Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $1.04 for Q2 2025, up 21% from 2024, marking the fourth consecutive quarterly increase in earnings relative to the prior year period [7] - Adjusted gross margin was approximately $143 million, up 13% from 2024, driven by investments in infrastructure and operational efficiencies [24] - Adjusted net income was approximately $24 million, up 26% from 2024, reflecting strong performance despite a higher share count [24] Business Line Data and Key Metrics Changes - The regulated segment's adjusted gross margin was approximately $118 million, up 14% from the previous year, driven by organic growth and increased rates from recent rate cases [26] - The unregulated energy segment's adjusted gross margin was up 7% to approximately $25 million, with growth from Marlin Gas Services and Full Circle Dairy, offset by a reduction in propane margins [27] Market Data and Key Metrics Changes - Year-to-date residential customer growth was 4.2% in Delmarva and 3% in Florida compared to the first half of last year, indicating strong demand for natural gas [8] - The company is seeing increased interest from multifamily developments opting for natural gas instead of all-electric builds, which supports overall growth strategy [9] Company Strategy and Development Direction - The company is focused on three pillars of growth: identifying and deploying capital, managing regulatory agendas, and transforming business operations to maintain top quartile growth and shareholder returns [10] - A five-year capital investment plan of $1.5 billion to $1.8 billion has been initiated, with approximately 70% requiring no additional regulatory approval [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full year 2025 EPS guidance of $6.15 to $6.35, contingent on a successful outcome of the Florida City Gas depreciation study [7][32] - The company is committed to long-term EPS growth of 8% through 2028, supported by ongoing capital investments and operational excellence [31] Other Important Information - The company has increased its 2025 full-year capital expenditure guidance to $375 million to $425 million, reflecting growing demand for natural gas [8] - The company has successfully completed three rate cases, resulting in annual revenue increases of $3.5 million in Maryland, $6.1 million in Delaware, and $8.6 million in Florida [18] Q&A Session Summary Question: Was the successful outcome in the FCG depreciation study assumed in the 2025 guidance? - Yes, the successful outcome was considered within the full guidance range for 2025 [35] Question: How does the company plan to fund the additional CapEx for this year? - The company plans to maintain its target capital structure and utilize available capacity from its revolving credit facility and long-term debt placements [37][39] Question: When will the company refresh its key guidance structure? - The company expects to evaluate and potentially refresh its capital guidance for 2026 in February, as it is still early in the current guidance period [40]

Core Viewpoint - Valeura Energy Inc. reported its Q2 2025 financial and operational results, highlighting a strategic focus on growth through redevelopment projects and partnerships while maintaining a strong financial position despite lower oil prices [5][7][12]. Financial Performance - Adjusted Cashflow from Operations for Q2 2025 was US$50.5 million, a decrease of 23% compared to Q2 2024 [8][17]. - Oil production for Q2 2025 was 1.95 million barrels, reflecting a 2% increase from Q2 2024, but a 9% decrease from Q1 2025 [10][12]. - Average realized oil price was US$67.9 per barrel, down 23% from the same period in 2024 [15]. - Revenue from oil sales totaled US$129.3 million, a decline of 21% year-over-year [10][15]. Operational Highlights - The company took a final investment decision on the Wassana field redevelopment project, with construction starting and production expected to begin in Q2 2027 [5][25]. - A strategic farm-in agreement with PTTEP will expand the company's portfolio significantly, increasing gross acreage from 2,623 km² to 22,757 km² [6][31]. - Recent production averaged 23,150 barrels per day in early August 2025, an 8% increase over the Q2 average [20]. Sustainability Efforts - Valeura published its 2024 Sustainability Report, noting a 20% reduction in greenhouse gas emissions intensity compared to the previous year [8][9]. Guidance and Outlook - The company reiterated its 2025 guidance for average daily oil production between 23.0 and 25.5 mbbls/d, and adjusted capex and exploration expenses between US$175 million and US$195 million [29][30].

