Financial Data and Key Metrics Changes - The fourth quarter NAV decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the company was approximately flat including refining hedges and up 7% excluding refining hedges [5] Business Line Data and Key Metrics Changes - Energy segment's Adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, impacted by low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 Adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's Adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's Adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's Adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The company remains optimistic about the medium-term refining outlook, citing limited capacity expansions globally and new pipeline projects [4] - The cash balance at the funds increased to greater than $1.2 billion as of year-end [9] Company Strategy and Development Direction - The company is taking a more cautious view of the market, focusing on defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit [10] Management's Comments on Operating Environment and Future Outlook - Management believes there are no material changes to CVI's outlook and remains optimistic about profitability improvements [4] - The company is focused on maintaining liquidity to capitalize on opportunities within and outside existing operating segments [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - The CEO position in Food Packaging was changed, bringing back Tom Davis to lead during a transformative period [12] Q&A Session Summary - The Q&A session was brief and concluded without specific questions being documented in the provided content [15][17]

Financial Data and Key Metrics Changes - The fourth quarter net asset value (NAV) decreased by $654 million compared to the third quarter, despite an 11% increase in fund performance for the quarter [4] - For the year, the funds were approximately flat including refining hedges and up 7% excluding refining hedges [5] - The company maintained a cash balance of approximately $750 million at year-end, which has since increased to over $1.2 billion [9] Business Line Data and Key Metrics Changes - Energy segment's adjusted EBITDA was $51 million for Q4 2025, down from $99 million in Q4 2024, primarily due to low utilization in the fertilizer business [11] - Automotive service revenues decreased by $1 million compared to the prior year quarter, but same-store sales increased by 5% [11] - Real Estate's Q4 2025 adjusted EBITDA increased by $6 million, driven by intercompany income from the auto segment [12] - Food Packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home Fashion's adjusted EBITDA decreased by $5 million due to softening demand in the U.S. retail and hospitality business [13] - Pharma's adjusted EBITDA decreased by $4 million due to reduced sales from generic competition [13] Market Data and Key Metrics Changes - The refining outlook remains optimistic due to limited global capacity expansions and new pipeline projects that should improve regional profitability [4] - The automotive segment is focusing on product, pricing, labor, and distribution strategy to enhance revenue [11] Company Strategy and Development Direction - The company is taking a more cautious view of the market, preferring defensive names that benefit from AI build-out [9] - The board declared an unchanged distribution at $0.50 per depository unit, indicating a stable approach to shareholder returns [10] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the medium-term refining outlook despite share price declines in CVI [4] - The company is focused on building asset value and maintaining liquidity to capitalize on opportunities [14] Other Important Information - The company has taken steps to reduce corporate debt by calling in the remaining balance of the 2026 maturities [10] - A new CEO was appointed for the Food Packaging segment to lead through a transformative period [12] Q&A Session Summary - No specific questions or answers were recorded in the provided content, indicating a lack of engagement during the Q&A segment [15][16]

Southwest Gas Holdings, Inc. Reports Fourth Quarter and Full-Year 2025 Financial Results [Accessibility Statement] Skip Navigation$300M Utility Net Income and $284M Adjusted Net Income Exceeded Top End of 2025 Net Income Guidance RangeDelivered 8.3% Adjusted Utility ROE and Adjusted Utility Earnings Growth of ~8.7% Year-over-YearUtility 2025 FFO/Debt of 18.6% - SWX and SWG S&P Credit Ratings Each Upgraded to BBB+4% Increase in Common Stock Dividend Approved by Board of DirectorsInitiated 2026 and Forward- L ...

