Woodside Energy Group (NYSE:WDS) H2 2025 Earnings call February 23, 2026 06:00 PM ET Company ParticipantsBaden Moore - Head of Resources and Energy ReseaarchDale Koenders - Head of Energy and Utilities ResearchGordon Ramsay - Head of Global Energy ResearchGraham Tiver - CFOHenry Meyer - Executive DirectorMeg O'Neill - CEO and Managing DirectorNik Burns - Head of Energy ResearchTom Allen - Executive DirectorConference Call ParticipantsRob Koh - Equity Research AnalystSarah Kerr - Energy Research AnalystSaul ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a record annual production of 198.8 million barrels of oil equivalent, exceeding full-year guidance [3] - Underlying net profit after tax was reported at $2.6 billion, with record production offsetting lower realized prices compared to 2024 [3] - Free cash flow generated was $1.9 billion, with a total fully franked full-year dividend of $1.12 per share, representing a payout ratio of 80% of underlying NPAT [4][25] Business Line Data and Key Metrics Changes - The Sangomar project maintained nameplate production of 100,000 barrels per day with nearly 99% reliability, contributing $2.6 billion to EBITDA since startup [8] - The Beaumont New Ammonia project commenced production in December 2025, with expectations for lower carbon ammonia production targeted for the second half of 2026 [9] - The Scarborough Energy Project was reported at 94% completion at year-end, on track for first LNG cargo in Q4 2026 [10] Market Data and Key Metrics Changes - Oil demand is forecasted to remain resilient due to the difficulty of decarbonizing hard-to-abate sectors, with strong customer demand for Sangomar oil noted [16] - Approximately 75% of LNG volumes for 2026-2028 are contracted, with a mix of oil-linked and gas hub link exposure [17] - The company has contracted 4.7 million tons of new LNG supply to Tier One end customers, reinforcing its position as a reliable energy supplier [17] Company Strategy and Development Direction - The company is focused on disciplined execution to deliver long-term value, maximizing performance from its base business and creating future opportunities for growth [5] - Strategic partnerships, such as those with Stonepeak and Williams for the Louisiana LNG project, are aimed at reducing capital commitments and de-risking investments [22] - Sustainability performance is emphasized as a key component of business success, with a target of reducing greenhouse gas emissions by 15% achieved [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ongoing demand for LNG as a reliable energy source amid global energy security concerns [16] - The company anticipates a transition year in 2026 with significant activities planned, including a major turnaround at Pluto and the ramp-up of Scarborough [38] - The management remains committed to maintaining a strong balance sheet and liquidity position while delivering solid shareholder returns [25] Other Important Information - The company achieved a 4% reduction in unit production costs through disciplined cost management [8] - Significant safety milestones were reported, with no high-consequence injuries recorded during the year [6] - The company plans to continue optimizing its marketing portfolio and layering in Louisiana LNG offtake [27] Q&A Session Summary Question: Update on Louisiana LNG sell-down progress - Management is pleased with the sell-down process and targets an additional 20% sell-down, reducing Woodside's capital commitment to $9.9 billion [32] Question: Dividend outlook for 2026 - Management indicated flexibility in the capital management framework to consider special dividends or buybacks, depending on performance and market conditions [38] Question: Decommissioning activities and Bass Strait platform removal - Decommissioning activities are ongoing, with major campaigns planned for 2026 and platform removals targeted for 2027 [42] Question: Unit production costs and Beaumont's impact - Management clarified that costs associated with Beaumont will be separate from traditional production costs, with transparency in future reporting [44][46] Question: Contracting status for Beaumont New Ammonia - The company is seeing genuine interest in ammonia products and is layering contracts as the facility ramps up production [60] Question: Production guidance and decline rates - Management noted that natural field decline and maintenance activities are factored into production guidance, with ongoing assessments of Sangomar's performance [86]

Woodside Energy Group (NYSE:WDS) H2 2025 Earnings call February 23, 2026 06:00 PM ET Speaker5Good morning, welcome to Woodside's 2025 full year results presentation. We are presenting from Sydney, and I would like to begin by acknowledging the traditional custodians of this land, the Gadigal people of the Eora Nation, and pay my respects to their elders, past and present. Today, I'm joined on the call by our Chief Financial Officer, Graham Tiver. Together, we will provide an overview of our full year 2025 p ...

For personal use only 24 February 2026 www.woodside.com Disclaimer, important notes and assumptions Information No offer or advice Forward-looking statements • This presentation contains forward-looking statements. These statements may relate to Woodside's business, goals, targets, aspirations, plans, expectations, market conditions, results of operations and financial condition, including, for example, but not limited to, outcomes of transactions, statements regarding long-term demand for Woodside's produc ...

