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Suncor Energy reports fourth quarter 2025 results
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Suncor Energy declares dividend
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Cactus Announces Timing of Fourth Quarter and Full Year 2025 Earnings Release and Conference Call and Quarterly Cash Dividend
Related Quotes Cactus Inc Class A 57.30 0.57 1.00% Enter Symbols: Cactus Announces Timing of Fourth Quarter and Full Year 2025 Earnings Release and Conference Call and Quarterly Cash Dividend HOUSTON, Feb. 03 /BusinessWire/ -- Cactus, Inc. (NYSE:WHD) ("Cactus" or the "Company") today announced that it will issue its fourth quarter and full year 2025 earnings release after market close on Wednesday, February 25, 2026. The Company will host a conference call to discuss financial and operational results on Thursday, February 26, 2026 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). The call will be webcast on Cactus' website at www.CactusWHD.com. Please access the webcast at least 10 minutes ahead of the start time to ensure a proper connection. An archived version will be available on the Company's website shortly after the end of the call. Additionally, the Board of Directors approved the payment of a quarterly cash dividend of $0.14 per share of Class A common stock with payment to occur on March 19, 2026 to holders of record of Class A common stock at the close of business on March 2, 2026. A corresponding distribution of up to $0.14 per CC Unit has also been approved for holders of CC Units of Cactus Companies, LLC. Declarations of any dividends in the future, and the amount of any such dividends, are subject to approval by Cactus' Board of Directors. About Cactus, Inc. Cactus designs, manufactures, sells or rents a range of highly engineered pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers' wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers and manufacturing facilities globally with an emphasis in North America and the Middle East. View source version on businesswire.com: https://www.businesswire.com/news/home/20260203962092/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.
NGL Energy Partners LP Announces Third Quarter Fiscal 2026 Financial Results
Related Quotes Ngl Energy Partners LP Common Units Repr 11.89 0.31 2.54% Enter Symbols: NGL Energy Partners LP Announces Third Quarter Fiscal 2026 Financial Results TULSA, Okla., Feb. 03 /BusinessWire/ -- NGL Energy Partners LP (NYSE:NGL) ("NGL," "we," "us," "our," or the "Partnership") today reported its third quarter Fiscal 2026 financial results. Highlights include: Financial Results: Income from continuing operations for the third quarter of Fiscal 2026 of $48.2 million, compared to income from continuing operations of $23.7 million for the third quarter of Fiscal 2025 Adjusted EBITDA from continuing operations(1) for the third quarter of Fiscal 2026 of $172.5 million, compared to $158.0 million for the third quarter of Fiscal 2025 Water Solutions Volumes: Record produced water volumes physically disposed of approximately 3.07 million barrels per day during the third quarter of Fiscal 2026, growing 17.1% from the water volumes physically disposed of during the third quarter of Fiscal 2025 Paid and physically disposed water volumes of 3.13 million barrels per day during the third quarter of Fiscal 2026, growing 7% from the paid and physically disposed water volumes during the third quarter of Fiscal 2025 Equity Transactions: In October, NGL purchased an additional 18,506 of the Class D preferred units resulting in a combined total of 88,506 of our Class D preferred units redeemed, or approximately 15% of the originally outstanding Class D preferred units Under the board authorized common unit repurchase plan, we have repurchased an additional 1,611,088 common units in the quarter for a total of 8,698,477 common units under the repurchase program at an average price of $5.6963 "NGL posted another strong quarter driven by the Water Solutions segment. We are reaffirming our full year guide for Adjusted EBITDA(2) of between $650 million to $660 million. We continue to see opportunities in the Water Solutions segment that continues to indicate Fiscal 2027 will be another strong year for the Partnership with Adjusted EBITDA(2) eclipsing $700 million," stated Mike Krimbill NGL's CEO. ___________________ (1) See the "Non-GAAP Financial Measures" section of this release for the definition of Adjusted EBITDA (as used herein) and a discussion of this non-GAAP financial measure. (2) Certain of the forward-looking financial measures are provided on a non-GAAP basis. A reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is potentially misleading and not practical given the difficulty of projecting event driven transactional and other non-core operating items in any future period. The magnitude of these items, however, may be significant. Quarterly Results of Operations The following table summarizes the unaudited operating income (loss) and Adjusted EBITDA from continuing operations(1) by reportable segment for the periods indicated: Quarter Ended December 31, 2025 December 31, 2024 Operating Income (Loss) Adjusted EBITDA(1) Operating Income (Loss) Adjusted EBITDA(1) (in thousands) Water Solutions $ 98,189 $ 154,496 $ 65,379 $ 132,661 Crude Oil Logistics 11,639 15,358 10,024 17,354 Liquids Logistics 13,252 15,196 20,841 18,565 Corporate and Other (13,430 ) (12,522 ) (11,582 ) (10,551 ) Total $ 109,650 $ 172,528 $ 84,662 $ 158,029 Water Solutions Operating income for the Water Solutions segment increased by $32.8 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. The increase was due primarily to higher disposal revenues due to an increase in produced water volumes processed from contracted customers and increased water pipeline revenue due to the LEX II pipeline commencing operations during the quarter ended December 31, 2024. The Partnership processed approximately 3.07 million barrels of produced water per day during the quarter ended December 31, 2025, a 17.1% increase when compared to approximately 2.62 million barrels of water per day processed during the quarter ended December 31, 2024. Revenues from recovered skim oil, including the impact from realized skim oil hedges, totaled $23.3 million for the quarter ended December 31, 2025, a decrease of $0.8 million from the prior year period. The decrease was due primarily to lower realized crude oil prices received from the sale of skim oil barrels, partially offset by an increase in skim oil barrels sold due to more skim oil recovered from receiving more produced water. Operating expenses in the Water Solutions segment decreased $0.4 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024 due primarily to lower incentive compensation expense and lower chemical expense due to purchasing fewer chemicals and using chemicals more efficiently, partially offset by higher utilities expense due to increased produced water volumes processed and higher royalty expense due to volumes related to the LEX II pipeline commencing operations and increased volumes at certain other saltwater disposal wells. Operating expense per produced barrel processed was $0.18 for the quarter ended December 31, 2025, compared to $0.21 in the comparative quarter last year. There was also a loss on the disposal or impairment of assets of $5.7 million for the quarter ended December 31, 2025, compared to a loss on the disposal or impairment of assets of $10.5 million in the prior year period. Crude Oil Logistics Operating income for the Crude Oil Logistics segment increased by $1.6 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. The increase was due primarily to increased margins, due to increased volumes, and gains recognized on derivatives that hedge our physical product for the current period, compared to losses in the prior year period. This increase was offset by lower transportation revenue. During the quarter ended December 31, 2025, physical volumes on the Grand Mesa Pipeline averaged approximately 85,000 barrels per day, compared to approximately 61,000 barrels per day for the quarter ended December 31, 2024. Liquids Logistics Operating income for the Liquids Logistics segment decreased by $7.6 million for the quarter ended December 31, 2025, compared to the quarter ended December 31, 2024. This decrease was due primarily to lower product margins due to the sale of our Wholesale Propane business and 17 natural gas liquid terminals ("Wholesale Propane Disposition"), a weak gasoline blending season in certain markets and lower asphalt volumes and margins due to tighter supply. This decrease was partially offset by lower operating expenses due to the Wholesale Propane Disposition and lower losses on derivatives that hedge our physical product. Capitalization and Liquidity Total liquidity (cash plus available capacity on our asset-based revolving credit facility ("ABL Facility") was approximately $331.1 million as of December 31, 2025. Borrowings on the Partnership's ABL Facility totaled approximately $92.0 million as of December 31, 2025, due to an increase in capital spending within our Water Solutions segment. The Partnership is in compliance with all of its debt covenants and has no upcoming debt maturities. Third Quarter Conference Call Information A conference call to discuss NGL's results of operations is scheduled for 4:00 pm Central Time on Tuesday, February 3, 2026. Analysts, investors, and other interested parties may join the webcast via the event link: https://www.webcaster5.com/Webcast/Page/2808/53486 or by dialing (888) 506-0062 and providing conference code: 607307. An archived audio replay of the call will be available for 14 days, which can be accessed by dialing (877) 481-4010 and providing replay passcode 53486. Non-GAAP Financial Measures We define EBITDA as net income (loss) attributable to NGL Energy Partners LP, plus interest expense, income tax expense (benefit), and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA excluding net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, revaluation of liabilities and other. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, income from continuing operations before income taxes, cash flows from operating activities, or any other measure of financial performance calculated in accordance with GAAP, as those items are used to measure operating performance, liquidity or the ability to service debt obligations. We believe that EBITDA provides additional information to investors for evaluating our ability to make quarterly distributions to our unitholders and is presented solely as a supplemental measure. We believe that Adjusted EBITDA provides additional information to investors for evaluating our financial performance without regard to our financing methods, capital structure and historical cost basis. Further, EBITDA and Adjusted EBITDA, as we define them, may not be comparable to EBITDA, Adjusted EBITDA, or similarly titled measures used by other entities. For purposes of our Adjusted EBITDA calculation, we make a distinction between realized and unrealized gains and losses on derivatives. During the period when a derivative contract is open, we record changes in the fair value of the derivative as an unrealized gain or loss. When a derivative contract matures or is settled, we reverse the previously recorded unrealized gain or loss and record a realized gain or loss. Distributable Cash Flow is defined as Adjusted EBITDA minus maintenance capital expenditures, income tax expense, cash interest expense, preferred unit distributions paid and other. Maintenance capital expenditures represent capital expenditures necessary to maintain the Partnership's operating capacity. Distributable Cash Flow is a performance metric used by senior management to compare cash flows generated by the Partnership (excluding growth capital expenditures and prior to the establishment of any retained cash reserves by the board of directors of our general partner) to the cash distributions expected to be paid to unitholders. Using this metric, management can quickly compute the coverage ratio of estimated cash flows to planned cash distributions. This financial measure also is important to investors as an indicator of whether the Partnership is generating cash flow at a level that can sustain, or support an increase in, quarterly distribution rates. Actual distribution amounts are set by the board of directors of our general partner. We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Partnership's control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures. Forward-Looking Statements This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law. NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership's Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors. About NGL Energy Partners LP NGL Energy Partners LP, a Delaware master limited partnership, operates the largest integrated network of large diameter wastewater pipelines, disposal wells and produced water handling systems in the Delaware Basin. NGL also operates wastewater disposal in the Eagle Ford and DJ Basins. In addition, NGL markets and provides other logistics services for crude oil, through its ownership of the Grand Mesa Pipeline System, Cushing terminal and other Gulf Coast terminals. For further information, visit the Partnership's website at www.nglenergypartners.com. NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets (in Thousands, except unit amounts) December 31, 2025 March 31, 2025 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 6,476 $ 5,649 Accounts receivable, net of allowance for expected credit losses of $1,255 and $3,689, respectively 597,578 579,468 Accounts receivable-affiliates 419 730 Inventories 78,809 69,916 Prepaid expenses and other current assets 37,963 63,651 Assets held for sale - 175,207 Assets of discontinued operations 150 67,432 Total current assets 721,395 962,053 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of $1,229,618 and $1,104,582, respectively 2,102,797 2,066,847 GOODWILL 599,348 599,348 INTANGIBLE ASSETS, net of accumulated amortization of $383,152 and $340,334, respectively 819,996 851,347 OPERATING LEASE RIGHT-OF-USE ASSETS 119,462 109,870 OTHER NONCURRENT ASSETS 19,587 19,975 Total assets $ 4,382,585 $ 4,609,440 LIABILITIES AND EQUITY CURRENT LIABILITIES: Accounts payable $ 451,663 $ 461,980 Accounts payable-affiliates 1 102 Accrued expenses and other payables 139,168 135,233 Advance payments received from customers 13,685 10,347 Current maturities of long-term debt 8,918 8,805 Operating lease obligations 33,337 27,911 Liabilities held for sale - 42,103 Liabilities of discontinued operations 4 52,749 Total current liabilities 646,776 739,230 LONG-TERM DEBT, net of debt issuance costs of $37,691 and $43,144, respectively, and current maturities 2,924,455 2,961,703 OPERATING LEASE OBLIGATIONS 88,604 85,240 OTHER NONCURRENT LIABILITIES 132,904 125,897 CLASS D 9.00% PREFERRED UNITS, 511,494 and 600,000 preferred units issued and outstanding, respectively 469,845 551,097 REDEEMABLE NONCONTROLLING INTERESTS 506 424 EQUITY: General partner, representing a 0.1% interest, 124,236 and 132,145 notional units, respectively (52,893 ) (52,913 ) Limited partners, representing a 99.9% interest, 124,111,415 and 132,012,766 common units issued and outstanding, respectively (194,660 ) (170,275 ) Class B preferred limited partners, 12,585,642 and 12,585,642 preferred units issued and outstanding, respectively 305,468 305,468 Class C preferred limited partners, 1,800,000 and 1,800,000 preferred units issued and outstanding, respectively 42,891 42,891 Accumulated other comprehensive income - 9 Noncontrolling interests 18,689 20,669 Total equity 119,495 145,849 Total liabilities and equity $ 4,382,585 $ 4,609,440 NGL ENERGY PARTNERS LP AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations (in Thousands, except unit and per unit amounts) Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 2025 2024 REVENUES: Product $ 716,473 $ 799,464 $ 1,637,146 $ 1,964,352 Service and other 193,343 182,950 569,503 533,768 Total Revenues 909,816 982,414 2,206,649 2,498,120 COST OF SALES: Product 640,510 718,150 1,433,528 1,742,160 Service and other 5,564 17,271 16,378 55,481 Total Cost of Sales 646,074 735,421 1,449,906 1,797,641 OPERATING COSTS AND EXPENSES: Operating 70,058 74,082 214,915 222,035 General and administrative 15,608 15,029 44,077 42,110 Depreciation and amortization 62,279 66,239 192,858 190,278 Loss on disposal or impairment of assets, net 6,147 9,941 3,542 784 Revaluation of liabilities - (2,960 ) - (2,960 ) Operating Income 109,650 84,662 301,351 248,232 OTHER INCOME (EXPENSE): Equity in earnings of unconsolidated entities - 1,376 201 3,198 Interest expense (63,834 ) (63,058 ) (194,087 ) (209,977 ) (Loss) gain on early extinguishment of liabilities, net (1,000 ) - 492 - Other income (expense), net 3,259 486 (48 ) 2,484 Income From Continuing Operations Before Income Taxes 48,075 23,466 107,909 43,937 INCOME TAX BENEFIT 119 274 362 4,899 Income From Continuing Operations 48,194 23,740 108,271 48,836 (Loss) Income From Discontinued Operations, net of Tax (5 ) (9,165 ) 39,383 (20,395 ) Net Income 48,189 14,575 147,654 28,441 LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO NONREDEEMABLE NONCONTROLLING INTERESTS (992 ) (1,053 ) (2,187 ) (2,777 ) LESS: NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO REDEEMABLE NONCONTROLLING INTERESTS (18 ) (15 ) (82 ) (20 ) NET INCOME ATTRIBUTABLE TO NGL ENERGY PARTNERS LP $ 47,179 $ 13,507 $ 145,385 $ 25,644 NET INCOME (LOSS) FROM CONTINUING OPERATIONS ALLOCATED TO COMMON UNITHOLDERS $ 11,972 $ (6,256 ) $ (18,915 ) $ (42,419 ) NET (LOSS) INCOME FROM DISCONTINUED OPERATIONS ALLOCATED TO COMMON UNITHOLDERS (5 ) (9,156 ) 39,344 (20,375 ) NET INCOME (LOSS) ALLOCATED TO COMMON UNITHOLDERS $ 11,967 $ (15,412 ) $ 20,429 $ (62,794 ) BASIC AND DILUTED INCOME (LOSS) PER COMMON UNIT Income (Loss) From Continuing Operations $ 0.10 $ (0.05 ) $ (0.15 ) $ (0.32 ) (Loss) Income From Discontinued Operations, net of Tax $ - $ (0.07 ) $ 0.31 $ (0.15 ) Net Income (Loss) $ 0.10 $ (0.12 ) $ 0.16 $ (0.47 ) BASIC AND DILUTED WEIGHTED AVERAGE COMMON UNITS OUTSTANDING 125,158,912 132,012,766 128,058,564 132,265,839 EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW RECONCILIATION (Unaudited) The following table reconciles NGL's net income to NGL's EBITDA, Adjusted EBITDA and Distributable Cash Flow for the periods indicated: Three Months Ended December 31, Nine Months Ended December 31, 2025 2024 2025 2024 (in thousands) Net income $ 48,189 $ 14,575 $ 147,654 $ 28,441 Less: Net income from continuing operations attributable to nonredeemable noncontrolling interests (992 ) (1,053 ) (2,187 ) (2,777 ) Less: Net income from continuing operations attributable to redeemable noncontrolling interests (18 ) (15 ) (82 ) (20 ) Net income attributable to NGL Energy Partners LP 47,179 13,507 145,385 25,644 Interest expense 63,812 63,032 194,024 210,161 Income tax benefit (119 ) (273 ) (346 ) (4,791 ) Depreciation and amortization 61,747 65,786 190,795 189,181 EBITDA 172,619 142,052 529,858 420,195 Net unrealized (gains) losses on derivatives (3,016 ) (1,099 ) (10,873 ) 22,489 Lower of cost or net realizable value adjustments (1) (2,491 ) (2,978 ) (2,916 ) (4,209 ) Loss (gain) on disposal or impairment of assets, net (2) 6,153 10,212 (34,831 ) 1,061 Loss (gain) on early extinguishment of liabilities, net 1,000 - (492 ) - Revaluation of liabilities - (2,960 ) - (2,960 ) Other (3) (1,704 ) 2,425 4,163 2,688 Adjusted EBITDA $ 172,561 $ 147,652 $ 484,909 $ 439,264 Adjusted EBITDA - Discontinued Operations (4) $ 33 $ (10,377 ) $ 1,076 $ (6,799 ) Adjusted EBITDA - Continuing Operations $ 172,528 $ 158,029 $ 483,833 $ 446,063 Less: Cash interest expense (5) 60,870 67,685 184,537 203,170 Less: Income tax benefit (119 ) (274 ) (362 ) (4,899 ) Less: Maintenance capital expenditures 9,732 18,571 32,354 57,947 Less: Preferred unit distributions paid 26,235 30,752 83,924 276,356 