Financial Performance - SM Energy's Q2 2025 total net production reached 2091 MBoe/d, with 55% oil[10] - Adjusted EBITDAX for Q2 2025 was $5696 million[10] - Adjusted net income per share for Q2 2025 was $150[10] - Net debt was reduced by approximately $140 million in Q2 2025[8] Operational Highlights - The company paid a cash dividend of $020 per share in Q2 2025, representing an annualized dividend yield of 3%[8] - Uinta Basin integration is complete, leading to optimization and efficiency gains[10] - Average per foot drilling and completion cost decreased by 15%[37] - Completed footage increased by 64% on average per day[37] Reserves and Production Growth - Estimated net proved reserves increased by 68% from December 31, 2020, to December 31, 2024[12, 14] - Average total net daily production is estimated to increase by 76% from 2020 to 2025[12, 14] Hedging Strategy - Approximately 9600 MBbls of expected 3Q25-4Q25 net oil production is hedged at a weighted-average price of $6507/Bbl to $7042/Bbl[49] - Approximately 36000 BBtu of expected 3Q25-4Q25 net natural gas production is hedged at a weighted-average price of $367/MMBtu to $431/MMBtu[49]

Financial Performance - Mercer's Operating EBITDA decreased significantly from $47 million in Q1 2025 to -$21 million in Q2 2025[6] - The pulp segment experienced a substantial decrease in EBITDA, from $50 million in Q1 2025 to -$10 million in Q2 2025[6] - The solid wood segment's EBITDA also decreased, from -$0 million in Q1 2025 to -$5 million in Q2 2025[6] - Net loss increased from -$22 million in Q1 2025 to -$86 million in Q2 2025[27] Pulp Market - NBSK (Northern Bleached Softwood Kraft) list price was $1,000 per tonne[10] - NBSK China (net) price decreased from $793 per tonne in Q1 2025 to $734 per tonne in Q2 2025[10] - NBHK (Northern Bleached Hardwood Kraft) China (net) price decreased from $578 per tonne in Q1 2025 to $533 per tonne in Q2 2025[10] Lumber and Mass Timber - Lumber production decreased by 6% from 128 mmfbm in Q1 2025 to 120 mmfbm in Q2 2025[43] - Mass timber revenue decreased from $17 million in Q1 2025 to $11 million in Q2 2025[25] Strategic Initiatives - Mercer aims to improve profitability by $100 million by the end of 2026, using 2024 as a baseline[30] - The company realized $5 million in cost savings to date and anticipates $25 million for 2025[30]

Financial Performance Highlights - Net income attributable to Unitholders was $26 million, or $0.12 per limited partnership unit, compared to a net loss of $20 million, or a loss of $0.10 per unit, in the prior period[19] - Adjusted EBITDA increased to $591 million from $524 million in the prior period, which included $71 million of tax benefits from advanced energy storage operation[19] - Adjusted EFO was $234 million, or $1.11 per unit, compared to $289 million, or $1.33 per unit, in the prior period[19] - Corporate liquidity stood at $2,333 million, including $2,230 million of availability on credit facilities, and pro forma liquidity is approximately $2,900 million[19] Strategic Initiatives and Transactions - The company invested $56 million to repurchase 2.2 million units and shares at an average price of approximately $25 per unit and share[22] - Brookfield Business Partners completed the acquisition of Antylia Scientific for approximately $1.3 billion, with BBU investing $168 million for a 26% interest[22] - The company completed the sale of a partial interest in three businesses for units of a new evergreen fund with an initial redemption value of approximately $690 million, representing an 8.6% discount to NAV[22] - The company entered into a partnership to privatize First National Financial Corporation for $2.7 billion, with BBU's share expected to be approximately $145 million for an 11% interest[22] Balance Sheet and Liquidity - Total assets were $75,335 million as of June 30, 2025[23] - Non-recourse borrowings in subsidiaries of the partnership were $42,493 million[23] - Corporate borrowings were $1,116 million[23] - Total equity was $15,321 million[23]

