Financial Data and Key Metrics Changes - The company reported income from continuing operations of $18.4 million, or $0.09 per share, for Q3 2025, an increase of $2.8 million, or $0.01 per share, compared to Q3 2024 [3][12] - Third quarter earnings decreased from $64.6 million, or $0.32 per share in Q3 2024 to $18.4 million, or $0.09 per share in Q3 2025 [13] - The company raised the bottom end of its earnings per share guidance to a new range of $0.90-$0.95 per share from the previous range of $0.88-$0.95 per share [12] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $21.5 million in Q3 2025, down from $24.3 million in Q3 2024, impacted by higher operation and maintenance expenses [14] - The natural gas utility reported a seasonal loss of $18.2 million in Q3 2025, compared to a loss of $17.5 million in Q3 2024, driven by increased operation and maintenance expenses [15] - The pipeline segment posted record earnings of $16.8 million in Q3 2025, up from $15.1 million in Q3 2024, due to higher transportation revenue from growth projects [16] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.5% compared to the same time last year, aligning with the targeted annual growth rate of 1%-2% [4] - The company has 580 megawatts of data center load under signed electric service agreements, with 180 megawatts currently online [6] Company Strategy and Development Direction - The company is focused on delivering exceptional performance while positioning itself for long-term growth, with a targeted long-term EPS growth rate of 6%-8% and a 60%-70% annual dividend payout ratio [12] - The company plans to pursue additional capital projects to meet existing customer demand and enhance grid resiliency [8] Management's Comments on Operating Environment and Future Outlook - Management noted that strong customer demand at the pipeline segment and progress in utility regulatory schedules should provide opportunities moving forward [3] - The company remains confident in its ability to execute its long-term growth strategy and deliver strong stockholder returns [12] Other Important Information - The North Dakota Public Service Commission approved the acquisition of a 49% ownership interest in the Badger Wind Farm, expected to be completed upon commercial operation around year-end [4][5] - The company has reestablished an ATM program to meet future equity capital needs [16] Q&A Session Summary - There were no questions during the Q&A session [17]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, reflecting tariff adjustments that were insufficient to offset inflation impacts [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025, compared to ARS 18.2 billion in Q3 2024, due to increased export volumes and higher prices [8][9] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, attributed to higher export volumes rising from 43,000 to 104,000 metric tons and increased ethane sales [9][10] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by higher sales from increased natural gas volumes transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - The company plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - TGS is evaluating participation in a new gas pipeline project to supply gas to LNG facilities planned by CESA Southern Energy [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current production levels are extraordinary due to the richness of the gas stream from Vaca Muerta, which is expected to remain substantial in the coming years [20] - However, it was indicated that gas production typically decreases in the fourth quarter compared to the third quarter, which may affect overall output [20] Other Important Information - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12] - The company recorded a positive variation in financial results amounting to ARS 31.1 billion, mainly due to increased income from financial assets [12] Q&A Session Summary Question: Breakdown of the $780 million capex for the expansion project - The company expects to spend $150 million this year, $450 million in 2026, and the remaining $27 million in the first five months of 2027 [16] Question: Status of the insurance claim for the Complejo Cerri event - The expected recovery amount is over $50 million, with $10 million anticipated this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Current production levels are extraordinary, but lower gas production is expected in Q4 compared to Q3, which may affect margins [20] Question: Acceleration of cash capex deployment until year-end - Cash capex is expected to be higher than previous levels, with significant spending anticipated in the last quarter [23] Question: Expected income tax payments in the next quarter - Income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the NGL fractionation facility - The company is working hard on the project, with FID expected in the first quarter of next year [28] Question: Participation in the NGL project with partners - The company aims to have partners in the liquids project, particularly in transportation and fractionation [30] Question: Further midstream segment synergy by 2027 - The company expects to benefit from increased transport capacity in the midstream business due to the expansion [31]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, with a decline of ARS 10.5 billion attributed to insufficient tariff adjustments to offset inflation [7][8] - EBITDA for the liquids segment tripled to ARS 55.2 billion in Q3 2025 from ARS 18.2 billion in Q3 2024, driven by increased export volumes and higher prices [9][10] - The cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12][13] Business Line Data and Key Metrics Changes - The liquids segment saw a significant increase in EBITDA, primarily due to higher export volumes rising from 43,000 to 104,000 metric tons [9] - The midstream and other services segment's EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by increased billable volumes of natural gas transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - TGS plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - The company is evaluating participation