Company Overview - OMS Energy Technologies Inc. is a growth-oriented manufacturer specializing in surface wellhead systems and oil country tubular goods for the oil and gas industry [6] - The company serves both onshore and offshore exploration and production operators across six vital jurisdictions in the Asia Pacific, Middle Eastern, and North African regions [6] - OMS operates 11 strategically located manufacturing facilities to ensure rapid response times and customized technical solutions [6] Initial Public Offering (IPO) Details - OMS announced the pricing of its initial public offering of 3,703,704 ordinary shares at a public offering price of US$9.00 per share, totaling US$33.3 million [1] - The ordinary shares are expected to begin trading on the Nasdaq Capital Market under the ticker symbol "OMSE" on May 13, 2025, with the offering expected to close on May 14, 2025 [2] - The underwriter has a 45-day option to purchase up to 555,555 additional ordinary shares at the public offering price [2] Financial Advisory and Regulatory Information - Roth Capital Partners acted as the sole manager for the offering, while Joseph Gunnar & Co., LLC served as the financial advisor [3] - A registration statement related to the securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on April 28, 2025 [3]

Core Insights - Pembina Pipeline Corporation (PBA) reported first-quarter 2025 earnings per share of 56 cents, missing the Zacks Consensus Estimate of 57 cents, primarily due to weak performance in the Facilities segment [1] - The company's quarterly revenues of $1.6 billion decreased approximately 39.2% year over year and also missed the Zacks Consensus Estimate by $8 million [2] Financial Performance - PBA's Facilities volume was 619 thousand barrels of oil equivalent per day (mboe/d), below the consensus expectation of 622 mboe/d [1] - The company experienced an increase in operating cash flow by approximately 92.7% to C$840 million, with adjusted EBITDA rising to C$1.2 billion from C$1 billion in the previous year [2] - The Pipelines segment's adjusted EBITDA was C$677 million, a 13% increase year over year, exceeding projections [4] - Facilities segment adjusted EBITDA was C$345 million, up from C$310 million year over year, but missed projections [5] - Marketing & New Ventures segment adjusted EBITDA increased to C$210 million from C$188 million year over year, surpassing projections [6] Volume and Segment Analysis - Total volumes for the company reached 4,073 mboe/d, compared to 3,698 mboe/d in the prior-year quarter [2] - Pipelines segment volumes increased by 8.1% year over year to 2,808 mboe/d [4] - Facilities segment volumes rose by about 11.3% year over year to 896 mboe/d [5] - Marketing & New Ventures segment volumes increased by 25.1% year over year to 369 mboe/d [7] Capital Expenditure and Balance Sheet - Pembina's capital expenditure for the quarter was C$174 million, down from C$186 million a year ago [8] - As of March 31, 2025, the company had cash and cash equivalents of C$155 million and long-term debt of C$12.5 billion, with a debt-to-capitalization ratio of 41.6% [8] Future Guidance - The company expects its 2025 adjusted EBITDA to be near the midpoint of its target range of C$4.2 billion to C$4.5 billion [9]

