Murphy Oil (NYSE:MUR) Q4 2025 Earnings call January 29, 2026 09:00 AM ET Company ParticipantsAtif Riaz - VP, Investor Relations and TreasurerBetty Jiang - Managing Director and senior Equity Research analyst at BarclaysCarlos Escalante - VPChris Whittaker - Senior Managing DirectorEric Hambly - President and CEONeil Mehta - Head of Americas Natural Resources Equity ResearchPaul Cheng - Managing DirectorPhillip Jungwirth - Managing DirectorConference Call ParticipantsCharles Meade - Research AnalystLeo Maria ...

Financial Data and Key Metrics Changes - The company's book value per share increased by 5% from $19.25 in the prior quarter to $20.21 as of December 31, 2025 [23] - Earnings Available for Distribution (EAD) rose by $0.01 to $0.74, exceeding the dividend for the quarter [24] - Economic return for Q4 was 8.6%, bringing the full-year economic return to 20.2% [23][24] - Economic leverage decreased to 5.6 turns, down from the previous quarter [8][25] Business Line Data and Key Metrics Changes - The agency portfolio ended 2025 at $93 billion, an increase of nearly $6 billion quarter-over-quarter and $22 billion year-over-year, representing 62% of the firm's capital [9] - The residential credit portfolio reached $8 billion, up $1.1 billion quarter-over-quarter, representing approximately 19% of the firm's capital [13] - The mortgage servicing rights (MSR) portfolio ended at $3.8 billion, a $280 million increase quarter-over-quarter and a 15% increase year-over-year [17] Market Data and Key Metrics Changes - Fixed income markets showed strong performance, with the U.S. aggregate bond index registering the highest total return since 2020 [7] - The yield curve steepened during the quarter as short-term yields fell while long-term yields rose modestly [7] - The agency market experienced significant spread tightening following GSE's MBS purchase announcements [20] Company Strategy and Development Direction - The company aims to increase capital allocation to residential credit and MSR, targeting a long-term equity allocation of 50% Agency MBS, 30% RESI, and 20% MSR [78][79] - The diversified housing finance model is expected to continue performing well for shareholders, with a focus on maintaining market leadership across various strategies [21][22] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains solid, with the labor market showing signs of softness but limited layoffs [5][6] - Management expressed confidence in the durability of the swaps market as a hedge and the overall stability of the agency market [31][32] - The company anticipates continued growth in the non-agency market and is well-positioned to benefit from increased liquidity in the non-QM market [20][21] Other Important Information - The company raised $560 million of common equity in Q4, bringing total equity raised in 2025 to $2.9 billion [9] - The efficiency ratio improved to 1.31% for Q4, with a full-year ratio of 1.42% [27] Q&A Session Summary Question: Update on mark-to-market book values - Management reported a 4% increase in book value, inclusive of dividend accrual [30] Question: Portfolio returns and comfort level with dividend in 2026 - Management expressed confidence in achieving mid-teens returns and stated the dividend is safe [31][32] Question: Insights on MSR portfolio and current coupon MSR - Management discussed the infrastructure set up for active participation in the MSR market and the potential for increased origination [36][40] Question: Impact of G-fee cuts on prepayment environment - Management indicated that a G-fee cut on purchase loans could be beneficial, but broad cuts might negatively impact the MBS market [46] Question: Risks that could change the low-risk environment - Management identified global fiscal risks and asset market euphoria as potential concerns [60][61] Question: Attractiveness of buying lower-coupon MBS - Management noted that valuations on low-coupon MBS are tight, and better ways to manage risk exist [68] Question: Likelihood of GSE portfolio caps being increased - Management stated uncertainty regarding the increase of caps but noted the GSEs have significant capacity [84]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $2.6 billion in 2025, reflecting a 10% increase compared to 2024 when normalized for asset sales and foreign exchange [4][5] - The fourth quarter FFO reached a record of $0.87 per unit, leading to a conservative payout ratio of 66% and a 6% increase in quarterly distribution to $1.82 per unit, marking the 17th consecutive year of distribution increases of at least 5% [5][6] Business Line Data and Key Metrics Changes - The transport segment generated FFO of $1.1 billion, consistent with the prior year after