Core Viewpoint - Norway's Socialist Party has withdrawn its support for a proposal that would have impacted Equinor's Hammerfest liquefied natural gas (LNG) plant regarding its planned onshore electricity connection [1] Group 1 - The proposal in question aimed to deprive Equinor's Hammerfest LNG plant of a planned onshore electricity connection [1]

Core Viewpoint - Norway's Equinor successfully sold approximately 30% of its U.S. onshore natural gas assets on a spot basis in January, taking advantage of a cold snap that significantly increased demand and prices [1] Group 1: Company Performance - Equinor capitalized on market conditions by selling a substantial portion of its natural gas volumes, indicating effective management and strategic positioning in response to demand fluctuations [1] Group 2: Market Conditions - The cold snap in January led to a sharp rise in both demand and prices for natural gas, highlighting the volatility and responsiveness of the energy market to weather-related events [1]

Core Viewpoint - Diamond Hill Capital's "Large Cap Fund" investor letter for Q4 2025 highlights a cautious stance on AI-driven market enthusiasm while emphasizing the attractiveness of fundamentally stable, high-quality, cash-generative businesses [1]. Group 1: Market Overview - Equity markets showed upward momentum in Q4 2025, with the Russell 1000 Value Index increasing by 3.8% [1]. - The information technology sector rose by 11%, and communication services increased by 9%, primarily driven by optimism surrounding AI [1]. - The growth areas of the market contributed significantly to the Index's return in Q4 [1]. Group 2: Fund Performance - The Diamond Hill Large Cap Fund returned 1.41% in Q4 2025, underperforming compared to the Russell 1000 Value Index's 3.8% return [1]. Group 3: EQT Corporation Highlights - EQT Corporation (NYSE:EQT) was introduced as a new addition to the fund, recognized as a leading natural gas producer with a market capitalization of $34.168 billion [2]. - EQT's stock closed at $54.75 per share on February 2, 2026, with a 2.51% return over the past month and a 4.99% increase over the past twelve months [2]. - EQT is noted as the lowest-cost dry gas producer in Appalachia, benefiting from structural advantages such as scale and contiguous acreage [3]. Group 4: Hedge Fund Interest - EQT Corporation is not among the 30 most popular stocks among hedge funds, with 82 hedge fund portfolios holding EQT at the end of Q3 2025, down from 96 in the previous quarter [4]. - While EQT is acknowledged for its investment potential, the company is compared unfavorably to certain AI stocks that are perceived to offer greater upside potential and lower downside risk [4].

Core Viewpoint - EQT Corporation (NYSE:EQT) is identified as one of the most undervalued stocks, with significant projected gains from derivatives in the upcoming quarters [1]. Financial Projections - EQT Corporation anticipates gaining $114 million from derivatives for the fourth quarter of 2025, along with $35 million in net cash settlements from these derivatives [1]. - The company expects to receive $44 million in net cash settlements from its NYMEX natural gas hedge positions and $9 million from basis and liquids hedge positions in the same quarter [2]. - Premiums paid for settled derivatives in the fourth quarter of 2025 are projected to reach $45 million [2]. Analyst Ratings - Three analysts reaffirmed their ratings on EQT Corporation on January 26, with Piper Sandler maintaining a Hold rating and a $50 price target [3]. - Siebert Williams Shank & Co also kept a Hold rating, this time with a $62 price target [3]. - Morgan Stanley assigned a Buy rating with a $69 price target for the stock [3]. Company Overview - EQT Corporation is involved in the production, gathering, and transmission of natural gas, selling to marketers, utilities, and industrial customers primarily in the Appalachian Basin [4].

Morocco paused its plan to develop a liquefied natural gas terminal on the Mediterranean coast that aimed to boost imports and curb the use of dirtier fuels. https://t.co/KTxGuBbFMd ...

