Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net income attributable to common stockholders of $10.4 million or $0.09 per diluted share, with adjusted EBITDA of $118 million, a 19% increase from the prior quarter [25] - The company generated $69 million of operating cash flow from continuing operations during the quarter and $336 million for the full year, ending the year with $575 million in cash and total liquidity above $900 million [25][26] - For the full year, results met or exceeded original guidance for seven of eight volume and cost metrics, with seaborne thermal delivering 3.3 million tons, exceeding expectations [26] Business Line Data and Key Metrics Changes - Seaborne metallurgical coal shipped 2.5 million tons, up 400,000 from the third quarter, with realized pricing improving to $113 per ton [27] - The U.S. Thermal platform contributed $63 million of adjusted EBITDA in Q4, with nearly $250 million of adjusted EBITDA for the full year [28] - PRB operations shipped 22.3 million tons in Q4 and 84.5 million tons for the full year, almost 5 million tons or 6% more than the prior year [29] Market Data and Key Metrics Changes - Benchmark pricing for seaborne metallurgical coal rose to its highest mark in 18 months, increasing 15% from $190 per ton at the beginning of Q4 [16] - Coal fuel generation in the U.S. was up an estimated 13% year-over-year in 2025, running ahead of projections [20] - Asian countries continue to add coal generation capacity, with China adding 80 gigawatts of new capacity in 2025 [19] Company Strategy and Development Direction - The Centurion Mine is expected to ship an average of 4.7 million tons per year of premium hard coking coal, with a net present value for the project of $2.1 billion at $225 benchmark pricing [5][6] - The company aims to maximize long-term shareholder value by reweighting its portfolio toward higher-margin metallurgical coal [7] - Peabody is also evaluating renewable projects in formerly mined lands and developing a gas power station at the Centurion Mine [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving market fundamentals and highlighted a full agenda of priorities for the new year [3] - The company noted that coal remains a critical energy asset in the U.S., with substantial strength in both domestic thermal and seaborne metallurgical coal markets [15][13] - Management emphasized the importance of safety and environmental excellence, achieving a record safety year with an incident rate of 0.71 per 200,000 hours worked [3][4] Other Important Information - The company has conducted a robust critical mineral testing program, uncovering promising concentrations of heavy rare earths and other critical minerals [10] - Peabody is working with government agencies to strengthen domestic critical mineral supply chains and has been recommended for a $6.25 million grant for a pilot processing plant [11] Q&A Session Summary Question: What do you assume for the Australian dollar in the cost guide? - The company is looking at $0.70 for the Australian dollar and using a $225 benchmark pricing [39] Question: How much CapEx is potentially still left for Centurion development? - Approximately $100 million a year in development for the north for the next three years, plus $25 million a year in sustaining capital in the south [40] Question: How should we think about pricing in 2027 and beyond? - The company is not providing specific guidance for 2027 but expects favorable pricing conditions due to ongoing contracting [44] Question: What are the drivers for the increase in seaborne thermal costs? - The increase is primarily due to lower production volumes, particularly at Wilpinjong, and a slightly higher Australian dollar impacting costs [49] Question: How should we think about the cadence of shipments as the year progresses? - Seaborne thermal is expected to be less ratable in Q1, with a bounce back in Q2 and Q3, while Centurion will ramp up production throughout the year [54]

Financial Data and Key Metrics Changes - Proxies were received for 60.98% of the 22,593,069 shares of common stock and 95.33% of the 1,196,487 shares of preferred stock, indicating strong shareholder engagement [4] - A total of 14,975,788 shares were present in person or by proxy, constituting a quorum for the meeting [4] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the meeting Company Strategy and Development Direction - The company proposed the election of incumbent directors Michela English and Anthony Parker to serve until the 2029 annual meeting, indicating a focus on continuity in leadership [5] - The ratification of PwC as the independent registered public accounting firm for the fiscal year ending September 30, 2026, suggests a commitment to maintaining high standards in financial reporting [5] Management Comments on Operating Environment and Future Outlook - No specific comments from management regarding the operating environment or future outlook were provided in the meeting Other Important Information - The results of the proposals were reported as carried, with a full tally of the votes to be filed with the SEC on Form 8-K within the next four business days [7] Summary of Q&A Session - No Q&A session was conducted during this meeting

