Operational Highlights - Petrobras' total production of oil and natural gas reached 2.91 MM boed, a 5% increase compared to 1Q25[9] - Total operated production reached a record level of 4.19 MM boed[9] - Pre-salt layer own production also reached a record of 2.39 MM boed[9] - FPSO Alexandre de Gusmão started production in the Mero Field with a capacity of 180 thousand barrels of oil per day and process 12 million m³ of gas[10] - The company signed new contracts in the free gas market, increasing volumes by 170% in 1H25[21] Financial Highlights - Commercial oil and gas production in Brazil increased by 5% from 1Q25 to 2Q25[29] - Operating cash flow was US$7.5 billion in 2Q25[32] - Net income was US$10.2 billion in 2Q25[32] - Total utilization factor of refining system was 91% in 2Q25 with 68% yield of high value-added oil products[16] - Shareholder remuneration was R$8.7 billion in 2Q25[49]

Financial Performance - Net income was $42.9 million, or $0.45 per share[11] - Economic return was 3.3% for the quarter (non-annualized)[11] - Adjusted Distributable Earnings were $45.0 million, or $0.47 per share[11] - The company declared total dividends of $0.39 for the quarter, resulting in a book value per common share of $13.49[11] Portfolio Composition and Strategy - The adjusted long credit portfolio increased by 1% to $3.32 billion as of June 30, 2025, compared to $3.30 billion as of March 31, 2025[11, 18] - The long Agency portfolio increased by 5% to $268.5 million, driven by net purchases[11, 26] - The Longbridge portfolio decreased by 1% to $545.6 million, as a securitization slightly exceeded new originations[11, 29] - 87% of deployed capital was allocated to credit, 2% to agency, and 11% to Longbridge[12] Leverage and Capital Structure - Recourse debt-to-equity ratio was 1.7:1[11] - Total debt-to-equity ratio was 8.7:1, including non-recourse borrowings[11] - Total stockholders' equity was $1.67 billion, including $1.33 billion of common equity and $332 million of preferred equity[11]

Financial Performance - Koppers' Q2 2025 sales were $5048 million, a 104% decrease compared to $5632 million in Q2 2024[28] - Adjusted EBITDA for Q2 2025 was $771 million, slightly down from $775 million in Q2 2024[31] - The company generated cash flow exceeding $50 million in Q2[6] - Koppers is aiming for mid-to-high teens margins by the end of 2027[6] Segment Performance - Railroad and Utility Products and Services (RUPS) sales decreased from $2539 million in Q2 2024 to $2504 million in Q2 2025[95] - Performance Chemicals (PC) sales decreased from $1769 million in Q2 2024 to $1508 million in Q2 2025, a 15% volume decrease primarily in the Americas[46, 95] - Carbon Materials and Chemicals (CMC) sales decreased from $1324 million in Q2 2024 to $1036 million in Q2 2025, driven by volume decreases and lower sales prices[52, 95] Strategic Initiatives - Koppers launched "Catalyst," a strategic transformation to improve profitability and shareholder value[6, 22] - The company reduced Year-To-Date Selling, General and Administrative Expense (SG&A) by 13% compared to the prior year[6] - Koppers reduced headcount for 14 consecutive months, with Full-Time Employees (FTEs) 11% lower compared to April 2024[6] - The sale of Koppers Railroad Structures is expected to close in Q3 2025, with a 5-year sales average of $36 million and a 5-year EBITDA average of $2 million[6, 21]

