Record full year revenue of $888.3 millionFull year net income of $73.5 million (Adjusted net income of $81.6 million)Record full year Adjusted EBITDA of $171.3 million HOUSTON, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the fourth quarter and year ended December 31, 2025 and the signing of two international offshore energy contrac ...

Company Overview - BW Offshore specializes in innovative floating production solutions and operates a fleet of Floating Production Storage and Offloading (FPSO) units, with ambitions for growth [3] - The company has approximately 900 employees and is publicly listed on the Oslo stock exchange [3] Upcoming Financial Results - BW Offshore will release its Q4 2025 results on February 27, 2025, at 07:30 CET [1] - A conference call will be hosted by CEO Marco Beenen and CFO Ståle Andreassen on the same day at 09:00 CET, which will include a Q&A session [1] Conference Call Details - The presentation can be followed via a webcast with supporting slides and a Q&A module, available on the company's website [2] - There may be a 30-second delay when following the webcast compared to the main conference call, and it is recommended to use an updated browser, preferably Chrome [2]

Core Insights - Robotti Value Investors emphasizes the importance of recognizing opportunities in cyclical sectors where market fundamentals are not yet acknowledged, particularly in 2025 [1] Group 1: Market Developments - The firm notes that 2025 is validating Dornbusch's theorem, with significant market developments such as rising gold prices and a broader geographic leadership in markets [1] - Emerging opportunities are identified in housing, offshore industries, and data storage, which are characterized by misunderstood fundamentals and narratives that lag behind actual market conditions [1] Group 2: Company Focus - Tidewater Inc. - Tidewater Inc. (NYSE:TDW) is highlighted as a key investment, providing offshore support vessels and marine support services to the offshore energy sector [2] - The stock of Tidewater Inc. has shown a one-month return of 21.72% and a 52-week gain of 28.57%, closing at $69.93 per share with a market capitalization of $3.47 billion as of February 13, 2026 [2] - The rapid repricing of Tidewater Inc. reflects a significant shift from deeply discounted levels to a valuation that incorporates expected earnings growth, driven by years of underinvestment and consolidation in the offshore energy sector [3]

Core Insights - Subsea 7 S.A. has been awarded a substantial contract by OWP Gennaker for the Gennaker offshore wind farm in Germany, with offshore activities expected to commence in 2027 [1][2] - The contract involves the transportation and installation of 63 monopiles and transition pieces, with the contract value estimated between $150 million and $300 million [2] Company Overview - Subsea 7 is recognized as a global leader in delivering offshore projects and services, focusing on creating sustainable value in the energy industry [2] - The company has a strong track record in Germany, having supported over 20 projects and contributed to nearly 3,500 MW of clean energy [2]

Core Insights - Valero Energy Corporation (VLO) reported fourth-quarter 2025 adjusted earnings of $3.82 per share, exceeding the Zacks Consensus Estimate of $3.22, and significantly up from 64 cents per share in the same quarter last year [1][9] - Total quarterly revenues decreased slightly from $30.8 billion in the prior-year quarter to $30.4 billion, but still surpassed the Zacks Consensus Estimate of $28.1 billion [1][2] Financial Performance - The improved quarterly results were driven by increased refining margins, higher ethanol production volumes, and lower total cost of sales, although these were partially offset by a decline in renewable diesel margins [2] - Valero's total cost of sales amounted to $28,468 million, down from $30,127 million in the previous year, attributed to a decrease in the cost of materials and other expenses [10] Dividend Announcement - Valero Energy increased its quarterly cash dividend to $1.20 per share, representing a 6% increase from the previous dividend of $1.13 per share, payable on March 9, 2026, to shareholders of record as of February 5, 2026 [3] Segment Performance - Adjusted operating income in the Refining segment reached $1,733 million, up from $441 million in the year-ago quarter, supported by a higher refining margin per barrel [4] - The Ethanol segment reported an adjusted operating profit of $117 million, up from $20 million in the prior-year quarter, aided by higher production volumes and increased margins [4] - Operating income in the Renewable Diesel segment fell to $92 million from $170 million in the year-ago quarter, impacted by a decline in sales volume and margins [5] Throughput Volumes - Valero's refining throughput volumes totaled 3,113 thousand barrels per day (MBbls/d), an increase from 2,995 MBbls/d in the previous year [6][9] - The Gulf Coast region contributed approximately 59.8% to the total throughput volume, with other regions accounting for 14.8% (Mid-Continent), 16.8% (North Atlantic), and 8.5% (West Coast) [7] Margins and Expenses - The refining margin per barrel of throughput increased to $13.61 from $8.44 in the prior year, while refining operating expenses per barrel rose to $5.03 from $4.67 [8] - Valero's adjusted refining operating income was $6.05 per barrel of throughput compared to $1.60 a year ago [8] Capital Investment and Balance Sheet - The fourth-quarter capital investment totaled $412 million, with $368 million allocated toward sustaining the business [11] - At the end of the fourth quarter, Valero had cash and cash equivalents of $4.7 billion, total debt of $8.3 billion, and finance-lease obligations of $2.4 billion [11]

