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Triumph Announces Dividend for 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock
Related Quotes Permian Resources Corporation Class A 18.29 0.17 0.94% Triumph Financial Inc 55.86 3.18 5.39% Enter Symbols: Triumph Announces Dividend for 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock DALLAS, Feb. 27 /BusinessWire/ -- Triumph (the "Company") (NYSE:TFIN) today announced that the Company's Board of Directors declared a quarterly cash dividend of $17.81 per share on its 7.125% Series C Fixed-Rate Non-Cumulative Perpetual Preferred Stock, represented by depositary shares (NYSE:TFIN,PR), each representing a 1/40th interest in a share of preferred stock. Holders of depositary shares will receive $0.44525 per depositary share. The dividend is payable on March 30, 2026, to holders of record at the close of business on March. 15, 2026. About Triumph Financial Triumph (NYSE:TFIN) is a transportation-focused financial and technology company that delivers payments, factoring, banking, and intelligence solutions designed to simplify and modernize freight transactions for brokers, carriers, shippers and factors. The company develops technology and financial products that improve operational efficiency, increase transparency and security in transactions, and expand access to working capital across the transportation industry. Headquartered in Dallas, Texas, Triumph's portfolio includes Triumph, LoadPay and TBK Bank. Learn more at www.triumph.io. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial, Inc.'s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2026. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260227489387/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Global Partners LP Files 2025 Annual Report on Form 10-K
Related Quotes Global Partners LP Common Units Represen 46.98 1.39 2.87% Enter Symbols: Global Partners LP Files 2025 Annual Report on Form 10-K WALTHAM, Mass., Feb. 27 /BusinessWire/ -- Global Partners LP (NYSE:GLP) ("Global Partners" or the "Partnership") today announced that its Annual Report on Form 10-K for the year ended December 31, 2025, was filed with the U.S. Securities and Exchange Commission ("SEC") on February 27, 2026. A copy of the Annual Report on Form 10-K is available to be viewed or downloaded from the "SEC Filings" page of the Partnership's investor relations website or from the SEC's website at www.sec.gov. A hard copy of the Partnership's complete audited financial statements also can be obtained free of charge by contacting the Global Partners Investor Relations department at (857) 383-2409 or emailing GLP@investorrelations.com. About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global Partners operates or maintains dedicated storage at 54 liquid energy terminals-with connectivity to strategic rail, pipeline, and marine assets-spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global Partners owns, operates and/or supplies approximately 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune's Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Global Partners, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol "GLP." For additional information, visit www.globalp.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260226511771/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Pembina Pipeline Corporation Files 2025 Year-End Disclosure Documents
Related Quotes Pembina Pipeline Corp Ordinary Shares 44.015 0.015 0.03% Ppl Corporation 38.945 0.345 0.89% Pembina Pipeline Corporation 60.01 0.18 0.30% Enter Symbols: Pembina Pipeline Corporation Files 2025 Year-End Disclosure Documents CALGARY, Alberta, Feb. 27 /BusinessWire/ -- Pembina Pipeline Corporation ("Pembina" or "the Company") (TSX: PPL; NYSE:PBA) has filed its audited consolidated financial statements for the year ended December 31, 2025, related management's discussion, and analysis, and its annual information form for the year ended December 31, 2025 with Canadian securities regulatory authorities. Pembina has also filed its Form 40-F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260227406803/en/ Copies of the filed documents are available at www.sedarplus.ca, www.sec.gov (for the Form 40-F) and in the Investors section of the Company's website at www.pembina.com. Shareholders may also request a printed copy of the audited consolidated financial statements and related management's discussion and analysis free of charge by contacting Investor Relations at investor-relations@pembina.com or 1-855-880-7404. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260227406803/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Enterprise Products Partners L.P. 2025 Form 10-K Now Available
Related Quotes Enterprise Products Partners L.P. 35.98 UNCH 0.0% Enter Symbols: Enterprise Products Partners L.P. 2025 Form 10-K Now Available HOUSTON, Feb. 27 /BusinessWire/ -- Enterprise Products Partners L.P. (NYSE:EPD) today announced that it has filed the partnership's Annual Report on Form 10-K for the year ended December 31, 2025 with the Securities and Exchange Commission. The annual report is available on the Enterprise website at www.enterpriseproducts.com. Hard copies of the report may be requested free of charge at https://ir.enterpriseproducts.com/notifications-requests. Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership's assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260227478278/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Flex LNG - Filing of 2025 Annual Report on Form 20-F
HAMILTON, Bermuda, Feb. 27, 2026 /PRNewswire/ -- Flex LNG Ltd (the "Company") announces that its annual report on Form 20-F for the year ended December 31, 2025 (the "Annual Report") has been filed with the U.S. Securities and Exchange Commission (the "Commission"). The attached Annual Report can also be downloaded from the Company's website, www.flexlng.com/category/annual-reports/ and is available on the website of the Commission, www.sec.gov. Additionally, shareholders can request a hard copy of our complete audited financial statements free of charge by writing us at:FLEX LNG Ltd.Par-La-Ville Place14 Par-La-Ville RoadHamilton, BermudaOr submitting the contact form request the report at www.flexlng.com/investor-contact-2/ For more information please contact:Knut Traaholt, Chief Financial Officer of Flex LNG Management ASTelephone: +47 23 11 40 00Email: IR@flexlng.comAbout Flex LNGFlex LNG is a shipping company focused on the growing market for Liquefied Natural Gas (LNG). Our fleet consists of thirteen LNG carriers on the water and all our vessels are state-of-the-art ships with the latest generation two-stroke propulsion (MEGI and X-DF). These modern ships offer significant improvements in fuel efficiency and thus also carbon footprint compared to the older steam and four-stroke propelled ships. Flex LNG is listed on the New York Stock Exchange under the ticker FLNG.This information was brought to you by Cision http://news.cision.comThe following files are available for download:https://mb.cision.com/Main/22886/4314408/3957254.pdfFlex LNG - 20F 2025 View original content:https://www.prnewswire.com/news-releases/flex-lng--filing-of-2025-annual-report-on-form-20-f-302699696.htmlSOURCE Flex LNG
NeutronX Welcomes National Security Strategy and Defense Acquisition Expert Commander Phil Ehr, U.S. Navy (Ret.), to Board of Advisors
MIAMI, Feb. 27, 2026 /CNW/ -- NeutronX Corp. today announced the appointment of Commander Phil Ehr, U.S. Navy (Ret.), to its Board of Advisors. A government relations expert, DAWIA Level II certified acquisition professional, and member of the Navy Acquisition Corps and Navy Space Cadre, Commander Ehr will provide senior guidance on quality control and operational integrity as NeutronX expands its portfolio of national security-focused energy projects, executed under an exclusive collaboration with NextNRG, Inc. (NASDAQ: NXXT), an AI-driven energy ecosystem consisting of microgrids, distributed generation, advanced energy management, and wireless EV charging solutions. Commander Ehr rose from enlisted Navy Seaman to commissioned Naval Flight Officer across 26 years of operational military intelligence service. He flew classified reconnaissance and intelligence collection missions during the Cold War and directed combat intelligence operations during Desert Storm.He later served as Assistant Air Operations Officer in the U.S. Joint Task Force supporting NATO's Operation Allied Force, overseeing U.S. high-value aircraft during the 78-day air campaign. His strategic intelligence work extended to shore duty, where he supported development of the National Military Strategy under Chairman of the Joint Chiefs of Staff General Colin Powell and served on the four-star staff of Admiral James O. Ellis Jr. and General Wesley Clark.A graduate of the Naval War College and former National Security Affairs Fellow at the Hoover Institution at Stanford University, Commander Ehr brings a rare combination of operational command experience and defense acquisition expertise to NeutronX."NeutronX and NextNRG are addressing one of the most critical vulnerabilities to our national security: the resilience of our power grid," stated Commander Ehr. "The mission to build resilient, intelligent, and autonomous energy infrastructure is not just a business imperative; it is a patriotic one. I am proud to advise a team that operates with the discipline and strategic foresight required to deliver on that mission."Following his naval service, Commander Ehr co-founded the George Washington Initiative, a nonprofit "information civil defense force" organization focused on countering disinformation, and has conducted humanitarian aid missions across Ukraine. His appointment underscores NeutronX's commitment to aligning technical innovation with operational and acquisition expertise.NeutronX is currently pursuing federal and defense-aligned resilient energy infrastructure opportunities, including distributed microgrid configurations integrating natural gas generation, solar PV, battery storage, and advanced control systems. The company is advancing competitive proposals focused on installation-level energy resilience and mission-critical reliability amid rising infrastructure demand.About NeutronX Corp.NeutronX Corp. builds autonomous, AI-driven infrastructure for next-generation power systems. Led by seasoned government and military executives, NeutronX specializes in securing and managing large-scale energy projects vital to U.S. national security. Learn more at neutronx.co.Press ContactNeutronX Corp. | info@neutronx.co | (305) 897-1654 View original content:https://www.prnewswire.com/news-releases/neutronx-welcomes-national-security-strategy-and-defense-acquisition-expert-commander-phil-ehr-us-navy-ret-to-board-of-advisors-302699586.htmlSOURCE NeutronX Corp. View original content: http://www.newswire.ca/en/releases/archive/February2026/27/c1125.html
NeutronX Welcomes National Security Strategy and Defense Acquisition Expert Commander Phil Ehr, U.S. Navy (Ret.), to Board of Advisors
MIAMI, Feb. 27, 2026 /PRNewswire/ -- NeutronX Corp. today announced the appointment of Commander Phil Ehr, U.S. Navy (Ret.), to its Board of Advisors. A government relations expert, DAWIA Level II certified acquisition professional, and member of the Navy Acquisition Corps and Navy Space Cadre, Commander Ehr will provide senior guidance on quality control and operational integrity as NeutronX expands its portfolio of national security-focused energy projects, executed under an exclusive collaboration with NextNRG, Inc. (NASDAQ: NXXT), an AI-driven energy ecosystem consisting of microgrids, distributed generation, advanced energy management, and wireless EV charging solutions. Commander Ehr rose from enlisted Navy Seaman to commissioned Naval Flight Officer across 26 years of operational military intelligence service. He flew classified reconnaissance and intelligence collection missions during the Cold War and directed combat intelligence operations during Desert Storm.He later served as Assistant Air Operations Officer in the U.S. Joint Task Force supporting NATO's Operation Allied Force, overseeing U.S. high-value aircraft during the 78-day air campaign. His strategic intelligence work extended to shore duty, where he supported development of the National Military Strategy under Chairman of the Joint Chiefs of Staff General Colin Powell and served on the four-star staff of Admiral James O. Ellis Jr. and General Wesley Clark.A graduate of the Naval War College and former National Security Affairs Fellow at the Hoover Institution at Stanford University, Commander Ehr brings a rare combination of operational command experience and defense acquisition expertise to NeutronX."NeutronX and NextNRG are addressing one of the most critical vulnerabilities to our national security: the resilience of our power grid," stated Commander Ehr. "The mission to build resilient, intelligent, and autonomous energy infrastructure is not just a business imperative; it is a patriotic one. I am proud to advise a team that operates with the discipline and strategic foresight required to deliver on that mission."Following his naval service, Commander Ehr co-founded the George Washington Initiative, a nonprofit "information civil defense force" organization focused on countering disinformation, and has conducted humanitarian aid missions across Ukraine. His appointment underscores NeutronX's commitment to aligning technical innovation with operational and acquisition expertise.NeutronX is currently pursuing federal and defense-aligned resilient energy infrastructure opportunities, including distributed microgrid configurations integrating natural gas generation, solar PV, battery storage, and advanced control systems. The company is advancing competitive proposals focused on installation-level energy resilience and mission-critical reliability amid rising infrastructure demand.About NeutronX Corp.NeutronX Corp. builds autonomous, AI-driven infrastructure for next-generation power systems. Led by seasoned government and military executives, NeutronX specializes in securing and managing large-scale energy projects vital to U.S. national security. Learn more at neutronx.co.Press ContactNeutronX Corp. | info@neutronx.co | (305) 897-1654 View original content:https://www.prnewswire.com/news-releases/neutronx-welcomes-national-security-strategy-and-defense-acquisition-expert-commander-phil-ehr-us-navy-ret-to-board-of-advisors-302699586.htmlSOURCE NeutronX Corp.
Global Partners Reports Fourth-Quarter and Full-Year 2025 Financial Results
Related Quotes Global Partners LP Common Units Represen 48.50 0.13 0.27% Enter Symbols: Global Partners Reports Fourth-Quarter and Full-Year 2025 Financial Results WALTHAM, Mass., Feb. 27 /BusinessWire/ -- Global Partners LP (NYSE:GLP) ("Global Partners" or the "Partnership") today reported financial results for the fourth quarter and full year ended December 31, 2025. CEO Commentary "We closed 2025 with a fourth quarter that reflected the strength and resilience of our integrated platform," said Eric Slifka, President and Chief Executive Officer. "Built and refined over more than 90 years, our diversified business model and broad network provide a durable competitive advantage, positioning us to navigate market cycles and adapt to dynamic market conditions while meeting the needs of the markets, customers and communities we serve. "The flexibility of our business model was reflected in the strong fourth-quarter performance of our Gasoline Distribution and Station Operations segment, which helped to offset less favorable market conditions in our Wholesale segment," Slifka said. "As an owner, supplier, and operator of liquid energy terminals and retail fueling locations, our scale enables us to capture opportunities across the value chain, helping to balance segment variability and support consistent results over time." Slifka concluded, "Backed by a strong balance sheet and healthy cash flow generation, we enter 2026 focused on disciplined execution and continued investment in our diversified portfolio to enhance long-term value for our unitholders." Fourth-Quarter and Full-Year 2025 Financial Highlights Net income was $25.1 million, or $0.54 per diluted common limited partner unit, for the fourth quarter of 2025, compared with net income of $23.9 million, or $0.52 per diluted common limited partner unit, in the same period of 2024. Net income was $98.0 million, or $2.11 per diluted common limited partner unit, for full-year 2025 compared with net income of $110.3 million, or $2.41 per diluted common limited partner unit, for full-year 2024. Earnings before interest, taxes, depreciation and amortization (EBITDA) was $94.1 million in the fourth quarter of 2025 compared with $94.6 million in the same period of 2024. EBITDA was $378.8 million for full-year 2025 compared with $389.4 million for full-year 2024. Adjusted EBITDA was $94.8 million in the fourth quarter of 2025 versus $97.8 million in the same period of 2024. Adjusted EBITDA was $383.0 million for full-year 2025 versus $389.1 million for full-year 2024. Distributable cash flow (DCF) was $38.4 million in the fourth quarter of 2025 compared with $45.7 million in the same period of 2024. DCF was $189.1 million for full-year 2025 compared with $205.8 million for full-year 2024. Adjusted DCF was $38.8 million in the fourth quarter of 2025 compared with $46.1 million in the same period of 2024. Adjusted DCF was $190.9 million for full-year 2025 compared with $208.2 million for full-year 2024. Gross profit was $263.1 million in the fourth quarter of 2025 compared with $268.8 million in the same period of 2024. Gross profit was $1.1 billion for full-year 2025 and 2024. Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $295.7 million in the fourth quarter of 2025 compared with $302.0 million in the same period of 2024. Combined product margin was $1.2 billion for full-year 2025 and 2024. Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under "Use of Non-GAAP Financial Measures." Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months and 12 months ended December 31, 2025, and 2024. Gasoline Distribution and Station Operations (GDSO) segment product margin was $231.3 million in the fourth quarter of 2025 compared with $213.6 million in the same period of 2024. Product margin from gasoline distribution was $165.6 million compared with $145.7 million in the year-earlier period, primarily reflecting higher fuel margins (cents per gallon). Product margin from station operations was $65.7 million in the fourth quarter of 2025 compared with $67.9 million in the fourth quarter of 2024. Wholesale segment product margin was $58.3 million in the fourth quarter of 2025 compared with $79.8 million in the same period of 2024. Gasoline and gasoline blendstocks product margin decreased to $28.1 million in the fourth quarter of 2025 from $38.6 million in the same period of 2024, driven primarily by less favorable market conditions in gasoline. Product margin from distillates and other oils was $30.2 million in the fourth quarter of 2025 compared with $41.2 million in the same period of 2024, primarily due to less favorable market conditions. Commercial segment product margin was $6.0 million in the fourth quarter of 2025 compared with $8.6 million in the same period of 2024, primarily due to less favorable conditions in bunkering. Total sales were $4.6 billion in the fourth quarter of 2025 compared with $4.2 billion in the same period of 2024, primarily due to an increase in Wholesale volume sold, partially offset by a decrease in prices. Wholesale segment sales were $3.2 billion in the fourth quarter of 2025 compared with $2.7 billion in the same period of 2024. GDSO segment sales were $1.2 billion in the fourth quarter of 2025 compared with $1.3 billion in the same period of 2024. Commercial segment sales were $270.1 million in the fourth quarter of 2025 compared with $235.4 million in the same period of 2024. Total volume was 2.1 billion gallons in the fourth quarter of 2025 compared with 1.8 billion gallons in the same period of 2024. Wholesale segment volume was 1.6 billion gallons in the fourth quarter of 2025 compared with 1.3 billion gallons in the same period of 2024. GDSO volume was 369.0 million gallons in the fourth quarter of 2025 compared with 400.3 million gallons in the same period of 2024. Commercial segment volume was 144.4 million gallons in the fourth quarter of 2025 compared with 106.9 million gallons in the same period of 2024. Recent Developments Global Partners announced a cash distribution of $0.7600 per unit ($3.04 per unit on an annualized basis) on all of its outstanding common units from October 1, 2025 through December 31, 2025. The distribution was paid on February 13, 2026 to unitholders of record as of the close of business on February 9, 2026. Financial Results Conference Call Management will review the Partnership's fourth-quarter and full-year 2025 financial results in a teleconference call for analysts and investors today. Time: 10:00 a.m. ET Dial-in numbers: (877) 709-8155 (U.S. and Canada) (201) 689-8881 (International) The call also will be webcast live and archived on Global Partners' website, https://ir.globalp.com. About Global Partners LP Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global Partners operates or maintains dedicated storage at 54 liquid energy terminals-with connectivity to strategic rail, pipeline, and marine assets-spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global Partners owns, operates and/or supplies approximately 1,700 retail locations across the Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune's Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. Global Partners, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol "GLP." For additional information, visit www.globalp.com. Use of Non-GAAP Financial Measures Product Margin Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership's consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies. EBITDA and Adjusted EBITDA EBITDA and adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners' consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership's: compliance with certain financial covenants included in its debt agreements; financial performance without regard to financing methods, capital structure, income taxes or historical cost basis; ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners; operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities. Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and Global Partners' proportionate share of EBITDA related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies. Distributable Cash Flow and Adjusted Distributable Cash Flow Distributable cash flow is an important non-GAAP financial measure for the Partnership's limited partners since it serves as an indicator of Global Partners' success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership's partnership agreement (the "partnership agreement") is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership's general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow. Distributable cash flow as used in the partnership agreement also determines Global Partners' ability to make cash distributions on its incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership's financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global Partners' proportionate share of distributable cash flow related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership's ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement. Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership's distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies. Forward-looking Statements Certain statements and information in this press release may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global Partners' current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership's control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC). For additional information regarding known material factors that could cause actual results to differ from the Partnership's projected results, please see Global Partners' filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global Partners undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. GLOBAL PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per unit data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Sales $ 4,647,883 $ 4,186,238 $ 18,561,421 $ 17,163,566 Cost of sales 4,384,801 3,917,410 17,499,368 16,105,670 Gross profit 263,082 268,828 1,062,053 1,057,896 Costs and operating expenses: Selling, general and administrative expenses 80,921 79,427 305,702 292,073 Operating expenses 124,567 128,092 519,450 515,327 Amortization expense 1,269 2,129 5,332 8,275 Net (gain) loss on sale and disposition of assets (971 ) 1,115 (3,326 ) (9,494 ) Long-lived asset impairment - - 231 492 Total costs and operating expenses 205,786 210,763 827,389 806,673 Operating income 57,296 58,065 234,664 251,223 Other income (loss) and (expense): Income (loss) from equity method investments 1,438 358 4,509 (1,514 ) Interest expense (33,284 ) (34,417 ) (137,162 ) (134,773 ) Loss on early extinguishment of debt - - (2,971 ) - Income before income tax expense 25,450 24,006 99,040 114,936 Income tax expense (392 ) (148 ) (1,063 ) (4,609 ) Net income 25,058 23,858 97,977 110,327 Less: General partner's interest in net income, including incentive distribution rights 4,933 4,288 18,759 15,344 Less: Preferred limited partner interest in net income 1,781 1,781 7,124 9,575 Less: Redemption of Series A preferred limited partner units - - - 2,634 Net income attributable to common limited partners $ 18,344 $ 17,789 $ 72,094 $ 82,774 Basic net income per common limited partner unit (1) $ 0.54 $ 0.53 $ 2.13 $ 2.45 Diluted net income per common limited partner unit (1) $ 0.54 $ 0.52 $ 2.11 $ 2.41 Basic weighted average common limited partner units outstanding 33,805 33,708 33,871 33,840 Diluted weighted average common limited partner units outstanding 34,128 34,328 34,217 34,339 (1) Under the Partnership's partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership's undistributed net income or losses. Accordingly, the Partnership's undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest. Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit. GLOBAL PARTNERS LP CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) December 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 12,243 $ 8,208 Accounts receivable, net 530,142 472,591 Accounts receivable - affiliates 2,627 6,250 Inventories 549,118 594,072 Brokerage margin deposits 17,804 20,135 Derivative assets 17,067 13,710 Prepaid expenses and other current assets 98,486 92,414 Total current assets 1,227,487 1,207,380 Property and equipment, net 1,657,444 1,706,605 Right of use assets, net 378,358 302,199 Intangible assets, net 13,350 18,683 Goodwill 421,913 421,913 Equity method investments 113,755 92,709 Other assets 38,410 38,709 Total assets $ 3,850,717 $ 3,788,198 Liabilities and partners' equity Current liabilities: Accounts payable $ 573,202 $ 509,975 Working capital revolving credit facility - current portion 126,100 129,500 Lease liability - current portion 73,775 56,780 Environmental liabilities - current portion 7,193 7,704 Trustee taxes payable 83,801 66,753 Accrued expenses and other current liabilities 207,580 223,304 Derivative liabilities 4,540 6,105 Total current liabilities 1,076,191 1,000,121 Working capital revolving credit facility - less current portion 100,000 100,000 Revolving credit facility 103,500 167,000 Senior notes 1,232,723 1,186,723 Lease liability - less current portion 311,429 251,745 Environmental liabilities - less current portion 88,772 91,367 Financing obligations 128,505 134,475 Deferred tax liabilities 64,534 63,548 Other long-term liabilities 69,520 76,606 Total liabilities 3,175,174 3,071,585 Partners' equity 675,543 716,613 Total liabilities and partners' equity $ 3,850,717 $ 3,788,198 GLOBAL PARTNERS LP FINANCIAL RECONCILIATIONS (In thousands) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2025 2024 2025 2024 Reconciliation of gross profit to product margin: Wholesale segment: Gasoline and gasoline blendstocks $ 28,133 $ 38,605 $ 205,576 $ 181,802 Distillates and other oils 30,190 41,200 116,098 110,430 Total 58,323 79,805 321,674 292,232 Gasoline Distribution and Station Operations segment: Gasoline distribution 165,622 145,672 574,052 578,737 Station operations 65,720 67,914 271,936 281,745 Total 231,342 213,586 845,988 860,482 Commercial segment 6,036 8,655 26,284 31,354 Combined product margin 295,701 302,046 1,193,946 1,184,068 Depreciation allocated to cost of sales (32,619 ) (33,218 ) (131,893 ) (126,172 ) Gross profit $ 263,082 $ 268,828 $ 1,062,053 $ 1,057,896 Reconciliation of net income to EBITDA and adjusted EBITDA: Net income $ 25,058 $ 23,858 $ 97,977 $ 110,327 Depreciation and amortization 35,318 36,180 142,583 139,685 Interest expense 33,284 34,417 137,162 134,773 Income tax expense 392 148 1,063 4,609 EBITDA (1) 94,052 94,603 378,785 389,394 Net (gain) loss on sale and disposition of assets (971 ) 1,115 (3,326 ) (9,494 ) Long-lived asset impairment - - 231 492 (Income) loss from equity method investment (2) (1,193 ) (358 ) (2,318 ) 1,718 EBITDA related to equity method investment (2) 2,878 2,455 9,610 6,987 Adjusted EBITDA (1) $ 94,766 $ 97,815 $ 382,982 $ 389,097 Reconciliation of net cash provided by operating activities to EBITDA and adjusted EBITDA: Net cash provided by operating activities $ 101,048 $ 67,247 $ 284,804 $ 31,600 Net changes in operating assets and liabilities and certain non-cash items (40,672 ) (7,209 ) (44,244 ) 218,412 Interest expense 33,284 34,417 137,162 134,773 Income tax expense 392 148 1,063 4,609 EBITDA (1) 94,052 94,603 378,785 389,394 Net (gain) loss on sale and disposition of assets (971 ) 1,115 (3,326 ) (9,494 ) Long-lived asset impairment - - 231 492 (Income) loss from equity method investment (2) (1,193 ) (358 ) (2,318 ) 1,718 EBITDA related to equity method investment (2) 2,878 2,455 9,610 6,987 Adjusted EBITDA (1) $ 94,766 $ 97,815 $ 382,982 $ 389,097 Reconciliation of net income to distributable cash flow and adjusted distributable cash flow: Net income $ 25,058 $ 23,858 $ 97,977 $ 110,327 Depreciation and amortization 35,318 36,180 142,583 139,685 Amortization of deferred financing fees 1,861 1,873 7,454 7,449 Amortization of routine bank refinancing fees (1,225 ) (1,194 ) (4,939 ) (4,774 ) Maintenance capital expenditures (22,599 ) (14,985 ) (54,020 ) (46,889 ) Distributable cash flow (1)(3)(4) 38,413 45,732 189,055 205,798 (Income) loss from equity method investment (2) (1,193 ) (358 ) (2,318 ) 1,718 Distributable cash flow from equity method investment (2) 1,591 772 4,185 661 Adjusted distributable cash flow (1)(4) 38,811 46,146 190,922 208,177 Distributions to preferred unitholders (5) (1,781 ) (1,781 ) (7,124 ) (9,575 ) Adjusted distributable cash flow after distributions to preferred unitholders $ 37,030 $ 44,365 $ 183,798 $ 198,602 Reconciliation of net cash provided by operating activities to distributable cash flow and adjusted distributable cash flow: Net cash provided by operating activities $ 101,048 $ 67,247 $ 284,804 $ 31,600 Net changes in operating assets and liabilities and certain non-cash items (40,672 ) (7,209 ) (44,244 ) 218,412 Amortization of deferred financing fees 1,861 1,873 7,454 7,449 Amortization of routine bank refinancing fees (1,225 ) (1,194 ) (4,939 ) (4,774 ) Maintenance capital expenditures (22,599 ) (14,985 ) (54,020 ) (46,889 ) Distributable cash flow (1)(3)(4) 38,413 45,732 189,055 205,798 (Income) loss from equity method investment (2) (1,193 ) (358 ) (2,318 ) 1,718 Distributable cash flow from equity method investment (2) 1,591 772 4,185 661 Adjusted distributable cash flow (1)(4) 38,811 46,146 190,922 208,177 Distributions to preferred unitholders (5) (1,781 ) (1,781 ) (7,124 ) (9,575 ) Adjusted distributable cash flow after distributions to preferred unitholders $ 37,030 $ 44,365 $ 183,798 $ 198,602 (1) EBITDA, adjusted EBITDA, distributable cash flow ("DCF") and adjusted DCF include a loss on early extinguishment of debt of $3.0 million for the twelve months ended December 31, 2025 related to the redemption of the Partnership's 7.00% senior notes due 2027. (2) Represents the Partnership's proportionate share of income or loss, EBITDA and DCF, as applicable, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. (3) As defined by the Partnership's partnership agreement, DCF is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. (4) DCF and adjusted DCF include a net gain (loss) on sale and disposition of assets and long-lived asset impairment of $1.0 million and ($1.1 million) for the three months ended December 31, 2025 and 2024, respectively, and $3.1 million and $9.0 million for the twelve months ended December 31, 2025 and 2024, respectively. DCF also includes income (loss) of $1.2 million and $0.4 million for the three months ended December 31, 2025 and 2024, respectively, and $2.3 million and ($1.7 million) for the twelve months ended December 31, 2025 and 2024, respectively, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. (5) Distributions to preferred unitholders represent the distributions payable to the Series A preferred unitholders and the Series B preferred unitholders earned during the period. Distributions on the Series A preferred units and the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year. On April 15, 2024, all of the Partnership's Series A preferred units were redeemed and are no longer outstanding. View source version on businesswire.com: https://www.businesswire.com/news/home/20260226872515/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Enterprise 2025 Schedule K-1 Tax Packages to Be Available March 3, 2026
Related Quotes Enterprise Products Partners L.P. 35.98 0.06 0.17% Enter Symbols: Enterprise 2025 Schedule K-1 Tax Packages to Be Available March 3, 2026 HOUSTON, Feb. 27 /BusinessWire/ -- Enterprise Products Partners L.P. (NYSE:EPD) announced that its 2025 tax packages, including schedule K-1s, will be available online beginning Tuesday, March 3, 2026. The 2025 tax packages may be accessed through the K-1 Tax Package Support website, www.Taxpackagesupport.com/enterprise. The partnership expects to mail the 2025 tax packages beginning Tuesday, March 3, 2026. For additional information, unitholders may call K-1 Tax Package Support toll free at (800) 599-9985 weekdays between 8 a.m. and 5 p.m. CT. Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership's assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260227982667/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Summit Midstream Corporation Schedules Fourth Quarter 2025 Earnings Call
HOUSTON, Feb. 27, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that it will report operating and financial results for the fourth quarter of 2025 on Monday, March 16, 2026, after the close of trading on the New York Stock Exchange. Fourth Quarter 2025 Earnings Call InformationSMC will host a conference call at 10:00 a.m. Eastern on March 17, 2026, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at the following link: Q4 2025 Summit Midstream Corporation Earnings Conference Call (https://register-conf.media-server.com/register/BI12ac80a058874aaa998fdc335346beed). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC's website at www.summitmidstream.com.About Summit Midstream CorporationSMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas.Forward-Looking StatementsThis press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could." In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 11, 2025, as amended and updated from time to time. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-midstream-corporation-schedules-fourth-quarter-2025-earnings-call-302699239.htmlSOURCE Summit Midstream Corporation
Calumet Reports Fourth Quarter and Fiscal Year 2025 Results
Fiscal Year 2025 net loss of $33.8 million, or basic loss per common share of $0.39Fiscal Year 2025 Adjusted EBITDA with Tax Attributes of $293.3 million$222 million of recourse debt reduction in 2025Strong free cash flow driven by approximately $100 million of cost reduction initiatives in 2025Record production year in Specialty Products & Solutions segment and Montana RenewablesMontana Renewables MaxSAF®150 expansion on track for second quarter of 2026INDIANAPOLIS, Feb. 27, 2026 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") today reported its results for the fourth quarter and year ended December 31, 2025, as follows: Three Months Ended December 31, Year Ended December 31, 2025202420252024(Dollars in millions, except per share data)Net loss$(37.3)$(40.7)$(33.8)$(222.0)Basic earnings (loss) per common share$(0.43)$(0.47)$(0.39)$(2.67)Adjusted EBITDA$48.4$66.6$211.2$229.3Adjusted EBITDA with Tax Attributes$69.3$66.6$293.3$229.3 Specialty Products and SolutionsPerformance BrandsMontana/RenewablesThree Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, 202520242025202420252024(Dollars in millions, except per barrel data)Gross profit (loss)$38.3$62.3$15.4$25.2$(56.7)$(3.9)Adjusted gross profit (loss)$97.8$59.1$14.4$25.7$(18.3)$20.6Adjusted EBITDA$88.5$51.9$5.4$16.3$(26.3)$12.4Adjusted EBITDA with Tax Attributes$88.5$51.9$5.4$16.3$(5.4)$12.4Gross profit (loss) per barrel$6.03$11.00$119.38$170.27$(24.32)$(1.87)Adjusted gross profit (loss) per barrel$15.39$10.43$111.63$173.65$(7.85)$9.87 Specialty Products and SolutionsPerformance BrandsMontana/RenewablesYear Ended December 31, Year Ended December 31, Year Ended December 31, 202520242025202420252024(Dollars in millions, except per barrel data)Gross profit (loss)$265.7$189.0$78.2$95.3$(98.2)$(53.5)Adjusted gross profit (loss)$327.8$243.4$81.8$98.6$(33.8)$57.5Adjusted EBITDA$291.8$222.5$47.9$57.4$(50.8)$22.3Adjusted EBITDA with Tax Attributes$291.8$222.5$47.9$57.4$31.3$22.3Gross profit (loss) per barrel$11.46$8.26$132.32$152.24$(10.63)$(6.14)Adjusted gross profit (loss) per barrel$14.13$10.64$138.41$157.51$(3.66)$6.60 "2025 was a defining year for Calumet," said Todd Borgmann, CEO. "Throughout the year, we materially reduced financial risk, strengthened our balance sheet, and positioned the company for its next phase of growth. Approximately $100 million of structural cost reductions, combined with continued commercial leadership and record production in both our Specialties and Montana Renewables businesses, enabled the paydown of $222 million of recourse debt and drove nearly 30% year-over-year EBITDA growth. Montana Renewables demonstrated its differentiated competitive position in one of the most challenging renewable diesel environments on record and is now poised to complete its MaxSAF™ 150 expansion in the second quarter. We enter 2026 with two proven, durable businesses, and a clear line of sight to continued growth and long-term value creation."Specialty Products and Solutions (SPS): The SPS segment reported Adjusted EBITDA of $88.5 million during the fourth quarter of 2025 compared to Adjusted EBITDA of $51.9 million for the same quarter a year ago. Segment results reflected strong specialty product sales, fixed cost reduction, enhanced production volumes, and year-over-year gains in fuels reflecting record production and strong margins. Performance Brands (PB): The PB segment reported Adjusted EBITDA of $5.4 million during the fourth quarter of 2025 versus Adjusted EBITDA of $16.3 million in the fourth quarter of 2024. Fourth quarter 2025 results reflected solid margin performance across the segment, including our TruFuel® brand. The fourth quarter 2024 results include Adjusted EBITDA from the Royal Purple® Industrial business, which was divested in March 2025. The fourth quarter 2024 results also include $2.7 million in insurance proceeds that did not repeat in the fourth quarter 2025.Montana/Renewables (MR): The MR segment reported $(5.4) million of Adjusted EBITDA with Tax Attributes during the fourth quarter of 2025 compared to Adjusted EBITDA with Tax Attributes of $12.4 million in the prior year period. The MR segment continued to benefit from significant operating cost reductions compared to the prior year period, partially offset by low industry renewable diesel margins. The MR segment also reflected insurance proceeds of $19.6 million in the fourth quarter of 2024 that did not reoccur in the fourth quarter of 2025.On February 3, 2026, the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations under Section 45Z of the Internal Revenue Code, providing clarification on the calculation and eligibility requirements for the Clean Fuel Production Credit (CRPCs). An additional $8.4 million in 2025 CFPCs were generated based on updates made to our estimates in the first quarter of 2026.Corporate: Total corporate costs represent $(19.2) million of Adjusted EBITDA for the fourth quarter 2025. This compares to $(14.0) million of Adjusted EBITDA in the fourth quarter 2024. January 2026 Refinancing ActivitiesIn January 2026, Calumet announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), closed their private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $405 million in aggregate principal amount of 9.75% Senior Notes due 2031 (the 2031 "Notes"). The Offering was upsized to $405 million in aggregate principal amount of 2031 Notes from the original offering size of $350 million in aggregate principal amount of 2031 Notes. Calumet used all of the net proceeds from the Offering, together with cash on hand and borrowings under its revolving credit facility, to redeem all of the Issuers' outstanding 11.00% Senior Notes due 2026 and all of the Issuers' outstanding 8.125% Senior Notes due 2027. Also in January 2026, the Company announced that it amended its existing asset-based loan (ABL) facility to extend the maturity date from January 2027 to January 2031. The amended facility provides for total commitments of $500 million, subject to borrowing base limitations, and is led by Bank of America, N.A., as agent for a group of lenders. Operations SummaryThe following table sets forth information about the Company's continuing operations after giving effect to the elimination of all intercompany activity. Facility production volume differs from sales volume due to changes in inventories and the sale of purchased blendstocks such as ethanol and specialty blendstocks, as well as the resale of crude oil.Three Months Ended December 31, Year Ended December 31, 2025202420252024(In bpd)Total sales volume (1)95,82985,88290,46888,007Facility production:Specialty Products and Solutions:Lubricating oils12,92212,59112,01211,927Solvents7,0787,3977,6757,494Waxes1,4961,4521,4051,415Fuels, asphalt and other by-products45,93739,81239,53736,390Total Specialty Products and Solutions67,43361,25260,62957,226Montana/Renewables:Gasoline3,3623,6603,4803,556Diesel2,5412,9032,6422,830Jet fuel371338525472Asphalt, heavy fuel oils and other3,3663,6673,7793,983Renewable fuels11,8957,86511,2709,848Total Montana/Renewables21,53518,43321,69620,689Performance Brands1,4181,6921,5701,739Total facility production90,38681,37783,89579,654__________________(1) Total sales volume includes sales from the production at our facilities and certain third-party facilities pursuant to supply and/or processing agreements, sales of inventories and the resale of crude oil to third-party customers. Total sales volume includes the sale of purchased blendstocks.Webcast InformationA conference call is scheduled for 9:00 a.m. ET on February 27, 2026, to discuss the financial and operational results for the fourth quarter and fiscal year 2025. Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides, available on Calumet's website at www.calumet.investorroom.com/events. Interested parties may also participate in the call by dialing 844-695-5524 (U.S.) or 1-412-317-0700 (International). A replay of the conference call will be available a few hours after the event on the investor relations section of Calumet's website, under the events and presentations section and will remain available for at least 90 days.About CalumetCalumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.Cautionary Statement Regarding Forward-Looking StatementsCertain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding (i) demand for finished products in markets we serve, (ii) our expectation regarding our business outlook and cash flows, including with respect to the Montana Renewables business and our plans to de-leverage our balance sheet, (iii) our ability to monetize federal clean fuel production tax credits ("CFPCs") under Section 45Z of the Internal Revenue Code and the price we expect to receive for CFPCs, (iv) our expectation regarding anticipated capital expenditures and strategic initiatives and (v) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditures. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our current expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisition or disposition transactions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ materially from those in the forward-looking statements include: the overall demand for specialty products, fuels, renewable fuels and other refined products; the level of foreign and domestic production of crude oil and refined products; our ability to produce specialty products, fuel products, and renewable fuel products that meet our customers' unique and precise specifications; the marketing of alternative and competing products; the impact of fluctuations and rapid increases or decreases in crude oil and crack spread prices, including the resulting impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with financial covenants contained in our debt instruments; the availability of, and our ability to consummate, acquisition or combination opportunities and the impact of any completed acquisitions; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets, businesses or third-party product supply and processing relationships; our ability to timely and effectively integrate the operations of acquired businesses or assets, particularly those in new geographic areas or in new lines of business; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit lines from our suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; our ability to access sufficient crude oil supply through long-term or month-to-month evergreen contracts and on the spot market; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations, including guidance related to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the costs of complying with the Renewable Fuel Standard, including the prices paid for renewable identification numbers ("RINs"); our ability to sell, and the prices received for, CFPCs; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; our ability to access the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market, business or political conditions, including inflationary pressures, instability in financial institutions, general economic slowdown or a recession, political tensions, conflicts and war (such as the ongoing conflicts in Ukraine and the Middle East and their regional and global ramifications).For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K and our other filings with the SEC.We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Certain public statements made by us and our representatives on the date hereof may also contain forward-looking statements, which are qualified in their entirety by the cautionary statements contained above.Non-GAAP Financial MeasuresOur management uses certain non-GAAP performance measures to analyze operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with generally accepted accounting principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include performance measures along with certain key operating metrics.We use the following financial performance measures:EBITDA: We define EBITDA for any period as net income (loss) plus interest expense (including amortization of debt issuance costs), income taxes and depreciation and amortization. We believe net income (loss) is the most directly comparable GAAP measure to EBITDA.Adjusted EBITDA: We define Adjusted EBITDA for any period as: EBITDA adjusted for (a) impairment; (b) unrealized gains and losses from mark to market accounting for hedging activities; (c) realized gains and losses under derivative instruments excluded from the determination of net income (loss); (d) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (e) debt refinancing fees, extinguishment costs, premiums and penalties; (f) any net gain or loss realized in connection with an asset sale that was deducted in computing net income (loss); (g) amortization of turnaround costs; (h) LCM inventory adjustments; (i) the impact of liquidation of inventory layers calculated using the LIFO method; (j) RINs mark-to-market adjustments; (k) RINs incurrence expense; and (l) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense.We define Adjusted EBITDA with Tax Attributes for any period as Adjusted EBITDA plus the notional value of clean fuel production tax credits ("CFPCs"), less the difference between the notional value of any CFPCs sold and the amount realized from such sales.Specialty Products and Solutions segment Adjusted EBITDA Margin: We define Specialty Products and Solutions segment Adjusted EBITDA Margin for any period as Specialty Products and Solutions segment Adjusted EBITDA divided by Specialty Products and Solutions segment sales.Specialty Products and Solutions segment Adjusted gross profit (loss): We define Specialty Products and Solutions segment Adjusted gross profit (loss) for any period as Specialty Products and Solutions segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.Performance Brands segment Adjusted gross profit (loss): We define Performance Brands segment Adjusted gross profit (loss) for any period as Performance Brands segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.Montana/Renewables segment Adjusted gross profit (loss): We define Montana/Renewables segment Adjusted gross profit (loss) for any period as Montana/Renewables segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales.The definition of Adjusted EBITDA that is presented in this press release is similar to the calculation of (i) "Consolidated Cash Flow" contained in the indentures governing our each series of our 9.75% Senior Notes due 2028 (the "2028 Notes"), our 9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes") and our 9.75% Senor Notes due 2031 and (ii) "Consolidated EBITDA" contained in the credit agreement governing our revolving credit facility. We are required to report Consolidated Cash Flow to the holders of our 2028 Notes, 2029 Secured Notes and 2031 Notes and Consolidated EBITDA to the lenders under our revolving credit facility, and these measures are used by them to determine our compliance with certain covenants governing those debt instruments. Please see our filings with the SEC, including our most recent Annual Report on Form 10-K and Current Reports on Form 8-K, for additional details regarding the covenants governing our debt instruments.These non-GAAP measures are used as supplemental financial measures by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others, to assess:the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure;the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities; andour operating performance excluding the non-cash impact of LCM and LIFO inventory adjustments, RINs mark-to-market adjustments, RINs incurrence expense, and depreciation and amortization.We believe that these non-GAAP measures are useful to analysts and investors, as they exclude transactions not related to our core cash operating activities and provide metrics to analyze our ability to fund our capital requirements and to pay interest on our debt obligations. We believe that excluding these transactions allows investors to meaningfully analyze trends and performance of our core cash operations.EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) should not be considered alternatives to Net income (loss), Operating income (loss), Net cash provided by (used in) operating activities, gross profit (loss) or any other measure of financial performance presented in accordance with GAAP. In evaluating our performance as measured by EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) management recognizes and considers the limitations of these measurements. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes do not reflect our liabilities for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) are only a few of several measurements that management utilizes. Moreover, our EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) may not be comparable to similarly titled measures of another company because all companies may not calculate EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) in the same manner. Please see the section of this release entitled "Non-GAAP Reconciliations" for tables that present reconciliations of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Net income (loss), our most directly comparable GAAP financial performance measure; and segment Adjusted gross profit (loss) to segment gross profit (loss), our most directly comparable GAAP financial performance measure. CALUMET, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2025202420252024Sales$1,038.6$949.5$4,137.1$4,189.4Cost of sales1,041.6865.93,891.43,958.6Gross profit (loss)(3.0)83.6245.7230.8Operating costs and expenses:Selling12.512.047.955.7General and administrative39.244.5123.8145.5Taxes other than income taxes8.52.819.820.7Loss on impairment and disposal of assets1.32.01.32.0Gain on sale of business--(55.8)-Other operating income-(0.4)-(1.2)Operating income (loss)(64.5)22.7108.78.1Other income (expense):Interest expense(50.8)(61.4)(215.8)(236.7)Debt extinguishment costs(0.2)(0.1)(47.4)(0.4)Gain (loss) on derivative instruments13.1(0.3)8.79.3Other income (expense)13.3(2.2)19.4(1.5)Total other expense(24.6)(64.0)(235.1)(229.3)Net loss before income taxes(89.1)(41.3)(126.4)(221.2)Income tax (benefit) expense(51.8)(0.6)(92.6)0.8Net loss$(37.3)$(40.7)$(33.8)$(222.0)Earnings per share:Basic and diluted$(0.43)$(0.47)$(0.39)$(2.67)Weighted average number of common shares:Basic and diluted86,910,58086,089,97986,761,13983,146,680 CALUMET, INC.CONSOLIDATED BALANCE SHEETS(In millions, except share data)December 31, 2025December 31, 2024ASSETSCurrent assets:Cash and cash equivalents$125.1$38.1Restricted cash80.07.8Accounts receivable, net:Trade, less allowance for credit losses of $1.1 million and $1.1 million, respectively224.4241.7Other8.136.4232.5278.1Inventories385.2416.3Derivative assets6.7-Prepaid expenses and other current assets28.325.7Total current assets857.8766.0Property, plant and equipment, net1,353.01,438.8Goodwill140.5173.0Other intangible assets, net8.722.0Operating lease right-of-use assets224.2240.2Other noncurrent assets, net104.7118.2Total assets$2,688.9$2,758.2LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable$281.5$320.8Accrued interest payable46.145.4Accrued salaries, wages and benefits84.694.7Other taxes payable17.711.9Obligations under inventory financing agreements-32.0Current portion of RINs obligation169.3245.4Current portion of operating lease liabilities64.258.8Other current liabilities21.119.1Current portion of long-term debt156.235.5Total current liabilities840.7863.6Pension and postretirement benefit obligations3.84.0Other long-term liabilities92.8110.0Long-term operating lease liabilities161.4182.2Long-term debt, less current portion2,077.32,064.7Total liabilities$3,176.0$3,224.5Commitments and contingenciesRedeemable noncontrolling interest$245.6$245.6Stockholders' equity:Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 86,776,552 and 85,950,493 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.$0.9$0.9Additional paid-in capital838.8825.4Warrants: 2,000,000 warrants issued and outstanding as of December 31, 2025 and December 31, 2024.7.87.8Accumulated deficit(1,573.4)(1,539.0)Accumulated other comprehensive loss(6.8)(7.0)Total stockholders' equity(732.7)(711.9)Total liabilities and stockholders' equity$2,688.9$2,758.2 CALUMET, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)Year Ended December 31, 20252024Operating activitiesNet loss$(33.8)$(222.0)Adjustments to reconcile net loss to net cash provided by (used in) operating activities:Depreciation and amortization148.8149.0Amortization of turnaround costs41.038.0Non-cash interest expense42.68.0Debt extinguishment costs47.40.4RINs gain(76.1)(31.9)Unrealized (gain) loss on derivative instruments(24.1)5.9Loss on impairment and disposal of assets1.32.0Gain on sale of business(55.8)-Equity based compensation(4.5)14.6Lower of cost or market inventory adjustment16.27.0Other adjustments to reconcile net income (loss) to cash flow from operating activities9.0(7.0)Changes in assets and liabilitiesAccounts receivable47.08.0Inventories14.916.1Prepaid expenses and other current assets(2.1)17.9Turnaround costs(24.4)(20.6)Other assets(2.6)(5.6)Accounts payable(52.2)1.7Accrued interest payable0.7(5.2)Accrued salaries, wages and benefits14.64.0Other taxes payable5.7(1.6)Other liabilities(4.7)(25.1)Net cash provided by (used in) operating activities$108.9$(46.4)Investing activitiesAdditions to property, plant and equipment(52.3)(76.7)Proceeds from sale of business, net96.9-Purchases of investments(0.5)-Net cash provided by (used in) investing activities$44.1$(76.7)Financing activitiesProceeds from borrowings - revolving credit facility2,311.42,129.2Repayments of borrowings - revolving credit facility(2,503.5)(1,979.3)Proceeds from borrowings - MRL revolving credit agreement26.6159.1Repayments of borrowings - MRL revolving credit agreement(26.7)(172.1)Proceeds from borrowings - senior notes100.0554.4Repayments of borrowings - senior notes(230.0)(592.5)Payments on finance lease obligations(1.0)(1.1)Proceeds from inventory financing362.9671.3Payments on inventory financing(398.1)(708.5)Proceeds from DOE Loan781.8-Proceeds from asset financing arrangements160.0144.7Payments on asset financing arrangements(61.2)-Repayments of borrowings - MRL Asset Financing Arrangements(396.1)-Repayments of borrowings - MRL Term Loan Credit Agreement(86.0)-Debt issuance costs and debt discount(28.1)(9.4)Payments on other financing obligations(5.8)(41.5)Net cash provided by financing activities6.2154.3Net increase in cash, cash equivalents and restricted cash159.231.2Cash, cash equivalents and restricted cash at beginning of period45.914.7Cash, cash equivalents and restricted cash at end of period$205.145.9Cash and cash equivalents$125.1$38.1Restricted cash$80.0$7.8Supplemental disclosure of cash flow informationInterest paid, net of capitalized interest$172.4$232.0Supplemental disclosure of non-cash investing activitiesNon-cash property, plant and equipment additions$43.1$30.7 CALUMET, INC.NON-GAAP RECONCILIATIONSRECONCILIATION OF NET INCOME (LOSS)TO EBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA WITH TAX ATTRIBUTES(In millions)Three Months Ended December 31, Year Ended December 31, 2025202420252024(Unaudited)Reconciliation of Net income (loss) to EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes:Net income (loss)$(37.3)$(40.7)$(33.8)$(222.0)Add:Interest expense50.861.4215.8236.7Depreciation and amortization35.540.9148.9149.0Income tax expense(51.8)(0.6)(92.6)0.8EBITDA$(2.8)$61.0$238.3$164.5Add:LCM / LIFO loss$16.8$3.4$19.9$12.3Unrealized (gain) loss on derivative instruments(14.9)5.2(24.0)(47.1)Debt extinguishment costs0.20.147.40.4Amortization of turnaround costs9.19.541.038.0Loss on impairment and disposal of assets1.32.01.32.0Gain on sale of business--(55.8)-RINs incurrence (gain) expense25.410.0(232.0)34.5RINs mark-to-market (gain) loss10.9(40.3)156.0(66.4)Equity-based compensation and other items8.315.314.419.7Other (1)(10.2)3.4(8.1)75.5Noncontrolling interest adjustments4.3(3.0)12.8(4.1)Adjusted EBITDA$48.4$66.6$211.2$229.3 Tax attributes (2)20.9-82.1-Adjusted EBITDA with Tax Attributes$69.3$66.6$293.3$229.3__________________(1) For the year ended December 31, 2024, other non-recurring expenses included a $51.3 million realized loss on derivatives related to the embedded derivatives for our inventory financing arrangements.(2) Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs. The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate. CALUMET, INC.NON-GAAP RECONCILIATIONSRECONCILIATION OF MONTANA/RENEWABLES SEGMENT NET INCOME (LOSS)TO SEGMENT ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA WITH TAX ATTRIBUTES(In millions)Year Ended December 31, 202520242023Reconciliation of Montana/Renewables Segment Net income (loss) to Segment Adjusted EBITDA and Segment Adjusted EBITDA with Tax Attributes:Montana/Renewables Segment Net loss$(145.1)$(158.4)$(137.0)Add:Depreciation and amortization$109.5$106.8$95.2LCM / LIFO loss1.711.535.7Loss on impairment and disposal of assets-1.13.5Interest expense63.870.465.4Debt extinguishment costs47.5-0.4Unrealized gain on derivatives--(4.6)RINs incurrence (gain) expense(94.1)5.622.3RINs mark-to-market (gain) loss47.4(21.4)(89.1)Other(6.3)10.857.5Equity-based compensation and other items5.6--Income tax benefit(93.6)--Noncontrolling interest adjustments12.8(4.1)3.2Montana/Renewables Segment Adjusted EBITDA$(50.8)$22.3$52.5Tax attributes (1)82.1--Montana/Renewables Segment Adjusted EBITDA with Tax Attributes$31.3$22.3$52.5__________________ (1) Tax attribute amounts reflect 100% of the notional value of CFPCs generated for each respective period presented less any discounts on the sale of CFPCs. The CFPCs can be realized by applying the credits to the Company's federal income tax liability or sold in a secondary market at a discounted rate. CALUMET, INC.RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS)TO SEGMENT ADJUSTED GROSS PROFIT(In millions, except per barrel data)Three Months Ended December 31, Year Ended December 31, 2025202420252024(Unaudited)Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss):Specialty Products and Solution segment gross profit$38.3$62.3$265.7$189.0LCM/LIFO inventory (gain) loss11.8(1.1)17.40.2RINs incurrence (gain) expense20.78.5(137.9)28.9RINs mark to market (gain) loss9.2(28.1)108.6(45.0)Depreciation and amortization17.817.574.070.3Specialty Products and Solutions segment Adjusted gross profit$97.8$59.1$327.8$243.4Performance Brands segment gross profit$15.4$25.2$78.2$95.3LCM/LIFO inventory (gain) loss(1.7)(0.2)0.80.6Depreciation and amortization0.70.72.82.7Performance Brands segment Adjusted gross profit$14.4$25.7$81.8$98.6Montana/Renewables segment gross profit (loss)$(56.7)$(3.9)$(98.2)$(53.5)LCM/LIFO inventory (gain) loss6.74.71.711.5Loss on firm purchase commitments---8.5RINs incurrence (gain) expense4.71.5(94.1)5.6RINs mark to market (gain) loss1.7(12.2)47.4(21.4)Depreciation and amortization25.330.5109.4106.8Montana/Renewables segment Adjusted gross profit (loss)$(18.3)$20.6$(33.8)$57.5Reported Specialty Products and Solutions segment gross profit per barrel$6.03$11.00$11.46$8.26LCM/LIFO inventory (gain) loss per barrel1.86(0.19)0.750.01RINs incurrence (gain) expense per barrel3.261.50(5.95)1.26RINs mark to market (gain) loss per barrel1.45(4.96)4.68(1.97)Depreciation and amortization per barrel2.793.083.193.08Specialty Products and Solutions segment Adjusted gross profit per barrel$15.39$10.43$14.13$10.64Reported Performance Brands segment gross profit per barrel$119.38$170.27$132.32$152.24LCM/LIFO inventory (gain) loss per barrel(13.18)(1.35)1.350.96Depreciation and amortization per barrel5.434.734.744.31Performance Brands segment Adjusted gross profit per barrel$111.63$173.65$138.41$157.51Reported Montana/Renewables segment gross profit (loss) per barrel$(24.32)$(1.87)$(10.63)$(6.14)LCM/LIFO inventory (gain) loss per barrel2.872.250.181.32Loss on firm purchase commitments per barrel---0.98RINs incurrence (gain) expense per barrel2.020.72(10.19)0.65RINs mark to market (gain) loss per barrel0.73(5.85)5.13(2.45)Depreciation and amortization per barrel10.8514.6211.8512.24Montana/Renewables segment Adjusted gross profit (loss) per barrel$(7.85)$9.87$(3.66)$6.60Specialty Products and Solutions Adjusted EBITDA$88.5$51.9$291.8$222.5Specialty Products and Solutions sales675.9647.52,633.02,789.3Specialty Products and Solutions Adjusted EBITDA margin13.1%8.0%11.1%8.0% View original content:https://www.prnewswire.com/news-releases/calumet-reports-fourth-quarter-and-fiscal-year-2025-results-302699556.htmlSOURCE Calumet, Inc.
Range Increases Quarterly Dividend By 11%
Related Quotes Range Resources Corporation 39.09 0.04 0.10% Enter Symbols: Range Increases Quarterly Dividend By 11% FORT WORTH, Texas, Feb. 27, 2026 (GLOBE NEWSWIRE) -- RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that its Board of Directors declared a quarterly cash dividend on its common stock for the first quarter. A dividend of $0.10 per common share is payable on March 27, 2026 to stockholders of record at the close of business on March 13, 2026. This represents an 11% increase to Range's quarterly cash dividend and provides an annualized dividend of $0.40 per share. RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com. SOURCE:Range Resources Corporation Range Investor Contact: Laith Sando, SVP Corporate Strategy & Investor Relations 817-869-4267 lsando@rangeresources.com
Delek Logistics Reports Record Fourth Quarter 2025 Results
Related Quotes Delek Logistics Partners L.P. Common Uni 53.475 1.185 2.27% Enter Symbols: Delek Logistics Reports Record Fourth Quarter 2025 Results Delek Logistics reported Net income of $47.3 million or $0.88 per unit Delivered record financial performance, Adjusted EBITDA of $142.3 million for the fourth quarter and $535.6 million for the year Progressed comprehensive acid gas injection (AGI) & sour gas treating solution at the Libby Gas Complex Initiated 2026 EBITDA Guidance of $520 - 560 million 2026 guidance reflects Increased economic separation from DK, as third-party EBITDA contribution to exceed 80% Continued our consistent distribution growth with our 52nd consecutive quarterly increase to $1.125/unit BRENTWOOD, Tenn., Feb. 27 /BusinessWire/ -- Delek Logistics Partners, LP (NYSE:DKL) ("Delek Logistics") today announced its financial results for the fourth quarter 2025. "Delek Logistics delivered another record year, driven by strong execution across our crude, gas, and water businesses and the continued dedication of our team," said Avigal Soreq, President of Delek Logistics' general partner. "2025 was a pivotal year for Delek Logistics, highlighted by the successful startup of the Libby 2 gas plant, acquisition of Gravity Water Midstream and the execution of strategic intercompany agreements, a combination of which has largely completed DKL's economic separation from its sponsor. We also made meaningful progress advancing sour gas gathering and acid gas injection capabilities, while achieving record crude gathering volumes in our Delaware Basin operations." "Based on this strong momentum, we are providing 2026 EBITDA guidance of $520 to $560 million, which includes ~$10 million in negative impact from Winter Storm Fern in the first quarter. In addition, we are proud to have delivered our 52nd consecutive quarterly distribution, marking 13 consecutive years of distribution growth," Soreq continued. "Looking ahead to 2026, we are increasingly optimistic about the opportunities in front of us, driven by the continued advancement of our integrated acid gas injection and sour gas treating solution at the Libby Complex. This industry leading sour gas solution will set DKL for multi year growth in the Delaware Basin and allow it to further expand its "Full-Suite" strategy. We remain committed to strengthening and growing Delek Logistics through a prudent management of liquidity and leverage, and a continued focus on long-term value creation for our unitholders," Mr. Soreq continued. Delek Logistics reported fourth quarter 2025 net income of $47.3 million or $0.88 per diluted common limited partner unit. This compares to net income of $35.3 million, or $0.68 per diluted common limited partner unit, in the fourth quarter 2024. Net cash provided by operating activities was $43.2 million in the fourth quarter 2025 compared to $49.9 million in the fourth quarter 2024. Distributable cash flow, as adjusted was $73.3 million in the fourth quarter 2025, compared to $69.5 million in the fourth quarter 2024. For the fourth quarter 2025, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $98.2 million compared to $80.9 million in the fourth quarter 2024. The fourth quarter 2025 EBITDA included $0.3 million of transaction costs, $(0.3) million of DPG inventory and $44.1 million of sales-type lease accounting impacts. For the fourth quarter 2025, Adjusted EBITDA was $142.3 million compared to $114.3 million in the fourth quarter 2024. Distribution and Liquidity On January 26, 2026, Delek Logistics declared a quarterly cash distribution of $1.125 per common limited partner unit for the fourth quarter 2025. This distribution was paid on February 12, 2026 to unitholders of record on February 5, 2026. This represents a 0.4% increase from the third quarter 2025 distribution of $1.120 per common limited partner unit, and a 1.8% increase over Delek Logistics' fourth quarter 2024 distribution of $1.105 per common limited partner unit. As of December 31, 2025, Delek Logistics had total debt of approximately $2.3 billion and cash of $10.9 million and a leverage ratio of approximately 4.07x(1). Additional borrowing capacity under the $1.2 billion third party revolving credit facility was $0.9 billion. Consolidated Operating Results Adjusted EBITDA in the fourth quarter 2025 was $142.3 million compared to $114.3 million in the fourth quarter 2024. The $28.0 million increase in Adjusted EBITDA reflects the results of H2O Midstream and Gravity operations, as well as impacts from the W2W dropdown, and an increase in wholesale margins. Gathering and Processing Segment Adjusted EBITDA in the fourth quarter 2025 was $70.9 million compared with $66.0 million in the fourth quarter 2024. The increase was primarily due to incremental EBITDA from the Gravity and H2O Midstream acquisitions. Wholesale Marketing and Terminalling Segment Adjusted EBITDA in the fourth quarter 2025 was $20.9 million, compared with fourth quarter 2024 Adjusted EBITDA of $21.2 million. The decrease was primarily due to assignment of the Big Spring refinery marketing agreement to Delek Holdings, which was partially offset by an increase in wholesale margins. Storage and Transportation Segment Adjusted EBITDA in the fourth quarter 2025 was $34.7 million, compared with $17.8 million in the fourth quarter 2024. The increase was primarily due to increased interest income from sales-type leases. Investments in Pipeline Joint Ventures Segment During the fourth quarter 2025, income from equity method investments was $19.2 million compared to $11.3 million in the fourth quarter 2024. The increase was primarily due to the impacts of the W2W dropdown, partially offset by a decrease in income from our investments in our other joint ventures. Corporate Adjusted EBITDA in the fourth quarter 2025 was a loss of $10.0 million compared to a loss of $9.0 million in the fourth quarter 2024. Fourth Quarter 2025 Results | Conference Call Information Delek Logistics will hold a conference call to discuss its fourth quarter 2025 results on Friday, November 7, 2025 at 11:00 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekLogistics.com. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. An archived version of the replay will also be available at www.DelekLogistics.com for 90 days. About Delek Logistics Partners, LP Delek Logistics is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, the Delaware Basin and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline and other transportation services primarily for crude oil and natural gas customers, storage, wholesale marketing and terminalling services primarily for intermediate and refined product customers, and water disposal and recycling services. Delek US Holdings, Inc. ("Delek US") owns the general partner interest as well as a majority limited partner interest in Delek Logistics, and is also a significant customer. Safe Harbor Provisions Regarding Forward-Looking Statements This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These statements contain words such as "possible," "believe," "should," "could," "would," "predict," "plan," "estimate," "intend," "may," "anticipate," "will," "if," "expect" or similar expressions, as well as statements in the future tense. Forward-looking statements include, but are not limited to, anticipated performance and financial position; statements regarding future growth at Delek Logistics; distributions and the amounts and timing thereof; potential dropdown inventory; projected benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream acquisitions; expected earnings or returns from joint ventures or other acquisitions; expansion projects; ability to create long-term value for our unit holders; financial flexibility and borrowing capacity; and distribution growth. Investors are cautioned that the following important factors, including among others, may affect these forward-looking statements: the fact that a significant portion of Delek Logistics' revenue is derived from Delek US, thereby subjecting us to Delek US' business risks; political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; Delek Logistics' ability to realize cost reductions; the impact of adverse market conditions affecting the utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; risks and uncertainties with respect to the possible benefits of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity transactions, as well as from integration post-closing; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns, and other potential benefits; projected capital expenditures; scheduled turnaround activity; the results of our investments in joint ventures; and other risks as disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek Logistics undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof, except as required by applicable law or regulation. DPG Drop On May 1, 2025, Delek Holdings transferred the Delek Permian Gathering purchasing and blending business to Delek Logistics (the "DPG Dropdown"). In connection with the DPG Dropdown, Delek Logistics assumed all of Delek Holdings' rights and obligations to purchase crude oil under certain contracts associated with Delek Logistics' existing Midland Gathering System. In addition, line fill inventory amounting to $6.9 million was transferred to Delek Logistics. Total consideration included the cancellation of $58.8 million in existing receivables owed to Delek Logistics by Delek Holdings. Sales-Type Leases During the third quarter of 2024, Delek Logistics and Delek US renewed and amended certain commercial agreements. These amendments required the embedded leases within these agreements to be reassessed under Accounting Standards Codification 842, Leases. As a result of these amendments, certain of these agreements met the criteria to be accounted for as sales-type leases. Therefore, portions of our payments received for minimum volume commitments under agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues. Non-GAAP Disclosures Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include: Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income before interest, income taxes, depreciation and amortization, including amortization of customer contract intangible assets, which is included as a component of net revenues, and proportional interest, taxes, depreciation and amortization of equity method investments. Adjusted EBITDA - EBITDA adjusted for (i) significant, infrequently occurring transaction costs and (ii) throughput and storage fees associated with the lease component of commercial agreements subject to sales-type lease accounting. Distributable cash flow - calculated as net cash flow from operating activities adjusted for changes in assets and liabilities, maintenance capital expenditures net of reimbursements, sales-type lease receipts, net of income recognized and other adjustments not expected to settle in cash. Distributable cash flow, as adjusted - calculated as distributable cash flow adjusted to exclude significant, infrequently occurring transaction costs. Our EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted, measures are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess: Delek Logistics' operating performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or, in the case of EBITDA and Adjusted EBITDA, financing methods; the ability of our assets to generate sufficient cash flow to make distributions to our unitholders on a current and on-going basis; Delek Logistics' ability to incur and service debt and fund capital expenditures; and the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities. We believe that the presentation of these non-GAAP measures provide information useful to investors in assessing our financial condition and results of operations and assists in evaluating our ongoing operating performance and liquidity for current and comparative periods. Non-GAAP measures should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings, net cash provided by operating activities and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because EBITDA, Adjusted EBITDA, distributable cash flow and distributable cash flow, as adjusted may be defined differently by other partnerships in our industry, our definitions may not be comparable to similarly titled measures of other partnerships, thereby diminishing their utility. