Ovintiv (OVV) Q2 2025 Earnings Call July 25, 2025 10:00 AM ET Company ParticipantsJason Verhaest - VP - IR & PlanningBrendan McCracken - President, CEO & DirectorCorey Code - EVP & CFOMeghan Eilers - General Counsel & EVP - Midstream & MarketingGreg Givens - EVP & COONeil Mehta - Head - Americas Natural Resources Equity ResearchPhillip Jungwirth - Managing DirectorGreg Pardy - MD & Head - Global Energy ResearchDavid Deckelbaum - MD - Sustainability & Energy TransitionGeoff Jay - PartnerJosh Silverstein - Ma ...

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 6% and adjusted EPS increased by 12% compared to the previous year [7] - Net income attributable to Kinder Morgan was $715 million, a 24% increase from the second quarter of 2024 [19] - Adjusted net income was $619 million, with adjusted EPS of $0.28, reflecting a 13% increase from the previous year [20] - The company ended the quarter with $32.3 billion in net debt and a net debt to adjusted EBITDA ratio of 4.0x, down from 4.1x in the previous quarter [21] Business Line Data and Key Metrics Changes - Natural gas transport volumes were up 3% due to LNG deliveries, while natural gas gathering volumes were down 6% [14] - Refined products and crude volumes were both up 2% compared to the previous year [15] - The CO2 segment saw a 3% decrease in oil production volumes but a 13% increase in NGL volumes [18] Market Data and Key Metrics Changes - U.S. natural gas demand is expected to grow by 20% by 2030 according to Wood Mackenzie estimates [9] - LNG feed gas demand in the U.S. is projected to increase by 3.5 BCF per day this summer compared to 2024, and more than double by 2030 [5] Company Strategy and Development Direction - The company aims to own and operate stable fee-based assets core to energy infrastructure, using cash flow to invest in attractive return projects while maintaining a solid balance sheet [13] - The strategy remains focused on expanding natural gas pipeline networks to support growing demand, particularly in LNG and power sectors [15][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of natural gas, driven by increasing global demand and U.S. LNG exports [3][5] - The federal permitting environment has improved, allowing for quicker project approvals, which is expected to benefit future growth [10][90] Other Important Information - The project backlog increased from $8.8 billion to $9.3 billion during the quarter, with $1.3 billion in new projects added [11] - The company expects significant cash tax benefits in 2026 and 2027 due to recent tax reforms [10][52] Q&A Session Summary Question: Changes in the commercial landscape and competitive advantages - Management highlighted the existing asset footprint and a strong track record in project delivery as key competitive advantages [28][29] Question: Progress on natural gas infrastructure expansion in Arizona - Management acknowledged the need for more natural gas in Arizona and mentioned ongoing discussions regarding potential projects [31] Question: Capital allocation between gas pipelines and gathering investments - Management reiterated that investment decisions are based on risk-reward assessments, with no changes in their approach [36] Question: Update on behind-the-meter opportunities - Management noted that most activity is seen from regulated utilities, with potential for independent power producers to announce projects [40] Question: Trends in gas demand and project mix - Management indicated that while LNG is a significant driver of demand growth, power demand is also expected to grow substantially [49] Question: Impact of tax reform on cash flow and project financing - Management confirmed that tax reform will provide benefits starting in 2025, but it will not change their investment strategy or return thresholds [54] Question: Concerns about potential oversupply in the LNG market - Management stated that they have not seen a slowdown in discussions with LNG customers and continue to see new projects being announced [105][106]

Key Takeaways Azule Energy has discovered gas in Angola's offshore Gajajeira-01 well within Block 1/14. The well revealed over 1 Tcf of gas and 100M barrels of condensate in the Lower Oligocene. Azule Energy will continue drilling to assess the full scale of the find before forming development plans.BP plc (BP) and Eni SpA’s (E) joint venture, Azule Energy, has encountered gas in an offshore block in Angola. Angola’s National Agency of Petroleum, Gas and Biofuels (“ANPG”) stated that the gas discovery was ...

