Core Insights - The article highlights a significant investment of up to $26.54 billion from the U.S. Department of Energy aimed at enhancing energy infrastructure and grid reliability for Southern Company’s subsidiaries, Georgia Power and Alabama Power [1] - This investment is projected to create approximately $7 billion in benefits for customers in Alabama and Georgia, contributing to lower energy costs and improved grid strength [1] Investment Details - The loan package of $26.54 billion is part of the Department of Energy's Office of Energy Dominance Financing initiative [1] - The funding is expected to support the advancement of the president's energy dominance and affordability agenda [1] Customer Benefits - Customers across Alabama and Georgia will experience reduced energy costs as a result of this investment [1] - The initiative aims to strengthen the energy grid, enhancing reliability for consumers [1]

ARCHROCK, INC. Investor Handout February 2026 2 0,169,224 0,0,0 Forward-Looking Statements All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results ...

Primoris Services (NYSE:PRIM) Q4 2025 Earnings call February 24, 2026 10:00 AM ET Company ParticipantsAdam Thalhimer - Director of ResearchAdam Uhlman - VP of Global Investment ResearchBlake Holcomb - VP of Investor RelationsJerry Revich - Managing Director and Equity ResearchKen Dodgen - CFOKoti Vadlamudi - President and CEOLee Jagoda - Senior Managing DirectorManish Somaiya - Managing DirectorConference Call ParticipantsAadit Madan - Associate AnalystBrent Thielman - Managing Director and Senior Research ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% increase from the adjusted earnings of $4.63 per share in 2024 [4][28] - The earnings per share guidance for 2026 is affirmed in the range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the original 2025 earnings guidance midpoint [16][24] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [29] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure in 2025, including the installation of nearly 26,000 electric distribution poles and 31 new or upgraded substations [6][10] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to contribute positively to future sales and earnings forecasts [4][20] - The economic impact study indicates that the company's operations generate over $20 billion in annual economic activity in Missouri and Illinois [10] Company Strategy and Development Direction - The company’s three-pillar strategy focuses on investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in infrastructure from 2026 to 2030, targeting a compound annual rate base growth of 10.6% [14][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving near the upper end of the 6%-8% earnings growth guidance for 2026-2030, supported by the recent large load electric service agreements [5][45] - The management highlighted the importance of disciplined cost management and continuous improvement to keep customer rates low while investing in infrastructure [11][80] Other Important Information - The company’s dividend was increased by 5.6%, marking the thirteenth consecutive year of dividend growth [17] - The company has a robust investment pipeline exceeding $70 billion, aimed at enhancing the safety, reliability, and resiliency of the energy grid [25][26] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and how it impacts guidance? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving upper-end targets [41][45] Question: How does the company view hybrid securities in the financing plan? - Management noted that hybrid securities might be slightly accretive in the short term, but the overall impact would need to be evaluated over time [47][48] Question: What is the breakdown of the lag between rate base growth and earnings growth? - Management explained that the primary difference is due to equity dilution from planned issuances, and that sales from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of projects with ESAs? - Management expressed no concerns regarding the ESAs, emphasizing the protective measures in place for customers and the significant milestones ahead for project development [59][61] Question: How does the company view affordability in relation to customer bills? - Management highlighted a focus on disciplined cost control and ensuring that new data centers pay their fair share of costs, aiming to prevent any burden on existing customers [78][80]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $6.31 for 2025, reflecting a 7% increase from 2024 and exceeding the midpoint of the guidance range [4][14] - The 2026 EPS guidance is set between $6.55 and $6.80, with a long-term EPS growth rate of 5%-7% extended through 2030 [4][5] Business Line Data and Key Metrics Changes - The electric segment is expected to drive most of the growth in 2026, supported by multi-year rate plans in North Carolina and Florida, and new rates from South Carolina [14][15] - The gas segment will see growth from Piedmont Integrity Management riders and new rates at Duke Energy Kentucky [15] Market Data and Key Metrics Changes - The company has secured approximately 4.5 GW of electric service agreements (ESAs) with data center customers, indicating strong demand in its service territories [16][90] - Data centers are projected to comprise about 75% of the economic development profile by the end of 2030, highlighting their increasing significance in load growth [89] Company Strategy and Development Direction - The capital plan has increased to $103 billion, the largest among regulated utilities, driving 9.6% earnings-based growth through 2030 [5][18] - The company is focused on maintaining affordability for customers while investing in critical energy infrastructure and advancing its all-of-the-above generation strategy [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the top half of the EPS growth range starting in 2028, driven by load growth from data centers [4][22] - The company is committed to keeping rates below inflation and has mechanisms in place to recover storm costs without impacting guidance [30][33] Other Important Information - The company has a disciplined approach to nuclear development, maintaining optionality for future projects while focusing on existing fleet investments [11][12] - Management highlighted the importance of regulatory outcomes and customer value in their strategy, emphasizing a history of constructive settlements [74][75] Q&A Session Summary Question: Costs or impacts from recent storms - Management is still compiling costs but does not anticipate any impact on guidance for 2026 due to effective recovery mechanisms [30][33] Question: North Carolina rate case strategy - Management is focused on delivering reliable and affordable energy and is prepared to settle portions of the case constructively [35][36] Question: Incremental data center opportunities - Management expressed confidence in the growth outlook, with signed ESAs under construction and a robust pipeline [45][46] Question: Long-term growth rate outlook - The delta between earnings base CAGR and EPS CAGR is influenced by funding mix and timing of load ramp, with confidence in revenue acceleration [47][56] Question: FFO to debt targets - Management is targeting 14.5% FFO to debt for 2026, with a strong cash flow profile supporting this target [20][56] Question: Generation build cycle constraints - Management has planned for supply chain needs and is using a programmatic approach with EPC vendors to ensure timely project execution [62] Question: Data center load growth in projections - Data centers are becoming a larger component of load growth, with significant contributions expected by the end of the decade [89][90]

