AB KN Energies (hereinafter – KNE, the Company) announces the unaudited consolidated (hereinafter – the Group) and separate financial results for the twelve months ended 31 December 2025. Key financial indicators for the 1-12 months of 2025: EUR millionsGroupCompany 1-12 months of 20251-12 months of 20241-12 months of 20251-12 months of 2024Revenue105.293.7<td style="width:121.8px;;vertical-align: middle; text-align: left; padding-left: 10.0px; border-bot ...

Provision-related cash outflows (shown as “non-cash items and other” of -€152 million), reflecting payments tied to restructuring provisions set up in the prior year, as well as bonuses and certain litigation-related payments.Higher capital expenditures (up €80 million), including spending in Q4 related to the Padeswood carbon capture project in the U.K.Free cash flow came in at €2.1 billion , down about €60 million year over year. Aldach attributed the decline primarily to:Aldach added that some of these m ...

Inpex has obtained environmental approval from the Indonesian Government for its Abadi LNG Project, located in the Masela Block. The clearance was granted to the Japanese company’s subsidiary Inpex Masela following a review of the project’s Environmental and Social Impact Assessment (AMDAL). It permits work to proceed on activities including drilling, construction, and operation of production and processing facilities, as well as the development of a natural gas liquefaction plant. The Abadi LNG Projec ...

Financial Performance - Santos reported a net profit of A$818 million ($578.6 million) for the year ending 2025, a 33.9% decrease from A$1.26 billion in the previous year [1] - The underlying profit, excluding significant items, was A$898 million, down 25.2% from A$1.2 billion in 2024 [1] Operational Highlights - The company produced 87.7 million barrels of oil equivalent (mboe), with unit production costs at A$6.78 per barrel of oil equivalent (boe) [2] - Santos executed three liquefied natural gas (LNG) sale and purchase agreements, maintaining high operational reliability [2] Strategic Initiatives - Santos is targeting a headcount reduction of around 10% as major growth projects are integrated into its base business [1][2] - The company achieved its 2030 emissions reduction target of 30% five years early, driven by the Moomba CCS (carbon capture and storage) phase one project [3] Financial Strategy - The financial strategy is underpinned by an operating model targeting less than A$35 per barrel (bbl) free cash flow from operations [4] - Santos has consistently achieved this target since 2016, despite inflationary pressures [5] Growth and Dividends - Strong free cash flow from the base business has supported funding for growth projects and increasing dividends [6] - The company is positioned to expand with financial flexibility to pursue new opportunities while reducing gearing [6]

Santos Limited (ASX: STO) closed 2025 with proved plus probable (2P) reserves of 1,484 million barrels of oil equivalent (mmboe), reflecting modest organic additions offsetting annual production and portfolio changes. The Australian gas producer reported that, before accounting for 88 mmboe of production, 2P reserves increased by 13 mmboe, primarily driven by additions in the Cooper Basin and Papua New Guinea. On a reported basis, 2P reserves declined from 1,559 mmboe in 2024 to 1,484 mmboe at year-end 20 ...

Core Viewpoint - Gevo's North Dakota facility has received an "A" rating from BeZero Carbon Ltd., which is expected to enhance the value of its carbon dioxide removal credits [1][3]. Group 1: Company Overview - Gevo is a leader in the voluntary carbon markets, focusing on producing carbon dioxide removal certificates (CORCs) under the Puro.earth standard [2]. - The North Dakota facility is the largest producer of technology-based carbon dioxide removal credits and is unique in issuing credits for thousand-year permanence [2]. - Gevo's business model includes developing and operating production facilities that create jobs and support local economies [4]. Group 2: Carbon Credits and Market Position - CORCs are gaining traction in the voluntary carbon markets and are anticipated to provide significant co-product revenue for Gevo [3]. - The facility has a Class VI carbon-storage well with a capacity of 1 million tons per year, positioning Gevo as a consistent source of CORCs at scale [3]. - The BeZero Carbon "A" rating simplifies the due diligence process for buyers, enhancing Gevo's competitive position relative to other carbon projects [3]. Group 3: Sustainability Initiatives - Gevo is piloting a sustainable biomass sourcing and management program to gather detailed data on agricultural practices through its Verity platform [4]. - The company is committed to maintaining high environmental integrity, which is expected to increase the value of its carbon credits and benefit farmers [4].

