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]

Financial Performance - Sylvamo's Adjusted EBITDA for Q2 2025 was $82 million, aligning with the company's outlook, despite a negative impact of $13 million from foreign exchange[13, 15] - Adjusted Operating Earnings per Share for Q2 2025 was $037, compared to $198 in Q2 2024 and $068 in Q1 2025[13] - Free Cash Flow for Q2 2025 was negative $2 million, a decrease from $62 million in Q2 2024 and negative $25 million in Q1 2025[13] - Sylvamo returned $38 million in cash to shareowners during the quarter[12] Market Dynamics - In the first half of 2025, Europe's uncoated freesheet demand decreased by 7%, Latin America's decreased by 8%, and North America's remained stable[17] - In the first half of 2025, Europe's uncoated freesheet supply decreased by 10%, while Latin America and North America remained stable[17] Strategic Investments and Debt Management - Sylvamo's gross debt has decreased from an initial $15 billion at spinoff to $08 billion as of June 2025[27] - The company is ramping up capital spending on high-return projects with an internal rate of return (IRR) exceeding 20%[29] - Planned maintenance outage costs for 2025 are projected to be $111 million[43] Regional Performance - Europe's Adjusted EBITDA was negative $30 million in Q2 2025, with an Adjusted EBITDA Margin of negative 17%[57] - Latin America's Adjusted EBITDA was $27 million in Q2 2025, with an Adjusted EBITDA Margin of 13%[57] - North America's Adjusted EBITDA was $85 million in Q2 2025, with an Adjusted EBITDA Margin of 20%[57]

Second Quarter 2025 Earnings Call August 8, 2025 1 Safe Harbor and Non-GAAP Financial Measures Definition Q1 FY 2025 Cautionary Language Concerning Forward-Looking Statements This presentation contains forward-looking statements relating to, among other matters, the Company's future financial performance, business goals and objectives, and results of operations, expectations regarding the transition of its US Telecom business, its future revenues, operating income, cash flows, network and operating costs, A ...

Financial Performance - Q2 2025 - Net sales for the quarter were $1.54 billion[5], a decrease of $96.1 million compared to the same period in 2024[15] - Adjusted EBITDA was $202.2 million, representing 13.2% of sales[5] - Adjusted Free Cash Flow for the quarter was $48.7 million[5] - Net income was $39.3 million, or $0.32 diluted EPS[15] Financial Outlook - 2025 - Full year sales are projected to be between $5.75 billion and $5.95 billion[13] - Adjusted EBITDA is targeted between $695 million and $745 million[13] - Adjusted Free Cash Flow is expected to be between $175 million and $215 million[13] Business Updates - AAM and Dowlais stockholders approved the proposed combination on July 15 and 22, 2025, respectively[9] - AAM completed the divestiture of its commercial vehicle business in India to Bharat Forge Limited (BFL) for approximately $65 million[11] - AAM will supply front electric drive units (EDUs) and rear e-Beam axles for Scout Motors' new SUV and pickup truck[10] Liquidity and Debt - Net debt stood at $2.0 billion[22] - The net leverage ratio was 2.8x[22] - The company maintains strong liquidity of over $1.5 billion[22]