Key Takeaways ConocoPhillips' diversified assets across 14 countries support low-cost, resilient production.COP's U.S. shale inventory enables operations at break-even costs near $40 per barrel WTI.COP prioritizes strong free cash flow and shareholder returns even in volatile oil markets.ConocoPhillips (COP) , a leading energy company worldwide, is primarily involved in the exploration and production of crude oil, natural gas liquids (NGLs), bitumen and natural gas. The company’s involvement in the upstream ...

Core Insights - Peyto Exploration & Development Corp. reported strong operating and financial results for Q2 2025, with production averaging 131.8 Mboe/d, an 8% increase year over year, and a significant rise in funds from operations (FFO) to $191.3 million, or $0.95 per diluted share [3][5][11]. Production and Operations - Production volumes for Q2 2025 averaged 131,754 boe/d, consisting of 696,619 Mcf/d of natural gas and 15,650 bbl/d of NGLs, reflecting an 8% increase year over year [4][5]. - The company operated four drilling rigs in the Greater Sundance and Brazeau areas, with minor operational delays due to wet spring conditions [3][5]. - Peyto drilled 19 gross (17.7 net) wells and completed 19 gross (16.9 net) wells during the quarter, with total capital expenditures of $104.6 million [7][8]. Financial Performance - Funds from operations (FFO) increased by 24% year over year to $191.3 million, driven by low cash costs and a realized natural gas price after hedging of $3.53/Mcf, which is 57% higher than the AECO 7A benchmark [5][11]. - Earnings for the quarter totaled $87.8 million, a 71% increase compared to the previous year, with dividends to shareholders amounting to $66.0 million [5][6]. - Net debt was reduced by $39.9 million during the quarter, totaling $1.24 billion at the end of Q2 2025 [5][6]. Commodity Prices and Realizations - The realized natural gas price after hedging was $3.53/Mcf, significantly higher than the AECO 7A average of $1.96/GJ, due to effective hedging and market diversification [11][12]. - The average realized NGL price was $58.43/bbl, which included a realized hedging gain of $3.68/bbl [12][13]. Cost Management - Total cash costs for the quarter were $1.31/Mcfe, a 13% decrease from the previous year, attributed to lower royalties and interest costs [13][14]. - Operating costs increased slightly to $0.54/Mcfe, primarily due to higher property taxes and government expenses [13][14]. Capital Expenditures and Future Plans - Peyto's capital guidance for 2025 remains unchanged at $450 to $500 million, with plans to ramp up production in Q4 2025 in anticipation of higher winter natural gas prices [24][23]. - The company is actively pursuing drilling in profitable locations, including Notikewin and Falher formations, and has commenced construction of a new compressor station to enhance operational efficiency [20][21]. Market Outlook - The company maintains a bullish outlook on long-term natural gas prices, supported by the start-up of LNG Canada and increasing demand from AI-driven data centers [23][24]. - Peyto's diversified market exposure and hedging strategies are expected to provide revenue security and mitigate price risks [18][23].

Core Insights - YPF Sociedad Anónima reported second-quarter 2025 earnings of 13 cents per share, missing the Zacks Consensus Estimate of 56 cents, and a decline from $1.32 in the same quarter last year [1][8] - Total quarterly revenues were $4.64 billion, below the Zacks Consensus Estimate of $4.84 billion, and down from $4.94 billion year-over-year [1][8] - The weak performance was primarily due to lower crude oil production and a decrease in oil prices [1] Operational Performance - Total hydrocarbon production in Q2 was 545.7 thousand barrels of oil equivalent per day (Mboe/d), a 1% increase from 539 Mboe/d in Q2 2024 [2] - Crude oil production averaged 247.9 thousand barrels per day (MBbl/D), slightly down from 248.8 MBbl/D a year ago, attributed to lower conventional output [2] - Natural gas production increased by 2.3% year-over-year to 39.7 million cubic meters per day, supported by higher shale gas output [3] Price Realizations - Average price realization for crude oil decreased by 16% year-over-year to $59.5 per barrel [4] - Average natural gas price realizations increased by 1.9% year-over-year to $4.1 per million British thermal units (MMBTU) [4] - Adjusted EBITDA from upstream activities fell by 5.5% year-over-year to $771 million due to lower oil prices [4] Midstream & Downstream - Processed crude volumes reached 301.4 MBbl/D, slightly higher than 299.2 MBbl/D in the prior-year quarter [5] - Refineries' utilization rate improved to 89.2% from 88.5% in the previous year [5] - Adjusted EBITDA from the Midstream & Downstream segment was $439 million, up 12.6% year-over-year, aided by lower crude oil purchase costs and increased oil exports [5] Operating Expenses - Total operating expenses for the quarter were $1,529 million, a 17% decline from $1,842 million reported in the year-ago quarter, primarily due to reduced exposure to mature fields [6] Cash Flow - Net cash flow from operating activities totaled $1,146 million, while the company reported a negative free cash flow of $365 million for the quarter [9] Balance Sheet - As of June 30, 2025, YPF had cash and short-term investments of $1 billion and total debt of $9.8 billion [10]