Financial Data and Key Metrics Changes - For the full year 2025, net income totaled $264 million, or $4.37 per diluted share, compared to $223 million and $3.91 in 2024, representing a year-over-year increase of approximately 18.4% in net income and 11.8% in EPS [6][10] - Adjusted net income for the fourth quarter was $90 million, or $1.48 per diluted share, compared with $78 million and $1.35 in the same period in 2024, indicating a 15.4% increase in adjusted net income and 9.6% in adjusted EPS [9][10] - Capital expenditures totaled $760 million for the year, reflecting the company's commitment to growth and infrastructure investment [6][15] Business Line Data and Key Metrics Changes - The company completed $760 million worth of capital investment projects during 2025, with $170 million dedicated to serving its growing customer base [15] - O&M expenses for the full year were up approximately 5% over 2024, slightly above the 4% CAGR guidance [11] Market Data and Key Metrics Changes - The company serves approximately 2.3 million customers, with a consistent addition of about 23,000 new residential customers each year [4][16] - Over 80% of the gas supply needed during Winter Storm Fern was shielded from temporary price increases, demonstrating the effectiveness of the company's supply strategies [5] Company Strategy and Development Direction - The company is focused on enhancing reliability and reducing the impact of price fluctuations on customers through increased storage capacity and diversified gas supply [4][5] - The introduction of non-GAAP adjustments to financial reports aims to provide a clearer view of performance within the Texas regulatory model [6][9] - The company plans to leverage its competitive advantages in regulatory transparency and existing assets to secure new projects [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting or surpassing EPS guidance for the 12th consecutive year, with a long-term adjusted net income growth expectation of 7%-9% and adjusted EPS growth of 5%-7% [5][10] - The company anticipates a $12 million variance in adjusted net income due to the impact of Texas House Bill 4384, which will be reflected in future financial reports [9] Other Important Information - The Texas Railroad Commission approved a $14.4 million revenue increase and a 9.8% return on equity, consolidating the company's Texas jurisdictions into a single statewide division [14] - The company has maintained strong credit ratings, with S&P affirming its A- credit rating and Moody's affirming its A3 rating [12] Q&A Session Summary Question: Inquiry about non-GAAP adjustments and their impact on capital structure - Management explained that the adjustments were introduced following the finalization of Texas legislation and do not significantly impact capital market plans initially, as they are more related to earnings than cash flow [24][26] Question: Discussion on growth opportunities and competitive landscape - Management highlighted the importance of having a competitive advantage in serving new facilities and emphasized regulatory transparency as a key differentiator [27][28] Question: Clarification on potential benefits from proposed Kansas legislation - Management noted that the proposed legislation would expand the types of capital included in filings, potentially increasing customer impact from $0.80 to $1.35 per month [34][35] Question: Confirmation of guidance assumptions based on Texas rate case outcome - Management confirmed that the guidance for adjusted EPS does incorporate the latest Texas rate case outcome [45] Question: Inquiry about cash recovery related to regulatory adjustments - Management clarified that while the accrual and deferral do not directly translate to cash, once included in the GRIP filing, it will result in larger cash flow items [46]

ONE Gas (NYSE:OGS) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Company ParticipantsChris Sighinolfi - CFOCurtis Dinan - President and COOErin Dailey - VP of Investor RelationsSid McAnnally - CEOConference Call ParticipantsDavid Arcaro - AnalystGabe Moreen - AnalystPaul Zampardo - AnalystOperatorGood day, everyone. ONE Gas fourth quarter and year-end 2025 earnings conference call and webcast will begin shortly. Good day, and welcome to the ONE Gas fourth quarter and year-end 2025 earnings conference ...

