Core Insights - Danish Crown is expanding its pork processing capacity in Denmark with a new facility in Vejen, driven by increased pig supplies from farmers and the need for more deboning capacity [1][2] - The new facility is expected to create around 100 jobs and will begin operations around October 1, with plans to debone approximately 60,000 pork fore ends per week [2][3] Expansion Details - The Vejen plant will utilize raw materials sourced from Danish Crown's existing slaughterhouses in Horsens, Herning, Rønne, and Blans near Sønderborg [4] - The facility will occupy part of a 14,000 square meter premises acquired by Danish Crown in 2023, following an internal reorganization that split the company into three divisions [4][5] Operational Efficiency - The establishment of the specialized production facility in Vejen aims to achieve high efficiency and reduce complexity at the abattoirs, allowing for more efficient operations [5] - Danish Crown is seeking necessary regulatory approvals for the project, expecting to secure permits by the end of the first quarter of the year [6]

Core Viewpoint - Amrize has announced a significant expansion of its Ste. Genevieve cement plant, which will enhance its production capacity and operational efficiency, reinforcing its position as a market leader in the North American cement industry [1][2][3]. Group 1: Expansion Details - The expansion will add 660,000 short tons of production capacity per year, bringing the total capacity of the plant to 5.5 million short tons annually [1][2]. - This project is part of Amrize's broader $700 million investment plan for 2025 aimed at enhancing operations and customer service [2]. Group 2: Market Position and Impact - The Ste. Genevieve plant is recognized as the largest cement plant in North America, setting industry standards and contributing to various sectors including infrastructure and advanced manufacturing [3]. - The expansion is expected to strengthen Amrize's market position as the top cement producer in America, supported by an efficient distribution and logistics network [3]. Group 3: Company Overview - Amrize operates over 1,000 sites and has a highly efficient distribution network, serving every U.S. state and Canadian province [4]. - The company reported $11.7 billion in revenue for 2024 and is listed on both the New York Stock Exchange and the SIX Swiss Exchange [4].

Investment Overview - Coca-Cola Europacific Partners (CCEP) is investing €68 million ($79.3 million) in the Hauts-de-France region of France to add a ninth production line at its Dunkirk facility, expected to be operational by the end of 2026 [1] - The investment will also fund a new syrup plant and upgrades to the logistics setup energy hub at the Dunkirk site [1] Production Capacity and Employment - The new production line will focus on still drinks, including iced teas, fruit, and sports drinks, enhancing the site's production capacity [2][3] - Dunkirk is currently the only CCEP site in France equipped for manufacturing still drinks, and the new line will be the third dedicated to this category [3] - The Dunkirk facility has been operational for 35 years and currently employs 470 people, with expectations to increase the workforce to nearly 520 after the new line is completed [3] Equipment and Previous Investments - The Dunkirk plant handles various formats, including glass bottles, PET bottles, and aluminum cans [4] - Earlier in the year, CCEP France announced a €146 million investment in its Grigny bottling facility, which included the creation of a new production line capable of generating 60,000 returnable glass bottles per hour [4] - Additionally, CCEP revealed plans to invest around €150 million ($156.2 million) in its operations in Germany, with a significant portion allocated to a can-filling line in Halle to meet rising demand for canned beverages [5]

Core Viewpoint - Vale Base Metals has successfully commissioned a second furnace at its Onça Puma ferronickel complex, significantly increasing production capacity and positioning itself favorably for future market recovery despite current low nickel prices [1][3]. Production Capacity and Investment - The addition of Furnace 2 increases nickel production capacity by 15,000 tonnes, bringing Onça Puma's total output to 40,000 tonnes per year [2]. - The construction of Furnace 2 took three years and cost approximately $480 million, which is lower than the initially budgeted $555 million [4]. Future Production Guidance - Vale Base Metals has reaffirmed its production guidance of 160,000–175,000 tonnes of nickel for 2025, with expectations to reach 210,000–250,000 tonnes by 2030, supported by the new furnace and underground mining at Voisey's Bay in Canada [4]. Market Position and Financial Outlook - The CEO of Vale Base Metals stated that the expansion places the company in a strong position for when the nickel market recovers, and the operation is expected to generate reasonable cash flow under the new configuration [3]. - Following the announcement, Vale shares experienced a slight increase of 0.3%, resulting in a market capitalization of $46.7 billion [5].

