Financial Data and Key Metrics Changes - Barrick reported record operating cash flow, free cash flow, and adjusted net earnings for Q3 2025, with free cash flow increasing by 274% quarter-over-quarter [10][11] - The company ended the quarter with a net cash position, allowing for a 25% increase in the base dividend and a significant share repurchase program totaling $598 million [10][11] - Attributable EBITDA increased by 20% quarter-over-quarter, driven by higher gold prices and production volume growth [10][11] Business Line Data and Key Metrics Changes - Gold production increased by 4% from Q2, with notable contributions from Kibali, Cortez, and Turquoise Ridge [8][13] - Copper production slightly declined due to a planned shutdown at Lumwana, but is expected to meet annual guidance [8][16] - North America's attributable EBITDA rose by 19% from Q2, with all sites reporting lower unit costs per ounce [13] Market Data and Key Metrics Changes - The gold price experienced a 5% increase, contributing to a 25% quarter-on-quarter increase in attributable gold EBITDA [8] - The company anticipates continued growth in both gold and copper production in Q4, aligning with its 2025 production guidance [9][17] Company Strategy and Development Direction - The company is focusing on enhancing operational performance and safety, particularly in its North American gold assets [4][5] - Barrick is prioritizing the Fourmile project, which is considered one of the most significant gold discoveries of the century, with plans to double the existing resource [14][19] - The company aims to maintain a strong balance sheet while investing in growth and returning excess cash to shareholders [11][12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety and operational performance, especially following three fatalities in the quarter [6][7] - The operational review aims to stabilize and improve consistency in production, with no major changes expected in medium-term guidance [31][32] - The company is optimistic about achieving its production guidance for both gold and copper, despite the challenges faced [17] Other Important Information - The company has increased its exploration budget for Fourmile by over $10 million for the remainder of 2025 [14] - Asset sales, including Hemlo and Tongon, are expected to close before the end of the year, further strengthening the company's financial position [11] Q&A Session Summary Question: Can you provide a framework for the operational review at Nevada Gold Mines? - The operational review focuses on stabilizing operations and improving maintenance approaches to avoid unexpected downtimes [22][23] Question: Is there any update on the maintenance issues at Carlin? - The scaling issue at Gold Quarry occurred post-maintenance shutdown and has been addressed [24][25] Question: What is the expected output of the operational review? - The review aims to provide more predictable outcomes and will inform next year's budget, but no major changes are anticipated [30][31] Question: Are there any other potential areas for asset sales? - Currently, the focus remains on North America and key growth projects, with no immediate plans for additional asset sales [39] Question: What changes in corporate policies can be expected under the new leadership? - The strategy remains consistent, with an increased focus on North America and Nevada as key growth areas [81]

Core Viewpoint - BP is aiming to recover from previous strategic errors that have led to its shares underperforming compared to competitors like Shell, Exxon Mobil, and Chevron, with plans for asset sales to strengthen its balance sheet and enhance shareholder value [4]. Group 1: Strategic Direction - BP's new chairman supports the current strategic direction but emphasizes the need for urgent action and potential further asset sales to improve the company's financial standing [1][2]. - Albert Manifold, a key executive, indicated that the company must simplify its complex portfolio and is considering additional asset sales [2][5]. Group 2: Financial Performance and Goals - The company is facing challenges with lower profitability and high debt levels, necessitating a faster implementation of its strategic changes [3]. - BP has set a target of $20 billion in asset sales by 2027 to reduce net debt and has already initiated several sales this year [6]. Group 3: Portfolio Review and Asset Sales - BP is conducting a cost review and evaluating its portfolio to maximize shareholder value, moving away from its previous focus on low-carbon energy to concentrate on fossil fuels [5]. - The lubricants business, Castrol, has been identified as a potential asset for disposal as part of the company's strategy to streamline operations [6].