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by $16.5 million or 32% year-over-year, reaching $68 million, despite a $5 million charge to the weather hedge program [4][9] - Net income rose by $3 million to $36 million, impacted by a $10 million unfavorable non-cash change in the fair value of derivative instruments [8] - Product gross profit increased by $29 million or 19% to approximately $179 million due to higher sales volume and per-gallon margins [6][7] Business Line Data and Key Metrics Changes - Home heating oil and propane volume rose by 11.5 million gallons or 14% to approximately 94 million gallons, driven by acquisitions and colder temperatures [6] - Gross profit from service and installations was $5.6 million, down from $6.9 million year-over-year, with installation gross profit increasing by $1.4 million but service gross profit loss increasing by $2.7 million [7] Market Data and Key Metrics Changes - Temperatures in the operational areas were 19% colder than the same period last year and 6% colder than normal, significantly impacting demand and operational challenges [4][6] Company Strategy and Development Direction - The company is focused on improving efficiency, operational execution, and maintaining service and installation profitability while managing costs [4][6] - The company anticipates new acquisition opportunities as it approaches spring, despite a slight lull in prospect activity during the busy heating season [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in handling operational challenges due to persistent cold weather, highlighting employee dedication to customer service [5][14] - The company remains vigilant in providing excellent customer service and controlling costs while preparing for potential challenges in the heating season [6] Other Important Information - A $5 million non-cash charge was recorded related to the change in the fair value of derivative instruments, contrasting with a $5 million credit in the previous year [8] Q&A Session Summary Question: Commentary on operational performance given the persistent cold weather - Management noted that January was colder than normal and expressed confidence in the company's ability to manage operational challenges, emphasizing employee commitment to customer service [12][14]

Financial Data and Key Metrics Changes - The company achieved GAAP EPS of $3.98 for 2025, including $0.12 of merger-related transaction costs, and adjusted EPS of $4.10, a 5% increase from $3.91 in 2024 [11][12] - Operating and financing expenses increased, with O&M expenses rising by $0.36 per share, primarily due to higher employee costs and unplanned generation outages [12][13] - The company maintained a healthy balance sheet with a net debt to total capitalization of 55% and FFO to debt of 14%-15%, above the downgrade threshold [14] Business Line Data and Key Metrics Changes - The company successfully executed its regulatory strategy, delivering $0.95 per share of new rates and rider recovery margin, which offset higher operating expenses [12] - The data center pipeline was tripled to over 3 GW, with significant demand from large customers like Microsoft and Meta [4][7] Market Data and Key Metrics Changes - The company reported strong demand from large load customers, particularly data centers, contributing to solid economic development in its service territories [4] - The company anticipates delivering 6% year-over-year earnings growth in 2026, driven by ongoing customer growth and new rates [6][15] Company Strategy and Development Direction - The company is committed to a customer-centric strategy, focusing on innovative investments and regulatory progress, including the merger with NorthWestern Energy [5][9] - The merger is expected to enhance capabilities and create long-term value through increased scale and improved customer diversity [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial commitments and maintaining a strong investment-grade credit rating, with expectations for continued growth driven by data center demand [11][15] - The company is preparing for a rate review in South Dakota to recover customer-focused investments after holding base rates unchanged for over a decade [24] Other Important Information - The company increased its dividend for the 56th consecutive year in 2025, targeting a payout ratio of 55%-65% [17] - The company completed the 260-mile Ready Wyoming transmission project, enhancing reliability and access to market energy [20][21] Q&A Session Summary Question: Proportion of the 3 GW pipeline within the five-year window - Management indicated that 600 MW is expected by 2030, with ongoing negotiations for additional capacity beyond that timeframe [36][37] Question: Interface with the Montana Commission regarding the merger - Management stated they are in the discovery phase, receiving expected questions from regulators [40] Question: Scale of data centers in the pipeline - Management confirmed that Microsoft and Meta are the primary customers, with ongoing negotiations for additional large-scale data centers [41][42] Question: Regulatory filings for transmission infrastructure - Management confirmed plans for additional investments to accommodate data center demand, including the Robinson Substation [58] Question: Timing for energy service agreements with hyperscalers - Management noted that customers intend to begin taking service in Q1 2027, aligning efforts to meet both parties' goals [60]

