Company Performance - SandRidge Energy, Inc. has gained 34.7% over the past year, outperforming the industry's decline of 26.8% and the S&P 500's return of 15.8% [1] - The company reported a solid third-quarter performance with average production rising 12% year over year to 19 MBoe per day, and oil output increasing by 49% [3][4] Financial Highlights - Total revenues from oil, natural gas, and NGL increased by 32% year over year to $39.8 million, with net income reported at $16 million, or 44 cents per basic share [4] - Adjusted EBITDA for the quarter was $27.3 million, reflecting benefits from scale and production mix improvements [4] Cherokee Development Program - The ongoing one-rig Cherokee development program has been a major contributor to the quarter's performance, with four wells achieving average peak 30-day initial production rates of 2,000 gross Boe per day, with approximately 43% oil content [5][7] - The first well in the program produced over 275,000 gross Boe in its first 170 days, reinforcing confidence in reservoir quality [8] Balance Sheet and Liquidity - SandRidge Energy ended the quarter with $102.6 million in cash and cash equivalents, maintaining no outstanding debt obligations, which provides flexibility for funding development projects [9] - Cash at quarter-end equaled $2.80 per common share, indicating a strong liquidity position [9] Shareholder Returns - The board declared a dividend of 12 cents per share, payable on November 28, 2025, and the company repurchased 0.6 million shares for $6.4 million in the first nine months of 2025 [10][11] Capital Discipline and Growth Strategy - The company focuses on efficiently growing its asset base while allocating capital to high-return projects, including continued Cherokee development and evaluating M&A opportunities [12] - Management retains the flexibility to adjust capital activity based on commodity price fluctuations [12] Industry Outlook - The 2026 outlook suggests a softer oil-price environment with Brent crude averaging $55 per barrel, while natural gas fundamentals are expected to be stronger with Henry Hub prices averaging $4.01 per MMBtu [13][14] - Rising LNG exports are projected to increase to 16 Bcf/d in 2026, potentially providing additional demand support for U.S. natural gas [13]

As part of our ongoing series at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight. This week’s spotlight is APA Corporation (APA) — a global oil & gas producer with large-scale upstream assets spanning the U.S., Egypt, and the North Sea, supported by disciplined capital allocation and a long history of converting commodity cycles into durable free cash flow.Business OverviewAPA is a diversified exploration and produ ...

Core Viewpoint - Expand Energy reported strong earnings for Q3 2025, with adjusted earnings per share of 97 cents, surpassing estimates, while revenues missed expectations but showed significant year-over-year growth [2][3]. Financial Performance - Adjusted earnings per share for Q3 2025 were 97 cents, beating the Zacks Consensus Estimate of 88 cents, and up from 16 cents in the same quarter last year [2]. - Total revenues from 'natural gas, oil and NGL' were $1.8 billion, missing the Zacks Consensus Estimate of $2 billion but significantly higher than $407 million from the previous year [3]. - Average daily production was reported at 7,333 million cubic feet of gas equivalent (MMcfe/day), a 177% increase from 2,647 MMcfe/day year-over-year, exceeding the consensus estimate [4]. Production & Pricing - Natural gas production for the quarter was 6,721 MMcfe/day, up 154% year-over-year, also surpassing the consensus mark [4]. - The average sales price for natural gas was $2.81 per Mcf, a 12% increase from $2.51 per Mcf last year, but below the consensus estimate of $2.84 [5]. Costs & Expenses - Total operating expenses rose to $2.2 billion from $803 million in the prior year, driven by increased gathering, processing, and transportation costs [6]. - Marketing costs increased to $659 million from $192 million year-over-year [6]. Cash Flow & Financial Position - Cash flow from operations was $1.2 billion, up from $422 million in the prior year, with capital expenditures totaling $775 million, resulting in free cash flow of $426 million [8]. - As of September 30, 2025, the company had $613 million in cash and cash equivalents and long-term debt of $5 billion, with a debt-to-capitalization ratio of 21.6% [8]. Future Guidance - For Q4 2025, Expand Energy targets average daily production between 7,200-7,300 MMcfe, and for the full year 2025, between 7,100-7,200 MMcfe [9]. - Capital spending is budgeted between $685 million and $765 million for the upcoming quarter, and between $2.8 billion and $2.9 billion for 2025 [10]. Market Sentiment - There has been an upward trend in estimates for Expand Energy, indicating positive market sentiment [11]. - The company currently holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [13].