Financial Performance - Second Quarter 2025 Adjusted EBITDA was $16.5 million, a 22% decrease compared to $21.1 million in 2Q24, driven by lower RIN prices, loss of ISCC carbon credits, and non-recurring G&A expense[14, 16, 18] - RNG production for 2Q25 reached 1.2 million MMBtu, a 33% increase compared to 2Q24[14, 16] - Fuel Station Services segment experienced EBITDA growth of 30% compared to 2Q24[16] Liquidity and Capital Allocation - As of June 30, 2025, the company had approximately $203 million in liquidity, including $138 million of unused capacity under the $450 million credit facility, $36 million of unused capacity under the associated revolver, and $29 million in cash, cash equivalents, and short-term investments[21] - Net debt as of June 30, 2025, was approximately $302 million[21] - The company anticipates putting into construction approximately 2.0 million annual MMBtu of RNG annual design capacity in 2025[58] Guidance and Projections - The company maintains full-year 2025 Adjusted EBITDA guidance, projecting between $90 million and $110 million, assuming a $2.60/gallon D3 RIN price[16, 58] - The Adjusted EBITDA projection is based on an RNG production range of 5.0 to 5.4 million MMBtu[58] - Adjusted EBITDA from the Fuel Station Services segment is projected to grow by 30% - 50% compared to 2024[58] Operational Highlights - The company operates 11 RNG facilities with a total RNG annual design capacity of 8.8 million MMBtu[40] - Total volumes sold, dispensed, and serviced in the Fueling Station Services segment reached 145.0 million GGE in 2024 and are projected to reach 202.1 million GGE in 2025[35]

Financial Highlights - Vermilion Energy's trading price was $10.74 (TSX) and US$7.83 (NYSE) as of August 7, 2025[3] - The company's market capitalization stood at $1.7 billion and enterprise value at $3.0 billion[3] - Year-end 2025 net debt is projected to be $1.3 billion, with a net debt-to-FFO ratio of 1.3x[3,9] Production and Capital Expenditure - H2/25E production is estimated to be 90% global gas assets and 10% legacy oil assets[3,86] - The company's 2025 production guidance is between 117,000 and 122,000 boe/d[3] - E&D capital expenditures for 2025 are guided at $630-660 million[3] Asset Development and Synergies - Post-acquisition synergies from Westbrick are estimated to be over $200 million NPV10[10,14] - DCET costs in the Deep Basin have been reduced to $8.5 million per well[10,14] - The Wisselshorst discovery in Germany is estimated to contain 380 Bcf GIIP (240 Bcf net)[14,55] Return of Capital - The company targets a return of capital payout of 40% of excess FCF via base dividend and share buybacks, with plans to increase to 50% when net debt reaches an appropriate level[62] - Vermilion has repurchased 19.1 million shares since July 2022, reducing the share count by 6.9% to 153.8 million[62]

Financial Highlights - Second quarter sales reached $454 million[9], while adjusted free cash flow amounted to $36 million[9] - The adjusted EBITDA margin stood at 210%[9], and the adjusted earnings per share was $075[9] - GAAP net income for the quarter was $60 million[10], with diluted earnings per share at $072[10], and cash provided by operating activities was $44 million[10] Q2 2025 Performance vs Q2 2024 - Sales increased from $433 million to $454 million[27] - Gross margin decreased from 305% to 289%[27] - Selling, General & Research (SAR) expenses decreased from $60 million to $57 million[27], representing a decrease from 138% to 125% of sales[27] - Net income increased from $56 million to $60 million[27], with diluted earnings per share increasing from $067 to $072[27], and adjusted earnings per share increasing from $071 to $075[27] Balance Sheet and Capital Allocation - The company has a strong balance sheet with $148 million in trailing twelve months (TTM) adjusted free cash flow[30] - Liquidity stands at $591 million[30], and the net debt to adjusted EBITDA ratio is 12x[30] - $20 million of share repurchases were made in Q2 2025[30], bringing the year-to-date total to $30 million[30], with $100 million remaining under the $150 million program[30] 2025 Outlook - The company anticipates sales between $1685 billion and $1735 billion[32] - The adjusted EBITDA margin is expected to be between 1925% and 200%[32] - Adjusted earnings per share are projected to be between $240 and $260[32]

Portfolio Highlights - The company's Manhattan-focused real estate portfolio features a tenant base in core commercial businesses, with the top 10 tenants being 77% Investment Grade rated[5, 9] - Portfolio occupancy is at 82.0%, with a weighted-average remaining lease term of 6.0 years[9] - Over 53% of the company's leases expire after 2030[9, 17] - The real estate investments are valued at $432.4 million, spread across 6 properties with a total square footage of 1.0 million[14] - Annualized Straight-line Rent is $45.1 million[14] Financial Highlights - The company has a 100% fixed-debt capital structure with a weighted-average interest rate of 6.4%[9, 38] - Total debt amounts to $350.0 million[38] - Net Leverage is at 63.8%[9, 38, 46] - Revenue from tenants for the quarter was $12.2 million, while the net loss was $41.7 million[38] - Cash NOI decreased year-over-year from $7.4 million in Q2'24 to $4.2 million in Q2'25[42, 38] Strategic Initiatives - The company continued marketing efforts for the sale of 123 William Street ($269.5 million at cost, 84% occupancy) and 196 Orchard Street ($66.6 million at cost, 100% occupancy)[9, 10, 24]

