Core Insights - Permian Resources Corporation (PR) reported a fourth-quarter 2025 adjusted net income per share of 37 cents, exceeding the Zacks Consensus Estimate of 28 cents and slightly up from 36 cents in the same quarter last year, driven by increased production volumes [1][9] - The company's oil and gas sales totaled $1.2 billion, reflecting a 9.8% decrease from the previous year and missing the Zacks Consensus Estimate by 9% [1][9] Production & Price Realizations - Average daily production in the fourth quarter was 401,475 barrels of oil equivalent (Boe), a 9% increase year-over-year, but below the Zacks Consensus Estimate of 403,909 Boe [3] - Oil production was 188,633 barrels per day (Bbls/d), up 10.1% year-over-year, while natural gas production was 664,265 thousand cubic feet (Mcf) per day, and NGL output was 102,131 Bbls/d [3] - The average sales price for oil was $58.78 per barrel, down 15.6% from $69.66 the previous year, but above the consensus mark of $58.60 [4] - The average realized price for natural gas was negative 23 cents per Mcf, compared to a positive 37 cents in the prior year, missing the consensus estimate of a positive 3 cents [4] - Average realized NGL price was $15.44 per barrel, down from $21.03 in the fourth quarter of 2024 [5] Costs & Expenses - Total operating expenses rose to $899.5 million from $870.8 million year-over-year, driven by a 5.8% increase in lease operating costs to $194.2 million and a 7.9% rise in depreciation, depletion, and amortization to $525 million [6] Financial Position - Adjusted cash flow from operations increased by 2.3% to $883.6 million, with capital expenditures totaling $480.5 million, resulting in adjusted free cash flow of $403.1 million [7] - As of December 31, PR had $153.7 million in cash and cash equivalents and long-term debt of $3.5 billion, reflecting a debt-to-capitalization ratio of 25.6% [7] Guidance for 2026 - PR outlined a capital-efficient financial and operating plan for 2026, expecting crude oil production between 186 and 192 MBbls/d and total average production between 400 and 430 MBoe/d, indicating approximately 4% year-over-year oil growth [8] - The company set a total cash capital expenditure budget of $1.75 to $1.95 billion and projected controllable cash costs of $7.15 to $8.15 per Boe [8] - The quarterly base dividend was raised by 7% to 16 cents per share, equating to a 3.6% annualized yield [10]

February 25, 2026 Premier Williston Basin Operator Enhancing Free Cash Flow Generation Important Disclosures Forward-Looking and Cautionary Statements Certain statements in this press release, other than statements of historical facts, that address activities, events or developments that Chord expects, believes or anticipates will or may occur in the future, including any statements regarding future opportunities for Chord, future financial performance and condition, guidance and statements regarding Chord' ...

Financial Performance - Targa Resources, Inc. reported revenue of $4.06 billion for the quarter ended December 2025, a decrease of 7.9% compared to the same period last year [1] - The earnings per share (EPS) was $2.51, an increase from $1.44 in the year-ago quarter, resulting in an EPS surprise of +5.15% against the consensus estimate of $2.39 [1] Market Comparison - Targa Resources' stock has returned +19.8% over the past month, contrasting with the Zacks S&P 500 composite's decline of -0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Key Metrics - Gathering and Processing - NGL sales per day were 650.6 million barrels, below the average estimate of 922.53 million barrels by two analysts [4] - Gathering and Processing - Gross NGL production in Coastal areas was 37.5 million barrels, exceeding the estimate of 35.28 million barrels [4] - Logistics and Marketing - NGL sales reached 1261.2 million barrels, slightly above the estimate of 1260.49 million barrels [4] - Average realized prices for condensate were $62.14, higher than the estimated $59.59 [4] - Average realized prices for natural gas were $0.38, significantly lower than the estimated $2.24 [4]

Q4 2025 EARNINGS PRESENTATION February 17, 2026 NYSE: DVN DEVONENERGY.COM KEY HIGHLIGHTS Announced transformational merger with Coterra Energy Outperformed Q4 expectations across key value drivers 2. Business optimization accelerates value capture 3. Value beyond business optimization Significant free cash flow fuels shareholder returns 5. (1) Subject to Board approval following the close of Devon and Coterra merger. OUR DISCIPLINED MODEL CREATES SIGNIFICANT VALUE Q4 2025 EARNINGS PRESENTATION • 2 1. 4. Cre ...

