Investor Presentation November 2025 In light of these factors, the events anticipated by Viper's forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should ...

Marathon Petroleum (NYSE:MPC) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Speaker5Welcome to the MPC third quarter 2025 earnings call. My name is Shirley, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Press star one on your touch-tone phone to enter the queue. Please note that this conference is being recorded. I will now turn the call over to Kristina Kazarian. Kristina, you may begin.Speak ...

Colliers International Group (NasdaqGS:CIGI) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Speaker7Welcome to the Colliers International Third Quarter Investors Conference call. Today's call is being recorded. Legal counsel requires us to advise that the discussions scheduled to take place today may contain forward-looking statements that involve known and unknown risk and uncertainties. Actual results may be materially different from any future results, performance, or achievements contemplated in th ...

Financial Data and Key Metrics Changes - The company reported an improved net loss of $16.7 million for Q3 2025, compared to a net loss of $21.8 million in Q2 2025 [27] - Total assets at the end of the quarter were $750 million, with working capital approximately $300 million, including $235 million in cash and marketable securities [27] - The company expects working capital to reach between $900 million to $1 billion by the end of the year [27] Business Line Data and Key Metrics Changes - Uranium production increased, with the company mining approximately 415,000 lbs of uranium at an average grade of 1.27% in Q3 2025 [9] - The company expects to produce between 1.1-1.4 million lbs of uranium in Q1 2026, with a target of over 2 million lbs per year at the Pinyon Plain Mine in 2026 [10][11] - The rare earth segment is progressing, with nearly 30 kilograms of DY oxide produced at 99.9% purity through September 2025 [13] Market Data and Key Metrics Changes - The prices for rare earth oxides, particularly outside of China, have increased, with NdPr prices rising 13% over September 2025 [18] - The company anticipates significant demand for non-China sourced materials, particularly from the Donald project in Australia [36] Company Strategy and Development Direction - The company aims to maintain its position as the largest uranium producer in the U.S. while expanding its rare earth and heavy mineral sands operations [30] - The Donald project is expected to make a final investment decision (FID) as early as Q1 2026, with significant government support and financing [17][36] - The company is focused on integrating its operations across uranium, rare earths, and heavy mineral sands to capitalize on market opportunities [6][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its promises and capitalize on the growing demand for critical minerals [2] - The management highlighted the importance of strategic partnerships and government interest in securing U.S. processed materials [52][53] - The company is optimistic about improving margins and production capabilities in the coming years [30][29] Other Important Information - The company completed a $700 million convertible note offering, which was oversubscribed and will be used for project expansions [25][26] - The White Mesa Mill is being expanded to double its capacity, allowing for simultaneous processing of uranium and rare earths [26] Q&A Session Summary Question: Regarding the Donald project and its timeline - Management indicated that the project is ready to go and is exploring options with potential off-takers to maximize value [36][38] Question: Clarification on preliminary guidance for uranium sales - The delta in sales guidance is due to the flexibility in contracts, allowing for adjustments based on market conditions [39] Question: Inquiry about the rare earth separation plant's financial metrics - Management stated that feasibility studies are underway, and updated financial metrics will be provided by the end of the year [40][41] Question: Discussion on uranium production guidance - The company is managing production between uranium and rare earth processing, with plans to stockpile unprocessed material for future use [42] Question: Long-term contracting philosophy for uranium - Management aims for a balanced approach, targeting around 50% of production for long-term contracts while remaining flexible to market conditions [55]

Financial Data and Key Metrics Changes - In Q3 2025, production averaged 18,163 barrels of oil equivalent (BOE) per day, with a 65% oil cut, bringing year-to-date production to 17,373 BOE per day [6][9] - Adjusted EBITDA for the quarter was $41.6 million, while adjusted net income was $3.8 million; however, GAAP net income reported a loss of $1.3 million [9] - Cash capital expenditures (CapEx) for the quarter totaled $31.8 million, funded within operating cash flows, with total debt at $114 million and net debt at $108 million, resulting in a net debt to adjusted annualized EBITDA ratio of 0.65 times [9][10] Business Line Data and Key Metrics Changes - The company successfully completed two Vitesse-operated wells, which exceeded initial production expectations and were completed approximately 15% under budget [6][9] - The company has over 2 million net lateral feet of development remaining, translating to more than 200 net two-mile equivalent wells [5] Market Data and Key Metrics Changes - Approximately 60% of remaining oil production for 2025 is hedged at nearly $70 per barrel, with under half of remaining natural gas production hedged at a weighted average floor of $3.73 and ceiling of $5.85 per MMBtu [7][8] Company Strategy and Development Direction - The company is focused on disciplined capital allocation and has increased production and capital expenditure guidance for 2025 due to advancements in technology and successful well completions [4][5] - The strategy of acquiring acreage outside the core of the Bakken is yielding returns comparable to those seen in the core area, as drilling activity progresses into these regions [4] Management's Comments on Operating Environment and Future Outlook - Management noted that the oil industry is highly cyclical, and the company's long-duration assets and low leverage position it to be opportunistic during market disruptions [5] - The company is evaluating a 2026 and 2027 operated program, which will depend on oil prices and capital expenditures from partners [22][29] Other Important Information - The board declared a fourth-quarter dividend at an annual rate of $2.25 per share, reflecting the company's commitment to capital allocation [5] Q&A Session Summary Question: What percentage of the program involves three- and four-mile laterals? - Approximately half of the AFEs received this year have been extended laterals, with no one-mile laterals seen this year [14] Question: What is the outlook on the acquisition market? - The market is competitive, but the company remains disciplined in its approach to acquisitions, having closed a couple of deals in Q3 [17] Question: What is the line of sight on operated inventory opportunities for 2026? - The company has around 15 net undeveloped locations from the Lucero acquisition and is evaluating the best ways to drill these [22] Question: How does the cost structure for Q3 compare to Q2? - Q3 is a better indicator of the run rate for G&A and LOE, with expectations for slightly lower costs going forward [24][25] Question: How is the credit environment affecting producers' 2026 budgets? - Operators are primarily influenced by oil prices and consolidation trends rather than the interest rate environment [28][29] Question: What are the company's thoughts on gas opportunities in different basins? - The company is looking for gas assets at the right price, with a focus on the Bakken first, while the M&A market remains active [31]

