Financial Data and Key Metrics Changes - In Q4 2025, the company achieved net earnings attributable to shareholders of $252 million, or $1.26 per share, with full-year net earnings totaling $520 million, or $2.56 per share, reflecting an increase compared to the prior year [13][14][17] - Revenue for 2025 reached $1.8 billion, supported by higher average realized gold prices, despite lower production volumes compared to 2024 [17] - Free cash flow for the full year was negative $233 million, but positive $316 million when excluding capital investment in the Skouries project [16][17] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with Q4 production at 123,416 ounces at an all-in sustaining cost of $1,894 per ounce sold [7][9] - The Olympias mine produced 18,476.73 ounces in Q4, while Klada and Efemçukuru produced 41,140 ounces and 14,496 ounces respectively, with varying all-in sustaining costs [25][26] - The Lamaque Complex delivered 49,307 ounces at an all-in sustaining cost of $1,392 per ounce sold [27] Market Data and Key Metrics Changes - The company noted a favorable gold price environment contributing positively to operating cash flow, with production costs increasing due to higher royalties and labor cost inflation [8][17] - The Turkish operations remain a stable cash-generating foundation for the company, despite local inflation impacting costs [8][17] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio, focusing on per-share value creation and sustainable free cash flow growth [6][36] - The company aims to advance its growth pipeline while maintaining flexibility to return capital to shareholders, including a newly initiated quarterly dividend program [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the delivery of the Skouries project, despite delays, emphasizing its long-term potential to generate meaningful cash flow [11][12] - The company anticipates a significant increase in production in 2027, supported by the addition of Skouries and a solid base of lower-cost operations [28][29] Other Important Information - The company reported a strong balance sheet with total liquidity of approximately $976 million at year-end, positioning it well for growth initiatives and capital returns [20] - The first production from Skouries is now expected in early Q3 2026, with commercial production anticipated in Q4 [10][11] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping, but they expect to open up new ore sources that could positively impact 2027 production [39][41] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors regarding the acquisition, highlighting the benefits of combining high-quality assets and the potential for accelerated investment [48] Question: Tailings management and weather impact - Management confirmed that the delay provides breathing room for tailings management and that heavy rains have not caused significant construction delays [54][56]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of $1.8 billion, with net earnings attributable to shareholders of $520 million, or $2.56 per share, reflecting an increase from the previous year [11][12] - Operating cash flow for the year was $743 million, while free cash flow was $316 million when excluding Skouries investment [6][13] - Total cash costs for the fourth quarter were $1,295 per ounce sold, and all-in sustaining costs (AISC) were $1,894 per ounce sold [16] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with significant contributions from the Lamaque Complex and steady performance from Klada and Efemçukuru [5][6] - The Olympias mine showed a solid finish, contributing to the overall production figures [5] - Fourth quarter production at Olympias was 18,476.73 ounces, with AISC at $1,676 per ounce sold [24] Market Data and Key Metrics Changes - The company noted a favorable gold price environment that positively impacted operating cash flow [6] - Royalty expenses increased significantly, totaling $124 million in 2025, up from just over $79 million in 2024, primarily due to regulatory changes in Türkiye [15] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio [5] - The company is focused on a clear value creation strategy, including launching a quarterly dividend and advancing a disciplined exploration program [4] - Skouries is anticipated to be a transformational asset, with first production expected in early Q3 2026 and commercial production in Q4 [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of Skouries, despite a delay in first concentrate production [10][20] - The company is well-positioned to advance its growth pipeline while maintaining flexibility to return capital to shareholders [8][18] - Management highlighted the importance of safety and operational excellence in achieving production goals [34] Other Important Information - The company repurchased approximately $204 million of shares during 2025 and initiated a quarterly dividend program starting in Q1 2026 [8][18] - The balance sheet remains strong, with total liquidity of approximately $976 million at year-end [18] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping but expects to open up new ore sources in the western area [39][40] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors, emphasizing the compelling benefits of the acquisition for both companies [44][45] Question: Delay impacts on Skouries and tailings management - Management confirmed that the delay provides breathing room for tailings management and allows for better preparation of equipment before first concentrate [52][54]