Core Viewpoint - Spire Inc. has announced the redemption of all outstanding Series A Cumulative Redeemable Perpetual Preferred Stock, with a redemption date set for February 13, 2026, at a price of $25.00 per Depositary Share plus accrued dividends [1][2]. Group 1: Redemption Details - The redemption price consists of the Base Redemption Amount of $25.00 per Depositary Share and all accrued and unpaid dividends up to the Redemption Date [2]. - The Company will redeem the Depositary Shares on the Redemption Date, with payment made only to holders of the Series A Preferred Stock as of that date [4]. - On February 17, 2026, holders of record as of January 26, 2026, will receive a declared dividend of $0.36875 per Depositary Share, which includes all accrued dividends [3][4]. Group 2: Company Overview - Spire Inc. serves approximately 1.7 million homes and businesses, making it one of the largest publicly traded natural gas companies in the United States [7]. - The Company operates gas utilities in Alabama, Mississippi, and Missouri, and is involved in natural gas-related businesses such as Spire Marketing and Spire Midstream [7]. - Spire is focused on organic growth, infrastructure investment, and continuous improvement to transform its business [7].

Core Insights - National Fuel Gas Company (NFG) reported first-quarter fiscal 2026 adjusted operating earnings of $2.06 per share, exceeding the Zacks Consensus Estimate of $1.91 by 7.85% and increasing 24.1% from the previous year's $1.66 [1] - Total revenues for NFG reached $651.5 million, surpassing the Zacks Consensus Estimate of $647 million by 0.7% and reflecting an 18.6% increase from $549.5 million in the prior year [2] Financial Performance - NFG's total operating expenses decreased to $375.4 million, down 18.9% from $463.3 million in the year-ago quarter, while operating income surged to $276.1 million, up 220.3% from $86.2 million [4] - GAAP earnings for the quarter were reported at $1.98 per share, a significant increase of 304.1% from 49 cents in the year-ago quarter [1] Segment Analysis - Utility segment revenues totaled $259.05 million, up 13.4% from $228.4 million in the year-ago quarter [3] - Integrated upstream and Gathering and Other segments generated revenues of $323.2 million, reflecting a 28.1% increase from $252.4 million in the previous year [3] - Pipeline and Storage segment revenues amounted to $69.2 million, a slight increase of 0.6% from $68.8 million recorded in the year-ago quarter [3] Production and Cash Flow - Seneca produced 109 billion cubic feet (Bcf) of natural gas during the fiscal first quarter, an increase of 11 Bcf, or 12%, from the prior-year level, attributed to new Utica pads in Tioga County [5] - As of December 31, 2025, NFG had cash and temporary cash investments of $271.4 million, a significant rise from $43.2 million as of September 30, 2025 [6] - Net cash provided by operating activities for the first quarter totaled $274.9 million, compared to $220.1 million in the previous year [6] Guidance and Future Outlook - NFG reiterated its guidance for adjusted earnings per share for fiscal 2026, projecting a range between $7.60 and $8.10 [7] - The company expects capital expenditure for fiscal 2026 to be in the range of $0.96 billion to $1.07 billion, with production anticipated to be between 440-455 Bcf [8]

Core Insights - AleAnna's development plan is aligned with the European Union's strategy to phase out Russian natural gas imports, emphasizing the need for secure domestic energy sources in Italy [2][4][7] Group 1: Company Overview - AleAnna is focused on redeveloping Italy's onshore natural gas system and building a renewable natural gas (RNG) platform, controlling approximately 140,000 acres of 3D seismic data and 2.7 million acres of oil and gas concessions in Italy [6][9] - The company has drilled seven wells, including five at the Longanesi Field, which is Italy's largest onshore natural gas discovery in over two decades [9] Group 2: Development Plan Objectives - The plan aims to strengthen domestic Italian gas production in response to the EU's phase-out of Russian gas imports, reducing reliance on external suppliers [8] - AleAnna's projects are designed to enhance system resilience and price stability by adding secure domestic gas volumes during Europe's supply rebalancing [8] Group 3: Strategic Importance - The European Commission's regulation creates a policy-driven requirement for secure domestic supply, which AleAnna's development plan addresses through infrastructure-adjacent projects [7] - AleAnna's strategy supports energy sovereignty while adhering to responsible operational and environmental standards, aligning with EU policy objectives for RNG penetration by 2030 [8][9]

