Financial Data and Key Metrics Changes - Wynn Las Vegas reported EBITDA growth of 3% to $211 million on a hold-adjusted basis, with casino revenues up 10% [4][12] - Adjusted property EBITDA for Wynn Las Vegas was $203.4 million on $621 million of operating revenue, resulting in an EBITDA margin of 32.8% [12] - The company generated $58 million in EBITDA from Encore Boston Harbor, with slot revenues growing over 5% year-on-year [7][12] - Macau operations delivered adjusted property EBITDA of $308.3 million on $1 billion of operating revenue, resulting in an EBITDA margin of 30.8% [13] Business Line Data and Key Metrics Changes - Casino revenues at Wynn Las Vegas increased by 10%, while hotel revenue remained flat at $187 million [4][12] - Slot revenues in Boston set a new record, growing by 5% year-on-year [12] - Macau's mass volumes were strong, up 15% year-on-year, despite weather disruptions [8] Market Data and Key Metrics Changes - The company noted strong demand in both Las Vegas and Boston, with healthy drop and handle metrics above last year [5][7] - Macau experienced sustained double-digit market-wide growth in gross gaming revenue (GGR) [8] Company Strategy and Development Direction - The company is focused on completing renovations and expansions, including the Fairway Villas and the Chairman's Club gaming area [5][9] - Wynn Al Marjan Island is positioned as a unique integrated resort opportunity in the UAE, with no competing operations announced [10][11] - The company is optimistic about the future of Macau, driven by premium segment growth and ongoing demand [8][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Las Vegas market despite macroeconomic uncertainties, highlighting strong group and convention business heading into 2026 [6][7] - The company remains bullish on Macau's long-term prospects, noting evolving consumer preferences and a dynamic market [66][68] Other Important Information - The company maintained a strong liquidity position with $4.6 billion in global cash and revolver availability as of September 30 [15] - A quarterly cash dividend of $0.25 per share was approved, reflecting the company's commitment to returning capital to shareholders [16] Q&A Session Summary Question: Las Vegas market conditions and growth expectations for 2026 - Management noted improvements in the Las Vegas business environment and strong group pacing for 2026, with a focus on rate rather than occupancy [20][21] Question: UAE market scenarios and competition - Management discussed various scenarios for the UAE market, emphasizing the importance of GGR and market share, with no near-term competition expected [25][49] Question: Pricing pushback and customer perceptions - Management indicated no significant pushback on pricing, attributing this to the perceived value offered to high-end customers [30][32] Question: Impact of visitation recovery on business - Management acknowledged that increased visitation would benefit mass gaming and ADR, while high-end gaming remains less correlated to overall visitation [37] Question: Competitive dynamics in Macau - Management described the Macau market as competitive but noted no significant uptick in promotional activity, focusing on revenue-driven margin management [45][66] Question: Future capital allocation and free cash flow uses - Management highlighted a combination of capital returns and potential incremental CapEx in the UAE as key considerations for future cash flow [95][96]

Financial Data and Key Metrics Changes - The company produced 2,399,000 BOED in Q3 2025, exceeding production guidance [11] - Adjusted earnings per share were $1.61, with cash from operations (CFO) of $5.4 billion [11] - Capital expenditures (CapEx) were $2.9 billion, down from previous quarters [11] - The company returned over $2.2 billion to shareholders, including $1.3 billion in buybacks and $1 billion in dividends [11] - Full-year production guidance was raised to 2,375,000 BOED, an increase of 15,000 from prior guidance [12] - Operating cost guidance was reduced to $10.6 billion, down from $10.8 billion [12] Business Line Data and Key Metrics Changes - The Willow Project's total capital estimate was increased to $8.5 billion-$9 billion due to inflation and cost escalation [7][13] - The company reduced total LNG project capital by $600 million, with significant progress on three equity projects [8][14] - The company expects to realize about $1 billion annually in free cash flow improvements from 2026 to 2028, with an additional $4 billion in 2029 once Willow comes online [10][18] Market Data and Key Metrics Changes - The company maintains a strong position in the U.S. inventory market, with a focus on connecting low-cost North American natural gas to higher-value international markets [9][15] - The company has secured 4 MTPA from Port Arthur Phase II and 1 MTPA from Rio Grande LNG, bringing the total offtake portfolio to about 10 MTPA [15] Company Strategy and Development Direction - The company aims for top quartile dividend growth relative to the S&P 500, raising its base dividend by 8% [6][7] - The strategic focus includes advancing global LNG projects and maintaining a flexible portfolio to adapt to macroeconomic conditions [8][9] - The company is investing in its portfolio to drive efficiencies and improve returns on capital [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of major projects and the ability to navigate inflationary pressures [31][32] - The company anticipates a significant reduction in capital spending for 2026, with