Financial Data and Key Metrics Changes - The company achieved record financial results in Q4 2025, with a 45% increase in revenues from Q3, driven by increased production and a 21% rise in realized gold prices [9][10] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and a cash balance [9][10] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [10][11] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [11] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [7][22] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [7] - The company restructured its business units, placing key processing facilities under common leadership to enhance operational efficiency [7] Market Data and Key Metrics Changes - The company reported a significant increase in EBITDA, with a 53% rise compared to the prior quarter, reflecting higher margins due to the increased gold price [11] - The company anticipates gold production in 2026 to be between 2.9-3.25 million ounces, with expectations of higher production in the latter half of the year [22] Company Strategy and Development Direction - The board has decided to prepare for an initial public offering (IPO) of Barrick's North American gold assets, targeting completion by late 2026 to maximize shareholder value [4][25] - The company is focusing on operational discipline and safety as top priorities, with plans to adjust remuneration frameworks to attract and retain talent [17][5] - The company aims to maintain a strong focus on high-quality assets and will continue to invest in gold while divesting non-core assets [102] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, citing a strong start to the year and improved operational performance [15][22] - The company is committed to safety and health, emphasizing the need for improvement following past incidents [5][6] - Management acknowledged challenges in attracting and retaining talent but is implementing changes to address these issues [17] Other Important Information - The company has a robust reserve and resource base, with attributable proven and probable gold reserves totaling 85 million ounces [24] - The new dividend policy targets a payout of 50% of attributable free cash flow, with a significant increase in the quarterly dividend [12][13] Q&A Session Summary Question: IPO potential and strategic value - Management believes a partial IPO of North American assets will unlock more value than a full separation, as the current portfolio is undervalued [30][32] Question: Intended proceeds from the IPO - The specifics of the intended proceeds will be determined as part of the preparation work for the IPO [34][36] Question: Reko Diq financing status - Management is reviewing the security situation in Balochistan before proceeding with financing [39] Question: Changes in mine plans and guidance - The company has conducted a comprehensive review of mine plans, leading to more confidence in production delivery [43][46] Question: Importance of Veladero asset - Veladero is considered a core asset and has not been explored for divestiture [56][57] Question: Recovery rates at PV - The company is targeting a recovery rate of 84%, with ongoing efforts to optimize stockpile blending [62][64] Question: Cost outlook post-2026 - Management indicated that costs are expected to remain flat, without providing specific guidance [92][93]

Financial Data and Key Metrics Changes - Fiscal 2026 started positively with adjusted EBITDA increasing by $16.5 million or 32% year-over-year, net of a $5 million charge to the weather hedge program [4][9] - Net income rose by $3 million to $36 million, despite a $10 million unfavorable non-cash change in the fair value of derivative instruments [8] - Product gross profit increased by $29 million or 19% to approximately $179 million due to higher home heating oil and propane volume sold and improved per-gallon margins [6][7] Business Line Data and Key Metrics Changes - Home heating oil and propane volume rose by 11.5 million gallons or 14% to approximately 94 million gallons, driven by acquisitions and colder temperatures [6] - Gross profit from service and installations was $5.6 million, down from $6.9 million in the prior year, with installation gross profit increasing by $1.4 million but service gross profit loss increasing by $2.7 million [7] Market Data and Key Metrics Changes - Temperatures in the operational areas were 19% colder than the same period last year and 6% colder than normal, significantly impacting demand and operational performance [6][4] Company Strategy and Development Direction - The company remains focused on providing excellent customer service, managing costs, and growing service and installation profitability [5] - Despite not closing any acquisitions in the first quarter, the company completed a purchase of a small heating oil business shortly after the quarter ended, indicating ongoing strategic growth efforts [5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in handling operational challenges due to persistent cold weather, highlighting employee dedication and service quality [4][14] - The company is prepared to address challenges and opportunities in the remainder of the heating season, with a strong operational forecast [6][14] Other Important Information - Delivery, branch, and G&A expenses rose by $11 million compared to the prior year, with $5 million attributed to weather hedge contracts and $3.8 million due to increased delivery expenses [7] Q&A Session Summary Question: Commentary on operational performance in the second quarter given persistent cold weather - Management noted that January was colder than normal and February is starting similarly, with strong forecasts ahead. They acknowledged the challenges but expressed confidence in their operational capabilities and employee performance [12][14]