Core Viewpoint - Analysts expect Occidental Petroleum (OXY) to report a significant decline in quarterly earnings and revenues, indicating a challenging financial environment for the company [1]. Financial Performance Expectations - Quarterly earnings are projected at $0.19 per share, reflecting a year-over-year decline of 76.3% [1]. - Revenues are anticipated to be $5.88 billion, down 14% from the same quarter last year [1]. - The consensus EPS estimate has been revised downward by 42.2% over the past 30 days, indicating a reappraisal of expectations by analysts [1][2]. Revenue Breakdown by Segment - 'Net sales- Oil and gas' are expected to reach $4.93 billion, a decrease of 12.3% from the prior-year quarter [4]. - 'Net sales- Midstream & marketing' are projected at $359.46 million, showing a significant increase of 154.9% year-over-year [4]. - 'Net sales- Chemical' is estimated to be $941.78 million, down 22.6% from the previous year [4]. Revenue Estimates by Category - 'Revenue- Oil- United States' is expected to be $3.52 billion, reflecting a decline of 12.8% from the prior-year quarter [5]. - 'Revenue- NGL- United States' is projected at $454.04 million, down 17.6% year-over-year [5]. - 'Revenue- GAS- United States' is anticipated to reach $240.08 million, indicating a growth of 20% from the previous year [6]. Production and Pricing Metrics - Worldwide sales for total continuing operations production per day are estimated at 1,463.94 thousand barrels of oil equivalent, slightly up from 1,463.00 thousand barrels per day a year ago [7]. - Net production volumes for oil are expected to be 749.09 thousand barrels per day, an increase from 736.00 thousand barrels per day in the previous year [8]. - Average realized prices for oil are forecasted to be $60 per barrel, down from $70 per barrel in the same quarter last year [8]. - Average realized prices for NGLs are expected to be $17 per barrel of oil equivalent, compared to $22 per barrel of oil equivalent a year ago [9]. Stock Performance - Over the past month, Occidental shares have increased by 7.9%, contrasting with a -1.7% change in the Zacks S&P 500 composite [10]. - The company holds a Zacks Rank of 4 (Sell), suggesting it may underperform the overall market in the near future [10].

Core Insights - Plains All American Pipeline, L.P. reported strong financial results for Q4 and full-year 2025, with a net income attributable to PAA of $342 million for Q4 and $1.435 billion for the full year, reflecting an 86% increase year-over-year [5][30] - The company is transitioning to focus on becoming a premier North American pure play crude oil midstream provider, highlighted by the sale of its Canadian NGL business and the acquisition of Cactus III [3][4] Financial Performance - Q4 2025 Adjusted EBITDA attributable to PAA was $738 million, a 1% increase from Q4 2024, while full-year Adjusted EBITDA was $2.833 billion, a 2% increase from 2024 [5][7] - The company achieved a pro forma leverage ratio of 3.9x at year-end 2025, with expectations to return to a target range of 3.25 to 3.75x post-NGL divestiture [5][30] - The annualized distribution rate was increased by $0.15 per unit, resulting in a new rate of $1.67 per unit, representing a 10% increase compared to 2025 levels [5][30] Strategic Initiatives - The company is focused on closing the pending sale of its Canadian NGL business, realizing synergies from the Cactus III acquisition, and implementing efficiency initiatives to drive growth in a volatile oil market [3][4] - Expected Adjusted EBITDA for full-year 2026 is projected at a midpoint of $2.75 billion, assuming a contribution of $100 million from NGL operations for one quarter [5][30] Capital Expenditures and Cash Flow - The company anticipates full-year 2026 growth capital expenditures of approximately $350 million and maintenance capital expenditures of around $165 million [5][30] - Expected strong Adjusted Free Cash Flow generation of approximately $1.80 billion, excluding changes in assets and liabilities [5][30] Market Position and Outlook - The company aims to enhance its market position by focusing on crude oil midstream operations while divesting non-core assets [3][4] - The transition is expected to position the company favorably for improving oil market fundamentals in the future [3][4]