Financial Data and Key Metrics Changes - The second quarter adjusted EBITDA increased by 12% compared to the first quarter, totaling $1,980,000,000, with a net income attributable to ONEOK of $841,000,000 or $1.34 per share, representing a more than 30% increase compared to the first quarter [5][8] - The company ended the second quarter with $97,000,000 in cash and no borrowings under its $3,500,000,000 credit facility, having reduced senior notes by nearly $600,000,000 during the quarter [8][9] - The 2025 financial guidance was affirmed, with net income expected to be between $3,100,000,000 and $3,600,000, and adjusted EBITDA projected between $8,000,000,000 and $8,450,000,000 [9][10] Business Line Data and Key Metrics Changes - Natural Gas Liquids (NGL) raw feed throughput volumes increased by 18% compared to the first quarter, with the Rocky Mountain Region achieving record volumes of nearly 470,000 barrels per day [15] - Refined product volumes increased sequentially due to seasonal demand, with diesel and aviation fuel volumes remaining strong [19] - Natural gas processing volumes increased by 9% in the Mid Continent region compared to the first quarter, with the Permian Basin seeing a 4% growth in volumes [21][23] Market Data and Key Metrics Changes - The company noted strong domestic and global demand for U.S. energy, with producers executing their 2025 drilling plans effectively [5][6] - The Permian Basin continues to be a key area for strategic growth, with a new natural gas processing plant announced to enhance operations in the Delaware Basin [6][22] - The overall decrease in crude volumes was attributed to low-margin exchange volumes, while wellhead gathering volumes on Medallion assets increased approximately 20% year over year [20] Company Strategy and Development Direction - ONEOK is focused on high-return organic projects, including pipeline expansions and fractionation facilities, to capture incremental growth across its assets [6][7] - The company is committed to disciplined capital allocation and is actively monitoring market dynamics to support its growth strategy [7][10] - The integration of acquired assets is expected to deliver significant synergies, with approximately $250,000,000 of synergies anticipated in 2025 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the energy sector despite evolving macroeconomic conditions, with expectations for mid to upper single-digit EBITDA growth in 2026 [10][11] - The company is tempering its 2026 outlook based on current commodity prices, adjusting expectations downward by approximately 2% or $200,000,000 [10] - Management highlighted the importance of safety, integrity, and responsibility in operations, with a commitment to sustainability [25][26] Other Important Information - The company expects to benefit from over $1,300,000,000 in lower cash taxes over the next five years due to recent tax legislation [11] - The new Bighorn plant in the Delaware Basin is expected to have a capacity of 300,000,000 cubic feet per day and is projected to be completed by mid-2027 [22] Q&A Session Summary Question: 2026 outlook and growth drivers - Management acknowledged the change in market conditions since February and noted that the 2026 outlook was adjusted downward by 2% due to tightened spread differentials [29][31] Question: Natural gas business performance - Management indicated ongoing discussions with over 30 potential customers in the AI and data center sectors, with some contracts expected to materialize in the coming years [33][35] Question: Synergy capture and guidance confidence - Management highlighted specific projects, including connections between NGL and refined products assets, as key drivers for synergy capture and guidance confidence [42][44] Question: BridgeTex performance and outlook - Management confirmed that increasing volumes on the BridgeTex pipeline are expected, benefiting from integrated assets and strategic decisions [60][61] Question: LPG export facility and market pricing - Management stated that the location of the Texas City terminal provides a competitive advantage, with rates in line with estimated economics [50][52] Question: Hedging strategy and margins - Management noted that hedging activity is in line with previous years, allowing for opportunistic decisions based on market conditions [97][99] Question: New processing plant economics - Management discussed the integrated value of the new processing plant investment, emphasizing the benefits of having an integrated footprint [101][105]

