Key Takeaways DNOW targets $23M first-year synergies, aiming for $70M by year three.Midstream, gas utilities and data centers drive 2026 growth diversification.ERP disruptions risk delaying margin recovery toward 7-8% in late 2026.DNOW Inc. (DNOW) is emerging from its MRC Global combination with a larger footprint and a broader mix of end markets that tend to be less cyclical than pure upstream exposure. The setup for 2026 is centered on diversification, synergy capture and a recovery in activity in the sec ...

Core Insights - California Resources Corporation (CRC) demonstrates strong recovery potential in its Belridge field, similar to Elk Hills, emphasizing the rationale behind the ERA merger [1] - The company has a robust conventional reservoir base characterized by low natural declines and predictable performance, supporting over 20 years of development at current production levels [2] - CRC has returned nearly $1.6 billion to shareholders since 2021, focusing on high-return investments and maintaining financial strength [3] Production and Financial Performance - In 2025, CRC achieved record financial performance and production growth for the third consecutive year, despite a 14% decline in commodity prices [4] - The company generated adjusted EBITDAX of $1.25 billion and free cash flow of $543 million in 2025, the highest since 2021 [11] - Net production increased by 25% year-over-year to 138,000 barrels of oil equivalent per day [12] Capital Allocation and Shareholder Returns - CRC has prioritized returns-focused capital allocation, returning approximately 94% of free cash flow to shareholders through dividends and share repurchases in 2025 [13] - The Board approved a $430 million increase to the share repurchase authorization, extending the program through 2027 [13] - The company plans to direct a greater share of capital towards high-return reinvestment opportunities in 2026 [14] Regulatory Environment and Drilling Activity - Regulatory progress has improved the permitting process, allowing CRC to stabilize production and support its 2026 capital program [5] - The company has resumed drilling new wells in 2026, indicating ample potential across its long-runway assets [6] Integrated Strategy and Carbon Management - CRC's integrated strategy includes investments in high-return oil and gas developments alongside advancing carbon management and power platforms [7] - The company has completed construction on California's first commercial-scale CCS project at Elk Hills and is in the commissioning phase [7] - The proximity of permitted CO2 storage reservoirs to existing infrastructure provides a structural advantage as demand for low-carbon power solutions grows [8] Future Outlook and Guidance - For 2026, CRC expects to generate approximately $1 billion of adjusted EBITDAX at $65 Brent, with capital spending projected at around $450 million [16] - Net production is anticipated to increase by 12% year-over-year to 155,000 barrels of oil equivalent per day [17] - The company aims to maintain a strong balance sheet while focusing on sustainable production and cash flow growth [19] Cost Management and Efficiency - CRC has achieved significant structural cost reductions, totaling $300 million since 2023, primarily driven by the integration of ERA [43] - The company targets cumulative savings of $450 million by the end of 2028, reflecting a structural reset of its cost base [45] - The Berry integration has enhanced capital efficiency, allowing CRC to maintain low decline rates without increasing capital intensity [30] Market Position and Competitive Advantage - CRC operates in a unique position within California's energy landscape, focusing on responsibly developing its resource base while advancing emission reduction goals [19] - The company is well-positioned to capitalize on the evolving demand for secure, lower-carbon energy solutions [20] - CRC's asset quality, inventory depth, and cost discipline support resilient long-term value across cycles [11]

Q4'25 Earnings Presentation February 2026 Disclaimer The information in this presentation relates to Crescent Energy Company (the "Company," "Crescent," "we," "us," "our" or "CRGY") and contains information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this pr ...

