Wasatch Advisors cut its holding in Valvoline (NYSE:VVV) by 2,082,251 shares in the fourth quarter, an estimated $66.85 million trade based on quarterly average pricing, according to a February 12, 2026, SEC filing. What happened According to a Securities and Exchange Commission (SEC) filing dated February 12, 2026, Wasatch Advisors reduced its position in Valvoline by 2,082,251 shares during the fourth quarter of 2025. The estimated transaction value was $66.85 million based on the average closing price ...

Chevron Corporation (NYSE:CVX) is included among the 14 Best Warren Buffett Dividend Stocks to Buy. Chevron (CVX) Gains Bullish Outlook as Exploration Spending Rises On February 17, Melius Research said Chevron Corporation (NYSE:CVX) could see upside as exploration activity picks up and the market overlooks its potential in Venezuela. The firm upgraded the stock to Buy and raised its price target to $205. That target suggests about 13% upside from current levels. Analyst James West pointed to Chevron’s r ...

Exhibit 99.2 Fourth Quarter 2025 Earnings Summary MMLP 4Q 2024 Adjusted EBITDA Reconciliation (in millions) Comparison (in millions) | | Transportation | Terminalling & Storage | Sulfur Services | Specialty Products | SG&A | Interest Expense | 4Q 2025 Actual | | --- | --- | --- | --- | --- | --- | --- | --- | | Net income (loss) | $6.5 | $4.9 | $2.0 | $2.8 | $(4.7) | $(14.5) | $(2.9) | | Interest expense add back | — | — | — | — | — | $14.5 | $14.5 | | Equity in loss of DSM Semichem LLC | — | — | — | — | $0 ...

Management attributed fourth quarter refining weakness to a precipitous drop in fuel margins during the second half of the period, which coincided with the liquidation of inventory following maintenance events. The company achieved record annual refining throughput of 652,000 barrels per day, driven by a strategic focus on reliability and the successful completion of major turnarounds at Tulsa, Parco, and Puget Sound. Operational efficiency improved significantly, with refining operating costs decreas ...

Company Overview - Exxon Mobil Corporation (NYSE:XOM) is one of the largest integrated energy companies globally, involved in oil and gas exploration, production, refining, and the production of fuels, petrochemicals, lubricants, and specialty plastics. The company is also investing in lower-emission businesses such as carbon capture and lithium development [5]. Financial Performance - In 2025, Exxon reported earnings of $28.8 billion and generated $52 billion in operating cash flow, maintaining its position at the top of the industry. Since 2019, the company's earnings per share have grown at a compound annual rate of 21%, while operating cash flow has increased at a 10% annual pace [2]. - The company achieved $3 billion in structural savings last year, bringing total savings since 2019 to $15.1 billion, which exceeds the combined total savings of other international oil companies during the same period [4]. Production Highlights - Exxon reached a production level of 4.7 million barrels of oil equivalent per day, the highest output in over four decades. Significant production records were set in the Permian Basin and offshore Guyana, where the company has focused its capital on high-margin barrels [3]. Analyst Ratings - Mizuho raised its price target for Exxon Mobil from $132 to $140 while maintaining a Neutral rating on the stock. This adjustment followed the company's Q4 report, which led to a revision of Mizuho's financial model [1].

Core Insights - BP reported operational achievements including the startup of seven new major projects and a record in upstream plant reliability, leading to broadly flat underlying production compared to 2024 and exceeding prior guidance [1] - The company has decided to suspend share buybacks to strengthen its balance sheet, reallocating excess cash for this purpose [2] - BP's CFO highlighted a focus on safety, noting four fatalities in 2025, and emphasized the company's commitment to reducing process safety events [5][6] Financial Performance - BP's adjusted free cash flow increased by approximately 55% in 2025 on a price-adjusted basis, with net debt decreasing by $800 million compared to the end of 2024 [10] - The company reported a group underlying replacement cost profit of $1.5 billion for the fourth quarter, impacted by a weaker price environment [14] - Fourth-quarter operating cash flow was $7.6 billion, with capital expenditures of $4.2 billion, including $600 million related to a deferred payment for a previous transaction [16] Strategic Actions - BP concluded a strategic review of Castrol, agreeing to sell a 65% stake for expected net proceeds of around $6 billion, which will be used to reduce net debt [8] - The company has completed over $11 billion in divestments, more than halfway toward a $20 billion disposal program within a year [8] - BP's Boomerang discovery is noted as the largest in 25 years, with an initial estimate of around 8 billion barrels of liquids in place [7] Future Guidance - For 2026, BP expects reported upstream production to be slightly lower, with capital expenditures projected between $13.0 billion and $13.5 billion [18] - Divestment proceeds for 2026 are anticipated to be between $9 billion and $10 billion, significantly weighted to the second half of the year [18] - The company expects net debt to increase in the first half of 2026 before falling significantly in the second half, depending on macroeconomic conditions and prices [18]