Less: Other (6) 1,918 1,313 6,546 1,378 Distributable Cash Flow $ 73,892 $ 39,982 $ 176,834 $ (87,889 ) ___________________ (1) Lower of cost or net realizable value adjustments in the table above differ from lower of cost or net realizable value adjustments reported in our unaudited condensed consolidated statements of cash flows in the Partnership's Quarterly Report on Form 10-Q for the quarter ended December 31, 2025, as the amounts reported in the table above represent the change in lower of cost or net realizable value adjustments recorded in the unaudited condensed consolidated statements of operations, which includes reversals, whereas the amounts reported in our unaudited condensed consolidated statements of cash flows represent the lower of cost or net realizable value adjustments recorded at the balance sheet date. (2) Excludes amounts related to unconsolidated entities and noncontrolling interests. (3) Amounts represent accretion expense for asset retirement obligations, expenses incurred related to legal and advisory costs associated with acquisitions and dispositions, unrealized gains and losses on investments and marketable securities and a loss from a legal dispute. (4) Amounts include our refined products and biodiesel businesses. (5) Amounts represent interest expense payable in cash, excluding changes in the accrued interest balance. (6) Amounts represent cash paid to settle asset retirement obligations. ADJUSTED EBITDA RECONCILIATION BY SEGMENT (unaudited) Three Months Ended December 31, 2025 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 98,189 $ 11,639 $ 13,252 $ (13,430 ) $ 109,650 $ - $ 109,650 Depreciation and amortization 53,856 6,076 1,541 806 62,279 - 62,279 Net unrealized (gains) losses on derivatives (3,017 ) (110 ) 112 - (3,015 ) - (3,015 ) Lower of cost or net realizable value adjustments - (2,491 ) - - (2,491 ) - (2,491 ) Loss on disposal or impairment of assets, net 5,717 184 246 - 6,147 - 6,147 Other income (expense), net 4,108 (841 ) (10 ) 2 3,259 - 3,259 Adjusted EBITDA attributable to noncontrolling interests (1,510 ) - - (72 ) (1,582 ) - (1,582 ) Other (2,847 ) 901 55 172 (1,719 ) - (1,719 ) Discontinued operations - - - - - 33 33 Adjusted EBITDA $ 154,496 $ 15,358 $ 15,196 $ (12,522 ) $ 172,528 $ 33 $ 172,561 Three Months Ended December 31, 2024 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 65,379 $ 10,024 $ 20,841 $ (11,582 ) $ 84,662 $ - $ 84,662 Depreciation and amortization 56,831 6,360 2,222 826 66,239 - 66,239 Amortization in cost of sales-product - - 110 - 110 - 110 Net unrealized losses (gains) on derivatives 1,864 1,454 (5,447 ) - (2,129 ) - (2,129 ) Lower of cost or net realizable value adjustments - (540 ) (75 ) - (615 ) - (615 ) Loss (gain) on disposal or impairment of assets, net 10,525 - (627 ) 43 9,941 - 9,941 Other (expense) income, net (1,095 ) 1 1,500 80 486 - 486 Adjusted EBITDA attributable to unconsolidated entities 1,505 - (21 ) - 1,484 - 1,484 Adjusted EBITDA attributable to noncontrolling interests (1,564 ) - - (66 ) (1,630 ) - (1,630 ) Revaluation of liabilities (2,960 ) - - - (2,960 ) (2,960 ) Other 2,176 55 62 148 2,441 - 2,441 Discontinued operations - - - - - (10,377 ) (10,377 ) Adjusted EBITDA $ 132,661 $ 17,354 $ 18,565 $ (10,551 ) $ 158,029 $ (10,377 ) $ 147,652 Nine Months Ended December 31, 2025 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 275,490 $ 20,535 $ 43,330 $ (38,004 ) $ 301,351 $ - $ 301,351 Depreciation and amortization 167,482 18,204 4,648 2,524 192,858 - 192,858 Net unrealized gains on derivatives (8,291 ) (1,554 ) (1,012 ) - (10,857 ) - (10,857 ) Lower of cost or net realizable value adjustments - 28 (2,944 ) - (2,916 ) - (2,916 ) Loss (gain) on disposal or impairment of assets, net 15,013 4,108 (15,577 ) (2 ) 3,542 - 3,542 Other income (expense), net 4,008 (840 ) (356 ) (2,860 ) (48 ) - (48 ) Adjusted EBITDA attributable to unconsolidated entities 221 - 4 - 225 - 225 Adjusted EBITDA attributable to noncontrolling interests (4,254 ) - - (238 ) (4,492 ) - (4,492 ) Other (402 ) 1,013 495 3,064 4,170 - 4,170 Discontinued operations - - - - - 1,076 1,076 Adjusted EBITDA $ 449,267 $ 41,494 $ 28,588 $ (35,516 ) $ 483,833 $ 1,076 $ 484,909 Nine Months Ended December 31, 2024 Water Solutions Crude Oil Logistics Liquids Logistics Corporate and Other Continuing Operations Discontinued Operations Consolidated (in thousands) Operating income (loss) $ 222,566 $ 38,953 $ 19,048 $ (32,335 ) $ 248,232 $ - $ 248,232 Depreciation and amortization 162,066 19,086 6,943 2,183 190,278 - 190,278 Amortization in cost of sales-product - - 147 - 147 - 147 Net unrealized losses (gains) on derivatives 1,391 (4,538 ) 8,540 - 5,393 - 5,393 Lower of cost or net realizable value adjustments - - (16 ) - (16 ) - (16 ) Loss (gain) on disposal or impairment of assets, net 1,780 (412 ) (627 ) 43 784 - 784 Other income, net 816 2 1,519 147 2,484 - 2,484 Adjusted EBITDA attributable to unconsolidated entities 3,541 - (56 ) - 3,485 - 3,485 Adjusted EBITDA attributable to noncontrolling interests (4,400 ) - - (100 ) (4,500 ) - (4,500 ) Revaluation of liabilities (2,960 ) - - - (2,960 ) - (2,960 ) Other 2,326 161 182 67 2,736 - 2,736 Discontinued operations - - - - - (6,799 ) (6,799 ) Adjusted EBITDA $ 387,126 $ 53,252 $ 35,680 $ (29,995 ) $ 446,063 $ (6,799 ) $ 439,264 OPERATIONAL DATA (Unaudited) Three Months Ended Nine Months Ended December 31, December 31, 2025 2024 2025 2024 (in thousands, except per day amounts) Water Solutions: Produced water processed (barrels per day) Delaware Basin 2,715,532 2,278,291 2,523,782 2,263,365 Eagle Ford Basin 168,166 177,017 184,791 180,540 DJ Basin 187,235 167,989 173,812 146,613 Total 3,070,933 2,623,297 2,882,385 2,590,518 Recycled water (barrels per day) 190,032 62,787 189,956 86,442 Total (barrels per day) 3,260,965 2,686,084 3,072,341 2,676,960 Skim oil sold (barrels per day) 4,643 3,985 4,750 4,060 Crude Oil Logistics: Crude oil sold (barrels) 5,182 2,392 10,779 8,434 Crude oil transported on owned pipelines (barrels) 7,784 5,652 19,407 17,172 Crude oil storage capacity - owned and leased (barrels) (1) 5,232 5,232 Crude oil inventory (barrels) (1) 493 339 Liquids Logistics: Butane sold (gallons) 167,737 188,223 376,117 393,195 Propane sold (gallons) 105,134 224,485 209,214 445,578 Other products sold (gallons) 74,465 77,295 220,239 213,958 Natural gas liquids storage capacity - owned and leased (gallons) (1) 49,571 104,029 Butane inventory (gallons) (1) 21,341 30,775 Propane inventory (gallons) (1) 22,563 66,335 Other products inventory (gallons) (1) 8,962 5,223 ___________________ (1) Information is presented as of December 31, 2025 and December 31, 2024, respectively. 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Archrock Announces Timing for Fourth Quarter 2025 Results
Related Quotes Archrock Inc 29.83 0.33 1.12% Enter Symbols: Archrock Announces Timing for Fourth Quarter 2025 Results HOUSTON, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) ("Archrock") will host a conference call on Wednesday, February 25, 2026, to discuss its fourth quarter and full-year 2025 financial and operating results as well as annual 2026 guidance. The call will begin at 8:30 a.m. Eastern Time. Archrock will release its fourth quarter 2025 earnings report prior to the conference call. To listen to the call via a live webcast, please visit Archrock's website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States, or 1 (646) 307-1963 for international calls. The access code is 4749623. A replay of the webcast will be available for 90 days on Archrock's website shortly after the call. About Archrock Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICATM, visit www.archrock.com. SOURCE: Archrock, Inc. For information, contact: Megan RepineVice President, Investor Relations(281) 836-8360investor.relations@archrock.com
Ovintiv Announces Closing of NuVista Energy Acquisition
DENVER, Feb. 3, 2026 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) ("Ovintiv" or the "Company") announced today that it has completed its acquisition of all of the common shares ("NuVista Shares") of NuVista Energy Ltd. (TSX: NVA) ("NuVista") in a cash and stock transaction valued at $2.7 billion. The acquisition is expected to add approximately 930 net 10,000-foot equivalent well locations, and approximately 140,000 net acres (approximately 70% undeveloped) in the core of the oil-rich Alberta Montney. Full year 2026 production from the acquired assets is expected to average approximately 100 MBOE/d (approximately 25 thousand barrels per day ("Mbbls/d") of oil and condensate). The assets are directly adjacent to Ovintiv's current operations and include access to processing and downstream infrastructure with significant available capacity."These top decile rate of return assets in the heart of the Montney oil window are an exceptional fit with our existing acreage and infrastructure," said Ovintiv President and CEO, Brendan McCracken. "The team at NuVista did a great job building these assets and we are excited to apply our industry-leading expertise to the combined position. We expect to generate cost synergies of approximately $100 million annually, including per well cost savings of approximately $1 million, consistent with our current Montney well costs." McCracken continued, "The combination of this transaction with the planned divestiture of our Anadarko assets, will streamline and high-grade our portfolio, help us to meet or exceed our debt target, and uniquely position us with significant inventory duration in the two most valuable oil plays in North America, the Permian and the Montney."Ovintiv plans to issue its full year and first quarter 2026 guidance with the release of its fourth quarter and full year 2025 results on February 23, 2026.The transaction was supported by over 99% of the votes cast, with approximately 64% of NuVista shareholders ("NuVista Shareholders") participating in the vote. Pursuant to the transaction, NuVista Shareholders were entitled to elect to receive: (i) $18.00 (CAD) in cash per NuVista Share (the "Cash Consideration"); (ii) 0.344 of a share in the common stock of Ovintiv per NuVista Share (the "Share Consideration"); or (iii) a combination of Cash Consideration and Share Consideration for their NuVista Shares, subject to rounding and proration based on a maximum aggregate Cash Consideration of approximately $1.57 billion (CAD) and a maximum aggregate Share Consideration of approximately 30.1 million Ovintiv Shares. NuVista Shareholders who did not make a valid election prior to the election deadline, were deemed to have elected to receive Cash Consideration with respect to 50% of their NuVista Shares and Share Consideration with respect to 50% of their NuVista Shares. In confirmation of the preliminary results announced on January 23, 2026, the final results of the consideration elections are as follows:NuVista Shareholders who elected to receive Cash Consideration in respect of all of their NuVista Shares, will receive 100% of their total consideration as Cash Consideration;NuVista Shareholders who elected to receive Share Consideration in respect of all of their NuVista Shares, will receive approximately 58% of their total consideration as Share Consideration and approximately 42% as Cash Consideration; andNuVista Shareholders who did not make a valid election prior to the Election Deadline or who elected to receive 50% Cash Consideration and 50% Share Consideration in respect of their NuVista Shares, will receive approximately 71% of their total consideration as Cash Consideration and approximately 29% as Share Consideration.The NuVista Shares are expected to be delisted by the Toronto Stock Exchange ("TSX") within a few trading days following closing. Important informationOvintiv reports in U.S. dollars unless otherwise noted. Production, estimates are reported on an after-royalties basis, unless otherwise noted. Unless otherwise specified or the context otherwise requires, references to "Ovintiv," "our" or to "the Company" includes reference to subsidiaries of and partnership interests held by Ovintiv Inc. and its subsidiaries.Please visit Ovintiv's website and the Investor Relations page at www.ovintiv.com and investor.ovintiv.com, where Ovintiv often discloses important information about the Company, its business, and its results of operations.The Ovintiv shares issued by the Company in the acquisition of NuVista are listed on the New York Stock Exchange and have been conditionally approved for listing on the TSX. In obtaining TSX listing approval, the Company has relied on the "Eligible Interlisted Issuer" exemption from TSX rules under section 602.1 of the TSX Company Manual.ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains forward-looking statements or information (collectively, "forward-looking statements") within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except for statements of historical fact, that relate to the anticipated future activities, plans, strategies, objectives or expectations of the Company are forward-looking statements. When used in this news release, the use of words and phrases such as "anticipates," "believes," "continue," "could," "estimates," "expects," "focused on," "forecast," "guidance," "intends," "maintain," "may," "opportunities," "outlook," "plans," "potential," "strategy," "targets," "will," "would" and other similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words or phrases. Without limiting the generality of the foregoing, forward-looking statements contained in this news release include: the anticipated synergies and benefits of the NuVista acquisition to Ovintiv and its shareholders, including expectations that the acquisition will add approximately 930 net 10,000-foot equivalent well locations and roughly 140,000 net acres to Ovintiv's Montney operations and that production from the acquired assets will average approximately 100 MBOE/d in 2026; expectations that the acquisition will generate cost synergies and support achievement of Ovintiv's debt target; the planned divestiture of the Anadarko assets; the expected delisting of the common shares of NuVista; and the timing for Ovintiv's full year and first quarter 2026 guidance.The forward-looking statements provided in this news release are based upon a number of material factors and assumptions that Ovintiv has made in respect thereof as of the date of this news release, including, without limitation: future commodity prices and basis differentials; the Company's ability to successfully integrate completed acquisitions (including the Montney transaction described herein); the ability of the Company to access credit facilities and capital markets; the availability of attractive commodity or financial hedges and the enforceability of risk management programs; the Company's ability to capture and maintain gains in productivity and efficiency; the ability for the Company to generate cash returns and execute on its share buyback plan; expectations of plans, strategies and objectives of the Company, including anticipated production volumes and capital investment; the Company's ability to manage cost inflation and expected cost structures, including expected operating, transportation, processing and labor expenses; the outlook of the oil and natural gas industry generally, including impacts from changes to the geopolitical environment; and projections made in light of, and generally consistent with, the Company's historical experience and its perception of historical industry trends; and the other assumptions contained herein. Although the Company believes the expectations represented by its forward-looking statements are reasonable based on the information available to it as of the date such statements are made, forward-looking statements are only predictions and statements of our current beliefs and there can be no assurance that such expectations will prove to be correct.All forward-looking statements contained in this news release are made as of the date of this news release and, except as required by law, the Company undertakes no obligation to update publicly or revise any forward-looking statements. The forward-looking statements contained or incorporated by reference in this news release, and all subsequent forward-looking statements attributable to the Company, whether written or oral, are expressly qualified by these cautionary statements.The reader should carefully read the risk factors described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and in other filings with the SEC or Canadian securities regulators, for a description of certain risks that could, among other things, cause actual results to differ from these forward-looking statements. Other unpredictable or unknown factors not discussed in this new release could also have material adverse effects on forward-looking statements.Further information on Ovintiv Inc. is available on the Company's website, www.ovintiv.com, or by contacting:Investor contact:(888) 525-0304 Media contact:(403) 645-2252 View original content to download multimedia:https://www.prnewswire.com/news-releases/ovintiv-announces-closing-of-nuvista-energy-acquisition-302677667.htmlSOURCE Ovintiv Inc.
Howard Energy Partners CEO Mike Howard Appointed to National Petroleum Council
Related Quotes Atlas Energy Solutions Inc 11.94 0.17 1.44% Enter Symbols: Howard Energy Partners CEO Mike Howard Appointed to National Petroleum Council SAN ANTONIO, Feb. 03 /BusinessWire/ -- Howard Energy Partners (HEP) today announced that its chief executive officer, Mike Howard has been appointed to the National Petroleum Council (NPC) by Secretary of Energy Chris Wright. A federally chartered and privately funded advisory committee, the NPC was established by the Secretary of the Interior in 1946 at the request of President Harry S. Truman and transferred to the U.S. Department of Energy in 1977. The purpose of the NPC is to advise, inform, and make recommendations to the Secretary of Energy and the Executive Branch with respect to any matter relating to oil and natural gas or to the oil and gas industries. Mike Howard Based in San Antonio, TX, Howard serves as Chairman and CEO of privately held HEP, which he founded in 2011. HEP is one of the nation's largest private energy infrastructure companies, owning and operating a unique portfolio of assets in Texas, New Mexico, Pennsylvania, Oklahoma, and Mexico. The company's diversified midstream platform spans the natural gas and liquids value chain and is strategically positioned to meet the world's increasing demand for energy. Howard's leadership and appointment to the NPC reflects his belief that access to reliable, affordable energy is foundational to human progress. His work demonstrates a deep commitment to expanding energy availability as a tool for economic empowerment and addressing energy poverty. In addition to the NPC, Howard currently serves on the Board of Directors of HEP, Atlas Energy Solutions (NYSE:AESI), TXOGA, INGAA, and Jonah Energy LLC. Active in philanthropy and civic engagement, he is on the Board of Trustees of the Texas A&M University-Kingsville Foundation, the San Antonio Academy, Energy Corps, Switch Energy Alliance, and numerous other civic organizations. Howard holds a bachelor's degree in chemical engineering from Texas A&M University-Kingsville. For a full bio, please visit: Mike Howard | Howard Energy Partners For HEP's Positive Energy Report, please visit: Positive Energy Report | Howard Energy Partners ABOUT HOWARD ENERGY PARTNERS Headquartered in San Antonio, Texas, Howard Energy Partners is one of the nation's largest private energy infrastructure companies, owning and operating a unique portfolio of assets in Texas, New Mexico, Pennsylvania, Oklahoma, and Mexico. Our diversified midstream platform spans the natural gas and liquids value chain and is strategically positioned to meet the world's increasing demand for energy. View source version on businesswire.com: https://www.businesswire.com/news/home/20260203292099/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.
