Core Viewpoint - Cheniere Energy is expected to report quarterly earnings of $2.81 per share, reflecting a 31.9% increase year-over-year, with revenues projected at $4.47 billion, a 5.2% increase from the previous year [1]. Earnings Estimates - There has been a downward revision of 9.7% in the consensus EPS estimate over the last 30 days, indicating analysts' reassessment of their initial forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions to the stock, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Revenue Projections - Analysts estimate 'Revenues- LNG' to reach $4.29 billion, representing a 6.3% increase from the prior-year quarter [4]. - The 'Revenues- Other' is projected to be $148.90 million, indicating an 18.2% decrease from the previous year [5]. - The consensus estimate for 'Revenues- Regasification' is $33.37 million, reflecting a 1.9% decline from the year-ago quarter [5]. Stock Performance - Over the past month, Cheniere Energy shares have returned 16.5%, outperforming the Zacks S&P 500 composite's 11.5% change [6]. - Currently, Cheniere Energy holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [6].

Core Insights - Williams Companies, Inc. reported revenue of $3.05 billion for the quarter ended March 2025, reflecting a 10% increase year-over-year, although it fell short of the Zacks Consensus Estimate of $3.14 billion by 2.97% [1] - The company's EPS was $0.60, slightly up from $0.59 in the same quarter last year, exceeding the consensus EPS estimate of $0.55 by 9.09% [1] Financial Performance Metrics - Northeast G&P gathering volumes were reported at 4.39 Bcf/D, surpassing the two-analyst average estimate of 4.31 Bcf/D [4] - West NGL equity sales matched the two-analyst average estimate of 6 million barrels of oil per day [4] - West gathering volumes were reported at 5.71 Bcf/D, aligning with the average estimate based on two analysts [4] - Adjusted EBITDA for the Northeast G&P segment was $514 million, exceeding the average estimate of $495.34 million [4] - Adjusted EBITDA for Transmission and Gulf of Mexico was $862 million, below the average estimate of $897.66 million [4] - Adjusted EBITDA for the West segment was $354 million, slightly below the average estimate of $366.14 million [4] - Adjusted EBITDA for Gas & NGL Marketing Services was $155 million, surpassing the average estimate of $119.41 million [4] - Modified EBITDA for Northeast G&P was $514 million, exceeding the two-analyst average estimate of $491.69 million [4] - Modified EBITDA for Transmission and Gulf of Mexico was $858 million, below the average estimate of $907.81 million [4] - Modified EBITDA for the West segment was $354 million, slightly below the average estimate of $374.29 million [4] Stock Performance - Shares of Williams Companies have returned +10% over the past month, significantly outperforming the Zacks S&P 500 composite's +0.4% 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]

Financial Performance - Williams achieved 3% Adjusted EBITDA growth in 1Q 2025 compared to 1Q 2024, with Adjusted EBITDA reaching $1,989 million versus $1,934 million[9] - Williams achieved 12% Adjusted EBITDA growth in 1Q 2025 compared to 4Q 2024, with Adjusted EBITDA reaching $1,989 million versus $1,776 million[27] - The company increased its 2025 Adjusted EBITDA guidance midpoint by $50 million[8] - Williams anticipates 9% year-over-year growth in Adjusted EBITDA for 2025, with guidance set between $75 billion and $79 billion[15, 32] - Adjusted diluted EPS for 2025 is projected to grow by 7%, with guidance ranging from $194 to $218[32] - The company raised its 2025 dividend by 53%[8] Strategic Initiatives and Investments - Williams commercialized the Socrates power generation project, a $16 billion power innovation project in Ohio[8, 34] - The company acquired approximately 10% interest in Cogentrix Energy to enhance market intelligence and gas supply opportunities[8, 34, 40] - Williams increased 2025 growth capex by $925 million for the Socrates project[8] - The company signed a precedent agreement for Transco's Power Express expansion[8] Operational Highlights - Williams started construction on Transco's Alabama Georgia Connector and MountainWest's Overthrust Westbound Expansion[8] - Transco's Texas to Louisiana Energy Pathway and Southeast Energy Connector were placed in-service[8] - The Whale and Ballymore projects in the deepwater Gulf were completed[8] - Williams is expanding Haynesville gathering by 400 MMcf/d and adding 18 Bcf/d of natural gas takeaway[100, 103]

Company Overview - Spire Inc. is a natural gas company serving over 1.7 million customers in the United States, founded in 2000 and headquartered in St. Louis, MO [11] - The company generates more than 90% of its profits from regulated operations, providing clarity on future earnings [11] - Spire operates over 60,000 miles of pipelines and has segments including Gas Utility, Gas Marketing, and Midstream [11] Investment Ratings - Spire Inc. holds a Zacks Rank of 2 (Buy) and has a VGM Score of A, indicating strong potential for investment [12] - The company is considered a top pick for growth investors, with a Growth Style Score of B, forecasting a year-over-year earnings growth of 9% for the current fiscal year [12] - The Zacks Consensus Estimate for Spire's earnings has increased to $4.50 per share, with one analyst revising their estimate upwards in the last 60 days [12] Performance Metrics - Spire boasts an average earnings surprise of 2.5%, reflecting its ability to exceed earnings expectations [12] - With a solid Zacks Rank and top-tier Growth and VGM Style Scores, Spire is recommended for investors' consideration [13]

