Elixir Energy mobilises for 200km Teelba seismic campaign in Taroom Trough Proactive uses images sourced from Shutterstock Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has begun mobilising equipment and personnel for a new seismic program in Queensland’s Taroom Trough, as the company continues to build momentum across its growing gas portfolio in the Bowen Basin. The company said mobilisation of the seismic fleet for the Teelba 2D Seismic Campaign has commenced in partnership with contractor Terrex Seismic, wit ...

Core Insights - The company did not meet all its 2025 targets, but it has laid a strong foundation for 2026 with significant progress in production, costs, and balance sheet management [1][4][41] - The company aims for a 15% year-on-year production growth in 2026, primarily from its Jubilee and GTA assets, while also targeting a 20% reduction in total operating costs [41] Production and Operations - The Jubilee drilling program is ongoing, with the J-74 well contributing approximately 13,000 barrels of oil per day, and total Jubilee production exceeding 70,000 barrels per day [5][14] - The company has extended its Ghana licenses to 2040, enhancing reserves and demonstrating a long-term commitment to investment in the region [2][15] - The GTA facility achieved a production rate of 2,700,000 tonnes per annum equivalent, with year-to-date performance averaging 2,900,000 tonnes per annum equivalent [22][23] Financial Performance - The company reported a capital expenditure (CapEx) of $290 million in 2025, a reduction of nearly 70% year-on-year, and expects 2026 CapEx to remain around $350 million [32][34] - Operating costs are targeted to decrease by over $100 million in 2026, with a potential increase to $250 million post-sale of production assets in Equatorial Guinea [6][33] - The company successfully completed a $350 million bond issuance to enhance liquidity and reduce near-term maturities [7][35] Reserves and Asset Management - The company achieved a strong 1P reserves replacement ratio of around 90%, which increases to 120% when excluding the assets being sold in Equatorial Guinea [2][9] - The 2P reserves base is approximately 500 million barrels of oil equivalent, providing a reserve life of around 20 years [10][11] - The company is actively working on a strategic alliance with Shell to explore the Norfolk play, which includes multiple high-quality targets [27][73] Strategic Focus - The company is focused on building a sustainable, lower-cost business model while high-grading its portfolio to reduce overall breakeven costs [3][41] - There is a commitment to regular drilling to maximize the value of midlife fields like Jubilee, with plans for additional wells to come online [21][58] - The company is also exploring further divestments of non-core assets to redirect capital towards high-return projects [64]

Financial Data and Key Metrics Changes - The company reported a challenging transitional year in 2025, with production growth slower than expected and net debt ending the year higher than planned [4][5] - CapEx for 2025 was $290 million, a year-on-year reduction of almost 70%, the lowest since 2017 [27] - The company is targeting a CapEx of around $350 million for 2026, including $40 million associated with the TEN FPSO purchase [29][30] Business Line Data and Key Metrics Changes - Jubilee production has grown to over 70,000 barrels of oil per day gross, with five more wells expected to come online in 2026 [6][12] - At GTA, production averaged 2.9 million tons per annum equivalent year to date in 2026, with a target of 32-36 gross LNG cargos for the year [19][20] - The Gulf of Mexico performance was in line with expectations, with good performance from Odd Job and Kodiak, but challenges at Winterfell led to an impairment on those assets [23] Market Data and Key Metrics Changes - The company has a strong reserve replacement ratio of around 90%, which could increase to 120% when adjusting for the recent disposal of assets in Equatorial Guinea [9] - The company expects to see a significant drop in operating costs per MMBtu due to higher production volumes and cost reductions [20][22] Company Strategy and Development Direction - The company aims to build a sustainable lower-cost business, focusing on production growth from core assets while reducing debt [3][4] - There is a commitment to long-term investments in Ghana, with the Ghana licenses extended to 2040, reinforcing the company's strategy in the region [10][11] - The company is actively working to enhance its balance sheet and reduce costs, targeting a debt reduction of at least 10% in 2026 [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational momentum built in early 2026, with strong progress across production costs and the balance sheet [5][34] - The company anticipates a 15% production growth year-on-year, primarily from Jubilee and GTA assets, alongside a 20% reduction in total operating costs [34] Other Important Information - The company has successfully completed a $350 million bond issuance to enhance liquidity and pay down debt [30][31] - The partnership signed a sale and purchase agreement to acquire the TEN FPSO, which is expected to reduce operating costs significantly from 2026 onwards [15] Q&A Session Summary Question: Can you provide insight on the net adds when bringing new wells online? - Management indicated that the net impact varies by well, with some wells potentially having a minimal backout effect due to pressure relief [38][39] Question: Is there a turnaround baked into the annual cargo guidance for GTA? - Management clarified that the guidance reflects seasonal effects, with stronger performance expected in the first and fourth quarters [48][49] Question: Can you elaborate on the amended debt cover ratio? - Management confirmed constructive conversations with banks, raising the leverage covenant to accommodate historical underperformance and lower oil prices [55][56] Question: How do you view the TEN FPSO purchase in relation to Jubilee? - Management noted that the FPSO purchase lowers the break-even cost and extends the economic life of the TEN field, with potential for future wells [63][64] Question: What is the expected cash OpEx per MMBtu at GTA? - Management indicated that the reduction in OpEx is driven by increased production and FPSO refinancing, with further reductions expected in 2027 [81][82]

