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Energy Transition Meets Emerging Tech on August 20th at EnerCom's 30th Anniversary Energy Investment Conference
Energy Transition Meets Emerging Tech on August 20th at EnerCom's 30th Anniversary Energy Investment Conference Landmark 30th Anniversary EnerCom Denver - The Energy Investment Conference Announces Energy Transition and Emerging Technology Session Schedule Qualified Investors and Analysts Can Register at No Cost at www.enercomdenver.com DENVER, July 31, 2025 /PRNewswire/ -- EnerCom, Inc., a leading energy consulting and strategic communications firm, announces the lineup of presenting companies for its Energy Transition and Emerging Technology Session on Wednesday, August 20, the final day of the 2025 EnerCom Denver Conference. The full schedule for the conference, which runs August 17-20, can be found at www.enercomdenver.com. In recent years, the Energy Transition and Emerging Technology session at EnerCom Denver has highlighted early-stage innovators and entrepreneurs working to reshape the global energy industry, tackling complex challenges, advancing technologies, and exploring new sources of energy. Past Energy Transition and Emerging Technology sessions have featured innovations in geothermal, lithium, solar, helium, renewable natural gas, carbon capture, and even robotics. For three decades, the conference has remained at the forefront of energy technology and investment trends. This year's presenting companies will once again deliver cutting-edge insights in engineering, innovation, and energy economics. EnerCom's Energy Transition and Emerging Technology Session will feature: Teren As a crisis and climate resilience analytics company, Teren is transforming how organizations manage environmental risk. Its flagship platform, Terevue, combines geospatial, earth, and data science to deliver high-resolution, 4D terrain intelligence that enables proactive infrastructure planning and asset protection. Teren provides continuously-updated insights into terrain dynamics (e.g. landslides, flooding, erosion, wildfire risk) through a nationwide LiDAR content library. Their subscription-based model offers recurring revenue and strong scalability across a broad spectrum of industries including energy, transportation, insurance, and finance. The company will be sharing case studies showing where Teren's high-fidelity terrain data and predictive analytics are already saved clients millions annually by identifying and mitigating environmental threats before they impact operations. ESalinity ESal's patented Engineered Salinity™ technology enhances oil recovery in both conventional and unconventional wells by engineering injection water salinity - without using chemicals. It is very low cost and offers guaranteed results in less than a year after deployment. Their technology helps you to rebook reserves, extend the life of your field, and is fully compatible with other EOR techniques to push even higher yields and field-life extension. They can enhance your completion fluids to achieve optimal reservoir wettability and increased production. After ten years of R&D, including thousands of wettability analyses, 18 published papers, dozens of field cases, and five patents - ESal's RightWater™ formulation provides game-changing production results. At under $2 for each additional barrel of oil recovered, ESal's, RightWater™ offers one of the most cost-effective and environmentally responsible recovery methods available today. Guaranteed. Renewell Energy "Oil Wells that End Well" captures Renewell Energy's vision to transform idle oil wells into gravity-based energy storage systems with Renewell's patented "Gravity Well" technology. Their technology is faster and more cost-effective than traditional plug-and-abandonment. Renewell retrofits existing grid-connected oil wells with a proprietary mechatronic system that stores and dispatches energy on demand to not only reduce methane emissions and cleanup costs but to generate long-term revenue by turning environmental liabilities into income-generating assets. The company estimates there to be over 2.5 million wells that could be candidates for their technology. The company is currently scaling operations with support from leading climate tech investors and multiple grants. ROAM AI Redefining energy operations with autonomous solutions that optimize artificial lift, maximize uptime, and reduce operational costs. The platform integrates Electrical Submersible Pump (ESP) Optimization and Chemical Tank Automation across the full well lifecycle, empowering operators to shift from reactive decisions to real-time, cloud-based, data-driven performance. Founded by industry veterans with 118 years of combined energy expertise, ROAM was born from firsthand frustration with legacy systems and fragmented data. The team left corporate energy to build what the industry truly needs, intelligent, scalable, and sustainable technology for modern oilfield operations. EnerCom Denver Investor Conference Details In its 30th year, the conference kicks off with the annual Charity Golf Tournament on Sunday, August 17th at the scenic Arrowhead Golf