Financial Data and Key Metrics Changes - The company generated over $126 million in free cash flow for the quarter, marking the 22nd consecutive quarter of positive free cash flow, totaling over $1.8 billion during this period [11][27] - Adjusted EBITDA for the quarter was approximately $440.4 million, including a legal settlement impact of about $48.6 million [27][32] - Total average daily production was approximately 134,000 BOE per day, up 9% year-over-year and in line sequentially [26] Business Line Data and Key Metrics Changes - Oil production was approximately 77,000 barrels per day, up 10.5% year-over-year but down 2% sequentially due to lower activity in the Williston [26] - Gas production reached record volumes of approximately 343 MMcf per day, with contributions from the Appalachian joint venture [27] - The Uinta basin saw a significant increase in drilling activity, with 4.8 net wells spud during the quarter, up from 1.4 in Q1 [19] Market Data and Key Metrics Changes - The company experienced a 6% sequential increase in lease operating costs per BOE, rising to $9.95 due to higher expenses in the Williston and Permian [28] - Oil differentials averaged $5.31 per barrel, with year-to-date differentials at $5.5, leading to adjusted guidance [27][28] - Natural gas realizations were at 82% of benchmark prices, down from 100% in the previous quarter due to market weaknesses [28] Company Strategy and Development Direction - The company is focusing on a disciplined capital allocation strategy, prioritizing acquisitions over organic growth in a volatile price environment [8][14] - The backlog of potential acquisitions is at an all-time peak, with over 10 ongoing processes assessed at a combined value exceeding $8 billion [24][70] - The company aims to maximize returns for investors while maintaining a strong balance sheet and focusing on long-term value creation [16][17] Management's Comments on Operating Environment and Future Outlook - Management noted that the business model has proven resilient despite commodity price volatility, with a focus on risk optimization and cash flow generation [5][6] - The company anticipates modestly lower volumes in Q3 due to reduced spending but expects a recovery in Q4 as drilling activity ramps up [35][75] - Management emphasized the importance of preserving capital for better opportunities in the future, especially in a fluctuating price environment [48][66] Other Important Information - The company recorded a non-cash impairment charge of $115.6 million due to lower oil prices, leading to a reduction in guidance for depreciation, depletion, and amortization [32] - The company has maintained over $1.1 billion in liquidity, consisting of cash and available credit, reflecting confidence in its asset base and credit profile [30] Q&A Session Summary Question: What is the cadence into 2026 and the impact of lower activity in the Williston? - Management indicated that lower spending in Q2 would translate to modestly lower volumes in Q3, with expectations to exit the year at levels similar to Q2 [35][36] Question: How is the reduction in CapEx being managed? - The reduction is a combination of non-consenting wells and discretionary spending, with a focus on preserving capital for better returns [47][48] Question: What is the outlook for the M&A market? - The M&A market remains robust, with a variety of asset types available, and the company is positioned to capitalize on these opportunities [70][89]

Financial Performance - The company reported a high single-digit organic EBITDA increase with a margin expansion of 110 basis points, despite soft interest volumes in several markets due to adverse weather conditions [6][9] - EBITDA grew double digits with a margin expansion of 160 basis points, and EPS increased by 6.5% [7][9] - Cash flow from operating activities grew 4%, reaching BRL3 billion, despite a 9.2% decline year-over-year due to volume dynamics [27][28] Business Unit Performance - In Brazil, beer volumes declined by 9%, primarily due to unfavorable weather, with June accounting for over 60% of the volume impact [15][16] - Premium and super premium brands in Brazil grew mid-teens, gaining market share, while core brands sustained almost 30% of volumes [16][18] - In Argentina, beer volumes returned to growth after seven quarters, with the premium segment growing double digits [19] Market Dynamics - The company faced a mid-single-digit industry decline attributed to adverse weather, with 70% of the decline explained by weather conditions [36][37] - The core segment's decline was in line with low teens due to higher sensitivity to industry performance and revenue management decisions [40] - In Canada, volumes grew by 0.8%, driven by a growing Ontario industry and strong performance in the non-alcoholic beer segment [20] Strategic Direction - The company emphasized a disciplined focus on cost efficiency, which offset non-commodity cost inflation, resulting in significant savings [14] - The growth strategy includes leading and growing the category, digitizing and monetizing the ecosystem, and optimizing business operations [8][10] - The company is confident in its ability to navigate