Financial Data and Key Metrics Changes - In Q2 2025, the company sold just over 148,000 ounces at an average realized price of $3,200 per ounce, reflecting the pre-merger assets [9] - Pro forma consolidated revenue for H1 would have been approximately $1,330,000,000 from 401,000 ounces, highlighting the enhanced scale and earnings power post-merger [9] - The company expects production, cash flow, and earnings to grow meaningfully in the coming quarters [7] Business Line Data and Key Metrics Changes - Greenstone's mining rates increased by 23% and processing rates improved by 20% over Q1 [10] - Month-to-date August mining rates averaged 200,000 tons per day, with the best performance reaching 227,000 tons per day [13] - Ballantyne is on track to deliver first gold approximately a month after the first ore to the plant, with a steady ramp-up to nameplate capacity expected in Q1 2026 [15] Market Data and Key Metrics Changes - The company is focused on disciplined capital allocation and rationalizing its portfolio to enhance shareholder value [16] - The sale of Nevada assets for $115,000,000 is an example of the company's strategy to create value and return capital to shareholders [16] Company Strategy and Development Direction - The company aims for operational excellence, advancing high-quality organic growth, and disciplined capital allocation [7] - The strategy emphasizes quality over quantity, focusing on production that enhances free cash flow and valuation [16] - The company is exploring opportunities to sell non-core assets to create value for shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to realize the vision of becoming a top quartile valued gold producer [17] - The company is optimistic about improving grades at Greenstone and expects quarter-on-quarter improvements [20][22] - Management highlighted the importance of maintaining open dialogue with stakeholders in all jurisdictions [27] Other Important Information - The company has invested over $25,000,000 in critical spares to support a smooth ramp-up at Ballantyne [15] - The company is actively engaged in exploration activities in Nicaragua and other assets, with significant potential identified [84] Q&A Session Summary Question: What is the expected improvement in grades at Greenstone? - Management indicated that month-to-date August grades are around one gram per ton, showing improvement over Q2, with expectations for continued improvements [20][22] Question: Is the equipment fleet sufficient for mining rates? - Management confirmed that all required equipment is in place and emphasized maximizing the value of committed capital [24][26] Question: What is the status of community agreements for Los Filos? - Management stated that agreements are in place with two communities, and discussions are ongoing with a third community [27] Question: Will there be more asset sales in the near future? - Management is open to exploring opportunities for selling non-core assets if it creates value for shareholders [30] Question: What are the expected cash costs for the company in the future? - Management provided a ballpark estimate of cash costs around $1,400 per ounce for Q2, with expectations for improvement as larger, lower-cost producers come online [91][92] Question: What are the key metrics to watch during the ramp-up of Valentine? - Management emphasized that tons milled will be the key metric during the ramp-up process [78] Question: What is the exploration potential across various assets? - Management highlighted ongoing exploration in Nicaragua, Valentine, and Mesquite, with plans to recommence exploration programs [84]

Financial Highlights - ConocoPhillips reported adjusted earnings of $1.793 billion in 2Q25, compared to $2.329 billion in 2Q24[25] - The adjusted EPS was $1.42 in 2Q25[6] - Cash from operations (CFO) was $4.7 billion in 2Q25[6] - Free cash flow (FCF) was $1.4 billion in 2Q25[6] - The company had an ending cash balance of $5.7 billion in 2Q25[6] - The company remains on track to distribute about 45% of full-year CFO to shareholders[6] Production and Sales - 2Q25 production averaged 2,391 MBOED, exceeding the high end of the guidance range (2,340 – 2,380 MBOED)[6] - An agreement to sell Anadarko Basin assets for $1.3 billion in proceeds was announced[6] - Full-year production midpoint remains unchanged, even with the announced Anadarko sale[6] - The company expects APLNG full-year distributions of $0.8 billion, with $0.5 billion in 3Q and $0.1 billion in 4Q[43] Marathon Oil Integration and Synergies - Marathon Oil integration is complete, with >25% increase in low cost of supply resource[8] - >$1 billion of synergies are on track, plus >$1 billion one-time benefits[8] - ~30% fewer rigs and frac crews are delivering more combined production[8] - >$2.5 billion of announced asset sales ahead of schedule, with $5 billion of total asset sales now expected[8] - >$7 billion of incremental FCF is expected by 2029[8]

