Nell Minow, vice chairman of ValueEdge Advisors, says efficient markets depend on robust information and companies should report earnings every six months to meet shareholder demand. She speaks with Romaine Bostick and Katie Greifeld on "The Close." ...

Core Viewpoint - Banco de Sabadell's Q2 2025 earnings presentation focuses on the performance of its Spanish franchise, excluding TSB, following the agreement on the sale of TSB [3]. Group 1: Presentation Structure - The earnings call is structured with the CEO highlighting key developments, followed by the CFO discussing financial results and balance sheet evolution, and concluding remarks from the CEO [2]. - This quarter's presentation is pre-recorded, and there will be no live Q&A session, although a live format will be used for the upcoming Capital Markets Day [1]. Group 2: Strategic Focus - The company emphasizes the relevance of its performance excluding TSB, providing more detailed figures related to the Spanish franchise [3].

Core Viewpoint - Marathon Petroleum Corporation (MPC) reported a narrower-than-expected adjusted loss per share of 24 cents for Q1 2025, primarily driven by strong performance in its Refining & Marketing segment, despite a significant decline from the previous year's profit of $2.78 per share [1][2]. Financial Performance - Revenues for Q1 2025 were $31.9 billion, exceeding the Zacks Consensus Estimate of $30.1 billion but down 4.1% year-over-year [2]. - Total expenses decreased to $31.2 billion from $31.4 billion in the prior year [6]. - The company repurchased $1.1 billion of shares during the quarter, with a remaining authorization of $6.7 billion [7]. Segment Analysis Refining & Marketing - Adjusted EBITDA for the Refining & Marketing segment was $489 million, a 74% decline from $1.9 billion in the previous year, attributed to lower refining margins [3]. - The refining margin decreased to $13.38 per barrel from $19.35 a year ago, while capacity utilization improved to 89% from 82% [3]. - Total refined product sales volumes increased to 3,446 thousand barrels per day (mbpd) from 3,242 mbpd year-over-year, and throughput rose to 2,849 mbpd, surpassing the consensus estimate of 2,766 mbpd [4]. Midstream - The Midstream segment reported adjusted EBITDA of $1.7 billion, an 8.2% increase from Q1 2024, supported by higher rates and stronger throughput [5]. Capital Expenditures and Debt - Capital expenditures for the quarter totaled $776 million, with 46.6% allocated to Refining & Marketing and 49.7% to the Midstream segment, compared to $636 million in the prior year [6]. - As of March 31, 2025, the company had cash and cash equivalents of $3.8 billion and total debt of $30.9 billion, resulting in a debt-to-capitalization ratio of 57.3% [7].