Core Insights - California's electrification efforts are aligning with the AI compute boom, presenting a significant opportunity for California Resources Corporation (CRC) through its Carbon TerraVault platform and carbon capture and storage (CCS) initiatives [1][10] Electrification and AI Demand - There is a notable shift in global AI spending towards inference, increasing the demand for reliable power sources near urban areas [2] - California's grid capacity is projected to nearly double by 2035, driven by new utility connections and procurement programs, which enhances opportunities for "power-to-CCS" solutions [2] Carbon Capture Initiatives - CRC is positioned to combine dependable, lower-carbon power with nearby storage sites, particularly around PG&E Corporation's expanding interconnect network for data centers [3] - A memorandum of understanding (MOU) with Capital Power aims to evaluate CCS at the La Paloma combined-cycle plant, with potential to capture up to 3 million metric tons of CO2 annually [4] Regulatory Progress - CRC has secured California's first EPA Class VI permits for its CCS projects, reducing execution risk and supporting timelines for carbon injection goals set for 2026 [6][10] Joint Venture and Investment Structure - The partnership with Brookfield plans to inject approximately 5 million metric tons of CO2 annually by the end of 2027, supported by a total investment of $2.5 billion [8] - This joint venture structure allows CRC to cover its equity needs for initial projects, providing flexibility for shareholder returns and future growth in low-carbon power [9] Economic Considerations - The most favorable economics for CCS projects arise from medium to high concentration CO2 streams, which have lower capture costs and are easier to finance [11] - CRC's strategy will prioritize early Power-to-CCS projects focusing on higher-concentration sources, with plans to expand as technology improves [12] Emissions Certification - CRC has achieved MiQ "Grade A" methane certifications for its operations, enhancing its credibility in emissions reduction when negotiating with CCS customers [13] - Ongoing efforts to expand certifications statewide will further strengthen CRC's decarbonization brand [14] Future Milestones - Key upcoming milestones include the closing of the Berry merger, the first carbon capture and storage injection at Elk Hills in early 2026, and decisions on additional EPA Class VI permits [15] - Final investment decisions related to the Power-to-CCS corridor and adjacent data-center projects will be critical for quantifying future earnings [16]

Summary of ExxonMobil Corporate Plan Update Call Company Overview - **Company**: ExxonMobil - **Key Executives Present**: Darren Woods (CEO), Kathryn Mikells (CFO), Neil Chapman, Jack Williams Core Industry Insights - **Transformation and Competitive Advantages**: ExxonMobil has undergone a transformation aimed at unlocking competitive advantages, resulting in industry-leading results and a strong portfolio. The company is more profitable than five years ago and expects continued growth in earnings and cash flow [3][4] - **2030 Goals**: The company aims to deliver $25 billion in additional earnings and $35 billion in additional cash flow by 2030, with no increase in capital expenditures, while achieving a return on capital employed of over 17% [4] Financial Performance - **Production Guidance**: ExxonMobil has increased its 2030 upstream production guidance to 5.5 million oil-equivalent barrels per day, approximately 30% higher than the next closest International Oil Company (IOC) [4] - **Cost Savings**: The company has achieved over $14 billion in structural cost savings since 2019, with a target of $20 billion by 2030 [7][8] Technological Advancements - **Project Solutions**: Advantaged projects are expected to deliver $4 billion in additional earnings growth by 2030, with 60% from projects already started [5] - **Innovative Technologies**: ExxonMobil is developing over 40 stackable technologies aimed at improving resource recovery, including lightweight proppant technology that has shown up to 20% higher recovery rates [12][28] Market Outlook - **Energy Demand**: The company anticipates strong demand for oil and natural gas, projecting that these sources will supply over half of the world's energy by 2050 [19] - **New Market Opportunities**: By 2030, ExxonMobil sees potential addressable markets for existing and new businesses totaling $4 trillion, potentially doubling to $8 trillion by 2050 [20] Investment Strategy - **Capital Allocation**: ExxonMobil plans to reinvest about 40% of total cash flow from operations through 2030, with a projected investment of $100 billion in major projects expected to generate about $50 billion in cumulative earnings [22] - **Shareholder Returns**: The company has a strong balance sheet and plans to maintain a $20 billion share repurchase program under reasonable market conditions [42][44] Emerging Business Areas - **Product Solutions Growth**: The company is focusing on proprietary technology development in areas like Proxima and carbon materials, with significant potential for growth in construction and automotive sectors [36][39] - **Data Center Investments**: ExxonMobil is working on a low-carbon data center project, leveraging its CO2 infrastructure to provide decarbonized power [49][51] Risks and Challenges - **Market Conditions**: The company acknowledges the slow development of markets for low-carbon hydrogen and is inventorying work on related projects until market conditions improve [20][21] - **Technological Uncertainty**: While there is confidence in the technology pipeline, there are inherent risks associated with new technology programs [29] Conclusion - **Long-term Vision**: ExxonMobil is committed to leveraging its unique competitive advantages to create substantial shareholder value, with a clear focus on execution excellence and innovation [24][25]

