Company Overview - Berry Corporation has an enterprise value of $642 million[11] - The company's Q2 2025 production averaged 239 thousand barrels of oil equivalent per day (MBoe/d), with 92% being oil[11] - Berry's proved PV-10 is valued at $23 billion[11] - The company's LTM adjusted EBITDA is $270 million, and LTM free cash flow is $61 million ($078/share)[11] - The LTM reinvestment rate is 67%, and the leverage ratio as of June 30, 2025, is 151x[11] California Assets - California assets have proved PV-10 of $21 billion[24] - California production is 210 MBoe/d[24] - Berry's California assets have an annual decline rate of 11%-14%[24] - The internal rate of return (IRR) for California assets is greater than 100%[24] Utah Assets - Utah assets production is 44 MBoe/d[47] - Berry Corporation holds approximately 100000 net acres in the Uinta Basin[47] Financials - The company has $95 million of availability through its credit facility and term loan[63] - Since July 2018 IPO, Berry has generated $15 billion in cash flow from operations[63,79]

Company Strategy & Performance - Chord Energy is positioned as a premier Williston Basin operator focused on enhancing free cash flow generation[1,9] - The company emphasizes a disciplined return of capital and balance sheet management[10] - Chord Energy has returned >$5 billion to shareholders since 2021, representing >50% of the current enterprise value[17,24] - The company is driving per share growth across key metrics, including a 12% CAGR in oil production per share since 2021[36,38] Operational Efficiency & Cost Reduction - Continuous improvements are driving approximately 20% free cash flow growth versus original guidance[25] - Capital expenditure is ~$50 million (~4%) below the original outlook due to faster cycle times and increased pumping hours[26,32] - The company is implementing 4-mile laterals, which are expected to improve inventory quality and lower breakevens, with seven TILs planned in FY25[47,51] Financial Strength & Capital Allocation - Chord Energy maintains a strong balance sheet with 0.3x leverage[15,70] - The company has >$1.8 billion of liquidity as of 2Q25[70,73] - The company aims for peer-leading return of capital, targeting 75%+ of adjusted free cash flow at current leverage[126,127]

Financial Performance Highlights - Q2 2025 net earnings reached $386 million[9] - Q2 2025 adjusted EBITDA was $761 million[11], while the last twelve months (LTM) adjusted EBITDA totaled $25 billion[11] - First half (1H) 2025 net earnings amounted to $698 million[13] - First half (1H) 2025 adjusted EBITDA was $14 billion[13], a 16% increase compared to 1H 2024[18] - Last twelve months (LTM) free cash flow for Q2 2025 was $17 billion[13] - The company returned $19 billion to shareholders in the last twelve months (LTM) through Q2 2025[13] Operational Excellence and Capital Allocation - The company's capacity utilization for 1H 2025 was 99%[15] - The 12-month rolling average recordable incident rate was 030 per 200,000 work hours as of June 30, 2025[15] - Share repurchase authorizations through 2029 are approximately $24 billion[15] Strategic Initiatives and Outlook - The Donaldsonville carbon capture and storage (CCS) project started up in July 2025 and is capturing CO2 at the expected rate[18, 21] - The company projects ~$100 million in free cash flow annually for 12 years from the Donaldsonville CCS project[21] - Gross ammonia production in 2025 is expected to be approximately 10 million tons[18] - Strategic initiatives are projected to increase EBITDA by 20% to ~$3 billion and free cash flow by 33% to ~$2 billion from the current mid-cycle to the expected 2030 mid-cycle[18]

Company Overview - Kimbell Royalty Partners offers a 10.1% annualized cash distribution yield[6] - The company has interests in over 131,000 gross wells across over 17 million gross acres in the US[13] - Kimbell has completed over $2.0 billion in M&A transactions since its IPO in 2017[13] - Kimbell has grown run-rate average daily production by over 8x since IPO[13] - Kimbell has returned 71% of $18.00/unit IPO price via quarterly cash distributions[13] Financial Performance - Kimbell generated $74.7 million in Oil, Natural Gas and NGL Revenues in Q2 2025[16] - Consolidated Adjusted EBITDA was $63.8 million in Q2 2025[16] - Q2 2025 run-rate average daily production was 25,355 Boe/d (6:1)[16] - Net Debt / TTM Adjusted EBITDA was 1.6x as of 6/30/2025[15] Asset Base and Strategy - Kimbell estimates that approximately 100% of the distribution to be paid on August 25, 2025 is estimated to constitute non-taxable reductions to the tax basis of each distribution recipient's ownership interest in Kimbell[10] - The company has a shallow PDP decline rate of approximately 14%[15] - Kimbell has a net royalty acre position of approximately 158,350 acres[15] - Kimbell estimates that only 6.5 net wells are needed per year to maintain production[38] - Kimbell has 88 active rigs drilling on its acreage, representing approximately 17% market share of U S land rig count[18]

