Financial Data and Key Metrics Changes - In Q4 2025, the company generated adjusted EBITDAX of $251 million and free cash flow of $115 million, with net production averaging 137,000 barrels of oil equivalent per day [10][11] - For the full year, adjusted EBITDAX reached nearly $1.25 billion and free cash flow was $543 million, the highest since 2021, driven by strong base performance and structural cost reductions [10][11] - Net production increased by 25% year-over-year to 138,000 barrels of oil equivalent per day, reflecting consistent capital execution [11][12] Business Line Data and Key Metrics Changes - The company’s capital spending in Q4 totaled $120 million, bringing full-year capital deployment to $322 million, with a focus on high-return opportunities [11][12] - The dividend framework has been strengthened, with approximately 94% of free cash flow returned to shareholders through dividends and share repurchases in 2025 [12][13] Market Data and Key Metrics Changes - The company’s corporate maintenance breakeven is in the mid-$50s WTI, reflecting resilience in the oil macro environment [8][9] - Two-thirds of expected oil production for 2026 is hedged at $65 Brent, providing meaningful cash flow protection [15] Company Strategy and Development Direction - The company aims to invest in high-return opportunities while preserving financial strength and returning excess cash to shareholders [4][12] - The integrated strategy includes advancing carbon management and power platforms, with the Carbon TerraVault project moving from concept to execution [6][7] - The company is focused on responsibly developing its resource base, lowering costs, and effectively allocating capital to shape its future [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of regulatory progress in stabilizing production and supporting energy affordability in California [5][6] - The company sees its integrated model as part of the solution to California's energy needs, particularly as demand for secure, lower carbon energy evolves [16] - Management expressed confidence in the durability of inventory and returns, with a focus on maintaining a strong balance sheet and sustainable cash flow growth [8][9] Other Important Information - The board approved a $430 million increase to the share repurchase authorization, extending the program through 2027 [13] - The company is advancing discussions related to its power platform with multiple high-quality counterparties, indicating a growing demand for reliable, low carbon power solutions [7][8] Q&A Session Summary Question: Context on 2P inventory update and permitting environment - Management emphasized the strong foundation of conventional assets with low declines and highlighted the importance of permits in executing the 2026 plan [20][21] Question: 2026 program and capital efficiency - Management discussed the focus on reducing corporate decline and maintaining capital efficiency through a disciplined capital allocation strategy [27][29] Question: CCS business and approval process - Management reported good progress in the CCS business, nearing completion of construction and awaiting final EPA approval for injection [34][35] Question: Cost reductions and Berry synergy capture - Management outlined the integration strategy for the Berry merger, targeting significant synergies and cost reductions [43][45] Question: Uinta Basin asset strategy - Management views the Uinta Basin as a high-quality option but emphasizes that it must compete for capital against California assets [63][64] Question: Huntington Beach asset update - Management is advancing the entitlements for the Huntington Beach asset and expects significant value creation opportunities in the future [66][68]

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $2.94 and non-GAAP diluted EPS of $3.58 for the full year 2025, reflecting a 5.3% growth from 2024 on a non-GAAP basis [7][10][16] - The quarterly dividend was increased by 1.5% to $0.67 per share [7] - The company initiated 2026 earnings guidance in the range of $3.68-$3.83 per share, representing a 5% growth at the midpoint compared to 2025 results [17] Business Line Data and Key Metrics Changes - The improved margin for the fourth quarter was attributed to new rates and regulatory execution, although it was offset by mild weather and higher operating costs [11][12] - Adjusted earnings for the fourth quarter were $1.17, compared to $1.13 in Q4 2024, despite unfavorable weather impacting results [12][16] Market Data and Key Metrics Changes - The company is actively pursuing data center growth opportunities, having signed a third letter of intent for a 500+ MW data center and progressed with another from a letter of intent to a development agreement [4][7] - The company is focusing on large load customers in Montana and South Dakota, with significant interest from data centers in both states [27][28] Company Strategy and Development Direction - The company announced an all-stock merger agreement with Black Hills Corporation, expected to close in the second half of 2026, which aims to enhance scale, position, and growth opportunities [4][21] - The updated five-year capital plan is set at $3.21 billion, a 17% increase over the prior plan, reflecting the inclusion of new projects [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative outcomes in Montana, which support transmission investment and mitigate wildfire-related risks [5][6] - The company is committed to maintaining high credit quality and is focused on self-funding its capital plan while managing equity issuance carefully [19][20] Other Important Information - The company has filed joint requests for merger approval in multiple states and is preparing for hearings expected in the second quarter of 2026 [24] - The company is also addressing environmental concerns related to its Colstrip operations and is prepared to invest in necessary upgrades if required [80][81] Q&A Session Summary Question: Update on large load tariff filing - The company plans to file a large load tariff in sync with a signed ESA, aiming for completion by the end of Q2 2026 [38][40] Question: Education plan for stakeholders regarding data centers - Management highlighted ongoing discussions to educate stakeholders on the benefits of data centers and the importance of a tariff that protects customers [41][44] Question: ESA strategy and financing implications - The company is focused on ensuring that ESAs are aligned with tariffs to protect customers, with plans to file by the first half of 2026 [58][60] Question: Update on South Dakota plant and turbine queue - The company is investing in turbines for the 131 MW plant, expected to be completed by 2030 [76][78] Question: Environmental upgrades at Colstrip - Management indicated readiness to invest in environmental controls if necessary, while maintaining a focus on keeping Colstrip operational [80][81] Question: Concerns about merger regulatory timelines - The company is working with regulators in South Dakota and Montana, expressing confidence in the timelines despite some delays [92][93]

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $2.94 and non-GAAP diluted EPS of $3.58 for the full year 2025, reflecting a 5.3% growth from 2024 on a non-GAAP basis [6][9][15] - The quarterly dividend was increased by 1.5% to $0.67 per share [6] - The company initiated 2026 earnings guidance in the range of $3.68-$3.83, representing a 5% growth at the midpoint compared to 2025 results [7][17] Business Line Data and Key Metrics Changes - The improved margin for the fourth quarter was attributed to new rates and regulatory execution, although it was offset by mild weather and higher operating costs [10][12] - Adjusted earnings for the fourth quarter were $1.17, compared to $1.13 in Q4 2024, despite unfavorable weather impacts [11][15] Market Data and Key Metrics Changes - The company is focusing on data center growth opportunities, having signed a third letter of intent for a 500+ MW data center and progressed with another from a letter of intent to a development agreement [6][24] - The company has seen a significant interest in large load customers in South Dakota, with established processes for accommodating them [27] Company Strategy and Development Direction - The company announced an all-stock merger agreement with Black Hills Corporation, which is expected to close in the second half of 2026, aiming to enhance scale and growth opportunities [4][21] - The company is committed to maintaining high credit quality while pursuing a self-funded capital plan, with an updated five-year capital plan of $3.21 billion, a 17% increase over the prior plan [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative outcomes in Montana, which support transmission investments and clarify wildfire-related risks [5] - The company is optimistic about its ability to serve large load customers and enhance reliability and affordability for its customers [30][100] Other Important Information - The company has completed its acquisition of the Avista and Puget Colstrip interests, increasing its ownership in Colstrip from 30% to 55% [30] - The company is actively working on regulatory approvals for its merger and has filed necessary documents with multiple state commissions [24][92] Q&A Session Summary Question: Update on large load tariff filing - The company plans to file a large load tariff once a signed ESA is in place, aiming for completion by the end of Q2 2026 [38][40] Question: Education plan for stakeholders regarding data centers - Management noted ongoing discussions to educate stakeholders on the benefits of data centers and the importance of a tariff that protects customers [41][45] Question: Concerns about delays in merger approvals - Management indicated no concerns regarding the timelines in South Dakota and Montana, stating that the processes are progressing as expected [92][93] Question: Update on the South Dakota plant and turbine queue - The company is investing in turbines for the 131 MW plant, expected to be completed by 2030 [76][77] Question: Environmental upgrades at Colstrip - Management stated that they will invest in necessary upgrades to keep Colstrip operational, depending on regulatory requirements [78][81]

Financial Data and Key Metrics Changes - The company reported earnings of $0.86 per share for Q3 2025, an increase from $0.71 per share in Q3 2024, reflecting a $0.15 increase year-over-year [15][16] - The earnings increase was primarily driven by $0.12 from higher distribution and transmission rates and $0.06 from favorable storm conditions [15][16] - The company reaffirmed its operating earnings guidance for 2025 at $2.64-$2.74 per share, aiming to deliver at the midpoint or better [6][16] Business Line Data and Key Metrics Changes - The utility operating companies ranked one, two, four, and seven in reliability benchmarking, improving from last year's rankings of one, three, five, and eight [7][8] - The company is on track for gas distribution rate cases at Delmarva Power and Atlantic City Electric, with a new rate case filed at Pepco, Maryland [9][18] Market Data and Key Metrics Changes - The Clean and Reliable Grid Affordability Act was passed in Illinois, supporting