Financial Performance and Key Metrics - In 2025, the company generated $4.3 billion in free cash flow before working capital, despite a 14% decline in oil prices from 2024 [4][20] - Cash flow from operations increased by 27% year-over-year on a normalized basis, excluding OxyChem [4][20] - The company repaid $4 billion in debt, reducing principal debt to $15 billion, with a target to further reduce it to $14.3 billion [5][23] Operational Achievements - The company set a new annual production record of 1.4 million barrels of oil equivalent per day, exceeding guidance while spending $300 million less in oil and gas capital than planned [6][12] - Achieved a 107% organic reserves replacement ratio and a 98% all-in reserves replacement ratio at a finding and development cost below the DD&A rate [7] - Total resource base now stands at 16.5 billion barrels of oil equivalent, with 84% of this resource base breaking even below $50 per barrel [8][9] Business Line Performance - The midstream segment delivered strong results, with adjusted pretax income surpassing guidance by over $500 million, driven by gas marketing optimization and higher sulfur prices [8][22] - The company achieved record safety performance across global operations in 2025, launching a remote operations command center to enhance safety and operational efficiency [8][9] Strategic Direction and Industry Competition - The company plans to maintain production through safe operations and aims to deliver a sustainable and growing dividend, with an 8% increase announced [10][11] - Focus on investing in high-return oil and gas projects while advancing mid-cycle projects to reduce sustaining capital requirements over time [11][12] - The company is positioned to drive sustainable free cash flow growth and deliver long-term value to shareholders [4][10] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to unlock further value through disciplined capital allocation and strong operational performance [20][24] - The company expects to improve free cash flow by more than $1.2 billion in 2026, driven by operational savings and interest savings [24] - The company anticipates production to average approximately 1.45 million barrels of oil equivalent per day in 2026, despite lower capital spending [12][27] Other Important Information - The company completed the sale of OxyChem, which strengthened the balance sheet and accelerated deleveraging [20][23] - The capital spending plan for 2026 is expected to range from $5.5 billion to $5.9 billion, reflecting a reduction from 2025 [11][26] - The company is focused on maintaining flexibility in capital allocation to adapt to oil price uncertainty [26] Q&A Session Summary Question: Can you walk through the lower CapEx guidance relative to the previous guidance? - Management noted that the reduction was due to improved project optimization and cost efficiencies achieved by the teams [32][33] Question: What is the expected impact of the Horn Mountain waterflood project on sustaining production? - Management indicated that the project is expected to lower decline rates and improve reliability, contributing to sustaining production levels [41][42] Question: How sustainable are the cost savings achieved in 2025 for 2027? - Management suggested that the structural savings are expected to continue into 2027, with ongoing optimization efforts [53][57]

Core Insights - National Energy Services Reunited (NASDAQ:NESR) reported stronger than expected fourth-quarter results for 2025, driven by a major contract ramp in Saudi Arabia and increased activity in North Africa [3] - The company anticipates 2026 to be its best growth year ever, aiming for an annualized revenue run rate of approximately $2 billion by the end of the year [4][11] Financial Performance - Fourth-quarter revenue reached a record $398.3 million, up 34.9% sequentially and 15.9% year-over-year, with adjusted EBITDA of $84.4 million, reflecting a 21.2% margin [2][5] - For the full year 2025, revenue totaled $1.324 billion, a 1.7% increase year-over-year, with adjusted EBITDA at $281.4 million and a margin of 21.3%, down 250 basis points from the previous year [6][7] Cash Flow and Debt Management - Full-year free cash flow was $120.8 million, with net debt at $185.3 million, resulting in a net debt to EBITDA ratio of 0.66 [4][9] - The company plans to allocate free cash flow towards reducing bank debt and is considering dividends and buybacks in its capital allocation strategy [10] 2026 Outlook - The company expects muted seasonality in Q1 2026, with margins anticipated to improve throughout the year due to robust top-line growth and operational leverage [11] - Financial expectations for 2026 include interest expense of approximately $7.5 million in Q1 and around $22 million for the full year, with capital expenditures projected at $165 million [11][12] Operational Highlights - The Jafurah frac project, described as the largest unconventional frack program in sector history, commenced operations in early November and is expected to reach a steady state by Q2 2026 [12][13] - The company is actively pursuing a large tender pipeline, having bid on $2 billion to $3 billion worth of tenders across the region, with significant awards expected in 2026 [14][15]

