Financial Data and Key Metrics Changes - The company reported diluted earnings per share of $7.46, marking the 23rd consecutive year of earnings per share growth [3] - Fiscal 2025 also represents the 41st consecutive year of dividend growth [3] - Consolidated capital spending increased to $3.6 billion, with 87% dedicated to improving safety and reliability [11] - Rate base increased by 14% to an estimated $21 billion as of September 30 [11] Business Line Data and Key Metrics Changes - Approximately 57,000 residential customers were added during Fiscal 2025, with over 44,000 located in Texas [4] - Nearly 3,200 commercial customers and 29 industrial customers were added, with anticipated annual consumption of approximately 4 BCF of gas from industrial customers [4] - Over the last five years, nearly 300,000 residential and commercial customers were added, along with 225 industrial customers with an estimated annual load of 63 BCF when fully operational [4] Market Data and Key Metrics Changes - Texas added jobs at a faster rate than the nation, growing at a rate of 1.14% [5] - The current population estimate for the Dallas-Fort Worth metroplex is approximately 8.6 million, projected to be the third largest metropolitan area in the U.S. by 2030 [5] Company Strategy and Development Direction - The company plans to invest $26 billion over the next five years, with approximately 85% allocated to safety and reliability [8][14] - The five-year plan reflects the impact of Texas House Bill 4384, allowing for quicker recovery of capital spending [9][16] - The company anticipates earnings per share growth of 6-8% from the midpoint of its rebased Fiscal 2026 guidance [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet safety, reliability, and economic development expectations [19] - The company highlighted the importance of natural gas in economic development across its service territory [4][19] - Management noted that the average monthly natural gas bill for residential customers is expected to remain the lowest utility bill in the home [20] Other Important Information - The company completed integrity inspections and verification work on its storage facilities, with ongoing work expected to continue into late calendar year 2026 [8] - The company has a weighted average cost of debt of 4.2% with an average maturity of 17.5 years and approximately $4.9 billion in liquidity [20] Q&A Session Summary Question: Can you talk about the larger load customers and the Refresh Capital plan? - Management indicated that 85% of spending is dedicated to safety and reliability, with modest growth included in the plan [25] Question: Can you discuss capital recovery and its impact on growth? - Management stated that the planning process has been consistent since 2011, focusing on safety, reliability, and growth needs [27] Question: What is the annual impact of Texas HB 4384? - Management confirmed that the impact of House Bill 4384 is factored into the rebased earnings per share guidance [43] Question: How is the equity and debt funding structured for the five-year plan? - Management indicated a balanced approach with roughly 50% of annual cash needs coming from equity and 50% from debt [44][45] Question: Will the 60/40 split of HB 4384 benefits change year over year? - Management does not expect the split to change, as the five-year planning process is consistent [47]

Analyst Call to Review Fiscal 2025 Financial Results & Fiscal 2026 – 2030 Outlook November 6, 2025 10:00 a.m. Eastern Fiscal 2025 Review As of November 5, 2025 Page 2 Fiscal 2025 Financial Performance Fiscal 2025 Highlights • Executing Our Regulatory Strategy • Maintaining a Strong Financial Profile As of November 5, 2025 Page 3 • Consistent Track Record of Financial Performance • YTD Diluted EPS of $7.46; 23rd consecutive year of EPS growth • $3.6 billion in capital spending; 87% allocated to safety and re ...

