Coterra Energy (CTRA) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Company Participants Daniel Guffey - Vice President of Finance, Planning & Analysis and Investor RelationsThomas Jorden - CEO, President & ChairmanShane Young - EVP & CFOBlake Sirgo - Senior Vice President of OperationsBetty Jiang - Managing DirectorMichael Deshazer - Senior Vice President of Business UnitsJosh Silverstein - Managing DirectorMatthew Portillo - Partner & Head of ResearchDerrick Whitfield - Managing DirectorKevin MacCurdy - ...

Coterra Energy (CTRA) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Speaker0 Thank you for standing by. My name is Kaila, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Cotera Energy First Quarter twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the call over to Dan Guffey, VP of Finance, Investor Relations a ...

Financial Data and Key Metrics Changes - Total revenues for 2024 were $48.3 billion, representing a 7% increase from the prior year [13] - The growth portfolio generated revenues of $22.6 billion, a 17% year-over-year increase, accounting for nearly half of total revenues [13][14] - The company returned $4.9 billion to shareholders through dividends, marking the 92nd consecutive year of dividend payments [21] Business Line Data and Key Metrics Changes - Significant advancements in the pipeline included 23 regulatory approvals and indication expansions in the U.S. and other markets [15] - The company enhanced its leadership position in hematology, oncology, and cardiovascular disease, while expanding its immuno-oncology portfolio [16] Market Data and Key Metrics Changes - The company is focusing on high unmet needs and areas where it has a competitive advantage, particularly in R&D productivity [17][19] - The company expects to deliver 10 or more new molecular entities and over 30 line extensions in the next five years [17] Company Strategy and Development Direction - The company is committed to delivering transformational medicines, driving operational excellence, and strategically allocating capital [12] - A focus on becoming a leaner, more focused organization by removing costs and management layers to concentrate on high-value opportunities [20] - The company is leveraging technology and AI to optimize clinical trials and accelerate scientific innovation [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to transform its business and deliver long-term growth potential [23] - The company is navigating opportunities and challenges while maintaining financial discipline [20] Other Important Information - A leadership transition occurred with the retirement of Sandy Leung as General Counsel, succeeded by Carrie Gallman [4][5] - The company made significant progress in integrating acquisitions, including Karuna Therapeutics, Reyes Bio, and Mirati Therapeutics [22] Q&A Session All Questions and Answers Question: Why does the ballot not have an option to vote for all preferences with one check mark? - The company believes voting on individual items aligns with their majority vote standard for director elections and allows shareholders to evaluate each agenda item [54] Question: What is the board's plan for profits downstream of AI? - The company is utilizing AI to enhance R&D, supply chain efficiency, and operational efficiencies, with plans to shorten clinical trial timelines by almost three years [55][56] Question: How can the CEO's pay increase be justified when stock price is flat? - The compensation committee ensures that executive compensation is tied to performance metrics, including financial and operational goals [57][58] Question: How much stock do director candidates have in their portfolios? - Information on common stock ownership by directors can be found on page 113 of the latest proxy statement [60] Question: How has the new administration with its tariffs affected BMY? - The company is evaluating potential impacts of tariffs and has a broad manufacturing network that is not overly reliant on any single country [62]

Black Stone Minerals (BSM) Q1 2025 Earnings Call May 06, 2025 10:00 AM ET Speaker0 Thank you for standing by. My name is Demi, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Blackstone Minerals First Quarter twenty twenty five Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Mark Moe, Director ...