Financial Data and Key Metrics Changes - Gildan reported record revenues from continuing operations of approximately $3.6 billion for 2025, with adjusted operating margins of 21.5% and a year-over-year adjusted diluted EPS growth of 17%, reaching $3.51 [7][21] - For Q4 2025, sales from continuing operations were $1.078 billion, up 31.3% year-over-year, with organic growth of 4.9% when excluding Hanes' contribution [15][16] - Adjusted diluted EPS for Q4 was $0.96, a 16% increase from $0.83 in the prior year, while GAAP diluted EPS from continuing operations was $0.32 compared to $0.86 the previous year [21] Business Line Data and Key Metrics Changes - Activewear sales grew 10.3% to $788 million, driven by the Hanes acquisition and favorable pricing [16] - Innerwear sales, which now include hosiery, underwear, and intimates, surged approximately 171% year-over-year, primarily due to HanesBrands' contribution [16] - International market sales reached $68 million, up 5.1% year-over-year, reflecting the acquisition's impact despite demand softness in certain regions [17] Market Data and Key Metrics Changes - The company anticipates approximately $250 million in run rate cost synergies over the next three years, an increase from the original target of $200 million [10] - The integration of HanesBrands is progressing ahead of plan, with manufacturing footprint optimization already underway [8][10] - The company is also expanding its Bangladesh operations with a second large-scale textile facility expected to come online in late 2027 [11] Company Strategy and Development Direction - Gildan's strategy focuses on leveraging the Hanes acquisition to double its scale and enhance innovation and growth potential [8] - The company aims for compounded annual sales growth of 3%-5% from pro forma net sales of $6.089 billion for the combined businesses over the next three years [12][29] - A new organizational structure has been implemented to support combined operations, with a focus on commercial strategy for retail and wholesale channels [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to unlock targeted synergies and achieve growth objectives despite a dynamic macroeconomic environment [12][28] - The outlook for 2026 includes expected revenues of $6 billion to $6.2 billion, with adjusted diluted EPS projected between $4.20 and $4.40 [25][28] - Management highlighted the importance of innovation and investment in product offerings to drive future growth, particularly in the Hanes brand [56][62] Other Important Information - The HanesBrands Australian business has been classified as held for sale and reported as discontinued operations [5] - The company plans to use proceeds from the potential divestment of the Australian business to reduce outstanding debt and return to a leverage framework of 1.5x-2.5x net debt to pro forma adjusted EBITDA [24] Q&A Session Summary Question: Can you elaborate on the destocking plans for the year? - Management indicated that the destocking is primarily driven by capacity changes due to the closure of two Hanes facilities, and they are working closely with customers to manage inventory levels [36][38] Question: What sales capacity can be achieved after closing the Hanes facilities? - Management confirmed that current manufacturing capacity is sufficient to support the projected sales growth, with additional capacity expected from the second phase of the Bangladesh facility [45][46] Question: How will the integration of HanesBrands be managed? - Management stated that all integration will be internalized within Gildan's facilities, leveraging existing capacity and expanding operations in Bangladesh and Central America [80]

Financial Data and Key Metrics Changes - The reported fourth quarter earnings per share (EPS) was $0.49, a significant decrease from $4.36 in the fourth quarter of 2024, impacted by unfavorable mark-to-market timing differences and notable items related to pension plan settlements and integration costs [10][11] - Adjusted EPS for the fourth quarter was $1.99, down from $2.13 in the prior year, while adjusted segment earnings before interest and taxes (EBIT) increased to $756 million from $546 million year-over-year [11][14] - Net interest expense rose to $176 million, reflecting the addition of Viterra, despite lower average net interest rates [14] Business Line Data and Key Metrics Changes - In the soybean processing and refining segment, results improved due to higher processing and refining outcomes in Argentina and Brazil, although North America saw lower results [11][12] - The soft seed processing and refining segment benefited from better average processing margins and the addition of Viterra's assets, with higher results in North America and Europe [12] - The grain merchandising and milling segment saw higher results driven by global wheat and barley, offset by lower results in corn and ocean freight, with increased volumes reflecting the expanded grain handling capabilities [13] Market Data and Key Metrics Changes - The operating environment remains complex with geopolitical tensions and uncertainty around U.S. biofuel policy affecting