Authored by Rob Sabo via The Epoch Times,Several energy companies have announced the closure of some of their refineries in California in recent months, citing the regulatory environment and operational losses.Multiple experts in the state’s oil and gas industry recently spoke with The Epoch Times about the closures and their potential impacts on fuel prices and fuel availability in the Golden State.Refinery ClosuresValero Energy Corporation announced in April 2025 that it would shutter its refinery operati ...

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, which is the 23rd consecutive year of dividend increases [18] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw the company invest $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [17] - The company reported growth across all segments, driven by infrastructure investments [16] Market Data and Key Metrics Changes - Natural gas remains the most affordable energy source for heating, water heating, and cooking, with electricity being 2-3 times more expensive [18] - The regulatory environment improved with new legislation in Missouri establishing a future test year for rate-setting, allowing for better planning and investment [18] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering safe and reliable natural gas service [19] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance the company's scale and diversify its utility portfolio [3][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [19] - The company is committed to maintaining a strong balance sheet to support growth strategies and long-term shareholder value [19] Other Important Information - The Missouri Public Service Commission approved a $210 million revenue increase as a result of a rate case settlement [4] - The company successfully concluded an annual budget process in Alabama, reinforcing its regulatory engagement [4] Q&A Session All Questions and Answers Question: What is the current status of the acquisition of the Piedmont Natural Gas Tennessee business from Duke? - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [21] Question: What are the company's business priorities for shareholders in fiscal year 2026? - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing and closing the Tennessee acquisition [22]

Core Insights - The company reported a leasing volume of 1.2 million square feet, which is a 14% increase compared to the prior four-quarter average and a 10% increase compared to the prior eight-quarter average [1] - The fourth quarter of 2025 saw a diluted FFO per share of $2.16, aligning with the company's prior guidance, and a full-year FFO of $9.01 [2] - Management's focus for 2026 includes timely execution, prioritizing dispositions, balance sheet flexibility, and reducing capital expenditures [3][7] Leasing Performance - The company achieved a total leasing volume of 1.2 million square feet in Q4 2025, marking the highest quarterly leasing volume in the last year [2][6] - Vacant space leasing totaled 393,000 rentable square feet, nearly double the quarterly average over the last five quarters [1] - Occupancy at the end of 2025 was 90.9%, up 30 basis points sequentially [8] Financial Performance - The company executed $1.5 billion in dispositions across 26 transactions during Q4 2025 [2][6] - Same-property net operating income (NOI) declined by 6% in Q4 and 3.5% for the full year, with expectations of an 8.5% decline in 2026 [11] - The company recognized $1.45 billion in impairments in Q4, primarily related to land [16] 2026 Outlook - Management anticipates occupancy to dip in early 2026 due to approximately 1.2 million square feet of lease expirations, with a recovery expected in the second half of the year [5][9] - The company has set a disposition target of $2.9 billion for 2026, with 65% to 75% expected to come from non-core assets [7][15] - Capitalized interest is projected to decline by 24% to $250 million in 2026 [13] Market Conditions - The leasing environment remains cautious, particularly in the biotech sector, with venture capital funding at its lowest in a decade [21][22] - Smaller spaces under 50,000 square feet are active, but there is a lack of public biotech tenants in the 50,000 to 150,000 square foot range [22] - Free rent levels have been increasing, indicating weakening fundamentals in the leasing market [23]

Core Insights - Institutional adoption of digital assets has reached a point where a full retreat is no longer realistic, indicating a structural shift rather than a cyclical one [1][2][3] Group 1: Institutional Engagement - PwC's report highlights sustained institutional activity in areas such as custody, trading, settlement, tokenization, and on-chain financial infrastructure, which has continued despite market volatility and regulatory uncertainty [2][3] - Major financial institutions are now developing long-term systems and strategies around digital assets, making it costly and impractical to withdraw from this engagement [3] Group 2: Regulatory Environment - The regulatory landscape, particularly in the U.S., has played a crucial role in facilitating this shift towards institutional adoption of crypto [4][5] - New legislation and regulatory clarity, such as the GENIUS Act, have encouraged traditional financial institutions to engage more directly with digital assets, moving from caution to commitment [5][6] - Leadership changes at the SEC have also been identified as a turning point that has shifted perceptions from viewing crypto as a risk to seeing it as an opportunity [6]