Natura Resources Partners with NGL Energy Partners to Enable Large-Scale Produced Water Treatment with Small Modular Nuclear Reactors in the Permian Basin
Natura's 100-megawatt, molten-salt reactor design offers an ideal option for power production and produced water treatment, providing solutions for critical problems in Texas and other energy producing statesAgreement to pursue pairing Natura's MSR-100 reactor with desalination technology to create large-scale produced water treatment opportunitiesABILENE, Texas, Feb. 3, 2026 /PRNewswire/ -- Natura Resources LLC (Natura), a leading developer of advanced molten-salt nuclear reactors, has signed an agreement with NGL Water Solutions Permian LLC, a subsidiary of NGL Energy Partners LP (NYSE: NGL), to pursue opportunities to combine Natura's advanced nuclear reactor technology with thermal desalination for power production and oil and gas produced water treatment. NGL transports, treats, recycles and disposes of more than 3 million barrels per day of produced and flowback water generated from crude oil and natural gas production in the Permian Basin. Under the terms of the agreement, Natura and NGL will collaborate in seeking opportunities to combine Natura's 100-megawatt molten salt reactor with NGL's produced water treatment and desalination expertise. The collaboration will utilize NGL's expected Texas Pollutant Discharge Elimination System (TPDES) permit to provide a flexible, economic solution for power generation and create a new water source for Texas. The combined system will have potential application for treating produced water from oil and gas operations on an industrial scale and will generate power and clean water for potential beneficial use in data centers, agriculture, and as a new water source for other industries. The collaboration also will support NGL's development of critical mineral extraction from its produced water."Texas is facing a serious, long-term challenge of ensuring that there is enough energy and clean water to sustain the current economy and support growing demands for power and water," said Doug Robison, Founder and CEO of Natura Resources. "Our molten salt reactor combined with thermal desalination can provide a sustainable, competitive solution by generating clean, economic power; treating industrial water for beneficial use; and freeing up natural gas supplies for higher value applications. Collaborating with NGL allows us to advance the application of our breakthrough nuclear technology where it can make a measurable difference for industry, communities, and the environment.""By working with Natura, we are evaluating how advanced molten-salt nuclear technology can provide a continuous energy source to support large-scale produced water treatment and transform produced water into a strategic asset that supports energy security, water resilience, and future critical mineral supply chains," said Doug White, NGL Water Solutions Permian LLC.Managing produced water is a growing challenge in the Permian Basin and other major oil and gas producing regions. The Permian Basin alone produces more than 20 million barrels of produced water daily. The ability to economically treat large volumes of produced water and enable its beneficial use, particularly for other industrial applications like data centers, will create a scalable alternative to address serious concerns associated with produced water disposal by injection, thereby sustaining the longevity of oil and gas development in the region.Natura's modular construction, smaller footprint and reduced water requirements make it an ideal nuclear power technology for collocation with thermal desalination. Its lower capital costs and shorter construction timelines will generate power that is cost competitive with other clean, 24/7 sources, including natural gas. Natura's liquid-fuel, molten-salt system also will operate at atmospheric pressure, enhancing safety, reducing waste, and enabling the potential use of different fuels, including recycled nuclear fuel.The U.S. Department of Energy's timeline for advanced reactor deployments estimates Natura's MSR-1 will be the first Gen IV reactor deployed in the U.S. The Nuclear Regulatory Commission issued a construction permit in September 2024 for Natura's 1-megawatt reactor at Abilene Christian University, which is expected to be deployed later this year. The company expects to deploy its first 100-megawatt commercial-scale reactor in 2029.About Natura ResourcesNatura Resources LLC is a leading advanced small modular reactor developer committed to answering increasing domestic and global demands for reliable energy, medical isotopes, and clean water. Natura's reactors are liquid-fueled and molten salt-cooled, which enhances safety and reduces waste. With the first construction permit for a liquid-fueled reactor from the NRC, Natura has established itself as a leading force in the advanced nuclear industry, fueled by a commitment to support America's energy future. The company is privately owned and has secured more than $120 million in private funding and a commitment of $120 million from the State of Texas. For more information, https://www.naturaresources.com/ .About NGL Energy Partners LPNGL Energy Partners LP is a leading energy and water infrastructure company focused on developing scalable solutions for produced water management, treatment, recycling, and beneficial reuse across the United States. Through its extensive pipeline, disposal, and water handling network in the Permian Basin and other major producing regions, NGL provides critical infrastructure that supports reliable energy production while enabling new approaches to water stewardship.NGL Energy Partners also operates complementary crude oil and liquids logistics assets, including pipelines and terminal infrastructure, enabling an integrated platform that serves producers, industrial customers, and downstream markets. For more information, visit www.nglenergypartners.com View original content to download multimedia:https://www.prnewswire.com/news-releases/natura-resources-partners-with-ngl-energy-partners-to-enable-large-scale-produced-water-treatment-with-small-modular-nuclear-reactors-in-the-permian-basin-302677613.htmlSOURCE Natura Resources
Abundia Global Impact Group Appoints Burns & McDonnell as Front-End Engineer for Waste Plastics-to-Fuels Facility
Related Quotes Abundia Global Impact Group Inc 2.68 0.48 15.19% Enter Symbols: Abundia Global Impact Group Appoints Burns & McDonnell as Front-End Engineer for Waste Plastics-to-Fuels Facility Company commences Phase 2 and drives toward a 2026 final investment decision on first commercial waste plastics-to-fuels facility HOUSTON, TX, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Abundia Global Impact Group, Inc. (NYSE American: AGIG) ("Abundia" or the "Company"), a low-carbon energy solutions company focused on converting biomass and plastics waste into high-value low-carbon fuels, announces it has appointed Burns & McDonnell as its lead engineer to deliver the Front-End Engineering and Design (FEED) package for its first waste-plastics-to-renewable products recycling facility in Baytown, Texas. Completing this milestone is a material step in Abundia's path to the commercialization of its renewable chemicals and fuels division. The Company's appointment of a FEED engineer represents significant progress as it embarks on Phase 2 of Abundia's planned development at its Baytown site. This site will serve as its US operating headquarters, its Innovation Center and R&D facility, and as the core technology development hub for its waste-plastics-to-renewable chemicals and fuels operations. With the selection of its FEED engineer, Abundia is confident it will execute on plan to achieve its target Final Investment Decision (FID) by the end of 2026. "The engagement of Burns & McDonnell is a significant milestone for the company as we commence Phase 2 planning for the waste-plastic-to-renewable products facility on our path to achieve FID, which is expected by the end of year," said Ed Gillespie, Abundia's Chief Executive Officer. "We believe Burns & McDonnell's engineering stature and proven track record increases the potential for orderly completion of this phase of our development. We anticipate that the FEED package delivered by Burns & McDonnell will position our team to successfully execute on these final phases and drive the project forward to FID." "Our collaboration with Abundia marks a significant step toward converting plastics waste into high-value low-carbon fuels," says Kevin Syphard, Vice President in the Oil, Gas, and Chemicals Group at Burns & McDonnell. "Our focus on the front-end process design is critical for first-of-a-kind facilities like this, as it establishes a predictable foundation for the detailed design and construction phases of project execution." Abundia's strategic approach to developing a vertically integrated renewable fuels and chemicals producer prioritizes de-risking the core components of its infrastructure. To meet this principle, the Company is collaborating with Burns & McDonnell, whose experience in FEED processes will be a key contributor to this risk mitigation strategy. The FEED process is critical to reaching a successful FID while satisfying the Company's four de-risking pillars: commercially ready technical design, capital and project finance security, regulatory compliance, and a well-positioned commercial ecosystem for final deployment of refined, low-carbon fuel output. About Abundia Global Impact Group, Inc. Abundia Global Impact Group, Inc. (NYSE American: AGIG), formerly Houston American Energy Corp., is a low-carbon energy company focused on converting waste into value. Headquartered in Houston, Texas, we are developing commercial-scale facilities that transform waste plastics and biomass into drop-in fuels and low-carbon chemical feedstocks. Our flagship project at Cedar Port positions Abundia at the center of the Gulf Coast's energy and chemical infrastructure, with access to feedstock supply chains, upgrading partners, and end markets. For more information, please visit www.abundiaimpact.com. About Burns & McDonnell Working from more than 75 offices around the world, Burns & McDonnell designs and builds critical infrastructure. The Burns & McDonnell family of companies driven by engineers, construction professionals, architects, planners, technologists and scientists deliver projects grounded in safety and a desire to make a difference. Founded in 1898, Burns & McDonnell is 100% employee-owned and has a mission unchanged since then make our clients successful. Learn more here. Forward-Looking Statements This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") 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 information generally is accompanied by words such as "believe," "may," "will," "could," "intend," "expect," "plan," "predict," "potential" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements about the Company's ability to comply with the terms and conditions as set forth in the License Agreement and the Company's ability to successfully produce renewable fuels and chemicals. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of factors, including, but not limited to: (i) risks and uncertainties impacting the Company's business including, risks related to its current liquidity position and the need to obtain additional financing to support ongoing operations, the Company's ability to continue as a going concern, the Company's ability to maintain the listing of its common stock on NYSE American, the Company's ability to predict its rate of growth, and (ii) other risks as set forth from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are beyond the control of the Company. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. A complete discussion of the risks and uncertainties facing the Company's business is disclosed in our Annual Report on Form 10-K and other filings with the SEC on www.sec.gov. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law. Investors: CORE IRIR@abundiaglobalimpactgroup.com
RPC, Inc. Reports Fourth Quarter And Full Year 2025 Financial Results
ATLANTA, Feb. 3, 2026 /PRNewswire/ -- RPC, Inc. (NYSE: RES) ("RPC" or the "Company"), a leading diversified oilfield services company, announced its unaudited results for the fourth quarter and full year ended December 31, 2025.Non-GAAP and adjusted measures may include adjusted revenues, adjusted operating income, adjusted net income, adjusted net income margin, adjusted earnings per share (diluted), EBITDA and adjusted EBITDA, adjusted EBITDA margin, and free cash flow which are reconciled to the most directly comparable GAAP measures in the appendices of this earnings release.Sequential comparisons are to 3Q:25. The Company believes quarterly sequential comparisons are most useful in assessing industry trends and RPC's recent financial results. Both sequential and year-over-year comparisons are available in the tables at the end of this earnings release.Fourth Quarter 2025 HighlightsRevenues decreased 5% sequentially to $425.8 millionNet loss was $3.1 million, compared to net income of $13.0 million in the prior quarter, and Loss Per Share was $0.02; Net (loss) income margin decreased 360 basis points sequentially to (0.7)%Adjusted net income was $9.4 million, compared to $16.8 million in the prior quarter, and adjusted diluted Earnings per Share (EPS) was $0.04; Adjusted net income margin was 2.2%. See Appendices B and C for additional detailsAdjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $55.1 million, compared to $67.8 million in the prior quarter; Adjusted EBITDA margin decreased 230 basis points sequentially to 12.9%. Adjusted EBITDA was negatively impacted by approximately $4.6 million in wireline cable expenses incurred during the quarter. Previously, wireline cables were capitalized. See Appendix C for additional detailsFull Year 2025 HighlightsRevenues increased 15% compared to the prior year to $1.6 billion primarily due to the Pintail Completions acquisition which closed April 1, 2025Net income was $32.1 million, down 65% compared to the prior year, and EPS was $0.15; Net income margin decreased 450 basis points compared to the prior year to 2.0%Adjusted net income was $53.6 million, down 41% compared to the prior year, and adjusted diluted EPS was $0.25; Adjusted net income margin was 3.3%Adjusted EBITDA was $232.7 million, essentially unchanged from the prior year; Adjusted EBITDA margin decreased 220 basis points sequentially to 14.3%Net cash from operating activities was $201.3 million; free cash flow was $52.9 million unaffected by the transition to expensing wireline cablesThe Company paid $35.1 million in dividends, and repurchased $2.9 million of common stock in 2025Management Commentary"During the fourth quarter we experienced modest revenue declines primarily due to the holiday slowdowns. Our Technical Services segment revenues declined 4% sequentially. Within Technical Services, Thru Tubing Solutions' downhole tools declined 9% driven by softer activity in the Rocky Mountain and International districts. Cudd Energy Services' pumping and Pintail Completions' wireline declined 6% and 3%, respectively, partially offset by Cudd Pressure Control's snubbing revenues, which grew by 13%. Our Support Services segment revenues declined 18% sequentially, primarily due to Patterson Services' rental tools declining 22% during the quarter as several jobs shifted into early 2026," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "As we enter 2026, we are focused on disciplined execution, leveraging our strong brands and diversified offerings.""We experienced a solid start to the fourth quarter but encountered a weak December as a number of our customers reduced activity, particularly late in the month. The macro environment remains challenging, with crude oil prices showing increased volatility due to recent geopolitical developments. As we look ahead, our focus remains on delivering full cycle returns by maintaining cost discipline, deploying capital strategically, and positioning the company for long-term success."Selected Industry Data (Source: Baker Hughes, Inc., U.S. Energy Information Administration)4Q:253Q:25Change% Change4Q:24Change% ChangeU.S. rig count (avg)54854081.5%586(38)(6.5)%Oil price ($/barrel)$59.79$65.85$(6.06)(9.2)%$70.59$(10.80)(15.3)%Natural gas ($/Mcf)$3.69$3.04$0.6521.4%$2.43$1.2651.9%4Q:25 Consolidated Financial Results (sequential comparisons to previous quarter)Revenues were $425.8 million, down 5%. Within the Technical Services segment, we saw revenues decrease 4% sequentially with snubbing and cementing showing sequential growth offset by declines in our other service lines. Within the Support Services segment we saw an 18% sequential decrease with rental tools showing a sequential decrease of 22%, slightly offset by increases in tubular services. Cost of revenues, which excludes depreciation and amortization of $33.8 million, was $336.6 million, up slightly from $334.7 million. Despite lower revenues, the cost of revenues increased during the quarter due to expensing year-to-date wireline cable purchases of approximately $12 million that were previously being capitalized, and increases in other materials and supplies expenses related to job mix.Selling, general and administrative expenses were $47.7 million, up from $44.6 million, primarily related to employment incentives and higher other employment related costs.Acquisition related employment costs were approximately $7.3 million during 4Q:25 and represent non-cash accounting adjustments related to the Pintail acquisition costs that are contingent upon continued employment.Interest income totaled $1.7 million, approximating the prior quarter.Interest expense totaled $942 thousand, approximating the prior quarter.Income tax provision was $3.2 million, with an unusually high effective tax rate primarily due to the liquidation of company-owned life insurance policies that were part of the previously announced dissolution of the company's non-qualified supplemental retirement plan, coupled with the non-deductible portion of Acquisition related employment costs.Net loss and Loss per share were a loss of $3.1 million and $0.02 respectively, versus net income of $13.0 million and diluted earnings per share of $0.06, respectively, in 3Q:25. Net income margin decreased 360 basis points sequentially to (0.7)%.Adjusted net income and Adjusted diluted EPS were $9.4 million and $0.04, respectively, versus $16.8 million and $0.08, respectively, in 3Q:25. Adjusted net income margin decreased to 2.2% from 3.8% in 3Q:25Adjusted EBITDA was $55.1 million, down from $67.8 million. Adjusted EBITDA margin decreased 230 basis points sequentially to 12.9%. Adjusted EBITDA was negatively impacted by approximately $4.6 million in wireline cable expenses incurred during the quarter. Previously, wireline cables were capitalized. See Appendix C for additional details. Balance Sheet, Cash Flow and Capital AllocationCash and cash equivalents increased to $210.0 million at the end of the fourth quarter, with no outstanding borrowings under the Company's $100 million revolving credit facility.Net cash provided by operating activities and Free cash flow were $201.3 million and $52.9 million, respectively, year-to-date through 4Q:25.Payment of dividends totaled $35.1 million year-to-date through 4Q:25. As previously announced, the Board of Directors declared a regular quarterly cash dividend of $0.04 per share, payable on March 10, 2026, to common stockholders of record at the close of business on February 10, 2026.Share repurchases totaled $2.9 million year-to-date through 4Q:25, all of which related to tax withholding for restricted stock vesting.Segment Operations (sequential comparisons versus the previous quarter)Technical Services performs value-added completion, production and maintenance services directly to a customer's well. These services include pressure pumping, downhole tools, wireline, coiled tubing, cementing, and other offerings.Revenues were $405.2 million, down 4%Operating income was $8.5 million, down 65%Operating income was negatively impacted by approximately $8 million due to the transition to expensing wireline cables during the quarter. See Appendix A for additional detailsSupport Services provides equipment for customer use or services to assist customer operations, including rental tools, pipe inspection services and storage.Revenues were $20.5 million, down 18%Operating income was $1.7 million, down 63%Lower revenues were driven by decreased activity in rental tools, particularly in DecemberThree Months Ended Year Ended December 31, September 30,December 31, December 31, December 31, (In thousands)20252025202420252024(Unaudited)(Unaudited)(Unaudited)(Unaudited)Revenues:Technical Services$405,244$422,206$314,635$1,536,048$1,326,005Support Services20,53324,89720,72690,51888,994Total revenues$425,777$447,103$335,361$1,626,566$1,414,999Operating (loss) income:Technical Services$8,457(1)$24,448$10,603$68,031$89,101Support Services1,6884,6042,57213,59215,836Corporate expenses(7,748)(5,348)(4,515)(24,771)(15,598)Acquisition related employment costs(7,291)(6,467)-(20,312)-Gain on disposition of assets, net9043,5631,8578,1928,199Total operating (loss) income$(3,990)$20,800$10,517$44,732$97,538Interest expense(942)(949)(130)(3,029)(724)Interest income1,6541,7483,3038,41513,134Other income, net3,4269683506,4312,854Income before income taxes$148$22,567$14,040$56,549$112,802(1) Beginning in the fourth quarter of 2025, wireline cables, previously capitalized and depreciated over 18 months, are now being expensed due to a change in their estimated useful lives. Wireline cable adjustments year-to-date totaled approximately $13.8 million: $4.7 million in second quarter, $4.5 million in the third quarter, and $4.6 million in the fourth quarter. Wireline cable purchase expenses are offset by a decrease in depreciation of $1.9 million in the second quarter, $2.5 million in the third quarter and $1.0 million in the fourth quarter. The net year-to-date operating income impact was additional expense of $8.3 million comprised of $2.8 million in the second quarter, $2.0 million in the third quarter and $3.5 million in the third quarter.Conference Call InformationRPC, Inc. will hold a conference call today, February 3, 2026, at 9:00 a.m. ET to discuss the results for the quarter. Interested parties may listen in by accessing a live webcast in the investor relations section of RPC, Inc.'s website at www.rpc.net. The live conference call can also be accessed by calling (800) 715-9871, or (646) 307-1963 for international callers, and using conference ID number 5388095. For those not able to attend the live conference call, a replay will be available in the investor relations section of RPC, Inc.'s website beginning approximately two hours after the call and for a period of 90 days.About RPCRPC provides a broad range of specialized oilfield services and equipment primarily to independent and major oilfield companies engaged in the exploration, production and development of oil and gas properties throughout the United States, including the Gulf of America, mid-continent, southwest, Appalachian and Rocky Mountain regions, and in selected international markets. RPC's investor website can be found at www.rpc.net.Forward Looking StatementsCertain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements that look forward in time or express management's beliefs, expectations or hopes. In particular, such statements include, without limitation: our focus on disciplined execution, leveraging our strong brands and diversified offerings, our belief that the macro environment remains challenging, with crude oil prices showing increased volatility due to recent geopolitical developments, and our focus on delivering full cycle returns by maintaining cost discipline, deploying capital strategically, and positioning the company for long-term success. Risk factors that could cause such future events not to occur as expected include the following: the price of oil and natural gas and overall performance of the U.S. economy, both of which can impact capital spending by our customers and demand for our services; the impact of tariffs, which may increase our cost of materials and impact our profitability, business interruptions due to adverse weather conditions; changes in the competitive environment of our industry, including the potential impact of the recent U.S. actions in Venezuela; political instability in the petroleum-producing regions of the world; the actions of the OPEC oil cartel; our customers' drilling and production activities; and our ability to identify, complete and successfully integrate acquisitions and/or other strategic investments or transactions. Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates, and expectations are contained in RPC's Form 10-K for the year ended December 31, 2024.For information about RPC, Inc., please contact:Joshua Large,Vice President, Corporate Finance and Investor Relations(404) 321-2152jlarge@rpc.netMichael L. Schmit,Chief Financial Officer(404) 321-2140irdept@rpc.net RPC INCORPORATED AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data)Three Months Ended Year Ended December 31, September 30,December 31, December 31, December 31, 20252025202420252024(Unaudited)(Unaudited)(Unaudited)(Unaudited)REVENUES$425,777$447,103$335,361$1,626,566$1,414,999COSTS AND EXPENSES:Cost of revenues (exclusive of depreciation and amortization shown separately below)336,568334,673250,2481,232,8821,036,648Selling, general and administrative expenses47,68744,62841,249175,639156,437 Acquisition related employment costs7,2916,467-20,312-Depreciation and amortization39,12544,09835,204161,193132,575Gain on disposition of assets, net(904)(3,563)(1,857)(8,192)(8,199)Operating (loss) income(3,990)20,80010,51744,73297,538Interest expense(942)(949)(130)(3,029)(724)Interest income1,6541,7483,3038,41513,134Other income, net3,4269683506,4312,854Income before income taxes14822,56714,04056,549112,802Income tax provision3,2099,6041,27824,46921,358NET (LOSS) INCOME$(3,061)$12,963$12,762$32,080$91,444(LOSS) EARNINGS PER SHARE (1)Basic$(0.02)$0.06$0.06$0.15$0.43Diluted$(0.02)$0.06$0.06$0.15$0.43WEIGHTED AVERAGE SHARES OUTSTANDING (2)Basic212,247220,575214,950219,362214,942Diluted212,247220,575214,950219,362214,942(1)For the three months ended December 31, 2025, loss per share reflects a reduction of $0.01, due to the adjustment for earnings attributable to participating securities under the two-class method. Participating securities are share-based payment awards with non-forfeitable rights to dividends.(2)Average shares outstanding were reduced by 8,327 and 7,204 shares of participating securities for the three and twelve months ended December 31,2025, respectively, both under the two-class method and because the inclusion of such securities would be anti-dilutive. RPC INCORPORATED AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)December 31, December 31, 20252024(Unaudited)ASSETSCash and cash equivalents$209,974$325,975Accounts receivable, net327,668276,577Inventories119,004107,628Income taxes receivable6,3024,332Prepaid expenses18,30716,136Other current assets23,2152,194Total current assets704,470732,842Property, plant and equipment, net531,556513,516Operating lease right-of-use assets24,09427,465Finance lease right-of-use assets1,9344,400Goodwill83,42250,824Other intangibles, net97,49913,843Retirement plan assets-30,666Other assets25,41012,933Total assets$1,468,385$1,386,489LIABILITIES AND STOCKHOLDERS' EQUITYLIABILITIESAccounts payable$119,757$84,494Accrued payroll and related expenses38,63625,243Accrued insurance expenses7,1947,942Accrued state, local and other taxes3,5433,234Income taxes payable787446Unearned revenue13,23345,376Current portion of operating lease liabilities7,6067,108Current portion of finance lease liabilities9773,522Current portion of notes payable20,000-Accrued expenses and other liabilities5,4194,548Total current liabilities217,152181,913Accrued insurance expenses15,57012,175Retirement plan liabilities-24,539Notes payable30,000-Operating lease liabilities17,76221,724Finance lease liabilities1,041559Other long-term liabilities10,8149,099Deferred income taxes76,87558,189Total liabilities369,214308,198STOCKHOLDERS' EQUITYCommon stock22,05721,494Capital in excess of par value--Retained earnings1,079,6641,059,625Accumulated other comprehensive loss(2,550)(2,828)Total stockholders' equity1,099,1711,078,291Total liabilities and stockholders' equity$1,468,385$1,386,489 RPC INCORPORATED AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)Twelve months ended December 31, 20252024(Unaudited)OPERATING ACTIVITIESNet income $32,080$91,444Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization161,193132,575Acquisition related employment costs20,312-Working capital(37,395)116,663Other operating activities25,1418,704Net cash provided by operating activities201,331349,386INVESTING ACTIVITIESCapital expenditures(148,407)(219,930)Proceeds from sale of assets19,50818,379Purchase of business, net of cash and debt assumed(153,420)-Proceeds from benefit plan financing arrangement33,0962,380Distribution from benefit plan financing arrangement(24,474)(2,380)Net cash used for investing activities(273,697)(201,551)FINANCING ACTIVITIESPayment of dividends(35,122)(34,433)Repayment of debt assumed at acquisition(4,502)-Cash paid for common stock purchased and retired(2,868)(9,938)Cash paid for finance lease and finance obligations(1,143)(799)Net cash used for financing activities(43,635)(45,170)Net (decrease) increase in cash and cash equivalents(116,001)102,665Cash and cash equivalents at beginning of period325,975223,310Cash and cash equivalents at end of period$209,974$325,975Non-GAAP MeasuresRPC, Inc. has used the non-GAAP financial measures of adjusted revenues, adjusted operating income, adjusted net income, adjusted net income margin, adjusted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures, other than free cash flow, enables investors to compare the operating performance of our core business consistently over various time periods, and in the case of Adjusted EBITDA, without regard to changes in our capital structure or changes in our accounting for purchases of wireline cables. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating RPC's liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, RPC's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows.A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.Set forth in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on RPC, Inc.'s investor website, which can be found at www.rpc.net.Appendix A(Unaudited)Three Months Ended Year Ended December 31, September 30,December 31, December 31, December 31, (In thousands)20252025202420252024Reconciliation of Operating (Loss) Income toAdjusted Operating IncomeOperating (loss) income$(3,990)$20,800$10,517$44,732$97,538 Wireline cable expenses4,818(1)(2,040)(2)--- Acquisition related employment costs7,2916,467-20,312-Adjusted operating income$8,119$25,226$10,517$65,044$97,538(1) Beginning in the fourth quarter of 2025, wireline cables, previously capitalized and depreciated over 18 months, are now being expensed due to a change in their estimated useful lives. Wireline cable adjustments year-to-date totaled approximately $13.8 million: $4.7 million in second quarter, $4.5 million in the third quarter, and $4.6 million in the fourth quarter. Wireline cable purchase expenses are offset by a decrease in depreciation of $1.9 million in the second quarter, $2.5 million in the third quarter and $1.0 million in the fourth quarter. The net year-to-date operating income impact was additional expense of $8.3 million comprised of $2.8 million in the second quarter, $2.0 million in the third quarter and $3.5 million in the third quarter. We have made an adjustment to add back the second and third quarter charges to the fourth quarter results in order to provide better comparability going forward. (2) Third quarter operating income would have been negatively impacted by $2.0 million had wireline cables been expensed during the period instead of capitalized. This adjustment has been made to the third quarter presentation to provide better comparability to the fourth quarter. Appendix B(Unaudited)Three Months Ended Year Ended December 31, September 30,December 31, December 31, December 31, (In thousands)20252025202420252024Reconciliation of Net (Loss) Income to Adjusted Net IncomeNet (loss) income$(3,061)$12,963$12,762$32,080$91,444Adjustments: Wireline cable expenses, before taxes (1)4,818(2,040)(2)--- Tax effect of wireline cable expenses(1,132)479-- Acquisition related employment costs, before taxes (1)7,2916,467-20,312-Tax effect of Acquisition related employment costs (2,504)(1,051)-(2,753)-Taxes on company owned life insurance liquidation3,962--3,962-Total adjustments, net of tax12,4353,855-21,521-Adjusted net income$9,373$16,818$12,762$53,601$91,444(1) Beginning in the fourth quarter of 2025, wireline cables, previously capitalized and depreciated over 18 months, are now being expensed due to a change in their estimated useful lives. Wireline cable adjustments year-to-date totaled approximately $13.8 million: $4.7 million in second quarter, $4.5 million in the third quarter, and $4.6 million in the fourth quarter. Wireline cable purchase expenses are offset by a decrease in depreciation of $1.9 million in the second quarter, $2.5 million in the third quarter and $1.0 million in the fourth quarter. The net year-to-date operating income impact was additional expense of $8.3 million comprised of $2.8 million in the second quarter, $2.0 million in the third quarter and $3.5 million in the third quarter. We have made an adjustment to add back the second and third quarter charges to the fourth quarter results in order to provide better comparability going forward. (2) Third quarter net income would have been negatively impacted by $2.0 million had wireline cables been expensed during the period instead of capitalized. This adjustment has been made to the third quarter presentation to provide better comparability to the fourth quarter. (Unaudited)Three Months Ended Year Ended December 31, September 30,December 31, December 31, December 31, 20252025202420252024Reconciliation of Diluted (Loss) Earnings Per Share toAdjusted Diluted Earnings Per ShareDiluted (loss) earnings per share$(0.02)$0.06$0.06$0.15$0.43Adjustments: Wireline cable expenses, before taxes (1)0.02(2)(0.01)(3)--- Tax effect of wireline cable expenses----- Acquisition related employment costs, before taxes0.030.03-0.09- Tax effect of Acquisition related employment costs(0.01)--(0.01)- Taxes on company owned life insurance liquidation0.020.02Total adjustments, net of tax0.060.02-0.10-Adjusted diluted earnings per share$0.04$0.08$0.06$0.25$0.43Weighted average shares outstanding (in thousands)220,574(2)220,575214,950219,362214,942(1) Beginning in the fourth quarter of 2025, wireline cables, previously capitalized and depreciated over 18 months, are now being expensed due to a change in their estimated useful lives. Wireline cable adjustments year-to-date totaled approximately $13.8 million: $4.7 million in second quarter, $4.5 million in the third quarter, and $4.6 million in the fourth quarter. Wireline cable purchase expenses are offset by a decrease in depreciation of $1.9 million in the second quarter, $2.5 million in the third quarter and $1.0 million in the fourth quarter. The net year-to-date operating income impact was additional expense of $8.3 million comprised of $2.8 million in the second quarter, $2.0 million in the third quarter and $3.5 million in the third quarter. We have made an adjustment to add back the second and third quarter charges to the fourth quarter results in order to provide better comparability going forward.(2) Includes participating securities that were excluded in the computation of loss per share since they were anti-dilutive.(3) Third quarter EPS would have been negatively impacted by ($0.01) had wireline cables been expensed during the period instead of capitalized. This adjustment has been made to the third quarter presentation to provide better comparability to the fourth quarter. Appendix C(Unaudited)Three Months Ended Year Ended December 31, September 30,December 31, December 31, December 31, (In thousands)20252025202420252024Reconciliation of Net Income to EBITDA and Adjusted EBITDA, and Net Income Margin to Adjusted Net Income Margin and Adjusted EBITDA MarginNet (loss) income$(3,061)$12,963$12,762$32,080$91,444Adjustments:Add: Income tax provision3,2099,6041,27824,46921,358Add: Interest expense9429491303,029724Add: Depreciation and amortization39,12544,09835,204161,193132,575Less: Interest income1,6541,7483,3038,41513,134EBITDA$38,561$65,866$46,071$212,356$232,967 Add: Wireline cable expenses 9,251(2)(4,531)(3)---Add: Acquisition related employment costs7,2916,467-20,312-Adjusted EBITDA$55,103$67,802(3)$46,071$232,668$232,967Revenues$425,777$447,103$335,361$1,626,566$1,414,999Net (loss) income margin(1)(0.72) %2.90 %3.81 %1.97 %6.46 %Adjusted net income margin(1)2.20 %(2)3.76 %3.81 %3.30 %6.46 %Adjusted EBITDA margin(1)12.94 %(2)15.16 %(3)13.74 %14.30 %16.46 %(1) Net income margin is calculated as Net income divided by Revenues. Adjusted net income margin is calculated as Adjusted net income divided by Revenues. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenues.(2) Beginning in the fourth quarter of 2025, wireline cables, previously capitalized and depreciated over 18 months, are now being expensed due to a change in their estimated useful lives. Wireline cable adjustments year-to-date totaled approximately $13.8 million: $4.7 million in second quarter, $4.5 million in the third quarter, and $4.6 million in the fourth quarter. Wireline cable purchase expenses are offset by a decrease in depreciation of $1.9 million in the second quarter, $2.5 million in the third quarter and $1.0 million in the fourth quarter. The net year-to-date operating income impact was additional expense of $8.3 million comprised of $2.8 million in the second quarter, $2.0 million in the third quarter and $3.5 million in the third quarter. We have made an adjustment to add back the second and third quarter charges to the fourth quarter results in order to provide better comparability going forward.(3) Third quarter Adjusted EBITDA would have been negatively impacted by approximately $4.5 million had wireline cables been expensed in the period. Adjusted EBITDA would have been $67.8 million. This adjustment has been made to the third quarter presentation to provide better comparability to the fourth quarter. Appendix D(Unaudited)Twelve months ended December 31,(In thousands)20252024Reconciliation of Operating Cash Flow to Free Cash FlowNet cash provided by operating activities$201,331$349,386Capital expenditures(148,407)(219,930)Free cash flow$52,924$129,456 View original content to download multimedia:https://www.prnewswire.com/news-releases/rpc-inc-reports-fourth-quarter-and-full-year-2025-financial-results-302676947.htmlSOURCE RPC, Inc.
MPLX LP Reports Fourth-Quarter and Full-Year 2025 Results
FINDLAY, Ohio, Feb. 3, 2026 /PRNewswire/ -- Full-year 2025 net income attributable to MPLX of $4.9 billion and adjusted EBITDA of $7.0 billionFull-year 2025 growth investments of $5.5 billion and capital returned to unitholders of $4.4 billion, delivering on capital return commitmentProgressing natural gas and NGL value chains through construction of Gulf Coast fractionation and export facilities and integration of sour gas treating platformAnnouncing 2026 organic growth capital plan of $2.4 billion, aligned with natural gas and NGL investments driving mid-single digit adjusted EBITDA growthMPLX LP (NYSE: MPLX) today reported fourth-quarter 2025 net income attributable to MPLX of $1,193 million, compared with $1,099 million for the fourth quarter of 2024. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,804 million, compared with $1,762 million for the fourth quarter of 2024.During the quarter, MPLX generated $1,496 million in net cash provided by operating activities, $1,417 million of distributable cash flow, and adjusted free cash flow of $1,567 million. MPLX announced a fourth-quarter 2025 distribution of $1.0765 per common unit, resulting in distribution coverage of 1.3x for the quarter. The leverage ratio was 3.7x at the end of the quarter.For the full year 2025, MPLX generated $5.9 billion in net cash provided by operating activities, $5.8 billion of distributable cash flow, and $1.0 billion of adjusted free cash flow, compared to $5.9 billion, $5.7 billion, and $3.9 billion, respectively, in 2024."In 2025, we invested to grow our natural gas and NGL value chains and returned more than $4 billion to unitholders," said Maryann Mannen, MPLX chairman, president and chief executive officer. "In 2026, we are executing growth anchored in the Permian and Marcellus basins, advancing our strategic initiatives and commitment to durable distribution growth. These opportunities will meet growing demand for natural gas and NGLs, enhance our value chains, and support mid-single digit adjusted EBITDA growth."Financial Highlights (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions, except per unit and ratio data)2025202420252024Net income attributable to MPLX LP$1,193$1,099$4,912$4,317Adjusted EBITDA attributable to MPLX LP(a)1,8041,7627,0176,764Net cash provided by operating activities1,4961,6755,9095,946Distributable cash flow attributable to MPLX LP(a)1,4171,4775,7915,697Distribution per common unit(b)$1.0765$0.9565$4.0660$3.6130Distribution coverage(c)1.3x1.5x1.4x1.5xConsolidated total debt to LTM adjusted EBITDA(d)3.7x3.1x3.7x3.1xCash paid for common unit repurchases$100$100$400$326(a)Non-GAAP measures calculated before distributions to preferred unitholders. See reconciliation in the tables that follow.(b)Distributions declared by the board of directors of MPLX's general partner.(c)DCF attributable to LP unitholders divided by total LP distributions.(d)Calculated using face value total debt and LTM adjusted EBITDA. Also referred to as leverage ratio. See reconciliation in the tables that follow.Segment ResultsCrude Oil and Products LogisticsCrude Oil and Products Logistics segment adjusted EBITDA for the fourth quarter of 2025 increased by $52 million compared to the same period in 2024. The increase was primarily driven by a $37 million benefit from a FERC tariff ruling issued in November, as well as higher rates, partially offset by higher project related expenses.Operating Statistics (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,20252024% Change20252024% ChangeTotal MPLXPipeline throughput (mbpd)5,9085,8571 %5,9655,7823 %Terminal throughput (mbpd)3,0783,128(2) %3,1323,131- %Average tariff rates ($ per barrel)$1.06$1.06- %$1.06$1.024 %Segment adjusted EBITDA (in millions)$1,175$1,1235 %$4,547$4,3754 %Natural Gas and NGL ServicesNatural Gas and NGL Services segment adjusted EBITDA for the fourth quarter of 2025 decreased by $10 million compared to the same period in 2024. The decrease was driven by a $23 million reduction associated with the divestiture of non-core gathering and processing assets, and a reduction for lower natural gas liquids prices, which more than offset contributions from recently acquired assets and higher volumes.Operating Statistics (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,20252024% Change20252024% ChangeTotal MPLXGathering throughput (MMcf/d)6,8486,7342 %6,7096,5792 %Natural gas processed (MMcf/d)9,8279,934(1) %9,8569,6632 %C2 + NGLs fractionated (mbpd)666683(2) %6606541 %Segment adjusted EBITDA (in millions)$629$639(2) %$2,470$2,3893 %Strategic UpdateMPLX's capital spending outlook for 2026 is $2.7 billion, consisting of $2.4 billion of growth and $300 million of maintenance.Natural Gas and NGL Services investments account for 90% of MPLX's growth capital spending. MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth projects to support increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand.Crude Oil and Products Logistics investments account for 10% of MPLX's growth capital spending. MPLX is advancing Permian gathering infrastructure and pursuing opportunities to expand and optimize assets that support Marathon Petroleum's (NYSE: MPC) fuels value chains, further strengthening our strategic relationship.Newly Announced InvestmentsSecretariat II: Consists of a 300 million cubic feet per day (MMcf/d) gas processing plant which will increase MPLX's processing capacity in the Permian basin to 1.7 billion cubic feet per day (Bcf/d); expected in service in the second half of 2028.Marcellus Gathering System Expansion: Consists of a compressor station, over 30 miles of pipelines, supporting well connections, and de-bottlenecking activities at MPLX's Majorsville gas processing complex. Expected in service in the first half of 2028.Ongoing InvestmentsSecretariat I: A 200 MMcf/d gas processing plant, began commissioning in January 2026. The plant increases MPLX's gas processing capacity in the Permian to 1.4 Bcf/d, with volumes expected to ramp through 2026.Harmon Creek III: Consists of a 300 MMcf/d gas processing plant and 40 thousand barrel per day (mbpd) de-ethanizer, which will increase MPLX's processing capacity in the Northeast to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in the third quarter of 2026.Titan Complex (Northwind): The second sour gas treating plant is anticipated to be fully online in the fourth quarter of 2026, which will increase sour gas treating capacity in the Permian to over 400 MMcf/d from its acquired level of 150 MMcf/d.BANGL Pipeline: Expansion from 250 mbpd to 300 mbpd; supporting MPLX's Gulf Coast fractionators. Expected in service in the fourth quarter of 2026.Bay Runner and Rio Bravo Pipelines: Designed to transport up to 5.3 Bcf/d of natural gas from the Agua Dulce hub in Texas to export markets via the Gulf Coast. Bay Runner Pipeline is expected to be in service in the third quarter of 2026, and the Rio Bravo Pipeline is expected to be in service in 2029.Blackcomb Pipeline: A 2.5 Bcf/d pipeline connecting supply in the Permian to domestic and export markets along the Gulf Coast. The pipeline provides shippers with flexible market access and is expected in service in the fourth quarter of 2026.Traverse Pipeline: A bi-directional 2.5 Bcf/d pipeline designed to transport natural gas along the Gulf Coast between Agua Dulce and the Katy area. The pipeline creates optionality for shippers to access multiple premium markets and is expected in service in the second half of 2027.Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery. These fractionation facilities are expected in service in 2028 and 2029. MPC will purchase the offtake from the fractionators and intends to market it globally.Gulf Coast LPG Export Terminal: Constructing a 400 mbpd LPG export terminal in an advantaged location for global market access, and an associated pipeline, which is anticipated in service in 2028; a strategic partnership with ONEOK.Eiger Express Pipeline: A 3.7 Bcf/d pipeline designed to transport natural gas from the Permian basin to Katy, Texas, with connectivity to Agua Dulce via the Traverse pipeline. Expected in service in mid-2028.Financial Position and LiquidityAs of December 31, 2025, MPLX had $2.1 billion in cash, $2.0 billion available on its bank revolving credit facility, and $1.5 billion available through its intercompany loan agreement with MPC. MPLX's leverage ratio was 3.7x, while the stability of cash flows supports leverage in the range of 4.0x.The partnership repurchased $100 million of common units held by the public in the fourth quarter of 2025. As of December 31, 2025, MPLX had approximately $1.1 billion remaining available under its unit repurchase authorizations.Conference CallAt 9:30 a.m. ET today, MPLX will hold a conference call and webcast to discuss the reported results and provide an update on operations. Interested parties may listen by visiting MPLX's website at www.mplx.com. A replay of the webcast will be available on MPLX's website for two weeks. Financial information, including this earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.mplx.com.About MPLX LPMPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. More information is available at www.mplx.com.Investor Relations Contact: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Senior Director, Investor RelationsIsaac Feeney, Director, Investor RelationsEvan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577Jamal Kheiry, Communications ManagerNon-GAAP referencesIn addition to our financial information presented in accordance with U.S. generally accepted accounting principles (GAAP), management utilizes additional non-GAAP measures to analyze our performance. This press release and supporting schedules include the non-GAAP measures adjusted EBITDA; consolidated debt to last twelve months adjusted EBITDA, which we refer to as our leverage ratio; distributable cash flow (DCF); adjusted free cash flow (Adjusted FCF); and Adjusted FCF after distributions. Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. We define Adjusted EBITDA as net income adjusted for: (i) provision for income taxes; (ii) net interest and other financial costs; (iii) depreciation and amortization; (iv) income/(loss) from equity method investments; (v) distributions and adjustments related to equity method investments; (vi) impairment expense; (vii) noncontrolling interests; (viii) transaction-related costs; and (ix) other adjustments, as applicable.DCF is a financial performance and liquidity measure used by management and by the board of directors of our general partner as a key component in the determination of cash distributions paid to unitholders. We believe DCF is an important financial measure for unitholders as an indicator of cash return on investment and to evaluate whether the partnership is generating sufficient cash flow to support quarterly distributions. In addition, DCF is commonly used by the investment community because the market value of publicly traded partnerships is based, in part, on DCF and cash distributions paid to unitholders. We define DCF as Adjusted EBITDA adjusted for: (i) deferred revenue impacts; (ii) sales-type lease payments, net of income; (iii) adjusted net interest and other financial costs; (iv) net maintenance capital expenditures; (v) equity method investment capital expenditures paid out; and (vi) other adjustments as deemed necessary.Adjusted FCF and Adjusted FCF after distributions are financial liquidity measures used by management in the allocation of capital and to assess financial performance. We believe that unitholders may use this metric to analyze our ability to manage leverage and return capital. We define Adjusted FCF as net cash provided by operating activities adjusted for: (i) net cash used in investing activities; (ii) cash contributions from MPC; and (iii) cash distributions to noncontrolling interests. We define Adjusted FCF after distributions as Adjusted FCF less base distributions to common and preferred unitholders. We believe that the presentation of Adjusted EBITDA, DCF, Adjusted FCF and Adjusted FCF after distributions provides useful information to investors in assessing our financial condition and results of operations.Leverage ratio is a liquidity measure used by management, industry analysts, investors, lenders and rating agencies to analyze our ability to incur and service debt and fund capital expenditures.The GAAP measures most directly comparable to Adjusted EBITDA and DCF are net income and net cash provided by operating activities while the GAAP measure most directly comparable to Adjusted FCF and Adjusted FCF after distributions is net cash provided by operating activities. These non-GAAP financial measures should not be considered alternatives to GAAP net income or net cash provided by operating activities as they have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP financial measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because non-GAAP financial measures may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. For a reconciliation of Adjusted EBITDA, DCF, Adjusted FCF, Adjusted FCF after distributions and our leverage ratio to their most directly comparable measures calculated and presented in accordance with GAAP, see the tables below.Forward-Looking StatementsThis press release contains forward-looking statements regarding MPLX LP (MPLX). These forward-looking statements may relate to, among other things, MPLX's expectations, estimates and projections concerning its business and operations, financial priorities, including with respect to positive free cash flow and distribution coverage, strategic plans, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions, biodiversity, and inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPLX cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPLX, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPLX's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs") or renewable diesel and other renewable fuels, or taxation including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the adequacy of capital resources and liquidity, including the availability of sufficient free cash flow from operations to pay or grow distributions and to fund future unit repurchases; the ability to access debt markets on commercially reasonable terms or at all; the timing and extent of changes in commodity prices and demand for crude oil, refined products, feedstocks or other hydrocarbon-based products or renewable diesel and other renewable fuels; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the timing and ability to obtain necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisition of Northwind Delaware Holdings LLC ("Northwind Midstream"); the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the suspension, reduction or termination of MPC's obligations under MPLX's commercial agreements; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating in the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; other risk factors inherent to MPLX's industry; the impact of adverse market conditions or other similar risks to those identified herein affecting MPC; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPLX's and MPC's Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC.Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Condensed Consolidated Results of Operations (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions, except per unit data)2025202420252024Revenues and other income:Operating revenue$1,399$1,376$5,601$5,171Operating revenue - related parties1,4951,4645,8735,733Income from equity method investments155171697802Gain on equity method investments--48420Other income20352343207 Total revenues and other income3,2523,06312,99811,933Costs and expenses:Operating expenses (including purchased product costs)8588353,4563,203Operating expenses - related parties4194251,6651,601Depreciation and amortization3553241,3511,283General and administrative expenses101104446427Other taxes3632137131 Total costs and expenses1,7691,7207,0556,645Income from operations1,4831,3435,9435,288Net interest and other financial costs277229983921Income before income taxes1,2061,1144,9604,367Provision for income taxes35810Net income1,2031,1094,9524,357Less: Net income attributable to noncontrolling interests10104040Net income attributable to MPLX LP1,1931,0994,9124,317Less: Series A preferred unitholders interest in net income-6-27Limited partners' interest in net income attributable toMPLX LP$1,193$1,093$4,912$4,290Per Unit DataNet income attributable to MPLX LP per limited partner unit:Common - basic$1.17$1.07$4.82$4.21Common - diluted$1.17$1.07$4.82$4.21Weighted average limited partner units outstanding:Common units - basic1,0171,0181,0191,016Common units - diluted1,0171,0191,0191,017 Select Financial Statistics (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions, except ratio data)2025202420252024Common unit distributions declared by MPLX LPCommon units (LP) - public$396$353$1,506$1,339Common units - MPC6966192,6322,339 Total LP distribution declared1,0929724,1383,678Preferred unit distributions(a)Series A preferred unit distributions-6-27 Total preferred unit distributions-6-27Other Financial DataAdjusted EBITDA attributable to MPLX LP(b)1,8041,7627,0176,764DCF attributable to LP unitholders(b)$1,417$1,471$5,791$5,670Distribution coverage(c)1.3x1.5x1.4x1.5xCash Flow DataNet cash flow provided by (used in):Operating activities$1,496$1,675$5,909$5,946Investing activities78(349)(4,856)(1,995)Financing activities$(1,202)$(2,233)$(435)$(3,480)(a)Series A preferred unitholders receive the greater of $0.528125 per unit or the amount of per unit distributions paid to holders of MPLX LP common units. Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units.(b)Non-GAAP measure. See reconciliation below.(c)DCF attributable to LP unitholders divided by total LP distributions. Financial Data (unaudited)(In millions, except ratio data)December 31, 2025December 31,2024Cash and cash equivalents$2,137$1,519Total assets43,00537,511Total debt(a)25,65320,948Redeemable preferred units-203Total equity$14,528$13,807Consolidated debt to LTM adjusted EBITDA(b)3.7x3.1xPartnership units outstanding:MPC-held common units647647Public common units368370(a)There were no borrowings on the loan agreement with MPC as of December 31, 2025 or December 31, 2024. Presented net of unamortized debt issuance costs, unamortized discount/premium and includes long-term debt due within one year.(b)Calculated using face value total debt and LTM adjusted EBITDA. Face value total debt was $26,006 million as of December 31, 2025, and $21,206 million as of December 31, 2024. Operating Statistics (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,20252024% Change20252024% ChangeCrude Oil and Products LogisticsPipeline throughput (mbpd)Crude oil pipelines3,8113,831(1) %3,8993,7853 %Product pipelines2,0972,0264 %2,0661,9973 %Total pipelines5,9085,8571 %5,9655,7823 %Average tariff rates ($ per barrel)Crude oil pipelines$1.05$1.08(3) %$1.06$1.033 %Product pipelines1.081.035 %1.081.008 %Total pipelines$1.06$1.06- %$1.06$1.024 %Terminal throughput (mbpd)3,0783,128(2) %3,1323,131- %Barges in operation3223191 %3223191 %Towboats in operation30293 %30293 % Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(a)Three Months Ended December 31,Twelve Months Ended December 31,20252024%Change20252024%ChangeGathering throughput (MMcf/d)Marcellus Operations1,6021,5384 %1,5261,521- %Utica Operations-338(100) %66264(75) %Southwest Operations1,9001,7886 %1,8261,6988 %Bakken Operations146185(21) %160183(13) %Rockies Operations244552(56) %465560(17) %Total gathering throughput3,8924,401(12) %4,0434,226(4) %Natural gas processed (MMcf/d)Marcellus Operations4,6174,3835 %4,4314,3661 %Utica Operations(b)--- %--- %Southwest Operations1,9332,020(4) %1,9041,8443 %Southern Appalachia Operations202206(2) %191215(11) %Bakken Operations145183(21) %159182(13) %Rockies Operations277596(54) %518616(16) %Total natural gas processed7,1747,388(3) %7,2037,223- %C2 + NGLs fractionated (mbpd)Marcellus Operations573588(3) %566565- %Utica Operations(b)--- %--- %Other2636(28) %2937(22) %Total C2 + NGLs fractionated599624(4) %595602(1) %(a)Includes operating data for entities that have been consolidated into the MPLX financial statements.(b)The Utica region processing and fractionation operations only include partnership-operated equity method investments and thus do not have any operating statistics from a consolidated perspective. See table below for details on Utica. Excluding Divestiture Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) - Consolidated(b)Three Months Ended December 31,Twelve Months Ended December 31,20252024% Change20252024% ChangeTotal gathering throughput (MMcf/d)3,6483,5114 %3,5123,4023 %Total natural gas processed (MMcf/d)6,8976,7922 %6,6856,6071 %Total C2 + NGLs fractionated (mbpd)597619(4) %591597(1) %(a)Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C. (b)Includes operating data for entities that have been consolidated into the MPLX financial statements. Natural Gas and NGL Services Operating Statistics (unaudited) -Operated(a)Three Months Ended December 31,Twelve Months Ended December 31,20252024% Change20252024% ChangeGathering throughput (MMcf/d)Marcellus Operations1,6021,5384 %1,5261,521- %Utica Operations2,9242,60812 %2,6722,5445 %Southwest Operations1,9001,7886 %1,8261,6988 %Bakken Operations146185(21) %160183(13) %Rockies Operations276615(55) %525633(17) %Total gathering throughput6,8486,7342 %6,7096,5792 %Natural gas processed (MMcf/d)Marcellus Operations6,3126,0065 %6,1235,9742 %Utica Operations9589234 %96183216 %Southwest Operations1,9332,020(4) %1,9041,8443 %Southern Appalachia Operations202206(2) %191215(11) %Bakken Operations145183(21) %159182(13) %Rockies Operations277596(54) %518616(16) %Total natural gas processed9,8279,934(1) %9,8569,6632 %C2 + NGLs fractionated (mbpd)Marcellus Operations573588(3) %566565- %Utica Operations675914 %655225 %Other2636(28) %2937(22) %Total C2 + NGLs fractionated666683(2) %6606541 %(a)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Excluding Divestiture Assets(a), Natural Gas and NGL Services Operating Statistics (unaudited) -Operated(b)Three Months Ended December 31,Twelve Months Ended December 31,20252024% Change20252024% ChangeTotal gathering throughput (MMcf/d)6,5726,1197 %6,1845,9464 %Total natural gas processed (MMcf/d)9,5509,3382 %9,3389,0473 %Total C2 + NGLs fractionated (mbpd)664678(2) %6566491 %(a)Excludes volumes associated with divested Rockies gathering and processing operations and assets contributed to Markwest EMG Jefferson Dry Gas Gathering Company, L.L.C.(b)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Reconciliation of Segment Adjusted EBITDA to Net Income(unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Crude Oil and Products Logistics segment adjusted EBITDAattributable to MPLX LP$1,175$1,123$4,547$4,375Natural Gas and NGL Services segment adjusted EBITDA attributable to MPLX LP6296392,4702,389Adjusted EBITDA attributable to MPLX LP1,8041,7627,0176,764Depreciation and amortization(355)(324)(1,351)(1,283)Net interest and other financial costs(277)(229)(983)(921)Income from equity method investments155171697802Distributions/adjustments related to equity method investments(255)(257)(962)(928)Gain on equity method investments--484-Gain on sale of assets159-159-Transaction-related costs(a)(12)-(33)-Adjusted EBITDA attributable to noncontrolling interests11114444Other(b)(27)(25)(120)(121)Net income$1,203$1,109$4,952$4,357(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(b)Includes unrealized derivative gain/(loss), equity-based compensation, provision for income taxes and other miscellaneous items. Reconciliation of Segment Adjusted EBITDA to Incomefrom Operations (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Crude Oil and Products LogisticsSegment adjusted EBITDA$1,175$1,1234,5474,375Depreciation and amortization(139)(133)(546)(526)Income from equity method investments5756243269Distributions/adjustments related to equity methodinvestments(85)(97)(318)(347)Other(19)(15)(70)(55)Natural Gas and NGL ServicesSegment adjusted EBITDA6296392,4702,389Depreciation and amortization(216)(191)(805)(757)Income from equity method investments98115454533Distributions/adjustments related to equity method investments(170)(160)(644)(581)Gain on equity method investments--484-Gain on sale of assets159-159-Transaction-related costs(a)(12)-(33)-Adjusted EBITDA attributable to noncontrolling interests11114444Other(5)(5)(42)(56)Income from operations$1,483$1,343$5,943$5,288(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations. Reconciliation of Adjusted EBITDA Attributable to MPLXLP and DCF Attributable to LP Unitholders from NetIncome (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Net income$1,203$1,109$4,952$4,357Provision for income taxes35810Net interest and other financial costs277229983921Income from operations1,4831,3435,9435,288Depreciation and amortization3553241,3511,283Income from equity method investments(155)(171)(697)(802)Distributions/adjustments related to equity methodinvestments255257962928Gain on equity method investments--(484)-Gain on sale of assets(159)-(159)-Transaction-related costs(a)12-33-Other2420112111Adjusted EBITDA1,8151,7737,0616,808Adjusted EBITDA attributable to noncontrolling interests(11)(11)(44)(44)Adjusted EBITDA attributable to MPLX LP1,8041,7627,0176,764Deferred revenue impacts(23)25(57)31Sales-type lease payments, net of income14126232Adjusted net interest and other financial costs(b)(270)(216)(950)(867)Maintenance capital expenditures, net of reimbursements(106)(86)(256)(206)Equity method investment maintenance capital expenditurespaid out(8)(7)(20)(18)Other6(13)(5)(39)DCF attributable to MPLX LP1,4171,4775,7915,697Preferred unit distributions(c)-(6)-(27)DCF attributable to LP unitholders$1,417$1,471$5,791$5,670(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(b)Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.(c)Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units. Reconciliation of Net Income to Last Twelve Month (LTM) adjusted EBITDA (unaudited)Last Twelve MonthsDecember 31,(In millions)20252024LTM Net income$4,952$4,357Provision for income taxes810Net interest and other financial costs983921LTM income from operations5,9435,288Depreciation and amortization1,3511,283Income from equity method investments(697)(802)Distributions/adjustments related to equity method investments962928Gain on equity method investments(484)-Gain on sale of assets(159)-Transaction-related costs(a)33-Other112111LTM Adjusted EBITDA7,0616,808Adjusted EBITDA attributable to noncontrolling interests(44)(44)LTM Adjusted EBITDA attributable to MPLX LP7,0176,764Consolidated total debt(b)$26,006$21,206Consolidated total debt to LTM adjusted EBITDA(c)3.7x3.1x(a)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(b)Consolidated total debt excludes unamortized debt issuance costs and unamortized discount/premium. Consolidated total debt includes long-term debt due within one year and outstanding borrowings, if any, under the loan agreement with MPC.(c)Also referred to as our leverage ratio. Reconciliation of Adjusted EBITDA Attributable to MPLX LP and DCF Attributable to LP Unitholders from Net CashProvided by Operating Activities (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Net cash provided by operating activities$1,496$1,675$5,909$5,946Changes in working capital items(22)(186)(65)(241)All other, net581(5)Loss on extinguishment of debt--3-Adjusted net interest and other financial costs(a)270216950867Other adjustments related to equity method investments222798102Transaction-related costs(b)12-33-Other3233132139Adjusted EBITDA1,8151,7737,0616,808Adjusted EBITDA attributable to noncontrolling interests(11)(11)(44)(44)Adjusted EBITDA attributable to MPLX LP1,8041,7627,0176,764Deferred revenue impacts(23)25(57)31Sales-type lease payments, net of income14126232Adjusted net interest and other financial costs(a)(270)(216)(950)(867)Maintenance capital expenditures, net of reimbursements(106)(86)(256)(206)Equity method investment maintenance capital expenditures paid out(8)(7)(20)(18)Other6(13)(5)(39)DCF attributable to MPLX LP1,4171,4775,7915,697Preferred unit distributions(c)-(6)-(27)DCF attributable to LP unitholders$1,417$1,471$5,791$5,670(a)Represents net interest and other financial costs, excluding gain/loss on extinguishment of debt and amortization of deferred financing costs.(b)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interest in BANGL, LLC and the divestiture of the Rockies gathering and processing operations.(c)Cash distributions declared/to be paid to holders of the Series A preferred units are not available to common unitholders. On February 11, 2025, the remaining outstanding Series A preferred units were converted to common units. Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted FreeCash Flow after Distributions (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Net cash provided by operating activities(a)$1,496$1,675$5,909$5,946Adjustments to reconcile net cash provided by operating activities to adjusted free cash flowNet cash used in investing activities(b)78(349)(4,856)(1,995)Contributions from MPC492435Distributions to noncontrolling interests(11)(11)(44)(44)Adjusted free cash flow1,5671,3241,0333,942Distributions paid to common and preferred unitholders(1,095)(980)(4,024)(3,603)Adjusted free cash flow after distributions$472$344$(2,991)$339(a)The three months ended December 31, 2025 and December 31, 2024 include working capital draws of $22 million and $186 million, respectively. The twelve months ended December 31, 2025 and December 31, 2024 include working capital draws of $65 million and $241 million, respectively.(b)The twelve months ended December 31, 2025 includes $2.4 billion for the acquisition of Northwind Midstream, $703 million for the acquisition of the remaining 55% interest of BANGL LLC, $235 million for the acquisition of Whiptail Midstream, LLC, $151 million for the purchase of an additional five percent ownership interest in the joint venture that owns and operates the Matterhorn Express pipeline, a $49 million capital contribution to WPC Parent, LLC to redeem Enbridge's special membership interest in the Rio Bravo Pipeline project, and $971 million received from the sale of our Rockies gathering and processing operations. Capital Expenditures (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Capital Expenditures:Growth capital expenditures$649$227$1,668$796Growth capital reimbursements(36)(51)(136)(115)Investments in unconsolidated affiliates(a)23250794236Return of capital(b)(150)(8)(251)(12)Capitalized interest(16)(4)(38)(16)Total growth capital expenditures(c)6792142,037889Maintenance capital expenditures104103288254Maintenance capital reimbursements2(17)(32)(48)Capitalized interest(1)(1)(4)(3)Total maintenance capital expenditures10585252203Total growth and maintenance capital expenditures7842992,2891,092Investments in unconsolidated affiliates(a)(232)(50)(794)(236)Return of capital(b)150825112Growth and maintenance capital reimbursements(d)3468168163(Increase)/Decrease in capital accruals(39)(22)(170)6Capitalized interest1754219Other--22-Additions to property, plant and equipment$714$308$1,808$1,056(a)Investments in unconsolidated affiliates and additions to property, plant and equipment, net are shown as separate lines within investing activities in the Consolidated Statements of Cash Flows. Investments in unconsolidated affiliates for the twelve months ended December 31, 2025, and December 31, 2024 exclude payments associated with purchases of equity interests in unconsolidated affiliates totaling $213 million and $228 million, respectively.(b)Return of capital for the twelve months ended December 31, 2025 excludes special distributions of $42 million received in exchange for the contribution of assets to a joint venture. Return of capital for the twelve months ended December 31, 2024 excludes a $134 million cash distribution received in connection with the Whistler joint venture transaction.(c)Total growth capital expenditures for the twelve months ended December 31, 2025 and December 31, 2024 exclude $3,316 million and $622 million of acquisitions, net of cash acquired, respectively, and a $134 million cash distribution received in 2024 in connection with the formation of a new joint venture to combine the Whistler Pipeline and Rio Bravo pipeline project. Total growth capital expenditures also exclude purchases of additional equity interests in unconsolidated affiliates of $213 million and $228 million for the years ended December 31, 2025 and December 31, 2024, respectively.(d)Growth capital reimbursements are generally included in changes in deferred revenue within operating activities in the Consolidated Statements of Cash Flows. Maintenance capital reimbursements are included in the Contributions from MPC line within financing activities in the Consolidated Statements of Cash Flows. View original content:https://www.prnewswire.com/news-releases/mplx-lp-reports-fourth-quarter-and-full-year-2025-results-302677445.htmlSOURCE MPLX LP