Financial Performance - Cheniere Energy reported a first-quarter 2025 adjusted profit of $1.57 per share, missing the Zacks Consensus Estimate of $2.81 and down from $2.13 per share in the year-ago quarter, attributed to increased operating costs and expenses [1] - Revenues totaled $5.4 billion, exceeding the Zacks Consensus Estimate of $4.4 billion and increasing by 28% from $4.3 billion in the prior year, driven by strong LNG shipments [2] - Consolidated adjusted EBITDA was $1.9 billion, up about 5.6% from the previous year, supported by higher total margins per metric million British thermal units of LNG delivered [5] Capital Allocation and Shareholder Returns - The company allocated over $1.3 billion in the first quarter of 2025 towards growth initiatives, strengthening its balance sheet, and returning value to shareholders [3] - Approximately 1.6 million shares of common stock were repurchased for around $350 million, and $300 million in consolidated long-term debt was repaid [3] - The quarterly dividend of 50 cents per share is scheduled to be paid on May 19, 2025 [3] Operational Highlights - Cheniere loaded 608 trillion British thermal units (TBtu) of LNG during the quarter, surpassing the consensus mark of 586 TBtu [2] - Distributable cash flow (DCF) was reported at $1.3 billion, with 168 cargoes shipped compared to 166 in the year-ago period [6] Cost and Balance Sheet - Total costs and expenses amounted to $4.5 billion for the first quarter, reflecting a 44.7% increase from the prior-year quarter [6] - As of March 31, 2025, Cheniere had approximately $2.5 billion in cash and cash equivalents, with net long-term debt of $22.5 billion and a debt-to-capitalization ratio of 69.1% [7] Project Developments - The first train of the CCL Stage 3 Project achieved substantial completion in March 2025, with the project being 82.5% complete as of the same date [4][14] - The CCL Midscale Trains 8 & 9 Project received authorization from the Federal Energy Regulatory Commission to site, construct, and operate the project [4][16] 2025 Guidance - Cheniere expects consolidated adjusted EBITDA in the range of $6.5 billion to $7 billion for 2025, with DCF anticipated between $4.1 billion and $4.6 billion [8]

Delek US Holdings, Inc. (DK) reported a first-quarter 2025 adjusted net loss of $2.32 per share, wider than the Zacks Consensus Estimate of a loss of $2.27 and the year-ago quarter’s loss of 41 cents. This decline was mainly due to weaker year-over-year performance in the Refining segment. (See the Zacks Earnings Calendar to stay ahead of market-making news.)Net revenues decreased 18.2% year over year to $2.6 billion.  The figure also missed the Zacks Consensus Estimate by $208 million.The diversified downs ...

Core Viewpoint - Permian Resources Corporation (PR) reported a first-quarter 2025 adjusted net income per share of 42 cents, missing the Zacks Consensus Estimate of 44 cents, primarily due to increased operating expenses and lower oil prices, although the figure was consistent with the previous year [1] Financial Performance - Oil and gas sales reached $1.4 billion, reflecting a 10.7% increase year-over-year but falling short of the Zacks Consensus Estimate by 1.2% [1] - Adjusted cash flow from operations increased by 13.9% to $960.5 million, with capital expenditures totaling $501 million, resulting in adjusted free cash flow of $460 million [6] - Total operating expenses rose to $872 million from $774.1 million in the prior year, driven by a 6.5% increase in lease operating costs and a 15.6% rise in depreciation, depletion, and amortization [5] Production and Pricing - Average daily production increased by 16.8% year-over-year to 373,209 barrels of oil equivalent (Boe), surpassing the Zacks Consensus Estimate of 368,855 Boe [3] - Oil volume for the quarter was 174,967 barrels per day, up 15.3% year-over-year, exceeding the consensus mark of 171,776 Bbls/d [3] - The average sales price for oil was $70.48 per barrel, down 7.4% from the previous year, and slightly below the consensus estimate [4] Dividend and Shareholder Returns - The board declared a quarterly cash dividend of 15 cents per share, equivalent to 60 cents annually, to be paid on June 30, 2025 [2] Strategic Moves - The company completed the sale of its non-core Barilla Draw gathering systems for $180 million during the quarter [2] - A strategic acquisition was announced, expected to contribute approximately 12,000 Boe/d in the second half of the year, although this is not included in the revised standalone guidance [10] Guidance and Outlook - Updated full-year 2025 guidance anticipates average daily production between 360,000-380,000 Boe/d, with oil production ranging from 170,000 Bbls/d to 175,000 Bbls/d [7] - Controllable cash expenses are projected to be between $7.25 and $8.25 per Boe, with lease operating expenses estimated at approximately $5.55 per Boe [8] - The capital expenditure budget has been slightly reduced to a range of $1.9-$2 billion [9]