Regulatory Landscape & Market Impact - The US regulatory environment for crypto has improved significantly, with potential for further improvement through the GENIUS Act and Clarity Act, though the latter is delayed until potentially 2026 due to a government shutdown [11][12][13] - The SEC's stance has shifted from hostile under Gary Gensler to actively encouraging crypto development under Paul Atkins, aiming to solidify America's position in the global crypto industry [13][14] - The innovation exemption, expected to come into force in January 2026, could remove constraints on the crypto industry, particularly benefiting DeFi sectors [15] - Stricter reporting requirements are coming into effect in the EU, UK, and US from 2026, impacting centralized exchange users and potentially reducing tax evasion opportunities [31][32] Stablecoins & Global Adoption - Stablecoins are increasingly used globally, especially in countries like Pakistan, India, and Vietnam, for remittances and financial transactions [17][18] - Stablecoins benefit the US government by creating demand for US treasuries and strengthening the US dollar [42][44] - Tether (USDT) has a market cap exceeding $100 billion and is buying gold and Bitcoin, while Circle (USDC) became a public company [43][47][48] - Stablecoin issuers are starting to build their own blockchains to capture fees, exemplified by chains like Plasma [52][53] Industry Trends & Challenges - The crypto industry faces an identity crisis, with a sense of disappointment due to the lack of a traditional euphoric bull run and concerns about the proliferation of memecoins [5][18] - The launch of Pumpfun in early 2025 contributed to a memecoin craze, leading to questions about the industry's direction and legitimacy [18] - AI has captured significant mind share, diverting attention from crypto, which thrives on attention [23] - Crypto adoption is rising globally, but the industry still struggles with a perception of illegitimacy and value extraction [17][23]

Financial Data and Key Metrics Changes - The company recognized a net after-tax non-recurring charge of $75 million, or $0.20 per share, related to offshore wind liability, which increased the estimated liability for future payments to GIP by approximately $285 million, offset by $210 million of tax benefits [16][17] - GAAP earnings for Q3 were $0.99 per share, compared to a loss of $0.33 per share in the same quarter last year, while non-GAAP recurring earnings were $1.19 per share, up from $1.13 per share year-over-year [17][18] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.01 per share due to higher revenues from continued investment in the transmission system [18] - Electric distribution earnings rose by $0.03 per share, reflecting distribution rate increases in New Hampshire and Massachusetts [18] - Natural gas segment earnings improved by $0.04 per share, primarily due to base distribution rate increases in Massachusetts [18] - Water distribution earnings decreased by $0.02 per share due to higher O&M and depreciation expenses [19] Market Data and Key Metrics Changes - Year-to-date weather-normalized load growth was reported at 2%, with a peak of over 12 gigawatts experienced this summer, the highest since 2013 [11] - The company is on track to invest nearly $5 billion in transmission and distribution infrastructure this year [9] Company Strategy and Development Direction - The company is focused on executing key strategic initiatives to drive sustainable growth and strengthen its balance sheet [4] - There is a strong emphasis on infrastructure investments to maintain a reliable and resilient grid, accommodating new sources of generation to meet increasing electric demand [6][10] - The company is pursuing numerous transmission projects to address evolving electric demand and improve regional reliability [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the constructive shift in Connecticut's regulatory landscape, which is expected to facilitate collaboration on regulatory initiatives [5][7] - The company aims to deliver reliable, sustainable energy while keeping costs manageable and partnering with customers to ensure affordability [14] - The company reaffirmed its 2025 recurring earnings per share guidance to a range of $4.72-$4.80, with a longer-term EPS growth rate of 5%-7% [25] Other Important Information - The company has made significant progress on the Revolution Wind project, with Ørsted reporting that 52 of the 65 turbines are installed [67] - The company is actively working on storm cost recovery, with 98% of deferred storm costs either under review or already in rates [24] Q&A Session Summary Question: Update on Yankee Gas and alternative resolution - Management indicated that the decision from PURA was better than the draft decision, and they will provide more information later [32][33] Question: NSTAR Gas PBR proposal denial - Management explained that the denial was due to a roll-in of GSEP and indicated plans to file a general rate case if necessary [36] Question: Regulatory updates and credit agency views - Management noted that credit agencies are in a wait-and-see mode regarding regulatory outcomes [42] Question: Land acquisition strategy - Management clarified that land acquisitions are for their own regulated business and strategic energy injection [60] Question: Timing for storm cost securitization resolution - Management expects a decision on storm cost securitization in the second or third quarter of the following year [71] Question: Tax rate expectations - Management anticipates the tax rate to be in the low 20% for the current year, moving towards a more normal level in 2026 [91] Question: Completion of Revolution Wind project - Management reported significant progress and expects to improve the project schedule [67] Question: End of the Revolution Wind project agreement with Ørsted - Management stated that the end of the agreement will be at the Commercial Operation Date (COD) [100]