normalizing for $1.8 billion in capital recycling initiatives, with higher revenues in rail and toll road segments [6][7] - The midstream segment's FFO increased by 7% year-over-year to $668 million, driven by higher volumes in Canadian natural gas operations and a newly acquired US refined products pipeline [7][8] - The data segment's FFO surged over 50% to $502 million, attributed to new investments and strong organic growth, including the commissioning of 220 megawatts of capacity at hyperscale data centers [8][9] Market Data and Key Metrics Changes - The global data center platform has development potential of approximately 3.6 gigawatts, with contracted capacity exceeding 2.3 gigawatts [9] - In 2025, corporates invested around $500 billion into AI-related infrastructure, with expectations for further capital investment in the next two years [11][12] Company Strategy and Development Direction - The company is focused on a prudent, risk-focused approach to AI infrastructure investing, emphasizing long-term contracts and selective partnerships with investment-grade counterparties [12][13] - Brookfield Infrastructure aims to capitalize on structural themes such as digitalization, decarbonization, and deglobalization, positioning itself for a super cycle in infrastructure investment [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a return to 10% or higher per unit growth, supported by resilient cash flows and a robust pipeline of investment opportunities [20][21] - The company highlighted the importance of maintaining a disciplined execution strategy to convert demand into durable returns, particularly in the data center sector [16][17] Other Important Information - The company achieved record liquidity of $6 billion at the end of 2025, bolstered by $3.1 billion in asset sale proceeds [9] - Significant new investments included a $125 million acquisition of a South Korean industrial gas business and a $300 million investment in a railcar leasing platform [19] Q&A Session Summary Question: Can you elaborate on your contract approach to mitigate technology risk in data centers? - Management explained that long-term contracts (around 15 years) help avoid technology risks by ensuring that any necessary infrastructure changes are not at their cost [28][30] Question: What is the expected return on new data center developments? - Management indicated that new data centers yield a return of 9% to 10%, with monetization at cap rates of 5.5% to 6%, leading to potential equity returns in the high teens or twenties [26][27] Question: Can you provide details on the KKR acquisition of data centers? - Management stated that they cannot disclose specific transaction details but confirmed joint ventures with institutional investors across North America and Europe, totaling about 850 megawatts [35][36] Question: What is the outlook for inflation indexation across geographies in 2026? - Management expects inflation indexation in OECD markets to average between 2% and 3%, with emerging markets like India and Brazil ranging from 2% to 4% [46][47] Question: How is the capital backlog in data operations expected to evolve? - Management noted a significant increase in the capital backlog, driven by hyperscale projects, and expects about $1.5 billion to come online in 2026 [51][59]

Financial Data and Key Metrics Changes - Kenvue's special meeting of stockholders was convened with a quorum of 1,499,451,317 shares, representing 78.2% by proxy [3] - The merger proposal was approved by a majority of voting power of capital stock present [6] Business Line Data and Key Metrics Changes - The meeting included discussions on the Merger Agreement with Kimberly-Clark, which was deemed fair and in the best interest of Kenvue and its stockholders [4] Market Data and Key Metrics Changes - No specific market data or key metrics were provided in the meeting records Company Strategy and Development Direction - The Kenvue Board of Directors unanimously recommended approval of the Merger Proposal, indicating a strategic move towards consolidation with Kimberly-Clark [4][5] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the merger's benefits for Kenvue and its stockholders, highlighting the importance of the transaction [4] Other Important Information - The Advisory Compensation Proposal related to the merger was also approved by stockholders [7] Q&A Session Summary - No specific questions or answers were recorded during the meeting, as it primarily focused on the proposals and their approvals [7]