Marathon Petroleum Corp. Reports Fourth-Quarter and Full-Year 2025 Results
FINDLAY, Ohio, Feb. 3, 2026 /PRNewswire/ -- Fourth-quarter net income attributable to MPC of $1.5 billion, or $5.12 per diluted share, adjusted net income of $1.2 billion, or $4.07 per diluted shareFull-year refining utilization of 94 percent and margin capture of 105 percent, demonstrating strong operational and commercial performanceCash from operations of $8.3 billion enabled peer-leading capital returns of $4.5 billion in 2025 MPLX's growing distribution is expected to more than fund MPC's 2026 dividend and standalone capital; a source of differentiation for capital returnMarathon Petroleum Corp. (NYSE: MPC) today reported net income attributable to MPC of $1.5 billion, or $5.12 per diluted share, for the fourth quarter of 2025, compared with net income attributable to MPC of $371 million, or $1.15 per diluted share, for the fourth quarter of 2024.Adjusted net income was $1.2 billion, or $4.07 per diluted share, for the fourth quarter of 2025. This compares to adjusted net income of $249 million, or $0.77 per diluted share, for the fourth quarter of 2024.The fourth quarter of 2025 adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) was $3.5 billion, compared with $2.1 billion for the fourth quarter of 2024. For the full year 2025, net income attributable to MPC was $4.0 billion, or $13.22 per diluted share, compared with net income attributable to MPC of $3.4 billion, or $10.08 per diluted share for the full year 2024. Adjusted net income was $3.3 billion, or $10.70 per diluted share for the full year 2025. This compares to adjusted net income of $3.3 billion, or $9.51 per diluted share for the full year 2024. Cash provided by operating activities was $8.3 billion for the full year 2025, compared with $8.7 billion for the full year 2024. Adjusted EBITDA was $12.0 billion for the full year 2025, compared with $11.3 billion for the full year 2024."In 2025, strong refining operational performance and commercial execution drove cash flow generation," said Chairman, President and Chief Executive Officer Maryann Mannen. "The deployment of MPC capital enhances our competitiveness in each of the regions where we operate. In Midstream, MPLX is investing to execute its natural gas and NGL growth strategies. Growing MPLX distributions differentiates MPC from peers and supports our commitment to industry-leading capital return."Results from OperationsAdjusted EBITDA (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Refining & Marketing segment adjusted EBITDA$1,997$559$6,138$5,703Midstream segment adjusted EBITDA1,6801,7076,7506,544Renewable Diesel segment adjusted EBITDA728(110)(150)Subtotal3,6842,29412,77812,097Corporate(236)(189)(927)(864)Add: Depreciation and amortization411510590Adjusted EBITDA$3,489$2,120$11,956$11,323Refining & Marketing (R&M)Segment adjusted EBITDA was $1,997 million in the fourth quarter of 2025, versus $559 million for the fourth quarter of 2024. R&M segment adjusted EBITDA was $7.15 per barrel for the fourth quarter of 2025, versus $2.03 per barrel for the fourth quarter of 2024. Segment adjusted EBITDA excludes refining planned turnaround costs, which totaled $410 million in the fourth quarter of 2025 and $281 million in the fourth quarter of 2024.R&M margin was $18.65 per barrel for the fourth quarter of 2025, versus $12.93 per barrel for the fourth quarter of 2024. Crude capacity utilization was 95%, resulting in total throughput of 3.0 million barrels per day (bpd) for the fourth quarter of 2025. R&M margin results were driven by higher crack spreads compared to the fourth quarter of 2024. Refining operating costs were $5.70 per barrel for the fourth quarter of 2025, versus $5.26 per barrel for the fourth quarter of 2024, reflecting higher project related expense associated with increased turnaround activity and higher energy costs.MidstreamSegment adjusted EBITDA was $1.7 billion in the fourth quarter of 2025, versus $1.7 billion for the fourth quarter of 2024. The results reflect higher rates and throughputs plus contributions from recently acquired assets, which were more than offset by higher operating expenses and the divestiture of non-core gathering and processing assets.Renewable DieselSegment adjusted EBITDA was $7 million in the fourth quarter of 2025, versus $28 million for the fourth quarter of 2024. The results reflect increased utilization to 94%, offset by a weaker margin environment compared to the prior year quarter.Corporate and Items Not AllocatedCorporate expenses totaled $236 million in the fourth quarter of 2025, compared with $189 million in the fourth quarter of 2024.Financial Position, Liquidity, and Return of Capital As of December 31, 2025, MPC had $3.7 billion of cash and cash equivalents, including $2.1 billion of cash at MPLX, and no borrowings outstanding under its $5 billion five-year bank revolving credit facility. In the fourth quarter, the company returned approximately $1.3 billion of capital to shareholders. As of December 31, 2025, the company had $4.4 billion available under its share repurchase authorizations.Strategic UpdateMPC's 2026 standalone (excluding MPLX) capital spending outlook: $1.5 billion. Approximately 65% of its overall spending is focused on value enhancing capital and 35% on sustaining capital.2026 Capital Outlook ($ millions)MPC Standalone (excluding MPLX)Refining & Marketing Segment:Refining$710Marketing250Maintenance450Refining & Marketing Segment1,410Renewable Diesel0Midstream Segment (excluding MPLX)40Corporate and Other(a)50Total MPC Standalone (excluding MPLX)$1,500MPLX Total(b)$2,700(a) Does not include capitalized interest.(b) Excludes $260 million of reimbursable capital.MPC's 2026 capital spending outlook includes continued high-return investments at its Galveston Bay, Robinson, El Paso, and Garyville refineries. The utility modernization project at the Los Angeles refinery was successfully implemented in the fourth quarter of 2025. In addition to these multi-year investments, the company is executing shorter-term projects that offer high returns through margin enhancement and cost reduction.Newly AnnouncedGaryville - Feedstock Optimization: To optimize feedstock slate by displacing higher-cost intermediate purchases with crude to improve margin. Capital spend in 2026 is expected to be $110 million and another $185 million in 2027. Completion is expected by year-end 2027.Garyville - Product Export Flexibility: To increase flexibility to produce incremental export premium gasoline, while improving reliability and lowering costs. Total capital spend in 2026 is expected to be $50 million and another $100 million in 2027. Completion is expected by year-end 2027.El Paso - Yield Improvement: To upgrade fluid catalytic cracker and alkylation units to drive volume expansion and increased production of specialty gasolines for local markets. Capital spend in 2026 is expected to be $35 million. Completion is expected in the second quarter of 2026.OngoingRobinson - Product Flexibility: To increase the refinery's flexibility to maximize higher value jet fuel production to meet growing demand. Capital spend is expected to be $50 million in 2026. Completion is expected in the third quarter of 2026.Galveston Bay - Distillate Hydrotreater: To upgrade high-sulfur distillate to higher-value ultra-low sulfur diesel with the addition of a 90 thousand bpd (mbpd) high-pressure distillate hydrotreater (DHT). Capital spend in 2026 is expected to be $350 million, with another $225 million in 2027. Completion is expected by year-end 2027.MPLX's 2026 capital spending outlook: $2.7 billion. Approximately 90% of its overall spending is focused on growth capital and 10% on maintenance capital.MPLX is expanding its Permian to Gulf Coast integrated value chain, progressing long-haul pipeline growth to support expected increased producer activity, and investing in Permian and Marcellus processing capacity in response to producer demand. Updates include:Newly AnnouncedSecretariat II: Consists of a 300 million cubic feet per day (MMcf/d) gas processing plant which will increase MPLX's processing capacity in the Permian basin to 1.7 billion cubic feet per day (Bcf/d); expected in service in the second half of 2028.Marcellus Gathering System Expansion: Consists of a compressor station, over 30 miles of pipelines, supporting well connections, and de-bottlenecking activities at MPLX's Majorsville gas processing complex. Expected in service in the first half of 2028.OngoingSecretariat I: A 200 MMcf/d gas processing plant, began commissioning in January 2026. The plant increases MPLX's gas processing capacity in the Permian to 1.4 Bcf/d, with volumes expected to ramp through 2026.Harmon Creek III: Consists of a 300 MMcf/d gas processing plant and 40 mbpd de-ethanizer, which will increase MPLX's processing capacity in the Northeast to 8.1 Bcf/d and fractionation capacity to 800 mbpd; expected in service in the third quarter of 2026.Titan Complex (Northwind): The second sour gas treating plant is anticipated to be fully online in the fourth quarter of 2026, which will increase sour gas treating capacity in the Permian to over 400 MMcf/d from its acquired level of 150 MMcf/d.BANGL Pipeline: Expansion from 250 mbpd to 300 mbpd; supporting MPLX's Gulf Coast fractionators. Expected in service in the fourth quarter of 2026.Bay Runner and Rio Bravo Pipelines: Designed to transport up to 5.3 Bcf/d of natural gas from the Agua Dulce hub in Texas to export markets via the Gulf Coast. Bay Runner Pipeline is expected to be in service in the third quarter of 2026, and the Rio Bravo Pipeline is expected to be in service in 2029.Blackcomb Pipeline: A 2.5 Bcf/d pipeline connecting supply in the Permian to domestic and export markets along the Gulf Coast. The pipeline provides shippers with flexible market access and is expected in service in the fourth quarter of 2026.Traverse Pipeline: A bi-directional 2.5 Bcf/d pipeline designed to transport natural gas along the Gulf Coast between Agua Dulce and the Katy area. The pipeline creates optionality for shippers to access multiple premium markets and is expected in service in the second half of 2027.Gulf Coast Fractionators: Two 150 mbpd fractionation facilities near MPC's Galveston Bay refinery. These fractionation facilities are expected in service in 2028 and 2029. MPC will purchase the offtake from the fractionators and intends to market it globally.Gulf Coast LPG Export Terminal: Constructing a 400 mbpd LPG export terminal in an advantaged location for global market access, and an associated pipeline, which is anticipated in service in 2028; a strategic partnership with ONEOK.Eiger Express Pipeline: A 3.7 Bcf/d pipeline designed to transport natural gas from the Permian basin to Katy, Texas, with connectivity to Agua Dulce via the Traverse pipeline. Expected in service in mid-2028.First-Quarter 2026 OutlookRefining & Marketing Segment:Refining operating costs per barrel(a)$5.85Distribution costs (in millions)$1,625Refining planned turnaround costs (in millions)$465Depreciation and amortization (in millions)$385Refinery throughputs (mbpd): Crude oil refined2,540 Other charge and blendstocks200 Total2,740Corporate (includes $30 million of D&A)$240(a) Excludes refining planned turnaround and depreciation and amortization expense.Conference CallAt 11:00 a.m. ET today, MPC will hold a conference call and webcast to discuss the reported results and provide an update on company operations. Interested parties may listen by visiting MPC's website at www.marathonpetroleum.com. A replay of the webcast will be available on the company's website for two weeks. Financial information, including the earnings release and other investor-related materials, will also be available online prior to the conference call and webcast at www.marathonpetroleum.com.About Marathon Petroleum CorporationMarathon Petroleum Corporation (MPC) is a leading, integrated, downstream and midstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.Investor Relations Contacts: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Senior Director, Investor RelationsAlyx Teschel, Director, Investor RelationsMedia Contact: (419) 421-3577Jamal Kheiry, Communications ManagerReferences to Earnings and Defined TermsReferences to earnings mean net income attributable to MPC from the statements of income. Unless otherwise indicated, references to earnings and earnings per share are MPC's share after excluding amounts attributable to noncontrolling interests.Refining margin capture or "capture" is an operations metric that represents MPC's ability to convert benchmark market conditions into realized performance. Capture reflects the percentage of our R&M Margin Indicator realized in our reported R&M Margin and is calculated by dividing our reported R&M Margin to the R&M Margin Indicator. We use and believe our investors use this metric to evaluate our Refining & Marketing segment's operating, financial and commercial performance relative to benchmark margin and market indicators and prevailing market conditions.Market DataCertain relevant benchmark margin and market data, including pricing, regional and blended crack spreads and sweet and sour crude differentials, along with a hypothetical Refining and Marketing margin indicator based on such margin and market data and operational guidance provided for each quarter, is available on MPC's Investors website at www.marathonpetroleum.com/Investors/Investor-Market-Data. MPC intends to update this information each month no later than the close of business on the second business day following the end of each month unless otherwise noted and may also provide additional updates within each month. Interested parties may register to receive automatic email alerts when the information is updated by clicking on "Sign Up" at https://www.marathonpetroleum.com/Investors/and following the instructions provided.Forward-Looking StatementsThis press release contains forward-looking statements regarding MPC. These forward-looking statements may relate to, among other things, MPC's expectations, estimates and projections concerning its business and operations, financial priorities, strategic plans and initiatives, capital return plans, capital expenditure plans, operating cost reduction objectives, and environmental, social and governance ("ESG") plans and goals, including those related to greenhouse gas emissions and intensity reduction targets, freshwater withdrawal intensity reduction targets, inclusion and ESG reporting. Forward-looking and other statements regarding our ESG plans and goals are not an indication that these statements are material to investors or are required to be disclosed in our filings with the Securities Exchange Commission (SEC). In addition, historical, current, and forward-looking ESG-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. You can identify forward-looking statements by words such as "advance," "anticipate," "believe," "commitment," "continue," "could," "design," "drive," "endeavor," "estimate," "expect," "focus," "forecast," "goal," "guidance," "intend," "may," "objective," "opportunity," "outlook," "plan," "policy," "position," "potential," "predict," "priority," "progress," "project," "prospective," "pursue," "seek," "should," "strategy," "strive," "support," "target," "trends," "will," "would" or other similar expressions that convey the uncertainty of future events or outcomes. MPC cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of MPC, that could cause actual results and events to differ materially from the statements made herein. Factors that could cause MPC's actual results to differ materially from those implied in the forward-looking statements include but are not limited to: political or regulatory developments, changes in governmental policies relating to refined petroleum products, crude oil, natural gas, natural gas liquids ("NGLs"), or renewable diesel and other renewable fuels or taxation, including changes in tax regulations or guidance promulgated pursuant to the new legislation implemented in the One Big Beautiful Bill Act; volatility in and degradation of general economic, market, industry or business conditions, including as a result of pandemics, other infectious disease outbreaks, natural hazards, extreme weather events, regional conflicts such as hostilities in the Middle East and in Ukraine, tariffs, inflation or rising interest rates; the regional, national and worldwide demand for refined products and renewables and related margins; the regional, national or worldwide availability and pricing of crude oil, natural gas, renewable diesel and other renewable fuels, NGLs and other feedstocks and related pricing differentials; the adequacy of capital resources and liquidity and timing and amounts of free cash flow necessary to execute our business plans, effect future share repurchases and to maintain or grow our dividend; the success or timing of completion of ongoing or anticipated projects; changes to the expected construction costs and in service dates of planned and ongoing projects and investments, including pipeline projects and new processing units, and the ability to obtain regulatory and other approvals with respect thereto; the ability to obtain the necessary regulatory approvals and satisfy the other conditions necessary to consummate planned transactions within the expected timeframes if at all; the ability to realize expected returns or other benefits on anticipated or ongoing projects or planned transactions, including the recently completed acquisition of Northwind Delaware Holdings LLC ("Northwind Midstream"); the availability of desirable strategic alternatives to optimize portfolio assets and the ability to obtain regulatory and other approvals with respect thereto; the inability or failure of our joint venture partners to fund their share of operations and development activities; the financing and distribution decisions of joint ventures we do not control; our ability to successfully implement our sustainable energy strategy and principles and to achieve our ESG plans and goals within the expected timeframes if at all; changes in government incentives for emission-reduction products and technologies; the outcome of research and development efforts to create future technologies necessary to achieve our ESG plans and goals; our ability to scale projects and technologies on a commercially competitive basis; changes in regional and global economic growth rates and consumer preferences, including consumer support for emission-reduction products and technology; industrial incidents or other unscheduled shutdowns affecting our refineries, machinery, pipelines, processing, fractionation and treating facilities or equipment, means of transportation, or those of our suppliers or customers; the imposition of windfall profit taxes, maximum refining margin penalties, minimum inventory requirements or refinery maintenance and turnaround supply plans on companies operating within the energy industry in California or other jurisdictions; the establishment or increase of tariffs on goods, including crude oil and other feedstocks imported into the United States, other trade protection measures or restrictions or retaliatory actions from foreign governments; the impact of adverse market conditions or other similar risks to those identified herein affecting MPLX; and the factors set forth under the heading "Risk Factors" and "Disclosures Regarding Forward-Looking Statements" in MPC's and MPLX's Annual Reports on Form 10-K for the year ended Dec. 31, 2024, and in other filings with the SEC. Any forward-looking statement speaks only as of the date of the applicable communication and we undertake no obligation to update any forward-looking statement except to the extent required by applicable law.Copies of MPC's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPC's website at https://www.marathonpetroleum.com/Investors/ or by contacting MPC's Investor Relations office. Copies of MPLX's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other SEC filings are available on the SEC's website, MPLX's website at http://ir.mplx.com or by contacting MPLX's Investor Relations office. Consolidated Statements of Income (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions, except per-share data)2025202420252024Revenues and other income: Sales and other operating revenues$32,574$33,137$132,699$138,864 Income from equity method investments2042521,6221,048 Net gain on disposal of assets1691117328 Other income47566728472 Total revenues and other income33,42233,466135,222140,412Costs and expenses: Cost of revenues (excludes items below)28,86130,558119,446126,240 Depreciation and amortization8288263,2513,337 Selling, general and administrative expenses8368043,3493,221 Other taxes203137885818 Total costs and expenses30,72832,325126,931133,616Income from operations2,6941,1418,2916,796Net interest and other financial costs3432451,276839Income before income taxes2,3518967,0155,957Provision for income taxes3721111,137890Net income1,9797855,8785,067Less net income attributable to:Redeemable noncontrolling interest-6-27Noncontrolling interests4444081,8311,595Net income attributable to MPC$1,535$371$4,047$3,445Per share dataBasic: Net income attributable to MPC per share$5.13$1.16$13.24$10.11 Weighted average shares outstanding (in millions)299320305340Diluted: Net income attributable to MPC per share$5.12$1.15$13.22$10.08Weighted average shares outstanding (in millions)300321306341 Capital Expenditures and Investments (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Refining & Marketing$448$484$1,580$1,445Midstream9793792,9751,504Renewable Diesel12198Corporate(a)3456119119Total$1,462$921$4,693$3,076(a)Includes capitalized interest of $30 million, $18 million, $94 million and $56 million for the fourth quarter 2025, the fourth quarter 2024, full year 2025 and full year 2024, respectively. Refining & Marketing Operating Statistics (unaudited) Dollar per Barrel of Net Refinery ThroughputThree Months Ended December 31,Twelve Months EndedDecember 31,2025202420252024Refining & Marketing margin(a)$18.65$12.93$16.87$16.01Less:Refining operating costs(b)5.705.265.595.34Distribution costs(c)5.715.345.675.48LIFO inventory adjustment0.290.380.070.10Other income(d)(0.20)(0.08)(0.09)(0.24)Refining & Marketing segment adjusted EBITDA$7.15$2.03$5.63$5.33Refining planned turnaround costs$1.47$1.02$1.39$1.31Depreciation and amortization1.401.531.491.65Fees paid to MPLX included in distribution costs above3.663.603.693.70(a)Sales revenue less cost of refinery inputs and purchased products, divided by net refinery throughput.