscape? - The company anticipates accelerated consolidation in the royalty space, with a focus on becoming a consolidator in the future [26][29] Question: How far out does the company typically look for acquisitions? - The company focuses on assets with a clear path to cash flow, typically within a five-year window [32] Question: At what point would the company consider reinstating dividends? - The company plans to discuss returning capital to shareholders after achieving a net debt-free position and steady free cash flow generation [36]

Financial Data and Key Metrics Changes - Adjusted net earnings for Q2 2025 were $53 million or $0.26 per share, benefiting from strong metal prices [19] - Consolidated all-in sustaining costs on a byproduct basis in Q2 were $16.52 per ounce, with updated guidance for 2025 now expected to be between $16.50 and $17.50 per ounce [20][21] - Cash flow from operations before working capital and income taxes increased by 22% over the last quarter, totaling $98 million [21] - The cash balance at the end of Q2 was $522 million, resulting in total liquidity of over $920 million [24] Business Line Data and Key Metrics Changes - Mount Milligan produced over 35,000 ounces of gold and 12.4 million pounds of copper in Q2, with updated gold production guidance for 2025 set between 145,000 and 165,000 ounces [13][14] - Aksut's Q2 production was over 28,250 ounces, with reaffirmed 2025 production guidance expected to be higher in the second half of the year [17] - The restart of Thompson Creek is advancing, with approximately 20% of the total capital investment complete [18] Market Data and Key Metrics Changes - The average realized price for gold was $2,793 per ounce and for copper was $3.62 per pound in Q2 [20] - The molybdenum business unit sold approximately 3.1 million pounds at an average realized price of $21.43 per pound [20] Company Strategy and Development Direction - The company is advancing its internal growth strategy with projects like Goldfield, Mount Milligan, and Chemess, all expected to be self-funded from existing liquidity [25][26] - The Goldfield project is expected to enhance near-term gold production and is projected to have an after-tax NPV of $245 million and an IRR of 30% [9][10] - The company is focused on sustainability initiatives, achieving compliance with the International Cyanide Management Code and increasing local procurement spending by 26% year over year [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational focus and future performance of Mount Milligan under new leadership [6] - The company anticipates strong free cash flow generation in the second half of 2025, particularly from Oksut [22] - Management highlighted the importance of maintaining financial strength and flexibility while pursuing growth opportunities [26] Other Important Information - The company has implemented a targeted hedging strategy on 50% of gold production for 2029 and 2030, with a price floor of $3,200 per ounce [9] - The company has surpassed its 2026 gender diversity goal, with women representing 38% of the Board and 33% of executive officers [12] Q&A Session Summary Question: Can you provide an update on Mount Milligan's mineralization challenges? - Management confirmed increased density of drilling in the area, leading to improved confidence in future predictions [28] Question: What has changed regarding the Goldfield project since last year? - The company has conducted technical work that improved recovery rates and the favorable gold price has enhanced the project's attractiveness [30] Question: How does the company plan to finance multiple projects? - The company has sufficient liquidity to fund all projects while continuing share buybacks, emphasizing a strong balance sheet [33][60] Question: What is the timeline for Goldfield's first production? - Most permits are in place, with minor amendments needed, and the critical path involves engineering and procurement activities [44][46] Question: How does the updated royalty structure affect Oksut? - The royalty structure has been expanded to account for higher gold prices, with a sliding scale for increases [54] Question: What is the strategic rationale for pursuing Goldfield? - The project offers high IRR and NPV, and the company believes it can balance capital allocation between growth projects and shareholder returns [56][60]