in a new gas pipeline project to supply LNG facilities planned for completion by 2027-2028 [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the current high levels of production and margins in the liquids segment may not be sustainable into Q4 2025, with expectations of lower gas production [20][21] - The company anticipates that international liquid prices may decrease in 2026 compared to the current year [21] Other Important Information - The company is expecting to recover over $50 million from insurance claims related to the Complejo Cerri event, with partial payments expected this year [18] - CapEx for the expansion project is expected to be higher, with $150 million planned for this year, primarily in Q4 [23] Q&A Session Summary Question: Breakdown of the $780 million CapEx for the expansion project - Management indicated that $150 million is expected to be spent this year, $450 million in 2026, and the remaining $27 million in early 2027 [16] Question: Status of insurance claims for the Complejo Cerri event - The estimated recovery amount is over $50 million, with $10 million expected this year and the remainder in the following year [18] Question: Sustainability of current production and margins in the liquids segment - Management stated that while current production levels are extraordinary, they may not be sustainable into Q4 due to seasonal variations [20][21] Question: Acceleration of cash CapEx deployment until year-end - Management confirmed that cash CapEx is expected to be higher than previous levels due to the ongoing expansion project [23] Question: Expected income tax payments in the next quarter - Management indicated that income tax payments in Q4 are expected to be similar to those in Q3 [27] Question: FID for the fractionation facility regarding liquids - Management is working hard on the project, with FID expected in Q1 of the following year [28] Question: Participation in the NGL project and potential partnerships - Management is considering partnerships for the liquids project, particularly in transportation and fractionation [30] Question: Synergies in the midstream segment by 2027 - Management confirmed that the midstream business will benefit from increased transport capacity and volumes [31]

Financial Data and Key Metrics Changes - The total net income for Q3 2025 was ARS 112 billion, up from ARS 68.8 billion in Q3 2024, primarily driven by improved performance in the liquids business and midstream segment [6][8] - EBITDA for natural gas transportation decreased to ARS 102.4 billion from nearly ARS 113 billion in Q3 2024, attributed to insufficient tariff adjustments to offset inflation [7][8] - Liquids segment EBITDA tripled to ARS 55.2 billion in Q3 2025 from ARS 18.2 billion in Q3 2024, driven by increased export volumes and higher prices [8][9] - Cash position increased by 22% to ARS 875 billion, approximately $638 million at the official exchange rate [12][13] Business Line Data and Key Metrics Changes - Natural gas transportation EBITDA declined by ARS 10.5 billion due to tariff adjustments and rising operating expenses [7][8] - Liquids segment saw a significant increase in EBITDA, primarily due to higher export volumes and favorable pricing conditions [9][10] - Midstream and other services EBITDA rose to ARS 61.2 billion from ARS 46.7 billion in Q3 2024, driven by increased billable volumes of natural gas transported [11] Market Data and Key Metrics Changes - The average transported natural gas billable volume increased from 29 million cubic meters per day in Q3 2024 to 32 million cubic meters per day in Q3 2025 [11] - The natural gas price increased from $3.1 to $3.4 per million BTU, negatively impacting EBITDA by ARS 4.3 billion [10] Company Strategy and Development Direction - TGS plans to invest $560 million to expand the Perito Moreno pipeline's capacity and an additional $220 million for regulated pipelines between Saliceto and Greater Buenos Aires [4][5] - The company aims to commercialize the incremental capacity and collect a dollar-denominated unregulated tariff during the 15-year operational period [5] Management Comments on Operating Environment and Future Outlook - Management noted that the current high levels of production and margins in the liquids business may not be sustainable into Q4 2025 due to seasonal variations [21][22] - The company anticipates that international liquid prices may be lower in 2026 compared to the average of the current year [22] Other Important Information - The company is working on a project to build a new gas pipeline towards LNG facilities planned by CESA Southern Energy, with no immediate updates on participation [27] - The expected recovery amount from the insurance claim related to the Complejo Cerri event is estimated to exceed $50 million, with partial collection expected this year [19] Q&A Session Summary Question: Breakdown of the $780 million capex for the transportation system expansion - Management indicated that $150 million will be spent this year, $450 million in 2026, and the remaining $27 million in the first five months of 2027 [17] Question: Status of the insurance claim for Complejo Cerri - The expected recovery amount is over $50 million, with $10 million anticipated this year and the remainder next year [19] Question: Sustainability of current production and margins in the liquids business - Management stated that while current production levels are extraordinary, they may not be sustainable into Q4 due to seasonal factors [21][22] Question: Acceleration of cash capex deployment until year-end - Management confirmed that cash capex is expected to be higher than previous levels, particularly in the last quarter of the year [24] Question: Expected income tax payments in the next quarter - Income tax payments in Q4 are expected to be similar to those in Q3 [28] Question: FID for the NGL fractionation facility - Management is working hard on the project, with FID expected in the first quarter of next year [29] Question: Participation in the NGL project with partners - The company is looking to have partners in the liquids project, particularly for transportation and fractionation facilities [31]