Core Insights - APA Corporation provided supplemental information regarding its fourth-quarter 2025 financial and operational results, indicating that actual results may vary based on factors not identified in the release [1] Financial Performance - Estimated average realized prices for the fourth quarter of 2025 were $59.90 per barrel for oil in the United States, $62.30 internationally, $20.40 per barrel for NGL in the U.S., $40.60 internationally, and $0.15 per Mcf for natural gas in the U.S. compared to $4.30 internationally [2] - The company incurred transaction, reorganization, and separation expenses totaling $36 million in the fourth quarter, an increase from $18 million in the third quarter, primarily due to early termination of office leases and contract terminations [3] - APA curtailed approximately 91 million cubic feet per day of U.S. natural gas production and 7,600 barrels per day of U.S. natural gas liquids production in response to weak or negative Waha hub prices [4] Shareholder Information - The estimated weighted-average basic common shares for the fourth quarter were 355 million, with the company repurchasing 2.7 million shares at an average price of $24.17 per share during the quarter [5] Upcoming Events - APA will host a conference call to discuss its fourth-quarter and full-year 2025 results on February 26 at 10 a.m. Central time, which will be webcast on the company's website [6] Company Overview - APA Corporation engages in the exploration and production of oil and natural gas in the United States, Egypt, and the United Kingdom, and also explores offshore Suriname and other locations [7]

Core Viewpoint - The West's longstanding focus on military influence in Iraq has hindered efforts to reduce Baghdad's dependency on Iranian energy, but recent legislative changes signal a shift towards addressing this issue more aggressively [1][2]. Group 1: Legislative Changes and Geopolitical Context - The introduction of the 'No Iranian Energy Act' aims to sanction the importation of Iranian natural gas to Iraq, reflecting a strategic shift in U.S. policy under President Trump's administration [1]. - The 'Iran Waiver Rescissions Act' would permanently freeze Iranian-sanctioned assets and prevent future waivers from U.S. Presidents, indicating a tightening of sanctions against Iran [1]. - The geopolitical landscape is characterized by a struggle between Western interests aiming to reduce Iranian influence and the interests of China and Russia, which benefit from Iraq's dependency on Iranian energy [3]. Group 2: Iraq's Energy Dependency and Development Plans - Iraq relies on Iran for approximately 40% of its power supply through gas and electricity imports, which has led to significant political and economic consequences, including muted dissent and a lack of urgency to develop domestic gas resources [2]. - The Oil Ministry is expediting the development of the Gharraf and Nassiriyah gas projects, with operations expected to begin by early 2027 and a production capacity of 200 million standard cubic feet per day (mmscf/d) [3]. - Iraq's gas reserves are estimated at around 3.5 trillion cubic meters (Tcm), with the potential to recover up to 8 Tcm, positioning the country as a significant player in the global gas market [3][4]. Group 3: Technical Solutions and Historical Context - Iraq has previously engaged with Baker Hughes to capture flared gas, aiming to recover around 200 mmscf/d from the Gharraf and Nassiriyah fields, which could supply approximately 400 megawatts to the Iraqi grid [4][5]. - Despite having access to technical solutions for gas capture, Iraq's dependency on Iranian imports remains a challenge, with geopolitical pressures now acting as a potential catalyst for change [6]. - The outcome of Iraq's energy strategy may depend on the political leadership following recent elections, particularly whether a pro-Iran faction gains influence [6].