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. However, due to the inherent difficulty and impracticability of estimating certain amounts required by U.S. GAAP with a reasonable degree of certainty at this time without unreasonable effort and imprecision, we have not provided a reconciliation of forward-looking Adjusted EBITDA guidance. ___________________ (1) Leverage ratio as of December 31, 2025 includes adjustments relating to timing of debt settlements with our sponsor and our updated definition of EBITDA to include proportional EBITDA of our equity method investments. Delek Logistics Partners, LP Consolidated Balance Sheets (Unaudited) (In thousands, except unit data) December 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 10,892 $ 5,384 Accounts receivable 114,544 54,725 Accounts receivable from related parties 216,641 33,313 Lease receivable - affiliate 36,362 22,783 Inventory 17,913 5,427 Other current assets 4,416 24,260 Total current assets 400,768 145,892 Property, plant and equipment: Property, plant and equipment 1,827,530 1,375,391 Less: accumulated depreciation (403,523 ) (311,070 ) Property, plant and equipment, net 1,424,007 1,064,321 Equity method investments 340,070 317,152 Customer relationship intangibles, net 233,022 186,911 Other intangibles, net 137,439 94,547 Goodwill 12,203 12,203 Operating lease right-of-use assets 11,683 16,654 Finance lease right-of-use assets 27,802 883 Net lease investment - affiliate 185,656 193,126 Other non-current assets 6,618 9,870 Total assets $ 2,779,268 $ 2,041,559 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 292,908 $ 41,380 Interest payable 30,557 30,665 Excise and other taxes payable 16,569 6,764 Current portion of operating lease liabilities 3,027 5,117 Current portion of finance lease liabilities 8,310 223 Accrued expenses and other current liabilities 5,122 4,629 Total current liabilities 356,493 88,778 Non-current liabilities: Long-term debt, net of current portion 2,344,420 1,875,397 Operating lease liabilities, net of current portion 3,551 6,004 Finance lease liabilities, net of current portion 20,289 613 Asset retirement obligations 24,278 15,639 Other non-current liabilities 24,123 19,600 Total non-current liabilities 2,416,661 1,917,253 Total liabilities 2,773,154 2,006,031 Equity: Common unitholders - public; 19,643,923 units issued and outstanding at December 31, 2025 (17,374,618 at December 31, 2024) 510,376 440,957 Common unitholders - Delek Holdings; 33,868,203 units issued and outstanding at December 31, 2025 (34,111,278 at December 31, 2024) (504,262 ) (405,429 ) Total equity 6,114 35,528 Total liabilities and equity $ 2,779,268 $ 2,041,559 Delek Logistics Partners, LP Consolidated Statement of Income and Comprehensive Income (Unaudited) (In thousands, except unit and per unit data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net revenues: Affiliate $ 128,051 $ 106,430 $ 499,471 $ 517,782 Third party 127,715 103,433 513,852 422,854 Net revenues 255,766 209,863 1,013,323 940,636 Cost of sales: Cost of materials and other - affiliate 82,374 69,359 342,237 349,321 Cost of materials and other - third party 48,788 35,114 167,062 134,414 Operating expenses (excluding depreciation and amortization presented below) 45,125 33,125 166,752 122,020 Depreciation and amortization 35,597 23,253 122,102 91,135 Total cost of sales 211,884 160,851 798,153 696,890 Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 340 145 1,625 714 General and administrative expenses 6,311 9,320 28,639 35,944 Depreciation and amortization 391 1,216 3,498 5,240 Other operating expense (income), net 399 316 (436 ) (978 ) Total operating costs and expenses 219,325 171,848 831,479 737,810 Operating income 36,441 38,015 181,844 202,826 Interest income (39,716 ) (24,294 ) (112,517 ) (47,792 ) Interest expense 48,493 38,413 179,296 150,960 Income from equity method investments (19,229 ) (11,327 ) (61,793 ) (43,301 ) Other income, net (86 ) (28 ) (60 ) (205 ) Total non-operating expenses, net (10,538 ) 2,764 4,926 59,662 Income before income taxes 46,979 35,251 176,918 143,164 Income tax (benefit) expense (313 ) (54 ) 458 479 Net income 47,292 35,305 176,460 142,685 Comprehensive income 47,292 35,305 $ 176,460 $ 142,685 Less: Preferred unitholder's interest in net income - 768 - 768 Net income attributable to limited partners $ 47,292 $ 34,537 $ 176,460 $ 141,917 Net income per unit: Basic $ 0.88 $ 0.68 $ 3.30 $ 2.99 Diluted $ 0.88 $ 0.68 $ 3.30 $ 2.99 Weighted average common units outstanding: Basic 53,487,965 51,038,367 53,501,020 47,452,138 Diluted 53,550,872 51,068,930 53,552,206 47,479,248 Delek Logistics Partners, LP Condensed Consolidated Statements of Cash Flows (In thousands) Three Months Ended December 31, Year Ended December 31, (Unaudited) 2025 2024 2025 2024 Cash flows from operating activities Net cash provided by operating activities $ 43,205 $ 49,898 $ 237,115 $ 206,339 Cash flows from investing activities Net cash used in investing activities (32,539 ) (70,051 ) (444,200 ) (384,579 ) Cash flows from financing activities Net cash (used in) provided by financing activities (6,686 ) 18,220 212,593 179,869 Net increase (decrease) in cash and cash equivalents 3,980 (1,933 ) 5,508 1,629 Cash and cash equivalents at the beginning of the period 6,912 7,317 5,384 3,755 Cash and cash equivalents at the end of the period $ 10,892 $ 5,384 $ 10,892 $ 5,384 Delek Logistics Partners, LP Reconciliation of Amounts Reported Under U.S. GAAP (Unaudited) (In thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Reconciliation of Net Income to EBITDA: Net income $ 47,292 $ 35,305 $ 176,460 $ 142,685 Add: Income tax (benefit) expense (313 ) (54 ) 458 479 Depreciation and amortization 35,988 24,469 125,600 96,375 Amortization of marketing contract intangible - - - 4,206 Proportional interest, taxes, depreciation and amortization from equity-method investments 6,474 7,045 26,357 15,797 Interest expense, net 8,777 14,119 66,779 103,168 EBITDA 98,218 80,884 395,654 362,710 Asset Impairment - - 2,802 - Throughput and storage fees for sales-type leases 44,059 30,663 129,706 59,635 DPG Inventory Impact (339 ) - 661 - Transaction costs 336 2,740 6,744 11,416 Adjusted EBITDA $ 142,274 $ 114,287 $ 535,567 $ 433,761 Reconciliation of net cash from operating activities to distributable cash flow: Net cash provided by operating activities $ 43,205 $ 49,898 $ 237,115 $ 206,339 Changes in assets and liabilities 26,688 17,601 41,729 48,769 Non-cash lease expense (1,200 ) (2,423 ) (6,245 ) (8,112 ) Net distributions from equity method investments in investing activities 1,391 900 13,559 4,277 Regulatory and sustaining capital expenditures not distributable (4,965 ) (4,976 ) (15,808 ) (12,658 ) Reimbursement from Delek Holdings for capital expenditures 20 53 48 335 Sales-type lease receipts, net of income recognized 8,752 6,369 17,189 11,843 Accretion (833 ) (356 ) (2,617 ) (920 ) Deferred income taxes 191 (28 ) (255 ) (479 ) Gain on disposal of assets (259 ) (317 ) 3,602 6,410 Distributable Cash Flow 72,990 66,721 288,317 255,804 Transaction costs 336 2,740 6,744 11,416 Distributable Cash Flow, as adjusted (1) $ 73,326 $ 69,461 $ 295,061 $ 267,220 (1) Distributable cash flow adjusted to exclude transaction costs primarily associated with the H2O Midstream Acquisition and Gravity Acquisition. Delek Logistics Partners, LP Distributable Coverage Ratio Calculation (Unaudited) (In thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Distributions to partners of Delek Logistics, LP $ 60,201 $ 59,302 $ 239,031 $ 217,699 Distributable cash flow $ 72,990 $ 66,721 $ 288,317 $ 255,804 Distributable cash flow coverage ratio (1) 1.21x 1.13x 1.21x 1.18x Distributable cash flow, as adjusted 73,326 69,461 295,061 267,220 Distributable cash flow coverage ratio, as adjusted (2) 1.22x 1.17x 1.23x 1.23x (1) Distributable cash flow coverage ratio is calculated by dividing distributable cash flow by distributions to be paid in each respective period. (2) Distributable cash flow coverage ratio, as adjusted is calculated by dividing distributable cash flow, as adjusted for transaction costs by distributions to be paid in each respective period. Delek Logistics Partners, LP Segment Data (Unaudited) (In thousands) Three Months Ended December 31, 2025 Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate $ 41,500 $ 63,116 $ 23,435 $ - $ - $ 128,051 Third party 88,018 38,464 1,233 - - 127,715 Total revenue $ 129,518 $ 101,580 $ 24,668 $ - $ - $ 255,766 Adjusted EBITDA $ 70,888 $ 20,923 $ 34,716 $ 25,704 $ (9,956 ) $ 142,275 Asset Impairment - - - - - - Transaction costs - - - - 336 336 DPG Inventory Impact (339 ) - - - - (339 ) Throughput and storage fees for sales-type leases 13,137 4,368 26,554 - - 44,059 Segment EBITDA $ 58,090 $ 16,555 $ 8,162 $ 25,704 $ (10,292 ) $ 98,219 Depreciation and amortization $ 32,842 $ 750 $ 1,640 $ - $ 756 35,988 Proportional interest, taxes, depreciation and amortization from equity-method investments $ - $ - $ - $ 6,475 $ - 6,475 Interest income $ (10,468 ) $ (3,914 ) $ (25,334 ) $ - $ - (39,716 ) Interest expense $ - $ - $ - $ - $ 48,493 48,493 Income tax benefit (313 ) Net income $ 47,292 Three Months Ended December 31, 2024 Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate $ 36,771 $ 46,040 $ 23,619 $ - $ - $ 106,430 Third party 57,895 43,674 1,864 - - 103,433 Total revenue $ 94,666 $ 89,714 $ 25,483 $ - $ - $ 209,863 Adjusted EBITDA $ 65,960 $ 21,161 $ 17,798 $ 18,372 $ (9,004 ) $ 114,287 Transaction costs - - - - 2,740 2,740 Throughput and storage fees not included in revenue 13,629 5,156 11,878 - - 30,663 Segment EBITDA $ 52,331 $ 16,005 $ 5,920 $ 18,372 $ (11,744 ) $ 80,884 Depreciation and amortization $ 23,504 $ (887 ) $ 1,094 $ - $ 758 24,469 Proportional interest, taxes, depreciation and amortization from equity-method investments $ - $ - $ - $ 7,045 $ - 7,045 Amortization of marketing contract intangible $ - $ - $ - $ - $ - - Interest income (11,779 ) (4,839 ) (7,676 ) - - (24,294 ) Interest expense $ - $ - $ - $ - $ 38,413 38,413 Income tax expense (54 ) Net income $ 35,305 Year Ended December 31, 2025 Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate $ 170,330 $ 237,007 $ 92,134 $ - $ - $ 499,471 Third party 327,767 180,628 5,457 - - 513,852 Total revenue $ 498,097 $ 417,635 $ 97,591 $ - $ - $ 1,013,323 Adjusted EBITDA $ 312,734 $ 83,354 $ 85,395 $ 88,150 $ (34,066 ) $ 535,567 - 2,802 - - - 2,802 Transaction costs - - - - 6,744 6,744 DPG Inventory Impact 661 - - - - 661 Throughput and storage fees for sales-type leases 52,546 17,618 59,542 - - 129,706 Segment EBITDA $ 259,527 $ 62,934 $ 25,853 $ 88,150 $ (40,810 ) $ 395,654 Depreciation and amortization 113,451 3,465 5,633 - 3,051 125,600 Proportional interest, taxes, depreciation and amortization from equity-method investments - - - 26,357 - 26,357 Interest income (43,764 ) (16,154 ) (52,599 ) - - (112,517 ) Interest expense - - - - 179,296 179,296 Income tax expense 458 Net income $ 176,460 Year Ended December 31, 2024 Gathering and Processing Wholesale Marketing and Terminalling Storage and Transportation Investments in Pipeline Joint Ventures Corporate and Other Consolidated Net revenues: Affiliate $ 180,763 $ 221,503 $ 115,516 $ - $ - $ 517,782 Third party 183,956 230,019 8,879 - - 422,854 Total revenue $ 364,719 $ 451,522 $ 124,395 $ - $ - $ 940,636 Adjusted EBITDA $ 233,423 $ 101,335 $ 72,081 $ 59,098 $ (32,176 ) $ 433,761 Transaction costs - - - - 11,416 11,416 Throughput and storage fees not included in revenue 26,273 9,606 23,756 - - 59,635 Segment EBITDA $ 207,150 $ 91,729 $ 48,325 $ 59,098 $ (43,592 ) $ 362,710 Depreciation and amortization 80,144 5,256 7,609 - 3,366 96,375 Proportional interest, taxes, depreciation and amortization from equity-method investments - - - 15,797 - 15,797 Amortization of marketing contract intangible - 4,206 - - - 4,206 Interest income (23,338 ) (8,546 ) (15,908 ) - - (47,792 ) Interest expense - - - - 150,960 150,960 Income tax expense 479 Net income $ 142,685 Delek Logistics Partners, LP Segment Capital Spending (In thousands) Three Months Ended December 31, Year Ended December 31, Gathering and Processing 2025 (1) 2024 2025 (1) 2024 Regulatory capital spending $ 321 $ - $ 596 $ - Sustaining capital spending 2,952 307 8,249 1,599 Growth capital spending 24,662 44,460 235,909 127,328 Segment capital spending 27,935 44,767 244,754 128,927 Wholesale Marketing and Terminalling Regulatory capital spending 329 385 474 791 Sustaining capital spending 291 1,119 874 1,936 Growth capital spending - - - - Segment capital spending 620 1,504 1,348 2,727 Storage and Transportation Regulatory capital spending 370 467 1,657 1,155 Sustaining capital spending 603 2,698 2,858 7,177 Growth capital spending 1,520 - 1,520 - Segment capital spending 2,493 3,165 6,035 8,332 Consolidated Regulatory capital spending 1,020 852 2,727 1,946 Sustaining capital spending 3,846 4,124 11,981 10,712 Growth capital spending 26,182 44,460 237,429 127,328 Total capital spending $ 31,048 $ 49,436 $ 252,137 $ 139,986 (1) Amounts exclude capitalized interest and internal labor costs of $2.6 million for the three months ended December 31, 2025 and $22.2 million for the year ended December 31, 2025. Delek Logistics Partners, LP Segment Operating Data (Unaudited) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Gathering and Processing Segment: Throughputs (average bpd) El Dorado Assets: Crude pipelines (non-gathered) 59,551 64,920 66,125 69,903 Refined products pipelines to Enterprise Systems 49,198 57,513 54,616 59,136 El Dorado Gathering System 8,483 13,883 9,454 11,568 East Texas Crude Logistics System 33,771 35,046 31,296 34,711 Midland Gathering System 237,681 200,705 219,782 217,847 Plains Connection System 206,493 360,725 182,523 333,405 Delaware Gathering Assets: Natural Gas Gathering and Processing (Mcfd(1)) 64,940 71,078 62,111 74,831 Crude Oil Gathering (average bpd) 140,790 123,346 138,575 123,978 Water Disposal and Recycling (average bpd) 98,040 144,414 107,415 128,539 Midland Water Gathering System: Water Disposal and Recycling (average bpd) (2) 613,869 274,361 587,419 280,955 Wholesale Marketing and Terminalling Segment: East Texas - Tyler Refinery sales volumes (average bpd) (3) 69,369 63,022 68,052 67,682 Big Spring marketing throughputs (average bpd) (4) - - - 44,999 West Texas marketing throughputs (average bpd) 10,753 7,472 8,737 5,828 West Texas gross margin per barrel $ 3.48 $ 4.35 $ 3.42 $ 3.18 Terminalling throughputs (average bpd) (5) 147,041 151,309 145,237 154,217 (1) Mcfd - average thousand cubic feet per day. (2) Consists of volumes of H2O Midstream and Gravity. 2024 H2O Midstream volumes are from September 11, 2024 through December 31, 2024. Gravity volumes are from January 2, 2025, to December 31, 2025. (3) Excludes jet fuel and petroleum coke. (4) Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings. (5) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, our El Dorado and North Little Rock, Arkansas terminals and our Memphis and Nashville, Tennessee terminals. View source version on businesswire.com: https://www.businesswire.com/news/home/20260227262842/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Delek US Holdings Reports Fourth Quarter 2025 Results
Related Quotes Delek US Holdings Inc 37.245 0.865 2.38% Delek Logistics Partners L.P. Common Uni 53.475 1.185 2.27% Enter Symbols: Delek US Holdings Reports Fourth Quarter 2025 Results Delek US reported fourth quarter net income of $78.3 million or $1.26 per share, adjusted net income of $143.0 million or $2.31 per share and adjusted EBITDA of $374.8 million Excluding the impacts of SREs, adjusted EPS was $0.44 per share and adjusted EBITDA was $225.5 million Further advanced key objectives of Enterprise Optimization Plan ("EOP") Increased the annual run-rate cash flow improvements to ~$200 million Recognized ~$50 million of improvements in 4Q'25 Announced restructuring of its Inventory Intermediation Agreement which will result in incremental free cash flow generation of at least $40 million Delek Logistics reported record financial performance and initiated 2026 adjusted EBITDA guidance of $520 million to $560 million Delek US purchased ~$20 million in DK common stock during the quarter Paid $15.3 million of dividends and announced regular quarterly dividend of $0.255 per share BRENTWOOD, Tenn., Feb. 27 /BusinessWire/ -- Delek US Holdings, Inc. (NYSE:DK) ("Delek US", "Company") today announced financial results for its fourth quarter ended December 31, 2025. "2025 has been a transformational year for DK in improving its cash flow profile through successful implementation of the Enterprise Optimization Plan, reducing the costs of Inventory Intermediation Agreements, and progressing its economic separation with Delek Logistics," said Avigal Soreq, President and Chief Executive Officer of Delek US. "We are very proud of the continuous improvement culture we are building at Delek and look forward to driving incremental free cash flow improvement through continued operational excellence, cost optimization, and disciplined capital allocation." "DKL continues to strengthen its premier position in the Permian Basin, supported by the ongoing ramp-up of our gas processing facilities and continued investment in sour gas handling, treating, and processing capabilities. The ongoing growth in third-party cash flows has allowed DKL to largely separate economically from DK while maintaining its strong organic growth reflected in DKL's 2026 guidance of $520 to $560 million. This guidance reflects the durability of DKL's platform, the benefits of DKL's strong three stream business model and its investments in creating a peer leading sour gas gathering and acid gas injection solution." "Looking ahead, we remain focused on operating safely and reliably, successfully completing our ongoing Big Spring turnaround, advancing our sum-of-the-parts strategy, enhancing cash flow generation, and delivering sustainable long-term value for shareholders while maintaining financial strength and flexibility," Soreq concluded. Delek US Results Three Months Ended December 31, Year Ended December 31, ($ in millions, except per share data) 2025 2024 2025 2024 Net income (loss) attributable to Delek $ 78.3 $ (413.8 ) $ (22.8 ) $ (560.4 ) Total diluted income (loss) per share $ 1.26 $ (6.55 ) $ (0.38 ) $ (8.77 ) Adjusted net income (loss) $ 143.0 $ (160.5 ) $ 399.7 $ (338.9 ) Adjusted net income (loss) per share $ 2.31 $ (2.54 ) $ 6.60 $ (5.31 ) Adjusted EBITDA $ 374.8 $ (15.2 ) $ 1,353.0 $ 341.8 Refining Segment The refining segment Adjusted EBITDA was $314.1 million in the fourth quarter 2025 compared with $(68.7) million in the same quarter last year, which reflects an increase in refining margin driven by increased crack spreads and continued benefit of the small refinery exemptions granted earlier this year. During the fourth quarter 2025, Delek US's benchmark crack spreads were up an average of 66.0% from prior-year levels. Adjusted EBITDA was also impacted favorably by other inventory impacts of $41.0 million and $43.9 million for fourth quarter 2025 and 2024, respectively. The regulatory relief received under the renewable fuel standards resulted in a reduction within cost of materials of $75.3 million in the fourth quarter bringing the YTD reduction to $356.1 million Logistics Segment The logistics segment Adjusted EBITDA in the fourth quarter 2025 was $141.9 million compared with $114.3 million in the prior-year quarter. The increase over last year's fourth quarter was driven by the impact of the W2W dropdown and incremental contribution due to the H2O Midstream Acquisition on September 11, 2024, the Gravity Acquisition on January 2, 2025, and the increase in wholesale margins. Shareholder Distributions On February 18, 2026, the Board of Directors approved the regular quarterly dividend of $0.255 per share that will be paid on March 9, 2026 to shareholders of record on March 2, 2026. Liquidity As of December 31, 2025, Delek US had a cash balance of $625.8 million and total consolidated long-term debt of $3,233.1 million, resulting in net debt of $2,607.3 million. As of December 31, 2025, Delek Logistics Partners, LP (NYSE:DKL) ("Delek Logistics") had $10.9 million of cash and $2,344.4 million of total long-term debt, which are included in the consolidated amounts on Delek US' balance sheet. Excluding Delek Logistics, Delek US had $614.9 million in cash and $888.7 million of long-term debt, or a $273.8 million net debt position. Fourth Quarter 2025 Results | Conference Call Information Delek US will hold a conference call to discuss its fourth quarter 2025 results on Friday, February 27, 2026 at 9:30 a.m. Central Time. Investors will have the opportunity to listen to the conference call live by going to www.DelekUS.com and clicking on the Investor Relations tab. Participants are encouraged to register at least 15 minutes early to download and install any necessary software. Presentation materials accompanying the call will be available on the investor relations tab of the Delek US website approximately ten minutes prior to the start of the call. For those who cannot listen to the live broadcast, the online replay will be available on the website for 90 days. Investors may also wish to listen to Delek Logistics' (NYSE: DKL) fourth quarter 2025 earnings conference call that will be held on Friday, February 27, 2026 at 11:00 a.m. Central Time and review Delek Logistics' earnings press release. Market trends and information disclosed by Delek Logistics may be relevant to the logistics segment reported by Delek US. Both a replay of the conference call and press release for Delek Logistics will be available online at www.deleklogistics.com. About Delek US Holdings, Inc. Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. The logistics operations include Delek Logistics Partners, LP (NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.3% (including the general partner interest) of Delek Logistics Partners, LP at December 31, 2025. Safe Harbor Provisions Regarding Forward-Looking Statements This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These statements contain words such as "possible," "believe," "should," "could," "would," "predict," "plan," "estimate," "intend," "may," "anticipate," "will," "if", "potential," "expect" or similar expressions, as well as statements in the future tense. These forward-looking statements include, but are not limited to, statements regarding anticipated performance and financial position; cost reductions; throughput at the Company's refineries; crude oil prices, discounts and quality and our ability to benefit therefrom; growth; scheduled turnaround activity; projected capital expenditures and investments into our business; liquidity and EBITDA impacts from strategic and intercompany transactions; the performance of our midstream growth initiatives, and the flexibility, benefits and expected returns therefrom; and projected benefits of Delek Logistics' acquisition of the Delaware Gathering, Permian Gathering, H2O Midstream and Gravity Water Midstream businesses. Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: political or regulatory developments, including tariffs, taxes and changes in governmental policies relating to crude oil, natural gas, refined products or renewables; uncertainty related to timing and amount of future share repurchases and dividend payments; risks and uncertainties with respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell, uncertainties regarding actions by OPEC and non-OPEC oil producing countries impacting crude oil production and pricing; risks and uncertainties related to the integration by Delek Logistics of the Delaware Gathering, Permian Gathering, H2O Midstream or Gravity businesses following their acquisition; Delek US' ability to realize cost reductions; risks related to exposure to Permian Basin crude oil, such as supply, pricing, gathering, production and transportation capacity; gains and losses from derivative instruments; risks associated with acquisitions and dispositions; risks and uncertainties with respect to the possible benefits of the H2O Midstream and Gravity transactions; acquired assets may suffer a diminishment in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; the possibility of litigation challenging and/or legislation changing renewable fuel standard waivers; changes in the scope, costs, and/or timing of capital and maintenance projects; the ability to grow the Midland Gathering System; the ability of the Red River joint venture to complete the expansion project to increase the Red River pipeline capacity; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks described in Delek US' filings with the United States Securities and Exchange Commission (the "SEC"), including risks disclosed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings and reports with the SEC. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which Delek US becomes aware of, after the date hereof, except as required by applicable law or regulation. Non-GAAP Disclosures: Our management uses certain "non-GAAP" operational measures to evaluate our operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with United States ("U.S.") Generally Accepted Accounting Principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include: Adjusting items - certain identified infrequently occurring items, non-cash items, and items that are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends; Adjusted net income (loss) - calculated as net income (loss) attributable to Delek US adjusted for relevant Adjusting items recorded during the period; Adjusted net income (loss) per share - calculated as Adjusted net income (loss) divided by weighted average shares outstanding, assuming dilution, as adjusted for any anti-dilutive instruments that may not be permitted for consideration in GAAP earnings per share calculations but that nonetheless favorably impact dilution; Earnings before interest, taxes, depreciation and amortization ("EBITDA") - calculated as net income (loss) attributable to Delek adjusted to add back interest expense, income tax expense, depreciation, amortization and proportional interest, taxes, depreciation and amortization of equity method investments; Adjusted EBITDA - calculated as EBITDA adjusted for the relevant identified Adjusting items in Adjusted net income (loss) that do not relate to interest expense, income tax expense, depreciation or amortization, and adjusted to include income (loss) attributable to non-controlling interests; Refining margin - calculated as gross margin (which we define as sales minus cost of sales) adjusted for operating expenses and depreciation and amortization included in cost of sales; Adjusted refining margin - calculated as refining margin adjusted for other inventory impacts, net inventory LCM valuation loss (benefit), unrealized hedging (gain) loss and intercompany lease impacts; Refining production margin - calculated based on the regional market sales price of refined products produced, less allocated transportation, Renewable Fuel Standard volume obligation and associated feedstock costs. This measure reflects the economics of each refinery exclusive of the financial impact of inventory price risk mitigation programs and marketing uplift strategies; Refining production margin per throughput barrel - calculated as refining production margin divided by our average refining throughput in barrels per day (excluding purchased barrels) multiplied by 1,000 and multiplied by the number of days in the period; and Net debt - calculated as long-term debt including both current and non-current portions (the most comparable GAAP measure) less cash and cash equivalents as of a specific balance sheet date. We believe these non-GAAP operational and financial measures are useful to investors, lenders, ratings agencies and analysts to assess our ongoing performance because, when reconciled to their most comparable GAAP financial measure, they provide improved relevant comparability between periods, to peers or to market metrics through the inclusion of retroactive regulatory or other adjustments as if they had occurred in the prior periods they relate to, or through the exclusion of certain items that we believe are not indicative of our core operating performance and that may obscure our underlying results and trends. "Net debt," also a non-GAAP financial measure, is an important measure to monitor leverage and evaluate the balance sheet. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. Additionally, because Adjusted net income or loss, Adjusted net income or loss per share, EBITDA and Adjusted EBITDA, Adjusted Refining Margin and Refining Production Margin or any of our other identified non-GAAP measures may be defined differently by other companies in its industry, Delek US' definition may not be comparable to similarly titled measures of other companies. See the accompanying tables in this earnings release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. Delek US Holdings, Inc. Condensed Consolidated Balance Sheets (Unaudited) ($ in millions, except share and per share data) December 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 625.8 $ 735.6 Accounts receivable, net 648.7 617.6 Inventories, net of inventory valuation reserves 726.0 893.2 Other current assets 67.5 85.5 Total current assets 2,068.0 2,331.9 Property, plant and equipment: Property, plant and equipment 5,586.9 4,948.4 Less: accumulated depreciation (2,314.4 ) (2,008.4 ) Property, plant and equipment, net 3,272.5 2,940.0 Operating lease right-of-use assets 71.4 92.2 Goodwill 475.3 475.3 Other intangibles, net 405.7 321.6 Equity method investments 427.7 392.9 Other non-current assets 127.1 111.9 Total assets $ 6,847.7 $ 6,665.8 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,633.8 $ 1,813.8 Current portion of long-term debt 9.5 9.5 Current portion of operating lease liabilities 27.2 43.2 Accrued expenses and other current liabilities 858.9 649.5 Total current liabilities 2,529.4 2,516.0 Non-current liabilities: Long-term debt, net of current portion 3,223.6 2,755.7 Obligation under Inventory Intermediation Agreement 119.5 408.7 Environmental liabilities, net of current portion 31.1 33.3 Asset retirement obligations 34.0 24.7 Deferred tax liabilities 217.9 214.8 Operating lease liabilities, net of current portion 46.1 54.8 Other non-current liabilities 98.8 82.6 Total non-current liabilities 3,771.0 3,574.6 Stockholders' equity: Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding - - Common stock, $0.01 par value, 110,000,000 shares authorized, 77,357,447 shares and 80,127,994 shares issued at December 31, 2025 and December 31, 2024, respectively 0.8 0.8 Additional paid-in capital 1,290.9 1,215.9 Accumulated other comprehensive loss - (4.1 ) Treasury stock, 17,575,527 shares, at cost, at December 31, 2025 and December 31, 2024, respectively (694.1 ) (694.1 ) Retained earnings (deficit) (311.1 ) (205.7 ) Non-controlling interests in subsidiaries 260.8 262.4 Total stockholders' equity 547.3 575.2 Total liabilities and stockholders' equity $ 6,847.7 $ 6,665.8 Delek US Holdings, Inc. Condensed Consolidated Statements of Income (Loss) (Unaudited) ($ in millions, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net revenues $ 2,429.4 $ 2,373.7 $ 10,722.9 $ 11,852.2 Cost of sales: Cost of materials and other 1,893.4 2,234.7 8,873.6 10,781.8 Operating expenses (excluding depreciation and amortization presented below) 214.2 183.5 862.9 763.8 Depreciation and amortization 95.9 90.1 374.3 349.7 Total cost of sales 2,203.5 2,508.3 10,110.8 11,895.3 Insurance proceeds - (5.6 ) (0.1 ) (20.6 ) Operating expenses related to wholesale business (excluding depreciation and amortization presented below) 2.0 (2.3 ) 9.0 3.4 General and administrative expenses 54.6 61.2 269.5 252.8 Depreciation and amortization 5.2 6.2 23.5 24.8 Asset impairment 1.4 212.2 17.7 243.5 Other operating income, net (1.9 ) (2.9 ) (8.5 ) (55.5 ) Total operating costs and expenses 2,264.8 2,777.1 10,421.9 12,343.7 Operating income (loss) 164.6 (403.4 ) 301.0 (491.5 ) Interest expense, net 82.2 68.9 345.3 313.0 Income from equity method investments (22.8 ) (14.8 ) (89.5 ) (92.2 ) Other expense (income), net 2.9 (5.2 ) 6.3 (6.3 ) Total non-operating expense, net 62.3 48.9 262.1 214.5 Income (loss) from continuing operations before income tax expense (benefit) 102.3 (452.3 ) 38.9 (706.0 ) Income tax expense (benefit) 4.2 (51.2 ) (6.8 ) (107.9 ) Income (loss) from continuing operations, net of tax 98.1 (401.1 ) 45.7 (598.1 ) Discontinued operations: (Loss) income from discontinued operations; including gain on sale of discontinued operations (1.2 ) (1.9 ) (3.0 ) 105.9 Income tax (benefit) expense (0.2 ) (0.9 ) (0.6 ) 28.7 (Loss) income from discontinued operations, net of tax (1.0 ) (1.0 ) (2.4 ) 77.2 Net income (loss) 97.1 (402.1 ) 43.3 (520.9 ) Net income attributed to non-controlling interests 18.8 11.7 66.1 39.5 Net income (loss) attributable to Delek $ 78.3 $ (413.8 ) $ (22.8 ) $ (560.4 ) Basic income (loss) per share: Income (loss) from continuing operations $ 1.32 $ (6.53 ) $ (0.34 ) $ (9.98 ) (Loss) income from discontinued operations (0.02 ) (0.02 ) $ (0.04 ) $ 1.21 Total basic income (loss) per share $ 1.30 $ (6.55 ) $ (0.38 ) $ (8.77 ) Diluted income (loss) per share: Income (loss) from continuing operations $ 1.28 $ (6.53 ) $ (0.34 ) $ (9.98 ) (Loss) income from discontinued operations (0.02 ) (0.02 ) $ (0.04 ) $ 1.21 Total diluted income (loss) per share $ 1.26 $ (6.55 ) $ (0.38 ) $ (8.77 ) Weighted average common shares outstanding: Basic 60,030,006 63,234,505 60,703,554 63,882,219 Diluted 61,926,891 63,234,505 60,703,554 63,882,219 Delek US Holdings, Inc. Condensed Consolidated Cash Flow Data (Unaudited) ($ in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Cash flows from operating activities: Cash provided by (used in) operating activities - continuing operations $ 503.8 $ (162.6 ) $ 538.2 $ (83.7 ) Cash (used in) provided by operating activities - discontinued operations (1.0 ) (0.9 ) (2.4 ) 16.9 Net cash provided by (used in) operating activities 502.8 (163.5 ) 535.8 (66.8 ) Cash flows from investing activities: Cash used in investing activities - continuing operations (116.9 ) (215.8 ) (697.9 ) (603.2 ) Cash provided by investing activities - discontinued operations - - - 361.7 Net cash used in investing activities (116.9 ) (215.8 ) (697.9 ) (241.5 ) Cash flows from financing activities: Cash (used in) provided by financing activities - continuing operations (391.0 ) 77.3 52.3 221.7 Net (used in) cash provided by financing activities (391.0 ) 77.3 52.3 221.7 Net decrease in cash and cash equivalents (5.1 ) (302.0 ) (109.8 ) (86.6 ) Cash and cash equivalents at the beginning of the period 630.9 1,037.6 735.6 822.2 Cash and cash equivalents at the end of the period 625.8 735.6 625.8 735.6 Working Capital Impacts Included in Cash Flows from Operating Activities from Continuing Operations ($ in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Favorable (unfavorable) cash flow working capital changes (1) $ 25.8 $ (71.1 ) $ (2.9 ) $ 39.2 (1) Includes obligations under the inventory intermediation agreement. Significant Transactions During the Quarter Impacting Results: Restructuring Costs In 2022, we announced that we are progressing a business transformation focused on enterprise-wide opportunities to improve the efficiency of our cost structure. For the fourth quarter 2025, we recorded restructuring costs totaling $18.8 million ($14.6 million after-tax) associated with our business transformation. Restructuring costs of $10.4 million are recorded in general and administrative expenses, $5.7 million are included in operating expenses, and $2.7 million are included in other operating (income) and expense in our condensed consolidated statements of income. General and Administrative Expenses Excluding transaction costs and restructuring costs, general and administrative expenses were $43.4 million for the three months ended December 31, 2025. Citi Inventory Intermediation Agreement Amendment In the fourth quarter, we amended the Inventory Intermediation Agreement, further reducing interest expense and other associated fees while increasing our flexibility on liquidity and inventory financing options for all refineries associated with the Inventory Intermediation Agreement. We exercised optionality to exclude certain volumes related to the agreement and our obligation under the agreement was reduced by $289.2 million between December 31, 2024 and December 31, 2025. Other Inventory Impact "Other inventory impact" is primarily calculated by multiplying the number of barrels sold during the period by the difference between current period weighted average purchase cost per barrel directly related to our refineries and per barrel cost of materials and other for the period recognized on a first-in, first-out basis directly related to our refineries. It assumes no beginning or ending inventory, so that the current period average purchase cost per barrel is a reasonable estimate of our market purchase cost for the current period, without giving effect to any build or draw on beginning inventory. These amounts are based on management estimates using a methodology including these assumptions. However, this analysis provides management with a means to compare hypothetical refining margins to current period average crack spreads, as well as provides a means to better compare our results to peers. Small Refinery Exemptions In August of 2025, the United States Environmental Protection Agency ("EPA") announced its decisions on the backlog of 175 Small Refinery Exemption ("SRE") petitions from refineries seeking an exemption from their Renewable Fuel Standard obligations. Delek fully complied with Renewable Identification Number ("RIN") obligations for all years, incurring significant costs to finance our compliance. EPA granted Delek full and partial exemptions for substantially all of our 20 petitions for the 2019-2024 calendar years. Because RINs are valid for a one-year period, a majority of the refunded RINs were expired and therefore had no value, and are the subject of ongoing litigation. The RINs received from prior year SREs resulted in a reduction of our Consolidated Net RIN Obligation and therefore a reduction within cost of materials and other of approximately $75.3 million in the fourth quarter of 2025. Intercompany Leases As a result of amendments to intercompany lease agreements in August 2024, we had to reassess lease classification for the agreements that contain leases under Accounting Standards Codification 842. As a result of these lease assessments, certain of these agreements met the criteria to be accounted for as sales-type leases for Delek Logistics and finance leases for the Refining segment. Therefore, portions of the minimum volume commitments under these agreements subject to sales-type lease accounting are recorded as interest income with the remaining amounts recorded as a reduction in net investment in leases. Prior to the amendments, these agreements were accounted for as operating leases and these minimum volume commitments were recorded as revenues in the Logistics segment. Similarly, these minimum volume commitments were previously recorded as costs of sales for the Refining segment, as the underlying lease was reclassified from an operating lease to a finance lease, and these payments are now recorded as interest expense and reductions in the lease liability. These accounting changes have no impact to the Delek US consolidated results as these amounts eliminate in consolidation. Subsequent Events - Transactions with Delek Logistics In January 2026, we entered into asset purchase agreements with Delek Logistics, pursuant to which we agreed to acquire a Tyler refinery tank for total consideration of $19.0 million and El Dorado tank and terminal assets for total consideration of $66.0 million. The Tyler Tank Purchase and the El Dorado Terminal Purchase are expected to close on April 1, 2026 and October 1, 2027, respectively. Reconciliation of Net Income (Loss) Attributable to Delek US to Adjusted Net Income (Loss) Three Months Ended December 31, Year Ended December 31, $ in millions (unaudited) 2025 2024 2025 2024 Reported net income (loss) attributable to Delek US $ 78.3 $ (413.8 ) $ (22.8 ) $ (560.4 ) Adjusting items (1) Inventory and other LCM valuation (benefit) loss (30.8 ) (0.2 ) 8.4 (10.7 ) Tax effect 6.9 - (1.9 ) 2.4 Inventory and other LCM valuation (benefit) loss, net (23.9 ) (0.2 ) 6.5 (8.3 ) Other inventory impact 41.0 43.9 176.6 82.9 Tax effect (9.2 ) (9.9 ) (39.7 ) (18.7 ) Other inventory impact, net (2) 31.8 34.0 136.9 64.2 Business interruption insurance and settlement recoveries - - - (10.6 ) Tax effect - - - 2.4 Business interruption insurance and settlement recoveries, net - - - (8.2 ) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 0.1 (1.0 ) 1.2 Tax effect - (0.1 ) 0.2 (0.3 ) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements, net 0.1 - (0.8 ) 0.9 Transaction related expenses 0.8 3.8 9.1 24.8 Tax effect (0.1 ) (0.9 ) (2.0 ) (5.6 ) Transaction related expenses, net 0.7 2.9 7.1 19.2 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (21.2 ) 1.8 4.5 5.5 Tax effect 4.8 (0.4 ) (1.0 ) (1.2 ) Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation, net (3) (16.4 ) 1.4 3.5 4.3 Restructuring costs 18.8 3.3 86.8 62.8 Tax effect (4.2 ) (0.7 ) (19.5 ) (14.1 ) Restructuring costs, net (2) 14.6 2.6 67.3 48.7 Renewable volume obligation short related to small refinery exemptions(5) 74.0 - 234.2 - Tax effect (16.7 ) - (52.7 ) - Renewable volume obligation short related to small refinery exemptions, net 57.3 - 181.5 - Goodwill impairment - 212.2 - 212.2 Tax effect - - - - Goodwill impairment, net - 212.2 - 212.2 Property settlement - - - (53.4 ) Tax effect - - - 12.0 Property settlement, net - - - (41.4 ) Gain on sale of Retail Stores - 0.9 - (97.5 ) Tax effect - (0.5 ) - 27.4 Gain on sale of Retail Stores, net - 0.4 - (70.1 ) Impairment of investments held at cost and other assets 1.4 - 26.3 - Tax effect (0.3 ) - (5.9 ) - Impairment of investments held at cost and other assets, net(2) 1.1 - 20.4 - DPG inventory adjustment (0.8 ) - 0.1 - Tax effect 0.2 - - - DPG inventory adjustment, net (4) (0.6 ) - 0.1 - Total Adjusting items (1) 64.7 253.3 422.5 221.5 Adjusted net income (loss) $ 143.0 $ (160.5 ) $ 399.7 $ (338.9 ) (1) All adjustments have been tax effected using the estimated marginal income tax rate, as applicable. (2) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section. (3) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA's Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (5) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share Three Months Ended December 31, Year Ended December 31, $ per share (unaudited) 2025 2024 2025 2024 Reported diluted net income (loss) per share $ 1.26 $ (6.55 ) $ (0.38 ) $ (8.77 ) Adjusting items, after tax (per share) (1) (2) Net inventory and other LCM valuation (benefit) loss (0.39 ) - 0.11 (0.13 ) Other inventory impact (3) 0.51 0.53 2.26 1.00 Business interruption insurance and settlement recoveries - - - (0.13 ) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements - - (0.01 ) 0.01 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (4) (0.26 ) 0.02 0.06 0.07 Transaction related expenses 0.01 0.05 0.12 0.30 Restructuring costs (3) 0.24 0.04 1.11 0.77 Renewable volume obligation short related to small refinery exemptions (6) 0.93 - 2.99 - Goodwill impairment - 3.36 - 3.32 Property settlement - - - (0.65 ) Gain on sale of Retail Stores - 0.01 - (1.10 ) Impairment of investments held at cost and other assets (3) 0.02 - 0.34 - DPG inventory adjustment, net (5) (0.01 ) - - - Total Adjusting items (1) 1.05 4.01 6.98 3.46 Adjusted net income (loss) per share $ 2.31 $ (2.54 ) $ 6.60 $ (5.31 ) (1) The adjustments have been tax effected using the estimated marginal tax rate, as applicable. (2) For periods of Adjusted net loss, Adjustments (Adjusting items) and Adjusted net loss per share are presented using basic weighted average shares outstanding. (3) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section. (4) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA's Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (5) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (6) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Reconciliation of Net Income (Loss) attributable to Delek US to Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, $ in millions (unaudited) 2025 2024 2025 2024 Reported net income (loss) attributable to Delek US $ 78.3 $ (413.8 ) $ (22.8 ) $ (560.4 ) Add: Interest expense, net 82.2 68.9 345.3 313.1 Income tax benefit 4.0 (52.1 ) (7.4 ) (79.2 ) Depreciation and amortization 101.1 96.3 397.8 383.5 Proportional interest, taxes, depreciation and amortization from equity-method investments 7.1 8.0 29.0 28.1 EBITDA attributable to Delek US 272.7 (292.7 ) 741.9 85.1 Adjusting items Net inventory and other LCM valuation (benefit) loss (30.8 ) (0.2 ) 8.4 (10.7 ) Other inventory impact (1) 41.0 43.9 176.6 82.9 Business interruption insurance and settlement recoveries - - - (10.6 ) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 0.1 (1.0 ) 1.2 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) (21.2 ) 1.8 4.5 5.5 Transaction related expenses 0.8 3.8 9.1 24.8 Restructuring costs (1) 18.8 3.3 86.8 62.8 Renewable volume obligation short related to small refinery exemptions(4) 74.0 - 234.2 - Goodwill impairment - 212.2 - 212.2 Property settlement - - - (53.4 ) Gain on sale of Retail Stores - 0.9 - (97.5 ) Impairment of investments held at cost and other assets(1) 1.4 - 26.3 - DPG inventory adjustment (3) (0.8 ) - 0.1 - Net income attributable to non-controlling interest 18.8 11.7 66.1 39.5 Total Adjusting items 102.1 277.5 611.1 256.7 Adjusted EBITDA $ 374.8 $ (15.2 ) $ 1,353.0 $ 341.8 (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section. (2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA's Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Reconciliation of Income (Loss) from Continuing Operations, Net of Tax to Adjusted EBITDA from Continuing Operations Three Months Ended December 31, Year Ended December 31, $ in millions (unaudited) 2025 2024 2025 2024 Reported income (loss) from continuing operations, net of tax $ 98.1 $ (401.1 ) $ 45.7 $ (598.1 ) Add: Interest expense, net 82.2 68.9 345.3 313.0 Income tax benefit 4.2 (51.2 ) (6.8 ) (107.9 ) Depreciation and amortization 101.1 96.3 397.8 374.5 Proportional interest, taxes, depreciation and amortization from equity-method investments 7.1 8.0 29.0 28.1 EBITDA attributable to Delek US 292.7 (279.1 ) 811.0 9.6 Adjusting items Net inventory and other LCM valuation (benefit) loss (30.8 ) (0.2 ) 8.4 (10.7 ) Other inventory impact (1) 41.0 43.9 176.6 82.9 Business interruption insurance and settlement recoveries - - - (10.6 ) Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 0.1 (1.0 ) 1.2 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) (21.2 ) 1.8 4.5 5.5 Transaction related expenses 0.8 3.3 9.1 14.9 Restructuring costs (1) 18.8 3.3 86.8 62.8 Renewable volume obligation short related to small refinery exemptions(4) 74.0 - 234.2 - Goodwill impairment - 212.2 - 212.2 Property settlement - - - (53.4 ) Impairment of investments held at cost and other assets(1) 1.4 - 26.3 - DPG inventory adjustment (3) (0.8 ) - 0.1 - Total Adjusting items 83.3 264.4 545.0 304.8 Adjusted EBITDA from continuing operations $ 376.0 $ (14.7 ) $ 1,356.0 $ 314.4 (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section. (2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA's Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (3) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (4) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Reconciliation of Income (Loss) from Discontinued Operations, Net of Tax to Adjusted EBITDA from Discontinued Operations Three Months Ended December 31, Year Ended December 31, $ in millions (unaudited) 2025 2024 2025 2024 Reported (loss) income from discontinued operations, net of tax $ (1.0 ) $ (1.0 ) $ (2.4 ) $ 77.2 Add: Interest expense, net - - - 0.1 Income tax (benefit) expense (0.2 ) (0.9 ) (0.6 ) 28.7 Depreciation and amortization - - - 9.0 EBITDA attributable to discontinued operations (1.2 ) (1.9 ) (3.0 ) 115.0 Adjusting items Transaction costs - 0.5 - 9.9 Gain on sale of Retail Stores - 0.9 - (97.5 ) Total Adjusting items - 1.4 - (87.6 ) Adjusted EBITDA from discontinued operations $ (1.2 ) $ (0.5 ) $ (3.0 ) $ 27.4 Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations Three Months Ended December 31, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 258.3 $ 98.2 $ 356.5 $ (63.8 ) $ 292.7 Adjusting items Net inventory and other LCM valuation (benefit) loss (30.8 ) - (30.8 ) - (30.8 ) Other inventory impact (1) 41.0 - 41.0 - 41.0 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 - 0.1 - 0.1 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) - - - (21.2 ) (21.2 ) Transaction related expenses - 0.4 0.4 0.4 0.8 Restructuring costs (1) 0.4 - 0.4 18.4 18.8 Renewable volume obligation short related to small refinery exemptions (5) 74.0 - 74.0 - 74.0 Intercompany lease impacts (1) (28.9 ) 44.1 15.2 (15.2 ) - Impairment of investments held at cost and other assets (1) - - - 1.4 1.4 DPG inventory adjustment (4) - (0.8 ) (0.8 ) - (0.8 ) Total Adjusting items 55.8 43.7 99.5 (16.2 ) 83.3 Adjusted Segment EBITDA from continuing operations $ 314.1 $ 141.9 $ 456.0 $ (80.0 ) $ 376.0 Three Months Ended December 31, 2024 $ in millions (unaudited) Refining (3) Logistics Segment Total Corporate, Other and Eliminations (3) Consolidated Segment EBITDA Attributable to Delek US $ (292.3 ) $ 80.9 $ (211.4 ) $ (67.7 ) $ (279.1 ) Adjusting items Net inventory and other LCM valuation (benefit) loss (0.2 ) - (0.2 ) - (0.2 ) Other inventory impact (1) 43.9 - 43.9 - 43.9 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 - 0.1 - 0.1 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements 1.8 - 1.8 - 1.8 Transaction related expenses - 2.7 2.7 0.6 3.3 Restructuring costs - - - 3.3 3.3 Goodwill impairment 212.2 - 212.2 - 212.2 Intercompany lease impacts (1) (34.2 ) 30.7 (3.5 ) 3.5 - Total Adjusting items 223.6 33.4 257.0 7.4 264.4 Adjusted Segment EBITDA from continuing operations $ (68.7 ) $ 114.3 $ 45.6 $ (60.3 ) $ (14.7 ) Reconciliation of Segment EBITDA Attributable to Delek US to Adjusted Segment EBITDA from Continuing Operations Year Ended December 31, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Segment EBITDA Attributable to Delek US $ 803.4 $ 395.6 $ 1,199.0 $ (388.0 ) $ 811.0 Adjusting items Net inventory and other LCM valuation (benefit) loss 8.4 - 8.4 - 8.4 Other inventory impact (1) 176.6 - 176.6 - 176.6 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements (1.0 ) - (1.0 ) - (1.0 ) Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements and revaluation of the net RINs obligation (2) (5.5 ) - (5.5 ) 10.0 4.5 Restructuring costs (1) 1.4 - 1.4 85.4 86.8 Transaction related expenses - 6.8 6.8 2.3 9.1 Renewable volume obligation short related to small refinery exemptions (5) 234.2 - 234.2 - 234.2 Impairment of investments held at cost and other assets(1) - 2.8 2.8 23.5 26.3 DPG inventory adjustment (4) - 0.1 0.1 - 0.1 Intercompany lease impacts (1) (118.2 ) 129.7 11.5 (11.5 ) - Total Adjusting items 295.9 139.4 435.3 109.7 545.0 Adjusted Segment EBITDA from continuing operations $ 1,099.3 $ 535.0 $ 1,634.3 $ (278.3 ) $ 1,356.0 Year Ended December 31, 2024 $ in millions (unaudited) Refining (3) Logistics Segment Total Corporate, Other and Eliminations (3) Consolidated Segment EBITDA Attributable to Delek US $ (156.3 ) $ 358.5 $ 202.2 $ (192.6 ) $ 9.6 Adjusting items Net inventory and other LCM valuation (benefit) loss (10.7 ) - (10.7 ) - (10.7 ) Other inventory impact (1) 82.9 - 82.9 - 82.9 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 1.2 - 1.2 - 1.2 Unrealized RINs hedging gain (loss) where the hedged item is not yet recognized in the financial statements 5.5 - 5.5 - 5.5 Restructuring costs 36.6 - 36.6 26.2 62.8 Transaction related expenses - 11.4 11.4 3.5 14.9 Business interruption insurance recoveries (10.6 ) - (10.6 ) - (10.6 ) Goodwill impairment 212.2 - 212.2 - 212.2 Property settlement - - - (53.4 ) (53.4 ) Intercompany lease impacts (1) (66.3 ) 59.6 (6.7 ) 6.7 - Total Adjusting items 250.8 71.0 321.8 (17.0 ) 304.8 Adjusted Segment EBITDA from continuing operations $ 94.5 $ 429.5 $ 524.0 $ (209.6 ) $ 314.4 (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section. (2) Starting with the quarter ended March 31, 2025, we updated our non-GAAP financial measures to include the impact of fair value adjustments to the net RINs obligation under the EPA's Renewable Fuel Standard to reflect the period end market price of the underlying RINs. The impact to historical non-GAAP financial measures is immaterial. (3) During the second quarter 2024, we realigned our reportable segments for financial reporting purposes to reflect changes in the manner in which our chief operating decision maker, or CODM, assesses financial information for decision-making purposes. The change represents reporting the operating results of our 50% interest in a joint venture that owns asphalt terminals located in the southwestern region of the U.S. within the refining segment. Prior to this change, these operating results were reported as part of corporate, other and eliminations. While this reporting change did not change our consolidated results, segment data for previous years has been restated and is consistent with the current year presentation. (4) Starting with the quarter ended June 30, 2025, we updated our non-GAAP financial measures to include the impact of the DPG inventory for price and volume inventory impacts. The impact to historical non-GAAP financial measures is immaterial. (5) Starting with the quarter ended September 30, 2025, we have updated our non-GAAP financial measures to include the benefit related to small refinery exemptions expected to be received specific to the current year obligation based on current laws and regulations. Consistent with our historical accounting practice, we have recorded the full amount of our Consolidated Net RINs Obligation assuming no future exemptions are granted. However, based on our history of being granted the exemptions and expected future activity, we have adjusted the non-GAAP measure to include the benefit of receiving exemptions equal to approximately 50% of our recorded current-period obligation. Refining Segment Selected Financial Information Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Total Refining Segment (Unaudited) (Unaudited) Days in period 92 92 365 366 Total sales volume - refined product (average barrels per day ("bpd") (1) 296,724 271,333 306,152 301,834 Total production (average bpd) 292,553 262,918 299,836 292,817 Crude oil 261,080 252,170 285,496 281,271 Other feedstocks 33,683 14,346 18,161 15,380 Total throughput (average bpd) 294,763 266,516 303,657 296,651 Total refining production margin per bbl total throughput $ 10.49 $ 3.71 $ 8.50 $ 7.10 Total refining operating expenses per bbl total throughput $ 5.42 $ 5.46 $ 5.50 $ 5.37 Total refining production margin ($ in millions) $ 284.6 $ 90.9 $ 942.6 $ 771.2 Supply, marketing and other ($ millions) (2) 98.3 (34.6 ) 511.6 (123.0 ) Total adjusted refining margin ($ in millions) $ 382.9 $ 56.3 $ 1,454.2 $ 648.2 Total crude slate details Total crude slate: (% based on amount received in period) WTI crude oil 78.4 % 66.3 % 75.0 % 69.9 % Gulf Coast Sweet crude 5.0 % 6.7 % 6.3 % 7.3 % Local Arkansas crude oil 3.4 % 3.9 % 3.4 % 3.4 % Other 13.2 % 23.1 % 15.3 % 19.4 % Crude utilization (% based on nameplate capacity) (4) 86.5 % 83.5 % 94.5 % 93.1 % Tyler, TX Refinery