(b)Excludes refining planned turnaround and depreciation and amortization expense.(c)Excludes depreciation and amortization expense.(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss. Refining & Marketing - Supplemental Operating DataThree Months Ended December 31,Twelve Months Ended December 31,2025202420252024Refining & Marketing refined product sales volume(mbpd)(a)3,8033,7473,7183,585Crude oil refining capacity (mbpcd)(b)2,9632,9502,9632,950Crude oil capacity utilization (percent)(b)95949492Refinery throughputs (mbpd): Crude oil refined2,8172,7832,7872,714 Other charge and blendstocks221214202208Net refinery throughputs3,0382,9972,9892,922Sour crude oil throughput (percent)47434544Sweet crude oil throughput (percent)53575556Refined product yields (mbpd): Gasoline1,5241,5701,4991,490 Distillates1,1201,1091,0931,070 Propane68696767 NGLs and petrochemicals154154195192 Heavy fuel oil123579059 Asphalt79807981 Total3,0683,0393,0232,959Inter-region refinery transfers excluded from throughput and yields above (mbpd) 70966487(a)Includes intersegment sales.(b)Based on calendar day capacity, which is an annual average that includes downtime for planned maintenance and other normal operating activities.Refining & Marketing - Supplemental Operating Data by Region (unaudited)The per barrel for Refining & Marketing margin is calculated based on net refinery throughput (excludes inter-refinery transfer volumes). The per barrel for the refining operating costs, refining planned turnaround costs and refining depreciation and amortization for the regions, as shown in the tables below, is calculated based on the gross refinery throughput (includes inter-refinery transfer volumes).Refining operating costs exclude refining planned turnaround costs and refining depreciation and amortization expense.Gulf Coast RegionThree Months Ended December 31,Twelve Months Ended December 31,2025202420252024Dollar per barrel of refinery throughput:Refining & Marketing margin$17.09$12.36$14.82$15.05Refining operating costs4.494.044.614.14Refining planned turnaround costs0.470.740.811.23Refining depreciation and amortization0.901.140.951.35Refinery throughputs (mbpd): Crude oil refined1,2181,1901,1551,119 Other charge and blendstocks160186159181Gross refinery throughputs1,3781,3761,3141,300Sour crude oil throughput (percent)57555756Sweet crude oil throughput (percent)43454344Refined product yields (mbpd): Gasoline659671625621 Distillates499509471476 Propane39403738 NGLs and petrochemicals127118131124 Heavy fuel oil66515952 Asphalt17171716 Total1,4071,4061,3401,327Inter-region refinery transfers included in throughput andyields above (mbpd)36723758 Mid-Continent RegionThree Months Ended December 31,Twelve Months Ended December 31,2025202420252024Dollar per barrel of refinery throughput:Refining & Marketing margin$18.19$11.31$17.27$15.77Refining operating costs5.565.215.195.10Refining planned turnaround costs1.161.491.171.40Refining depreciation and amortization1.281.401.351.39Refinery throughputs (mbpd): Crude oil refined1,0971,0951,1341,103 Other charge and blendstocks76796570Gross refinery throughputs1,1731,1741,1991,173Sour crude oil throughput (percent)24222424Sweet crude oil throughput (percent)76787676Refined product yields (mbpd): Gasoline639636632622 Distillates430423434413 Propane20202120 NGLs and petrochemicals16204142 Heavy fuel oil10181315 Asphalt62636265 Total1,1771,1801,2031,177Inter-region refinery transfers included in throughput and yields above (mbpd)814811 West Coast RegionThree Months Ended December 31,Twelve Months Ended December 31,2025202420252024Dollar per barrel of refinery throughput:Refining & Marketing margin$21.94$15.70$20.57$18.29Refining operating costs8.267.488.207.92Refining planned turnaround costs4.380.553.091.07Refining depreciation and amortization1.271.381.431.37Refinery throughputs (mbpd): Crude oil refined502498498492 Other charge and blendstocks55454244Gross refinery throughputs557543540536Sour crude oil throughput (percent)64606461Sweet crude oil throughput (percent)36403639Refined product yields (mbpd): Gasoline242278259273 Distillates198198191197 Propane9999 NGLs and petrochemicals24303033 Heavy fuel oil81345530 Asphalt---- Total554549544542Inter-region refinery transfers included in throughput and yields above (mbpd)26101918 Midstream Operating Statistics (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,2025202420252024Pipeline throughputs (mbpd)(a)6,0055,9396,0675,874Terminal throughputs (mbpd)3,0783,1283,1323,131Gathering system throughputs (million cubic feet per day)(b)6,8486,7346,7096,579Natural gas processed (million cubic feet per day)(b)9,8279,9349,8569,663C2 (ethane) + NGLs fractionated (mbpd)(b)666683660654(a)Includes common-carrier pipelines and private pipelines contributed to MPLX. Excludes equity method affiliate pipeline volumes.(b)Includes operating data for entities that have been consolidated into the MPLX financial statements as well as operating data for partnership-operated equity method investments. Renewable Diesel Financial Data (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Renewable Diesel margin(a)$68$137$151$186Less:Operating costs(b)7168274269Distribution costs(c)322810195LIFO inventory adjustment(10)55(10)55Other income(d)(32)(42)(104)(83)Renewable Diesel segment adjusted EBITDA$7$28$(110)$(150)Planned turnaround costs$2$2$39$7JV planned turnaround costs59189Depreciation and amortization16256975JV depreciation and amortization22228989(a)Sales revenue less cost of renewable inputs and purchased products.(b)Excludes planned turnaround and depreciation and amortization expense.(c)Excludes depreciation and amortization expense.(d)Includes income or loss from equity method investments, net gain or loss on disposal of assets and other income or loss. Select Financial Data (unaudited)December 31, 2025September 30, 2025(in millions of dollars)Cash and cash equivalents$3,672$2,654Total consolidated debt(a)32,87632,844MPC debt7,2237,198MPLX debt25,65325,646Equity24,08623,889(in millions)Shares outstanding 295301(a)Net of unamortized debt issuance costs and unamortized premium/discount, net.Non-GAAP Financial Measures Management uses certain financial measures to evaluate our operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. The non-GAAP financial measures we use are as follows:Adjusted Net Income Attributable to MPC and Adjusted Diluted Income Per ShareAdjusted net income attributable to MPC is defined as net income attributable to MPC excluding the items in the table below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance. Adjusted diluted income per share is defined as adjusted net income attributable to MPC divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.We believe the use of adjusted net income attributable to MPC and adjusted diluted income per share provides us and our investors with important measures of our ongoing financial performance to better assess our underlying business results and trends. Adjusted net income attributable to MPC or adjusted diluted income per share should not be considered as a substitute for, or superior to net income attributable to MPC, diluted net income per share or any other measure of financial performance presented in accordance with GAAP. Adjusted net income attributable to MPC and adjusted diluted income per share may not be comparable to similarly titled measures reported by other companies.Reconciliation of Net Income Attributable to MPC to Adjusted Net Income Attributable to MPC (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Net income attributable to MPC$1,535$371$4,047$3,445Pre-tax adjustments:Gain on sale of assets(159)-(897)(151)SRE(a)--(57)-Transaction-related costs(b)12-33-Legal settlements(253)-(253)-LIFO inventory adjustment(72)(161)(72)(161)Tax impact of adjustments(c)1033925462Non-controlling interest impact of adjustments54-22255Adjusted net income attributable to MPC$1,220$249$3,277$3,250Diluted income per share$5.12$1.15$13.22$10.08Adjusted diluted income per share$4.07$0.77$10.70$9.51Weighted average diluted shares outstanding300321306341(a)Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program.(b)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC and the divestiture of the Rockies gathering and processing operations.(c)Income taxes for the three and twelve months ended December 31, 2025 were calculated by applying a federal statutory rate and a blended state tax rate to the pre-tax adjustments after non-controlling interest. The corresponding adjustments to reported income taxes are shown in the table above.Adjusted EBITDA Amounts included in net income (loss) attributable to MPC and excluded from adjusted EBITDA include (i) net interest and other financial costs; (ii) provision/benefit for income taxes; (iii) noncontrolling interests; (iv) depreciation and amortization; (v) refining planned turnaround costs and (vi) other adjustments as deemed necessary, as shown in the table below. We believe excluding turnaround costs from this metric is useful for comparability to other companies as certain of our competitors defer these costs and amortize them between turnarounds.Adjusted EBITDA is a financial performance measure used by management, industry analysts, investors, lenders, and rating agencies to assess the financial performance and operating results of our ongoing business operations. Additionally, we believe adjusted EBITDA provides useful information to investors for trending, analyzing and benchmarking our operating results from period to period as compared to other companies that may have different financing and capital structures. Adjusted EBITDA should not be considered as a substitute for, or superior to income (loss) from operations, net income attributable to MPC, income before income taxes, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.Reconciliation of Net Income Attributable to MPC to Adjusted EBITDA (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Net income attributable to MPC$1,535$371$4,047$3,445Net income attributable to noncontrolling interests4444141,8311,622Provision for income taxes3721111,137890Net interest and other financial costs3432451,276839Depreciation and amortization8288263,2513,337Renewable Diesel JV depreciation and amortization22228989Refining & Renewable Diesel planned turnaround costs4122831,5531,404Renewable Diesel JV planned turnaround costs59189LIFO inventory adjustment(72)(161)(72)(161)Gain on sale of assets(159)-(897)(151)SRE(a)--(57)-Transaction-related costs(b)12-33-Legal settlements(253)-(253)-Adjusted EBITDA$3,489$2,120$11,956$11,323(a)Small Refinery Exemption ("SRE") credit under the Renewable Fuel Standard program.(b)Transaction-related costs include costs associated with the acquisition of Northwind Midstream, acquisition of the remaining interests in BANGL LLC, and the divestiture of the Rockies gathering and processing operations.Refining & Marketing MarginRefining & Marketing margin is defined as sales revenue less cost of refinery inputs and purchased products. We use and believe our investors use this non-GAAP financial measure to evaluate our Refining & Marketing segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins. This measure should not be considered a substitute for, or superior to, Refining & Marketing gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.Reconciliation of Refining & Marketing Segment Adjusted EBITDA to Refining & Marketing Gross Margin and Refining & Marketing Margin (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Refining & Marketing segment adjusted EBITDA$1,997$559$6,138$5,703Plus (Less):Depreciation and amortization(390)(422)(1,627)(1,767)Refining planned turnaround costs(410)(281)(1,514)(1,397) LIFO inventory adjustment8210682106Selling, general and administrative expenses6645622,6322,472(Income) loss from equity method investments2(11)(9)(57) Net (gain) loss on disposal of assets-(2)2(1) Other income(192)(33)(347)(342)Refining & Marketing gross margin1,7534785,3574,717Plus (Less):Operating expenses (excluding depreciation andamortization)2,9982,82311,81711,321Depreciation and amortization3904221,6271,767Gross margin excluded from and other income includedin Refining & Marketing margin(a)127(103)(136)(425)Other taxes included in Refining & Marketing margin(54)(54)(261)(259)Refining & Marketing margin$5,214$3,566$18,404$17,121Refining & Marketing margin by region:(b)Gulf Coast$2,111$1,483$6,907$6,839Mid-Continent1,9491,2077,5036,705West Coast1,0727703,9123,471Refining & Marketing margin$5,132$3,460$18,322$17,015(a)Reflects the gross margin, excluding depreciation and amortization, of other related operations included in the Refining & Marketing segment and processing of credit card transactions on behalf of certain of our marketing customers, net of other income.(b)Excludes the effect of the LIFO inventory adjustment.Renewable Diesel MarginRenewable Diesel margin is defined as sales revenue plus value attributable to qualifying regulatory credits earned during the period less cost of renewable inputs and purchased product costs. We use and believe our investors use this non-GAAP financial measure to evaluate our Renewable Diesel segment's operating and financial performance. This measure should not be considered a substitute for, or superior to, Renewable Diesel gross margin or other measures of financial performance prepared in accordance with GAAP, and our calculation thereof may not be comparable to similarly titled measures reported by other companies.Reconciliation of Renewable Diesel Segment Adjusted EBITDA to Renewable Diesel Gross Margin and Renewable Diesel Margin (unaudited)Three Months Ended December 31,Twelve Months Ended December 31,(In millions)2025202420252024Renewable Diesel segment adjusted EBITDA$7$28$(110)$(150)Plus (Less):Depreciation and amortization(16)(25)(69)(75)JV depreciation and amortization(22)(22)(89)(89)Planned turnaround costs(2)(2)(39)(7)JV planned turnaround costs(5)(9)(18)(9) LIFO inventory adjustment(10)55(10)55Selling, general and administrative expenses9193559Income from equity method investments(26)(31)(82)(70)Other income(12)-(33)-Renewable Diesel gross margin(77)13(415)(286)Plus (Less):Operating expenses (excluding depreciation and amortization)10878412312Depreciation and amortization16256975Martinez JV depreciation and amortization21218585Renewable Diesel margin$68$137$151$186 View original content:https://www.prnewswire.com/news-releases/marathon-petroleum-corp-reports-fourth-quarter-and-full-year-2025-results-302677430.htmlSOURCE Marathon Petroleum Corporation
KIMMERIDGE COMMENTS ON PROPOSED MERGER OF COTERRA AND DEVON
NEW YORK, Feb. 2, 2026 /PRNewswire/ -- Kimmeridge Energy Management Company, LLC, a private investment firm focused on the energy sector, today issued the following statement in response to an announced definitive agreement for Coterra Energy (NYSE: CTRA) and Devon Energy (NYSE: DVN) to merge in an all-stock transaction. Mark Viviano, Managing Partner at Kimmeridge, said: "As a significant shareholder in both companies, we are supportive of a combination that can unlock meaningful shareholder value. We continue to believe that will require portfolio rationalization and a renewed focus on the Delaware basin. Having formally submitted director nominees, we now eagerly await the disclosure of Coterra's slate, as well as the S-4 merger filing to better understand the competitive process its Board undertook to reach this outcome."Kimmeridge previously sent an Open Letter to Coterra's Board of Directors on November 4, 2025, outlining urgent and very practical steps to address Coterra's governance failures and to unlock shareholder value.About Kimmeridge Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management, proprietary research, and data gathering. Public engagement is one of the firm's core strategies, launched in early 2020 to reform the public E&P sector and generate differentiated returns. Since inception, the platform has outperformed the S&P 500 and relevant indices 2x on an annualized basis, under the direction of Managing Partner, Mark Viviano. Prior to joining Kimmeridge, Mr. Viviano spent nearly two decades at Wellington Management, responsible for firm-wide equity research coverage of the North American and international E&P sectors, as well as co-portfolio manager for the Global Natural Resources and the Select Energy Opportunity strategies. www.kimmeridge.comCautionary Statement Regarding Forward-Looking StatementsThis press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to any person. The information herein contains "forward-looking statements". Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks, uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct or that any of the objectives, plans or goals stated herein will ultimately be undertaken or achieved. If one or more of such risks or uncertainties materialize, or if Kimmeridge's underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Kimmeridge that the future plans, estimates or expectations contemplated will ever be achieved.Contact:Kekst-Kimmeridge@kekstcnc.com View original content to download multimedia:https://www.prnewswire.com/news-releases/kimmeridge-comments-on-proposed-merger-of-coterra-and-devon-302676850.htmlSOURCE Kimmeridge
Baytex Reports Strong Canadian Reserves Growth and Positive Operational Momentum
For further information about Baytex, please visit our website at www.baytexenergy.com or contact:Brian Ector, Senior Vice President, Capital Markets and Investor RelationsToll Free Number: 1-800-524-5521Email: investor@baytexenergy.com
Empire Petroleum Announces Commencement of Previously Announced Rights Offering
Related Quotes Empire Petroleum Corporation 2.93 0.09 2.98% Enter Symbols: Empire Petroleum Announces Commencement of Previously Announced Rights Offering TULSA, Okla., Feb. 02 /BusinessWire/ -- Empire Petroleum Corporation (NYSE American:EP) ("Empire" or the "Company"), an oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, announced today that it has commenced its previously announced subscription rights offering ("Rights Offering") pursuant to which it intends to raise gross proceeds of up to approximately $6.0 million. The Company is distributing at no charge to holders of its common stock, par value $0.001 per share ("Common Stock"), as of the close of business on February 2, 2026 (the record date for the Rights Offering), one subscription right for each share of Common Stock held. Each subscription right entitles the holder to purchase 0.057 shares of Common Stock at a subscription price of $2.99 per one whole share of Common Stock. As a result, a stockholder must hold at least 18 shares of Common Stock to receive subscription rights to purchase at least one share of Common Stock. The subscription rights are non-transferable, and will not be listed for trading on any stock exchange or market. In addition, holders of subscription rights who fully exercise their subscription rights will be entitled to over-subscribe for additional shares of Common Stock, subject to proration. The Rights Offering is expected to expire at 5:00 p.m., Eastern Time, on February 27, 2026 ("Expiration Date"), subject to extension or earlier termination. Energy Evolution Master Fund, Ltd, the Company's largest shareholder, has indicated its intent to participate in the Rights Offering and fully subscribe to the shares of Common Stock corresponding to its subscription rights, as well as its intent to fully exercise its over-subscription rights to purchase its pro rata share of the underlying securities related to the Rights Offering that remain unsubscribed at the Expiration Date. Phil E. Mulacek, Chairman of the Board of Empire, also has indicated his intent to participate. The Company reserves the right, in its sole discretion, to amend or modify the terms of the Rights Offering. The Company also reserves the right to terminate the Rights Offering at any time prior to the Expiration Date for any reason, in which event all funds received in connection with the Rights Offering will be returned without interest or deduction to those persons who exercised their subscription rights as soon as practicable. Holders of subscription rights who hold their shares directly will receive a prospectus, a prospectus supplement, a letter from Empire describing the Rights Offering, and a subscription rights certificate. Those holders who intend to exercise their subscription rights and over-subscription rights should review all of these materials, properly complete and execute the subscription rights certificates, and deliver the subscription rights certificates and full payment to Securities Transfer Corporation, the subscription agent for the Rights Offering, at the address set forth in the prospectus supplement. The Rights Offering will be more fully described in the prospectus supplement filed with the Securities and Exchange Commission ("SEC") on or about the Record Date. Once available, a copy of the prospectus, prospectus supplement or further information with respect to the Rights Offering may be obtained by contacting Securities Transfer Corporation, the subscription and information agent for the Rights Offering, at (469) 633-0101. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. ABOUT EMPIRE PETROLEUM Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com. SAFE HARBOR STATEMENT This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company's estimates, strategy, and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company's reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company's ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, uncertainties associated with legal and regulatory matters, and other risks and uncertainties related to the conduct of business by the Company. Other than as required by applicable securities laws, the Company does not assume a duty to update these forward-looking statements, whether as a result of new information, subsequent events or circumstances, changes in expectations, or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260202517818/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.