resource adequacy and expanding energy efficiency budgets [10][46] - Maryland initiated a request for merchant generator proposals for up to 3 GW of new energy supply, although disclosed capacity levels fell short of targets [11][12] Company Strategy and Development Direction - The company aims to continuously improve operational performance while maintaining below-average rates for customers [8][24] - The focus is on leveraging all available options to ensure reliable access to energy and support economic development opportunities [12][26] - The company is advocating for fair recovery of investments and efficient rate-making constructs to support long-term growth [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about closing out 2025 strong, with expectations of achieving an ROE aligned with allowed levels in the 9%-10% range [27] - The anticipated shortfall in energy supply is a concern, and the company is ready to partner with states to address growing energy security needs [12][26] Other Important Information - The company has issued $1 billion in debt, completing its planned long-term debt issuances for the year, supported by strong investor demand [19][20] - The company continues to project financial flexibility above the Moody's downgrade threshold, approaching 14% by the end of the guidance period [22] Q&A Session Summary Question: Thoughts on Maryland's RFP and competing options - Management commended Maryland for initiating the process but noted that the responses fell short of needs, emphasizing the focus on affordability and reliability [34][35] Question: Discussions in Pennsylvania regarding resource adequacy - Management confirmed ongoing discussions with various stakeholders and expressed optimism about potential agreements, with more activity expected in the spring [38][39] Question: Investment opportunities from new Illinois legislation - Management highlighted the enhanced energy efficiency program and the target of 3 GW of storage by 2030 as significant opportunities for investment [45][46] Question: Clarification on the ACE rate case - Management expressed confidence in reaching a settlement by the end of the year, emphasizing transparency and collaboration with stakeholders [60][62] Question: Updates on the Amazon TSA and large load pipeline - Management discussed the implementation of transmission services agreements to solidify projects and protect the customer base, noting a growing pipeline of large load projects [68][70]

Financial Data and Key Metrics Changes - Exelon reported earnings of $0.86 per share for Q3 2025, an increase from $0.71 per share in Q3 2024, reflecting a $0.15 increase year-over-year [16] - The company reaffirmed its operating earnings guidance for 2025 at $2.64 to $2.74 per share, aiming to deliver at the midpoint or better [7][17] - The increase in earnings was primarily driven by $0.12 from higher distribution and transmission rates and $0.06 from favorable storm conditions [16] Business Line Data and Key Metrics Changes - Exelon’s four utility operating companies ranked one, two, four, and seven in reliability benchmarking, improving from last year's rankings of one, three, five, and eight [7] - The company is on track for gas distribution rate cases at Delmarva Power and Atlantic City Electric, with a new rate case filed at Pepco, Maryland [8][19] Market Data and Key Metrics Changes - Illinois passed the Clean and Reliable Grid Affordability Act, which supports resource adequacy and expands energy efficiency budgets [10] - Maryland initiated a request for merchant generator proposals for up to three gigawatts of new energy supply, although disclosed capacity levels fell short of targets [11] Company Strategy and Development Direction - Exelon aims to continuously improve operational performance while maintaining below-average rates for customers [8] - The company is focused on leveraging technology and advocating for fair recovery of investments to ensure high service levels [27] - Exelon is committed to working with states to address energy security needs and is exploring utility-owned generation as a solution [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the anticipated shortfall in energy supply and emphasized the need for all states to leverage available options for securing power [12] - The company expects to grow earnings at an annualized rate of 5% to 7% through 2028, with a rate base growth of 7.4% [15][17] Other Important Information - Exelon has derisked its financing plan and completed all planned long-term debt issuances for the year, with strong investor demand [21] - The company has priced nearly half of its equity needs through 2028, ensuring financial flexibility [22] Q&A Session Summary Question: Thoughts on Maryland's resource adequacy RFP - Management commended Maryland for initiating the process but noted that the responses received fell short of the state's needs [36] Question: Discussions in Pennsylvania regarding resource adequacy - Management confirmed ongoing discussions with various stakeholders and expressed optimism about reaching a middle ground on resource adequacy agreements [40][42] Question: Details on the new Illinois legislation - The Clean and Reliable Grid Affordability Act enhances energy efficiency programs and sets a target for three gigawatts of storage by 2030 [47] Question: Clarification on the large load pipeline - Management indicated that the large load pipeline is more a matter of timing, with ongoing studies and agreements being finalized [82][84] Question: Updates on the Amazon TSA - The company is implementing transmission services agreements to solidify projects and protect existing customers [71][72]