Financial Data and Key Metrics Changes - The company's book value per share increased by 5% from $19.25 in the prior quarter to $20.21 as of December 31, 2025 [23] - Economic return for Q4 was 8.6%, bringing the full-year economic return to 20.2% [23][24] - Earnings Available for Distribution (EAD) per share rose by $0.01 to $0.74, exceeding the dividend for the quarter [24] - Economic leverage ratio decreased to 5.6x, down from the previous quarter [25] Business Line Data and Key Metrics Changes - Agency portfolio ended 2025 at $93 billion, increasing by nearly $6 billion quarter-over-quarter and $22 billion year-over-year [9] - Residential credit portfolio reached $8 billion, up $1.1 billion quarter-over-quarter [13] - Mortgage Servicing Rights (MSR) portfolio increased to $3.8 billion, a $280 million increase quarter-over-quarter [17] Market Data and Key Metrics Changes - Fixed income markets showed strong performance, with the U.S. aggregate bond index registering the highest total return since 2020 [7] - The yield curve steepened as short-term yields fell while long-term yields rose modestly [7] - Swap spreads widened due to a shift from Quantitative Tightening to balance sheet expansion by the Fed [8] Company Strategy and Development Direction - The company aims to increase capital allocation to residential credit and MSR while maintaining agency as the anchor of the portfolio [21][77] - The non-QM market is expected to grow, providing competitive advantages in loan selection and execution [20] - The company plans to remain patient and opportunistic in capital allocation, focusing on diversified housing finance strategies [22] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains solid, with the labor market showing signs of softness but limited layoffs [5][6] - Management expressed confidence in the durability of the swaps market as a hedge and the overall strength of the diversified housing finance model [32][21] - Risks include global fiscal issues and potential complacency in asset markets, which could lead to increased volatility [60][61] Other Important Information - The company raised $560 million of common equity in Q4, totaling $2.9 billion for the year [9] - The efficiency ratio improved to 1.31% for Q4, with a full-year ratio of 1.42% [27] Q&A Session Summary Question: Update on mark-to-market book values - The book value was up 4%, inclusive of dividend accrual, with a slight increase noted after the call [30] Question: Portfolio returns and comfort level with dividends - The company expects mid-teens returns and feels confident about the dividend's safety for 2026 [31][32] Question: MSR portfolio insulation from lower interest rates - The company is set up to be active in the current coupon MSR market and expects origination to pick up [36][40] Question: Impact of G-fee cuts on prepayment environment - A G-fee cut on purchase loans is seen as appropriate, but broad cuts could damage the MBS market [46] Question: Attractiveness of raising capital in different spread environments - Wider spreads are more attractive for raising capital, but current stability provides confidence [51][52] Question: Risks that could change the low-risk environment - Global fiscal issues and asset market euphoria are noted as significant risks [60][61] Question: Opportunities in low-coupon MBS - The valuation on low-coupon MBS is tight, and better ways to manage risk are available [67] Question: Likelihood of GSE portfolio caps being increased - Uncertainty remains regarding the increase of portfolio caps, with no clear answer available [82]

Financial Data and Key Metrics Changes - The stockholders approved the issuance of shares of common stock as part of a merger agreement dated November 2nd, 2025, indicating a strategic move for the company [4][7]. Business Line Data and Key Metrics Changes - No specific data on business line performance or key metrics was provided in the meeting [1]. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [1]. Company Strategy and Development Direction and Industry Competition - The company is pursuing a merger with Kenvue and other entities, which suggests a focus on strategic partnerships to enhance growth and market position [4][5]. Management Comments on Operating Environment and Future Outlook - Management expressed gratitude for stockholder support and indicated a positive outlook following the approval of the issuance proposal, although specific comments on the operating environment were not detailed [9]. Other Important Information - The meeting was conducted virtually, and stockholders were encouraged to submit questions via the meeting portal, with responses to be provided via email after the meeting [3][8]. Summary of Q&A Session - There were no specific questions or answers recorded during the meeting, as the focus was primarily on the approval of the issuance proposal [1].