Core Insights - Chevron Corporation (NYSE:CVX) is recognized as a strong long-term investment with low volatility, reporting fiscal Q4 2025 earnings of $2.8 billion and adjusted earnings of $3.0 billion, alongside a cash flow from operations of $10.8 billion and adjusted free cash flow of $4.2 billion [1][2] Group 1: Financial Performance - In Q4 2025, Chevron reported earnings of $2.8 billion and adjusted earnings of $3.0 billion [1] - Cash flow from operations reached $10.8 billion, with adjusted free cash flow at $4.2 billion [1] - The company raised its 2025 worldwide and U.S. production by 12% and 16%, respectively, achieving record levels [1] Group 2: Operational Milestones - Chevron successfully integrated Hess and achieved its initial $1 billion synergy target [2] - The Future Growth Project at Tengizchevroil in Kazakhstan commenced operations [2] - Notable projects in the U.S. achieved first oil in the Gulf of America, and production targets were met in the Permian Basin [2] Group 3: Strategic Developments - Chevron advanced new energy opportunities in power, lithium, and hydrogen, achieving structural cost reductions of $1.5 billion in 2025 [3] - The company generated the highest cash flow from operations in its history at similar commodity prices [3] - Chevron is positioned to increase its annual dividend payout per share for the 39th consecutive year [3] Group 4: Business Overview - Chevron provides oil and gas energy solutions, including crude oil, natural gas, transportation fuels, petrochemicals, lubricants, and additives [4] - The company's operations are divided into Upstream and Downstream segments [4]

Core Viewpoint - Exxon Mobil Corporation is advancing its deepwater exploration plans in Trinidad and Tobago, aiming to replicate its success in Guyana's oil-rich Stabroek area through a major 3D seismic survey [1][2][3]. Group 1: Exploration Plans - Exxon has contracted Shearwater Geoservices to conduct a 3D seismic survey covering approximately 6,000 square kilometers of seabed offshore Trinidad, expected to commence in early 2026 and last for about five months [1][2]. - The survey will take place in waters with depths ranging from 2,000 to 3,000 meters, indicating a significant investment in deepwater exploration [2]. Group 2: Strategic Context - The deepwater block was acquired following a production-sharing agreement with the Trinidad government in August of the previous year, consolidating seven separate offshore blocks into a larger area [3]. - Exxon aims to leverage its knowledge of Caribbean geology to expedite exploration and production in Trinidad, utilizing existing equipment and infrastructure from its operations in Guyana [4]. Group 3: Company Overview - Exxon Mobil Corporation is a major player in the global energy sector, involved in the entire oil and gas value chain, including exploration, production, refining, and the sale of fuels, as well as the production of petrochemicals and advanced materials [4].

Group 1: Investment Outlook - Scotiabank raised its price target on Chevron Corporation (CVX) to $168 from $165, maintaining a Sector Perform rating, indicating a stable outlook for the stock amid a broader update on U.S. integrated oil and E&P companies [2] - The earnings picture for Chevron is expected to be clean this quarter, with no major winter weather events disrupting operations, which could positively impact investor sentiment [2] Group 2: Operational Developments - The U.S. is moving to grant Chevron a broader license to operate in Venezuela, allowing the company to pay the Venezuelan government in cash rather than crude, which would enable Chevron to sell all of its produced oil [3] - Current license terms restrict Chevron's exports to about half of its production in Venezuela, as the company has been paying royalties and taxes using oil [4] - An updated license is anticipated to support higher production and exports for Chevron, especially following political changes in Venezuela [4] Group 3: Company Overview - Chevron Corporation is one of the world's largest integrated energy companies, involved in the production of oil and natural gas, as well as the manufacturing of fuels, lubricants, petrochemicals, and other energy-related products [5]

Group 1 - Exxon Mobil Corporation (NYSE:XOM) is facing a significant decline in Q4 earnings due to falling crude oil prices, with a potential reduction of up to $1.2 billion in upstream earnings compared to the previous quarter [3] - Brent crude futures have decreased by 19% in 2025, marking the third consecutive year of losses, while WTI crude prices have dipped nearly 20% year-over-year [3] - Wall Street analysts expect Exxon to report adjusted earnings of $1.66 per share in its upcoming Q4 report, down from $1.88 per share in the previous quarter [3] Group 2 - Exxon Mobil was previously forced to exit Venezuela after the nationalization of the oil industry in 2007, resulting in the country owing Exxon approximately $2 billion in arbitration claims [4] - Recently, Exxon was invited by President Trump to invest in Venezuela to help revive its oil industry, although the company remains cautious about the investment climate [5] - CEO Darren Woods described Venezuela as 'uninvestable' without significant changes to its legal and commercial frameworks, which reportedly displeased President Trump [5]