Core Insights - Colombia is facing a significant energy crisis due to a sharp decline in natural gas production and reserves, exacerbated by policy changes and increased reliance on imports [5][8][11] Group 1: Natural Gas Supply and Demand - Domestic natural gas production has decreased from a high of 1.1 billion cubic feet per day in February 2020 to only 693 million cubic feet in December 2025, marking a 9% drop from November 2025 and a 23% decline year-over-year [1] - Colombia's natural gas reserves have fallen from 5.7 trillion cubic feet in 2012 to just over 2 trillion cubic feet by 2024, indicating a production life of only 5.9 years [4] - The country is increasingly reliant on natural gas for electricity generation, with thermal facilities generating over 20% of Colombia's electricity [2][3] Group 2: Policy and Economic Impact - President Petro's policies aimed at reducing fossil fuel dependency have led to the replacement of coal-fired plants with natural gas facilities, contributing to the energy crisis [2][5] - The cessation of new exploration contracts and increased taxes on the extractive industries have resulted in reduced drilling activities and foreign investment [8] - The reliance on costly liquefied petroleum gas (LPG) imports has surged, with imports reaching 94.33 billion cubic feet in 2024, nearly triple the previous year's volume [9] Group 3: Future Projections and Challenges - Without new domestic sources of natural gas, the supply deficit is projected to reach 56% of demand by 2029 [11] - The Sirius natural gas project, expected to come online by 2030, aims to develop 6 billion cubic feet of natural gas but will require a $5 billion investment [13] - Rising natural gas prices, driven by increased imports, are contributing to inflation and impacting the cost of living for households [12]

Core Insights - The company has effectively communicated the progress of its significant acquisition, demonstrating improved cost efficiency and increased reserves [1] - The latest reserves report indicates that the acquisition has resulted in lower costs and a growing inventory of profitable acreage [1] - The company has reported the highest levels of hedging activity in some time, allowing for revenue predictability despite market fluctuations [2] Group 1: Acquisition and Reserves - The acquisition has led to lower costs and an increase in liquids-rich production [1] - Management has noted that profitable production intervals from the acquired acreage extend to legacy acreage, enhancing future production potential [1] - Reserve costs are competitive, aiding the company in managing inflation [1] Group 2: Hedging Strategy - The company has engaged in significant hedging activity, which does not fix sales prices but allows flexibility in responding to market conditions [2] - Management has previously capitalized on negative gas prices to enhance revenue through strategic hedging [2] - The hedging activity reflects a positive outlook on pricing, providing revenue predictability at favorable prices [3]

Key Takeaways ONEOK is expected to post Q4 revenues of $9.49B, suggesting 35.6% y/y growth.OKE's Q4 earnings are projected at $1.50 per share, indicating a 4.5% y/y fall.ONEOK is likely to see y/y NGL throughput growth of 26.4%.ONEOK Inc. (OKE) is scheduled to release fourth-quarter 2025 results on Feb. 23, after market close. The company delivered an earnings surprise of 2.05% in the last reported quarter. Let us discuss the factors that are likely to be reflected in the upcoming quarterly results.Factors ...

The share price of Comstock Resources, Inc. (NYSE:CRK) fell by 8.86% between February 11 and February 18, 2026, putting it among the Energy Stocks that Lost the Most This Week. Comstock Resources (CRK) Fell This Week. Here is Why Comstock Resources, Inc. (NYSE:CRK) is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. Comstock Resources, Inc. (NYSE:CRK) continued its fall following the recent plunge in natural ...

Wall Street analysts expect Oneok Inc. (OKE) to post quarterly earnings of $1.50 per share in its upcoming report, which indicates a year-over-year decline of 4.5%. Revenues are expected to be $9.49 billion, up 35.6% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 2.6% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Before a company announces its ea ...

The Trump Administration could face an energy dilemma ahead of the midterm elections. The U.S. energy dominance agenda and booming LNG exports – pillars of the Administration’s policy – are boosting domestic natural gas demand and raising American energy bills. U.S. LNG exports are hitting record highs, and are set to continue setting records in the coming months and years as new plants are being commissioned, built, and approved, with the strong backing of the Trump Administration. However, soaring de ...