Core Insights - California Resources Corporation (CRC) is advancing its California-first strategy, focusing on carbon capture and storage (CCS) initiatives to generate cash flow by early 2026 [1][11] Group 1: Carbon Capture and Storage (CCS) Initiatives - CRC's Carbon TerraVault aims for initial carbon capture and storage cash flows in early 2026, supported by seven Class VI permits under EPA review [2][11] - The carbon management segment is currently pre-revenue, but ongoing spending on permits and early-stage work indicates a pathway to monetization once approvals are secured [3] - Management plans to double the rig count to four by early 2026, enhancing development visibility and cycle times as permitting normalizes [2][11] Group 2: Power and Data Center Collaborations - CRC signed a Memorandum of Understanding (MOU) with Capital Power to capture and store approximately 3 million metric tons of CO2 annually from the La Paloma natural gas plant [4] - The collaboration also explores opportunities related to data centers and regulatory partnerships, reflecting increasing in-state demand for carbon reduction [4] Group 3: Policy Environment and Market Position - California's legislative environment has improved, with new laws enhancing oil and gas permitting and extending Cap-and-Invest through 2045, creating a favorable framework for CRC [6][11] - The company received MiQ 'Grade A' methane certifications for its assets, validating its practices and enhancing marketability in lower-emission oil and gas [8][11] - These certifications can support wider demand for CRC's products as buyers increasingly seek verified lower-emission supplies [9] Group 4: Financial Position and Execution Strategy - CRC's liquidity exceeds $1.1 billion, with minimal net leverage and maturities extended to 2029, providing financial flexibility during regulatory processes [12] - The company has reaffirmed its 2025 capital expenditure at $280–$330 million and outlined a steady program for 2026 [13] - Corporate base decline is projected at 8–13% in 2026, reflecting improved reservoir performance [13] Group 5: Investor Outlook - CRC holds a Zacks Rank 3 (Hold) and a VGM Score of A, indicating a balanced near-term outlook as the company builds its carbon and certified-methane credentials [14] - Near-term challenges include output softness and elevated operating costs, but the advancing CCS initiatives and strong policy support position CRC favorably for future growth [16]

Core Insights - California Resources has established a strong position in California's independent exploration and production sector, holding significant mineral rights and a diverse portfolio of oil and gas plays, with 81% of its proved reserves located in the San Joaquin Basin [1][6] - Wells Fargo analysts have initiated an Overweight rating on California Resources and Tamboran Resources, highlighting their unique asset mixes and upcoming catalysts for 2026 [3][14] - The energy sector is experiencing a complex evolution driven by decarbonization efforts and local economic factors, impacting investment strategies [5] California Resources - The company produced 137,000 barrels of oil equivalent per day in the second and third quarters of the year, with crude oil making up approximately 78% of this total [6] - California Resources reported a revenue of $855 million in 3Q25, down over 36% year-over-year, but beat earnings expectations with a non-GAAP EPS of $1.46, up from $1.10 in 2Q25 [8] - The company is involved in carbon capture and storage through its Carbon TerraVault project, partnering with Brookfield Renewable to develop CCS opportunities [7][10] - Analyst Margolin believes CRC shares are trading at their PDP value, with potential for significant upside, setting a price target of $58, indicating a 21.5% increase [10] Tamboran Resources - Tamboran operates in the unconventional natural gas sector in Australia's Northern Territory, with a focus on tapping into the Beetaloo/MacArthur basin [11][12] - The company has not yet begun commercial production and is currently operating at a loss, raising $56.1 million through a public offering and planning additional fundraising [13] - Analyst Margolin highlights the potential for high output and earnings from Tamboran's assets, with a price target of $35 suggesting a 36% upside [14]