Financial Data and Key Metrics Changes - Operating earnings per diluted share increased by 16% to $1.29, benefiting from favorable insurance product margins and solid investment results [5][14] - Total new annualized premiums reached a record $125 million, up 26%, marking the 13th consecutive quarter of strong insurance sales [4][5] - Book value per diluted share, excluding AOCI, rose by 6% to $38.10 [5] Business Line Data and Key Metrics Changes - Consumer division reported a 27% growth in Life and Health NAP, with total life insurance up 33% and direct-to-consumer life insurance sales up 56% [6][8] - Worksite division achieved record insurance sales with life and health NAP up 20%, marking the 14th consecutive quarter of overall NAP growth [12][13] - Annuity collected premiums increased by 2%, totaling nearly $475 million, with in-force account values exceeding $13 billion for the first time [8][9] Market Data and Key Metrics Changes - Medicare Supplement policies sold increased by 33%, while Medicare Advantage policies sold decreased by 24%, indicating a shift in consumer preferences [8][9] - Client assets in brokerage and advisory grew by 28%, surpassing $5 billion, with total accounts and average account size each up 13% [9] Company Strategy and Development Direction - The company plans to exit the worksite fee services business to focus on core insurance products, expecting this decision to improve earnings and return on equity [11][16] - A second Bermuda treaty was executed to seed approximately $1.8 billion of supplemental health U.S. statutory reserves, enhancing the company's ability to serve middle-income consumers [14][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth across both divisions, despite tougher comparisons in the consumer segment [75] - The exit from the fee services business is expected to lead to a favorable impact on earnings and return on equity starting in Q4 2025 [16][20] Other Important Information - The company returned $76 million to shareholders in the quarter and $310 million year-to-date [5] - The average yield on allocated investments was 4.91%, up 10 basis points year-over-year, contributing to a 7% increase in net investment income [18] Q&A Session Summary Question: Strong D2C sales contribution from new partnerships - Management noted selective partnerships are contributing to growth, particularly in the Hispanic market, and expects continued growth despite a pull forward in advertising expenses [24][25] Question: Impact of exiting the fee services business - The annual earnings loss from the fee services business will improve the fee income segment by about $20 million [26] Question: Opportunities for additional transactions with Bermuda - Management is exploring opportunities to seed additional business, particularly in life insurance, to enhance diversification [30] Question: Claims trends in Medicare supplement business - Management confirmed that the annual assumption update incorporated current trends, with expectations for a 10% average rate increase in filings for the upcoming year [68][69] Question: Future cash benefits from exiting fee services - Management indicated that the $20 million freed up from the fee services business will have a cash impact, aligning with GAAP accruals [51]

Knife River (NYSE:KNF) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Speaker6Good morning, ladies and gentlemen, and welcome to the Knife River Corporation's third quarter results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, November 4th, 2025. I would now like t ...

ONE Gas (NYSE:OGS) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Speaker4Good day and welcome to ONE Gas third quarter earnings conference call. Today's conference is being recorded, and at this time I would like to turn the conference over to Erin Dailey. Please go ahead, Ms. Dailey.Speaker3Thank you, Elliot. Good morning, and thank you for joining us on our third quarter 2025 earnings conference call. This call is being webcast live, and a replay will be available later today. After our prepared rem ...

Apple Hospitality REIT (NYSE:APLE) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Speaker1Greetings and welcome to the Apple Hospitality REIT's third-quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Kelly Clarke, Vice Presi ...

Eaton (NYSE:ETN) Q3 2025 Earnings Call November 04, 2025 11:00 AM ET Speaker1Thank you for standing by. Welcome to Eaton's third quarter 2025 earnings results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during this session, you'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again. A ...