cost pressures and maintain brand equity, with a focus on premiumization and digital engagement [29][42] Management Commentary - Management expressed confidence in the company's positioning for the second half of the year, citing improved weather conditions and easing consumer price relativity [42][43] - The company remains focused on sustainable value creation through disciplined capital allocation and operational efficiency [28][29] - Management highlighted improvements in employee engagement and brand equity, reinforcing confidence in future performance [29][99] Other Important Information - The Board of Directors approved an intermediary dividend payout of BRL2 billion, totaling BRL6 billion declared this year [7][8] - The company reported a significant increase in marketplace GMV, driven by partnerships and improved customer engagement [10][66] Q&A Session Summary Question: Volume performance in Brazil and future outlook - Management noted that the mid-single-digit industry decline was largely due to adverse weather, with no structural change in consumer demand expected [36][37] - Confidence in the second half is based on improved weather conditions and initial signs of easing consumer price relativity [42] Question: Cost management initiatives - Management emphasized ongoing cost optimization efforts, including SKU rationalization and improved distribution expenses [44][45] Question: Dynamics between on-trade and off-trade channels - Management indicated that revenue management initiatives were implemented across all segments, with a focus on maintaining pricing aligned with inflation [56][57] Question: Digital marketplace performance - The digital marketplace saw a 90% growth in GMV, driven by partnerships and increased customer engagement [65][66] Question: Brand equity and Skol strategy - Management highlighted improvements in brand power metrics and ongoing adjustments to the Skol brand strategy [99][100]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $1.8 billion, flat on a reported basis and down 2% year-over-year in constant dollars, which was better than the guidance of down 3% to down 5% [31][32] - Adjusted gross margin increased by 200 basis points to 54.1%, driven by higher quality inventory and lower discounts [34] - Adjusted loss per share was $0.24 compared to $0.35 in Q1 of the previous year [35] Business Line Data and Key Metrics Changes - Vans revenue decreased by 15%, with 40% of the decline attributed to channel rationalization actions [12][33] - The North Face grew by 5%, with strong performance in footwear and bags, aiming for higher growth rates in the future [14][32] - Timberland's revenue increased by 9%, reflecting growth across all regions and channels [16][33] Market Data and Key Metrics Changes - The APAC region grew by 4%, while the Americas and EMEA regions saw declines of 3% and 2%, respectively [33] - Excluding Vans, the Americas region was up 3% year-over-year [33] Company Strategy and Development Direction - The company is focused on transforming its operations, improving cost structures, and aiming for growth after two years of resetting [9][11] - A unified product and marketing engine is being built across brands globally, with a focus on premiumization and improved inventory management [10][29] - The company aims to reduce leverage to below 2.5 times by fiscal 2028 while investing in growth [10][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in turning the company back into a growth entity despite current macroeconomic challenges [6][9] - The anticipated impact of tariffs is expected to negatively affect gross profit by $60 million to $70 million in fiscal 2026, but management believes they can mitigate these impacts [38][39] - The company is optimistic about the upcoming back-to-school season and plans to invest more in marketing [110] Other Important Information - The company has changed its segment reporting to better reflect key areas of focus across brands [43] - The company is pursuing a $1.5 billion asset-backed revolving loan to enhance liquidity and flexibility [42] Q&A Session Summary Question: What were the expectations for the Warp Tour and its impact? - Management expected modest impact initially but saw enormous demand with tickets selling out quickly, indicating strong engagement and merchandise sales [49][52] Question: Can you clarify the $60 million to $70 million gross profit impact from tariffs? - Management confirmed that this impact is mostly in the back half of the year and will be offset through pricing and other actions [57][58] Question: What are the long-term views on gross margin improvement? - Management sees opportunities for gross margin improvement across all brands, particularly through premiumization and better product mix [66][70] Question: How do you expect unit volumes to be affected by price increases? - Management indicated that unit volumes might decrease in line with price increases, but the overall impact is uncertain due to industry-wide effects [78][79] Question: What is the outlook for free cash flow and net debt? - Management expects free cash flow to be up year-over-year despite fluctuations in quarterly performance, and net debt is anticipated to decline [118][120]