Financial Data and Key Metrics Changes - For the full year 2025, net income totaled $264 million, or $4.37 per diluted share, compared to $223 million and $3.91 in 2024, representing a year-over-year increase of approximately 18.4% in net income and 11.8% in EPS [6][10] - Adjusted net income for the fourth quarter was $90 million, or $1.48 per diluted share, compared with $78 million and $1.35 in the same period in 2024, indicating a 15.4% increase in adjusted net income and 9.6% in adjusted EPS [9][10] - Capital expenditures totaled $760 million for the year, with O&M expenses up approximately 5% over 2024, slightly above the 4% CAGR guidance [6][11] Business Line Data and Key Metrics Changes - The company completed $760 million worth of capital investment projects during 2025, with $170 million dedicated to serving a growing customer base [16] - The company added about 23,000 new residential customers each year, which helps spread costs more efficiently and maintain affordability [17] Market Data and Key Metrics Changes - The company delivered over 3 billion cubic feet of gas to customers during Winter Storm Fern, with over 80% of the gas supply shielded from temporary price increases due to strategic investments [4][5] - The Texas Railroad Commission approved a $14.4 million revenue increase, a 9.8% return on equity, and a 59.9% equity ratio [14] Company Strategy and Development Direction - The company is focused on disciplined execution of its capital plan to support growth while ensuring affordability, safety, and reliability [16] - The introduction of non-GAAP adjustments to financial reports aims to provide a clearer view of performance within the Texas regulatory model [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting or surpassing EPS guidance for the 12th consecutive year, with long-term adjusted net income growth expected at 7%-9% and adjusted EPS growth at 5%-7% [5][10] - The company anticipates a $12 million variance in adjusted net income due to the impact of Texas House Bill 4384, which will be reflected in future financial reports [9] Other Important Information - The company has broken ground on a project to serve an advanced manufacturing plant outside of El Paso, expected to be in service by the third quarter of this year [17] - The company is also supporting proposed legislation in Kansas to allow for more efficient recovery of capital investments [15] Q&A Session Summary Question: Inquiry about non-GAAP adjustments and their impact on capital structure - Management explained that the timing of the adjustments was influenced by the finalization of Texas legislation and that it does not significantly affect capital market plans initially [25][27] Question: Competitive landscape regarding growth opportunities - Management highlighted the importance of having a competitive advantage in serving facilities and noted that regulatory transparency often serves as a tiebreaker against midstream providers [28][30] Question: Potential benefits from proposed Kansas legislation - Management indicated that the proposed bill would expand the types of capital included in filings, potentially increasing customer impact from $0.80 to $1.35 per month [36][39] Question: Guidance assumptions regarding Texas rate case outcomes - Management confirmed that the guidance for adjusted EPS levels incorporates the latest Texas rate case outcome [45] Question: Cash component of regulatory adjustments - Management clarified that while the accrual and deferral do not directly translate to cash, they will lead to larger cash flow items once included in future filings [46]

Core Insights - ONE Gas, Inc. (OGS) reported Q4 2025 operating earnings per share (EPS) of $1.48, exceeding the Zacks Consensus Estimate of $1.42 by 4% and up from $1.35 in the same quarter last year [1] - OGS achieved adjusted earnings of $4.48 per share for 2025, reflecting a year-over-year increase of 13.71% compared to $3.94 in 2024 [1] Revenue Performance - OGS recorded revenues of $689.4 million in Q4 2025, surpassing the Zacks Consensus Estimate of $675 million by 2.1% and increasing by 9.31% from $630.7 million in the prior-year quarter [2] - Total revenues for 2025 reached $2.43 billion, a 16.5% increase from $2.08 billion in 2024 [2] Operational Highlights - Total natural gas volumes delivered were 103.7 billion cubic feet, marking a 1.27% year-over-year increase [3] - OGS served 2,290,000 customers, reflecting a 0.57% increase year over year [3] - Total operating expenses amounted to $257.7 million, up 6.22% from $242.7 million in the year-ago quarter, driven by higher operations and maintenance expenses, depreciation, and general taxes [3] Financial Metrics - Operating income totaled $139.7 million, a 12.41% increase from $124.3 million in the previous year [4] - Net interest expenses were $36.5 million, down 8.30% from $39.8 million in the year-ago quarter [4] Cash Flow and Debt - As of December 31, 2025, OGS had cash and cash equivalents of $10.6 million, down from $58 million as of December 31, 2024 [5] - Total long-term debt was $2.36 billion as of December 31, 2025, compared to $2.39 billion a year earlier [5] - Cash provided by operating activities during 2025 was $578.8 million, up from $368.4 million in the previous year [5] - Capital expenditure for the year totaled $707.2 million, slightly up from $703.2 million in 2024 [5] Future Guidance - OGS expects its 2026 adjusted net income to be in the range of $306-$314 million, with adjusted earnings projected between $4.83 and $4.95 per share [6] - The consensus estimate for earnings is pegged at $4.71, which is below the company's guidance range [7] - OGS plans to make capital investments of up to $800 million in 2026 to maintain system integrity and support replacement projects [7]