farmer and consumer behavior [9][18] - The company expects full year 2026 adjusted EPS in the range of $7.50-$8, influenced by current market conditions and forward curves [9][18] Company Strategy and Development Direction - The company is focused on integrating Viterra to enhance operational efficiency and connectivity, aiming to unlock synergies in origination, merchandising, processing, and distribution [5][6] - Strategic investments are being made in large greenfield projects while navigating trade flows and geopolitical volatility [8][20] - The company aims to maintain a competitive advantage through improved logistics and better coordination across its global operations [6][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the complexity of the current environment with limited visibility, particularly regarding U.S. biofuel policy, but expresses confidence in the company's ability to adapt and succeed [9][21] - The integration of Viterra is expected to provide greater reach and insight into global flows, enhancing the company's capability to serve customers and manage risks [20] Other Important Information - The company generated over $1.7 billion of adjusted funds from operations, with approximately $1.25 billion of discretionary cash flow available after capital expenditures [14][15] - The adjusted return on invested capital (ROIC) was 8.1%, with an adjusted leverage ratio of 1.9 times at the end of the fourth quarter [16] Q&A Session Summary Question: Impact of RVO on margins and soybean crush operations - Management indicated that current guidance does not factor in potential changes from the Renewable Volume Obligation (RVO), but improvements in U.S. curves suggest a positive outlook for margins [24][26] Question: Earnings cadence for the year - The company anticipates a first half to second half earnings split of approximately 30/70, with Q1 expected to be lighter than usual due to market conditions [27][28] Question: Guidance methodology - Management confirmed that they used the same approach as previous quarters for guidance, relying on forward curves and market observations [34][35] Question: Crush margins and capacity - Management noted that while increased capacity is expected to drive demand, they cannot predict exact margin levels but remain optimistic about the biofuel policy's impact [39][41] Question: Synergies from Viterra integration - The company expects to realize about $190 million in synergies in 2026, ahead of schedule, with a run rate of approximately $220 million by year-end [51][56] Question: EPS guidance and market conditions - Management explained that the lower EPS guidance reflects full-year impacts from Viterra and ongoing market uncertainties, despite expected improvements in certain segments [58][62] Question: Capital expenditures and returns - The company plans to allocate approximately $1.5 billion to $1.7 billion in capital expenditures, with expectations for returns to materialize more significantly in 2027 [81]

Financial Data and Key Metrics Changes - KDP has achieved a 6% revenue CAGR and an 11% adjusted EPS CAGR since its formation, placing it in the top tier of CPG peers [8][35][36] - The company reported strong Q3 results, raising net sales outlook and reaffirming full year EPS guidance [65] Business Line Data and Key Metrics Changes - The Refreshment Beverages segment has seen a high single-digit net sales CAGR since 2018, driven by flagship brands like Dr Pepper [32][35] - The Coffee segment has experienced a low single-digit sales CAGR in recent years, with Keurig maintaining its position as the number one North American single-serve system [34][35] Market Data and Key Metrics Changes - The global coffee category is beginning to show signs of recovery post-COVID, with a historical volume growth of 2% CAGR over 40 years [14][42] - The coffee market is characterized by strong consumer loyalty and premiumization trends, particularly in emerging markets [40][43] Company Strategy and Development Direction - KDP is pursuing the acquisition of JDE Peet's to create a global coffee powerhouse and a more agile beverage challenger [27][28] - The strategy involves separating the businesses into Beverage Co and Global Coffee Co to allow for focused management and tailored capital allocation [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the coffee category and the strategic rationale behind the acquisition of JDE Peet's [14][17] - The company aims to maintain business momentum while executing the integration and separation plans effectively [65][66] Other Important Information - The acquisition of JDE Peet's is expected to triple coffee net sales to $16 billion, making KDP the second-largest global coffee player [47][48] - The company has identified $400 million in cost synergies over the next three years from the acquisition [51] Q&A Session Summary Question: Why is JDE Peet's the right acquisition? - Management highlighted JDE Peet's strong brand portfolio, global presence, and operational capabilities as key reasons for the acquisition [28][90] Question: What does the separation into Beverage Co and Global Coffee Co uniquely enable? - The separation allows each entity to focus on distinct strategies and capital allocation priorities, enhancing operational efficiency [54][56] Question: How will KDP optimize its capital structure post-acquisition? - KDP plans to implement cost-efficient transactions to improve balance sheets for both companies, targeting net leverage below five times at acquisition close [60][61] Question: How will KDP ensure success throughout the process? - Management emphasized the establishment of a transformation management office to oversee integration and maintain business momentum [57][66]