Financial Data and Key Metrics Changes - Revenues for Q4 2025 were $16.9 million, a 17% increase from $14.5 million in Q4 2024, exceeding guidance of $15 to $16 million [8][19] - Gross profit for Q4 2025 was $5.1 million, with a gross margin of 30.2%, compared to a gross profit of $4.2 million and a gross margin of 29.1% in Q4 2024 [21] - Net loss for Q4 2025 was $1.9 million, an improvement from a net loss of $5.1 million in Q4 2024, with loss per share decreasing from $0.87 to $0.34 [21][22] Business Line Data and Key Metrics Changes - The company achieved eight major new design wins in 2025 across edge systems, SmartNIC, and FPGA solutions, indicating strong demand and visibility for future growth [9][10] - The company expects to target between 7 and 9 design wins in the current year, reflecting confidence in sustaining growth [10][17] Market Data and Key Metrics Changes - Geographical revenue breakdown for the last 12 months: North America 74%, Europe and Israel 17%, Far East and rest of the world 9% [19] - One customer accounted for approximately 14% of total revenues, indicating reliance on a limited number of customers for substantial revenue growth [19] Company Strategy and Development Direction - The company is focusing on three major growth engines: AI inference, post-quantum cryptography, and white label switching, which are expected to provide significant growth opportunities [11][12][15] - The company aims to leverage existing customer relationships and IP to capitalize on these new markets, with AI inference being identified as the largest opportunity [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the core business's growth, projecting double-digit revenue growth for 2026 based on a solid pipeline of opportunities [10][16] - The company highlighted the importance of early positioning in emerging markets and the need for credibility and execution to capture growth [11][12] Other Important Information - The company's balance sheet remains strong, with working capital and marketable securities totaling $111 million, including $74 million in cash and no debt [10][22] - Management emphasized the flexibility to invest in market opportunities while maintaining a conservative financial profile [17] Q&A Session Summary Question: Timeline for new opportunities in AI inference, post-quantum cryptography, and white label switching - Management indicated that all three opportunities are in initial stages, with AI inference potentially being the most near-term, but significant revenue is not expected in 2026 [24] Question: Sales cycles and design processes for new opportunities - Management expects faster sales cycles due to leveraging existing IP and know-how, which should facilitate quicker revenue generation [25] Question: Changes to sales process or additional investments for new opportunities - Management believes the current team is well-structured to support growth and does not foresee the need for significant additional investments at this time [27] Question: Specific use cases for AI inference and connectivity bottlenecks - Management clarified that the focus is on addressing networking challenges related to AI inference across various deployment types [30][31] Question: R&D spending to support new opportunities - Management does not anticipate significant increases in R&D spending but has the capability to do so if necessary [32]

Financial Data and Key Metrics Changes - For Q4 2025, net revenues increased by 15%, with value-added services and solutions net revenue up 22% on a non-GAAP currency-neutral basis [4][22] - Operating income rose by 17%, while net income and EPS increased by 17% and 20% respectively, with EPS at $4.76, including a $0.10 contribution from share repurchases [23][24] - Worldwide gross dollar volume (GDV) grew by 7% year-over-year, with U.S. GDV increasing by 4% and international volume rising by 9% [24][25] Business Line Data and Key Metrics Changes - Payment network net revenue increased by 9%, driven by domestic and cross-border transaction growth, while value-added services and solutions net revenue increased by 22% [25][26] - Commercial credit and debit volumes represented 13% of total GDV, growing at 11% year-over-year on a local currency basis [14] - The company secured over 60 new affluent programs globally in 2025, indicating strong performance in affluent segments [7][8] Market Data and Key Metrics Changes - Cross-border volume increased by 14% globally, reflecting growth in both travel and non-travel-related spending [24] - Contactless penetration reached 77% of all in-person switched purchase transactions, up 5 percentage points from the previous year [25] - The company reported a 10% year-over-year growth in switch transactions for Q4 [25][26] Company Strategy and Development Direction - The company is focused on executing its clear strategy, benefiting from a diversified business model across geographies and payment adjacencies [5][6] - Recent strategic reviews will lead to reductions in some areas but increased investment in others, indicating a commitment to innovation and agility [5][6] - The company is actively engaging in emerging opportunities such as stablecoins and agentic commerce, positioning itself as a leader in the evolving payments landscape [10][11] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the fundamentals of the business despite geopolitical and macroeconomic uncertainties [5][30] - The company expects net revenues to grow at the high end of a low double digits range on a currency-neutral basis for 2026, with a tailwind from foreign exchange [30][32] - The macroeconomic environment is supportive, with balanced job markets underpinning healthy consumer and business spending [30] Other Important Information - The company secured various multi-year government grants that will benefit operating expenses and other income, with an expected operating expense benefit of around 5.5 percentage points [23] - A one-time restructuring charge of approximately $200 million is expected in Q1 2026, impacting about 4% of full-time employees globally [33] Q&A Session Summary Question: Details on the Capital One renegotiation - Management expressed excitement about the extension of the credit portfolio agreement with Capital One, emphasizing the value of the Mastercard network [35][36] Question: Implications of the CCCA - Management noted that there is a united opposition to the proposed Credit Card Competition Act, highlighting concerns about consumer choice and cybersecurity risks [37][39] Question: Health of the consumer - Management indicated that consumer spending remains healthy, with savvy consumers utilizing loyalty programs effectively [44][46] Question: Sensitivity to FX volatility - Management acknowledged the challenges in predicting FX volatility but emphasized the company's ability to deliver value through currency conversion services [48][49] Question: Future growth of value-added services - Management expressed confidence in the continued growth of value-added services, driven by the interconnectedness with the payment network [50][51]

Brookfield Infrastructure Partners (NYSE:BIP) Q4 2025 Earnings call January 29, 2026 09:00 AM ET Company ParticipantsDavid Krant - Managing Partner and CFODevin Dodge - Director of Equity ResearchFrederic Bastien - Managing Director and Head of Industrial ResearchRobert Hope - Managing Director of Equity ResearchSam Pollock - CEOUdhay Mathialagan - Head of Global Data Center BusinessesConference Call ParticipantsCherilyn Radbourne - Managing Director and Senior Equity Research AnalystMaurice Choy - Managing ...