Management emphasized a disciplined capital plan focused on high-growth regions, adding approximately 23,000 new residential customers annually to maintain affordability through cost-spreading.Operational efficiency was driven by an aggressive in-sourcing program, which reduced excavation damages by 14% despite an 8% increase in locate request volumes.Texas House Bill 4384 significantly expanded the scope of capital expenditures eligible for depreciation deferral and carrying cost accruals, creating a struc ...

Core Insights - ONE Gas reported revenue of $689.37 million for the quarter ended December 2025, reflecting a 9.3% increase year-over-year and a 2.1% surprise over the Zacks Consensus Estimate of $675.21 million [1] - The earnings per share (EPS) for the quarter was $1.48, up from $1.34 in the same quarter last year, with a surprise of 4.04% over the consensus estimate of $1.42 [1] Financial Performance Metrics - Natural gas sales volumes for transportation were reported at 56,800.00 MMcf, below the average estimate of 58,722.75 MMcf [4] - Total sales volumes delivered were 46,900.00 MMcf, exceeding the average estimate of 45,791.98 MMcf [4] - Total volumes delivered were 103,700.00 MMcf, slightly below the average estimate of 104,514.70 MMcf [4] - Residential natural gas sales volumes were 34,900.00 MMcf, compared to the average estimate of 35,944.91 MMcf [4] - Commercial and industrial sales volumes were reported at 11,200.00 MMcf, close to the average estimate of 11,281.46 MMcf [4] - Total customers were reported at 2,290, slightly below the average estimate of 2,292 [4] Revenue Breakdown - Transportation revenues were $39.1 million, lower than the average estimate of $47.38 million, but showed a year-over-year increase of 4.6% [4] - Natural gas sales revenues reached $629.1 million, surpassing the average estimate of $580.05 million, marking a year-over-year increase of 9.7% [4] Stock Performance - ONE Gas shares have returned +9.1% over the past month, contrasting with the Zacks S&P 500 composite's -1.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - ONE Gas, Inc. reported strong financial results for the fourth quarter and full year 2025, with diluted earnings per share of $1.42 and $4.37 respectively, and adjusted net income of $1.48 per diluted share for Q4 and $4.48 for the full year [1][2][4] - The company anticipates 2026 adjusted net income to range from $306 million to $314 million, translating to earnings per diluted share of $4.83 to $4.95, with long-term growth expectations of 7 to 9 percent [2][5] Financial Results & Highlights - For Q4 2025, adjusted net income was $89.7 million, up from $77.5 million in Q4 2024, while full year adjusted net income increased to $271 million from $224.8 million in 2024 [1][4] - Operating income for the full year 2025 was $457.5 million, compared to $399 million in 2024, driven by increased residential sales and new rates [1][4] - Capital expenditures for 2025 were $759.5 million, slightly down from $762.1 million in 2024 [1][4] Regulatory Activities Update - In June 2025, Texas Gas Service filed a rate case resulting in a $14.4 million revenue increase, with new rates effective January 27, 2026 [1][2] 2026 Financial Guidance - ONE Gas expects capital investments of approximately $800 million in 2026, focusing on system integrity and customer extensions [2][5] - The company projects adjusted net income growth of 7 to 9 percent and adjusted net income per diluted share growth of 5 to 7 percent, consistent with its five-year financial outlook [2][5] Earnings Conference Call - An earnings conference call is scheduled for February 19, 2026, at 11 a.m. EST, to discuss the financial results and future outlook [2][5]