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Core Viewpoint - The installation of a second mill at Segovia is a significant advancement in Aris Mining's growth strategy, aiming for an annual production rate exceeding 500,000 ounces of gold from its operations [2]. Company Overview - Aris Mining was founded in September 2022 with a focus on becoming a leading gold mining company in Latin America, combining current production with growth through asset expansions and exploration [3]. - The company operates two underground gold mines in Colombia: Segovia Operations and Marmato Complex, which produced a total of 210,955 ounces of gold in 2024 [4]. Production Expansion - The second mill at Segovia is expected to increase gold production in the second half of 2025, with full-year production projected between 210,000 to 250,000 ounces, up from 187,583 ounces in 2024 [2]. - As underground development progresses and mill feed purchases from contract mining partners increase, Segovia is on track to achieve an annual production of 300,000 ounces in 2026 [2]. Future Projects - Aris Mining is also developing the Bulk Mining Zone at the Marmato Complex, with production ramp-up expected in the second half of 2026 [4]. - The company is conducting studies for a new development plan at the Soto Norte joint venture, with results anticipated in Q3 2025 [4]. - In Guyana, Aris Mining owns the Toroparu gold/copper project, with a new Preliminary Economic Assessment (PEA) commissioned and results expected in Q3 2025 [4]. Strategic Partnerships - Aris Mining is actively pursuing partnerships with Colombia's small-scale mining sector to promote safe, legal, and environmentally responsible operations that benefit local communities [5]. - The company aims to explore acquisitions and growth opportunities to enhance value through scale and diversification [5].

Company Strategy & Performance - Oportun shifted its focus from growth to profitability, reduced headcount, and streamlined operations due to changing economic conditions in early 2022[7] - Oportun's actions led to improved credit metrics, increased profitability, and a more than doubled stock price over the last 12 months[7] - Oportun is focused on three strategic priorities: improving credit outcomes, strengthening business economics, and identifying high-quality originations[14] - Oportun's strategy is delivering results, with progress on credit performance, expense discipline, and profitability[37] - Oportun achieved an Adjusted EBITDA of $105 million and Adjusted EPS of $0.72 in FY24[19] Findell's Proxy Contest - Findell Capital Management is pursuing a proxy contest to remove Oportun's CEO from the Board[7] - Oportun believes Findell's remaining ideas are not in the best interests of the company or its stockholders[17] - Oportun has concerns about Findell's nominee, Warren Wilcox, and his suitability as a fiduciary[17] - Oportun believes Findell's comparisons to OneMain Financial are misguided, as Regional Management is a more appropriate comparator[47] Board & Governance - Oportun's Board has been actively refreshed over the last several years and is best positioned to oversee the company's strategy[51] - Oportun is reducing the size of the Board, consistent with best practices and Findell's feedback[163]

Company Overview - TOMI Environmental Solutions, Inc. is a global company specializing in disinfection and decontamination solutions, focusing on environmental solutions through its Binary Ionization Technology® (BIT™) platform [3] - The BIT™ solution utilizes a low percentage of hydrogen peroxide as its only active ingredient, employing patented ionized Hydrogen Peroxide (iHP™) technology for superior disinfection [3] Leadership Appointment - Mr. David Vanston has been appointed as Chief Financial Officer, effective May 30, 2025, bringing over 25 years of international financial leadership experience [1][2] - His previous roles include senior finance positions at various companies, including CFO roles at Jon-Don, Flexan, Arcmed-Diba Industries, and VolitionRx [2] - The CEO of TOMI, Dr. Halden Shane, expressed confidence in Mr. Vanston's extensive background in life sciences and manufacturing, aligning with the company's growth strategy [3] Product and Market Applications - TOMI's products are designed for a wide range of applications, including hospitals, medical facilities, biosafety labs, pharmaceutical facilities, commercial buildings, schools, restaurants, and emergency services [3]