Group 1 - Golar LNG (GLNG) shares increased by 9% to $41.53, following a significant trading volume, contrasting with a 6.1% loss over the past four weeks [1][2] - The company secured a 20-year charter agreement with Southern Energy for the 3.5 MTPA MKII FLNG, generating approximately $8 billion in net earnings backlog and a 30-year LNG export permit, which positively impacted share prices [2] - Golar LNG is expected to report quarterly earnings of $0.46 per share, reflecting a year-over-year decline of 13.2%, while revenues are projected to rise by 89.9% to $121.38 million [3] Group 2 - The consensus EPS estimate for Golar LNG has remained stable over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [4] - Golar LNG holds a Zacks Rank of 3 (Hold), similar to Petrobras, which has also seen a decline in its stock price over the past month [5][6]

Group 1 - Golar LNG reported quarterly earnings of $0.26 per share, missing the Zacks Consensus Estimate of $0.29 per share, and down from $0.42 per share a year ago, representing an earnings surprise of -10.34% [1] - The company posted revenues of $75.67 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 14.20%, compared to year-ago revenues of $62.98 million [2] - Golar LNG shares have lost about 5% since the beginning of the year, while the S&P 500 has gained 10% [3] Group 2 - The earnings outlook for Golar LNG is uncertain, with current consensus EPS estimates of $0.55 on $121.38 million in revenues for the coming quarter and $1.47 on $375.67 million in revenues for the current fiscal year [7] - The Zacks Industry Rank for Oil and Gas - Integrated - International is currently in the bottom 24% of over 250 Zacks industries, indicating potential challenges for the sector [8] - New Fortress Energy, another company in the same industry, is expected to report a quarterly loss of $0.29 per share, with revenues projected to be $686.21 million, up 60.3% from the year-ago quarter [9]

Financial Data and Key Metrics Changes - The company reported a total net income of ARS 40.3 billion for Q2 2025, a decline from ARS 119.7 billion in the same quarter of 2024, primarily due to a negative variation of ARS 76 billion in financial results [8][9][14] - EBITDA for the natural gas transportation business decreased to ARS 85.6 billion in Q2 2025 from ARS 118.2 billion in Q2 2024, attributed to transitional tariff adjustments and inflation [10][11] - The cash position decreased by 33% to ARS 676 billion, equivalent to approximately EUR 565 million [15] Business Line Data and Key Metrics Changes - EBITDA for the liquids business fell over 50% to ARS 25.3 billion in Q2 2025 from ARS 52.6 billion in Q2 2024, impacted by extraordinary expenses from a flood and reduced sales volume [11][12] - The midstream and other services segment saw EBITDA rise to ARS 52 billion compared to ARS 41.5 billion in 2024, driven by increased natural gas transportation volumes [13] Market Data and Key Metrics Changes - The natural gas transportation volume increased from an average of 25 million permits per day in 2024 to 30 million in Q2 2025, while natural gas conditioning volume rose from 16 million to 27 million cubic meters per day [13] Company Strategy and Development Direction - The company is focused on expanding its transportation capacity through a project to enhance the Perito Moreno pipeline, with a bid submitted and a contract expected to be awarded by October 13, 2025 [6][7][34] - The company has received a 20-year extension of its license, allowing for continued operations and capacity commercialization [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the monthly tariff adjustments will help mitigate the impact of inflation on revenues, although operating expenses have increased due to the tariff revision process [28][33] - The company expects regulated EBITDA to reach ARS 300 million annually post-tariff adjustments, contingent on inflation rates in Argentina [43] Other Important Information - The company approved a dividend payment of ARS 200 billion, equivalent to approximately ARS 170 million, paid on June 11, 2025 [8] - Extraordinary expenses of ARS 16.6 billion were incurred due to the flood event on March 7, 2025, with expectations of insurance recovery [12][20] Q&A Session Summary Question: Confirmation of impairment related to the climate event - Management confirmed an impact of ARS 16.6 billion due to extraordinary expenses from the flood [20] Question: Update on the NCL project timeline - Management is evaluating costs and expects results by September [21][22] Question: Sustainability of current EBITDA levels - Management indicated that midstream services are expected to continue growing [23][24] Question: Recovery of profitability in the liquids segment - Full operations resumed on May 7, 2025, with expectations for improved performance [25][26] Question: Details on increased costs - Management noted that tariff revisions began in April, affecting operational costs [27][28] Question: Status of insurance claims related to the flood - Insurance assessments are ongoing, with expectations for compensation in two to four months [29][30] Question: Outlook for the regulated transportation segment - Future revenues will depend on the level of monthly inflation adjustments [32][33] Question: Financial investment decision timing for projects - Discussions with gas producers are ongoing, with potential decisions expected by the end of the year [35] Question: Total cost of maintenance due to the flood - Estimated total costs are around $40 million [36] Question: Amount received for ship or pay contract compensation - The amount received was $7 million [37] Question: Deterioration of account receivables - The issue was related to a specific marketer, with partial cash recovery expected [39] Question: CapEx for the Perito Moreno pipeline - Estimated CapEx is around $500 million for the expansion project [40] Question: Financing for the GPM pipeline project - The project is expected to be financed through a mix of cash and potential debt [44]