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Core Insights - Southwest Gas Holdings reported a significant increase in net income for the third quarter of 2025, primarily due to the completion of its full separation from Centuri and improved performance in its regulated natural gas business [2][8][10] Financial Performance - The company achieved a net income of $270.5 million for the three months ended September 30, 2025, compared to $289 thousand in the same period of 2024, marking a substantial year-over-year improvement [3][26] - Net income from continuing operations was $4.2 million, reflecting a $13.4 million increase compared to the third quarter of 2024 [9][11] - For the nine months ended September 30, 2025, net income improved by $265.1 million compared to the same period in 2024, driven by the gain on the sale of Centuri shares [10][19] Operational Highlights - The utility return on equity (ROE) for the trailing 12 months was reported at 8.3% [6][26] - The company added approximately 40,000 new meter sets, resulting in a 1.8% customer growth rate over the past year [6][12] - Gross margin for the third quarter was $118.1 million, with an operating margin of $274.2 million [6][26] Debt and Credit Ratings - The company fully repaid its term loan and bank debt, leading to an upgrade in its credit ratings to BBB+ from S&P [6][26] - As of September 30, 2025, Southwest Gas Holdings had $779 million in cash and nearly $1.5 billion in available liquidity [6] Future Outlook - The company plans to file rate cases in Arizona and Nevada early next year, seeking approval for new rates and alternative forms of ratemaking [2] - The forward-looking guidance for 2025 net income is projected to be between $265 million and $275 million, with a compound annual growth rate (CAGR) of 6.0% to 8.0% expected from 2025 to 2029 [19]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for ONE Gas, driven by higher revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - ONE Gas is expected to report quarterly earnings of $0.44 per share, reflecting a year-over-year increase of 29.4% [3]. - Revenue projections stand at $382.7 million, marking a 12.4% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 11.42% higher in the last 30 days, indicating a positive reassessment by analysts [4]. - A positive Earnings ESP of +0.38% suggests analysts are optimistic about ONE Gas's earnings prospects [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [10]. - ONE Gas currently holds a Zacks Rank of 2, enhancing the likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, ONE Gas met the expected earnings of $0.53 per share, resulting in no surprise [13]. - Over the past four quarters, the company has exceeded consensus EPS estimates twice [14]. Conclusion - ONE Gas is positioned as a compelling candidate for an earnings beat, but investors should consider additional factors before making investment decisions [17].

Core Viewpoint - CenterPoint Energy has agreed to sell its Ohio natural gas distribution business, Vectren Energy Delivery of Ohio, to National Fuel Gas Company for $2.62 billion, which includes approximately 5,900 miles of pipeline servicing around 335,000 customers [1][2]. Group 1: Transaction Details - The transaction is expected to close in the fourth quarter of 2026, pending customary closing conditions and regulatory approvals [2]. - CenterPoint is projected to receive $1.42 billion upon closing and the remaining $1.2 billion in 2027 via a seller note [1]. Group 2: Impact on National Fuel - The acquisition will double National Fuel's gas utility rate base to approximately $3.2 billion and expand its operations into Ohio [3]. - The transaction is expected to be accretive to National Fuel's earnings per share, excluding acquisition-related expenses, and neutral to overall operating results by fiscal year 2028 [4]. Group 3: Strategic Objectives - National Fuel's acquisition aligns with its strategic objective to increase the scale of regulated operations through high-quality assets in favorable regulatory environments [5]. - The acquisition provides an opportunity to reinvest free cash flow from integrated upstream and gathering operations, enhancing the long-term outlook for regulated growth [7].

Core Viewpoint - CF Energy Corp. is updating shareholders on its upcoming annual general and special meeting scheduled for November 17, 2025, at 10:00 AM Toronto time, amidst a Canada Post mail strike affecting postal services [1][2]. Meeting Details - The meeting will cover several key purposes, including the consideration of audited financial statements for the year ended December 31, 2024, fixing the number of directors at seven, electing directors, appointing Deloitte Touche Tohmatsu as the auditor, and re-approving the existing long-term incentive plan [8]. - Meeting materials are available electronically on the Company's SEDAR+ profile and website, and shareholders are encouraged to access them online due to potential delays in mail delivery [2][9]. Voting Procedures - Shareholders can vote in advance without attending the meeting, with all proxies required to be submitted by November 14, 2025 [3]. - Registered shareholders have the option to vote online or by telephone, and can obtain their voting control numbers through Computershare [4]. - Beneficial holders must contact their brokerage for specific voting instructions [5]. Financial Statements - The Company has filed its audited financial statements and management discussion and analysis for the years ended December 31, 2024, and 2023, which are available on SEDAR+ [6]. - Physical copies of the financial statements can be requested via email, and will be sent once regular postal service resumes [6][9]. Compliance and Regulations - CF Energy has complied with the filing requirements for proxy-related materials and is relying on exemptions from certain mailing requirements due to the mail strike [7].