Core Insights - USA Compression Partners (USAC) reported a first-quarter adjusted net profit of 18 cents per common unit, missing the Zacks Consensus Estimate of 22 cents due to higher costs and expenses, but improved from 16 cents in the same quarter last year [1] - The company generated revenues of $245.2 million, a 7% increase year-over-year, surpassing the Zacks Consensus Estimate of $244 million, driven by a 3.2% rise in Contract operations and a significant 165.5% increase in Related party revenues [1] - Adjusted EBITDA rose by 7.2% to $149.5 million, exceeding the estimate of $146.2 million, while net income decreased to $20.5 million from $23.6 million year-over-year [2] Financial Performance - Adjusted gross operating margin decreased to 66.7% from 67.3% in the previous year [3] - Revenue-generating capacity increased by 2.4% year-over-year to 3.6 million horsepower, although below the estimate of 1.9% [3] - Average monthly revenue per horsepower rose to $21.06 from $19.96, but was below the estimate of $21.62 [3] Utilization and Cash Flow - Average quarterly horsepower utilization rate was 94.4%, slightly down from 94.8% a year ago [4] - Distributable cash flow (DCF) available to limited partners totaled $88.7 million, providing 1.4X distribution coverage, up 2.7% from the previous year [5] - The company declared a cash distribution of 52.5 cents per unit for the first quarter, to be paid on May 9, 2025 [5] Costs and Capital Expenditures - Total costs and expenses were reported at $175.8 million, an 8.3% increase from $162.4 million in the prior-year quarter [6] - Growth capital expenditures amounted to $22.2 million, while maintenance capital expenditures were $10.9 million [6] - As of March 31, 2025, USAC had a net long-term debt of $2.5 billion [6] Guidance - For the full year 2025, USAC expects adjusted EBITDA to be between $590 million and $610 million, with distributable cash flow projected to range from $350 million to $370 million [7] - Expansion capital expenditures are anticipated to be between $120 million and $140 million, while maintenance capital expenditures are expected to total between $38 million and $42 million [7]

Financial Performance - Ovintiv Inc. reported first-quarter 2025 adjusted earnings per share of $1.42, exceeding the Zacks Consensus Estimate of $1.20, but slightly down from $1.44 in the previous year due to lower realized oil prices and increased total expenses [1] - Total revenues for the quarter were $2.4 billion, a 1.1% increase from the prior year, and surpassed the Zacks Consensus Estimate by 3.3%, driven by higher product and service sales [1] Dividend and Asset Management - The board of directors declared a quarterly dividend of 30 cents per share, payable on June 30 to shareholders of record as of June 31 [2] - The company completed the divestiture of its Uinta assets for approximately $1.9 billion during the quarter [2] Share Buyback and Debt Management - The share buyback program was paused in Q4 2024 to allocate $377 million from the Montney acquisition and Uinta divestiture [3] - By the end of Q1, approximately $368 million was redirected toward debt reduction due to the buyback pause, with plans to resume buybacks in Q2 [4] Production and Pricing - Total first-quarter production was 588,300 barrels of oil equivalent per day (BOE/d), an increase from 573,800 BOE/d year-over-year, but below the estimate of 591,500 BOE/d [5] - Natural gas production rose to 1,764 million cubic feet per day (MMcf/d) from 1,648 MMcf/d in the prior year, but missed the estimate of 1,798.1 MMcf/d [5] - Realized natural gas price was $3.16 per thousand cubic feet, up from $2.56 year-over-year, while realized oil price decreased to $71.79 per barrel from $75.66 [6] Costs and Capital Expenditures - Total expenses increased to $2.5 billion from $1.9 billion year-over-year, exceeding the estimate of $1.9 billion [7] - Capital investments were $617 million compared to $591 million in the previous year, with a non-GAAP free cash flow of $1 billion for the quarter [8] Production Outlook - For Q2 2025, total production is expected to be between 585 MBOE/d and 605 MBOE/d, with capital investment projected between $550 million and $600 million [13] - For the full year 2025, total production is anticipated to average between 595 MBOE/d and 615 MBOE/d, with capital investment expected to be between $2.15 billion and $2.25 billion [14] Regional Production Insights - In the Permian Basin, production averaged 217 MBOE/d, with plans to invest $1.2 billion to $1.3 billion to drill 130-140 net wells in 2025 [10] - Montney production averaged 272 MBOE/d, with an investment plan of approximately $575 million to $625 million for 75-85 net wells [11] - Anadarko production averaged 91 MBOE/d, with an expected investment of $300 million to $325 million for 25-35 net wells [12]