Key TakeawaysEIA reported a 144 Bcf withdrawal from natural gas storage for the week ending Feb. 13, slightly lower than the 149 Bcf draw expected by analysts.Natural gas futures pared earlier gains to trade up 0.4% following the report, as the data was largely viewed as in line with market expectations.Salt dome cavern stocks saw a modest decrease of 8 Bcf, a significant slowdown from the previous week's 52 Bcf drop.U.S. Secretary of State Marco Rubio stated there is "no Plan B for Gaza," emphasizing that ...

Fox Business Alert. Forget sucking the energy out of the room. The AI data center boom is sucking the energy out of the electrical grid.Alphabet, Amazon, Meta, Microsoft, they are planning to spend more than $660 billion this year alone to realize their data center ambitions. And those data centers are huge energy gulpers. Well, now energy companies of all kind are reaching for some of that cash with both fists.Natural gas, nuclear, utility services, renewables. They are all in. The Williams company in a bi ...

On costs and efficiency, Rice said operating costs and capital spending beat expectations due to returns on water infrastructure investments, midstream cost optimization, and upstream efficiency gains. He cited fourth-quarter operational records, including the company’s fastest quarterly completion pace and the most lateral footage drilled in 24- and 48-hour periods. Rice said EQT’s average 2025 well cost per lateral foot was 13% lower year over year and 6% below internal forecasts, while per-unit LOE was n ...

Financial Data and Key Metrics Changes - In 2025, EQT generated $2.5 billion of free cash flow, significantly outperforming both consensus and internal expectations, with NYMEX natural gas prices averaging approximately $3.40 per million BTU for the year [9][17] - The company exited the year with net debt of just under $7.7 billion, including $425 million of working capital usage during the quarter [17] - Free cash flow attributable to EQT in the fourth quarter was nearly $750 million, approximately $200 million above consensus expectations [17] Business Line Data and Key Metrics Changes - Production consistently exceeded expectations throughout 2025, driven by compression project outperformance and robust well productivity, with compression projects generating a 15% greater than expected base production uplift [7][8] - Average well cost per lateral foot was 13% lower year-over-year and 6% below internal forecasts, while per unit lease operating expenses (LOE) were nearly 15% below expectations and approximately 50% lower than the peer average [8][9] Market Data and Key Metrics Changes - The natural gas market has tightened significantly, with winter to date being 5% colder than normal, driving significant demand and reducing inventories below the 5-year average [21] - Eastern storage levels are now 13% below the 5-year average, indicating a structural demand growth in the market [22] Company Strategy and Development Direction - EQT's strategy focuses on capital efficiency and cost structure while making smart investments at the right time to maximize per-share value creation [6] - The company plans to allocate the first $600 million of post-dividend free cash flow to high-return growth projects in 2026, including compression projects and strategic leasing [15][16] - EQT is investing in infrastructure to connect low-cost natural gas supply to demand centers, emphasizing the need for more pipeline infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of reliability and operational strength during extreme weather events, such as Winter Storm Fern, which showcased the company's integrated operations [10][27] - The company anticipates generating approximately $6.5 billion in Adjusted EBITDA and $3.5 billion in Free Cash Flow attributable to EQT in 2026, with a projected cumulative free cash flow of over $16 billion over the next five years [15][16] Other Important Information - EQT's position as the second-largest marketer of natural gas in the U.S. is expected to have recurring positive impacts on financial performance due to persistent price volatility [8] - The company is focused on maintaining a disciplined maintenance capital program while investing in growth projects to strengthen its platform [14][15] Q&A Session Summary Question: Can you provide insight into the trend in your portfolio breakeven and sustaining capital for 2026? - Management indicated that the levered breakeven cost structure is around $2.20 and is rapidly decreasing as debt is repaid [32] Question: Can you quantify the uplift associated with Winter Storm Fern and lessons learned? - Management noted that uptime during the storm was 97.2%, showcasing a two-times factor outperformance compared to peers, and emphasized the importance of being opportunistic during volatility [36][38] Question: How do you see your strategic growth CapEx evolving over the next couple of years? - Management highlighted a focus on Mountain Valley projects and emphasized the importance of creating structural demand for volumes before considering upstream growth [52][56] Question: What is your gas sales strategy in light of market volatility? - Management explained that they aim to sell a significant portion of gas at first-of-month pricing to de-risk operations while maintaining flexibility to capture value during volatile periods [60][66] Question: When do you expect to see growth emerge in your production? - Management suggested that sustainable upstream growth discussions may begin around 2027, contingent on infrastructure development and demand visibility [81]