Financial Data and Key Metrics Changes - For Q1 2025, Atlas reported revenues of $297.6 million and adjusted EBITDA of $74.3 million, representing a margin of 25% [5][18] - EBITDA fell slightly below guidance due to elevated costs from commissioning the Dune Express and third-party trucking bonuses, reducing Q1 EBITDA by approximately $4 million [18] - Net income was $1.2 million, and earnings per share were $0.01 [21] Business Line Data and Key Metrics Changes - Proppant sales totaled $139.7 million, logistics operations contributed $150.6 million, and power rentals added $7.3 million [19] - Proppant volumes reached 5.7 million tons, up sequentially despite weather-related disruptions, while Encore volumes were 1.7 million tons, slightly down from Q4 [19] - Average revenue per ton was $24.71, boosted by shortfall revenue from unmet customer pickups, with an average price of $22.51 per ton excluding this [19] Market Data and Key Metrics Changes - WTI's forward strip has declined approximately 20% since early April, influencing customer spending behavior and deferring some near-term activity [6] - Atlas entered 2025 with a strong allocation base of approximately 22 million tons and continues to bid on meaningful new tenders [10] Company Strategy and Development Direction - Atlas aims to navigate the current oilfield sector uncertainty by controlling costs, prioritizing capital discipline, and innovating with purpose [7] - The Dune Express is expected to provide long-term infrastructure advantages and is entering a critical phase with stabilizing volumes [11] - The integration of Mosier Energy Systems is progressing well, with positive customer feedback and new business models being explored [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Atlas's ability to perform through cycles, emphasizing structural advantages that enable healthy free cash flow even in weak markets [10] - Short-term uncertainty remains, but the long-term outlook is grounded in strategic clarity and operational discipline [12] - Management noted that while some customers are pausing growth plans, they expect activity to resume as visibility improves [10] Other Important Information - Total incurred CapEx was $38.9 million, including $23.4 million in growth CapEx and $15.5 million in maintenance CapEx [21] - The company expects a sequential decline in CapEx in Q2, budgeting $115 million in total CapEx for 2025 with flexibility to adjust based on market conditions [21] Q&A Session Summary Question: Can you provide additional color on your guidance of flat to up sequentially? - Management indicated that they do not see near-term upside in the market, with a wait-and-see attitude prevailing among operators [28] Question: What is the confidence level around the 22 million tons committed this year? - Management remains confident in the demand for the 22 million tons allocated, supported by strong fundamentals and commitments from large-cap operators [34] Question: Can you elaborate on the ramp-up of the Dune Express? - The Dune Express is progressing well, with stable operations and consistent throughput expected to lead to margin expansion as operations normalize [44] Question: How should we think about the free cash flow profile moving forward? - Management noted that Q1 was the largest spending quarter for CapEx, with expectations for improved working capital efficiency and cash flow generation as the year progresses [50] Question: What is the outlook for sand pricing and supply impacts? - Management observed that supply capacity additions have peaked, with some competitors reducing production, which is seen as constructive for the industry [62]