Core Insights - U.S. natural gas prices experienced a significant rally in late January due to extreme cold, supply disruptions, and changes in trader sentiment, despite inventories being above the five-year average [1][2][3] Market Dynamics - Natural gas prices surged, with the March Henry Hub contract finishing around mid-$4 per million British thermal units, marking a recovery from three-month lows earlier in January [2] - The market reacted to colder weather forecasts and supply losses, with daily gains exceeding 10% at one point [2] Weather Impact - Weather forecasts predicting sub-normal temperatures in early February across key regions shifted market sentiment, highlighting the sensitivity of natural gas demand to temperature changes [3] - Even small changes in temperature expectations can significantly impact heating and power generation demand [3] Storage and Supply - Working gas in storage fell by 242 billion cubic feet for the week ended Jan. 23, exceeding market expectations and indicating a faster-than-normal draw compared to the five-year average [4] - Despite inventories being 143 billion cubic feet above the five-year norm, the pace of withdrawals raised concerns about potential late-winter supply tightness [4] Production Disruptions - Freeze-offs in late January temporarily reduced production across key regions, impacting deliverability despite overall high output levels [5] - Temporary disruptions can have immediate pricing effects when demand surges, overshadowing broader production trends [5] Investment Opportunities - Companies such as The Williams Companies (WMB), Expand Energy (EXE), and Comstock Resources (CRK) are positioned to benefit from tighter supply and increased demand during winter market volatility [1][7] - WMB is expected to grow significantly due to its extensive network and large-scale projects, with a projected EPS growth rate of 18.6% over three to five years [9][10] - EXE, as the largest natural gas producer in the U.S., is well-positioned to capitalize on rising demand driven by LNG exports and electrification trends, with a projected EPS growth of 29.5% [11][12] - CRK focuses on the Haynesville and Bossier shales, with a 100% natural gas production profile, and is expected to see a 25% year-over-year EPS surge [13][14]

Core Insights - Natural gas prices have significantly decreased due to record-high U.S. production, warmer winters, and advancements in drilling technology, leading to a supply/demand imbalance [1] - Despite recent price drops, there are several bullish factors that could lead to a rally in natural gas prices similar to 2022 [3] Group 1: Demand Drivers - The artificial intelligence data center construction market is projected to reach over $250 billion by 2025 and is expected to grow to $450 billion by the end of the decade, significantly increasing energy demand [3][4] - Data center energy demand is anticipated to double by 2030, positioning natural gas as a reliable and cost-effective electricity source as coal production declines [4][11] Group 2: U.S. LNG Market Dynamics - New liquefied natural gas (LNG) export terminals are set to debut in 2026, allowing U.S. producers to capitalize on higher international prices, particularly in Europe [12] - The U.S. has secured long-term LNG commitments from countries like Japan and Qatar, ensuring stable demand for U.S. LNG exports [12] Group 3: Transition from Coal - U.S. coal production has decreased by 11.3% year-over-year, with the number of coal-producing mines dropping from 560 to 524, creating an opportunity for natural gas to fill the energy void left by coal [13] - Natural gas emits approximately half the CO2 compared to coal, making it a more environmentally friendly option during the transition to renewable energy sources [13] Group 4: Market Trends - The U.S. Natural Gas Fund ETF (UNG) has seen a price increase from $10 to $16.90 recently, indicating potential bullish momentum, although it may test the 200-day moving average due to warmer weather forecasts [14] - The fundamentals for natural gas are shifting towards a long-term bullish outlook driven by the energy needs of AI data centers and increasing U.S. exports [16]