Core Viewpoint - CenterPoint Energy, Inc. has announced the sale of its Ohio natural gas Local Distribution Company, Vectren Energy Delivery of Ohio, LLC, to National Fuel Gas Company for $2.62 billion, indicating a strategic move to streamline operations and focus on core business areas [1]. Group 1: Transaction Details - The sale price for Vectren Energy Delivery of Ohio, LLC is $2.62 billion [1]. - The assets involved in the transaction include approximately 5,900 miles of transmission and distribution pipeline in Ohio [1]. - The business serves approximately 335,000 metered customers in the region [1].

Core Viewpoint - The article highlights the efforts of Shandong Oil and Gas Company in ensuring a stable and safe supply of natural gas during the Mid-Autumn Festival and National Day celebrations, emphasizing the commitment of employees to maintain service quality and safety standards [1][3][10] Group 1: Safety Measures - The company organized a pre-holiday mobilization meeting to arrange safety production and duty assignments during the holiday period, emphasizing the importance of safety as a lifeline [3] - A comprehensive inspection of facilities was conducted, focusing on key equipment such as pressure regulation devices and emergency shut-off systems, ensuring operational accuracy and readiness [4] - The company established a joint mechanism with firefighting and emergency departments to enhance emergency material reserves and repair equipment, ensuring the safe operation of the gas supply network [4] Group 2: Operational Monitoring - The company’s dispatch center continuously monitors pipeline operation parameters, ensuring stable gas pressure and controllable usage during peak demand periods [5] - Regular inspections of facilities are conducted every four hours, utilizing gas leak detection instruments to ensure safety and operational integrity [5] - The company employs advanced monitoring technologies, including SCADA systems and high-definition cameras, to oversee critical pipeline sections and maintain operational safety [5] Group 3: Customer Service - The company has developed a "four-tier service funnel" model to address customer needs promptly, incorporating intelligent robots, online services, remote video support, and on-site assistance [6] - A dedicated team was formed to ensure new residents in Taiping Town received timely gas service, facilitating the installation of gas appliances and ensuring families could celebrate the holiday together [6] - The company’s commitment to customer satisfaction is reflected in the quick resolution of issues, such as addressing safety lock valve problems for returning users [6] Group 4: Community Engagement - The article emphasizes the role of natural gas sales personnel in creating a secure and warm environment for families during the festive season, showcasing their dedication to service [10] - The efforts of the company are portrayed as a heartfelt tribute to the nation, reinforcing the connection between reliable energy supply and community well-being [10]

Core Insights - Atmos Energy Corporation (NYSE: ATO) is recognized as one of the best stocks for long-term investment due to its consistent revenue and dividend growth [1] - Mizuho has maintained a Neutral rating on Atmos Energy and raised its price target from $164 to $170, reflecting strong investor confidence and a year-to-date gain of 22.30% [2] - The company has achieved a gross profit margin of 57.95% and a revenue growth of 12.9% over the last 12 months, reaching an all-time high stock price of $169.02 [3] Company Overview - Atmos Energy operates pipelines, storage facilities, and regulated natural gas distribution across eight U.S. states, positioning itself as a strong investment option [4] Financial Performance - The company is expected to experience a 13–15% annual rate base growth, despite Mizuho's growth guidance of 6–8% [3] - Atmos Energy has a track record of 32 consecutive years of dividend increases, indicating strong fundamentals [3]