Globe Life (NYSE:GL) Q4 2025 Earnings call February 05, 2026 11:00 AM ET Company ParticipantsFrank Svoboda - Co-CEOJeff Schmitt - Vice President & Senior Private BankerMatt Darden - Co-CEOStephen Mota - Head of Investor RelationsTom Kalmbach - CFOConference Call ParticipantsAndrew Kligerman - Managing Director and Senior Research AnalystJimmy Bhullar - Managing Director and Senior Equity Research AnalystJohn Barnidge - Managing Director and Senior Research AnalystMark Hughes - Managing Director and Equity R ...

Globe Life (NYSE:GL) Q4 2025 Earnings call February 05, 2026 11:00 AM ET Company ParticipantsFrank Svoboda - Co-CEOJeff Schmitt - Vice President & Senior Private BankerMatt Darden - Co-CEOStephen Mota - Head of Investor RelationsTom Kalmbach - CFOConference Call ParticipantsAndrew Kligerman - Managing Director and Senior Research AnalystJimmy Bhullar - Managing Director and Senior Equity Research AnalystJohn Barnidge - Managing Director and Senior Research AnalystMark Hughes - Managing Director and Equity R ...

Financial Data and Key Metrics Changes - Barrick achieved record financial results in Q4 2025, with revenues increasing by 45% from Q3, driven by higher production and a 21% increase in realized gold prices [10] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and cash balance [10][11] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [11][12] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [12] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [8][23] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [8] - The operational review led to a restructuring of business units, enhancing operational efficiency [8] Market Data and Key Metrics Changes - The gold price increased by 21%, contributing to higher margins and cash flow [10][12] - The company anticipates gold production in 2026 to be between 2.9-3.25 million ounces, with a focus on ramping up production at Loulo-Gounkoto [23] Company Strategy and Development Direction - Barrick plans to proceed with an IPO of its North American gold assets, targeting completion by late 2026 to maximize shareholder value [5][26] - The company is focused on safety as its top priority for 2026, following operational achievements overshadowed by fatalities in the previous year [6][7] - The management team has been restructured to enhance operational experience and efficiency [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, citing a strong start to the year and improved operational discipline [16][17] - The company is committed to maintaining a focus on high-quality assets and strategic growth, particularly in North America [33][103] Other Important Information - The board has authorized a new dividend policy, increasing the base dividend by 40% to $0.175 per quarter, with a target to pay out 50% of attributable free cash flow [13][14] - The company has successfully resolved disputes in Mali, regaining operational control and ramping up production [21][76] Q&A Session Summary Question: Can you discuss the strategic rationale behind the IPO of NGM and PV? - Management believes a partial IPO will unlock more value than a full separation, as the North American assets are undervalued within Barrick [31][34] Question: What are the intended proceeds from the IPO? - The specifics of the use of proceeds will be determined as part of the preparation work for the IPO [36] Question: Can you provide an update on the Reko Diq financing? - Management is reviewing the security situation in Balochistan before proceeding with financing [40] Question: How has the mine plan review impacted guidance, particularly for Carlin? - The review has led to more realistic production targets based on actual performance, with a focus on achieving consistent delivery [44][46] Question: Is Veladero considered a non-core asset? - Veladero is not non-core and has been one of the top-performing assets in the last year [57] Question: What is the expected recovery rate at PV? - The target recovery rate is 84%, with ongoing efforts to optimize stockpile blending [62][64] Question: Will Barrick sell more gold assets in the future? - The focus remains on high-quality assets, and any dispositions will align with the strategic filter [103]

NOV (NYSE:NOV) Q4 2025 Earnings call February 05, 2026 11:00 AM ET Company ParticipantsAmy D'Ambrosio - Director of Investor RelationsJeff LeBlanc - TPH and CompanyJim Rollyson - DirectorJose Bayardo - CEOMarc Bianchi - Managing DirectorRodney Reed - CFOStephen Gengaro - Managing DirectorConference Call ParticipantsDaniel Kutz - VP and Equity AnalystOperatorDay, and thank you for standing by. Welcome to the NOV Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only ...