Core Insights - Exxon Mobil Corporation (XOM) has engaged Shearwater Geoservices for a 3D seismic survey to create detailed seismic images of its deepwater block offshore Trinidad and Tobago, covering an area of approximately 6,000 square kilometers [2][10] - The company signed a production-sharing contract (PSC) in August 2025 with the government of Trinidad and Tobago, merging seven deepwater blocks into one, which enhances operational efficiency [3][10] - ExxonMobil aims to leverage its experience in Caribbean geology to accelerate exploration in Trinidad and Tobago, replicating its success from Guyana [4][10] - The existing energy infrastructure in Trinidad and Tobago is expected to facilitate faster exploration and development timelines compared to Guyana [5][10] Industry Context - The operational history of ExxonMobil in Guyana showcases its capability and success in the Caribbean, which the company intends to replicate in Trinidad and Tobago [4] - The strategic use of existing infrastructure in both Trinidad and Guyana is anticipated to generate cost synergies and reduce development timelines for ExxonMobil [5]

Company Overview - Venture Global Inc. (VG) is a U.S.-based liquefied natural gas (LNG) company that has updated its full-year operational and financial results, lowering its consolidated adjusted EBITDA guidance from $6.35-$6.50 billion to $6.18-$6.24 billion [1][9] Operational Performance - In the fourth quarter of 2025, VG exported a total of 128 LNG cargoes, achieving LNG sales of 478.3 trillion British thermal units (TBtu) at a weighted average fixed liquefaction fee of $5.15 per million British thermal units (MMBtu) [2][9] - The company exported 38 cargoes from its Calcasieu Pass facility and 90 cargoes from the Plaquemines LNG facility [2] Market Conditions - VG noted that Henry Hub spot prices and international LNG price fluctuations impacted the volumes and pricing of LNG cargoes during the quarter [3] - The company faced tight shipping conditions due to vessel availability constraints in the Atlantic Basin, which affected shipping schedules; however, the impact was partially mitigated by using owned and chartered vessels from its fleet [3] Future Outlook - The forward pricing scenario related to LNG pricing and shipping conditions showed recovery in February and March 2026, suggesting a supportive market environment for VG's business with potential for higher realized margins [4] - Since the announcement on January 12, 2026, Venture Global shares have increased by 7.3% [4]

Core Insights - Exxon Mobil Corporation (XOM) has indicated that the decline in liquids prices may negatively impact upstream earnings by approximately $800 million to $1.2 billion compared to the third quarter [1][8] - Changes in gas prices could lead to a sequential impact ranging from a negative $300 million to a positive $100 million [1][8] - The company anticipates a positive impact of nearly $300 million to $700 million from changes in industry margins for Energy Products, while Specialty Products may contribute up to $200 million in incremental earnings compared to the third quarter [2] - For Chemical Products, a negative impact of $200 million to $400 million is expected due to changes in industry margins compared to Q3 2025 [2] Financial Performance Expectations - The West Texas Intermediate crude price has significantly decreased in 2025 compared to 2024, with current prices trading below $60 per barrel, which is expected to adversely affect the upstream segment and overall fourth-quarter results [3] - The Zacks Consensus Estimate projects XOM to report earnings of $1.63 per share and revenues of $85.13 billion for the fourth quarter [3] Company Ranking and Comparisons - XOM currently holds a Zacks Rank of 3 (Hold) [4] - Top-ranked stocks in the energy sector include Subsea7 S.A. (Rank 1), Oceaneering International (Rank 2), and FuelCell Energy (Rank 2) [4]

Core Insights - Equinor ASA has initiated a civil lawsuit against the U.S. Department of the Interior to challenge an order halting the construction of its Empire Wind offshore wind project [2][10] - The Empire Wind project is over 60% complete, and Equinor is seeking a preliminary injunction to allow construction to continue during the litigation process [4][10] - The suspension of the project is a significant setback for offshore wind developers in the U.S., attributed to national security concerns by the Department of the Interior [3][5] Company Specifics - The Empire Wind project represents a substantial investment in U.S. energy infrastructure, developed in collaboration with the New York State Energy Research and Development Authority (NYSERDA) [5][10] - Equinor emphasizes that pausing the project at its current stage could lead to material financial impacts and disrupt the project timeline [4][5] Industry Context - The recent suspension of offshore wind projects under the Trump administration has created challenges for developers, leading to potential delays and cost overruns that could adversely affect project returns [3][5] - The offshore wind industry is facing mounting pressures due to regulatory changes and national security concerns, impacting the viability of large-scale projects [3][5]

Core Insights - Transocean Limited (RIG) has secured a new contract and an extension for its offshore drilling units, adding approximately $168 million to its backlog [1][8] Contract Details - The Deepwater Mykonos drillship has been contracted by BP for a 302-day campaign in Brazil, expected to commence in Q3 2026, contributing around $120 million to the backlog [2][8] - The Transocean Enabler semi-submersible rig has had its contract extended with Equinor in Norway, adding $48 million to the backlog and securing an additional 105 days of work until September 2027 [3][8] Rig Specifications - The Deepwater Mykonos drillship features an Enhanced Samsung 10000 design, capable of drilling to a maximum depth of 35,000 feet and accommodating up to 205 personnel [2] - The Transocean Enabler rig is designed with a GVA 4000 NCS configuration, with a maximum drilling depth of 8,500 meters and operational capabilities in water depths of 500 meters [3]