Core Viewpoint - ONEOK, Inc. has released its 17th annual Corporate Sustainability Report, highlighting its commitment to energy solutions and sustainability [1]. Company Overview - ONEOK is a leading midstream operator providing essential energy products and services, including gathering, processing, fractionation, transportation, storage, and marine export services [2]. - The company operates an extensive pipeline network of approximately 60,000 miles, transporting natural gas, natural gas liquids (NGLs), refined products, and crude oil to meet both domestic and international energy demands [2]. - As one of the largest integrated energy infrastructure companies in North America, ONEOK plays a significant role in energy security and delivering reliable energy solutions [2]. Additional Information - ONEOK is listed on the S&P 500 and is headquartered in Tulsa, Oklahoma [3]. - For further information, ONEOK maintains an online presence through its website and social media platforms [3].

Financial Data and Key Metrics Changes - The company reported a production average of just under 18 BOE per day, representing a 19% increase on a BOE basis and a 46% increase in oil production, leading to a 33% increase in revenue and a 76% increase in adjusted EBITDA compared to the same period last year [4][5][9] - Revenue for the quarter was approximately $35 million, a 33% increase year-over-year, while adjusted EBITDA was $22.8 million compared to $12.9 million in the prior year [5][9] - Net income was $19.6 million or $0.53 per basic share, compared to $9 million or $0.24 per basic share in the same period last year [8][9] Business Line Data and Key Metrics Changes - The company successfully completed and brought online the first well from the Cherokee development program, achieving an initial production rate of approximately 2,300 BOE per day with 49% oil [4][11] - The company plans to drill eight operated Cherokee wells this year, with production expected to ramp up significantly in the second half of the year [12][18] Market Data and Key Metrics Changes - The company benefited from improved natural gas prices, although ongoing headwinds in WTI prices were noted [5][13] - Commodity price realizations for the quarter were $62.8 per barrel of oil, $1.82 per Mcf of gas, and $16.1 per barrel of NGLs, compared to $69.88, $2.69, and $20.07 respectively in the first quarter [7][8] Company Strategy and Development Direction - The company aims to continue developing its high-return Cherokee assets, with expectations of increasing oil production volumes [12][28] - The strategy includes maximizing the value of incumbent assets, exercising capital stewardship, and maintaining optionality for potential merger and acquisition opportunities [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the reservoir quality and production consistency in the Cherokee area, with expectations for significant production increases in the second half of the year [12][13] - The company is well-positioned to navigate commodity price fluctuations due to its strong balance sheet and lack of debt [16][25] Other Important Information - The company declared a $0.12 per share dividend, a 9% increase, payable on September 29, 2025 [6] - The company has repurchased approximately $6 million worth of common shares year-to-date [6][30] Q&A Session Summary Question: What are the expectations for production growth in the Cherokee area? - Management indicated that production from the Cherokee development program is expected to ramp up significantly in the second half of the year, with exit rates projected over 19 MBOE per day [12][28] Question: How is the company managing costs amid inflationary pressures? - The company is actively managing operating costs through rigorous bidding processes and leveraging its infrastructure to maintain cost discipline [21][22] Question: What is the company's approach to potential acquisitions? - The company plans to evaluate merger and acquisition opportunities in a disciplined manner, considering its balance sheet and commitment to capital return programs [27][28]