expectations for flat to 2% production growth [16][17] - Management highlighted the importance of the Willow Project as a key driver of future free cash flow [10][31] Other Important Information - The company has returned about 45% of its CFO to shareholders year-to-date, consistent with long-term guidance [7][11] - The company is making progress on its asset sales program, with over $3 billion in asset sales targeted [12] Q&A Session Summary Question: Insights on the Willow Project's cost increase - Management acknowledged the disappointment regarding the cost increase but emphasized strong execution and project milestones being met [22][31] Question: Impact of increased F&D on project returns - Management stated that despite the increase, the project remains competitive within the portfolio, with attractive margins due to Alaska's oil pricing [35][36] Question: Lower 48 CapEx trends and free cash flow - Management confirmed that CapEx is trending lower in the second half of 2025, with efficiency improvements expected to drive free cash flow growth [38][40] Question: Regulatory and permit changes in Alaska - Management is working with the administration to streamline permitting processes, which could enhance future opportunities [46][48] Question: OpEx improvements and future reductions - Management highlighted successful execution in capturing cost savings, with expectations for further reductions in 2026 [52][54] Question: Production guidance and oil mix - Management provided guidance for a 53% oil mix for the total company in 2026, reflecting the impact of Surmont and other assets [58][60] Question: Dividend break-even and cash flow cadence - Management indicated that the break-even is decreasing, with expectations for a low $30s break-even by the time Willow comes online [65][66][68]

Financial Data and Key Metrics Changes - The company generated $1.61 per share in adjusted earnings and $5.4 billion of cash from operations (CFO) in Q3 2025, with capital expenditures at $2.9 billion, down quarter on quarter [11][12] - The full-year production guidance was raised to 2,375,000 barrels of oil equivalent per day, an increase of 15,000 from prior guidance [12] - Operating cost guidance was reduced to $10.6 billion, down from $10.8 billion [12][17] Business Line Data and Key Metrics Changes - The company produced 2,399,000 barrels of oil equivalent per day, exceeding production guidance [11] - Capital expenditures for the Willow Project were updated to a range of $8.5 billion to $9 billion due to inflation and cost escalation [7][13] - The total project capital for three LNG projects was reduced from $4 billion to $3.4 billion, reflecting a $600 million credit from shared infrastructure costs [14][15] Market Data and Key Metrics Changes - The company expects to realize about $1 billion annually in free cash flow improvements from 2026 to 2028, with an additional $4 billion in 2029 once the Willow Project comes online [10][18] - The company anticipates a flat to 2% underlying production growth in 2026, considering ongoing macro volatility [17] Company Strategy and Development Direction - The company aims for top quartile dividend growth relative to the S&P 500, raising its base dividend by 8% [6][7] - The strategic focus includes advancing global LNG projects and maintaining a diversified portfolio to enhance free cash flow [9][10] - The company is investing in its portfolio to drive efficiencies and improve returns on capital [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of major projects and the ability to navigate cost pressures while maintaining project schedules [10][30] - The macro environment remains volatile, but the company is positioned for growth with a strong asset base and strategic initiatives [9][17] - Management highlighted the importance of conventional oil to meet growing global demand, indicating a robust long-term outlook [31][49] Other Important Information - The company has returned about 45% of its CFO to shareholders year-to-date, consistent with its long-term track record [11] - The company is making significant progress on its asset sales program, with over $3 billion in asset sales completed towards a $5 billion target [12] Q&A Session Summary Question: Insights on the Willow Project's cost overruns - Management acknowledged the increase in project capital estimates due to higher inflation and localized cost escalation but emphasized strong execution and adherence to project milestones [21][24][30] Question: Impact of increased F&D on project returns - Management confirmed that despite the increase in costs, the project remains competitive within the portfolio, with attractive margins due to premium pricing for Alaskan oil [33][35] Question: Lower 48 CapEx trends and free cash flow - Management noted that Lower 48 CapEx is trending lower, with efficiency improvements expected to drive free cash flow growth [37][39] Question: Regulatory changes and opportunities in Alaska - Management highlighted ongoing efforts to streamline permitting processes and the potential for incremental opportunities in Alaska, including at the Surmont asset [44][48] Question: Operating cost improvements - Management detailed that the reduction in operating costs is driven by achieving synergies from the Marathon acquisition and continuous improvement initiatives [51][55] Question: Production guidance and macro outlook - Management provided insights into production guidance, indicating flexibility in capital spending and a constructive view of the macro environment [69][71]