Days in period 92 92 365 366 Products manufactured (average bpd): Gasoline 43,560 33,052 38,055 35,723 Diesel/Jet 32,593 29,568 32,470 31,755 Petrochemicals, LPG, NGLs 2,175 1,983 2,051 2,319 Other 521 426 855 849 Total production 78,849 65,029 73,431 70,646 Throughput (average bpd): Crude oil 75,606 65,060 73,091 70,009 Other feedstocks 4,567 1,279 1,922 2,299 Total throughput 80,173 66,339 75,013 72,308 Tyler refining production margin ($ in millions) $ 91.9 $ 40.6 $ 287.2 $ 265.2 Per barrel of throughput: Tyler refining production margin $ 12.45 $ 6.66 $ 10.49 $ 10.02 Operating expenses $ 4.93 $ 5.51 $ 5.02 $ 5.04 Crude Slate: (% based on amount received in period) WTI crude oil 75.8 % 74.5 % 74.8 % 79.2 % East Texas crude oil 20.5 % 25.2 % 22.9 % 20.4 % Other 3.7 % 0.3 % 2.3 % 0.4 % Capture rate (3) 57.1 % 48.4 % 51.4 % 57.0 % El Dorado, AR Refinery Days in period 92 92 365 366 Products manufactured (average bpd): Gasoline 36,604 37,814 38,138 38,215 Diesel/Jet 25,820 27,628 29,118 29,843 Petrochemicals, LPG, NGLs 1,212 918 1,097 1,205 Asphalt 5,054 8,412 6,749 8,739 Other 1,096 1,076 1,149 1,237 Total production 69,786 75,848 76,251 79,239 Throughput (average bpd): Crude oil 67,659 73,215 74,712 77,993 Other feedstocks 2,983 4,034 2,960 2,886 Total throughput 70,642 77,249 77,672 80,879 Refining Segment Selected Financial Information (continued) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 El Dorado refining production margin ($ in millions) $ 54.4 $ 4.0 $ 175.8 $ 101.0 Per barrel of throughput: El Dorado refining production margin $ 8.37 $ 0.56 $ 6.20 $ 3.41 Operating expenses $ 5.51 $ 4.78 $ 4.86 $ 4.65 Crude Slate: (% based on amount received in period) WTI crude oil 84.9 % 64.9 % 81.0 % 66.5 % Local Arkansas crude oil 13.7 % 13.1 % 13.2 % 12.2 % Other 1.4 % 22.0 % 5.8 % 21.3 % Capture rate (3) 38.4 % 4.1 % 30.4 % 19.4 % Big Spring, TX Refinery Days in period 92 92 365 366 Products manufactured (average bpd): Gasoline 33,782 36,757 33,227 33,888 Diesel/Jet 21,509 24,784 23,403 25,157 Petrochemicals, LPG, NGLs 1,683 4,949 3,139 4,710 Asphalt 1,438 2,986 2,003 2,774 Other 3,502 2,670 3,982 3,883 Total production 61,914 72,146 65,754 70,412 Throughput (average bpd): Crude oil 59,677 66,919 63,145 66,123 Other feedstocks 3,115 5,981 3,871 4,975 Total throughput 62,792 72,900 67,016 71,098 Big Spring refining production margin ($ in millions) $ 66.7 $ 33.8 $ 230.0 $ 215.4 Per barrel of throughput: Big Spring refining production margin $ 11.54 $ 5.04 $ 9.40 $ 8.28 Operating expenses $ 6.40 $ 6.29 $ 7.11 $ 6.66 Crude Slate: (% based on amount received in period) WTI crude oil 77.8 % 70.1 % 74.0 % 70.4 % WTS crude oil 22.2 % 29.9 % 26.0 % 29.6 % Capture rate (3) 56.3 % 38.6 % 48.1 % 48.9 % Krotz Springs, LA Refinery Days in period 92 92 365 366 Products manufactured (average bpd): Gasoline 44,439 18,516 42,614 34,268 Diesel/Jet 29,903 18,957 32,070 28,125 Heavy oils 1,361 9,202 3,260 3,641 Petrochemicals, LPG, NGLs 6,302 2,791 6,456 4,942 Other - 429 - 1,544 Total production 82,005 49,895 84,400 72,520 Throughput (average bpd): Crude oil 58,137 46,976 74,548 67,146 Other feedstocks 23,019 3,052 9,408 5,220 Total throughput 81,156 50,028 83,956 72,366 Krotz Springs refining production margin ($ in millions) $ 71.6 $ 12.5 $ 249.6 $ 189.6 Per barrel of throughput: Krotz Springs refining production margin $ 9.59 $ 2.71 $ 8.14 $ 7.16 Operating expenses $ 5.06 $ 5.27 $ 5.22 $ 5.23 Crude Slate: (% based on amount received in period) WTI Crude 75.2 % 52.6 % 69.9 % 63.7 % Gulf Coast Sweet Crude 22.9 % 35.0 % 24.1 % 29.7 % Other 1.9 % 12.4 % 6.0 % 6.6 % Capture rate (3) 52.2 % 27.8 % 51.4 % 53.4 % (1) Includes sales to other segments which are eliminated in consolidation. (2) Supply, marketing and other activities include refined product wholesale and related marketing activities, asphalt and intermediates marketing activities, optimization of inventory, the execution of risk management programs to capture the physical and financial opportunities that extend from our refining operations and our 50% interest in a joint venture that owns asphalt terminals. Formally known as Trading & Supply. (3) Defined as refining production margin divided by the respective crack spread. See page 21 for crack spread information. (4) Crude throughput as % of total nameplate capacity of 302,000 bpd. Logistics Segment Selected Information Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) Gathering & Processing: (average bpd) Lion Pipeline System: Crude pipelines (non-gathered) 59,551 64,920 66,125 69,903 Refined products pipelines 49,198 57,513 54,616 59,136 SALA Gathering System 8,483 13,883 9,454 11,568 East Texas Crude Logistics System 33,771 35,046 31,296 34,711 Midland Gathering Assets 237,681 200,705 219,782 217,847 Plains Connection System 206,493 360,725 182,523 333,405 Delaware Gathering Assets: Natural gas gathering and processing (Mcfd) (1) 64,940 71,078 62,111 74,831 Crude oil gathering (average bpd) 140,790 123,346 138,575 123,978 Water disposal and recycling (average bpd) 98,040 144,414 107,415 128,539 Midland Water Gathering System: (2) Water disposal and recycling (average bpd) (2)(3) 613,869 274,361 587,419 280,955 Wholesale Marketing & Terminalling: East Texas - Tyler Refinery sales volumes (average bpd) (4) 69,369 63,022 68,052 67,682 Big Spring wholesale marketing throughputs (average bpd)(5) - - - 44,999 West Texas wholesale marketing throughputs (average bpd) 10,753 7,472 8,737 5,828 West Texas wholesale marketing margin per barrel $ 3.48 $ 4.35 $ 3.42 $ 3.18 Terminalling throughputs (average bpd) (6) 147,041 151,309 145,237 154,217 (1) Mcfd - average thousand cubic feet per day. (2) Consists of volumes of H2O Midstream and Gravity. (3) Gravity 2025 are from January 2, 2025 through December 31, 2025. (4) Excludes jet fuel and petroleum coke. (5) Marketing agreement terminated on August 5, 2024 upon assignment to Delek Holdings. (6) Consists of terminalling throughputs at our Tyler, Big Spring, Big Sandy and Mount Pleasant, Texas terminals, El Dorado and North Little Rock, Arkansas terminals and Memphis and Nashville, Tennessee terminals. Supplemental Information Schedule of Selected Segment Financial Data, Pricing Statistics Impacting our Refining Segment, and Other Reconciliations of Amounts Reported Under U.S. GAAP Selected Segment Financial Data Three Months Ended December 31, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Net revenues (excluding intercompany fees and revenues) $ 2,301.8 $ 127.6 $ 2,429.4 $ - $ 2,429.4 Inter-segment fees and revenues 82.3 128.1 210.4 (210.4 ) - Total revenues $ 2,384.1 $ 255.7 $ 2,639.8 $ (210.4 ) $ 2,429.4 Cost of sales 2,194.3 214.9 2,409.2 (205.7 ) 2,203.5 Gross margin $ 189.8 $ 40.8 $ 230.6 $ (4.7 ) $ 225.9 Three Months Ended December 31, 2024 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Net revenues (excluding intercompany fees and revenues) $ 2,270.3 $ 103.4 $ 2,373.7 $ - $ 2,373.7 Inter-segment fees and revenues (1) 69.4 106.4 175.8 (175.8 ) - Total revenues $ 2,339.7 $ 209.8 $ 2,549.5 $ (175.8 ) $ 2,373.7 Cost of sales 2,502.7 163.9 2,666.6 (158.3 ) 2,508.3 Gross margin $ (163.0 ) $ 45.9 $ (117.1 ) $ (17.5 ) $ (134.6 ) Year Ended December 31, 2025 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Net revenues (excluding intercompany fees and revenues) $ 10,209.1 $ 513.8 $ 10,722.9 $ - $ 10,722.9 Inter-segment fees and revenues 342.2 499.5 841.7 (841.7 ) - Total revenues $ 10,551.3 $ 1,013.3 $ 11,564.6 $ (841.7 ) $ 10,722.9 Cost of sales 10,042.0 810.2 10,852.2 (741.4 ) 10,110.8 Gross margin $ 509.3 $ 203.1 $ 712.4 $ (100.3 ) $ 612.1 Year Ended December 31, 2024 $ in millions (unaudited) Refining Logistics Segment Total Corporate, Other and Eliminations Consolidated Net revenues (excluding intercompany fees and revenues) $ 11,142.4 $ 422.8 $ 11,565.2 $ - $ 11,565.2 Inter-segment fees and revenues (1) 640.6 517.8 1,158.4 (871.4 ) 287.0 Total revenues $ 11,783.0 $ 940.6 $ 12,723.6 $ (871.4 ) $ 11,852.2 Cost of sales 12,009.5 703.0 12,712.5 (817.2 ) 11,895.3 Gross margin $ (226.5 ) $ 237.6 $ 11.1 $ (54.2 ) $ (43.1 ) (1) Intercompany fees and sales for the refining segment include revenues of $- million and $287.0 million during the year ended December 31, 2024, respectively, to the Retail Stores, the operations of which are reported in discontinued operations. Pricing Statistics Three Months Ended December 31, Year Ended December 31, (average for the period presented) 2025 2024 2025 2024 WTI - Cushing crude oil (per barrel) $ 59.24 $ 70.42 $ 64.87 $ 75.88 WTI - Midland crude oil (per barrel) $ 59.77 $ 71.19 $ 65.59 $ 76.85 WTS - Midland crude oil (per barrel) $ 58.32 $ 70.12 $ 64.71 $ 75.95 LLS (per barrel) $ 60.96 $ 72.57 $ 67.15 $ 78.30 Brent (per barrel) $ 63.08 $ 74.01 $ 68.19 $ 79.84 U.S. Gulf Coast 5-3-2 crack spread (per barrel) (1) $ 21.81 $ 13.74 $ 20.42 $ 17.58 U.S. Gulf Coast 3-2-1 crack spread (per barrel) (1) $ 20.51 $ 13.05 $ 19.56 $ 16.94 U.S. Gulf Coast 2-1-1 crack spread (per barrel) (1) $ 18.37 $ 9.77 $ 15.83 $ 13.40 U.S. Gulf Coast Unleaded Gasoline (per gallon) $ 1.74 $ 1.90 $ 1.91 $ 2.13 Gulf Coast Ultra-low sulfur diesel (per gallon) $ 2.21 $ 2.15 $ 2.21 $ 2.36 U.S. Gulf Coast high sulfur diesel (per gallon) $ 1.98 $ 2.02 $ 2.00 $ 1.98 Natural gas (per MMBTU) $ 4.04 $ 2.98 $ 3.62 $ 2.42 (1) For our Tyler and El Dorado refineries, we compare our per barrel refining product margin to the Gulf Coast 5-3-2 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Big Spring refinery, we compare our per barrel refining margin to the Gulf Coast 3-2-1 crack spread consisting of (Argus pricing) WTI Cushing crude, U.S. Gulf Coast CBOB gasoline and Gulf Coast ultra-low sulfur diesel. For our Krotz Springs refinery, we compare our per barrel refining margin to the Gulf Coast 2-1-1 crack spread consisting of (Argus pricing) LLS crude oil, (Argus pricing) U.S. Gulf Coast CBOB gasoline and (Platts pricing) U.S. Gulf Coast Pipeline No. 2 heating oil (high sulfur diesel). The Tyler refinery's crude oil input is primarily WTI Midland and East Texas, while the El Dorado refinery's crude input is primarily a combination of WTI Midland, local Arkansas and other domestic inland crude oil. The Big Spring refinery's crude oil input is primarily comprised of WTS and WTI Midland. The Krotz Springs refinery's crude oil input is primarily comprised of LLS and WTI Midland. Other Reconciliations of Amounts Reported Under U.S. GAAP $ in millions (unaudited) Three Months Ended December 31, Year Ended December 31, Reconciliation of gross margin to Refining margin to Adjusted refining margin 2025 2024 2025 2024 Gross margin $ 189.8 $ (163.0 ) $ 509.3 $ (226.5 ) Add back (items included in cost of sales): Operating expenses (excluding depreciation and amortization) 147.0 137.2 614.6 596.6 Depreciation and amortization 64.7 70.7 270.0 265.5 Refining margin $ 401.5 $ 44.9 $ 1,393.9 $ 635.6 Adjusting items Net inventory and other LCM valuation loss (benefit) (30.8 ) (0.2 ) 8.4 (10.7 ) Other inventory impact (1) 41.0 43.9 176.6 82.9 Unrealized inventory/commodity hedging (gain) loss where the hedged item is not yet recognized in the financial statements 0.1 0.1 (1.0 ) 1.2 Unrealized RINs hedging (gain) loss where the hedged item is not yet recognized in the financial statements - 1.8 (5.5 ) 5.5 Intercompany lease impacts (1) (28.9 ) (34.2 ) (118.2 ) (66.3 ) Total Adjusting items (18.6 ) 11.4 60.3 12.6 Adjusted refining margin $ 382.9 $ 56.3 $ 1,454.2 $ 648.2 (1) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section. Calculation of Net Debt December 31, 2025 December 31, 2024 Long-term debt - current portion $ 9.5 $ 9.5 Long-term debt - non-current portion 3,223.6 2,755.7 Total long-term debt 3,233.1 2,765.2 Less: Cash and cash equivalents 625.8 735.6 Net debt - consolidated 2,607.3 2,029.6 Less: DKL net debt 2,333.5 1,870.0 Net debt, excluding DKL $ 273.8 $ 159.6 View source version on businesswire.com: https://www.businesswire.com/news/home/20260227707703/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Tidewater Announces Earnings Release and Conference Call
Related Quotes Tidewater Inc 77.61 0.94 1.20% Enter Symbols: Tidewater Announces Earnings Release and Conference Call HOUSTON, Feb. 26 /BusinessWire/ -- Tidewater Inc. (NYSE:TDW) ("Tidewater" or the "Company") announced today that it will release financial results for the three and twelve months ending December 31, 2025, on Monday, March 2, 2026, after market close. An earnings conference call has been scheduled for Tuesday, March 3, 2026, at 8:00 a.m. Central Time, during which President and Chief Executive Officer Quintin Kneen will discuss results for the three and twelve months ending December 31, 2025. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S.) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater's website at investor.tdw.com. A replay of the conference call will be available beginning at 11:00 a.m. Central Time on March 3, 2026. To access the replay, access the Investor Relations section of Tidewater's website at investor.tdw.com. The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company's actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Risk Factors" section of Tidewater's most recent Forms 10-Q and 10-K. Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with more than 70 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260226972147/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Venture Global Announces New Long-Term LNG Partnership with Hanwha of Korea
Related Quotes Venture Global Inc Class A 9.505 0.035 0.37% Enter Symbols: Venture Global Announces New Long-Term LNG Partnership with Hanwha of Korea 20-year sales and purchase agreement marks Venture Global's first SPA with a Korean entity ARLINGTON, Va., Feb. 26 /BusinessWire/ -- Today, Venture Global, Inc. (NYSE:VG) and Hanwha Aerospace Co., Ltd. announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of 1.5 million tonnes per annum (MTPA) of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030. This agreement brings Venture Global's long-term contracted portfolio to over 46 MTPA. "Venture Global is thrilled to announce our first long-term supply deal in Korea through a new partnership with Hanwha Aerospace which marks another important step in expanding reliable, long-term LNG supply to our partners in Asia," said Mike Sabel, CEO of Venture Global. "We are proud to support growing global energy needs with low-cost, secure American LNG while strengthening the strategic energy partnership between the United States and South Korea to support long-term industrial and economic growth." About Venture Global Venture Global is an American producer and exporter of low-cost U.S. liquefied natural gas (LNG) with over 100 MTPA of capacity in production, construction, or development. Venture Global began producing LNG from its first facility in 2022 and is now one of the largest LNG exporters in the United States. The company's vertically integrated business includes assets across the LNG supply chain including LNG production, natural gas transport, shipping and regasification. The company's first three projects, Calcasieu Pass, Plaquemines LNG, and CP2 LNG, are located in Louisiana along the Gulf of America. Venture Global is developing Carbon Capture and Sequestration projects at each of its LNG facilities. About Hanwha Aerospace Hanwha Aerospace is a core affiliate of the Hanwha Group, operating as a global company primarily focused on aerospace and defense, with expanding operations into energy and industrial infrastructure. Hanwha Aerospace is building an LNG value chain in collaboration with other Hanwha Group affiliates to enhance energy security and advance the effectiveness of clean energy solutions globally. Forward-looking Statements This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included herein are "forward-looking statements." In some cases, forward-looking statements can be identified by terminology such as "may," "might," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include statements about our future performance, our contracts, our anticipated growth strategies and anticipated trends impacting our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include our need for significant additional capital to construct and complete future projects and related assets, and our potential inability to secure such financing on acceptable terms, or at all; our potential inability to accurately estimate costs for our projects, and the risk that the construction and operations of natural gas pipelines and pipeline connections for our projects suffer cost overruns and delays related to obtaining regulatory approvals, development risks, labor costs, unavailability of skilled workers, operational hazards and other risks; the uncertainty regarding the future of global trade dynamics, international trade agreements and the United States' position on international trade, including the effects of tariffs; our dependence on our EPC and other contractors for the successful completion of our projects, including the potential inability of our contractors to perform their obligations under their contracts; various economic and political factors, including opposition by environmental or other public interest groups, or the lack of local government and community support required for our projects, which could negatively affect the permitting status, timing or overall development, construction and operation of our projects; and risks related to other factors discussed under "Item 1A.-Risk Factors" of our annual report on Form 10-K for the year ended December 31, 2024 as filed with the Securities and Exchange Commission ("SEC") and any subsequent reports filed with the SEC. Any forward-looking statements contained herein speak only as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements to reflect subsequent events or circumstances, except as may be required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260226064547/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Sunoco LP Announces Pricing of Upsized Private Offering of Senior Notes
Related Quotes Energy Transfer LP Common Units 18.72 0.03 0.16% Sunoco LP Common Units Representing Limi 63.68 0.56 0.89% Enter Symbols: Sunoco LP Announces Pricing of Upsized Private Offering of Senior Notes DALLAS, Feb. 26 /BusinessWire/ -- Sunoco LP (NYSE:SUN) ("Sunoco" or the "Partnership") today announced that it has priced at 100% a private offering (the "offering") of 5.375% senior notes due 2031 in an aggregate principal amount of $600 million (the "2031 notes") and 5.625% senior notes due 2034 in an aggregate principal amount of $600 million (the "2034 notes," and collectively with the 2031 notes, the "notes"). The offering was upsized from an initial offering size of $500 million aggregate principal amount of the 2031 notes and $500 million aggregate principal amount of the 2034 notes. The sale of the notes is expected to settle on March 9, 2026, subject to the satisfaction of customary closing conditions. Sunoco intends to use the net proceeds from the offering to redeem in full (i) NuStar Logistics, L.P.'s 6.000% senior notes due 2026 (the "NuStar 2026 Notes"), and (ii) Sunoco's 6.000% senior notes due 2027 (the "Sunoco 2027 Notes"), with the remaining proceeds to be used for general partnership purposes, which may include repayment of additional indebtedness. Prior to the redemption of the Sunoco 2027 Notes, Sunoco may use the net proceeds from this offering to repay outstanding borrowings under its revolving credit facility. The offering of the notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, the notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Sunoco plans to offer and sell the notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. This news release is neither an offer to sell nor a solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Additionally, this news release shall not constitute a notice of redemption under the indentures governing the NuStar 2026 Notes or the Sunoco 2027 Notes. About Sunoco LP Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating across 32 countries and territories in North America, the Greater Caribbean, and Europe. Sunoco's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 160 terminals. This critical infrastructure complements Sunoco's fuel distribution operations, which distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner-branded retail locations, as well as independent dealers and commercial customers. Sunoco's general partner is owned by Energy Transfer LP (NYSE:ET). Forward-Looking Statements This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law, including without limitation statements regarding the offering. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in Sunoco's Annual Report on Form 10-K, any subsequently filed Current Reports on Form 8-K and other documents filed from time to time with the Securities and Exchange Commission. Sunoco undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. View source version on businesswire.com: https://www.businesswire.com/news/home/20260226692773/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Pembina Pipeline Corporation Reports Results for the Fourth Quarter of 2025 and Provides Business Update
Related Quotes Pembina Pipeline Corp Ordinary Shares 44 0.17 0.39% Ppl Corporation 38.60 0.32 0.84% Pembina Pipeline Corporation 60.19 0.21 0.35% Enter Symbols: Pembina Pipeline Corporation Reports Results for the Fourth Quarter of 2025 and Provides Business Update All financial figures are in Canadian dollars unless otherwise noted. This news release refers to certain financial measures and ratios that are not specified, defined or determined in accordance with Generally Accepted Accounting Principles ("GAAP"), including net revenue; adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"); adjusted cash flow from operating activities; and adjusted cash flow from operating activities per common share. For more information see "Non-GAAP and Other Financial Measures" herein. CALGARY, Alberta, Feb. 26 /BusinessWire/ -- Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE:PBA) announced today its financial and operating results for the fourth quarter and full year of 2025. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260226859493/en/ Highlights Strong Financial Results - reported 2025 full year earnings of $1,694 million, adjusted EBITDA of $4,289 million, and adjusted cash flow from operating activities of $2,854 million ($4.91 per share). Reported fourth quarter earnings of $489 million, adjusted EBITDA of $1,075 million, and adjusted cash flow from operating activities of $731 million ($1.26 per share). Record Volumes - achieved record annual Pipelines and Facilities volumes of 3.7 million barrels of oil equivalent per day, representing a three percent increase over 2024. Pipeline Expansions Sanctioned - Pembina is proceeding with two conventional pipeline expansion projects totalling $425 million to service growing volumes in northeast British Columbia and Alberta. The Birch-to-Taylor Expansion includes a new 95-kilometre pipeline and facility upgrades that will add approximately 120,000 barrels per day ("bpd") of capacity in that corridor. The initial scope of the Taylor-to-Gordondale Expansion includes new and upgraded pump stations downstream of Taylor, British Columbia and a new 16-kilometre pipeline connecting production in Alberta to the Gordondale pump station. Cedar LNG - as previously disclosed, during the quarter, Pembina entered into long-term agreements with a subsidiary of Petroliam Nasional Berhad ("PETRONAS") and Ovintiv Inc. ("Ovintiv") for 1.0 and 0.5 million tonnes per annum ("mtpa"), respectively to complete the remarketing of Pembina's 1.5 mtpa of capacity at the Cedar LNG facility. These agreements further validate the Cedar LNG project and highlight the strong demand for global export capacity given the clear advantages of Canadian West Coast LNG, including competitively priced feedstock and advantaged shipping distances to Asian markets. New Commercial Agreements - Pembina and PGI have entered into long-term, take-or-pay agreements with Tourmaline Oil ("Tourmaline") that include 270 million cubic feet per day ("mmcf/d") of gas processing at PGI, as well as transportation on the Peace Pipeline, and fractionation at the Redwater Complex. Financial and Operational Overview 3 Months Ended December 31 12 Months Ended December 31 ($ millions, except where noted) 2025 2024 Change 2025 2024 Change Revenue 1,913 2,145 (232) 7,778 7,384 394 Net revenue(1) 1,139 1,383 (244) 4,877 4,776 101 Operating expenses 241 270 (29) 961 976 (15) Gross profit 827 1,024 (197) 3,193 3,316 (123) Adjusted EBITDA(1) 1,075 1,254 (179) 4,289 4,408 (119) Earnings 489 572 (83) 1,694 1,874 (180) Earnings per common share - basic (dollars) 0.78 0.92 (0.14) 2.67 3.00 (0.33) Earnings per common share - diluted (dollars) 0.78 0.92 (0.14) 2.66 3.00 (0.34) Cash flow from operating activities 861 902 (41) 3,301 3,214 87 Cash flow from operating activities per common share - basic (dollars) 1.48 1.55 (0.07) 5.68 5.61 0.07 Adjusted cash flow from operating activities(1) 731 922 (191) 2,854 3,265 (411) Adjusted cash flow from operating activities per common share - basic (dollars)(1) 1.26 1.59 (0.33) 4.91 5.70 (0.79) Capital expenditures 235 242 (7) 784 955 (171) (1) Refer to "Non-GAAP and Other Financial Measures". Financial and Operational Overview by Division 3 Months Ended December 31 12 Months Ended December 31 2025 2024 2025 2024 ($ millions, except where noted) Volumes(1) Earnings (loss) Adjusted EBITDA(2) Volumes(1) Earnings (loss) Adjusted EBITDA(2) Volumes(1) Earnings (loss) Adjusted EBITDA(2) Volumes(1) Earnings (Loss) Adjusted EBITDA(2) Pipelines 2,815 470 643 2,790 534 686 2,786 1,938 2,596 2,711 1,907 2,533 Facilities 898 178 366 877 177 373 871 562 1,396 837 666 1,347 Marketing & New Ventures 337 115 116 349 245 234 339 457 499 327 569 724 Corporate - (126) (50) - (212) (39) - (750) (202) - (1,422) (196) Income tax (expense) recovery - (148) - - (172) - - (513) - - 154 - Total 489 1,075 572 1,254 1,694 4,289 1,874 4,408 (1) Volumes for the Pipelines and Facilities divisions are revenue volumes, which are physical volumes plus volumes recognized from take-or-pay commitments. Volumes are stated in mboe/d, with natural gas volumes converted to mboe/d from mmcf/d at a 6:1 ratio. Volumes for Marketing & New Ventures are marketed crude and natural gas liquids ("NGL") volumes. (2) Refer to "Non-GAAP and Other Financial Measures". For further details on the Company's significant assets, including definitions for capitalized terms used herein that are not otherwise defined, refer to Pembina's Annual Information Form for the year ended December 31, 2025, and Pembina's Management's Discussion and Analysis dated February 26, 2026 for the three and twelve months ended December 31, 2025, filed at www.sedarplus.ca (filed with the U.S. Securities and Exchange Commission at www.sec.gov under Form 40-F) and on Pembina's website at www.pembina.com. Executive Overview and Business Update Over the past year, Pembina delivered strong financial and operational results, advanced major strategic projects, and strengthened its long-term competitive position in a rapidly evolving North American energy landscape. Reliable, cost-effective, and responsibly developed and operated infrastructure that supports access to high value markets has never been more essential. Pembina is meeting this need with an integrated value chain that continues to demonstrate resilience, efficiency, and the ability to convert Western Canada's resource strength into durable value for its customers, employees, communities, and investors. The Western Canadian Sedimentary Basin ("WCSB") is one of the world's most prolific hydrocarbon regions and continues to experience production growth driven by dynamic new catalysts. The development of LNG export facilities, including Pembina and the Haisla Nation's Cedar LNG Project, continues to unlock new global markets for Canadian natural gas, creating long-term demand and incentivizing production growth. New pipeline capacity improves crude oil egress and drives the need for incremental condensate production. Expanding petrochemical facilities in Alberta are increasing demand for ethane, while Alberta's developing new data centre industry may emerge as a significant new source of natural gas-powered electricity demand. Supporting this growth outlook, Pembina has observed a shift in tone from government policy makers that could positively impact how the Canadian energy industry evolves. At both the federal and provincial level, there is momentum building towards reshaping Canada's energy strategy in a way that could unlock its abundant and diverse energy resources. Recent policy signals and regulatory initiatives demonstrate a renewed commitment to supporting responsible energy infrastructure development, recognizing the vital role Canadian energy plays in global supply security and economic prosperity. Pembina stands at the heart of the WCSB and is responding to growing production and an evolving energy landscape with a clear and focused strategy - to provide safe, reliable, responsible, and cost-effective energy infrastructure solutions that connect producers to high value global markets. Pembina is the only Canadian energy infrastructure company with an integrated value chain providing a full suite of midstream and transportation services across all commodities - natural gas, NGL (ethane, propane and butane), condensate, and crude oil. Pembina's scope, scale, and access to premium North American and global markets, differentiate the Company and uniquely position it to capture incremental new volumes in the WCSB, while unlocking new avenues for sustainable growth beyond its strong legacy businesses. Further, Pembina's approach to capital allocation remains disciplined, targeting investments that enhance long-term fee-based cash flow per share growth and support a sustainable and growing dividend. The Company is focused on ensuring the long-term resilience of the business and providing investors with visibility to attractive long-term fee-based EBITDA per share growth through the end of the decade and beyond. 