Core Insights - TC Energy Corporation (TRP) reported third-quarter 2025 adjusted earnings of 56 cents per share, matching the Zacks Consensus Estimate, but down from 76 cents in the same period last year, primarily due to weak performance in the Power and Energy Solutions segment [1] - The company's quarterly revenues reached $3.7 billion, exceeding the Zacks Consensus Estimate by $49 million, although this represents a 10.1% decrease year over year [2] Financial Performance - Comparable EBITDA for TC Energy was C$2.7 billion, down from C$2.8 billion in the prior year and missing the estimate of C$2.8 billion [2] - The board declared a quarterly dividend of 85 Canadian cents per common share, translating to an annualized rate of $3.40 [3] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$913 million, an 8% increase from the previous year, driven by contributions from Coastal GasLink, but missed the estimate of C$979 million [4] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,062 million, a 6% increase year over year, primarily due to higher earnings from Columbia Gas and increased transportation rates [6][7] - Mexico Natural Gas Pipelines saw a comparable EBITDA of C$416 million, up 57% from C$265 million in the prior year, exceeding the estimate of C$314.2 million, driven by higher earnings from TGNH following the completion of the Southeast Gateway pipeline [9][10] - Power and Energy Solutions reported a comparable EBITDA of C$266 million, down 18.4% from C$326 million in the previous year, missing the estimate of C$328 million, mainly due to lower contributions from Bruce Power and reduced power prices [11] Operational Metrics - Canadian Natural Gas Pipelines averaged deliveries of 23.0 Bcf/d, a 2% increase year over year, with NGTL system receipts averaging 14.0 Bcf/d, reflecting a 1% increase [5] - U.S. Natural Gas Pipelines maintained average daily flows of 26.3 Bcf/d, unchanged from the previous year, with LNG-related activity increasing to an average of 3.7 Bcf/d, a 15% year-over-year rise [8] Capital Expenditures and Guidance - As of September 30, 2025, TC Energy's capital investments totaled C$1.5 billion, with cash and cash equivalents of C$1.8 billion and long-term debt of C$44.4 billion, resulting in a debt-to-capitalization ratio of 59.5% [13] - The company expects 2025 comparable EBITDA to be between C$10.8 billion and C$11 billion, with capital expenditures trending toward the lower end of the $6.1 billion to $6.6 billion guidance [14] - Looking ahead to 2026, TC Energy anticipates EBITDA to rise to C$11.6 billion to C$11.8 billion, indicating a 6-8% year-over-year increase [15]

Core Insights - RPC, Inc. reported a sequential revenue increase of 6% to $447.1 million for Q3 2025, driven by improvements in service lines such as pressure pumping and downhole tools [5][10][12] - The company experienced a net income of $13.0 million, reflecting a 28% sequential increase, with diluted EPS rising to $0.06 [10][11] - Despite positive trends, the company anticipates challenges in Q4 due to declining oil prices and potential customer budget exhaustion [4][10] Financial Performance - Revenues for Q3 2025 were $447.1 million, up 6% from Q2 2025, with pressure pumping revenues increasing by 14% [5][10] - Adjusted EBITDA for the quarter was $72.3 million, a 10% increase sequentially, with an adjusted EBITDA margin of 16.2% [10][12] - The cost of revenues increased by 5% to $334.7 million, primarily due to higher activity levels [6][10] Operational Highlights - The U.S. rig count averaged 540 in Q3 2025, down 5.4% from Q2 2025 and 7.8% from Q3 2024 [4] - Oil prices averaged $65.85 per barrel in Q3 2025, a slight increase of 1.7% from the previous quarter but down 14% year-over-year [4] - The company noted strong demand for downhole tools and coiled tubing services, with respective revenue increases of 5% and 19% [4][5] Cash Flow and Capital Allocation - Cash and cash equivalents at the end of Q3 2025 were $163.5 million, with no outstanding borrowings under the revolving credit facility [13] - Year-to-date free cash flow was reported at $21.7 million, with net cash provided by operating activities totaling $139.5 million [13][31] - The company declared a quarterly cash dividend of $0.04 per share, payable on December 10, 2025 [14]