Financial Data and Key Metrics Changes - Comparable FFO for the first quarter was $0.63 per share, an increase of $0.08 compared to last year's first quarter, primarily due to the positive ground rent reset at PENN1 and higher NOI from rent commencements [24][16] - Overall GAAP same store NOI increased by 3.5% [16] - The company expects 2025 comparable FFO to be essentially flat compared to last year, with significant earnings growth anticipated by 2027 [25][24] Business Line Data and Key Metrics Changes - The company leased a total of 1,039,000 square feet, with 709,000 square feet in New York office space at starting rents of $95 per square foot and positive mark-to-market of 6.5% [16][27] - A major lease of 337,000 square feet was completed with Universal Music Group at PENN2, contributing to the overall leasing activity [28][16] - At 555 California Street, 222,000 square feet were leased at starting rents of $120 per square foot, demonstrating strong performance in a historically soft market [18][16] Market Data and Key Metrics Changes - New York office occupancy decreased to 84.4% from 88.8% due to PENN2 being placed fully into service, but is expected to rise to the low 90s over the next year [25][16] - The New York office leasing market maintained strong momentum, with the strongest quarterly volume since Q4 2019 [25][27] - Availability in the best ISA market continues to shrink, with only 500,000 square feet of new construction set to deliver in the coming years [26] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with expectations of significant rental rate increases as supply tightens [20][19] - Plans include a robust development program at 350 Park Avenue and the Penn District, with a small apartment project also in the works [45][105] - The company aims to maintain a strong financial position, leveraging cash reserves for new investments and debt management [44][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market despite current volatility, noting that demand for quality office space remains strong [27][25] - The company anticipates that as occupancy rises, earnings will significantly increase, with a target of reaching around 94% occupancy in the next couple of years [60][61] - Management highlighted the importance of high-quality buildings in driving demand and rental growth [98][97] Other Important Information - The company has reduced its debt by $915 million and increased cash balances to $1.4 billion, providing immediate liquidity of $3 billion [15][16] - A favorable ruling on the PENN1 ground lease rent reset will increase GAAP earnings by approximately $36 million [11][15] - The company has achieved 100% sustainability certification across its portfolio, reflecting its commitment to environmental responsibility [22] Q&A Session Summary Question: Can you break down the 2,000,000 square foot negotiation between PENN1, PENN2, and the balance of the portfolio? - Approximately 50% of the 2,000,000 square foot pipeline is from PENN1 and PENN2, with strong activity at PENN2 and continued leasing at PENN1 [37][38] Question: What is the confidence level around reaching 80% occupancy at PENN2 by the end of the year? - Management remains confident in reaching the target, emphasizing that timing is less critical than achieving the desired rental rates [39][40] Question: What are the plans for the cash on the balance sheet? - The cash will be used for debt management, maintaining liquidity, and funding new development opportunities [44][45] Question: Can you comment on the trend of owner-occupiers in the market? - There is a notable trend of retailers and companies wanting to own their spaces in prime locations, driven by the desire for long-term control and stability [90][89] Question: How do you view the current real estate valuations? - The company believes that great assets will command great prices, and they are not willing to sell high-quality assets at distressed prices [55][53]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.70 and total segment operating profit of $747 million for the quarter [5] - Trailing fourth quarter adjusted return on invested capital (ROIC) was 7% and cash flow from operations before working capital changes was $439 million [5][24] - Overall cash flow from operations decreased compared to the prior quarter due to lower total segment operating profit [24] Business Line Data and Key Metrics Changes - The Carbohydrate Solutions segment operating profit was $240 million, down 3% year-over-year [20] - The Nutrition segment revenues were $1.8 billion, down 1% year-over-year, while operating profit increased by 13% to $95 million [22][23] - The Ag Services and Oilseeds segment operating profit was $412 million, down 52% compared to the prior year quarter [16] Market Data and Key Metrics Changes - The Ag Services sub-segment operating profit was $159 million, down 31% due to lower North American origination export volumes [17] - Global trade results were lower compared to the same quarter last year, largely due to negative timing impacts [17] - Equity earnings from the company's investment in Wilmar were $72 million, down 52% compared to the prior year quarter [20] Company Strategy and Development Direction - The company is focused on cost savings of $500 million to $750 million over the next three to five years, including workforce reductions and a review of third-party consulting spend [9] - Strategic decisions include the closure of the Cursea, South Carolina crush facility and the exit from domestic trading operations in China and Dubai [10] - The company is advancing automation and digitization across its global manufacturing network to improve reliability and efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the team's ability to navigate an uncertain external landscape while focusing on execution and cost management [12][31] - The company remains cautious about the second half outlook for crush margin improvement due to current domestic crush replacement margins being below expectations [26] - Management highlighted the importance of clarity on Renewable Volume Obligations (RVOs) to support strong U.S. demand for crop-based vegetable oils [34] Other Important Information - The company returned $247 million to shareholders in the form of dividends during the quarter [25] - The Decatur East facility is expected to be fully operational by the end of the second quarter, with an anticipated impact of $25 million per quarter for Nutrition once fully operational [99] Q&A Session Summary Question: Expectations for RVO and its impact on 2025 outlook - Management indicated that strong RVOs are crucial for the biofuel outlook and expect margins to improve in the second half of the year [40][41] Question: Specific RVO numbers and positive