Company Overview - Cavvy Energy Ltd. is a Canadian energy company based in Calgary, Alberta, focusing on upstream production and midstream processing of natural gas, NGLs, condensate, and sulphur from Western Canada [3] Financial Results Announcement - Cavvy Energy will release its financial and operating results for the second quarter of 2025 on August 12, 2025, after market close [1] - An investor conference call and webcast to discuss the financial results and company developments will take place on August 13, 2025, at 8:30 a.m. MDT / 10:30 a.m. EDT [2] Company Vision - The company's vision is to provide responsible and affordable natural gas and derived products to meet society's energy security needs [3]

Core Viewpoint - NuVista Energy Ltd. has revised its annual production guidance to approximately 83,000 Boe/d due to delays in commissioning the Pipestone Gas Plant and additional work during the Wapiti Turnaround, impacting production volumes by about 3,500 Boe/d and 6,000 Boe/d respectively [1][11]. Production Guidance - The revised annual production guidance for 2025 is approximately 83,000 Boe/d, down from the original estimate of 90,000 Boe/d [11]. - The second quarter production estimate is approximately 73,500 Boe/d, compared to the original guidance of 75,000 – 77,000 Boe/d [11]. - Production in the second quarter averaged approximately 73,500 Boe/d, while the company expects to exceed 100,000 Boe/d in the fourth quarter due to 43 new wells coming online [3][5]. Operational Updates - The Wapiti Turnaround, which occurs every four years, has revealed additional work necessary for major life extension and improved reliability of the plant [2]. - The company has achieved a record production of just under 90,000 Boe/d in the first quarter of 2025 [5]. Financial Strategy - NuVista is committed to its shareholder return strategy, with plans to generate approximately $150 million in free adjusted funds flow in the second half of 2025, primarily directed towards a share repurchase program [4]. - The company aims to maintain debt levels below a soft ceiling of $350 million, allowing flexibility in capital plans [4][18]. Market Position - NuVista focuses on the condensate-rich Montney formation in Alberta, which has significant potential for shareholder value due to high-value condensate volumes associated with natural gas production [6].

Company Overview - Houston American Energy Corp. is an independent oil and gas company engaged in the acquisition, exploration, exploitation, development, and production of natural gas, crude oil, and condensate [7] - The company's principal properties are located primarily in the Texas Permian Basin, Colombia, and the onshore Louisiana Gulf Coast region [7] Offering Details - Houston American Energy Corp. has completed a registered direct offering, selling 223,762 shares of common stock at a purchase price of $10.60 per share, resulting in gross proceeds of approximately $2.37 million [2][3] - The net proceeds from the offering, estimated at approximately $2.1 million, are intended for general corporate purposes [3] Placement Agent - Univest Securities, LLC acted as the sole placement agent for the offering [3]

TSX.V: DMEU.S. OTC: DMEHFFrankfurt: QM01VANCOUVER, BC, May 20, 2025 /PRNewswire/ - DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (OTC: DMEHF) (Frankfurt: QM01) From the President of the Company. Desert Mountain Energy Corp. proudly joined leaders from across Arizona last week as U.S. Environmental Protection Agency (EPA) Administrator Lee Zeldin formally approved the State of Arizona's application for primacy to oversee permitting and regulatory responsibilities for all underground injection well ...

Core Viewpoint - Birchcliff Energy Ltd. reported strong operational and financial results for Q1 2025, driven by operational excellence and a high-quality asset base, with significant increases in production and adjusted funds flow compared to Q1 2024 [2][6][19]. Financial Highlights - Average production for Q1 2025 was 77,363 boe/d, a 3% increase from Q1 2024 [6][19]. - Adjusted funds flow reached $124.4 million, an 88% increase from Q1 2024, translating to $0.46 per basic common share [6][11][19]. - Cash flow from operating activities was $126.1 million, a 93% increase from Q1 2024 [6][11][19]. - Net income to common shareholders was $65.7 million, or $0.24 per basic common share, compared to a net loss of $15.0 million in Q1 2024 [6][22]. Operational Activities - The company drilled 14 wells and brought 8 wells on production in Q1 2025, with capital expenditures totaling $111.8 million [6][20][28]. - Birchcliff's market diversification led to an effective average realized natural gas sales price of $4.89/Mcf, a 142% premium to the AECO 7A Monthly Index price [6][19]. Debt and Credit Facilities - Total debt at March 31, 2025, was $534.7 million, a 21% increase from the previous year [23]. - The company extended the maturity dates of its credit facilities to May 11, 2028, with a confirmed borrowing base limit of $850 million [10][23]. 2025 Guidance - Birchcliff reaffirmed its annual average production guidance of 76,000 to 79,000 boe/d and capital expenditures guidance of $260 million to $300 million [14][28]. - The company anticipates a reduction in total debt by approximately 28% from year-end 2024, expecting to exit 2025 with total debt between $365 million and $405 million [14][28].