Core Insights - FirstEnergy Corp. has received approval from the Public Utilities Commission of Ohio (PUCO) for a settlement agreement that will provide $275 million in restitution and refunds to customers of Ohio Edison, The Illuminating Company, and Toledo Edison [1][2] Financial Impact - The settlement resolves four regulatory proceedings and will return $250 million directly to customers, with an additional $5 million in credits for residential customers [2] - Average residential customers using 1,000 kWh per month are expected to receive approximately $65.61 in bill credits over three months [3] - The settlement allocates $20 million for programs supporting low-income residential customers through bill assistance, weatherization, and energy efficiency initiatives [3] Company Strategy - FirstEnergy's President, Torrence Hinton, emphasized that the agreement allows the company to move past legacy issues and demonstrates a commitment to customer service and transparency with regulators [4] - The company plans to invest $14 billion in Ohio's transmission and distribution infrastructure, workforce, and facilities through 2029 to enhance energy resilience [4] Customer Bill Impacts - Following the settlement and the proposed PUCO rate review order, average monthly bill impacts for residential customers using 1,000 kWh per month will vary, with specific decreases and increases noted for different companies [5][7]

Core Viewpoint - TC Energy Corporation has experienced significant changes in options trading and institutional investments, alongside a recent earnings report and dividend increase, indicating a dynamic market environment for the company [2][3][4]. Group 1: Options Trading and Institutional Investments - On Wednesday, TC Energy saw unusual options trading with 16,157 put options purchased, marking an increase of approximately 1,446% compared to the average volume of 1,045 put options [2]. - Goldman Sachs Group Inc. raised its holdings in TC Energy by 2,565.1% in Q1, now owning 16,306,187 shares valued at $769.82 million after acquiring an additional 15,694,336 shares [2]. - Norges Bank acquired a new position in TC Energy valued at $493.43 million in Q2 [2]. - American Century Companies Inc. boosted its position by 514.5% in Q3, now holding 6,491,799 shares worth $352.98 million after acquiring an additional 5,435,310 shares [2]. - Canada Pension Plan Investment Board increased its holdings by 34.2% in Q1, now owning 19,808,558 shares valued at $935.63 million [2]. - Public Sector Pension Investment Board raised its position by 2,573.3% in Q2, now owning 2,680,572 shares worth $130.60 million [2]. - Institutional investors currently own 83.13% of TC Energy's stock [2]. Group 2: Financial Performance - TC Energy reported earnings of $0.56 per share for the quarter, meeting consensus estimates, with revenue of $1.86 billion, below analysts' expectations of $2.63 billion [3]. - The company had a net margin of 23.86% and a return on equity of 10.61% [3]. - The previous year's earnings per share for the same quarter were $1.03 [3]. Group 3: Dividend Information - TC Energy declared a quarterly dividend of $0.85, an increase from the previous $0.61, representing an annualized dividend of $3.40 and a dividend yield of 6.1% [4]. - The payout ratio is currently at 106.47% [4]. Group 4: Analyst Ratings and Forecasts - Wall Street analysts have varied opinions on TC Energy, with ratings ranging from "sell" to "strong-buy" [5]. - The stock has a consensus rating of "Moderate Buy" and a price target of $84.00 according to MarketBeat.com [5].