Strategic asset utilization allowed for record production in key integrated units, providing the agility to monetize molecules in the most profitable end markets.The company successfully executed planned turnarounds at the low end of target spend while investing $116,000,000 in growth and enterprise initiatives.Chemical intermediates experienced lower year-over-year pricing as acetone margins moderated from 2024 multi-year highs toward cycle averages.Nylon Solutions remains in an extended trough with muted ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported consolidated net income of $90 million and EBITDA of $591 million [4] - The fourth quarter consolidated net loss was $116 million, with EBITDA of $51 million, impacted by accelerated depreciation and extended downtime [4] - The net loss attributable to CVI shareholders for Q4 2025 was $110 million, with losses per share of $1.10 and adjusted EBITDA of $91 million [7] Business Segment Data and Key Metrics Changes - In the petroleum segment, EBITDA for Q4 2025 was $73 million, a significant increase from $9 million in Q4 2024, driven by higher crack spreads and increased throughput [7] - The fertilizer segment reported adjusted EBITDA of $20 million for Q4 2025, down from $50 million in the prior year, affected by ammonia utilization rates and operational issues [11] - The renewable segment experienced a breakeven adjusted EBITDA for Q4 2025, a decline from $9 million in Q4 2024, due to loss of tax credits and reduced throughput [10] Market Data and Key Metrics Changes - Combined total throughput for Q4 2025 was approximately 218,000 bbl per day, with a utilization rate of 97% [8] - RINs prices averaged $6.05 per bbl for Q4 2025, a decline from previous levels, impacting the company's capture rate [9] - The estimated accrued RFS obligation on the balance sheet was $72 million at year-end, representing 59 million RINs [9] Company Strategy and Development Direction - The company aims to focus on safe and reliable operations, reevaluating commercial optimization opportunities to improve margin capture in the petroleum segment [18][19] - Plans include expanding asset footprint and pursuing geographic diversity while maintaining a disciplined approach to capital allocation [20] - The company is optimistic about refining sector fundamentals, anticipating steady demand growth for refined products [21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding RINs and the potential for SRE grants, emphasizing the economic harm caused by compliance with the RFS [23] - In the fertilizer segment, strong demand for nitrogen fertilizers is expected due to anticipated corn planting increases [24] - The company is optimistic about the Midcontinent market, expecting improved dynamics with new pipeline developments [49] Other Important Information - Cash flow from operations for Q4 2025 was breakeven, with free cash flow usage of $55 million [12] - Total consolidated capital spending for 2025 was $197 million, with projections for 2026 estimated at $200 million-$240 million [13] - The company completed a $1 billion senior notes offering to extend debt maturity profiles and improve financial flexibility [15][16] Q&A Session Summary Question: Expansion plans and asset acquisition strategy - The company is looking for proactive engagement in M&A discussions, focusing on both refining and fertilizer sectors while maintaining financial discipline [28][29] Question: Dividend return expectations - Management indicated that a clear path to further debt reduction is necessary before considering a return to dividends, emphasizing sustainability [32][33] Question: Ramping up WCS runs at Coffeyville refinery - The company is increasing WCS processing due to favorable market conditions and upgraded facility capabilities [38][39] Question: RIN prices and mitigation strategies - Management acknowledged rising RIN prices and is exploring blending more barrels and acquiring additional blending capacity to mitigate exposure [41][42] Question: Capture rates and pipeline projects - The company is optimistic about improving capture rates and sees potential benefits from new pipeline infrastructure in the Midcontinent [48][49]