Group 1 - EOG Resources, Inc. is considered one of the best very cheap stocks to invest in, with recent ratings from analysts maintaining a Hold rating while adjusting price targets [1][2] - The company's fiscal Q3 2025 results showed a revenue decrease of 1.98% year-over-year to $5.85 billion, although it exceeded estimates by $260.39 million, and EPS of $2.71 topped consensus by $0.26 [2][3] - Management attributed the revenue decline to lower NGL and natural gas prices compared to Q2 2025, but higher crude oil and condensate prices helped the company surpass estimates [2][3] Group 2 - Analyst Mark Lear from Piper Sandler noted that despite the company exceeding estimates, the overall oil macro environment remains challenging, and the gas equity rally may have advanced too far [3] - EOG Resources primarily operates in major US basins and Trinidad, focusing on crude oil and natural gas exploration and production [3]

The next phase of Vaca Muerta-driven growth VISTA ENERGY INVESTOR DAY NOVEMBER 12th, 2025 About projections and forward-looking statements 02 Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the "Company" or"Vista") can be found in the "Investors" section on the website at www.vistaenergy.com. This presentation does not constitute an offerto sell or a solicitation of any offerto buy any securities of the Company, i ...

Core Insights - Enterprise Products Partners LP (EPD) reported weak quarterly earnings for Q3 2025, with adjusted earnings per limited partner unit of 61 cents, missing the Zacks Consensus Estimate of 67 cents and declining from 65 cents year-over-year [1][10] - Total quarterly revenues were $12 billion, falling short of the Zacks Consensus Estimate of $12.6 billion and down from $13.8 billion in the prior-year quarter, primarily due to lower sales and processing margins and MTM hedging losses [2][10] Financial Performance - The gross operating margin for NGL Pipelines & Services remained stable at $1.3 billion, supported by higher natural gas processing volumes and MTM gains [4] - Natural Gas Pipelines and Services saw a decrease in gross operating margin to $339 million from $349 million, attributed to MTM hedging losses [5] - Crude Oil Pipelines & Services reported a gross operating margin of $371 million, down from $401 million, due to lower sales margins in Texas [6] - Petrochemical & Refined Products Services experienced a slight increase in gross operating margin to $370 million from $363 million, driven by higher pipeline and marine terminal volumes [7] Cash Flow and Investment - Distributable cash flow totaled $1.83 billion, down from $1.96 billion year-over-year, with a coverage ratio of 1.5X; adjusted free cash flow was $96 million, significantly lower than $943 million in the previous year [8] - Total capital investment for the reported quarter was $1.96 billion [9] Debt and Liquidity - As of September 30, 2025, total outstanding debt principal was $33.9 billion, with consolidated liquidity of approximately $3.6 billion [11] Future Outlook - For 2025, EPD anticipates growth capital expenditures to be around $4.5 billion, with projections for 2026 in the range of $2.2 billion to $2.5 billion; sustaining capital expenditure is expected to be approximately $525 million in 2025 [12]

Core Viewpoint - Energy Transfer is positioned for growth despite a recent decline in earnings, with several expansion projects and new gas supply agreements expected to drive future cash flow and total returns for investors [1][2][13]. Financial Performance - In the third quarter, Energy Transfer generated $3.8 billion in adjusted EBITDA, down from $4 billion year-over-year, and produced $1.9 billion in distributable cash flow, below last year's $2 billion [3][4]. - The company has generated nearly $6.2 billion in cash this year, covering $3.4 billion in distributions to investors [4][6]. - Adjusted EBITDA is projected to be slightly below the lower end of the guidance range of $16.1 billion to $16.5 billion, indicating nearly 4% growth from the previous year [7]. Growth Initiatives - Energy Transfer is investing $4.6 billion in growth capital projects this year and plans to allocate another $5 billion in 2026, which will support several expansion projects [8]. - Recent completions include the Nederland Flexport NGL expansion and the relocation of the Badger gas processing plant, with additional projects like the Mustang Draw gas processing plant expected to be completed next year [9]. New Contracts and Supply Agreements - The company has signed long-term gas supply agreements with Oracle for three U.S. data centers, with initial flows expected by the end of this year [10]. - Additional agreements include gas supply deals with CloudBurst, Fermi, and Entergy, which will contribute to cash flow starting in 2028 [11]. Long-term Expansion Projects - Energy Transfer is developing several long-term projects expected to come online between 2027 and 2029, including the Hugh Brinson Phase II and the Desert Southwest Expansion project [12]. - The company has potential projects in the pipeline, such as the proposed Lake Charles LNG export terminal and Dakota Access oil pipeline expansion, which will enhance its long-term growth outlook [12].

