Core Viewpoint - Evergy forecasts 2026 profit below Wall Street estimates and introduces a new five-year capital spending plan of $21.6 billion to meet increasing electricity demand from large commercial and industrial customers [1] Group 1: Financial Performance - Evergy reported an adjusted profit of 42 cents per share, missing analysts' estimates of 57 cents per share [1] - The company forecasts 2026 adjusted profit to be between $4.14 and $4.34 per share, with a midpoint of $4.24, which is below the analysts' average estimate of $4.28 per share [1] Group 2: Capital Expenditure and Growth Strategy - Evergy's new capital expenditure plan is $21.6 billion, an increase from the previously announced $17.5 billion for 2025–2029 [1] - The utility has signed electric service agreements for four large customer projects, including two new customers and the expansion of two existing projects, under newly approved large load power service tariffs in Kansas and Missouri [1] Group 3: Market Position and Future Outlook - Evergy's strategy reflects a broader shift among regulated utilities to position for sustained demand growth linked to economic development and data center expansion [1] - The company expects adjusted profit growth to exceed 8% starting in 2028 and continuing through 2030 [1]

Core Insights - Duke Energy has increased its five-year capital plan by an additional $16 billion, bringing the total to $103 billion, making it the largest spending plan among regulated U.S. utilities [1][4] - The company is currently spending over $1 billion per month to meet demand, with growth expected to accelerate in 2027 and 2028 due to new data centers connecting to the grid [2][3] - Duke Energy serves 8.7 million customers across several states and has received regulatory approval for rate increases in South Carolina, with a pending case in North Carolina [3] Capital Expenditure and Growth - The five-year capital plan has seen an 18% increase since November 2025 [4] - Duke Energy plans to add 14 GW of generation capacity and 4.5 GW of battery storage over the next five years [5][7] - The company aims to issue $10 billion in new equity by 2030 to fund its growth initiatives [7][9] Data Center and Generation Capacity - Duke Energy has signed agreements for 1.5 GW of new data center customers, totaling 4.5 GW in service agreements, with a pipeline exceeding 9 GW [4] - The company has recently completed a 100 MW battery installation, the largest in its system, and is developing 5 GW of new natural gas generation [7][8] Future Plans and Innovations - Duke Energy has filed for a site permit for a small modular nuclear reactor in Belews Creek, North Carolina, to enhance reliable power supply [8]

Capital Spending Overview - Phillips 66 (PSX) has announced a $2.4 billion capital budget for 2026, an increase from $2.1 billion in 2025, indicating a strong focus on core business areas [1][11] - The budget allocates $1.1 billion for maintenance capital and $1.3 billion for growth capital [1] Segment Allocation - The majority of the capital spending is directed towards the midstream and refining segments, with minimal allocation to marketing specialties, renewable fuels, and corporate operations [2] - For the midstream segment, PSX has earmarked $400 million for sustaining projects and $700 million for growth projects, totaling $1.1 billion [3] Midstream Projects - Key midstream projects include: - Iron Mesa gas processing plant in the Permian Basin, with a capacity of 300 million cubic feet per day, expected to start operations in Q1 2027 [4] - Coastal Bend NGL pipeline expansion, set to increase daily transportation capacity from 225,000 barrels to 350,000 barrels, expected to be completed by late 2026 [4] - Proposed NGL fractionator in Corpus Christi, anticipated to increase fractionation capacity by 100 thousand barrels per day, with a final investment decision expected in early 2026 and completion in 2028 [5] - The midstream segment generates stable fee-based revenues, enhancing the stability of the company's business model [6] Refining Projects - The refining segment also receives $1.1 billion in capital spending, with $590 million for sustaining projects and $520 million for growth projects [7] - PSX has identified over 100 capital-efficient projects aimed at processing crude from various sources to produce cleaner, higher-value fuels [7] - A significant investment is directed towards the Humber gasoline quality improvement project, expected to begin operations in Q2 2027 [8]

Financial Data and Key Metrics Changes - The company generated $1.86 of diluted earnings per share in Q3, an 8% decrease from the same time last year, primarily due to declining sales prices in the plastics segment [5][18] - The midpoint of the 2025 earnings guidance was increased to $6.47 from $6.26 per share, driven by better-than-expected financial results in the plastics segment [6][22] Business Line Data and Key Metrics Changes - Electric segment earnings decreased by $0.03 per share in Q3, impacted by unfavorable weather and seasonal rate differences [18] - Manufacturing segment earnings increased by $0.04 per share, attributed to a lower cost structure and enhanced production efficiencies [19] - Plastic segment earnings decreased by $0.26 per share, driven by a 17% decline in average sales prices, partially offset by lower input material costs and a 4% increase in sales volumes [20] Market Data and Key Metrics Changes - The lawn and garden and agricultural end markets continue to face demand-related headwinds, while recreational vehicle and construction markets showed signs of improvement [14] - The cost of PVC resin decreased due to global supply and demand dynamics, benefiting the company's cost structure [16] Company Strategy and Development Direction - The updated five-year capital spending plan totals $1.9 billion, with a targeted long-term earnings per share growth rate increased to 7% to 9% [5][27] - The company aims to convert its rate-based growth into earnings per share growth at an approximate one-to-one ratio [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage costs and maintain low electric rates despite ongoing economic challenges [12][13] - The company anticipates the current low-demand environment in the manufacturing segment to persist through most of 2026 [15] Other Important Information - The company filed a request for a net revenue increase of $44.8 million with the Minnesota Public Utilities Commission, driven by infrastructure investments and inflation impacts [7][8] - The company is closely monitoring developments related to a complaint filed at FERC against MISO's Tranche 2.1 projects, which may cause potential delays [11] Q&A Session Summary Question: Inquiry about the updated EPS long-term growth rate - Management expects utility earnings to grow in line with the rate base, with year-to-year fluctuations anticipated [31] Question: Update on the antitrust case and DOJ involvement - Management provided an update on ongoing civil litigation and the DOJ's intervention, indicating no specific deadline for court decisions but anticipating developments in 2026 [33] Question: Discussion on cash usage and long-term strategy - Management emphasized prioritizing investments in utility growth and potential opportunistic M&A, while maintaining a focus on shareholder returns through dividends [38][39]