2025 Accomplishments Strong Financial and Operational Results: adjusted EBITDA of $4.3 billion, within the Company's original 2025 guidance range; achieved record Pipelines and Facilities volumes of 3.7 million barrels of oil equivalent per day. Safety & Environment: strong execution with Pembina exceeding its internal 2025 targets, highlighted by improved performance across key safety and environmental indicators relative to 3-year averages. Pipeline Contracting Success Supports Long-Term Resilience: renewed existing contracts, and executed incremental new contracts, totaling over 200,000 bpd of conventional pipeline transportation capacity; significantly strengthened Alliance's long-term contractual profile as shippers elected a new 10-year toll option on approximately 96 percent of available capacity; and contracted the remaining capacity available on the 100,000 bpd Nipisi Pipeline, which was reactivated in 2023 to serve the growing Clearwater heavy oil play. Responding to Growing Demand for Condensate and NGL Transportation: progressed development of a multi-year plan that includes up to approximately $1 billion of potential conventional pipeline expansions to reliably and cost-effectively meet rising transportation demands from growing production in the WCSB. Enhanced Propane Exports: Through a new 30,000 bpd LPG export agreement with AltaGas at its West Coast terminals, and the sanctioning of the Prince Rupert Terminal Optimization project, Pembina ensured access to 50,000 bpd of highly competitive propane export capacity to premium price markets, including in Asia, for Pembina's own and customers' propane. Cedar LNG Construction and Commercial Execution: advanced construction of the floating LNG vessel to over 35 percent complete; significantly progressed onshore construction activities; and completed remarketing of Pembina's 1.5 mtpa of Cedar LNG capacity with PETRONAS, an LNG industry leader, and Ovintiv, one of the largest, liquids-rich natural gas producers in Canada's Montney play. The Cedar LNG contracting resulted in a 10 percent increase in Pembina's expected base adjusted EBITDA contribution from the Cedar LNG project, providing a higher base level of secured cash flow and incremental upside participation without commodity downside risk. Greenlight Electricity Centre: Pembina and its partner, Kineticor, made significant progress in the development of the Greenlight Electricity Centre ("Greenlight"), including securing a 907 MW power grid allocation, which was subsequently assigned to a potential customer of Greenlight, completing a land sale agreement with the potential customer, and ensuring the availability and delivery timing of two turbines to support the approximately 900 MW first phase of Greenlight. Greenlight represents an extension of Pembina's existing value chain and an opportunity to enhance growth by investing in long-term contracted infrastructure with an investment grade counterparty, while diversifying its customer base, and would create incremental demand for natural gas and associated liquids production within western Canada. Business Updates In service of growing condensate and NGL volumes from northeast British Columbia and Alberta, that are anticipated to ramp up through the end of the decade, Pembina and its subsidiaries1 are proceeding with two conventional pipeline expansions totalling $425 million. The Birch-to-Taylor Expansion includes a new 95-kilometre pipeline and facility upgrades that will add approximately 120,000 bpd of propane-plus and condensate capacity in that corridor. Pembina2 has obtained all necessary permits to begin preliminary construction activities. The project has an estimated cost of approximately $310 million, and an anticipated in-service date in the fourth quarter of 2027. The expansion will be supported by a cost-of-service commercial structure. "This milestone reflects strong collaboration with both Indigenous and local communities built on trust and open engagement," said Scott Burrows, President and Chief Executive Officer. "It also reflects strong engagement with the Government of British Columbia and the BC Energy Regulator, whose guidance and regulatory oversight have helped establish a clear and responsible path forward for this project and for sustainable development in the region in the future." Pembina is also proceeding with a phased approach to the Taylor-to-Gordondale Expansion, which is being optimized to meet customers' near-term transportation needs while maintaining Pembina's track record of disciplined capital investment. Pembina3 has sanctioned the initial scope of the Taylor-to-Gordondale Expansion, which includes new and upgraded pump stations downstream of Taylor, British Columbia and a new 16-kilometre pipeline connecting production in Alberta to the Gordondale pump station. The initial scope of the project has an estimated cost of approximately $115 million, with an anticipated in-service date in the first quarter of 2027, subject to regulatory approval. The expansion will be supported by long-term take-or-pay and other commercial agreements. The remaining scope of the Taylor-to-Gordondale Expansion includes a new approximately 89 kilometer, 16-inch pipeline being proposed by Pembina4 to connect mostly condensate volumes from Taylor, British Columbia to the Gordondale, Alberta area. On February 10, 2026, the Canada Energy Regulator ("CER") issued a Certificate of Public Convenience and Necessity for the CER regulated Taylor-to-Gordondale Pipeline Project. This was the final federal regulatory approval required for the pipeline. Pembina will continue to evaluate the incremental scope in conjunction with the timing of customers' egress requirements. These two newly sanctioned expansions are in addition to the previously announced $200 million Fox Creek-to-Namao Expansion, which will add approximately 70,000 bpd of propane-plus market delivery capacity to the Fox Creek, Alberta to Namao, Alberta segment of the Peace Pipeline System. In total, Pembina has now recently sanctioned more than $600 million of conventional pipeline projects in response to anticipated volume growth in the WCSB. In the first quarter of 2026, Pembina and PGI entered into long-term, take-or-pay agreements with Tourmaline Oil ("Tourmaline") that include renewals of 270 mmcf/d of gas processing at PGI's Cutbank Complex and Resthaven Facility, as well as transportation on the Peace Pipeline, and fractionation at the Redwater Complex. PGI has begun commissioning the Wapiti Expansion and K3 Cogeneration Facility. Both projects are expected to be placed in service by the end of the first quarter of 2026. The Wapiti Expansion is on time and on budget, and will increases natural gas processing capacity at the Wapiti Plant by 115 mmcf/d (gross to PGI). The K3 Cogeneration Facility is on time and trending under budget, and will reduce overall operating costs by providing power and heat to the gas processing facility, while reducing customers' exposure to power prices. On January 29, Dow Inc. ("Dow") reaffirmed that it will proceed with its Path2Zero project, a new integrated ethylene cracker and derivatives facility in Fort Saskatchewan, which Dow stated is a unique opportunity and an advantaged, first-quartile global asset. Further, Dow provided a revised timeline that includes a Phase 1 start-up by year-end 2029, and a Phase 2 start-up by year-end 2030. As part of Dow's broader portfolio of assets and ethane supply requirements, the Path2Zero project supports Pembina's previously announced long-term agreement with Dow to supply up to 50,000 bpd of ethane. Pembina continues to evaluate its options to invest in new infrastructure required to meet its ethane supply commitments in the most capital efficient manner, given the revised Path2Zero timing. A final investment decision on new ethane supply infrastructure is expected in 2026. Path2Zero is a positive development for WCSB producers as it will catalyze significant new ethane demand, the extraction of which is expected to also increase the supply of other associated NGL - propane, butane and condensate. The resulting volume growth across the WCSB is expected to benefit Pembina by supporting higher utilization and potential expansions of its assets. [1] Pouce Coupé Pipe Line Ltd. and Plateau Pipe Line Ltd. [2] Plateau Pipe Line Ltd. [3] Plateau Pipe Line Ltd. and Pembina [4] Pouce Coupé Pipe Line Ltd. Priorities for the Year Ahead Operational & Project Execution Excellence Foremost priority of continued safe and reliable operations, focusing on employee and contractor safety, and high asset availability and reliability. Continued safe, on-time, and on-budget execution of inflight construction projects. Placing the RFS IV Expansion, Wapiti Expansion, and K3 Cogeneration Facility into service. Under previously announced funding agreements, PGI in collaboration with certain producer customers, expects to place approximately $725 million ($435 million net to Pembina) of new infrastructure into service throughout 2026; the new infrastructure is being constructed, and will be operated, by the customers, while PGI will own the assets, which are supported by long-term take-or-pay agreements. Commercial & Strategic Excellence Maintaining a long-term, durable cash flow stream through ongoing contracting of existing assets, including Pembina's Peace Pipeline system and Redwater Complex, as well as PGI's assets. Making a final investment decision on an ethane supply project to support growing market demand. Advancing development and making a final investment decision on the Greenlight Electricity Centre. Evaluating opportunities to increase egress capacity, including the optimization or expansion of the Nipisi Pipeline and the re-purposing of existing underutilized assets, to respond to growing volumes from the Clearwater area and strong customer demand for incremental service. Financial Excellence Achieving results within Pembina's 2026 adjusted EBITDA guidance range of $4.125 billion to $4.425 billion; the midpoint of the 2026 guidance range represents 2023 to 2026 fee-based adjusted EBITDA per share compound annual growth of approximately five percent, positioning Pembina to deliver on the target provided at its 2024 Investor Day. Enhancing Pembina's long-term sustainability and competitiveness through a disciplined focus on costs and productivity. Financial & Operational Highlights Adjusted EBITDA Pembina reported quarterly adjusted EBITDA of $1,075 million in the fourth quarter and full year adjusted EBITDA of $4,289 million. This represents a $179 million or 14 percent decrease, and a $119 million or three percent decrease, respectively, over the same periods in the prior year. The variances over the prior periods primarily reflect a lower contribution from the Marketing & New Ventures Division, the impact of a new toll structure and revenue sharing mechanism on the Alliance Pipeline, and period specific capital recoveries that impacted 2024 with no similar impact in 2025. These factors were partially offset by volume growth and solid performance across the Pipelines and Facilities divisions. Pipelines reported adjusted EBITDA of $643 million for the fourth quarter, representing a $43 million or six percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors: higher volumes on the Peace Pipeline system; lower operating expenses on the Cochin Pipeline; lower revenue on the Canadian portion of the Alliance Pipeline as a result of reduced long-term firm tolls and impacts from the new revenue-sharing mechanism under the previously announced settlement, effective November 1, 2025, with shippers and interested parties, offset by higher demand on seasonal contracts; lower revenue on certain Pipelines assets due to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024; and lower interruptible volumes on the Cochin Pipeline due to narrower condensate price differentials. Pipelines reported adjusted EBITDA of $2,596 million for the full year, representing a $63 million or two percent increase compared to the same period in the prior year, reflecting the net impact of the following factors: higher contribution from the Alliance Pipeline due to a full year of consolidated ownership, and higher seasonal revenue, offset by reduced long-term firm tolls and impacts from the new revenue-sharing mechanism under the previously announced settlement with shippers and interested parties; higher revenue on the Peace Pipeline system, Nipisi Pipeline and the NEBC Pipelines; favourable foreign exchange rate impacts on certain assets; lower volumes and tolls on the Cochin Pipeline and Vantage Pipeline; lower revenue on certain Pipeline assets due to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024; and lower revenue at the Edmonton Terminals. Facilities reported adjusted EBITDA of $366 million for the fourth quarter, representing a $7 million or two percent decrease over the same period in the prior year, reflecting the net impact of the following factors: lower revenue related to period-specific impacts of capital recoveries recognized in the fourth quarter of 2024 on certain assets at PGI, and higher operating expenses; and higher contribution from PGI assets, primarily due to higher volumes and the impact of the acquisition of a 50 percent working interest in Whitecap's Kaybob Complex during the fourth quarter of 2024. Facilities reported adjusted EBITDA of $1,396 million for the full year, representing a $49 million or four percent increase over the same period in the prior year, reflecting the net impact of the following factors: the inclusion within Facilities of adjusted EBITDA from Aux Sable following Pembina fully consolidating ownership in Aux Sable on April 1, 2024; and higher contribution from PGI assets, due to the acquisitions from Whitecap, and higher volumes at the Duvernay Complex, partially offset by lower revenue driven by outages at certain assets and third-party downstream restrictions impacting the Dawson Assets. Marketing & New Ventures reported adjusted EBITDA of $116 million for the fourth quarter, representing a $118 million or 50 percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors: narrower NGL frac spreads; and lower realized gains on crude oil-based derivatives due to lower volumes and narrower price spreads, partially offset by realized gains on NGL-based derivatives, compared to losses in the fourth quarter of 2024. Marketing & New Ventures reported adjusted EBITDA of $499 million for the full year, representing a $225 million or 31 percent decrease compared to the same period in the prior year, reflecting the net impact of the following factors: narrower NGL frac spreads; lower realized gains on crude oil-based derivatives due to lower volumes and narrower crude oil price spreads; lower realized losses on NGL based derivatives; and the net impact of Pembina fully consolidating its ownership in Aux Sable on April 1, 2024. Corporate reported adjusted EBITDA of negative $50 million for the fourth quarter, representing a $11 million or 28 percent decrease compared to the same period in the prior year, reflecting higher long-term incentive costs, partially offset by lower non-compensation related expenses. Corporate reported adjusted EBITDA of negative $202 million for the full year, representing a $6 million or three percent decrease over the same period in the prior year, reflecting higher incentive costs and higher salaries and wages, partially offset by lower non-compensation related expenses. Earnings Pembina reported fourth quarter earnings of $489 million and full year earnings of $1,694 million. This represents a $83 million or fifteen percent decrease, and a $180 million or ten percent decrease respectively, over the same periods in the prior year. Pipelines had earnings in the fourth quarter of $470 million, representing a $64 million or 12 percent decrease over the prior period. Pipelines had earnings for the full year of $1,938 million, representing a $31 million or two percent increase over the prior year. In addition to the factors impacting adjusted EBITDA, as noted above, the changes in earnings for the fourth quarter and full year were due to higher depreciation and amortization expense. Additionally, the change in the full year was due to the gain on sale of the North segment of the Western Pipeline. Facilities had earnings in the fourth quarter of $178 million representing a $1 million or one percent increase over the prior year. In addition to the factors impacting adjusted EBITDA, the change in earnings for the fourth quarter was due to lower other expenses recognized in share of profit from PGI, as 2024 included costs related to asset disposals. Facilities had earnings for the full year of $562 million representing a $104 million or 16 percent decrease over the prior year. In addition to the factors impacting adjusted EBITDA, as noted above, the change in earnings for the full year was due to several factors impacting share of profit from PGI. These factors included an impairment of $146 million (net to Pembina, after tax) recognized on certain PGI assets, offset by the recognition of a $23 million gain (net to Pembina, after tax) related to the amendment of PGI's credit facility, and gains recognized on PGI's interest rate derivative financial instruments in 2025 compared to losses in 2024. Facilities earnings for the full year was also impacted by higher depreciation and amortization expense. Marketing & New Ventures had earnings in the fourth quarter of $115 million representing a $130 million or 53 percent decrease over the prior year. In addition to the factors impacting adjusted EBITDA, as noted above, the change in earnings in the fourth quarter was due to a higher share of profit from Greenlight due to a gain on sale of land to a third-party potential customer, and various unrealized gains and losses on derivatives. Marketing & New Ventures had earnings for the full year of $457 million representing a $112 million or 20 percent decrease, over the prior year. In addition to the factors impacting adjusted EBITDA and fourth quarter earnings, as noted above, the change in full year earnings was due to no similar gain from the derecognition of the provision related to financial assurances provided by Pembina, which were assumed by Cedar LNG following the positive final investment decision on the project in June 2024. Both the fourth quarter and full year were impacted by unrealized gains and losses on derivatives compared to the prior comparable period. In addition to the changes in earnings for each division discussed above, the change in Corporate fourth quarter earnings compared to the prior period was due to a gain recognized by Pembina on a sale of land to a third-party potential customer of Greenlight, combined with lower net finance costs, and lower acquisition and integration costs, offset by higher restructuring costs. In addition, the quarter was impacted by lower income tax expense. Factors impacting the change in Corporate full year earnings compared to the prior period was due to higher net finance costs and restructuring costs, no similar net gain on acquisition to that recognized in the second quarter of 2024 following Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, and lower acquisition and integration costs. In addition, the full year was impacted by higher income tax expense. Quarterly Common Share Dividend Pembina's board of directors has declared a common share cash dividend for the first quarter of 2026 of $0.71 per share, to be paid, subject to applicable law, on March 31, 2026, to shareholders of record on March 16, 2026. The common share dividends are designated as "eligible dividends" for Canadian income tax purposes. For non-resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax. For shareholders receiving their common share dividends in U.S. funds, the cash dividend is expected to be approximately U.S.