Financial Data and Key Metrics Changes - The company reported a record third quarter adjusted EBITDA, driven by contributions from U.S. gas utilities and organic growth in gas transmission [7][24] - Adjusted EBITDA increased by $66 million compared to Q3 2024, while EPS decreased from $0.55 to $0.46 due to seasonal lower EBITDA in Q3 [24] - The debt to EBITDA ratio for the quarter is 4.8 times, remaining within the target leverage range of 4.5 to 5 times [7][26] Business Line Data and Key Metrics Changes - In the liquids segment, mainline volumes reached a record average of 3.1 million barrels per day, reflecting strong demand for Canadian crude [10][11] - The gas transmission segment experienced strong performance due to favorable contracting and rate case outcomes, contributing to overall growth [25] - The gas distribution segment benefited from a full quarter contribution from Enbridge Gas North Carolina and quick-turn capital projects in Ohio [25] Market Data and Key Metrics Changes - The company added $3 billion in new growth capital to its secured capital program, showcasing continued execution on commitments [8][9] - The North American energy landscape is evolving with increased demand driven by LNG development, power generation, and data centers [31][32] - The company is positioned to add over 60 BCF of new natural gas storage capacity adjacent to major LNG centers in North America [18][19] Company Strategy and Development Direction - The company aims for 5% growth through the end of the decade, supported by $35 billion in secured capital [31][32] - The focus remains on brownfield, highly strategic projects that are economically viable and supported by underlying energy fundamentals [28][31] - The company is actively pursuing opportunities in gas distribution and storage, particularly in response to power demand and data center growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA in the upper half of the guidance range of $19.4 billion to $20 billion [26] - The company anticipates continued strong performance despite headwinds from higher interest rates and tight differentials [27] - Management highlighted the importance of strategic positioning in the growing North American storage market to support LNG capacity and power demand growth [19][20] Other Important Information - The company has sanctioned expansions of gas storage facilities to support LNG buildout along the U.S. Gulf Coast [9][17] - The company is advancing a joint venture with Oxy to develop the Pelican CO2 hub in Louisiana, which will provide transportation and sequestration for 2.3 million tons of CO2 per year [9][15] Q&A Session Summary Question: Acceleration in gas distribution and storage - Management noted an acceleration in commercial activity across various regions, particularly in Ohio and Utah, driven by data center demand and power generation [34][35] Question: Construction timeline for Line 5 - Management indicated that permitting for the Wisconsin Reboot and Michigan tunnel is regaining momentum, with completion expected in 2027 [42][43] Question: Mainline optimization phase two - Management confirmed that customer demand and a favorable environment are driving the expedited timing for expanded egress to Canadian producers [48][49] Question: Growth outlook and capital sequencing - Management expressed confidence in maintaining capital spending between $9 billion and $10 billion, with a strong project pipeline supporting growth [55][56] Question: Customer conversations regarding gas storage in Western Canada - Management highlighted strong customer interest in gas storage expansions, with significant contracts already signed for new capacity [70][72] Question: Managing cost risk in power generation projects - Management emphasized prudent capital management and strong contractor relationships to mitigate cost risks in competitive markets [78][80]