Core Insights - Riley Exploration Permian, Inc. reported solid performance in Q2 2025 despite a challenging oil market, adjusting development activity and capital budget in response to lower oil prices, resulting in significant free cash flow [3][7] - The company closed the acquisition of Silverback, enhancing its regional footprint and growth potential [3][11] Operations and Development Activity Update - In Q2 2025, the company drilled 10 gross wells, completed 2 gross wells, and turned to sales 7 gross wells, with average oil production at 15.2 MBbls/d and total equivalent production at 24.4 MBoe/d [4][5] - Daily oil volumes decreased by 3% compared to the previous quarter, while total equivalent volumes remained constant [4] - The company is advancing midstream infrastructure in New Mexico, commissioning initial phases of facilities to deliver up to 15 MMcf/d of natural gas [5][6] Financial Results - Revenues for Q2 2025 totaled $85 million, with net income of $30 million or $1.44 per diluted share [7][8] - Adjusted EBITDAX was $59 million, and total free cash flow was $18 million [7][8] - Average realized prices were $62.17 per barrel of oil, $(0.39) per Mcf of natural gas, and $0.75 per barrel of natural gas liquids [8] Debt and Capital Expenditures - As of June 30, 2025, the company had $284 million in total debt, with a $25 million increase attributed to the Silverback acquisition [10][12] - Total accrued capital expenditures were $28 million, with cash capital expenditures of $29 million [9][10] Power Activity Update - RPC Power LLC provided approximately 65% of the company's electric power needs for its Champions field in Texas during Q2 2025 [13] - The company is progressing on the construction of thermal generation facilities, with planned in-service dates throughout 2026 [14] Guidance - The company updated its guidance for Q3 and Q4 2025, incorporating the addition of Silverback and reflecting current market conditions [16][18]

Financial Results & Update - The company reported a net income of $19.6 million for Q2 2025, an increase from $13.0 million in Q1 2025 and $8.8 million in Q2 2024 [3][24] - Adjusted net income for Q2 2025 was $12.2 million, or $0.33 per share, compared to $14.5 million in Q1 2025 and $6.4 million in Q2 2024 [3][41] - Net cash provided by operating activities was $22.9 million in Q2 2025, up from $20.3 million in Q1 2025 and $11.4 million in Q2 2024 [3][32] - Adjusted EBITDA for Q2 2025 was $22.8 million, compared to $25.5 million in Q1 2025 and $12.9 million in Q2 2024 [3][35] Operational Results & Update - Total production for Q2 2025 was 1,619 MBoe, a 19% increase year-over-year from 1,363 MBoe in Q2 2024 [4][5] - Oil production increased by 46% year-over-year, contributing to a total revenue increase of 33% compared to Q2 2024 [5][24] - The realized oil price per barrel was $62.80 in Q2 2025, down from $79.54 in Q2 2024 [4][24] - The company’s production averaged 17.8 MBoed during Q2 2025, slightly down from 17.9 MBoed in Q1 2025 [4][5] Dividend Program - The Board declared a dividend of $0.12 per share, a 9% increase, payable on September 29, 2025 [6][10] - Total dividends declared for Q2 2025 amounted to $32.0 million, with special dividends totaling $130.2 million for the year [10][11] Liquidity & Capital Structure - As of June 30, 2025, the company had $104.2 million in cash and cash equivalents, with no outstanding debt [9][22] - The company repurchased 0.5 million shares for $6.0 million during the first half of 2025, with $69 million remaining under the repurchase authorization [11][22] Outlook - The company aims to grow its asset base responsibly while focusing on high-return projects, including a one-rig development in the Cherokee Shale Play [12] - Future plans include evaluating merger and acquisition opportunities and optimizing production through artificial lift conversions [12] Environmental, Social, & Governance (ESG) - The company emphasizes safe and environmentally conscious resource harvesting, including no routine flaring of natural gas and using pipelines for water transport [13]