Financial Performance - Rental revenue for the three months ended June 30, 2025, was $48544 thousand[9] - Net income attributable to common stockholders for the three months ended June 30, 2025, was $8598 thousand[9] - EBITDAre for the three months ended June 30, 2025, was $37870 thousand[9] - FFO per common share - diluted was $054 for the three months ended June 30, 2025[9] - AFFO for the three months ended June 30, 2025, was $29997 thousand[9] Portfolio Metrics - The company had 136 properties as of June 30, 2025[9] - Rentable square feet was 5194 thousand as of June 30, 2025[9] - Weighted average leased rate was 992% as of June 30, 2025[9] - Triple net lease exposure was 999% as of June 30, 2025[9, 10] Debt and Liquidity - Principal debt outstanding was $581000 thousand as of June 30, 2025[11] - Net debt was $556168 thousand as of June 30, 2025[11] - Liquidity was $568832 thousand as of June 30, 2025[13]

Financial Performance - Braskem's Recurring EBITDA in 2Q25 was US$74 million, a decrease of 67% compared to 1Q25 and 77% compared to 2Q24[8] - Operational cash generation was US$(31) million, an increase of $129 million compared to 1Q25[8] - Recurring EBITDA in Brazil was US$152 million, 24% lower than in 1Q25, mainly due to the reduction in PE and PVC spreads[14] - USA & Europe Recurring EBITDA decreased by 142% from 1Q25, resulting in a negative value[25] - Mexico's Recurring EBITDA decreased by 124% from 1Q25, resulting in a negative value[29] Operational Highlights - The utilization rate in Brazil was 74%[8] - Green Ethylene utilization rate was 71%, a decrease of 16 percentage points compared to 1Q25[8, 20] - USA & Europe plants utilization rate was 74%[8, 24] - Mexico's PE plant utilization rate was 44%, a decrease of 35 percentage points compared to 1Q25[8, 28] Financial Stability - The company has a cash position of approximately US$17 billion, providing about 30 months of coverage[9] - The company's liquidity is approximately US$27 billion, including cash position and revolving credit facility[9] - Approximately 68% of the company's debts mature from 2030 onwards[9, 47]

Q2 2025 Performance Highlights - Ring Energy's Q2 2025 net production reached 21,295 Boe/d, with 68% oil and 85% liquids[7] - The company achieved a realized price of $42.63 per Boe in Q2 2025[13] - Adjusted EBITDA for Q2 2025 was $51.5 million, compared to $46.4 million in Q1 2025[13] - Adjusted Free Cash Flow (AFCF) hit a company record of $24.8 million in Q2 2025[11, 13] - Lease operating costs were reduced by 12% quarter-over-quarter to $10.45 per Boe[11, 13] - Capital expenditures decreased by 48% quarter-over-quarter to $16.8 million[11, 13] Updated Guidance and Reserves - The company updated its FY 2025E AFCF guidance to between ~$50 to ~$75 million, assuming $55 to $75 per BO WTI[11] - FY 2025 capital expenditure guidance was reduced by 36% year-over-year, while maintaining 2% year-over-year growth[11] - 2024 SEC Proved Reserves are 134 MMBoe with a PV10 of ~$1.5 billion[7] - The Lime Rock Acquisition added ~12 MMBoe with a PV10 of ~$160 million[7] Strategic Focus and Valuation - The company's leverage ratio decreased from ~40x in early 2021 to ~20x in Q2 2025[11] - The company hedged the remainder of 2025 with ~13 million BO at an average floor price of $64.87 per Bbl and FY 2026 with ~23 million BO at an average floor price of $65.44 per Bbl[11] - An analysis suggests that Ring Energy is trading at a discount, with a potential share price of $2.51 based on APA Divestiture and MNR Acquisition valuation metrics[56]