Core Insights - The Williams Companies, Inc. (WMB) reported first-quarter 2025 adjusted earnings per share of 60 cents, exceeding the Zacks Consensus Estimate of 55 cents and increasing from 59 cents in the prior year [1] - Revenues for the quarter were $3 billion, missing the Zacks Consensus Estimate by $93 million, but up from $2.8 billion year-over-year, driven by increased service revenues and product sales [2] - Adjusted EBITDA for the quarter totaled $1.9 billion, reflecting a 2.8% year-over-year increase, supported by growth in natural gas demand and contributions from acquisitions and expansion projects [4] Segment Performance - Transmission & Gulf of Mexico segment reported adjusted EBITDA of $862 million, up 2.7% year-over-year, but below the Zacks Consensus Estimate of $898 million due to higher costs [5] - West segment's adjusted EBITDA was $354 million, a 7.9% increase from $328 million in the prior year, but below the consensus estimate of $366 million due to lower gathering volumes [6] - Northeast G&P segment achieved adjusted EBITDA of $514 million, up about 2% from $504 million, beating the Zacks Consensus Estimate by 3.8% due to higher rates and volumes [7] - Gas & NGL Marketing Services reported adjusted EBITDA of $155 million, down from $189 million year-over-year, but above the consensus mark of $119 million [8] Financial Overview - Total costs and expenses for the quarter were $1.9 billion, an increase of nearly 11.1% from the previous year [10] - Total capital expenditure (Capex) was $1 billion, with cash and cash equivalents of $100 million and long-term debt of $24.1 billion, resulting in a debt-to-capitalization ratio of 61.9% [10] Future Guidance - The company raised its 2025 adjusted EBITDA forecast to $7.7 billion, indicating a $50 million increase to the guidance midpoint [11] - Capital expenditure plans for 2025 include growth Capex ranging from $2.575 billion to $2.875 billion and maintenance Capex between $650 million and $750 million [11] - The company improved its leverage ratio for 2025 to a midpoint of 3.65x and raised its dividend by 5.3% to $2 per share for 2025 [12]