Core Viewpoint - ExxonMobil has significantly increased shareholder value over the past five years, with potential for continued growth through strategic investments and operational efficiencies [2][5][6]. Financial Performance - ExxonMobil's stock has more than doubled from an initial investment of $10,000 to $24,200, and tripled to nearly $30,600 when dividends are reinvested [3]. - The company saved over $10 billion in costs, grew earnings by over $15 billion, and added over $20 billion in cash flow from operating activities between 2019 and 2024 [5]. Shareholder Returns - ExxonMobil returned nearly $140 billion to shareholders through dividends and share repurchases during the same period [5]. - The company has increased its dividend for 42 consecutive years, currently yielding 3.6% [7]. Growth Strategy - ExxonMobil acquired Pioneer Natural Resources in a $60 billion all-stock deal in 2023 and aims to reduce its break-even price to enhance profitability [6]. - The company projects an additional $20 billion in earnings and nearly $30 billion in cash flow from operating activities by 2030 [6].

Financial Data and Key Metrics Changes - For the full year 2024, the company increased its adjusted EBITDAX to $300 million, a new record [7] - Record production reached almost 25,000 working interest barrels equivalent per day, with record sales of nearly 20,000 net interest barrels per day [7] - SEC proved reserves grew 57% year over year to 45 million BOE, while 2P CPR reserves increased to 96.1 million BOE [7][22] - The company returned $83 million to shareholders over the past two years through dividends and share buybacks [7] Business Line Data and Key Metrics Changes - In Cote D'Ivoire, the company completed the Svenska acquisition in April 2024, achieving a 1.8x payback on the initial investment by year-end [8] - Canadian production was approximately 60% liquid in Q1 and about 75% liquid from Q2 to Q4, indicating a shift towards more profitable liquid production [12] - In Egypt, the company completed 12 workover projects in 2024 to mitigate decline, with plans to drill an additional 8 to 13 wells in 2025 [14] Market Data and Key Metrics Changes - The company reported stable pricing in Q4 2024, supported by a hedging program to mitigate risks [29] - Production costs for Q4 2024 were below guidance, with absolute costs at $37.7 million and per barrel costs at $20.16 [30] Company Strategy and Development Direction - The company aims to maintain operational excellence and consistent production to expand adjusted EBITDAX, positioning itself for future growth [6] - Plans include extensive drilling campaigns in Gabon and Cote D'Ivoire, with a focus on maximizing production and reserves [43][44] - The company is also progressing with the FEED study for the Venus Block P in Equatorial Guinea, anticipating an economic final investment decision in 2025 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and financial momentum entering 2025, highlighting a diversified portfolio of high-quality assets [8][24] - The company noted improvements in collection rates in Egypt, which have outpaced revenues in early 2025 [35][63] - Management emphasized the undervaluation of the stock despite strong operational performance and a top quartile dividend yield [41][46] Other Important Information - The FPSO ceased hydrocarbon operations as scheduled on January 31, 2025, with significant development drilling expected to begin in 2026 [9] - The company secured a new revolving credit facility with an initial commitment of $190 million, expandable to $300 million, to support capital programs [36] Q&A Session Summary Question: Can you talk about the cycle times for exploration projects in Gabon and Cote D'Ivoire? - Management indicated that seismic acquisition for Gabon is expected in Q1 2026, with drilling likely starting in late 2026 or early 2027 [48][49] Question: What impact will the capital campaign in 2026 have on cost recovery pools? - Management noted that capital spent in Gabon will start recovering as soon as successful wells are in production, while Cote D'Ivoire offers a 25% uplift for every dollar invested [51][52] Question: How will the Gabon drilling campaign impact production volumes? - Management expressed optimism about achieving significant production increases, similar to past campaigns, with a focus on enhancing the drilling program [55] Question: What are the critical path items for the FPSO refurbishment in Cote D'Ivoire? - Key milestones include the turret bearing, which is already in transit to Dubai, with first oil expected between mid to late May 2026 [71][72] Question: How many H2S wells will be included in the drilling program? - Management confirmed that the Aburi wells will be part of the drilling program, with the first wells being drilled in 2026 [88]