Core Viewpoint - PrimeEnergy Resources Corporation (PNRG) reported a decline in revenues and net income for the third quarter of 2025, primarily due to weaker oil and natural gas liquids (NGL) realizations, although natural gas performance showed improvement [2][7]. Earnings & Revenue Performance - Third-quarter 2025 revenues were $46 million, down from $69.5 million a year earlier - Net income for the quarter was $10.6 million compared to $22.1 million in the same period last year - Basic earnings per share were $6.41, down from $12.63, while diluted EPS fell to $4.38 from $8.80 [2]. Key Business Metrics - Oil revenues decreased by 38.1% to $34.8 million, driven by a 33.3% drop in barrels sold and a 7.2% decline in average realized oil price - NGL revenues fell 21.7% to $5.6 million due to lower realized prices, despite stable volumes - Natural gas revenues more than tripled to $2 million, with gas sold increasing by 6.6% and average realized gas price rising from $0.30 per Mcf to $0.86 per Mcf - Total oil-and-gas revenues declined 33.8% to $42.4 million for the quarter [3]. Cost Performance - Lease operating expenses decreased by 18.9% to $10.4 million, and production and ad valorem taxes fell by 9.1% to $2.4 million - Depreciation, depletion, and amortization (DD&A) dropped 22.7% year over year to $14.1 million - General and administrative expenses improved by 22.9% to $3 million, while interest expense increased slightly to $0.48 million [4]. Balance Sheet Overview - As of September 30, 2025, the company had $3.7 million in cash and no outstanding bank debt, with a $115 million borrowing base undrawn - The company repurchased 13,000 shares in the third quarter and 73,470 shares year to date under its buyback program [5]. Management Commentary - Management emphasized capital discipline and shareholder returns, highlighting a strong balance sheet and high insider ownership - Chairman and CEO Charles E. Drimal, Jr. noted the balance between disciplined investment and capital returns to shareholders, with insiders controlling a significant stake [6]. Operational Developments - The company continued its horizontal development program, participating in 15 Double Eagle-operated wells and investing about $30.1 million, along with $5.4 million in eight "Horseshoe" wells - These wells were brought online by quarter-end or shortly thereafter, supporting longer-term production [8]. Future Outlook - Management expects to invest about $98 million in 44 horizontal wells during 2025, following previous investments of $96 million in 2023 and $113 million in 2024 - The company sees a multi-year Permian drilling opportunity with over 100 potential horizontal locations and projects roughly $224 million of investment over the next several years [10]. Other Developments - The only noted disposition in 2025 was a $0.6 million gain from the sale of a fully depreciated workover rig in the first quarter - Comparability of field-service income and expense continues to be affected by the sale of a South Texas service company in the third quarter of 2024 [11].

Core Insights - Energy Transfer LP (ET) is currently undervalued compared to its industry peers, with a trailing 12-month EV/EBITDA of 8.96X versus the industry average of 10.47X, indicating a potential investment opportunity [1][7]. Company Overview - Energy Transfer operates an extensive network of over 140,000 miles of pipelines across 44 states in the U.S., focusing on expanding its infrastructure to meet growing power demands and increasing its export capabilities for liquefied petroleum gas and natural gas liquids (NGL) [2][10][12]. - The company plans to invest $4.6 billion for growth in 2025, which will further enhance its asset base and operational capacity [10]. Financial Performance - ET's revenue structure is predominantly fee-based, with nearly 90% of revenues derived from transportation and storage services, which mitigates risks associated with commodity price fluctuations [7][13]. - The Zacks Consensus Estimate indicates a year-over-year earnings growth of 7.03% for 2025 and 15.82% for 2026, reflecting positive financial momentum [18][19]. Market Position - ET's NGL export capacity exceeds 1.4 million barrels per day, maintaining a market share of around 20% in global NGL exports [12]. - The company has consistently raised its cash distribution rates, with a current quarterly rate of 33.25 cents per common unit, demonstrating a commitment to returning value to unitholders [21]. Management and Insider Activity - Insider ownership at Energy Transfer is approximately 10%, with management and board members actively purchasing units, indicating strong confidence in the company's future performance [16][17]. Comparative Analysis - Another midstream operator, Plains All American Pipeline (PAA), is trading at an EV/EBITDA of 9.94X, also reflecting a discount compared to the industry average [3]. - Energy Transfer's trailing 12-month return on equity (ROE) stands at 10.71%, which is lower than the industry average of 13.28%, suggesting room for improvement in profitability [22]. Summary - Energy Transfer is well-positioned to capitalize on the growth in U.S. oil, natural gas, and NGL production, supported by its fee-based revenue model and strategic acquisitions [23].