Financial Data and Key Metrics Changes - In 2025, adjusted diluted earnings per share grew by 4.4% and the company returned $8 billion to shareholders through dividends and share repurchases combined [4] - The smokable product segment delivered over $11 billion in adjusted operating income (OCI) for the full year, expanding adjusted OCI margins by 1.8 percentage points to 63.4% [18] - For the fourth quarter, adjusted OCI declined by 2.4%, and adjusted OCI margins contracted by 0.8 percentage points to 60.4% [18] Business Line Data and Key Metrics Changes - Domestic cigarette volumes declined by 7.9% in the fourth quarter and 10% for the full year [18] - The oral tobacco product segment retail share was 29.6% for the fourth quarter and 31.9% for the full year [23] - Total segment reported shipment volume decreased 6.3% for the fourth quarter and 5.5% for the full year [22] Market Data and Key Metrics Changes - The estimated number of adult consumers in the e-vapor and oral tobacco categories grew to almost 30 million, reflecting the potential for tobacco harm reduction in the U.S. [7] - The e-vapor category grew approximately 15% in 2025, with illicit products representing approximately 70% of the category [8] - The nicotine pouch category drove overall oral tobacco volume growth, which increased an estimated 14% over the past six months [10] Company Strategy and Development Direction - The company is focused on advancing its smoke-free portfolio and building a portfolio of FDA-authorized smoke-free products for adult smokers [16] - Strategic collaborations, such as with KT&G, aim to enhance international modern oral and U.S. non-nicotine growth [5] - The company plans to maintain a measured approach to investments in e-vapor until the regulatory framework is functioning effectively [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the growth in disposable vapers moderated in 2025 compared to the prior year, indicating a potential stabilization in the market [9] - The company expects to deliver 2026 full year adjusted diluted EPS in a range of $5.56-$5.72, reflecting a growth rate of 2.5%-5.5% from a $5.42 base in 2025 [16] - Management expressed confidence in the company's strategy and the opportunities ahead, emphasizing the importance of responsible participation in the e-vapor category [17] Other Important Information - The company recorded non-cash impairment charges of $1.3 billion related to e-vapor definite-lived intangible assets and goodwill [23] - The company paid $7 billion in dividends in 2025, marking its 60th increase in the last 56 years [25] - The total debt-to-EBITDA ratio as of December 31 was 2x, in line with the company's target [25] Q&A Session Summary Question: Can you provide any color on the scope of the import/export program? - Management indicated that the program involves both upfront investments and the opportunity for duty drawback, setting up manufacturing capabilities for international markets [32] Question: Is the elevated CapEx associated with the investments for import/export? - Management confirmed that the primary driver of the increase in CapEx is the investments for the import/export business, but they did not provide guidance for future CapEx [34] Question: How is the promotional strategy behind Basic affecting net price realization? - Management clarified that the strategy around Basic is independent of the duty drawback and is aimed at capturing consumers under economic pressure [41] Question: Are there any signs of increased smoking incidence among younger legal-aged nicotine users? - Management stated that there are no trends indicating increased incidence among younger cohorts, emphasizing the need for expedited authorization of smoke-free products [52] Question: What is the pricing strategy for on! PLUS? - Management believes that on! PLUS is a differentiated product that commands a premium in the marketplace, with various introductory price promotions planned [53]