outcomes for ADM - Management mentioned that the industry requires approximately €25 billion in biomass-based biodiesel and conventional biodiesel to support internal consumption and export markets [51][52] Question: Strength in RPO despite a weak environment - Management acknowledged that while RPO was better in the short run, overall expectations remain lower due to biodiesel margin pressures and increased refining capacity [58][59] Question: Trade flow shifts and impact of tariffs - Management noted that the impact of tariffs has not been significant in Q1, with most products exempt from export tariffs to Mexico and Canada [64][66] Question: Signs of rationalization in the soy crush industry - Management speculated that the industry may see plant shutdowns when demand is low, but emphasized the importance of clarity on RPO mandates for future capacity [73][74] Question: Commercialization of Argentine crops - Management expects Argentine farmers to become more regular in commercializing crops as they take advantage of government tax benefits before they expire [79] Question: Volume growth expectations for Starches and Sweeteners - Management reiterated guidance for slightly lower volumes than last year, with some weakness noted in specific markets [82][84] Question: Ethanol margins and performance - Management highlighted good risk management in ethanol operations, with expectations for margins to improve over the year [90] Question: Contribution from Decatur once fully operational - Management confirmed that the Decatur plant's impact will be felt in the second half of the year, with an expected contribution of $25 million per quarter [99]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $0.70 and total segment operating profit of $747 million for the quarter [4] - The trailing fourth quarter adjusted return on invested capital (ROIC) was 7% and cash flow from operations before working capital changes was $439 million [4][22] - The first quarter results were aligned with market expectations despite a dynamic external environment [5] Business Line Data and Key Metrics Changes - The Carbohydrate Solutions segment operating profit was $240 million, down 3% year-over-year [18] - The Nutrition segment revenues were $1.8 billion, down 1% year-over-year, while operating profit increased by 13% to $95 million [20][21] - The Ag Services and Oilseeds segment operating profit was $412 million, down 52% compared to the prior year quarter [13] Market Data and Key Metrics Changes - The Ag Services sub-segment operating profit was $159 million, down 31% year-over-year, primarily due to lower North American origination export volumes [14] - The crushing sub-segment saw operating profit drop to $47 million, down 85% year-over-year, with significant declines in global soybean and canola crush margins [15] - Equity earnings from the company's investment in Wilmar were $72 million, down 52% compared to the prior year quarter [18] Company Strategy and Development Direction - The company is focused on a self-help agenda aimed at delivering cost savings of $500 million to $750 million over the next three to five years [7] - Strategic decisions include the closure of the Cursea, South Carolina crush facility and the exit from domestic trading operations in China and Dubai [8] - The company is investing in automation and digitization across its global manufacturing network to improve efficiency and reliability [9] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half outlook for crush margin improvement due to current domestic crush replacement margins being below expectations [23] - The company remains confident in its ability to navigate the uncertain external landscape and is focused on operational performance and cost management [26][28] - Management highlighted the importance of clarity on Renewable Volume Obligations (RVOs) to support strong U.S. demand for crop-based vegetable oils [31] Other Important Information - The company returned $247 million to shareholders in the form of dividends during the quarter [22] - The Decatur East facility is expected to be fully operational by the end of the second quarter, with an anticipated impact of $25 million per quarter for Nutrition once fully ramped up [97] Q&A Session Summary Question: Expectations for RVO and its influence on 2025 outlook - Management indicated that strong RVOs are crucial for the biofuel outlook and expect margins to improve in the second half of the year [37][39] Question: Specific RVO numbers and positive outcomes for ADM - Management mentioned that the industry is looking for around €25 billion in biomass-based biodiesel and conventional biodiesel to support internal consumption and export markets [47][49] Question: Clarification on RPO performance despite a weak environment - Management acknowledged that RPO margins are expected to be significantly lower compared to the prior year due to various market pressures [55] Question: Impact of tariffs and trade flow shifts - Management noted that the impact of tariffs has not been significant in Q1, with most products exempt from export tariffs to Mexico and Canada [60][62] Question: Signs of rationalization in the soy crush industry - Management stated that while they cannot speculate on others, they are actively managing their own capacity and expect some plant shutdowns in response to demand [68] Question: Commercialization of Argentine crops - Management expects Argentine farmers to begin regular commercialization of crops as they take advantage of tax benefits before they expire [76] Question: Volume growth expectations for Starches and Sweeteners - Management reiterated that overall demand remains solid, but there are pockets of weakness, particularly in Europe and exports to Mexico [80]

Xometry (XMTR) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Shawn Milne - VP of IRRandy Altschuler - Chief Executive OfficerJames Miln - CFO & Principal Accounting OfficerBrian Drab - Co-Group Head–IndustrialsRon Josey - Managing DirectorSanjeev Sahni - PresidentSimran B - Equity Research Senior AssociateTroy Jensen - Managing Director Conference Call Participants None - AnalystGreg Palm - Senior Research Analyst Operator Good day, and thank you for standing by. Welcome to the Xometry ...

Vivid Seats (SEAT) Q1 2025 Earnings Call May 06, 2025 08:30 AM ET Company Participants Emily Epstein - General CounselStan Chia - CEO & DirectorLawrence Fey - Chief Financial OfficerAndrew Marok - Director Conference Call Participants Ryan Sigdahl - Partner & Senior Research AnalystCurtis Nagle - AnalystTom Forte - Managing Director & Senior Consumer Internet AnalystMaria Ripps - Managing Director, Senior Research AnalystCameron Mansson-Perrone - AnalystDaniel Kurnos - Equity Research AnalystRalph Schackart ...