Company Overview - Granite Ridge aims to be the leading public investment platform for US energy development[3] - The company targets 25% full cycle returns, mid-teens annual growth, an attractive dividend, and low leverage[4] - Granite Ridge has a diversified asset portfolio across 6 premier basins, with 65 operating partners and 3,100 gross wells, balanced between 50% oil and 50% natural gas[5,6] - Q2 2025 production was 31,576 Boe/d[6] Financial Performance & Strategy - The company's dividend yield is 9.1%[6] - Granite Ridge is trading at a value price of 2.6x EV / 2025 EBITDA[6] - The company maintains a strong balance sheet with a leverage ratio of 0.8x[6] - Production growth target for 2025 is 28%[6] Market Trends & Investment Approach - US rig count is approximately 30% lower, and frac spreads are approximately 45% lower, indicating reduced activity levels in drilling and completion[10,12] - Granite Ridge invests in near-term development projects underwritten to achieve >25% full-cycle returns[13] - The company has invested over $1.8 billion over the past 10 years[33]

Financial Performance & Capital Allocation - EOG reported adjusted net income of $1.3 billion, resulting in adjusted EPS of $2.32 and adjusted CFPS of $4.57 for 2Q 2025[9] - The company generated $1.0 billion in free cash flow during 2Q 2025[9] - EOG increased its regular quarterly dividend rate by 5%[10] - The company returned $1.1 billion to shareholders, including $0.5 billion in regular dividends and $0.6 billion in share repurchases during 2Q 2025[10] - EOG is targeting approximately $4.3 billion in free cash flow for full-year 2025, based on $65 WTI and $3.50 HH[14] - The company has committed $3.5 billion of cash return year-to-date through regular dividends and share repurchases[14] - EOG's regular dividend represents a $2.1 billion cash return commitment for 2025[63] Operational Highlights & Strategic Initiatives - EOG acquired Encino, creating a premier Utica asset position totaling 1.1 million net acres[10] - The company was awarded an onshore concession in the UAE to explore and appraise approximately 900,000 acre unconventional oil prospect[10] - EOG's average total production is projected to be 1,224 MBOED for 2025[13,16] - The company's average oil production is projected to be 521 MBOD for 2025[13,16] - EOG estimates $150 million of synergies to be realized in the first year following the Encino acquisition[27] - EOG's Janus Gas Processing Plant has a capacity of 300 MMcfd and supports Permian operations[54] Environmental Targets - EOG is targeting a 25% reduction in GHG emissions intensity rate from 2019 levels by 2030[70] - The company aims to maintain near-zero methane emissions, at 0.20% or less[69] - EOG is committed to zero routine flaring[69]

Financial Performance - 2Q25 Adjusted EBITDA attributable to PAA was $672 million[5] - Crude Oil Adjusted EBITDA was $580 million in 2Q25[5] - NGL Adjusted EBITDA was $87 million in 2Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - The leverage ratio was 3.3x in 2Q25[5] Strategic Initiatives - The company is divesting its NGL business for approximately $3.75 billion[5] - Net proceeds from the NGL divestiture are expected to be around $3.0 billion after taxes, transaction expenses, and potential special distribution[5,8] - The company acquired an additional 20% interest in the BridgeTex Pipeline, bringing its total ownership to 40%[5] Capital Allocation - The company is targeting approximately $0.15/unit annual distribution growth from 2026 onwards until approximately 160% common unit coverage is reached[26] - The company increased its annual distribution by $0.25/unit to $1.52/unit in 2025[26] - The company has invested approximately $1.4 billion in bolt-on acquisitions since the second half of 2022[11,30]