$0.5188 per share (before deduction of any applicable Canadian withholding tax) based on a currency exchange rate of 0.7307. The actual U.S. dollar dividend will depend on the Canadian/U.S. dollar exchange rate on the payment date and will be subject to applicable withholding taxes. Quarterly dividend payments are expected to be made on the last business day of March, June, September and December to shareholders of record on the 15th day of the corresponding month, if, as and when declared by the board of directors. Should the record date fall on a weekend or on a statutory holiday, the record date will be the next succeeding business day following the weekend or statutory holiday. Fourth Quarter 2025 Conference Call & Webcast Pembina will host a conference call on Friday, February 27, 2026, at 8:00 a.m. MT (10:00 a.m. ET) for interested investors, analysts, brokers, and media representatives to discuss results for the fourth quarter of 2025. The live webcast can be accessed on Pembina's website at Pembina - Presentations & Events or via the following URL: https://events.q4inc.com/attendee/196116557. After the event concludes and is archived, the same URL will be converted into the replay link for the webcast. About Pembina Pembina Pipeline Corporation is a leading energy transportation and midstream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, we seek to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future and benefit our customers, investors, employees and communities. For more information, please visit www.pembina.com. Purpose of Pembina: We deliver extraordinary energy solutions so the world can thrive. Pembina is structured into three Divisions: Pipelines Division, Facilities Division and Marketing & New Ventures Division. Pembina's common shares trade on the Toronto and New York stock exchanges under PPL and PBA, respectively. For more information, visit www.pembina.com. Forward-Looking Statements and Information This news release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including forward-looking statements within the meaning of the "safe harbor" provisions of applicable securities legislation, that are based on Pembina's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In some cases, forward-looking statements can be identified by terminology such as "continue", "anticipate", "schedule", "will", "expects", "estimate", "potential", "planned", "future", "outlook", "strategy", "project", "plan", "commit", "maintain", "focus", "ongoing", "believe" and similar expressions suggesting future events or future performance. In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: Pembina's 2026 adjusted EBITDA guidance, as well as the factors impacting such future results; future pipeline, processing, fractionation and storage facility and system operations and throughput levels; treatment under existing and potential governmental policies and regulations, including expectations regarding their impact on Pembina; Pembina's strategy and the development of new business initiatives and growth opportunities, including the anticipated benefits therefrom and the expected timing thereof; expectations about current and future market conditions, industry activities and development opportunities, as well as the anticipated impacts thereof, including general market conditions outlooks and industry developments; expectations about future demand for Pembina's infrastructure and services, including expectations in respect of customer contracts, future volume growth in the WCSB and the drivers thereof, increased utilization and future tolls and volumes; expectations relating to the development of Pembina's new projects and developments, including Cedar LNG, RFS IV, PGI's Wapiti Expansion, PGI's K3 cogeneration Facility, the Fox Creek-to-Namao Expansion, the Birch-to-Taylor Expansion, the Taylor to Gordondale Expansion, Prince Rupert Terminal Optimization and the Greenlight Electricity Centre, including the outcomes, timing, expected costs and anticipated benefits thereof; statements regarding commercial discussions regarding the assignment of Pembina's remaining contracted capacity for Cedar LNG, including the timing thereof; statements regarding the Path2Zero project and anticipated benefits therefrom; expectations in respect of PGI's infrastructure development commitments, including the amounts and timing thereof; Pembina's future common share dividends, including the timing, amount and expected tax treatment thereof; statements regarding optimization and expansion opportunities being evaluated or pursued by Pembina, including future actions which may be taken by Pembina in connection with such opportunities and the outcomes thereof; planning, construction, locations, capital expenditure and funding estimates, schedules, regulatory and environmental applications and anticipated approvals, expected capacity, incremental volumes, contractual arrangements, completion and in-service dates, sources of product, activities, benefits and operations with respect to new construction of, or expansions on existing pipelines, systems, gas services facilities, processing and fractionation facilities, terminalling, storage and hub facilities and other facilities or energy infrastructure, as well as the impact of Pembina's new projects on its future financial performance; and expectations regarding existing and future commercial agreements, including the expected timing and benefit thereof. The forward-looking statements are based on certain factors and assumptions that Pembina has made in respect thereof as at the date of this news release regarding, among other things: oil and gas industry exploration and development activity levels and the geographic region of such activity; the success of Pembina's operations; prevailing commodity prices, interest rates, carbon prices, tax rates, exchange rates and inflation rates; the ability of Pembina to maintain current credit ratings; the availability and cost of capital to fund future capital requirements relating to existing assets, projects and the repayment or refinancing of existing debt as it becomes due; future operating costs; geotechnical and integrity costs; that any third-party projects relating to Pembina's growth projects will be sanctioned and completed as expected; assumptions with respect to our intention to complete share repurchases, including the funding thereof, existing and future market conditions, including with respect to Pembina's common share trading price, and compliance with respect to applicable securities laws and regulations and stock exchange policies; that any required commercial agreements can be reached in the manner and on the terms expected by Pembina; that all required regulatory and environmental approvals can be obtained on acceptable terms and in a timely manner; that counterparties will comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion of the relevant projects; prevailing regulatory, tax and environmental laws and regulations; maintenance of operating margins; the amount of future liabilities relating to lawsuits and environmental incidents; and the availability of coverage under Pembina's insurance policies (including in respect of Pembina's business interruption insurance policy). Although Pembina believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, and Indigenous and landowner consultation requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; reliance on key relationships, joint venture partners and agreements; labour and material shortages; the strength and operations of the oil and natural gas production industry and related commodity prices; non-performance or default by contractual counterparties ; actions by governmental or regulatory authorities, including changes in laws and treatment, changes in royalty rates, regulatory decisions, changes in regulatory processes or increased environmental regulation; the ability of Pembina to acquire or develop the necessary infrastructure in respect of future development projects; Pembina's ability to realize the anticipated benefits of recent acquisitions; fluctuations in operating results; adverse general economic and market conditions, including potential recessions in Canada, North America and worldwide resulting in changes, or prolonged weaknesses, as applicable, in interest rates, foreign currency exchange rates, inflation, commodity prices, supply/demand trends and overall industry activity levels; new Canadian and/or U.S. trade policies or barriers, including the imposition of new tariffs, duties or other trade restrictions; constraints on the, or the unavailability of, adequate supplies, infrastructure or labour; the political environment in North America and elsewhere, including changes in trade relations between Canada and the U.S., and public opinion thereon; the ability to access various sources of debt and equity capital; adverse changes in credit ratings; counterparty credit risk; technology and cyber security risks; natural catastrophes; and certain other risks detailed in Pembina's Annual Information Form and Management's Discussion and Analysis, each dated February 26, 2026 for the year ended December 31, 2025 and from time to time in Pembina's public disclosure documents available at www.sedarplus.ca, www.sec.gov and through Pembina's website at www.pembina.com. This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected by forward-looking statements contained herein. The forward-looking statements contained in this news release speak only as of the date of this news release. Pembina does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. Management approved the 2026 adjusted EBITDA guidance contained herein on February 26, 2026. The purpose of these financial outlooks is to assist readers in understanding Pembina's expected and targeted financial results, and this information may not be appropriate for other purposes. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Non-GAAP and Other Financial Measures Throughout this news release, Pembina has disclosed certain financial measures and ratios that are not specified, defined or determined in accordance with GAAP and which are not disclosed in Pembina's financial statements. Non-GAAP financial measures either exclude an amount that is included in, or include an amount that is excluded from, the composition of the most directly comparable financial measure specified, defined and determined in accordance with GAAP. Non-GAAP ratios are financial measures that are in the form of a ratio, fraction, percentage or similar representation that has a non-GAAP financial measure as one or more of its components. These non-GAAP financial measures and non-GAAP ratios, together with financial measures and ratios specified, defined and determined in accordance with GAAP, are used by management to evaluate the performance and cash flows of Pembina and its businesses and to provide additional useful information respecting Pembina's financial performance and cash flows to investors and analysts. In this news release, Pembina has disclosed the following non-GAAP financial measures and non-GAAP ratios: net revenue, adjusted EBITDA, adjusted EBITDA from equity accounted investees, adjusted cash flow from operating activities and adjusted cash flow from operating activities per common share. The non-GAAP financial measures and non-GAAP ratios disclosed in this news release do not have any standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar financial measures or ratios disclosed by other issuers. Such financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Pembina's financial performance, or cash flows specified, defined or determined in accordance with IFRS, including revenue, earnings, cash flow from operating activities and cash flow from operating activities per share. Except as otherwise described herein, these non-GAAP financial measures and non-GAAP ratios are calculated on a consistent basis from period to period. Specific reconciling items may only be relevant in certain periods. Below is a description of each non-GAAP financial measure and non-GAAP ratio disclosed in this news release, together with, as applicable, disclosure of the most directly comparable financial measure that is determined in accordance with GAAP to which each non-GAAP financial measure relates and a quantitative reconciliation of each non-GAAP financial measure to such directly comparable GAAP financial measure. Additional information relating to such non-GAAP financial measures and non-GAAP ratios, including disclosure of the composition of each non-GAAP financial measure and non-GAAP ratio, an explanation of how each non-GAAP financial measure and non-GAAP ratio provides useful information to investors and the additional purposes, if any, for which management uses each non-GAAP financial measure and non-GAAP ratio; an explanation of the reason for any change in the label or composition of each non-GAAP financial measure and non-GAAP ratio from what was previously disclosed; and a description of any significant difference between forward-looking non-GAAP financial measures and the equivalent historical non-GAAP financial measures, is contained in the "Non-GAAP & Other Financial Measures" section of the management's discussion and analysis of Pembina dated February 26, 2026 for the year ended December 31, 2025 (the "MD&A"), which information is incorporated by reference in this news release. The MD&A is available on SEDAR+ at www.sedarplus.ca, EDGAR at www.sec.gov and Pembina's website at www.pembina.com. Net Revenue Net revenue is a non-GAAP financial measure which is defined as total revenue less cost of goods sold. The most directly comparable financial measure to net revenue that is determined in accordance with GAAP and disclosed in Pembina's financial statements is revenue. 3 Months Ended December 31 Pipelines Facilities Marketing & New Ventures Corporate & Inter-segment Eliminations Total ($ millions) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Revenue 871 948 326 320 985 1,133 (269) (256) 1,913 2,145 Cost of goods sold 14 5 - - 927 919 (167) (162) 774 762 Net revenue 857 943 326 320 58 214 (102) (94) 1,139 1,383 12 Months Ended December 31 Pipelines Facilities Marketing & New Ventures Corporate & Inter-segment Eliminations Total ($ millions) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Revenue 3,521 3,386 1,228 1,127 4,065 3,796 (1,036) (925) 7,778 7,384 Cost of goods sold 51 40 - - 3,524 3,198 (674) (630) 2,901 2,608 Net revenue 3,470 3,346 1,228 1,127 541 598 (362) (295) 4,877 4,776 Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization Adjusted EBITDA is a non-GAAP financial measure and is calculated as earnings before net finance costs, income taxes, depreciation and amortization (included in gross profit and general and administrative expense), and unrealized gains or losses from derivative instruments. The exclusion of unrealized gains or losses from derivative instruments eliminates the non-cash impact of such gains or losses. Adjusted EBITDA also includes adjustments to earnings for non-controlling interest, losses (gains) on disposal of assets, transaction costs incurred in respect of acquisitions, dispositions and restructuring, impairment charges or reversals in respect of goodwill, intangible assets, investments in equity accounted investees and property, plant and equipment, certain non-cash provisions and other amounts not reflective of ongoing operations. These additional adjustments are made to exclude various non-cash and other items that are not reflective of ongoing operations. Following completion of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, Pembina revised the definition of adjusted EBITDA to deduct earnings for the 14.6 percent non-controlling interest in the Aux Sable U.S. operations. Pembina's subsequent acquisition of the remaining interest in Aux Sable's U.S. operations in the third quarter of 2024 resulted in all of Aux Sable's results being included in the adjusted EBITDA calculation beginning on August 1, 2024. Management believes that adjusted EBITDA provides useful information to investors as it is an important indicator of Pembina's ability to generate liquidity through cash flow from operating activities and equity accounted investees. Management also believes that adjusted EBITDA provides an indicator of operating income generated from capital expenditures, which includes operational finance income and gains from lessor lease arrangements. Adjusted EBITDA is also used by investors and analysts for assessing financial performance and for the purpose of valuing Pembina, including calculating financial and leverage ratios. Management utilizes adjusted EBITDA to set objectives and as a key performance indicator of the Company's success. Pembina presents adjusted EBITDA as management believes it is a measure frequently used by analysts, investors and other stakeholders in evaluating the Company's financial performance. The most directly comparable financial measure to adjusted EBITDA that is specified, defined and determined in accordance with GAAP and disclosed in Pembina's financial statements is earnings. 3 Months Ended December 31 Pipelines Facilities Marketing & New Ventures Corporate & Inter-segment Eliminations Income Taxes Total ($ millions, except per share amounts) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Earnings (loss) 470 534 178 177 115 245 (126) (212) (148) (172) 489 572 Adjustments for: Income tax expense 148 172 148 172 Adjustments to share of profit (loss) from equity accounted investees - - 126 136 (97) (74) - - 29 62 Net finance costs 8 5 4 2 1 5 135 151 148 163 Depreciation and amortization 164 148 57 55 18 17 17 15 256 235 Unrealized loss from derivative instruments - - - - 78 41 - - 78 41 Transaction and integration costs in respect of acquisitions - - - - - - - 7 - 7 Restructuring costs - - - - - - 15 - 15 - (Gain) loss on disposal of assets - (1) - - 1 - (96) - (95) (1) Other non-cash provisions 1 - 1 3 - - 5 - 7 3 Adjusted EBITDA 643 686 366 373 116 234 (50) (39) - - 1,075 1,254 Adjusted EBITDA per common share - basic (dollars) 1.85 2.16 12 Months Ended December 31 Pipelines Facilities Marketing & New Ventures Corporate & Inter-segment Eliminations Income Taxes Total ($ millions, except per share amounts) 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Earnings (loss) 1,938 1,907 562 666 457 569 (750) (1,422) (513) 154 1,694 1,874 Adjustments for: Income tax expense (recovery) 513 (154) 513 (154) Adjustments to share of profit (loss) from equity accounted investees 3 46 610 486 (78) (16) - - 535 516 Net finance costs 27 24 13 10 8 9 554 518 602 561 Depreciation and amortization 643 560 209 183 71 64 64 55 987 862 Unrealized (gain) loss from derivative instruments - - - - 37 170 - - 37 170 Loss on acquisition - - - - - - - 616 - 616 Derecognition of insurance contract provision - - - - - (34) - - - (34) Transaction and integration costs in respect of acquisition - - - - - - 5 25 5 25 Restructuring costs - - - - - - 15 - 15 - Non-controlling interest(1) - - - - - (12) - - - (12) (Gain) loss on disposal of assets (18) (13) - (1) 1 (7) (96) - (113) (21) Other non-cash provisions 3 9 2 3 3 (19) 6 12 14 5 Adjusted EBITDA 2,596 2,533 1,396 1,347 499 724 (202) (196) - - 4,289 4,408 Adjusted EBITDA per common share - basic (dollars) 7.38 7.69 (1) Presented net of adjusting items. Adjusted EBITDA from Equity Accounted Investees In accordance with IFRS, Pembina's joint ventures are accounted for using equity accounting. Under equity accounting, the assets and liabilities of the investment are presented net in a single line item in the Consolidated Statement of Financial Position, "Investments in Equity Accounted Investees". Earnings from investments in equity accounted investees are recognized in a single line item in the Consolidated Statement of Earnings and Comprehensive Income "Share of Profit from Equity Accounted Investees". The adjustments made to earnings, in adjusted EBITDA above, are also made to share of profit from investments in equity accounted investees. Cash contributions and distributions from investments in equity accounted investees represent Pembina's share paid and received in the period to and from the investments in equity accounted investees. To assist in understanding and evaluating the performance of these investments, Pembina is supplementing the IFRS disclosure with non-GAAP proportionate consolidation of Pembina's interest in the investments in equity accounted investees. Pembina's proportionate interest in equity accounted investees has been included in adjusted EBITDA. 3 Months Ended December 31 Pipelines Facilities Marketing & New Ventures Total ($ millions) 2025 2024 2025 2024 2025 2024 2025 2024 Share of profit from equity accounted investees 1 - 74 59 96 74 171 133 Adjustments to share of profit (loss) from equity accounted investees: Net finance costs (income) - - 32 37 (35) (74) (3) (37) Income tax expense - - 27 23 - - 27 23 Depreciation and amortization - - 63 66 - - 63 66 Unrealized loss (gain) on commodity-related derivative financial instruments - - 3 (3) - - 3 (3) Gain on disposal of assets - - - - (62) - (62) - Transaction costs incurred in respect of acquisitions and non-cash provisions - - 1 13 - - 1 13 Total adjustments to share of profit (loss) from equity accounted investees - - 126 136 (97) (74) 29 62 Adjusted EBITDA from equity accounted investees 1 - 200 195 (1) - 200 195 12 Months Ended December 31 Pipelines Facilities Marketing & New Ventures Total ($ millions) 2025 2024 2025 2024 2025 2024 2025 2024 Share of profit from equity accounted investees 1 42 134 231 74 55 209 328 Adjustments to share of profit (loss) from equity accounted investees: Net finance costs (income) 1 7 113 175 (16) (23) 98 159 Income tax expense - - 46 73 - - 46 73 Depreciation and amortization 2 39 254 221 - 7 256 267 Unrealized loss on commodity-related derivative financial instruments - - 4 2 - - 4 2 Gain on disposal of assets - - (2) - (62) - (64) - Impairment expense - - 193 - - - 193 - Other non-cash provisions - - 2 15 - - 2 15 Total adjustments to share of profit (loss) from equity accounted investees 3 46 610 486 (78) (16) 535 516 Adjusted EBITDA from equity accounted investees 4 88 744 717 (4) 39 744 844 Adjusted Cash Flow from Operating Activities and Adjusted Cash Flow from Operating Activities per Common Share Adjusted cash flow from operating activities is a non-GAAP measure which is defined as cash flow from operating activities adjusting for the change in non-cash operating working capital, adjusting for current tax and share-based compensation payments, and deducting distributions to non-controlling interests and preferred share dividends paid. Adjusted cash flow from operating activities deducts distributions to non-controlling interest and preferred share dividends paid because they are not attributable to common shareholders. The calculation has been modified to exclude current tax expense and accrued share-based payment expense, and to include the impact of cash paid for taxes and share-based compensation, as it allows management to better assess the obligations discussed below. Management believes that adjusted cash flow from operating activities provides comparable information to investors for assessing financial performance during each reporting period. Management utilizes adjusted cash flow from operating activities to set objectives and as a key performance indicator of the Company's ability to meet interest obligations, dividend payments and other commitments. Adjusted cash flow from operating activities per common share is a non-GAAP financial ratio which is calculated by dividing adjusted cash flow from operating activities by the weighted average number of common shares outstanding. Following completion of Pembina acquiring a controlling ownership interest in Alliance and Aux Sable on April 1, 2024, Pembina revised the definition of adjusted cash flow from operating activities to deduct distributions related to non-controlling interest in the Aux Sable U.S. operations. On August 1, 2024, Pembina acquired the remaining interest in Aux Sable's U.S. operations. 3 Months Ended December 31 12 Months Ended December 31 ($ millions, except per share amounts) 2025 2024 2025 2024 Cash flow from operating activities 861 902 3,301 3,214 Cash flow from operating activities per common share - basic (dollars) 1.48 1.55 5.68 5.61 Add (deduct): Change in non-cash operating working capital (164) 73 (221) 43 Current tax expense (94) (73) (432) (261) Taxes paid, net of foreign exchange 189 52 346 404 Accrued share-based payment expense (29) (3) (95) (82) Share-based compensation payment - 5 89 91 Preferred share dividends paid (32) (34) (134) (132) Distributions to non-controlling interest - - - (12) Adjusted cash flow from operating activities 731 922 2,854 3,265 Adjusted cash flow from operating activities per common share - basic (dollars) 1.26 1.59 4.91 5.70 View source version on businesswire.com: https://www.businesswire.com/news/home/20260226859493/en/ back Private-label branded pages powered by TickerTech.com. 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Matador Resources Company Prices Offering of $750 Million of Senior Notes Due 2034
Related Quotes Matador Resources Company 49.62 0.13 0.26% Enter Symbols: Matador Resources Company Prices Offering of $750 Million of Senior Notes Due 2034 DALLAS, Feb. 26 /BusinessWire/ -- Matador Resources Company (NYSE:MTDR) ("Matador" or the "Company") today announced that it has priced a private offering of $750 million of 6.000% senior unsecured notes due 2034 (the "New Notes") at a price of 100% of their face value. The offering is expected to close on March 5, 2026, subject to customary closing conditions. Matador intends to use the net proceeds from the offering (i) to repurchase any and all of the $500 million outstanding aggregate principal amount of its 6.875% senior notes due 2028 (the "2028 Notes") through a cash tender offer (the "Tender Offer"), and to pay related premiums, fees and expenses in connection with the Tender Offer, and (ii) to repay borrowings outstanding under Matador's credit facility. To the extent any 2028 Notes remain outstanding after the consummation of the Tender Offer, Matador intends to satisfy and discharge any remaining 2028 Notes in accordance with the terms of the indenture governing the 2028 Notes. The Tender Offer is being made solely pursuant to the terms of an offer to purchase and related notice of guaranteed delivery, each dated as of February 26, 2026. The New Notes and related guarantees have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the applicable securities laws of any state or other jurisdiction and may not be offered, transferred or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and the applicable securities laws of any state or other jurisdiction. The New Notes may be resold by the initial purchasers to persons they reasonably believe to be "qualified institutional buyers" pursuant to Rule 144A and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. This press release is being issued pursuant to Rule 135c under the Securities Act, does not constitute a notice of redemption or satisfaction and discharge under the indenture governing the 2028 Notes and is neither an offer to sell nor a solicitation of an offer to buy any security, including the New Notes, nor a solicitation for an offer to purchase any security, including the New Notes or the 2028 Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Matador Resources Company Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also has operations in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of, and to provide flow assurance for, its exploration, development and production operations and provides natural gas processing, oil transportation services, oil, natural gas and produced water gathering services and produced water disposal services to third parties. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. "Forward-looking statements" are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "could," "believe," "would," "anticipate," "intend," "estimate," "expect," "may," "should," "continue," "plan," "predict," "potential," "project," "hypothetical," "forecasted" and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, risks and uncertainties related to the capital markets generally, whether the Company will offer the New Notes or consummate the offering, the anticipated terms of the New Notes and the anticipated use of proceeds, including the repurchase of the 2028 Notes, as well as the following risks related to financial and operational performance: general economic conditions, including the effects of inflation and interest rates; tariffs and trade tensions; the Company's ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company's midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids or the construction, expansion or operation of the Company's midstream assets; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company's operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; disruption from the Company's acquisitions making it more difficult to maintain business and operational relationships; significant transaction costs associated with the Company's acquisitions; the risk of litigation and/or regulatory actions related to the Company's acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, capital markets, available borrowing capacity under its credit facility and otherwise; the operating results of, and the availability of any potential distributions from, our joint ventures; weather conditions, environmental conditions and natural disasters; evolving cybersecurity risks; and the other factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Matador's most recent Annual Report on Form 10-K. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20260226655896/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. 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