Financial Data and Key Metrics Changes - TELUS achieved record free cash flow of CAD 2.2 billion for the full year 2025, representing an increase of 11% over 2024, exceeding the annual target [8][9] - Adjusted EBITDA, including health, increased by 3.1% for 2025, demonstrating disciplined execution and focus on cost efficiency [8] - The net debt to EBITDA ratio improved to 3.4x at the end of 2025, with expectations to reach approximately 3.3x or lower by the end of 2026 [19][26] Business Line Data and Key Metrics Changes - In the fourth quarter, TELUS achieved total telecom customer net additions of 377,000, with wireless driving strong net additions of 337,000 [9][10] - The company reported record connected device net additions of 716,000 for the full year, with mobile phone net additions of 207,000 and fixed net additions of 158,000 [6][7] - TELUS Health's operating revenues and adjusted EBITDA grew by 13% and 10% respectively, attributed to the acquisition of Workplace Options and organic growth [24] Market Data and Key Metrics Changes - TELUS led the industry with 1.1 million full mobile and fixed customer net additions in 2025, marking the fourth consecutive year of surpassing 1 million combined customer additions [6][7] - The company reported industry-leading postpaid mobile phone churn of 0.97% for the full year, marking the twelfth consecutive year below the 1% threshold [8] Company Strategy and Development Direction - TELUS is focused on amplifying profitable revenue expansion while maintaining a strong emphasis on cost efficiencies [19][20] - The company plans to leverage its superior portfolio of bundled products and services to differentiate itself from competitors and create shareholder value [11][12] - TELUS aims to achieve double-digit EBITDA growth from TELUS Digital and TELUS Health in 2026, with a focus on new product development and improving churn rates [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering sustained profitable growth, supported by a robust asset mix and diversified business portfolio [28] - The company anticipates consolidated service revenue and adjusted EBITDA growth of up to 4% in 2026, alongside a free cash flow target of approximately CAD 2.45 billion [19][27] - Management highlighted the importance of maintaining healthy industry economics and brand differentiation amidst competitive pressures [34][35] Other Important Information - Darren Entwistle announced his retirement effective June 30, 2026, with Victor Dodig set to succeed him as CEO [3][4] - The company is exploring strategic investment opportunities for TELUS Health and TELUS Agriculture, alongside monetization of real estate and copper assets [18][19] Q&A Session Summary Question: Current wireless environment and TELUS strategy - Management acknowledged the competitive environment and emphasized the importance of maintaining brand differentiation to avoid a detrimental race to the bottom [34][35] Question: ARPU growth expectations - Management indicated that the improvement in ARPU is organic and reflects a reestablishment of premium offerings, with expectations for continued growth [40][41] Question: Guidance for revenue and EBITDA growth - Management outlined three key growth areas: telecom, TELUS Digital, and TELUS Health, with expectations for double-digit EBITDA growth from both digital and health segments [49][50] Question: Changes in CEO and capital allocation - Management assured continuity in growth initiatives and capital allocation strategies despite the leadership transition [67] Question: Sovereign AI strategy and chip ownership - Management confirmed that the chip strategy is included in guidance and emphasized the cost efficiency of leveraging existing data centers for Sovereign AI initiatives [88][94]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $285 million, a 4% increase year-over-year, driven by higher gathering and compression volumes [5] - Free cash flow after dividends for Q4 2025 was $85 million, contributing to a leverage reduction to 2.7x and approximately $48 million in share repurchases [5] - For the full year 2025, free cash flow after dividends reached a record $325 million, a 30% increase compared to 2024 [5] Business Line Data and Key Metrics Changes - The acquisition of HG Midstream for $1.1 billion adds over 400 undeveloped locations, enhancing Antero Midstream's competitive position in the Marcellus Shale [3] - The company expects 8% year-over-year EBITDA growth and 11% year-over-year free cash flow growth in 2026, following the integration of the acquired assets [4][7] Market Data and Key Metrics Changes - The company anticipates a capital budget of $190 million to $220 million for 2026, focusing on well connections, water capital, and compression asset integration [6] - The forecast for 2026 includes Adjusted EBITDA of over $1.2 billion, reflecting an 8% increase year-over-year [7] Company Strategy and Development Direction - Antero Midstream's strategy emphasizes capital-efficient organic growth and the integration of acquired assets to enhance free cash flow and operational efficiency [3][8] - The company aims to maintain a strong balance sheet with