Kosmos Energy (NYSE:KOS) Q4 2025 Earnings call March 02, 2026 11:00 AM ET Company ParticipantsAndy Inglis - Chairman and CEOJamie Buckland - VP of Investor RelationsNeal Shah - CFONeil Mehta - Managing DirectorStella Cridge - Managing Director and Head of Public Sector and Emerging MarketsConference Call ParticipantsCharles Meade - Large Cap E&P Research AnalystChristoffer Bachke - Equity Research AnalystDavid Round - Director and Senior Equity AnalystMark Wilson - Senior Equity AnalystOperatorThank you. I' ...

Financial Data and Key Metrics Changes - The company reported a challenging transitional year in 2025, with production growth slower than expected and net debt ending the year higher than planned [4][5] - The company achieved a strong 1P reserves replacement of around 90%, or 120% when excluding assets sold in Equatorial Guinea [4][10] - The company is targeting a CapEx of around $350 million for 2026, which includes $300 million of asset expenditure and $40 million associated with the TEN FPSO purchase [7][29] - Operating costs are expected to reduce by over $100 million year-on-year, increasing to around $250 million post the sale of production assets in Equatorial Guinea [7][28] Business Line Data and Key Metrics Changes - Jubilee drilling program continues to deliver, with the second producer well contributing around 13,000 barrels of oil per day gross, bringing total Jubilee production to over 70,000 barrels per day [6][13] - At GTA, production has averaged 2.9 million tons per annum year-to-date, with a target of 32-36 gross LNG cargos in 2026 [19][20] - The Gulf of Mexico performance was in line with expectations, with good performance from Odd Job and Kodiak, although Winterfell faced challenges [22][23] Market Data and Key Metrics Changes - The company lifted 18.5 gross LNG cargos for the full year, with production ramping up steadily during the fourth quarter [19] - The realized price was lower sequentially due to lower commodity prices, but an expected bounce back in Q1 2026 is anticipated [26] Company Strategy and Development Direction - The company aims to build a sustainable lower-cost business, focusing on production growth from core assets while targeting meaningful debt reduction [3][4] - The company is committed to long-term investments in Ghana, with license extensions for Jubilee and TEN to 2040, enhancing production and economic benefits for the country [11][12] - The company is actively working to enhance its balance sheet, targeting a debt reduction of at least 10% in 2026 [30][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2025 was a challenging year but laid the groundwork for strong progress in 2026, with a focus on production growth, cost reduction, and debt management [5][35] - The company expects a 15% production growth year-on-year, primarily from Jubilee and GTA assets, alongside a 20% reduction in total operating costs [35] Other Important Information - The company completed a $350 million bond issuance in January, using proceeds to pay down near-term maturities and enhance liquidity [30][31] - The company has a robust reserve base, with 1P reserves to production life of around 10 years and 2P reserves of approximately 500 million BOE [10][11] Q&A Session Summary Question: Can you provide insight on net adds as new wells come online? - Management indicated that the impact varies by well, with some wells like J74 having minimal cannibalization effects, while a general rule of thumb suggests a net addition of around 2,500 barrels per day for a 10,000 barrel well [38][40] Question: Is there a turnaround baked into the annual cargo guidance for GTA? - Management clarified that the guidance is based on seasonal effects, with stronger performance expected in Q1 and Q4, and no planned turnaround [47][49] Question: Can you elaborate on the amended debt cover ratio? - Management confirmed constructive conversations with banks, with leverage covenants raised to accommodate historical underperformance and lower oil prices, expecting to return to normal by year-end [56][57] Question: How do you view the TEN FPSO purchase in relation to Jubilee? - Management noted that the FPSO purchase lowers the break-even cost and extends the economic life of TEN, with potential for future wells based on enhanced seismic imaging [62][64] Question: What is the expected cash OpEx per MMBtu at GTA? - Management indicated that the reduction in cash OpEx is driven by increased production volumes and FPSO refinancing, with a target of over 50% reduction in 2026 [58][82]

Fourth Quarter 2025 Results NYSE/LSE: KOS March 2, 2026 Strictly Private and Confidential 1 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that Kosmos Energy Ltd. ("Kosmos" or the "Company") expects, believes o ...