Core Viewpoint - First Horizon is positioning itself to explore acquisition opportunities due to an improved regulatory environment for banks, with CEO Bryan Jordan expressing confidence in potential mergers in the future [2][3][4]. Regulatory Environment - The regulatory landscape has changed significantly, with faster deal approval timelines under the current administration, making it easier for banks to pursue acquisitions [3][4]. - The distinction around the $100 billion asset threshold for regulatory categories appears to be less rigid, suggesting potential for future adjustments [4]. Acquisition Strategy - First Horizon, with $83.2 billion in assets, is focused on "fill-in" acquisition opportunities within its 12-state Southern footprint, targeting institutions with strong deposit bases for cross-selling [5]. - There is an increasing trend among institutions considering future opportunities, indicating a potential for First Horizon to expand its market presence [5]. Financial Performance and Growth - The bank aims to achieve an adjusted return on tangible common equity of 15% or more, while maintaining investments to enhance profitability and keep acquisition options open [6]. - The bank's board previously rejected a $13.4 billion acquisition offer from TD Bank in early 2022, emphasizing the need to create maximum value for shareholders amidst regulatory uncertainties [7].

Core Viewpoint - Atmos Energy Corporation is a leading natural gas utility company in the U.S., primarily operating in Texas, focusing on delivering natural gas to various customer segments [1] Group 1: Financial Performance - Barclays set a price target of $172 for Atmos Energy (ATO), which is slightly below its current trading price of $174.93, indicating a more optimistic market view [2][6] - The company has raised its earnings per share (EPS) guidance to a range of $7.35 to $7.45 for the year, reflecting confidence in its financial performance and growth prospects [4][6] Group 2: Market Position and Competitors - Atmos Energy competes with other utility companies such as CenterPoint Energy and ONE Gas [1] - The company has a market capitalization of approximately $28.08 billion, with its stock price fluctuating between $174.72 and $177.01, showing significant growth from a low of $136.05 in the past year [5] Group 3: Regulatory Environment and Investment Strategy - The favorable regulatory environment in Texas supports predictable cash flows, allowing Atmos Energy to invest heavily in capital programs, with 86% of its capital expenditure focused on enhancing safety and reliability [3][6] - The company's earnings are fully regulated, providing a stable revenue stream, which has been bolstered by recent legislation and customer growth [4]

Oftentimes when you come on the program, something has happened. There might be a piece of legislation or someone has said something. There are many news stories tangentially linked to Bitcoin right now, but I don't see like one single catalyst that's holding up an entire crypto industry.Well, I do think there is one common thread right now among the crypto industry, and that's that this year we have seen tremendous progress on the public policy front. We've had a very strong leadership by the White House w ...

Deal Overview - Fifth Third Bank 计划以 109 亿美元收购 Comica，预计将成为美国第九大银行，拥有约 2880 亿美元的资产 [1] - 该交易在 2027 年完成整合后，将立即增加 Fifth Third Bank 的收益，且不会稀释有形账面价值 [2] Regulatory Environment - 监管环境显著改善，交易宣布到完成的时间缩短至 6 个月内 [4][5] - 监管环境的改善对银行业整合形成支持，银行业整合已持续 30 多年 [5] Loan Growth & Economic Outlook - 美国地区银行的工商业贷款（CNI）增长正在加速，这与资本支出增加有关 [6] - 由于可以对资本支出进行 100% 的折旧，资本支出正在增加，从而促进贷款增长 [6] - 预计未来 12 个月内不会出现经济衰退，因此银行业不太可能面临严重的信贷问题 [9] Potential Acquisition Targets - First Horizon 此前与 TD 的收购交易失败，可能成为下一个被收购的目标 [10] - 如果宏观经济前景良好，银行出售的意愿会降低，可能需要一些压力才能促成交易 [13][14]