Core Points - TC Energy Corporation announced the closing of a US$350 million offering of 6.250% Fixed-for-Life Junior Subordinated Notes due Nov. 1, 2085 [1] - The net proceeds from the offering will be used to redeem its Cumulative Redeemable First Preferred Shares, Series 11, on Nov. 28, 2025, at a price of $25.00 per share [2] - A final quarterly dividend of $0.2094375 per Series 11 Share is expected to be declared, payable on the same date as the redemption [3] Financial Details - The Notes were issued through a syndicate of underwriters, co-led by Morgan Stanley, BofA Securities, J.P. Morgan, RBC Capital Markets, and Wells Fargo [1] - The redemption of Series 11 Shares aims to reduce indebtedness and support general corporate purposes [2] - The Series 11 Shares will cease to be entitled to dividends after the redemption date and will be delisted from the Toronto Stock Exchange [3] Company Overview - TC Energy is a leader in North American energy infrastructure, moving over 30% of the continent's cleaner-burning natural gas [6] - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy [6] - TC Energy's common shares are traded on the Toronto and New York stock exchanges under the symbol TRP [7]

Energy Market Overview - Global energy demand is expected to grow steadily, driven by population growth, urbanization, and economic development, with developing economies like India (32%), China (26%), Africa (15%), and Southeast Asia (15%) leading the increase from 2017 to 2040[9] - The U S is the largest oil and gas producer globally, with production expected to grow by approximately 33% by 2025, positioning it as a key trade partner[11, 15] - By 2025, the U S is projected to supply over 50% of the expected global supply increase and produce nearly 1 out of every 5 barrels of oil and 1 out of every 4 cubic meters of natural gas worldwide[15] Kinder Morgan's Business and Financial Highlights - Kinder Morgan is a leader in energy infrastructure, operating approximately 70,000 miles of natural gas pipelines and transporting about 40% of the natural gas consumed in the U S [20, 49] - The company anticipates approximately $5 billion in distributable cash flow (DCF) for 2019, allocating around $2 billion for dividends and $3 billion for enhancing shareholder value[21] - Kinder Morgan has a market capitalization exceeding $40 billion and boasts investment-grade rated debt, with recent upgrades to BBB / Baa2 by S&P and Moody's[24] - The company offers a current dividend yield of 5% based on a $20 share price, with a planned 25% dividend growth in both 2019 ($1 00/share) and 2020 ($1 25/share)[24, 30] - Kinder Morgan has repurchased approximately $525 million of its shares since December 2017 as part of a $2 billion share buyback program[24] Growth and Capital Projects - The company has $6 1 billion of commercially secured capital projects underway, primarily focused on natural gas opportunities[36] - U S natural gas production is projected to grow by over 30 Bcfd, nearly 40%, by 2030, with over 70% of the forecasted demand growth concentrated in Texas and Louisiana[33, 34] - Kinder Morgan is investing in Permian takeaway projects, including GCX and PHP, with a combined capacity of 4 1 Bcfd, and is in discussions for a potential third pipeline[40, 42] - The company's network is contracted for over 5 7 Bcfd of transport capacity to U S liquefaction facilities under 19-year average term contracts, with approximately $1 billion invested in transportation infrastructure to support LNG exports[49] Financial Performance and Stability - Approximately 90% of Kinder Morgan's earnings are underpinned by take-or-pay or fee-based contracts, ensuring stable cash flows[65] - The company projects approximately $8 billion in adjusted EBITDA for 2019[66] - Kinder Morgan has a long-term target net debt / adjusted EBITDA ratio of approximately 4 5x, which was reached as of March 31, 2019[30]