Financial Data and Key Metrics Changes - PSEG reported net income of $1.17 per share for Q2 2025, compared to $0.87 per share in Q2 2024, reflecting a significant increase [17] - Non-GAAP operating earnings were $0.77 per share in Q2 2025, up from $0.63 per share in Q2 2024, marking over a 20% increase year-over-year [17][18] - For the year-to-date ending June 30, 2025, net income was $878 million, compared to $790 million in 2024 [18] Business Line Data and Key Metrics Changes - PSEG's utility segment reported net income and non-GAAP operating earnings of $332 million for Q2 2025, compared to $300 million in Q2 2024 [18] - PSEG Power and Other reported net income of $253 million in Q2 2025, up from $132 million in Q2 2024, with non-GAAP operating earnings increasing to $52 million from $11 million [22][23] - The nuclear fleet produced approximately 7.5 terawatt hours in Q2 2025, an increase of 0.5 terawatt hours compared to the same period in 2024 [23] Market Data and Key Metrics Changes - The temperature humidity index was 21% warmer than normal but 14% cooler than in 2024, impacting electricity demand [21] - PSEG's pipeline of large load inquiries for new service connections grew to over 9,400 megawatts, up 47% from 6,400 megawatts reported as of March 31 [12] Company Strategy and Development Direction - PSEG is focused on a $3.8 billion regulated capital investment program for 2025 aimed at infrastructure modernization and reliability [6][11] - The company is also pursuing a five-year capital spending plan of $21 billion to $24 billion through 2029, supporting a projected rate base CAGR of 6% to 7.5% [15][16] - PSEG is advocating for legislative decisions in New Jersey regarding energy affordability and resource adequacy, emphasizing the need for new generation capacity [33][41] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of balancing reliability, affordability, and environmental policies in ongoing discussions with New Jersey legislators [33][41] - The company anticipates a near-flat impact on customer electric bills despite recent capacity price increases, due to other supply-related costs expected to decrease [9][10] - PSEG reiterated its full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a 9% increase at the midpoint over 2024 results [15][26] Other Important Information - PSEG's total available liquidity as of June 30 was $3.6 billion, including $186 million in cash [25] - Recent federal tax legislation preserved the nuclear production tax credit and extended 100% bonus depreciation for qualified business property, improving cash flow [26] Q&A Session Summary Question: Update on New Jersey Resource Adequacy Conference - Management indicated ongoing discussions regarding future generation build in New Jersey, emphasizing the need for state decisions on reliability and affordability targets [31][33] Question: Data Center Pipeline and Nuclear Plant Opportunities - Management noted a significant increase in data center inquiries, with ongoing discussions about nuclear plant opportunities across New Jersey and Pennsylvania [34][36] Question: New Generation Needs in New Jersey - Management acknowledged the need for new generation capacity in New Jersey, emphasizing the state's reliance on power imports [41][43] Question: Impact of Capacity Auction Results - Management confirmed that while capacity auction results are important, they maintain their guidance based on the nuclear production tax credit threshold [45][46] Question: Affordability-Focused Bills - Management stated that while several affordability-focused bills were discussed, no specific bill is currently prioritized as the legislature is not scheduled to reconvene soon [62][63] Question: Incremental Generation Potential from Nuclear Upgrades - Management confirmed that engineering work for nuclear upgrades is ongoing, with plans for a 24-month fuel cycle at Hope Creek [66] Question: Large Load Inquiries Conversion Rate - Management confirmed that the conversion rate for large load inquiries remains at 10% to 20%, primarily driven by data center projects [73]

Financial Data and Key Metrics Changes - PSEG reported net income of $1.17 per share for Q2 2025, compared to $0.87 per share in Q2 2024, reflecting a 34% increase [17] - Non-GAAP operating earnings were $0.77 per share in Q2 2025, up from $0.63 per share in Q2 2024, marking a 22% increase [17] - For the year-to-date ending June 30, 2025, net income was $878 million, compared to $790 million in 2024 [18] Business Line Data and Key Metrics Changes - PSEG's utility segment reported net income of $332 million for Q2 2025, compared to $300 million in Q2 2024 [18] - PSEG Power and Other reported net income of $253 million in Q2 2025, up from $132 million in Q2 2024 [22] - The nuclear fleet produced approximately 7.5 terawatt hours in Q2 2025, an increase of 0.5 terawatt hours compared to the same period in 2024 [23] Market Data and Key Metrics Changes - The summer peak load reached 10,229 megawatts on June 24, 2025, the highest since 2013 [6] - The capacity auction results showed a price of $329 per megawatt day for the 2026-2027 energy year, up from $270 per megawatt day in the previous auction [24] Company Strategy and Development Direction - PSEG is focused on a $3.8 billion regulated capital investment program for 2025, aimed at infrastructure modernization and reliability [5][20] - The company is advocating for legislative decisions regarding energy affordability and resource adequacy in New Jersey [33] - PSEG's five-year capital spending plan is