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]

Financial Performance - Gray Media's 2Q25 total revenue exceeded guidance, reaching $772 million [9] - Core advertising revenue for 2Q25 was $361 million, a 3% decline [9] - Retransmission revenue for 2Q25 was $369 million, aligning with guidance [9] - Adjusted EBITDA for the six months ending June 30, 2025, was $329 million [11] - The company reduced debt principal by $22 million in 2Q25 [12] Debt and Leverage - As of 2Q25, Gray Media's leverage ratio was 560x [12] - First lien leverage ratio at 2Q25 was 299x [12] - Total outstanding principal secured by a first lien as of June 30, 2025, was $3112 billion [15] - Adjusted Total Indebtedness was $5460 billion as of June 30, 2025 [15] Strategic Initiatives - Gray Media is focused on a multi-pronged deleveraging approach, including refinancing and debt reduction [21] - The company issued 9625% 2L Secured Notes to extend portfolio duration and reduce 1L leverage [23]

Q2 2025 Performance Highlights - VAALCO reported strong operational results, exceeding high-end guidance with NRI production of 16,956 BOEPD and NRI sales of 19,393 BOEPD[9] - The company generated solid financial results, including net income of $84 million ($008 per diluted share) and adjusted EBITDAX of $499 million[9] - VAALCO reiterated its full-year 2025 guidance, which included reductions to capital expenditures through delaying Canada drilling and discretionary capital[10] Financial Position and Shareholder Returns - VAALCO's cash at the end of Q2 2025 was $68 million, with $127 million available under the credit facility[24] - The company has returned over ~$100 million to shareholders through dividends and share buybacks since 2022[9] - The current dividend yield is about ~7%[9] Operational Updates and Strategy - The MV-10 FPSO refurbishment project is progressing ahead of schedule, supporting a 2026 deployment timeline[10] - VAALCO secured a drilling rig for the 2026 development campaign following the FPSO return to service[10] - The company strategically expands its diversified African-focused portfolio, building scale and diversification with a full-cycle, low-risk, high-return portfolio[11] Asset-Specific Information - Gabon's WI production was 8,563 BOEPD in Q2 2025, with ~94% operational production uptime in 2025 through June[41, 43] - Egypt's WI production was 10,929 BOEPD in Q2 2025, with continued drilling program in 2025 and 10 wells completed in the first half of the year[48] - Canada's WI production was 2,162 BOEPD in Q2 2025, with a shift towards longer laterals to enhance returns[50]

Financial Performance - Total investment income for Q2 2025 was $12.63 million, compared to $12.1 million in Q1 2025 and $16.337 million in Q2 2024[11] - Core investment income for Q2 2025 was $12.63 million, compared to $12.102 million in Q1 2025 and $16.225 million in Q2 2024[11] - Net investment income (NII) for Q2 2025 was $4.6 million ($0.50 per share), compared to $4.34 million ($0.47 per share) for Q1 2025 and $6.477 million ($0.70 per share) for Q2 2024[11] - Net asset value (NAV) as of June 30, 2025, was $164.7 million ($17.89 per share), compared to $173.5 million ($18.85 per share) for Q1 2025[11] Portfolio Composition and Activity - Investment portfolio at fair value as of June 30, 2025, was $395.109 million, comprised of 96 different portfolio companies[11] - Deployments of approximately $10.9 million and repayments and sales of approximately $17.0 million, resulting in net repayments and sales of approximately $6.1 million[11] - Debt investments on non-accrual, as of June 30, 2025, were six, representing 2.1% of the Company's investment portfolio at fair value and 4.8% at amortized cost[11] - Weighted average annualized yield, excluding income from non-accruals and collateralized loan obligations, was approximately 10.7% as of June 30, 2025[11] Capital Structure and Distributions - Par value of outstanding borrowings, as of June 30, 2025, was $255.4 million, with an asset coverage ratio of total assets to total borrowings of 165%[11] - Declared a regular quarterly base distribution of $0.47 per share of common stock, and a supplemental cash distribution of $0.02 per share of common stock[11] Recent Developments - The company announced the closing of the merger with Logan Ridge Finance Corporation on July 15, 2025, with the combined company having total assets in excess of $600 million based on July 11, 2025, financial data[9]

Company Overview and Strategy - Main Street Capital Corporation (MAIN) focuses on Lower Middle Market (LMM) debt and equity investments and has an asset management business[7] - The company manages over $8.4 billion in capital, with over $6.5 billion managed internally and approximately $1.9 billion managed for external parties[8] - MAIN aims to provide sustainable growth in recurring monthly dividends, supplemental dividends, and long-term capital appreciation to shareholders[9] Dividend and NAV Growth - Monthly dividends have increased by 132% from $0.33 per share in Q4 2007 to $0.765 per share for Q4 2025[12, 16] - Supplemental dividends of $1.20 per share were paid or declared during the last twelve months[12] - Net Asset Value (NAV) has grown by $19.45 per share (or 151%) since 2007[14, 16] Investment Portfolio - The total investment portfolio is diversified, with approximately 52% in LMM investments and 38% in Private Loan investments[50] - The LMM portfolio has 88 companies with $2.7 billion in fair value, with debt yielding 12.8% and an average equity ownership of 38%[62, 63] - The Private Loan portfolio consists of 87 investments with $1.9 billion in fair value, yielding 11.4%[81, 82] Financial Performance - Total investment income for the year-to-date 2025 is $541 million[93] - Distributable Net Investment Income (DNII) for the year-to-date 2025 is $281 million[93] - DNII per share for Q2 2025 is $1.06[104] Capital Structure and Liquidity - The company has total SBIC debentures regulatory financing capacity of $350 million[12, 35] - Total liquidity is $1.351 billion, including cash and availability under credit facilities[108] - 79% of MAIN's outstanding debt obligations have fixed interest rates[118]

Company Overview - As of June 30, 2025, the company owns 94 properties with 20,982 hotel rooms[3] - The company's market capitalization is $1.1 billion, with a total enterprise value (TEV) of $3.3 billion and total capitalization of $3.7 billion[3] - The share price is $7.28 with 151.2 million total shares and units outstanding[3] - The company has $0.3 billion in preferred equity and $1.9 billion in net debt outstanding[3] Debt Maturity - 31% of the company's debt, amounting to $181 million, is maturing in 2025[6] - 10% of the company's debt, amounting to $25 million, is maturing in 2026[6] - 46% of the company's debt, amounting to $225 million, is maturing in 2027[6] - Total debt outstanding is $2.2 billion[6] Financial Performance (Q2 2025) - Total revenue for comparable hotels is $363.085 million[8] - Comparable Hotel EBITDA is $113.023 million with a 31.1% margin[8] - Occupancy is 75.5% with an Average Daily Rate (ADR) of $205.27 and Room Revenue per Available Room (RevPAR) of $155.08[8] Financial Performance (Q2 2025 TTM) - Comparable Hotel EBITDA is $389.3 million[10, 15] - Net income is $58.0 million[15] - EBITDA is $340.7 million[15] - Adjusted EBITDA is $354.7 million[15]