Financial Data and Key Metrics Changes - The first quarter of 2025 saw EBITDA of $46 million, up 2% sequentially and 18% year over year, marking the second-best first quarter EBITDA results in the company's history [8][10] - Total revenue for the first quarter was $599 million, an increase of 4.9% from the previous quarter and 6.4% year over year [10][26] - Gross margins remained resilient at 23.2%, better than expected [11][29] - Net income attributable to DNOW Inc. for the first quarter was $22 million, or $0.20 per fully diluted share [31] Business Line Data and Key Metrics Changes - U.S. revenue totaled $474 million, up $23 million or 5% sequentially, driven by increased midstream demand [17][27] - U.S. Process Solutions contributed approximately 31% of total U.S. revenue, marking the highest revenue dollar contribution yet for this segment [28] - Canadian revenue was $62 million, down $4 million sequentially, while international revenue was $63 million, up $9 million or 17% sequentially [22][28] Market Data and Key Metrics Changes - In the U.S., revenue growth was driven by a full quarter contribution from the Trojan acquisition and increased midstream demand [17] - Internationally, revenue growth was primarily due to increased project activity, with a notable $15 million project not expected to repeat in the second quarter [23][28] - The company reported that approximately 70% of products sold in U.S. operations are sourced domestically, reducing dependence on international sources [13] Company Strategy and Development Direction - The company is focused on diversifying its market mix and investing in core markets while capturing additional revenues from energy evolution opportunities [11] - A small but strategic acquisition in Singapore was completed to enhance the McLean International brand, allowing for increased revenue synergies [12] - The company aims to balance growth with capital returns, having repurchased $16 million in shares year-to-date under a new $160 million share repurchase program [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dynamic tariff situation and its potential impact on margins, stating that they are passing supplier cost increases through as quickly as possible [15][37] - The company expects second quarter growth driven by increased midstream activity, despite anticipated declines in Canadian revenue due to seasonal factors [39][68] - Full year guidance for 2025 remains flat to up in the high single-digit percentage range from 2024 levels, with EBITDA potentially approaching 8% of revenue [40] Other Important Information - The company ended the first quarter with zero debt and a cash position of $219 million, providing significant liquidity for future investments [31][32] - The company is actively pursuing opportunities in adjacent markets, including water, wastewater, and data centers, which are expected to contribute to growth [55][58] Q&A Session Summary Question: How is inflation tracking in the business? - Management noted that while normal inflationary pressures are emerging, tariff impacts have not yet significantly affected gross margins [46][47] Question: Are smaller competitors staying rational in the market? - Management indicated that while competitors are cautious about inventory, there is still intense bidding on projects, maintaining a competitive environment [50][51] Question: What are the opportunities for market share gains? - The company highlighted its global buying power as an advantage over smaller competitors, allowing for better product availability and cost management [53] Question: What is the outlook for geographic growth? - Management reaffirmed expectations for U.S. growth, particularly in midstream, while anticipating flat performance in international markets [66][68] Question: How does the company plan to navigate potential declines in drilling and completion activity? - The focus is on growing the energy transition business and leveraging gains in midstream to offset potential upstream declines [80]

Core Viewpoint - Coterra Energy Inc. reported strong operational performance in Q1 2025, with adjusted earnings per share of 78 cents, surpassing estimates and the previous year's performance, despite missing revenue expectations due to weaker oil prices. Financial Performance - Adjusted earnings per share for Q1 2025 were 78 cents, beating the Zacks Consensus Estimate of 76 cents and up from 50 cents in the year-ago quarter [1] - Operating revenues were $1.9 billion, missing estimates by $37 million but significantly higher than $1.4 billion from the previous year [2] - Cash flow from operations increased by 33.6% to $1.1 billion, with free cash flow for the quarter amounting to $663 million [13] Production and Pricing - Average daily production rose 8.8% to 746.8 thousand barrels of oil equivalent (Mboe), exceeding the Zacks Consensus Estimate of 740 Mboe [7] - Oil production increased 37.8% to 141.2 thousand barrels (MBbl) per day, although it missed the estimate of 144 MBbl [8] - Average realized crude oil price was $69.73 per barrel, down 7.2% from $75.16 a year ago, slightly missing the estimate of $70 [9] Shareholder Returns - The board declared a quarterly dividend of 22 cents per share, representing a 3.4% annualized yield [3] - Total shareholder returns for the quarter reached $192 million, including $168 million in dividends and $24 million in share repurchases [5] - The company repurchased 0.9 million shares for $24 million at an average price of $27.54 per share [4] Debt Management - Coterra is focused on debt reduction, repaying approximately $250 million during the quarter and planning to retire $750 million in term loans maturing in 2027 and 2028 [6][5] - As of March 31, 2025, the company had $186 million in cash and cash equivalents and a total liquidity of about $2.2 billion [14] Guidance - For Q2 2025, Coterra expects total equivalent production between 710 to 760 thousand barrels of oil equivalent per day [16] - The company has lowered its full-year 2025 capital expenditures range to $2-$2.3 billion [15] - Estimated discretionary cash flow for 2025 is approximately $4.3 billion, with free cash flow around $2.1 billion based on commodity price assumptions [17]