Core Viewpoint - Analysts project that Williams Companies, Inc. (WMB) will report quarterly earnings of $0.55 per share, reflecting a year-over-year decline of 6.8%, while revenues are expected to increase by 13.4% to $3.14 billion [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 4.6% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Projections - Analysts predict 'Northeast G&P - Gathering volumes' to reach 4.31 Bcf/D, slightly down from 4.33 Bcf/D a year ago [5]. - 'West - NGL equity sales' are expected to be 6.00 million barrels per day, consistent with the previous year's figure [5]. - 'West - Gathering volumes' are projected at 5.71 Bcf/D, down from 5.75 Bcf/D in the same quarter last year [6]. - 'Adjusted EBITDA- Other' is estimated at $108.41 million, up from $74 million a year ago [6]. - 'Adjusted EBITDA- Northeast G&P' is expected to be $495.34 million, compared to $504 million last year [7]. - 'Adjusted EBITDA- Transmission and Gulf of Mexico' is projected at $897.66 million, up from $839 million a year ago [7]. - 'Adjusted EBITDA- West' is forecasted to reach $366.14 million, compared to $328 million last year [7]. - 'Adjusted EBITDA- Gas & NGL Marketing Services' is estimated at $119.41 million, down from $189 million in the same quarter last year [8]. - 'Modified EBITDA- Northeast G&P' is projected at $491.69 million, compared to $504 million last year [8]. - 'Modified EBITDA- Transmission and Gulf of Mexico' is expected to be $907.81 million, up from $829 million a year ago [9]. - 'Modified EBITDA- West' is forecasted at $374.29 million, compared to $327 million last year [9]. Stock Performance - Over the past month, shares of The Williams Companies have returned -0.4%, slightly better than the Zacks S&P 500 composite's -0.5% change [9].

Group 1 - Oneok Inc. reported $8.04 billion in revenue for Q1 2025, a year-over-year increase of 68.2% [1] - The EPS for the same period was $1.04, down from $1.09 a year ago, indicating a decline [1] - The reported revenue exceeded the Zacks Consensus Estimate of $7 billion by 14.89%, while the EPS fell short of the consensus estimate of $1.23 by 15.45% [1] Group 2 - Oneok's stock has returned -18.1% over the past month, compared to the S&P 500 composite's -0.7% change [3] - The company currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Group 3 - Raw feed throughput for Natural Gas Liquids was 1,293 MBBL/d, below the average estimate of 1,369.48 MBBL/d [4] - Adjusted EBITDA for Natural Gas Liquids was $635 million, compared to the average estimate of $686.37 million [4] - Adjusted EBITDA for Refined Products & Crude was $471 million, below the estimated $527.44 million [4] - Adjusted EBITDA for Natural Gas Pipelines was $212 million, exceeding the average estimate of $171.15 million [4] - Adjusted EBITDA for Natural Gas Gathering and Processing was $491 million, below the average estimate of $529 million [4]

Financial Data and Key Metrics Changes - National Fuel Gas Company reported a more than 30% increase in earnings compared to the previous year, with adjusted operating results increasing by 32% for the quarter [4][16]. - Earnings per share for the utility segment increased by $0.22, driven by a rate settlement approved by the New York PSC [6][16]. - The company expects adjusted operating results guidance to be in the range of $6.75 to $7.05 per share, reflecting a $0.15 per share increase from prior guidance [18][19]. Business Line Data and Key Metrics Changes - At Seneca, production grew by 8% sequentially, with record production levels of almost 106 Bcf and all-time high gathering volumes of nearly 130 Bcf [5][26]. - The utility segment benefited from a modernization tracker in Pennsylvania, with expectations for growth over the next two fiscal years [6][7]. - The FERC regulated pipeline and storage business continues to benefit from a rate settlement that went into effect last February [7][8]. Market Data and Key Metrics Changes - The outlook for natural gas remains strong, with demand increasing rapidly and significant LNG export growth anticipated [12][24]. - Natural gas prices have seen structural improvements, with a shift from a 5% surplus to a 10% deficit compared to the five-year average [16][17]. - The company has layered in favorable hedges for fiscal 2026 and 2027, with swaps executed at an average price of over $4 [17][19]. Company Strategy and Development Direction - National Fuel is focused on optimizing well-designed facilities to enhance productivity and inventory life, with a long-term outlook for its Appalachian development program [5][13]. - The company is positioned to capture market share in Appalachia as other operators moderate activity levels [13][14]. - There is a strong emphasis on operational excellence and capital efficiency gains, with plans to maintain a one to two rig development program [26][32]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas, citing robust domestic energy demand and the critical role of natural gas in providing reliable baseload generation [12][13]. - The company is optimistic about new opportunities arising from increased interest from data center developers and independent power producers [14][24]. - Management highlighted the importance of permitting reform to facilitate the construction of significant energy infrastructure projects [11][24]. Other Important Information - The company issued $1 billion in new notes, the largest bond issuance in its history, to manage fixed income liabilities and reduce refinancing risk [23][24]. - National Fuel's balance sheet is on track towards a 2x debt to EBITDA ratio by the end of the year, providing flexibility for capital allocation [22][24]. Q&A Session Summary Question: Thoughts on the buyback program and stock price impact - Management remains committed to the buyback program, considering stock price as a factor but prioritizing growth opportunities [34][36]. Question: Infrastructure build and potential for the Constitution pipeline - The main roadblock for the Constitution pipeline is New York State, and the new administration could help by addressing the Clean Water Act and judicial review processes [37]. Question: Leading edge EUR for recent EDA wells - Recent pads are showing pressure declines exceeding expectations, with sustained rates anticipated for several months [40][42]. Question: Outlook for regulated M&A - The company is focused on gaining scale in the regulated business, with interest in larger acquisitions rather than just bolt-ons [53][75]. Question: CapEx cadence beyond 2025 - The company anticipates continued reductions in capital expenditures while maintaining production growth, with a multiyear trend expected [68][70].

