证券日报网讯12月25日，陕天然气（002267）在互动平台回答投资者提问时表示，公司主要负责天然气 长输管道的建设与运营，通过已建成的输气管道为上游天然气供应商与省内管道沿线各城市和用户提供 天然气运输服务和销售服务。公司并未涉及天然气勘探开发业务，因此并不直接参与天然气的产量分 配。目前公司管网与国家管网已形成多处互联互通点，结合下游用户的需求，借助国家管网管道，可将 天然气输送至省外市场。 ...

格隆汇12月25日丨陕天然气(002267.SZ)在互动平台表示，公司主要负责天然气长输管道的建设与运 营，通过已建成的输气管道为上游天然气供应商与省内管道沿线各城市和用户提供天然气运输服务和销 售服务。公司并未涉及天然气勘探开发业务，因此并不直接参与天然气的产量分配。目前公司管网与国 家管网已形成多处互联互通点，结合下游用户的需求，借助国家管网管道，可将天然气输送至省外市 场。 ...

格隆汇12月25日丨陕天然气(002267.SZ)在互动平台表示， 公司主要负责天然气长输管道的建设与运 营，通过已建成的输气管道为上游天然气供应商与省内管道沿线各城市和用户提供天然气运输服务和销 售服务。公司并未涉及天然气勘探开发业务，因此并不直接参与天然气的产量分配。目前公司管网与国 家管网已形成多处互联互通点，结合下游用户的需求，借助国家管网管道，可将天然气输送至省外市 场。 ...

陕天然气（002267.SZ）12月25日在投资者互动平台表示，公司主要负责天然气长输管道的建设与运 营，通过已建成的输气管道为上游天然气供应商与省内管道沿线各城市和用户提供天然气运输服务和销 售服务。公司并未涉及天然气勘探开发业务，因此并不直接参与天然气的产量分配。目前公司管网与国 家管网已形成多处互联互通点，结合下游用户的需求，借助国家管网管道，可将天然气输送至省外市 场。 每经AI快讯，有投资者在投资者互动平台提问：你好！陕西省天然气产量全国数一数二，其中一部分 要输往京津冀或其他市场，我司是省大型管输企业，又受延长石油控股，在省内输往外省的管道中，我 们能占多少？如占比高，此部分营收也将是很大份额，除中石油外，也有别的管输企业投资建管道，我 们为何不积极争取增加份额？ （记者 王瀚黎） ...

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]