Core Viewpoint - Calumet, Inc. (CLMT) shares have experienced a significant increase of 12% in the last two trading sessions, closing at $35.90, with a notable 33.2% gain over the past four weeks, driven by strong trading volume [1][2] Group 1: Company Performance and Strategy - The surge in Calumet's stock price is attributed to its commitment to producing cleaner, high-value fuels from petroleum and renewable feedstocks, alongside robust regulatory support for domestic agricultural and biofuels [2] - Calumet operates through three segments: specialty products and solutions, performance brands, and Montana/Renewables, with a key focus on the MaxSAF 150 expansion project, targeting an annual production capacity of 120-150 million gallons of sustainable aviation fuel (SAF) at a reduced cost [2] - The company has secured agreements for nearly 100 million gallons of SAF at a premium, indicating strong market demand for SAF [2] - Calumet is also implementing structural cost reductions across all segments to enhance profitability amid compressed margins [2] Group 2: Financial Expectations - The company is projected to report a quarterly loss of $0.61 per share, reflecting a year-over-year change of +40.8%, with expected revenues of $997.25 million, a slight increase of 0.3% from the previous year [3] - The consensus EPS estimate for Calumet has been revised 18.7% higher in the last 30 days, suggesting a positive trend that may lead to price appreciation [4] - Calumet holds a Zacks Rank of 3 (Hold), indicating a neutral outlook in the current market context [4]

Core Viewpoint - Four Tree Island Advisory LLC expresses significant concerns regarding compensation and related-party decisions benefiting Executive Chairman Charles Willis, which appear inconsistent with corporate governance norms and fiduciary duties [1][4]. Summary by Sections Concerns Raised - The advisory firm has highlighted a troubling culture of excessive compensation and perks at Willis Lease Finance Corporation (WLFC), which they believe undermines the company's governance [3][5]. - Despite previous private communications, the independent board members have not engaged meaningfully with the advisory firm, prompting the issuance of an open letter to bring attention to these issues [2][3]. Board's Response - The independent directors initially indicated a willingness to address concerns but have failed to follow through, only responding when publicly confronted [3][4]. - The advisory firm questions whether the independent directors have recognized or exercised their fiduciary duties effectively [4]. Shareholder Position - Four Tree Island Advisory remains a top 10 stockholder and has increased its position, expressing strong conviction in the potential upside of WLFC shares, while also noting that current governance issues lead to a valuation discount [5][6]. - The advisory firm advocates for a reallocation of resources from executive compensation to enhanced dividends for all shareholders [6]. Call for Action - The advisory firm encourages constructive discussions with the board and other investors to enhance shareholder value and urges other investors to voice their concerns [7]. - The company is initiating a strategic alternatives process for the Sustainable Aviation Fuel (SAF) project and aims to improve communication with shareholders regarding earnings calls [8].