Financial Data and Key Metrics Changes - The company reported Q4 earnings of CAD 489 million, a 15% decrease year-over-year, and Adjusted EBITDA of approximately CAD 1.075 billion, reflecting a CAD 179 million or 14% decrease compared to the same period last year [5][16][19] - For the full year, earnings reached CAD 1.694 billion and Adjusted EBITDA was CAD 4.289 billion, with adjusted cash flow from operating activities of CAD 2.854 billion or CAD 4.91 per share [5][21] Business Line Data and Key Metrics Changes - The pipelines and facilities divisions achieved total volumes of 3.7 million barrels of oil equivalent per day in Q4, a 1% increase year-over-year, driven by higher volumes on the Peace Pipeline system and the acquisition of Whitecap's Kaybob Complex [20][21] - The marketing and new ventures segment experienced a decrease due to narrower NGL frac spreads, partially offset by realized gains on NGL-based derivatives [16][18] Market Data and Key Metrics Changes - The company noted strong demand for condensate and NGL transportation, leading to the development of conventional pipeline expansions to meet rising transportation demands from the Western Canadian Sedimentary Basin [10][52] - The company announced a 2026 Adjusted EBITDA guidance range of CAD 4.125 billion to CAD 4.425 billion, indicating a compound annual growth of approximately 5% from 2023 to 2026 [22] Company Strategy and Development Direction - Pembina is focused on providing safe, reliable, and cost-effective energy infrastructure solutions while capturing incremental new volumes in the growing Western Canadian Sedimentary Basin [24] - The company is advancing several strategic projects, including the RFS IV propane-plus fractionator and the Cedar LNG project, which are expected to enhance long-term competitive positioning [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet customer demands and adapt to market conditions, emphasizing a focus on safety and project execution [30][34] - The management team highlighted the importance of recontracting efforts and the expected positive impact on cash flow stability and future growth opportunities [9][23] Other Important Information - Pembina is progressing with the Greenlight Electricity Centre and expects to make a final investment decision in the first half of 2026 [14][59] - The company is also enhancing its propane export capabilities through new agreements and infrastructure projects [11][12] Q&A Session Summary Question: Details on the decision not to pursue the full Taylor-to-Gordondale Expansion - Management explained that the decision was influenced by the need for a capital-light solution and the focus on project execution rather than a schedule-driven approach [27][30][33] Question: Update on marketing outlook given recent price changes - Management indicated that while there were headwinds at the start of the year, the outlook has improved, and they expect to be slightly ahead of the midpoint on marketing guidance for the full year [34][36] Question: Tourmaline contract extension economics - Management confirmed that the extension was primarily a renewal of existing business, with strong netbacks due to liquids production supporting customer needs [44][46] Question: Update on the Alliance short-haul expansion project - Management stated that strong demand continues in the Alberta Industrial Heartland area, and an announcement regarding the open season is expected soon [62] Question: Timing of the April 7 presentation - Management indicated that the presentation aims to provide more granularity on growth opportunities and long-term guidance [68][70] Question: Update on PGI growth opportunities - Management highlighted ongoing efforts to fill existing capacity and explore organic and inorganic growth opportunities for PGI [70][71]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported earnings of CAD 489 million, a 15% decrease compared to the same period last year, and Adjusted EBITDA of approximately CAD 1.075 billion, which is a CAD 179 million or 14% decrease year-over-year [4][14][18] - For the full year 2025, earnings totaled CAD 1.694 billion and Adjusted EBITDA reached CAD 4.289 billion, with adjusted cash flow from operating activities of CAD 2.854 billion or CAD 4.91 per share [4][20] Business Line Data and Key Metrics Changes - The pipelines and facilities divisions achieved total volumes of 3.7 million barrels of oil equivalent per day in Q4 2025, representing a 1% increase over the same period in the prior year, driven by higher volumes on the Peace Pipeline system and the acquisition of Whitecap's Kaybob Complex [19][20] - The marketing and new ventures segment experienced a decrease due to narrower NGL frac spreads, partially offset by realized gains on NGL-based derivatives [14][17] Market Data and Key Metrics Changes - The company noted that the demand for condensate and NGL transportation is growing, prompting the development of conventional pipeline expansions to meet rising transportation demands from the Western Canadian Sedimentary Basin [9][28] - The company announced a new 30,000 barrel per day LPG export agreement with AltaGas, enhancing its propane export capabilities [10] Company Strategy and Development Direction - Pembina is focused on providing safe, reliable, and cost-effective energy infrastructure solutions while capturing incremental new volumes in the growing Western Canadian Sedimentary Basin [23] - The company is advancing several strategic projects, including the Cedar LNG project and the Greenlight Electricity Centre, which are expected to enhance growth and diversify its customer base [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to meet customer demands and capture growth opportunities, particularly in light of the easing egress constraints in Canada [28][49] - The company anticipates a peak investment year in 2026, primarily due to the Cedar LNG facility, but expects leverage to return to the lower end of its target range post-2026 [21][22] Other Important Information - The company has successfully renewed existing contracts and executed new contracts totaling over 200,000 barrels per day of conventional pipeline transportation capacity [7] - Pembina is progressing with the Fox Creek to Mayo expansion of the Peace Pipeline system, which will add approximately 70,000 barrels per day of market delivery capacity [9] Q&A Session Summary Question: Details on the decision not to pursue the full Taylor-to-Gordondale Expansion - Management clarified that the decision was based on a capital-light approach and the need to focus on safety and cost rather than a strict schedule, emphasizing the importance of meeting customer needs as they grow [26][30][33] Question: Update on marketing outlook given recent price fluctuations - Management indicated that while there were headwinds at the start of the year, the outlook for the remainder of the year appears positive, with expectations to be slightly ahead of the midpoint on marketing guidance [35][37] Question: Economics of the Tourmaline contract extension - Management confirmed that the extension was primarily a renewal of existing business, with strong netbacks due to liquids production supporting the overall economics [44][46] Question: Update on the Alliance short-haul expansion project - Management stated that strong demand continues in the Alberta Industrial Heartland area, with an announcement expected shortly regarding the open season [64] Question: Timing of the April 7th presentation - Management explained that the timing is intended to provide a robust buildup to long-term guidance, aligning with key growth opportunities [70][72]