Financial Performance - Revenue decreased by 5.4% year-over-year, from $115.1 million to $108.9 million[32] - Organic revenue declined by 11% due to tariff-driven booking softness and delayed backlog conversion[15,34] - Adjusted EBITDA decreased by 8.6%, from $23.2 million to $21.2 million[32,34] - Adjusted EPS decreased by 5.3%, from $0.38 to $0.36[32] - Free cash flow was $8.3 million, a decrease of 4.6% year-over-year[36] Orders and Backlog - Orders decreased by 5.1%, from $127.2 million to $120.7 million[32,34] - Backlog increased by 27.1%, from $198.5 million to $252.2 million[32,34] - Book-to-bill ratio was 1.11x, compared to 1.10x in the previous year[32,34] Strategic Initiatives and Market Opportunities - OPEX sales accounted for 85% of total revenue[9,51] - CAPEX sales accounted for 15% of total revenue[9] - The company is targeting a net debt to adjusted EBITDA leverage ratio of 1.5x - 2.0x under normal conditions[18] - The company sees a significant opportunity in the data center market, with liquid load bank market projected to grow at a CAGR of approximately 21%[20]

Financial Performance & Strategy - APA Corporation aims to return at least 60% of free cash flow to investors through dividends and share repurchases[14] - The company initiated a long-term net debt target of $30 billion[14] - APA reduced net debt by over $850 million due to the New Mexico asset sale and progress on Egypt payments[29] - Share repurchases amounted to approximately $30 billion since year-end 2020[20] Operational Highlights - Permian Basin accounted for 75% of APA's total adjusted production[14] - Second quarter 2025 global reported production was 465078 BOE/D, with the United States contributing 289902 BOE/D and international operations producing 175176 BOE/D[28] - APA secured presidential approval for approximately 2 million acres, increasing its Egypt footprint by over 35%[29, 38] Cost Savings & Capital Efficiency - APA is accelerating controllable spend reduction targets, with realized savings of $200 million YTD 2025 and an expected YE25 run-rate of $300 million[15] - The company has reduced per-foot drilling and completion costs by over 20% since the first half of 2024 in both the Midland and Delaware Basins[33] Suriname Project - The Suriname Block 58 project is expected to generate significant free cash flow growth starting in 2028[14] - The Suriname GranMorgu project is on track for first oil in mid-2028, with an estimated recoverable resource of over 750 million barrels of oil[52, 53] Guidance - The company expects U S & U K current income tax expense of $240 million in FY25[74]

Financial Performance & Valuation - Amplify's enterprise value is \$283 million, including a market capitalization of \$153 million and net debt of \$130 million as of June 30, 2025[15] - The company's LTM Adjusted EBITDA as of 2Q25 is \$86 million, with a net debt to LTM Adjusted EBITDA ratio of 15x[15] - The implied equity value per share, based on proved reserves, shows a premium to the recent share price, with a potential premium of 147% at \$65 WTI and \$400 Henry Hub flat pricing[22] Asset Portfolio & Operations - The company's asset portfolio includes Beta, Bairoil, ETX/NLA (East Texas/North Louisiana), and Oklahoma, with a total production of 179 thousand barrels of oil equivalent per day (MBoe/d), 62% liquids, and 94 million barrels of oil equivalent (MMBoe) in proved reserves[15] - The Beta asset has approximately 17000 net acres and produced 39 MBoe/d with 100% oil, with proved reserves of 17 MMBoe[15] - East Texas/North Louisiana (ETX/NLA) has approximately 180000 net acres and produced 64 MBoe/d with 32% liquids, with proved reserves of 35 MMBoe[15] Strategy & Outlook - The company divested its non-operated Eagle Ford asset, generating \$23 million in net proceeds, and is currently undergoing a monetization process for its East Texas and Oklahoma assets[18] - Amplify is guiding for 2025 free cash flow (FCF) of \$0 - \$10 million and has reduced net debt by approximately \$60 million from year-end 2022 to 2Q25[18] - The company's legacy proved developed (PD) reserves base is expected to generate substantial free cash flow over the next ten years, with an average decline rate of approximately 5% annually through 2034[30]