Financial Data and Key Metrics Changes - The second quarter adjusted EBITDA increased by 12% compared to the first quarter, reaching $1,980,000,000, or $2,000,000,000 when excluding transaction costs of $21,000,000 [4][7] - Net income attributable to ONEOK totaled $841,000,000, or $1.34 per share, representing a more than 30% increase compared to the first quarter [7] - The company ended the second quarter with $97,000,000 in cash and no borrowings under its $3,500,000,000 credit facility, having reduced senior notes by nearly $600,000,000 during the quarter [8] Business Line Data and Key Metrics Changes - Natural Gas Liquids (NGL) raw feed throughput volumes increased by 18% compared to the first quarter, with Rocky Mountain Region volumes averaging nearly 470,000 barrels per day, a record for the region [12][13] - Refined product volumes increased sequentially as seasonal demand picked up, with diesel and aviation fuel volumes remaining strong [16] - Natural gas processing volumes increased by 9% in the Mid Continent region compared to the first quarter, reflecting resilience in producer activity [21] Market Data and Key Metrics Changes - The company is monitoring 2026 market dynamics closely while executing its growth strategy, with a focus on high return organic projects [5][9] - The Permian Basin continues to be a key area of strategic growth, with the company reaching 1,600,000,000 cubic feet per day in July [19] - The overall decrease in crude volumes compared to 2025 was primarily due to low margin exchange volumes, which have significantly lower rates than wellhead gathering or long haul shipments [18] Company Strategy and Development Direction - The company announced a final investment decision on a new natural gas processing plant in the Permian's Delaware Basin, expanding its presence in a key strategic area [5][6] - ONEOK remains focused on capital allocation discipline and is committed to investing in infrastructure that strengthens energy security and resilience [10][24] - The company expects to realize approximately $250,000,000 of synergies in 2025, with significant additional contributions expected in 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the energy sector, supported by domestic and global demand for U.S. energy [4][5] - The outlook for 2026 adjusted EBITDA is expected to be adjusted downward by approximately 2% or $200,000,000 due to current commodity prices and resulting spread differentials [9] - Management highlighted the importance of safety, integrity, and responsibility in operations, with a commitment to sustainability [25] Other Important Information - The company expects to benefit from more than $1,300,000,000 in lower cash taxes over the next five years due to recent tax legislation [10] - The company is actively engaged in discussions with over 30 different parties regarding industrial demand related to data centers and AI [35] Q&A Session Summary Question: Can you provide more color on the 2026 outlook and how much growth is hardwired by contractual volumes? - Management acknowledged the volatility in the market and noted that the 2026 outlook was adjusted down by around 2% due to spread differentials and producer activity [29][32] Question: Can you elaborate on the natural gas business and its performance? - Management indicated that the natural gas business is performing well, with ongoing integration of EnLink assets leading to significant opportunities [36][37] Question: What specific opportunities are driving synergy capture? - Management highlighted the connection of NGL assets to refining products assets as a key driver for increased volume and reduced costs [41][43] Question: Can you discuss the performance of BridgeTex and its outlook? - Management noted that increasing volumes on BridgeTex are expected as it connects to the East Houston facility, enhancing value through integrated operations [60][62] Question: How is the commercialization progress for the Texas City terminal? - Management reported strong interest in the Texas City terminal due to its premium location, with rates in line with estimated economics [50][52] Question: What is the current status of the Elk Creek pipeline expansion? - Management confirmed that the Elk Creek pipeline expansion is completed, with a capacity of over 400,000 barrels per day [78] Question: Can you provide an update on the new processing plant in the Permian? - Management stated that the new processing plant will include infrastructure for CO2 treatment and is expected to enhance overall economics [100][101]