Financial Performance & Growth - The company plans for ~$25 billion earnings growth by 2030 vs 2024[7], increased from >$20 billion[8] - The company plans for ~$35 billion cash flow growth by 2030 vs 2024[9], increased from ~$30 billion[10] - The company aims for >17% return on capital employed by 2030[11] - Major investments are projected to contribute ~$50 billion in cumulative earnings from 2026-2030[27] Production & Cost Efficiency - ~65% of 2030 total production will be from Upstream advantaged production, increased from >60%[12] - Product Solutions advantaged projects are expected to contribute ~$4 billion in earnings growth by 2030[13], with ~60% de-risked from completed projects[14] - The company targets >60% corporate flaring intensity reduction from 2024 vs 2016[15], 6 years ahead of the 2030 plan[16] - The company is targeting ~$20 billion structural cost savings by 2030 vs 2019[20], increased from $18 billion[20] Capital Allocation & Shareholder Returns - The company plans ~$100 billion cash capex for major investments planned to start up in 2026-2030[27] - Total cash capex is projected to be ~40% of total cash flow from operations from 2026-2030[27] - The company is continuing $20 billion repurchase pace per year through 2026, assuming reasonable market conditions[76] Permian Basin Operations - The company anticipates ~2.5 Moebd 2030 Permian production[55], a 200 Koebd increase vs prior guidance[55]

Financial Data and Key Metrics Changes - The company reported its highest earnings per share in the third quarter compared to other quarters in a similar price environment [4] - The company expects to deliver more than $3 billion in earnings contributions next year at constant prices and margin [13] Business Line Data and Key Metrics Changes - In Guyana, production exceeded 700,000 barrels per day, with the Yellowtail project coming online four months ahead of schedule, contributing 250,000 barrels per day [4][5] - The Permian Basin achieved a production record of nearly 1.7 million oil-equivalent barrels per day, with the acquisition of over 80,000 net acres enhancing drilling opportunities [6][8] Market Data and Key Metrics Changes - The company anticipates that about 25% of its wells will utilize a new patented proppant this year, increasing to approximately 50% by the end of 2026 [8] - The company is also seeing significant interest in its Proxima battery enclosures from tier one auto OEM suppliers, indicating strong market demand [10] Company Strategy and Development Direction - The company is focused on innovative technologies and structural cost savings, aiming to maintain a competitive edge in the industry [4][15] - The corporate plan emphasizes long-term growth in oil and gas, with a particular focus on low-cost LNG production and addressing depletion rates through continued investment [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver results and maintain a competitive advantage despite market uncertainties [16] - The company is pacing its capital expenditures in line with market developments, particularly in low-carbon solutions, reflecting a cautious approach to investment [20][21] Other Important Information - The company introduced a new voting program for retail shareholders to enhance participation in annual meetings [14] - The acquisition of key assets from Superior Graphite aims to revolutionize battery anode production, with a total addressable market estimated at $40 billion [55] Q&A Session Summary Question: Capital Spend and Investment Strategy - Management indicated that capital expenditures would be below the expected range due to market developments and pacing of investments in low-carbon solutions [19][20] Question: Permian Production Drivers - Management highlighted that record production in the Permian is driven by ongoing innovation and technology deployment, with a focus on improving capital efficiency [29][30] Question: Long-term Global Outlook - Management stated that the global outlook informs the company's strategy, focusing on economic growth, technology development, and the need for continued investment in oil and gas [38] Question: Dividend Growth Rate - Management addressed concerns about the dividend growth rate, emphasizing sustainability and competitiveness while maintaining a strong track record of annual dividend growth [45][48] Question: Mozambique Project Status - Management reported positive developments in the Mozambique project, with improved security and strong government relationships, indicating progress towards a final investment decision [84][86] Question: Exploration Strategy - Management discussed the importance of exploration in addressing depletion rates and emphasized a focused approach to identifying commercially attractive opportunities [92][111]

Core Insights - Westport Fuel Systems Inc. reported a significant improvement in its financial performance for Q1 2025, with a net loss of $2.5 million compared to a net loss of $13.6 million in Q1 2024, driven by increased gross profit and reduced operating expenses [3][7][36] - The company is focusing on its HPDI joint venture with Volvo Group and plans to realign its operations towards hard-to-decarbonize applications in heavy-duty trucking, which presents substantial growth opportunities [2][4][6] Financial Performance - Revenues decreased by 9% to $71.0 million in Q1 2025 from $77.6 million in Q1 2024, primarily due to decreased sales volumes in the Heavy-Duty OEM and High-Pressure Controls & Systems segments [7][36] - Gross profit increased by 30% to $15.2 million in Q1 2025, up from $11.7 million in Q1 2024, resulting in a gross margin of 21% compared to 15% in the prior year [9][36] - Adjusted EBITDA improved to nil from negative $6.6 million in the same period last year, indicating a significant operational turnaround [7][33] Operational Updates - The company is pursuing operational excellence through cost-reduction initiatives and process streamlining, which contributed to an $8.1 million decrease in operating expenses [3][4] - Westport's light-duty segment saw a revenue increase to $64.2 million in Q1 2025 from $63.3 million in Q1 2024, driven by sales growth in the light-duty OEM and DOEM businesses [10][11] - The Heavy-Duty OEM segment's revenue dropped to $5.4 million in Q1 2025 from $11.9 million in Q1 2024, reflecting the transition of the HPDI business to the Cespira joint venture [14][36] Strategic Focus - The proposed sale of Westport's light-duty business is aimed at strengthening the balance sheet and funding growth opportunities in the Cespira joint venture and High-Pressure Controls & Systems business [4][6] - The company is committed to scaling alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems, to meet the growing demand for clean transportation technologies [5][6] Market Trends - Demand for gas-powered trucks utilizing HPDI technology has increased, with Volvo reporting over 25% sales growth in 2024, a trend that continued into Q1 2025 [6][19] - The market is increasingly recognizing the internal combustion engine using alternative fuels as a viable solution for decarbonizing long-haul, heavy-duty transport [5][6]

Core Points - GTT has filed its 2024 Universal Registration Document, which includes the Annual Financial Report, with the French stock market authorities on April 25, 2025 [1] - The document is available in French and will soon be available in English on GTT's website [2] - The 2024 Universal Registration Document contains various reports, including the annual financial report, management report, sustainability information, corporate governance report, and details regarding the upcoming shareholders' meeting [4] Financial Agenda - The combined shareholders' meeting is scheduled for June 11, 2025 [4] - The ex-dividend date for the balance of the dividend for the 2024 financial year is June 17, 2025 [4] - Payment of the balance of the dividend for the 2024 financial year will occur on June 19, 2025 [4] - The publication of the 2025 half-year results is set for July 29, 2025, after market close [4] - The 2025 third-quarter results will be published on October 31, 2025, after market close [4] Company Overview - GTT specializes in the design and development of cryogenic membrane containment systems for the transport and storage of liquefied gases [3][5] - The company has over 60 years of experience and is recognized for its innovative technologies used in LNG carriers and other related applications [3][5] - GTT is committed to sustainability and develops solutions to support the transition to a decarbonized future, including systems that enable the use of LNG as fuel [5]