Summary of TotalEnergies Sustainability and Climate Progress Report Presentation 2026 Company Overview - **Company**: TotalEnergies - **Event**: Sustainability and Climate Progress Report Presentation 2026 - **Location**: Paris headquarters - **Key Presenters**: Aurélien Hamelle (President, Strategy and Sustainability), Guillaume Chalmin (Customer Line Director at OneTech), Marc Bensadoun (One B2B Director) Core Industry Insights - **Energy Market Trends**: - Total primary energy demand grew at 2.1% per annum from 2000 to 2015, and 1.6% from 2015 to present, affected by COVID-19 [5][6] - CO2 emissions continue to rise, but the growth rate has halved in recent years, indicating a transition is underway [7][9] - Renewable energy is the fastest-growing energy source, while coal and gas demand remains steady [8][9] Key Sustainability Initiatives - **GranMorgu Project**: - An oil project offshore Suriname with a production capacity of 220,000 barrels per day, expected to start in 2028, with a carbon intensity of less than 16 kg CO2 per barrel [2][4] - Electrification of vessels to reduce emissions during logistics, saving 6 cubic meters of gas oil per week, equating to 65 tons of CO2 savings per month [3][4] - **Emission Reduction Goals**: - Aim for carbon neutrality in operations by 2050, with a 40% reduction in Scope 2 emissions by 2030 compared to 2015 [18][19] - Target to reduce methane emissions by 80% by 2030 compared to 2020 [19] - **Historical Performance**: - Reduced operated methane emissions by 65% compared to 2020 and Scope 1 and 2 emissions to 33.1 million tons from 46 million tons in 2015 [19][20] - Achieved an 18% reduction in carbon intensity of energy products sold by 2025 [20] Investment and Financial Strategy - **Investment Focus**: - A $1 billion Energy Saving Plan launched to cut energy use, targeting a reduction of 2 million tons of CO2 equivalent by 2025 [24][27] - Plans for a second investment phase (Energy Saving Plan Plus) from 2025 to 2028 [27] - **Integrated Power Segment**: - Aiming for $4 billion-$5 billion cash flow from Integrated Power operations by 2030, with a focus on renewable energy sources [45][46] - Targeting a production of electricity to reach 20% of overall energy production by 2030, with a significant growth in renewable energy [30] Challenges and Market Dynamics - **EV Charging Infrastructure**: - Slow growth in EV adoption, with only 9% utilization of fast and ultra-fast charging points in 2025 [49] - Adjusting investment levels in response to market demand, focusing on strategic partnerships to leverage capital [51] - **Aviation and Hydrogen**: - Sustainable Aviation Fuel (SAF) production is costly, with a focus on co-processing to reduce costs [54][56] - Green hydrogen production is being pursued for refinery use, with a need for supportive policies to make it competitive [62][63] Regulatory and Policy Environment - **Public Policy Support**: - Emphasis on stable public policies and carbon pricing mechanisms to facilitate the transition to low-carbon technologies [14][66] - Need for mandates and incentives to support the development of sustainable fuels and technologies [60][68] Conclusion - TotalEnergies is committed to reducing emissions and transitioning to sustainable energy sources while maintaining profitability and shareholder value. The company is actively pursuing innovative projects and partnerships to achieve its ambitious sustainability goals while navigating the complexities of the energy market and regulatory landscape.

March 25, 2026 CAUTIONARY STATEMENTS H.C. Wainwright Renewable Fuels Day Forward-Looking Statements This Presentation has been prepared by Calumet, Inc. (the "Company," "Calumet," "we," "our" or like terms) as of March 25, 2026. The information in this Presentation includes certain "forward-looking statements." These statements can be identified by the use of forward-looking terminology including "may," "intend," "believe," "expect," "anticipate," "estimate," "forecast," "outlook," "continue" or other simil ...

Core Insights - XCF Global emphasizes renewable energy security as a key factor in scaling Sustainable Aviation Fuel (SAF), positioning it as both an emissions reduction solution and a national priority [1][4]. Renewable Energy Security - The company utilizes U.S. waste-based feedstocks to enhance national energy resilience and reduce reliance on volatile global supply chains, supporting domestic supply chains and production [2]. Modular, Scalable, and Replicable Infrastructure - XCF's facilities are designed to be modular and scalable, allowing for faster deployment and efficient replication across U.S. regions, with production capacity that can grow with domestic demand [2]. Strategic Logistics Enhance Reliability - The company's logistics advantages, including proximity to major aviation markets and access to onsite rail and trucking infrastructure, are expected to improve reliability and efficiency while minimizing transport emissions [3]. Immediate Deployability of SAF Strengthens Energy Stability - SAF is compatible with existing aircraft and infrastructure, enabling immediate improvements in energy stability and emissions performance without the need for long-term technology transitions [3]. Multi-Value Role of SAF - SAF serves not only as a propulsion solution but also contributes to emissions reductions and strengthens long-term U.S. renewable energy security [4][5]. Production Capacity and Expansion Plans - XCF's flagship facility, New Rise Renewables Reno, has a permitted production capacity of 38 million gallons per year, positioning the company as an early mover in North America's SAF market. The company is exploring expansion opportunities in Nevada, North Carolina, and Florida [6].