Financial Data and Key Metrics Changes - Gran Tierra achieved record production of approximately 47,200 BOE per day, a 1% increase from the prior quarter and a 44% increase compared to Q2 2024 [6] - Sales decreased to $152 million, down 8% from 2024, primarily due to a 22% decrease in Brent pricing, partially offset by a 43% increase in sales volume [7] - The company incurred a net loss of $13 million, an improvement from a net loss of $19 million in the prior quarter, but a decline from net income of $36 million in the same quarter last year [7] - Funds flow from operations was $54 million or $1.53 per share, up 17% from 2024 but down 3% from the prior quarter [8] - Adjusted EBITDA was $77 million, down from $85 million in the prior quarter and $103 million in 2024 [8] Business Line Data and Key Metrics Changes - In Colombia, total working interest production averaged approximately 25,100 barrels of oil per day, driven by successful development drilling and improved waterflood execution [16] - The Costayaco wells showed strong initial results, with Costayaco 63 producing 800 barrels of oil per day and Costayaco 64 producing 1,300 barrels of oil per day [17] - In Canada, the Simonette Montney program continues to outperform, with new wells exceeding management's expectations [20] Market Data and Key Metrics Changes - Brent price decreased by 11% per barrel compared to the prior quarter, impacting oil sales [8] - The company has hedged approximately 50% of its South American oil production and 60% of its Canadian oil production for 2025 [13] Company Strategy and Development Direction - Gran Tierra is focused on enhancing liquidity through strategic initiatives, including potential non-core asset sales and a $200 million prepayment facility backed by crude oil deliveries [11] - The company is committed to capital discipline and operational excellence, aiming to deliver free cash flow and strengthen its financial position [14] Management's Comments on Operating Environment and Future Outlook - Management noted that all fields have performed as expected or better, despite normal interruptions in Colombia and Ecuador [26] - The company is optimistic about ramping up production in the second half of the year, particularly in Cohembi and Costayaco [30] Other Important Information - Gran Tierra has signed an MOU for potential entry into the Azerbaijani market, with plans to progress towards a production sharing agreement [57] - The company is actively looking to divest non-core assets and optimize its portfolio [37] Q&A Session Summary Question: Can you elaborate on production performance and expectations for H2? - Management indicated that all fields have performed as expected or better, with specific improvements noted in Cohembi and Ecuador [26][30] Question: What are the details regarding the prepayment facility? - The prepayment will involve selling oil for future prepayments over a four-year term, structured to minimize cash flow impact [31][32] Question: Any updates on asset sales? - Management confirmed ongoing efforts to divest non-core assets, with more details expected in Q3 [37] Question: How will free cash flow be generated? - The primary driver for free cash flow will be lower capital expenditures, alongside supportive oil prices [39] Question: What is the impact of pipeline disruptions in Colombia? - Pipeline disruptions in Ecuador affected production, but operations have returned to normal [43] Question: What is the strategy for hedging? - The company aims to maintain a systematic hedging program, targeting 30-50% coverage six months out [55] Question: Can you provide details on the Azerbaijani market entry? - The project will have a five-year first phase with low costs, and production could start within the same year a discovery is made [66]