Mark A. Pytosh: Thank you, Richard. Good morning, everyone, and thank you for joining us for today's call. Before we get into the results, I would like to introduce our new Chief Operating Officer, Mike Wright. Mike also serves as COO of CVR Energy, a position he has held since January 2022. Mike has nearly 35 years of experience in the refining and petrochemicals industries in a variety of operations and commercial roles, and we are excited to have him leading our fertilizer operations teams. Turning to th ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $131 million, a net loss of $10 million, and EBITDA of $20 million [4][8] - For the full year 2025, net sales were $606 million, with an operating income of $129 million and net income of $99 million, translating to $9.33 per common unit [8] - EBITDA for the full year was $211 million, with a distribution of $10.54 per common unit [5][8] Business Line Data and Key Metrics Changes - Total ammonia production for Q4 was 140,000 gross tons, with 62,000 net tons available for sale, and UAN production was 169,000 tons [9] - UAN sales volumes were lower due to planned turnaround and startup issues, but prices increased by approximately 55% compared to Q4 2024, while ammonia prices rose by approximately 32% [9] Market Data and Key Metrics Changes - The company noted strong pricing for nitrogen fertilizers throughout Q4, despite lower production and sales volumes [5][9] - The USDA estimates a record crop year for 2025, with corn yields of nearly 187 bushels per acre on approximately 99 million acres planted [13] - U.S. inventory carryout levels for corn are expected to be above the 10-year average, while soybean levels are below [13] Company Strategy and Development Direction - The company is focused on improving reliability and production rates through debottlenecking projects at both plants, aiming for utilization rates above 95% [16][17] - Plans include expanding DEF production and load-out capacity, and a feedstock diversification project at the Coffeyville facility [17] - The board has reserved capital for future projects, expecting to spend over the next two years [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring planting season, anticipating strong demand for nitrogen fertilizers due to depleted soil nitrogen levels [13][30] - Geopolitical tensions and natural gas supply issues in Europe are seen as risks that could impact nitrogen fertilizer supplies [14][15] - The company expects ammonia utilization rates to be between 95% and 100% in Q1 2026, with direct operating expenses projected at $57 million to $62 million [11][12] Other Important Information - Direct operating expenses for Q4 2025 were $81 million, including $14 million in turnaround expenses [10] - The company ended the quarter with total liquidity of $117 million, consisting of $69 million in cash and $48 million available under the ABL facility [11] Q&A Session Summary Question: What are you seeing in terms of UAN imports? - Management noted a decrease in imports from Trinidad due to a plant being down, keeping the UAN market tight [22] Question: Is current deferred revenue down due to less product pre-sold? - Management clarified it was a timing issue, with more activity expected in January and February [25] Question: Will ammonia and UAN pricing increase sequentially heading into Q1 2026? - Management confirmed an uptick in prices based on the current book of business [26] Question: Is the air separator issue at Coffeyville resolved? - Management expressed confidence that issues have been addressed and is in discussions with the service provider for future operations [27][28] Question: How does acreage down for corn affect demand? - Management remains optimistic about demand due to nitrogen depletion in soil and supply constraints [29][30]

CF Industries (NYSE:CF) Q4 2025 Earnings call February 19, 2026 11:00 AM ET Speaker13Good day, and welcome to the CF Industries Fourth Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question, please p ...

Core Insights - CF Industries Holdings, Inc. reported fourth-quarter 2025 earnings of $2.59 per share, an increase from $1.89 in the same quarter last year, with adjusted earnings at $2.99 per share, surpassing the Zacks Consensus Estimate of $2.50 [1][8] - Net sales rose approximately 22.8% year over year to $1,872 million, exceeding the Zacks Consensus Estimate of $1,788.1 million [1][8] Sales Performance - Average selling prices increased due to strong global nitrogen demand and supply disruptions from geopolitical issues, although sales volumes were lower year over year due to decreased granular urea and ammonium nitrate sales [2] - Net sales in the Ammonia segment increased 23.8% to $708 million, surpassing the estimate of $524.2 million, with adjusted gross margin per ton rising due to higher average selling prices and reduced maintenance costs [3] - Sales in the Granular Urea segment rose 6.9% year over year to $372 million, missing the estimate of $402.8 million, with adjusted gross margin per ton increasing due to higher average selling prices [4] - Sales in the UAN segment increased around 51.6% year over year to $564 million, beating the estimate of $531.7 million, with adjusted gross margin per ton rising due to higher average selling prices [5] - Sales in the AN segment declined around 19.8% year over year to $81 million, missing the estimate of $100.9 million, although adjusted gross margin per ton increased due to higher average selling prices [6] Financial Overview - As of December 31, 2025, cash and cash equivalents were $1.98 billion, up 22.8% year over year, while long-term debt increased to $3,215 million, up 8.2% year over year [7] - Net cash provided by operating activities was $539 million in the reported quarter, up nearly 28.3% year over year [7] - The company repurchased 4.1 million shares for $340 million in the fourth quarter and 16.6 million shares for $1.34 billion during 2025 [7] Market Outlook - The global nitrogen outlook remains positive in the near term, supported by strong demand and tight supply, with India and Brazil being the largest importers of urea [8] - Supply constraints from disrupted Russian exports and gas shortages in Trinidad and Iran are affecting production, while North American ammonia supply is expected to be healthy [9] Stock Performance - Shares of CF Industries have gained 19.4% in the past year, compared to the 16.7% growth of the industry [10]