Core Insights - Pembina Pipeline Corporation reported strong financial and operational results for the fourth quarter and full year of 2025, with full year earnings of $1,694 million and adjusted EBITDA of $4,289 million, reflecting a resilient performance despite some declines in specific areas [5][32][26]. Financial and Operational Overview - Revenue for Q4 2025 was $1,913 million, down from $2,145 million in Q4 2024, while full year revenue increased to $7,778 million from $7,384 million [3]. - Adjusted EBITDA for Q4 2025 was $1,075 million, a decrease of $179 million or 14% compared to Q4 2024, while full year adjusted EBITDA decreased by $119 million or 3% [26][5]. - Earnings per common share for Q4 2025 were $0.78, down from $0.92 in Q4 2024, and full year earnings per share decreased to $2.67 from $3.00 [3][32]. Business Updates - Pembina achieved record annual Pipelines and Facilities volumes of 3.7 million barrels of oil equivalent per day, a 3% increase over 2024 [5]. - The company is advancing two pipeline expansion projects totaling $425 million to accommodate growing volumes in northeast British Columbia and Alberta [5][16]. - Long-term agreements were established with PETRONAS and Ovintiv for the Cedar LNG facility, securing 1.5 million tonnes per annum of capacity, indicating strong demand for Canadian LNG exports [5][10]. Strategic Developments - Pembina's integrated value chain positions it uniquely to capture new volumes in the Western Canadian Sedimentary Basin (WCSB) and supports its long-term growth strategy [12][13]. - The company is focused on disciplined capital allocation to enhance long-term fee-based cash flow per share growth and sustain dividends [14]. - Pembina's approach to infrastructure development is supported by favorable government policy shifts, which may enhance the Canadian energy industry's evolution [11][12]. Future Outlook - Pembina's 2026 adjusted EBITDA guidance is set between $4.125 billion and $4.425 billion, indicating a compound annual growth of approximately 5% from 2023 to 2026 [28]. - The company is evaluating opportunities to increase egress capacity and optimize existing assets to meet rising demand from the Clearwater area [25][21].

Core Viewpoint - Eni S.p.A. has made a significant gas and condensate discovery offshore the Ivory Coast, enhancing its position in the energy sector and confirming the potential of the Calao channel complex [2][3]. Group 1: Discovery Details - The discovery, named Calao South, was made after drilling the Murene South-1X well in Block CI-501, where Eni holds a 90% stake in partnership with Petroci Holding [2][3]. - The estimated volume of the find is up to 5 trillion cubic feet (Tcf) of gas and 450 million barrels of condensate, equating to approximately 1.4 billion barrels of oil [3]. Group 2: Recent Developments - This discovery marks Eni's second major find in Africa within a short period, following a significant offshore oil discovery in Angola, estimated at around 500 million barrels of oil [4].