Financial Data and Key Metrics Changes - The company reported oil sales of 13,332 barrels per day, slightly below the midpoint of guidance, while total sales were 20,789 barrels of oil equivalent per day, exceeding the midpoint of guidance [5][6] - Adjusted free cash flow for the quarter was $13.9 million, down from $24.8 million in the previous quarter, primarily due to higher capital spending and lower EBITDA [8][14] - The net loss for Q3 was $51.6 million or $0.25 per diluted share, including $72.9 million in non-cash impairment charges, compared to a net income of $20.6 million or $0.10 per diluted share in Q2 [13] Business Line Data and Key Metrics Changes - Lifting costs were reported at $10.73 per BOE, below the low end of guidance for the second consecutive quarter [7][11] - The company achieved a reduction in debt by $20 million during the quarter, exceeding guidance by $2 million [8][14] Market Data and Key Metrics Changes - Realized pricing for the third quarter decreased by 4% to $41.10 per BOE, driven by a 16% reduction in NGL prices [10] - The average realized oil price increased by 3% to $64.32, while realized gas prices remained negative but improved from the previous quarter [10][11] Company Strategy and Development Direction - The company focuses on maximizing adjusted free cash flow and reducing debt, with a disciplined approach to capital spending [5][8] - There is an emphasis on organic growth through reserves and inventory growth rather than acquisitions, especially in a challenging price environment [19][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational performance despite weak commodity prices and indicated a commitment to maintaining capital discipline [5][8] - The company plans to continue prioritizing debt reduction and improving leverage ratios, with expectations of potential growth when commodity prices recover [17][19] Other Important Information - The company updated its production guidance for the full year to 13,100-13,500 barrels of oil per day and 19,800-20,400 BOE per day [15] - The company is exploring opportunities for non-core divestitures to further reduce debt [18][41] Q&A Session Summary Question: Thoughts on terming out the revolver in the current interest rate environment - Management indicated that all options are on the table for strengthening the balance sheet, including evaluating the credit facility [24][25] Question: Expectations for service costs in the upcoming year - Management noted that service costs remain under pressure, and while they hope for stability, the situation is uncertain [29][30] Question: Positioning of Ring Energy's stock relative to peers - Management believes the stock is undervalued compared to peers and expects gradual improvement in stock performance [34][36] Question: Scenarios for further debt reduction in 2026 - Management projected a potential debt reduction of around $10 million in Q4, with uncertainties affecting the final amount [38][39] Question: Clarification on the $10 million deferred payment related to Lime Rock - Management confirmed that the deferred payment impacts the overall debt reduction strategy, emphasizing the focus on paying down debt [40][41] Question: Organic growth opportunities with existing assets - Management highlighted the potential for organic growth through developing existing reserves and inventory, particularly in the Central Basin Platform and Northwest Shelf [63][64]