Financial Performance - Adjusted EBITDA for Q2 2025 was $681 million, an increase of $23 million compared to Q2 2024[51] - Renewables SBU Adjusted EBITDA grew by 56% in Q2 2025[18] - Adjusted EPS increased by 34% from $0.38 in Q2 2024 to $0.51 in Q2 2025[53] - The company is reaffirming its 2025 Adjusted EBITDA guidance of $2650-$2850 million [70] - The company is reaffirming its Adjusted EPS guidance of $210-$226 [73] Strategic Highlights & Growth - The company is on track to add 32 GW of new projects in full year 2025, with 19 GW completed year-to-date and ~80% completion on the remaining 13 GW[18] - Since the Q1 call in May, 16 GW of new PPAs for renewables have been signed or awarded, all with data center customers[18] - The backlog of projects under signed PPAs is now 12 GW[18] - The company is on track to invest ~$14 billion across AES Indiana & AES Ohio in 2025[43] Market Position & Resilience - The company has a market-leading position in signed agreements with data center customers, totaling 86 GW[29] - The company expects the majority of capacity to be completed through 2029 has no exposure to potential changes in tax credit policy, with nearly all capacity safe harbored[21] - The company expects data center demand to grow at a 22% CAGR from 2023-2030[29]

Acquisition Highlights - Cousins acquired The Link, a lifestyle office property in Uptown Dallas, for $218 million, which equates to $747 per square foot[2, 5] - The property encompasses 292,000 square feet and was built in 2021[5] - The property is 93.6% leased with a weighted average lease term of 9.3 years[5] - The 12-month cash yield is 6.7%, and the GAAP yield is 8.3%[5] Property Details - The Link is a 25-story lifestyle office tower located in Uptown Dallas[7] - It features first-class amenities, including a customer lounge, fitness and conference centers, and an outdoor terrace[7] - The location provides convenient access to major highways and is near Klyde Warren Park[7] Market Context - Uptown Dallas is described as a dense and amenitized submarket with declining vacancy and rent growth outpacing the national average for lifestyle office product[8, 9] Forward-Looking Statements - The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to vary materially[11, 12] - These statements are based on management's beliefs, assumptions, and expectations, which may change[12]

Financial Performance - Revenue for the third quarter of fiscal year 2025 was $890 million, a 16% increase year-over-year[7] - Operating income for the third quarter of fiscal year 2025 was $111.9 million, a 24% increase year-over-year[7] - Earnings per share for the third quarter of fiscal year 2025 was $3.81, and adjusted earnings per share was $3.95[7] - Year-to-date revenue for fiscal year 2025 reached $2473.7 million, a 17% increase compared to $2108.6 million in the same period of fiscal year 2024[9, 19] - Year-to-date earnings per share increased by 45% from $6.84 to $10.03[11] Segment Performance - Communications segment revenue for the third quarter of fiscal year 2025 was $299.2 million, a 56% increase from the third quarter of fiscal year 2024[14] - Residential segment revenue for the third quarter of fiscal year 2025 was $346.1 million, an 8% decrease from the third quarter of fiscal year 2024[14] - Infrastructure Solutions segment revenue for the third quarter of fiscal year 2025 was $129.5 million, a 27% increase from the third quarter of fiscal year 2024[14] - Commercial & Industrial segment revenue for the third quarter of fiscal year 2025 was $115.4 million, a 19% increase from the third quarter of fiscal year 2024[14] Backlog - Remaining performance obligations, a GAAP measure of future revenue, stood at $1.3 billion[7] - Record backlog reached $2.1 billion[7] - Agreements without an enforceable obligation are valued at $772 million[24]