Core Insights - The ongoing Middle East conflict has highlighted vulnerabilities in America's aviation fuel supply chain, emphasizing the need for domestic sustainable aviation fuel (SAF) production [1][3] - XCF Global is positioned as a key player in the SAF market, producing 38 million gallons of neat SAF annually, with the potential to blend up to 100 million gallons [1][4] Industry Overview - SAF prices in California reached an all-time high of 885 cents ($8.85) per gallon, marking a significant increase of 132 cents ($1.32) in just one week due to disruptions in the Strait of Hormuz [2] - Spot jet fuel prices on the US West Coast rose to 125.54 cents ($1.26) per gallon, the highest levels since 2022, driven by the conflict affecting tanker traffic [2] Company Positioning - XCF Global utilizes domestic waste-based feedstock for SAF production, which is insulated from Middle Eastern crude supply disruptions [3] - The company asserts that domestic SAF can provide energy security and lower emissions simultaneously, with a focus on operational continuity and high-quality SAF delivery [3] - XCF Global is committed to expanding its domestic production capabilities amidst current market volatility [3][4]

Core Viewpoint - The Italian energy major Eni has launched an ambitious five-year strategy focused on boosting production, expanding its energy transition portfolio, and increasing shareholder returns through enhanced cash generation and reduced leverage [1] Group 1: Growth Strategy - Eni's plan features a dual-track growth model that aims to scale its oil and gas portfolio while accelerating standalone transition businesses like Plenitude and Enilive [2] - The company anticipates generating over €40 billion in free cash flow from 2026 to 2030, which will support higher dividends and share buybacks alongside ongoing investments [2] Group 2: Exploration and Production - Eni is intensifying its focus on the exploration and production (E&P) segment, claiming its current project pipeline is the strongest in its history [3] - Production is expected to grow at an annual rate of 3–4% through 2030, backed by a diversified portfolio across Africa, the Eastern Mediterranean, Southeast Asia, and Norway [3] Group 3: Gas Monetization and LNG Markets - Recent project approvals, including developments in Indonesia's North Kutei Basin and a planned LNG project in Argentina, demonstrate Eni's commitment to gas monetization and LNG markets [4] - The company is also positioning itself as a leader in floating LNG (FLNG) technology, which is becoming increasingly popular for flexible and cost-effective export solutions [4] Group 4: Energy Transition Initiatives - Eni has discovered over 11 billion barrels of oil equivalent since 2014, converting 60% of these discoveries into production or asset sales, showcasing a capital-efficient exploration model [5] - The company is expanding its energy transition platforms through Plenitude (renewables and retail) and Enilive (biofuels) [5] Group 5: Plenitude and Enilive Targets - Plenitude aims for 15 GW of installed renewable capacity by 2030, up from 5.8 GW at the end of 2025, while also growing its customer base to over 11 million [6] - Enilive plans to scale biofuel production capacity to 5 million tonnes annually by 2030, with EBITDA from this segment expected to triple to €3 billion during the same period [7] Group 6: Financial Framework - Eni's financial framework supports its strategic plan, with expected cash flow from operations reaching approximately €17 billion by 2030, reflecting a 14% compound annual growth rate on a per-share basis [8]

Core Viewpoint - XCF Global is advancing its capital raise and merger discussions, having received stockholder approval for a significant share issuance to facilitate a business combination aimed at enhancing sustainable aviation fuel (SAF) production capabilities [1][2]. Group 1: Capital Raise and Share Issuance - XCF Global's stockholders approved the issuance of 19.99% or more of the company's outstanding Common Stock as part of a private placement offering [1]. - The company plans to invest $10 million to convert and build out its New Rise Renewables Reno facility for SAF production, funded through the sale of Common Stock to EEME [1]. - EEME has already acquired 38 million shares of XCF Common Stock for $3.8 million and is expected to acquire an additional 62 million shares for $6.2 million in two tranches [1]. Group 2: Business Combination and Facility Upgrade - XCF entered into a binding term sheet with Southern Energy Renewables, DevvStream, and EEME for a proposed business combination, which is subject to negotiation and required approvals [1]. - The planned upgrades to the New Rise Renewables Reno facility include the procurement of a new hydrotreating catalyst, enabling the conversion of various renewable feedstocks into high-quality SAF [1]. - The proposed business combination aims to create the first publicly traded SAF company in the U.S., enhancing XCF's ability to provide multiple non-fossil-based SAF production pathways [1][2]. Group 3: Market Position and Future Outlook - The combined entity is expected to better meet regulatory requirements and accelerate the availability of SAF options for the aviation sector, addressing the growing demand for sustainable aviation fuel [1]. - XCF's facility has a permitted production capacity of 38 million gallons per year, positioning it as an early mover among large-scale SAF producers in North America [2]. - The company is exploring expansion opportunities in Nevada, North Carolina, and Florida, aiming to scale SAF production globally [2].