Financial Data and Key Metrics Changes - For Q3 2025, EOG Resources reported $1.4 billion in free cash flow, $1.5 billion in net income, and $1 billion returned to shareholders through dividends and share repurchases [6][14][16] - Adjusted earnings per share were $2.71, and adjusted cash flow from operations per share was $5.57 [14] - The company has committed to returning nearly 90% of its estimated 2025 free cash flow, including $2.2 billion in dividends and $1.8 billion in share repurchases [6][17] Business Line Data and Key Metrics Changes - Oil, natural gas, and NGL volumes exceeded guidance midpoints, while capital expenditures and cash operating costs were below guidance midpoints [6][19] - The Delaware Basin, Eagle Ford, and Utica remain foundational assets driving strong returns, with emerging plays like Dorado and Powder River Basin showing improved well performance [7][8][24] Market Data and Key Metrics Changes - The company anticipates continued inventory builds in the oil market due to spare capacity returning, with a cautious near-term outlook but a constructive medium-term view [12][34] - For natural gas, EOG expects structural bullish drivers from record LNG feed gas demand and growing electricity demand, supporting price stability [12][35] Company Strategy and Development Direction - EOG's strategy focuses on capital discipline, operational excellence, sustainability, and culture, with a commitment to generating sustainable free cash flow [6][11][28] - The acquisition of Encino enhances EOG's portfolio, diversifying production and accelerating free cash flow generation [5][14] - The company is exploring international opportunities in the UAE and Bahrain, aiming to leverage its technical expertise [9][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a dynamic market environment, emphasizing the importance of operational improvements and cost reductions [11][12][19] - The outlook for 2026 remains cautious, with expectations of no to low oil growth in the near term but continued investment in gas plays [46][48] Other Important Information - EOG has maintained a pristine balance sheet with a leverage target of less than 1 times total debt to EBITDA, providing flexibility for investments [11][15] - The company has returned over $20 billion to investors through dividends and share repurchases over the past five years [17][18] Q&A Session All Questions and Answers Question: Can you unpack your macro view on oil and gas? - Management maintains a cautious near-term view on oil due to spare capacity but is bullish on medium-term supply-demand balances, particularly for natural gas driven by LNG demand and electricity growth [32][34][35] Question: How is the Delaware Basin performing amid concerns about productivity? - Management reassured that Delaware Basin wells are performing as designed, with significant cost reductions and efficiency gains achieved through innovation [37][39][41] Question: What are the considerations for 2026 capital expenditures? - Management indicated that the Q4 run rate is a good starting point for 2026, with continued investment in gas plays and international opportunities [45][46][50] Question: How will free cash flow be allocated post-Encino acquisition? - The company plans to maintain a minimum commitment of 70% of free cash flow to shareholders, with flexibility to exceed this based on market conditions [60][61][90] Question: Can you provide insights on the Utica's base production performance? - Management noted that integration efforts and operational momentum have led to improved performance in the Utica, with efficiency gains from high-intensity completion designs [92]

Financial Data and Key Metrics Changes - Pembina reported adjusted EBITDA of CAD 1.034 billion for Q3 2025, representing a 1% increase year-over-year [15] - Earnings for the third quarter were CAD 286 million, a 26% decrease compared to the same period last year [16] - Total volumes in the pipelines and facilities divisions were 3.6 million barrels of oil equivalent per day, a 2% increase year-over-year [18] Business Line Data and Key Metrics Changes - In the pipelines segment, higher demand on seasonal contracts and increased tolls contributed to revenue growth, while lower firm tolls on the Cochin Pipeline impacted results [15] - The facilities segment saw higher contributions from Pembina Gas Infrastructure (PGI) due to transactions with Whitecap Resources and increased volumes at the Duvernay complex [15] - Marketing and new ventures experienced lower net revenue due to decreased NGL margins and higher input natural gas prices [16] Market Data and Key Metrics Changes - The company has secured a 20-year agreement with Petronas for 1 million tons per annum of liquefaction capacity at the Cedar LNG facility, enhancing its export business [5] - The Green Light Electricity Center project has secured a 907 megawatt power grid allocation, with expectations for development as early as 2027 [7] Company Strategy and Development Direction - Pembina aims to ensure long-term resilience and provide visibility to attractive growth through the end of the decade [4] - The company is focused on expanding its LNG business while maintaining a risk profile characterized by long-term, contracted cash flow streams [6] - Pembina continues to strengthen its core business through successful recontracting and capital project execution [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the tightened adjusted EBITDA guidance range of CAD 4.25 billion to CAD 4.35 billion for 2025 [18] - The company remains optimistic about growth opportunities in the Western Canadian Sedimentary Basin (WCSB) despite current commodity price pressures [19] - Management is in a listening mode with customers to refine the outlook for 2026 based on their transportation service needs [22] Other Important Information - Pembina is nearing completion on approximately CAD 850 million of projects expected to enter service in the first half of 2026 [11] - The company is progressing on various conventional pipeline projects to enable growth in the WCSB [12] Q&A Session Summary Question: Can you share insights on pricing outlook and volumetric expectations for 2026? - Management is currently meeting with customers to understand their needs and will provide a refined outlook in December [22] Question: What are the next steps for the Green Light project? - The company is continuing commercial discussions and engineering work, aiming for a final investment decision in the first half of 2026 [24] Question: Can you comment on the volume trends in the conventional business segment? - Conventional volumes in Q3 were up about 4% quarter-over-quarter, with expectations for continued single-digit growth supported by oil sands demand [80][82]