leverage in the low 3x range while executing a balanced return of capital program [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued EBITDA growth and capital efficiency, projecting high single-digit growth beyond 2027 due to the 3-rig, 2-completion crew program [12] - The management highlighted the strategic positioning of Antero Resources (AR) to meet growing demand over the next 5-10 years, supported by Antero Midstream's infrastructure [15] Other Important Information - The company reported a 20% return on invested capital (ROIC) for 2025, indicating strong capital efficiency [5] - The integration of the Intervale Water System is expected to provide high visibility into growth opportunities [4] Q&A Session Summary Question: Long-term growth outlook post-acquisition - Management indicated that the 3 rig, 2 crew program will support continued growth beyond 2027, with expected mid- to high single-digit EBITDA growth [12] Question: Growth plans for Antero Resources and implications for Antero Midstream - Management clarified that there is minimal additional capital required for Antero Midstream due to existing infrastructure, positioning AR well for future demand [14]

Core Viewpoint - ConocoPhillips demonstrated strong operational execution in 2025, returning $9.0 billion to shareholders, achieving production growth, and improving its balance sheet while maintaining a focus on free cash flow growth initiatives [3][4][5]. Financial Performance - In Q4 2025, ConocoPhillips returned $2.1 billion to shareholders, including over $1 billion in buybacks and $1 billion in ordinary dividends [1]. - The company reported adjusted earnings of $1.02 per share and cash from operations (CFO) of $4.3 billion for the quarter, with full-year capital expenditures totaling $12.6 billion [2][5]. - Full-year returns to shareholders equated to 45% of CFO, consistent with the company's framework [1][4]. Production and Guidance - Q4 production was 2.32 million barrels of oil equivalent per day, aligning with the midpoint of guidance, and pro forma production grew by 2.5% in 2025 [2][5]. - For 2026, management guided to capital expenditures of approximately $12 billion and modest production growth of 2.23 to 2.26 million barrels of oil equivalent per day [3][8][9]. Cost Management and Efficiency - The company launched a $1 billion cost-reduction initiative and expects operating costs to be about $10.2 billion in 2026, down $400 million from 2025 [3][8]. - Improvements in drilling and completion efficiencies exceeded 15% in 2025, with expectations for further gains in 2026 [10]. Free Cash Flow and Major Projects - ConocoPhillips anticipates a $7 billion free cash flow inflection by 2029, with $1 billion of incremental free cash flow expected annually from 2026 to 2028 [11]. - The company's LNG portfolio has grown to about 10 million tons per annum of offtake, with projects over 80% complete [12]. Balance Sheet and Debt Management - The company reduced net debt by approximately $2 billion in 2025, ending the year with $7.4 billion in cash and short-term investments [4][5]. - Current pre-dividend free cash flow breakeven is in the mid-$40s WTI range, expected to fall to the low $30s with the Willow project coming online [13]. Strategic Initiatives - ConocoPhillips closed over $3 billion in asset sales in 2025, progressing towards a $5 billion divestiture target [6]. - The integration of Marathon Oil exceeded expectations, doubling synergy capture and eliminating the Marathon capital program while achieving production growth [6].

Financial Data and Key Metrics Changes - In 2025, ConocoPhillips reported a production growth of 2.5% on a pro forma basis, while achieving a return of 45% of cash flow from operations (CFO) to shareholders [4][10] - The company generated $1.02 per share in adjusted earnings and $4.3 billion of CFO in the fourth quarter [10] - Capital expenditures for the fourth quarter were $3 billion, totaling $12.6 billion for the full year [10][12] - Cash balances increased by $1 billion, and net debt was reduced by nearly $2 billion, highlighting a strong financial position [11][12] Business Line Data and Key Metrics Changes - The Lower 48 segment showed improved drilling and completion efficiencies, with a more than 15% increase in 2025 [14] - Production guidance for 2026 is set at 2.23 million to 2.26 million barrels of oil equivalent per day, indicating modest growth [13] - The company expects to continue delivering more production for less capital in the Lower 48, benefiting from high-quality asset bases [13][14] Market Data and Key Metrics Changes - ConocoPhillips closed over $3 billion in asset sales during 2025, progressing towards a $5 billion divestiture target [11] - The organic reserve replacement ratio for 2025 was just under 100%, with a trailing three-year average of 106% [11][88] Company Strategy and Development Direction - The primary focus for 2026 is to achieve a combined reduction of $1 billion in capital spending and operating costs while growing production [6][12] - The company aims to maintain a top-quartile dividend growth rate, with expectations of free cash flow breakeven declining into the low $30 per barrel WTI range by the end of the decade [6][12] - ConocoPhillips is investing in diverse major projects to enhance free cash flow