Financial Data and Key Metrics Changes - In 2025, adjusted EBITDA reached $42.5 billion, while net income was $19.6 billion, reflecting resilience despite a 14% drop in Brent prices compared to 2024 [19][20] - Operating cash flow remained robust at $36 billion, maintaining levels from the previous year despite challenging market conditions [20] - The average Brent price in 2025 was $69 per barrel, significantly lower than expectations [19] Business Line Data and Key Metrics Changes - Oil production increased by 11% in 2025 compared to 2024, with significant contributions from the Búzios and Tupi/Iracema fields, both surpassing 1 million barrels per day [6][7] - Refinery utilization reached 91%, with 68% of production comprising higher value-added derivatives such as diesel and gasoline [21] - Sales of derivatives in the domestic market totaled 1.7 million barrels per day, with a 52% increase in diesel sales [20][21] Market Data and Key Metrics Changes - In 2025, Petrobras exported an average of 675,000 barrels per day, with the last quarter averaging nearly 1 million barrels per day [10] - The company doubled its client database in the gas market, reaching a contracted volume of 6.6 million cubic meters per day [14] Company Strategy and Development Direction - Petrobras aims to maintain capital discipline while increasing production and operational efficiency, focusing on sustainable growth and energy transition [16][31] - The company is committed to generating value for shareholders and society, with significant investments leading to job creation and tax contributions [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the geopolitical instability affecting oil prices but emphasized the company's preparedness for various scenarios [35][36] - The company remains focused on maintaining a solid internal pricing policy to avoid transferring market volatility to the domestic market [36][38] Other Important Information - Petrobras incorporated 1.7 billion barrels of oil reserves in 2025, achieving the highest proven reserves in the last decade [9][26] - The company is advancing in the production of renewable fuels, including sustainable aviation fuel and high-value diesel [13] Q&A Session All Questions and Answers Question: Current scenario in the oil and gas industry due to Middle East conflict - Management highlighted the company's preparedness for price volatility and emphasized resilience in operations despite geopolitical instability [35][36] Question: Priority allocation of cash flow generated in excess of budget - The focus remains on capital discipline, with any surplus cash flow potentially directed towards investments or extraordinary dividends, depending on project financability [54][55] Question: Maintaining refining margins amid high oil prices - Management indicated that the internal pricing policy would remain unchanged, allowing the company to navigate high price scenarios without immediate adjustments [59][61] Question: Anticipation of platform operations for 2026 - Management confirmed that while some platforms are set to sail away in 2026, efforts are being made to accelerate the ramp-up of existing platforms [68][72] Question: Commercial strategy and response to market volatility - The commercial strategy involves daily assessments and frequent meetings among top management to adapt to changing market conditions [78][79] Question: Impact of foreign market disruptions on Petrobras operations - Management assured that the company has a robust supply chain and inventory management to mitigate risks from external disruptions [85]

Company Overview - Cielo Waste Solutions Corp. is a Calgary-based renewable fuels company focused on transforming waste materials into high-value products, specifically developing a Sustainable Aviation Fuel (SAF) facility in Prince George, British Columbia [3] - The company utilizes proven technology to convert woody biomass and forestry residues into drop-in SAF, targeting one of the lowest carbon-intensity fuel pathways in the market [3] Project Development - The Prince George SAF facility is advancing to pre-FEED (Front-End Engineering Design) stage, aligning with British Columbia's Low Carbon Fuels Regulation and provincial SAF initiative priorities [3][6] - The project is positioned to capitalize on the surging global demand for SAF, as airline decarbonization mandates are accelerating worldwide while SAF supply is lagging behind demand [6] Revenue Potential - Cielo's project is expected to create a compelling dual revenue stream from both fuel sales and Low Carbon Fuel Standard (LCFS) credits, as BC's Low Carbon Fuels Regulation now includes jet fuel carbon intensity reduction targets [6] - The alignment with provincial priorities enhances the revenue profile of the project, making it a strong candidate for investment [6] Upcoming Events - The CEO of Cielo Waste Solutions Corp., Ryan Jackson, will present live at the Clean Energy & Renewables Virtual Investor Conference on March 5th, 2026, providing an opportunity for investors to engage with the company [1][2] - An archived webcast will be available for those unable to attend the live event, and pre-registration is recommended for online investors [1]