Core Viewpoint - NuVista Energy Ltd. reported strong financial and operational results for Q1 2025, achieving record production levels and reaffirming its annual capital and production guidance while enhancing shareholder returns through share repurchases and a renewed credit facility [1][6]. Financial Highlights - Achieved highest-ever quarterly average production of 89,516 Boe/d, exceeding guidance of 87,000 – 88,000 Boe/d, and representing a 12% increase from Q1 2024 [3][16]. - Generated adjusted funds flow of $191.9 million ($0.94/share), a 42% increase compared to Q1 2024 [3][16]. - Net earnings reached $112.2 million ($0.55/share), reflecting a 214% increase from Q1 2024 [3][16]. - Total revenues from petroleum and natural gas were $371.4 million, a 20% increase from $309.0 million in Q1 2024 [16]. Operational Highlights - Executed a net capital expenditure program of $153.4 million, resulting in the drilling and completion of 9 and 24 wells, respectively [3][16]. - Maintained a strong operating netback at $28.41/Boe and a corporate netback at $23.84/Boe, increases of 30% and 28% compared to Q1 2024 [3][16]. - Sustained production above 90,000 Boe/d for March 2025, indicating strong operational capability [10]. Shareholder Returns - Repurchased and cancelled 3.6 million common shares at an average price of $12.86 per share, totaling $45.8 million [3][16]. - The company plans to allocate a minimum of $100 million in 2025 for share repurchases under its normal course issuer bid (NCIB) [5][6]. Financial Position - Strengthened financial position through the amendment and renewal of a three-year covenant-based credit facility, increasing its size to $550 million and extending maturity to May 8, 2028 [9][8]. - Exited Q1 2025 with $2.7 million in available cash and net debt of $267.6 million, maintaining a favorable net debt to annualized adjusted funds flow ratio of 0.3x [8][9]. Production Guidance - Reaffirmed annual production guidance of approximately 90,000 Boe/d, with Q2 2025 production guidance set at 75,000 – 77,000 Boe/d due to planned turnaround operations [13][14]. - Anticipated production growth from the Pipestone area with the commissioning of a third-party gas plant expected late in Q2 2025 [13][14].

Core Insights - Murphy Oil reported revenue of $665.71 million for Q1 2025, a year-over-year decline of 16.4% and a slight miss of 0.31% against the Zacks Consensus Estimate of $667.76 million [1] - The company's EPS for the same period was $0.56, down from $0.85 a year ago, but exceeded the consensus estimate of $0.48 by 16.67% [1] Financial Performance - Revenue from exploration and production in Canada was $165.70 million, surpassing the three-analyst average estimate of $158.14 million, reflecting a year-over-year increase of 21% [4] - Revenue from exploration and production in the United States was $509.50 million, compared to the average estimate of $494.29 million, showing a year-over-year decline of 22.8% [4] - Total revenue from sales to customers was $672.73 million, exceeding the three-analyst average estimate of $653.43 million, but representing a 15.4% decline compared to the previous year [4] Production Metrics - Total net crude oil and condensate production was 84.26 thousand barrels per day, below the estimated 85.84 thousand barrels per day [4] - Total net natural gas liquids production was 8.41 thousand barrels per day, compared to the estimated 9.16 thousand barrels per day [4] - Total net natural gas production was 424.23 million cubic feet per day, slightly below the estimated 426.47 million cubic feet per day [4] Stock Performance - Murphy Oil's shares returned +7% over the past month, while the Zacks S&P 500 composite increased by +10.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]