reaffirmed at $21 billion to $24 billion, supporting a projected rate base CAGR of 6% to 7.5% through 2029 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year 2025 non-GAAP operating earnings guidance of $3.94 to $4.06 per share, which is a 9% increase at the midpoint over 2024 results [15][26] - The management highlighted the importance of balancing affordability, reliability, and environmental policies in ongoing discussions with New Jersey legislators [96] Other Important Information - PSEG's total available liquidity as of June 30, 2025, was $3.6 billion, including $186 million in cash [25] - The company plans to execute its capital plan without the need to issue new equity or sell assets [26] Q&A Session Summary Question: Update on New Jersey Resource Adequacy Conference - Management indicated ongoing discussions without significant legislative changes at this time, emphasizing the need for decisions on reliability, affordability, and environmental goals [31][33] Question: Data Center Pipeline and Nuclear Plant Opportunities - Management noted increased interest in data centers in New Jersey, with ongoing discussions about nuclear plant opportunities [34][36] Question: New Generation in New Jersey - Management reiterated the need for new generation capacity in New Jersey, emphasizing the impact of neighboring states on local supply [41][43] Question: Capacity Auction Results and Future Projections - Management confirmed that guidance remains at the nuclear PTC floor, monitoring market conditions for future adjustments [45][46] Question: Affordability-Focused Bills - Management stated that no specific bills are currently prioritized, focusing instead on broader solutions for customer affordability [62][64] Question: Incremental Generation Potential - Management confirmed that engineering work for upgrades and refueling cycles is ongoing, with plans for future announcements [66][68]

Financial Data and Key Metrics Changes - PSEG reported net income of $1.18 per share for Q1 2025, up from $1.06 per share in 2024, while non-GAAP operating earnings increased to $1.43 per share from $1.31 per share in the previous year [15][16] - Overall results benefited from regulatory recovery and seasonal gas revenues, with a notable increase in nuclear generation performance [6][8] Business Line Data and Key Metrics Changes - PSE&G's net income and non-GAAP operating earnings for Q1 2025 were $546 million, compared to $488 million in 2024, driven by new electric and gas distribution rates [16] - Distribution margin increased by $0.20 per share due to the rate case and recovery of energy efficiency investments, while O&M expenses rose by $0.05 per share due to inflation and cold weather [17][18] Market Data and Key Metrics Changes - The Basic Generation Service (BGS) default rate is set to increase residential electric bills by 17% starting June 1, largely due to auction results and true-ups from previous years [9][10] - PSEG's combined electric and gas bill remains competitive compared to other utilities in New Jersey, with high reliability metrics and customer satisfaction rankings [10][11] Company Strategy and Development Direction - PSEG's capital investment plan for 2025 focuses on infrastructure modernization and energy efficiency, with a five-year capital spending program of $21 billion to $24 billion [13][18] - The company is exploring new generation opportunities in New Jersey, including potential legislative changes to allow regulated utilities to build and own new generation [12][60] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising energy prices and the need for new generation supply to address resource adequacy issues in New Jersey [10][32] - PSEG reiterated its full-year non-GAAP operating earnings guidance of $3.94 to $4.06 per share, reflecting a 5% to 7% CAGR through 2029 based on capital investment execution [13][24] Other Important Information - PSEG has total available liquidity of $4.6 billion, including $900 million in cash, following significant bond market access [22][23] - The company is actively working with the New Jersey Board of Public Utilities to mitigate customer bill impacts from the BGS increase [9][60] Q&A Session Summary Question: Timeline for large load interconnection and resource adequacy in New Jersey - Management indicated that interconnections are happening at different stages, with ongoing discussions about resource adequacy and legislative changes [29][30][34] Question: Demand perspective from large load customers - Management noted continued demand for power, particularly nuclear, despite market uncertainties [44][45][46] Question: Updates on LiPA contract discussions - Management confirmed ongoing consideration for the contract, with a board meeting scheduled for May 22 to discuss next steps [51][52] Question: Strategy for managing affordability concerns - Management emphasized collaboration with the Board of Public Utilities and proposed solutions to mitigate customer impacts, including energy efficiency programs [58][60][99] Question: Status of nuclear capacity contracts with data centers - Management clarified that discussions are not contingent on the FERC process, but that flexibility is desired [64][67] Question: Capacity pricing and customer bill growth - Management expressed expectations for capacity prices to remain stable, with no significant increases anticipated for customers [83][84][88] Question: Offshore wind impacts on transmission planning - Management stated no direct impacts from exiting offshore wind, but emphasized the need for accurate planning to address future resource adequacy [89][90]