Financial Performance & Guidance - The company anticipates adjusted EPS for fiscal year 2025 to be between $675 and $705, assuming a NYMEX price of $350 [58] - At a NYMEX price of $400, the adjusted EPS guidance for fiscal year 2025 is $705 to $735 [58] - The company projects a consolidated 3-year adjusted EPS CAGR greater than 10% from fiscal year 2024 to 2027 [36, 56] - Approximately $650 million was returned to shareholders in the last 3 years [44] Capital Allocation & Investments - Capital expenditure guidance for fiscal year 2025 is between $885 million and $960 million [63] - The company has an ongoing share repurchase program, with $200 million authorized in March 2024 [48] - As of March 31st, the company had purchased approximately $115 million worth of shares, totaling 19 million shares at an average price of approximately $59 per share [48] - The company has invested over $1 billion in safety since 2010 [16] Operational Highlights & Strategy - Seneca Resources' current net production is approximately 12 Bcf/day [21] - The Utility segment in New York has approximately 541000 customers [26] - The Utility segment in Pennsylvania has approximately 214000 customers [26] - The company has reduced methane emissions by 17% since 2020 [11]

Market Overview - Wall Street has experienced significant volatility in 2025, with all three major stock indexes (Dow, S&P 500, Nasdaq Composite) in negative territory year to date [1] - Small-cap benchmarks (Russell 2000, S&P 600) and mid-cap-specific S&P 400 Index are also in the red year to date [1] High-Performing Mid-Cap Stocks - Despite market headwinds, five mid-cap stocks have provided over 25% returns year to date: ADMA Biologics Inc. (ADMA), FirstCash Holdings Inc. (FCFS), Stride Inc. (LRN), Life Time Group Holdings Inc. (LTH), and National Fuel Gas Co. (NFG) [2] - These stocks exhibit strong revenue and earnings growth potential for 2025, with positive earnings estimate revisions over the last 60 days [3] ADMA Biologics Inc. - ADMA Biologics specializes in plasma-based biologics for treating and preventing infectious diseases, targeting immune-compromised individuals [7][8] - Expected revenue growth rate is 16.3% and earnings growth rate is 44.9% for the current year, with a 2.9% improvement in earnings estimates over the last 60 days [9] FirstCash Holdings Inc. - FirstCash operates retail pawn stores across the U.S., Mexico, and Latin America, providing loans against personal property and retailing forfeited merchandise [10][11] - Expected revenue growth rate is 0.2% and earnings growth rate is 17.2% for the current year, with a 2.6% improvement in earnings estimates over the last seven days [13] Stride Inc. - Stride is a technology-based education service company offering online curriculum and educational services [14] - Expected revenue growth rate is 14.9% and earnings growth rate is 48.4% for the current year, with a 4.3% improvement in earnings estimates over the last 30 days [16] Life Time Group Holdings Inc. - Life Time provides health, fitness, and wellness experiences, operating various fitness and recreation centers [17][18] - Expected revenue growth rate is 12.9% and earnings growth rate is 37.9% for the current year, with a 6.5% improvement in earnings estimates over the last 60 days [19] National Fuel Gas Co. - National Fuel Gas focuses on systematic investments to strengthen operations and reduce emissions, with significant capital investments planned [20][21] - Expected revenue growth rate is 31.5% and earnings growth rate is 39.1% for the current year, with a 1.9% improvement in earnings estimates over the last 60 days [22][23]

Expand Energy (EXE) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Speaker0 Good day and welcome to the Expand Energy twenty twenty five First Quarter Earnings Teleconference. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please note that this event is being recorded. I would now like to turn the conference over to Chris Ayers, Vice President, Investor Relations and Special Projects. Please go ahead. Speaker1 Thank ...