Liberty Energy Inc. Announces Proposed $500 Million Convertible Senior Notes Offering
Related Quotes Liberty Energy Inc Class A 26.09 UNCH 0.0% Enter Symbols: Liberty Energy Inc. Announces Proposed $500 Million Convertible Senior Notes Offering DENVER, Feb. 02 /BusinessWire/ -- Liberty Energy Inc. (NYSE:LBRT) ("Liberty") today announced that it proposes to offer $500 million aggregate principal amount of convertible senior notes due 2031 (the "Notes"), subject to market conditions and other factors, in a private offering (the "Notes Offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Liberty also intends to grant the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $50.0 million aggregate principal amount of the Notes (the "Initial Purchaser Option"). The Notes will be general unsecured, senior obligations of Liberty and will accrue interest payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2026. The Notes will mature on March 1, 2031, unless earlier converted, redeemed or repurchased. At any time prior to the close of business on the business day immediately preceding December 1, 2030, the Notes will be convertible at the option of holders only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time irrespective of the foregoing conditions. Upon conversion, Liberty will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of Liberty's Class A common stock, par value $0.01 per share (the "Class A Common Stock"), or a combination of cash and shares of Class A Common Stock, at the election of Liberty, in respect of the remainder, if any, of Liberty's conversion obligation in excess of the aggregate principal amount of the Notes being converted. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Notes Offering. Liberty may redeem for cash all or any portion of the Notes, at its option, on or after March 1, 2029 and before the 21st scheduled trading day immediately preceding the maturity date if the last reported sale price of the Class A Common Stock has been at least 130% of the conversion price of the Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding on the date on which Liberty provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Liberty intends to use the net proceeds from the Notes Offering (i) to fund the cost of entering into the Capped Call Transactions, as described and defined below, (ii) to repay indebtedness outstanding under the Credit Agreement, effective as of July 24, 2025, between certain subsidiaries of Liberty, as borrowers, Liberty, as parent guarantor, J.P. Morgan Chase Bank, N.A., as administrative agent, sole book runner and joint lead arranger, and certain other lenders party thereto and (iii) to use the remaining amount for general corporate purposes. If the initial purchasers exercise their Initial Purchaser Option, Liberty expects to enter into additional Capped Call Transactions with the Option Counterparties (as defined below) and to use the remainder of such net proceeds for general corporate purposes, which may include repayments, redemptions or repurchases of additional outstanding indebtedness. In connection with the pricing of the Notes, Liberty expects to enter into privately negotiated capped call transactions relating to the Notes (the "Capped Call Transactions") with one or more of the initial purchasers or their respective affiliates (the "Option Counterparties"). The Capped Call Transactions will cover, subject to anti-dilution adjustments, the number of shares of Class A Common Stock that will initially underlie the Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to the Class A Common Stock upon conversion of any Notes and/or offset any cash payments Liberty is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. In connection with establishing their initial hedges of the Capped Call Transactions, the Option Counterparties may enter into various derivative transactions with respect to the Class A Common Stock and/or purchase the Class A Common Stock in secondary market transactions concurrently with or shortly after the pricing of the Notes, including with or from, as the case may be, certain investors in the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Class A Common Stock or the Notes at that time. In addition, the Option Counterparties may modify or unwind their hedge positions by entering into or unwinding various derivative transactions with respect to the Class A Common Stock and/or purchasing or selling the Class A Common Stock or other securities of Liberty in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so on each exercise date for the Capped Call Transactions or following any termination of any portion of the Capped Call Transactions in connection with any repurchase, redemption or early conversion of the Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Class A Common Stock or the Notes, which could affect a noteholder's ability to convert the Notes, and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of such Notes. Neither the Notes, nor any shares of Class A Common Stock issuable upon conversion of the Notes, have been, nor will be registered under the Securities Act or any state securities laws, and unless so registered, such securities may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum. Forward-Looking Statements The information above includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements about our expectations in connection with the Notes Offering, the size and terms of the Notes Offering, the use of proceeds from the Notes Offering, our expected growth from recent acquisitions, expected performance, expectations regarding the success of our distributed power business, future operating results, oil and natural gas demand and prices and the outlook for the oil and gas industry, power demand and outlook for the power industry, future global economic conditions, improvements in operating procedures and technology, our business strategy and the business strategies of our customers, the impact of policy, legislative, and regulatory changes, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as "may," "expect," "estimate," "outlook," "project," "plan," "position," "believe," "intend," "achievable," "forecast," "assume," "anticipate," "will," "continue," "potential," "likely," "should," "could," and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission ("SEC"). As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in "Item 1A. Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on February 2, 2026 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements. About Liberty Liberty Energy Inc. (NYSE: LBRT) is a leading energy services company. Liberty is one of the largest providers of completion services and technologies to onshore oil, natural gas, and enhanced geothermal energy producers in North America. Liberty also owns and operates Liberty Power Innovations LLC, providing advanced distributed power and energy storage solutions, supported by strategic relationships across advanced nuclear, enhanced geothermal, and battery energy storage systems, serving the commercial and industrial, data center, energy, and mining industries. Liberty was founded in 2011 with a relentless focus on value creation through a culture of innovation and excellence and the development of next generation technology. Liberty is headquartered in Denver, Colorado. View source version on businesswire.com: https://www.businesswire.com/news/home/20260202767678/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.
Select Water Solutions Announces 2025 Fourth Quarter and Full Year Earnings Release and Conference Call Schedule
GAINESVILLE, Texas, Feb. 2, 2026 /PRNewswire/ -- Select Water Solutions, Inc. (NYSE: WTTR) today announced that it will release 2025 fourth quarter and full year financial results on Tuesday, February 17, 2026 after the market closes. In conjunction with the release, the Company has scheduled a conference call, which will also be broadcast live over the Internet, on Wednesday, February 18, 2026 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). What:Select Water Solutions 2025 Fourth Quarter and Full Year Earnings Conference CallWhen:Wednesday, February 18, 2026 at 11:00 a.m. Eastern / 10:00 a.m. CentralHow:Live via phone by dialing 201-389-0872 and asking for the Select Water Solutions call at least 10 minutes prior to the start time, or live over the Internet by logging onto the web at the address belowWhere:https://investors.selectwater.com/events-presentations/currentFor those who cannot listen to the live call, a replay will be available through March 4, 2026 and may be accessed by dialing 201-612-7415 and using passcode 13757758#. Also, an archive of the webcast will be available shortly after the call at https://investors.selectwater.com/events-presentations/current for 90 days.About Select Water Solutions, Inc.Select is a leading provider of sustainable water and chemical solutions to the energy industry. These solutions are supported by the Company's critical water infrastructure assets, chemical manufacturing and water treatment and recycling capabilities. As a leader in sustainable water and chemical solutions, Select places the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, Select believes that responsibly managing water resources throughout its operations to help conserve and protect the environment is paramount to the Company's continued success. For more information, please visit Select's website, https://www.selectwater.com.Contacts:Select Water Solutions Garrett WilliamsVP - Corporate Finance & Investor Relations(713) 296-1010IR@selectwater.comDennard Lascar Investor RelationsKen Dennard / Natalie Hairston(713) 529-6600WTTR@dennardlascar.com View original content:https://www.prnewswire.com/news-releases/select-water-solutions-announces-2025-fourth-quarter-and-full-year-earnings-release-and-conference-call-schedule-302675367.htmlSOURCE Select Water Solutions, Inc.
Summit Midstream Appoints Chris Tennant as Chief Commercial Officer
HOUSTON, Feb. 2, 2026 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today that Chris Tennant will join the Company as Senior Vice President and Chief Commercial Officer (CCO), effective immediately. In this role, Chris will be responsible for overseeing Summit's commercial strategy, customer relationships, and long-term growth initiatives across the Company's footprint. His appointment reinforces Summit's focus on disciplined growth, strengthening its commercial platform, and delivering long-term value for shareholders. Chris is a senior midstream executive with more than three decades of experience leading teams across the U.S. energy value chain, specializing in domestic midstream strategy and commercial optimization. He brings deep expertise in NGL, crude oil, and natural gas markets.Chris most recently served as Senior Vice President and Chief Commercial Officer Midstream at Matador Resources, where he was responsible for developing and executing midstream strategies within an upstream enterprise, including the expansion of third-party contracts that enhance overall business value. Prior to Matador Resources, Chris had a 14-year tenure at EnLink Midstream, where he held several senior commercial leadership roles with responsibility for the company's commercial performance across gathering and processing, NGL infrastructure, crude oil systems, and regulated and non-regulated pipelines.Heath Deneke, President, Chief Executive Officer and Chairman, commented, "Chris brings extensive commercial experience and demonstrated leadership across midstream organizations to Summit. His background in developing and executing commercial strategies will support our growth initiatives and continued focus on long-term value creation."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. View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-midstream-appoints-chris-tennant-as-chief-commercial-officer-302676664.htmlSOURCE Summit Midstream Corporation
Halper Sadeh LLC Encourages CTRA, DVN, CLBK, NFBK Shareholders to Contact the Firm to Discuss Their Rights
Shareholders should contact the firm as there may be limited time to enforce your rights. NEW YORK, Feb. 2, 2026 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Coterra Energy Inc. (NYSE: CTRA)'s sale to Devon Energy Corporation for 0.70 share of Devon common stock for each share of Coterra common stock. If you are a Coterra shareholder, click here to learn more about your legal rights and options.Devon Energy Corporation (NYSE: DVN)'s merger with Coterra Energy Inc. Upon completion of the proposed transaction, Devon shareholders will own approximately 54% of the combined company. If you are a Devon shareholder, click here to learn more about your rights and options.Columbia Financial, Inc. (NASDAQ: CLBK)'s merger with Northfield Bancorp, Inc. If you are a Columbia shareholder, click here to learn more about your rights and options.Northfield Bancorp, Inc. (NASDAQ: NFBK)'s merger with Columbia Financial, Inc. If you are a Northfield shareholder, click here to learn more about your legal rights and options.Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options. Please call Daniel Sadeh or Zachary Halper at (212) 763-0060 or email sadeh@halpersadeh.com or zhalper@halpersadeh.com.Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.Attorney Advertising. Prior results do not guarantee a similar outcome.Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.One World Trade Center85th FloorNew York, NY 10007(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com https://www.halpersadeh.com View original content to download multimedia:https://www.prnewswire.com/news-releases/halper-sadeh-llc-encourages-ctra-dvn-clbk-nfbk-shareholders-to-contact-the-firm-to-discuss-their-rights-302676526.htmlSOURCE Halper Sadeh LLP
Norway Completes Its First Electric Aviation Test Project
STAVANGER, Norway, Feb. 2, 2026 /PRNewswire/ -- Norway reached an important milestone last Wednesday, January 28 in its transition to low- and zero-emission aviation with the completion of its first electric aviation test project, conducted as an international test arena. After roughly six months of operational testing, Bristow pilot Jeremy Degagne landed the BETA Technologies ALIA aircraft in Stavanger, bringing the project to a close and delivering valuable real-world experience in electric aircraft operations, infrastructure, and regulatory frameworks.Safe introduction into a highly regulated systemThe project has demonstrated how new aviation technologies can be introduced safely and gradually into a highly regulated environment, and how close cooperation among authorities, airports, operators, and technology providers is essential to a successful transition."As the national airport operator, Avinor has a clear responsibility to prepare our infrastructure for the next generation of aviation. Through this project, we have gained concrete experience that will guide how we develop airports and charging infrastructure and provide operators with a stronger basis for assessing the future commercial viability of routes based on new technologies. We will now build on these lessons in the next phase of our test and development projects," said Karianne Helland Strand, Executive Vice President for Sustainability and Infrastructure, Avinor.Over a six-month period, the aircraft performed regular test flights on a cargo route between Stavanger and Bergen. Airports, air traffic control, and regulators gained hands-on experience with charging infrastructure, winter operations, new procedures, and future training needs.For the Norwegian Civil Aviation Authority, being part of this first of a kind demonstration programme has been a rewarding experience on several levels."We have established a first version of a Regulatory Sandbox and are able to evaluate how the different safety regulations work in the context of this new technological concept. We are also maturing our safety methodology to be more fit for purpose for an innovation setting and can broaden our competency on these technologies in the process. Another significant result of the programme is how we are developing insights and knowledge in collaboration - building on a much-appreciated level of trust between professional partners", said Jan Petter Steinland, Director Strategic Analysis & Transformation.Close and continuous dialogue with air traffic control was a key factor in the project's success. Feedback from controllers indicates the aircraft could be integrated into existing airspace with limited additional workload, reinforcing that innovation and safety can go hand in hand.Valuable experience to support the next phase of development"This project represents an important step toward the next generation of flight," said Dave Stepanek, Executive Vice President, Chief Transformation Officer, Bristow Group. "We're proud to contribute real-world operational and safety experience that supports the careful, responsible introduction of electric and sustainable aircraft. It's also a source of pride to work alongside our partners in Norway, where Bristow has a long-standing presence, as we help move these technologies from testing toward practical, real-world use. We've learned a great deal, and we look forward to sharing that insight."The project has also highlighted key strategic needs for the next phase of electric aviation, including the development of robust charging solutions, winter-adapted infrastructure, and dedicated training for fire and rescue services related to batteries and alternative fuels."This project demonstrated exactly how electric aviation should be introduced with a planned, safe approach conducted in close partnership with regulators, operators, and airport authorities," said Simon Newitt, Head of Sales & Support, at BETA Technologies. "Norway's geography and regional connectivity needs make it uniquely well suited for electric aviation. Over six months of real-world operations, BETA was able to validate aircraft performance, charging infrastructure, procedures, and winter operations in one of the most demanding environments in aviation. The experience gained here directly informs how electric aircraft can be integrated into existing airspace and airport systems and scaled responsibly to enable commercial operations that deliver both lower cost and lower emissions."The test project has been met with strong interest and optimism both in Norway and internationally. Together, the partners now bring valuable experience into the next phase of advanced air mobility development, where technology, regulation, infrastructure, and market potential must advance in parallel.About the project and Norway as an international test arenaThe electric aviation test project was carried out in cooperation between Bristow, BETA Technologies, Avinor, and CAA Norway. It is the first project conducted under Norway's international test arena, which was established by Avinor and CAA Norway in April 2024 to accelerate the introduction of new technologies in Norwegian aviation.FactsNumber of flights: 126Total distance flown: 8748 nautical miles (16201 km)Kilowatt-hours charged: 12 MWhAbout BETA Technologies, Inc.BETA (NYSE: BETA) is an aerospace company designing, manufacturing and selling high-performance electric aircraft, advanced electric propulsion systems, components and charging systems to top operators worldwide. BETA has built and flown its family of ALIA aircraft, consisting of both conventional fixed-wing electric aircraft (the "ALIA CTOL") and electric vertical takeoff and landing aircraft ("ALIA VTOL"), more than 100,000 nautical miles, including multiple trips across the United States. BETA is deploying a network of charging infrastructure to enable the growing industry with more than 50 sites online across the United States and Canada. BETA's intentional approach to developing the enabling technologies necessary to electrify aviation unlocks lucrative aftermarket revenue opportunity over the life of each aircraft. These highly scalable enabling technologies allow BETA to serve a customer base across cargo and logistics, defense, passenger and medical end markets and unlock cost-effective and safe missions. BETA was named the #1 company on TIME's list of the World's Top GreenTech Companies of 2025. Visit www.beta.team for more information about BETA and its products.About Bristow GroupBristow Group Inc. is the leading global provider of innovative and sustainable vertical flight solutions. Bristow primarily provides aviation services to a broad base of offshore energy companies and government entities. Our aviation services include personnel transportation, search and rescue ("SAR"), medevac, fixed-wing transportation, unmanned systems and ad hoc helicopter services. Our business is comprised of three operating segments: Offshore Energy Services, Government Services and Other Services. Our energy customers charter our helicopters primarily to transport personnel to, from and between onshore bases and offshore production platforms, drilling rigs and other installations. Our government customers primarily outsource SAR activities whereby we operate specialized helicopters and provide highly trained personnel. Our other services include fixed-wing transportation services through a regional airline in Australia and dry-leasing aircraft to third-party operators in support of other industries and geographic markets.Bristow currently has customers in Australia, Brazil, Canada, Chile, the Dutch Caribbean, the Falkland Islands, Ireland, the Netherlands, Nigeria, Norway, Spain, Suriname, Trinidad, the United Kingdom and the United States.About Avinor Avinor is a wholly owned state limited company under the Norwegian Ministry of Transport and Communications and is responsible for 43 state-owned airports.Avinor has taken a leading role in reducing climate gas emissions from the aviation industry, including the development of electric aircrafts and supplying sustainable jet-biojetfuel.Avinor provides safe and efficient travels for around 50 million passengers annually, half of which travel to and from Oslo Airport.Over 3000 employees are responsible for planning, developing and operating an efficient airport and air navigation service. Avinor is financed via airport charges and commercial sales. The air navigation services is organized as subsidiary wholly-owned by Avinor. Avinor's headquarter is in Oslo.About CAA NorwayCAA Norway's main objective is to contribute to safe, societally beneficial, and sustainable aviation. As an aviation authority, CAA Norway, in collaboration with EASA, will contribute to regulatory facilitation and learning. The purpose is to enable safe testing and phasing in new technologies in an ecosystem. It will also enable the regulators to identify the need for regulatory changes and to ensure that approval and certification processes are well prepared and can be carried out efficiently.CAA Norway's main office is in Bodø in the northern part of Norway. View original content to download multimedia:https://www.prnewswire.com/news-releases/norway-completes-its-first-electric-aviation-test-project-302676069.htmlSOURCE Bristow Group