generation, anticipating a $7 billion free cash flow inflection by 2029 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resource-rich position amid a maturing US shale industry, emphasizing a focus on organic growth rather than M&A [21][22] - The company is optimistic about the long-term outlook for oil demand, particularly with LNG and Willow projects coming online at a critical time [62] Other Important Information - The company has made significant progress in its LNG strategy, growing its offtake portfolio to approximately 10 million tons per annum [5] - The four major projects underway are expected to drive substantial free cash flow growth through the end of the decade [9] Q&A Session Summary Question: Industry consolidation and Conoco's role - Management indicated that the company has completed its heavy lifting on M&A and is now focused on organic growth opportunities within its portfolio [21][22] Question: Update on Venezuela and Citgo sale - Management reiterated their focus on recovering owed amounts from Venezuela and noted no changes regarding the Citgo sale [25][27] Question: Evaluation of international opportunities - Management discussed ongoing efforts to improve fiscal conditions in Libya and the potential for new opportunities in Equatorial Guinea [30][32] Question: Alaska exploration program objectives - The exploration program aims to identify resource opportunities to extend production capacity at Willow and enhance existing infrastructure [35][36] Question: Trends in well productivity in Lower 48 - Management highlighted strong productivity improvements in the Delaware and Eagle Ford basins, driven by technology and optimization strategies [41][43] Question: Breakeven trajectory and capital expenditure assumptions - Current free cash flow breakeven is in the mid-$40s, with expectations to decline to the low $30s by 2030 as new projects come online [45][51] Question: Free cash flow contribution from LNG projects - Management expects $1 billion annual free cash flow improvement from 2026 to 2028, with significant contributions from LNG projects [76][78]

All amounts are in United States dollars, unless otherwise stated TORONTO, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported results of the Expansion Study (“IGD Expansion”) completed on the Island Gold District operation, located in Ontario, Canada. Compared to the Base Case Life of Mine Plan (“Base Case LOM”) released in June 2025, the IGD Expansion incorporates a 30% increase in Mineral Reserves, and an expansion of the Magino mill to 20,000 ...

Core Insights - Hess Midstream reported a decrease in costs and expenses by approximately $7 million, attributed to lower allocations and seasonal maintenance activity, while the gross adjusted EBITDA margin remained strong at around 83% [1] - The company experienced a decline in total revenues by about $19 million, primarily due to severe winter weather and lower third-party volumes [1] - For full-year 2025, net income was approximately $685 million, with adjusted EBITDA increasing by about 9% from 2024 [2] Financial Performance - In Q4 2025, net income was $168 million, down from approximately $176 million in Q3, while adjusted EBITDA was $309 million compared to approximately $321 million in Q3 [2] - Full-year 2025 adjusted EBITDA was reported at $1,238 million, with average volumes for gas processing at 445 million cubic feet per day, crude terminaling at 129,000 barrels per day, and water gathering at 131,000 barrels per day [3] Capital Expenditures - The company is entering a period of significantly lower capital spending, with 2026 capital expenditures expected to be around $150 million, a reduction of approximately 40% compared to 2025 [5] - Q4 2025 capital expenditures were approximately $47 million, reflecting lower activity and completion of the compression buildout [6] - Future capital spending is projected to decline further to less than $75 million per year in 2027 and 2028 [7] Volume and Revenue Guidance - Management expects first-quarter 2026 volumes to be lower due to ongoing severe winter weather, but anticipates seasonal volume growth throughout the year [9] - For full-year 2026, net income guidance is set at $650 million to $700 million, with adjusted EBITDA expected to be flat at the midpoint compared to 2025 [11] - Approximately 95% of 2026 revenues are covered by minimum volume commitments (MVCs), providing significant revenue protection [11] Free Cash Flow and Shareholder Returns - The company targets a gross adjusted EBITDA margin of approximately 75% in 2026 and expects to generate adjusted free cash flow of $850 million to $900 million [12] - After funding a targeted 5% annual distribution growth, the company anticipates excess adjusted free cash flow of about $210 million for shareholder returns and debt repayment [12] - Long-term projections through 2028 indicate a 5% annualized growth in net income and adjusted EBITDA, supported by gas volume growth and lower operating costs [13] Operational Efficiency - Integration with Chevron has optimized midstream and upstream investments, reducing the need for overbuilding and capital expenditures [8] - The company is focused on maintaining a leverage ratio below 3x as EBITDA grows, with a conservative approach to funding shareholder returns from free cash flow [15]