Financial Performance - 2Q25 sales were $410 million, a 10% decrease compared to $453 million in 2Q24[6, 9] - Adjusted EBITDA for 2Q25 was $56 million, down from $78 million in 2Q24, with an Adjusted EBITDA Margin of 13.6% compared to 17.2%[6, 9] - Adjusted EPS decreased to $1.24 in 2Q25 from $1.55 in 2Q24[6, 9] - Net income for 2Q25 was $31.4 million, compared to $38.9 million in 2Q24[9] Key Drivers and Factors - Sales volume decreased by 8%, and price decreased by 2%, which includes a 5% raw materials pass-through and a 3% market-based increase[11] - The decrease in Adjusted EBITDA was primarily driven by a decline in Chemical Intermediates pricing, net of raw material costs, and lower Nylon Solutions sales volume[11] - The company's effective tax rate in 2Q25 was 0.9% compared to 25.2% in 2Q24, primarily due to approximately $8 million of 45Q carbon capture tax credits and other discrete tax adjustments[11] Business Segment Updates - Plant Nutrients saw strong domestic application season for ammonium sulfate, supported by favorable supply and demand conditions, with a 7% increase in AdvanSix AS Domestic Granular Sales Volume from 0.91M ST to 0.98M ST[7, 21] - Chemical Intermediates experienced lower acetone spread over refinery grade propylene costs year-over-year, but expected to remain near cycle averages[7] - Nylon Solutions is focused on controllable levers to optimize performance amid demand softness in key end markets, including engineering plastics applications serving the auto sector[7] Strategic Initiatives - The company is continuing progress on 45Q carbon capture tax credits, with a total opportunity in the range of $100 million to $120 million through 2029[7, 15] - The SUSTAIN program aims to achieve approximately 72% granular conversion for AdvanSix by the end of 2025[23]

Permian Basin, New Mexico 2Q 2025 Earnings Call ExxonMobil August 1, 2025 1 Cautionary statement FORWARD-LOOKING STATEMENTS. Statements of future events, conditions, expectations, plans, future earnings power, potential addressable markets, ambitions, or results in this presentation or the subsequent discussion period are forward-looking statements. Similarly, discussions of future carbon capture, transportation, and storage, as well as lower-emission fuels, hydrogen, ammonia, lithium, direct air capture, P ...

Financial Performance & Production - Ramaco reported revenue of $666 million and adjusted EBITDA of $106 million for the key 2024 metrics[11] - The company's sales volume reached 4 million tons[11] - Ramaco's net debt to adjusted EBITDA is less than 1.2x[11] - The company anticipates growing production at least 5% vs 2024[36] Cost Management - Ramaco's cash costs of $101 per ton in 1H25 were among the lowest of its publicly traded peer group[13] - Ramaco's 2Q25 cash costs were $103/ton[23] - The company's low cash costs per ton places it in the first quartile of the US cost curve[24] Rare Earth Elements (REE) Opportunity - The Brook Mine is expected to produce approximately 1,240 tons of rare earths and critical minerals annually[14,75] - Over 40% of the total estimated REO basket consists of primary magnetic REOs, gallium, germanium, and scandium[58] - The Brook Mine's revenue is estimated at $378 million, with $143 million EBITDA (38% margin) at steady state[71,75] - The company estimates a ~$12 billion NPV assuming an 8% discount rate[75]

Financial Performance and Guidance - Enbridge reported record second-quarter results, with adjusted EBITDA growing by 7% compared to Q2 2024[13] - The company expects to finish 2025 at the upper end of its EBITDA guidance range and is on track to meet the midpoint for DCF[13] - Enbridge reaffirmed its 2025 DCF/share guidance, with a midpoint of $5.70 and an upper guide of $5.90[38] - The company's Q2 2025 Debt-to-EBITDA ratio was 4.7x, with a target leverage range of 4.5x to 5.0x[13] Growth Projects and Investments - Enbridge sanctioned the Clear Fork Solar project, a US$0.9 billion investment to support Meta's data center operations, expected in service in 2027[13, 17] - The company sanctioned the Line 31 expansion on TETCO, a US$0.1 billion project supporting rising power demand in Mississippi, expected in service in 2028[13, 17, 25] - Enbridge sanctioned the Aitken Creek Gas Storage expansion, a $0.3 billion project, expected in service in 2028[13, 25] - The company is investing up to $2 billion towards Mainline Capital Investment to extend useful life, support operational efficiencies, and improve system reliability[21] Strategic Initiatives - Enbridge closed a 12.5% investment by 38 First Nations groups in the Westcoast Pipeline System[13, 44] - The company closed the 10% acquisition of the Matterhorn Express Pipeline and upsized the Traverse Pipeline[13] - Enbridge is progressing rate cases in all jurisdictions for its Gas Distribution & Storage businesses[26]