Core Financial Performance - Western Midstream Partners, LP reported a net income attributable to limited partners of $333.8 million for Q2 2025, equating to $0.87 per common unit (diluted) [2][7] - The company achieved an Adjusted EBITDA of $617.9 million, marking the highest quarterly Adjusted EBITDA in its history [6][7] - Cash flows from operating activities totaled $564.0 million, with Free Cash Flow amounting to $388.4 million for the second quarter [2][7] Distribution and Cash Flow - A per-unit distribution of $0.910 will be paid on August 14, 2025, consistent with the prior quarter, resulting in an annualized distribution of $3.64 [4][7] - After distributions, the Free Cash Flow for Q2 2025 was $33.1 million [4] Operational Highlights - Natural gas throughput averaged 5.3 Bcf/d, a 3% increase from the previous quarter [5][8] - Crude oil and NGLs throughput averaged 532 MBbls/d, reflecting a 6% sequential increase [5][8] - Produced water throughput averaged 1,217 MBbls/d, representing a 4% increase from the prior quarter [5][8] Strategic Initiatives - The company announced the acquisition of Aris Water Solutions, Inc. for an enterprise value of approximately $2.0 billion, expected to enhance its position in midstream water services [6][9] - A new 300 MMcf/d cryogenic natural-gas processing train, North Loving Train II, has been sanctioned to increase processing capacity in West Texas [6][9] Guidance and Future Outlook - Western Midstream reaffirmed its 2025 financial guidance ranges for Adjusted EBITDA ($2.350 billion to $2.550 billion), capital expenditures ($625 million to $775 million), and Free Cash Flow ($1.275 billion to $1.475 billion) [7][10] - The impact of the Aris acquisition will be incorporated into the 2026 guidance projections, to be announced in February 2026 [10]

Core Insights - Chord Energy Corporation reported strong operational and financial results for Q2 2025, exceeding expectations in free cash flow and production volumes, while maintaining a focus on capital discipline and shareholder returns [4][7][12]. Operational and Financial Highlights - Oil production volumes reached 156.7 MBopd, exceeding guidance of 153.0 – 156.0 MBopd [6] - NGL volumes were 54.1 MBblpd, surpassing guidance of 47.3 – 48.8 MBblpd [6] - Natural gas volumes were 425.9 MMcfpd, above the guidance range of 408.5 – 421.5 MMcfpd [6] - Total production volumes were 281.9 MBoepd, exceeding the guidance of 268.3 – 275.0 MBoepd [6] - Adjusted EBITDA for Q2 2025 was $547.2 million, while adjusted free cash flow was $140.8 million [7][15] - The company returned over 90% of adjusted free cash flow to shareholders through dividends and share repurchases [7] Shareholder Returns - A base dividend of $1.30 per share was declared, payable on September 8, 2025 [9] - The company repurchased $55.0 million of common stock at an average price of $90.80 per share during Q2 2025 [10] - A new share repurchase program totaling $1 billion was authorized, replacing the existing program [11] Updated Outlook - Full-year 2025 oil production guidance was raised by 500 Bopd, with a reduction in capital expenditures by $20 million at the midpoint of guidance [12][14] - The company expects to generate approximately $2.4 billion in adjusted EBITDA and $850 million in adjusted free cash flow for the second half of 2025 [12] - The updated guidance reflects improved capital efficiency and lower operating costs, with a projected 20% increase in adjusted free cash flow compared to earlier forecasts [14] Financial Performance - Total revenues for Q2 2025 were $950.3 million, compared to $902.7 million in Q2 2024 [15] - The company reported a net loss of $389.9 million for Q2 2025, with diluted earnings per share of $(6.77) [15] - Goodwill impairment of $539.3 million was recognized due to a decline in market capitalization [17] Capital Expenditures and Liquidity - E&P and other capital expenditures for Q2 2025 were $355.6 million, at the low end of guidance [7] - As of June 30, 2025, total debt was $930 million, with cash and cash equivalents of $40.5 million [21]

Financial Performance - The company generated $324 million of Adjusted EBITDAX in 2Q25, exceeding guidance[8] - Operating cash flow for 2Q25 reached $165 million[4] - Free cash flow for 2Q25 was $109 million[5] - Shareholder returns totaled $287 million in 2Q25, including dividends of $35 million and share repurchases of $252 million[4] - $422 million was returned to shareholders in 1H25, and $1482 million since May 2021[16] Operational Highlights - Net production in 2Q25 was 137 thousand barrels of oil equivalent per day (MBOE/D), with 80% oil, 7% NGLs, and 13% gas[6, 7] - The company reduced 2025 estimated drilling & completion (D&C) and workover capital by approximately 3%[8] - The company raised the midpoints of 2025 estimated net production by approximately 1% and adjusted EBITDAX by approximately 7%[8] - Aera merger synergies of $235 million were implemented 3 months ahead of schedule[8, 26] Carbon Management - The CTV JV received authorization to construct from the U S EPA[8] - The company has 7 EPA Class VI permits in queue for approximately 287 million metric tons of storage[64]