Key Takeaways Canadian Natural Gas Pipelines' EBITDA rose 8% on higher contributions from Coastal GasLink.TC Energy declared a quarterly dividend of 85 Canadian cents per share, annualized at $3.40.The company targets 4.75x debt-to-EBITDA leverage while advancing low-risk expansions.TC Energy Corporation (TRP) reported third-quarter 2025 adjusted earnings of 56 cents per share, which came in line with the Zacks Consensus Estimate.This performance was driven by robust results from the company’s Canadian Natu ...

Key Takeaways Williams' adjusted EBITDA climbed 12.7% year over year to $1.9B, supported by segment strength.Cash flow from operations rose 15.8% to $1.4B, reflecting solid execution across core assets.The firm boosted 2025 growth capital to up to $4.25B, tied to its Louisiana LNG investment.The Williams Companies, Inc. (WMB) reported third-quarter 2025 adjusted earnings per share of 49 cents, which missed the Zacks Consensus Estimate of 51 cents, mainly due to weak performance in its West and Northeast G&P ...

Core Insights - Coterra Energy Inc. (CTRA) reported third-quarter 2025 adjusted earnings per share of 39 cents, missing the Zacks Consensus Estimate of 41 cents, primarily due to weaker oil and NGL realizations and a 30.1% increase in operating expenses, although the earnings improved from 30 cents in the same quarter last year [1][2] Financial Performance - Operating revenues for Coterra reached $1.8 billion, exceeding the Zacks Consensus Estimate by $60 million, driven by stronger-than-expected oil, NGL, and other revenues, despite a 33.7% decrease from the previous year due to lower contributions from derivative gains [2] - Cash flow from operations increased by 28.6% to $971 million, supporting a free cash flow of $533 million for the quarter [12][10] - The company declared a quarterly cash dividend of 22 cents per share, consistent with the previous quarter, to be paid on November 26, 2025 [3] Production and Pricing - Average daily production rose 17.3% year-over-year to 785 thousand barrels of oil equivalent (Mboe), surpassing the Zacks Consensus Estimate of 781 Mboe [6] - Oil production increased by 50.3% to 166.8 thousand barrels (MBbl) per day, slightly exceeding the consensus estimate, while natural gas production decreased by 7.3% to 2,894.6 million cubic feet (Mmcf) per day, falling short of expectations [7] - The average realized price for crude oil was $64.10 per barrel, a 13.4% decrease from the prior year, while the average realized natural gas price rose to $1.95 per thousand cubic feet [8][9] Costs and Expenses - Total operating expenses increased to $1,347 million from $1,035 million in the prior year, driven by higher costs including a 10.3% rise in depreciation, depletion, and amortization expenses [11] - The average unit cost rose to $19.33 per barrel of oil equivalent from $16.96 the previous year [10] Financial Position - As of September 30, 2025, Coterra had $98 million in cash and cash equivalents, with total liquidity of approximately $2.1 billion and a long-term debt of $4.2 billion, resulting in a debt-to-capitalization ratio of 20% [13] Guidance - Coterra expects 2025 capital expenditures of roughly $2.3 billion and has raised its full-year production outlook to 772-782 Mboepd, with specific fourth-quarter guidance indicating continued operational strength [14][15]