Financial Data and Key Metrics Changes - The core earnings for Q1 2025 were consistent with expectations, with historical core earnings showing stability [4][3] - Adjusted EBITDA for Q1 was reported at $82 million, with a forecast for EBITDA plus gains for the year between $1.25 billion and $1.5 billion, higher than previous estimates [4][51] - The company reported a net loss of $200 million for GAAP, translating to a loss of $0.73 per share, with no material one-time items affecting adjusted EPS [52] Business Line Data and Key Metrics Changes - The Jamaica sale generated $1.055 billion in gross proceeds, resulting in net proceeds of approximately $778 million after debt repayment and fees, contributing to a gain of $430 million [6][49] - The company has focused on asset sales, debt reduction, and deleveraging, with the Jamaica sale being a significant step in this direction [11][12] - The FSRU contracts signed recently are expected to contribute approximately $200 million in future earnings, with potential for additional cash flow from ongoing discussions with counterparties [50] Market Data and Key Metrics Changes - The company is positioned to register over 2 gigawatts of projects in the upcoming Brazil capacity auction, with strong market confidence reflected in third-party project requests [36] - In Puerto Rico, the energy system is described as underinvested and in need of new generation, with opportunities for temporary power and gas supply contracts [38][40] Company Strategy and Development Direction - The company aims to simplify its balance sheet by transitioning from a corporate debt structure to asset-level financing, focusing on long-duration cash flows [15][16] - Growth opportunities are identified in Brazil and Puerto Rico, with significant investments made in Brazil to establish a resilient business [23][24] - The company is committed to addressing liquidity issues and refinancing its debt structure to lower costs and extend terms [64][65] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resolution of the FEMA claim, with a high degree of reengagement with the Army Corps [7] - The company remains confident in the structural needs for power in Brazil, despite delays in the capacity auction [35][91] - In Puerto Rico, management highlighted the urgent need for new power generation and the potential for significant cost savings through conversion to natural gas [40][42] Other Important Information - The company ended Q1 with $448 million in cash and $275 million available under its revolving credit facility, totaling over $1.1 billion in pro forma liquidity [53] - The construction progress of key power plants in Brazil is reported at 95% for the Selva plant and over 54% for the Porto San plant, despite challenges from weather conditions [27][30] Q&A Session Summary Question: Can you elaborate on the restricted cash on the balance sheet? - The majority of restricted cash is related to CapEx in Brazil, specifically for the Selva and Porto San power plants, with some cash expected to be freed up post-Jamaica transaction [58] Question: Is the company considering open market repurchases of debt? - The company is evaluating opportunities to refinance its capital structure and may consider retiring debt at a discount if available [60][63] Question: What is the strategy for bidding in Puerto Rico's power opportunity? - The bidding process requires a unitary cost of power, and the company is leveraging its existing infrastructure to participate effectively [68][69] Question: What is the status of the Nicaragua project? - The company is in the final stages of restructuring the PPA with the government, aiming for a structure similar to long-term gas contracts in Brazil and Puerto Rico [78][80]

Financial Performance & Projections - Q1 2025 Adjusted EBITDA was $82 million[8], with zero net deferred earnings from contracted sales and $10 million of depreciation in cost of sales from Fast LNG 1[64] - The company expects 2025 AEBITDA to be between $1.25 billion and $1.5 billion, higher than previous estimates, including ~$500 million in core earnings and $750 million to $1 billion in one-off gains[9] - Net loss attributable to stockholders in Q1 2025 was $200 million, a $42 million decrease QoQ[67] - Total liquidity after the Jamaica sale is $1.116 billion, including $393 million from the sale[67] Jamaica Sale & Debt Reduction - The sale of the Jamaica business for $1.055 billion is expected to yield net proceeds of $778 million[16] and a book gain of ~$430 million[11] - Proceeds from the Jamaica sale will be used to pay down $270 million of revolver debt and $55 million of Term Loan A[56] FSRU Sub-charters - Sub-chartering four FSRUs is expected to generate $312 million nominally over the lives of the contracts[11, 61], with a PV10 of ~$236 million[11] Brazil Operations - Construction of CELBA 2 is ~95% complete, with cash flows expected to commence in the second half of 2025[42] - PortoCem is ~54% complete, with capacity revenues expected to commence in the second half of 2026[42] - The company has registered for 2 GW+ of its own projects in the upcoming Brazil energy auctions and has been requested by 3rd parties to supply gas to 3 GW+ of projects[46, 47]

Core Viewpoint - Fermium Research analyst Frank J. Mitsch upgraded Dow Inc. from Hold to Buy with a price forecast of $35 based on better-than-expected financial results and strategic decisions [1] Financial Performance - Dow reported first-quarter 2025 sales of $10.431 billion, exceeding the consensus estimate of $10.24 billion, and adjusted EPS of $0.02, surpassing the consensus estimate of a $0.01 loss [1] - The analyst lowered 2025 EPS estimates from $1.61 to $0.29 (consensus $1.40) and EBITDA estimates from $5.20 billion to $4.05 billion (consensus $4.82 billion) due to ongoing weak macroeconomic conditions [4] Strategic Decisions - Dow's decision to postpone the Ft. Saskatchewan Path2Zero project is viewed positively, expected to yield an additional $600 million in capex savings in 2025 [2] - The anticipated negative free cash flow of up to $1 billion in the first half of 2025 is a concern, but the analyst believes that working capital inflows, reduced maintenance spending, and increased EBITDA from new projects will drive a reversal in the second half [3][4] Market Reaction - Dow's shares increased by 0.37% to $29.87 as of the last check on Friday [5]