Club. The golf event is sponsored by global sponsor Netherland, Sewell & Associates and EnerCom. The tournament is a fundraiser for IN! Pathways to Inclusive Higher Education. By participating in the charity golf tournament, requiring a $150 donation, you directly contribute to creating inclusive college opportunities in Colorado for students with intellectual disabilities and fostering academic growth, social development, and career advancement. EnerCom Denver also hosts a Monday Mixer cocktail reception after day one of conference presentations, which is sponsored by ATB Capital Markets. This valuable opportunity for attendees to enjoy appetizers, drinks, and live music while networking with other conference participants and key representatives from the energy industry shouldn't be missed. Casino Night, sponsored by CAC Specialty, follows day two of the conference; experience the entertainment, fun, and excitement of playing in a real casino environment with "funny money" (no cash value, for entertainment only) at the poker, blackjack, roulette, and craps tables manned by professional dealers. This year will also include a charity poker tournament. Join us for a night of revelry, music, good food, and drinks, and it is open to all conference attendees. Please join us after the conference concludes on Wednesday afternoon with a closing reception as we reflect on the 2025 Conference. Institutional investors, portfolio managers, family offices, financial analysts, CIOs, and other investment community and industry professionals are encouraged to register now for EnerCom Denver at www.EnerComDenver.com. The conference is free for qualified investment professionals. Companies interested in presenting can contact Larry Busnardo at lbusnardo@enercominc.com. Sponsorship opportunities are available by contacting Blanca Andrus at bandrus@enercominc.com. The presenting company lineup as of July 30, 2025, includes: Advantage Energy (TSX: AAV)Amplify Energy (NYSE: AMPY)Anschutz ExplorationAPA Corp. (NASDAQ: APA)Armstrong Oil & GasAureus Energy ServicesBaytex Energy (NYSE/TSX: BTE)Berry Corporation (NASDAQ: BRY)Bison Oil & Gas IVBKV (NYSE: BKV)Blackbeard Operatingbpx energy (NYSE: BP)CanCambria Energy (TSXV: CCEC; OTCQB: CCEYF) Deep Blue WaterDeep FissionDeep IsolationDiversified Energy (NYSE/LSE: DEC)DNOW (NYSE: DNOW)Drilling Tools International (NASDAQ: DTI)EnerComEni SpA (NYSE: E) EOG Resources (NYSE: EOG)ESalFlotek Industries (NYSE: FTK) Freehold Royalties (TSX: FRU)Fundare Resources Gondola Resources Gran Tierra Energy (NYSE/TSX/LSE: GTE) Granite Ridge Resources (NYSE: GRNT)Haynes Boone Hemisphere Energy (TSX: HME; OTCQX: HMENF) Kelt Exploration (TSX: KEL) KODALiberty Energy (NYSE: LBRT) Logan Energy (TSXV: LGN)LOGOS EnergyMach Natural Resources (NYSE: MNR) Meren Energy (TSX: MER)NCS Multistage (NASDAQ: NCSM) New Era Helium (NASDAQ: NEHC) NuVista Energy (TSX: NVA) NXT Energy Solutions (TSX: SFD; OTCQB: NSFDF)Oklo (NYSE: OKLO)Parex Resources (TSX: PXT; OTCMKTS: PARXF) Petrie PartnersPGIM Private CapitalPrairie Operating (NASDAQ: PROP) Precision Drilling (NYSE: PDS; TSX: PD) Prospera Energy (TSX: PEI; OTC: GXRFF) Providence Energy Raisa EnergyReconAfrica (TSXV: RECO; OTCQX: RECAF; Frankfurt: 0XD) Renewell EnergyRiley Permian (NYSE: REPX)Ring Energy (NYSE: REI) SandRidge Energy (NYSE: SD)Saturn Oil & Gas (TSX: SOIL; OTCQX: OILSF) Select Water Solutions (NYSE: WTTR) SM Energy (NYSE: SM)Solestiss Spartan Delta (TSX: SDE) Surge Energy AmericaTamarack Valley Energy (TSX: TVE)Tenaz Energy (TSX: TNZ)Teren UbiterraU.S. Energy Development CorporationUpCurve Energy Valeura Energy (TSX: VLE; OTCQX: VLERF) Verde EOR Solutions Vermilion Energy (NYSE/TSX: VET) Vitesse Energy (NYSE: VTS)Whitecap Resources (TSX: WCP)Williams Companies (NYSE: WMB)Zephyr Energy (AIM: ZPHR; OTCQB: ZPHRF)Conference Overview Conference Details: EnerCom Denver offers investment professionals a unique opportunity to network and listen to senior management teams from leading companies across the energy value chain update investors on their operational and financial strategies and learn how they create value for stakeholders. Conference Dates: August 17-20, 2025. EnerCom will host its annual Charity Golf Tournament on Sunday, August 17th at the scenic Arrowhead Golf Club in Littleton, Colorado. Benefitting IN! Pathways to Inclusive Higher Education, the Golf Tournament requires a $150 charity donation to participate. Formal presentations and meetings will be held Monday, August 18th, through Wednesday, August 20th. Venue: Westin Denver Downtown. Please book rooms under the EnerCom Denver block. We encourage attendees to book their reservations as soon as possible, as rooms sell out. Who Attends the Conference: Institutional investors, family offices, high-net-worth investors, private equity, research analysts, retail brokers, trust officers, investment and commercial bankers, and energy industry professionals gather in Denver for the conference. Conference Format and Details: The EnerCom Denver conference follows EnerCom's familiar 25-minute presentation format, followed by 50-minute Q&A opportunities in separate breakout rooms, one-on-one meetings, and multiple networking opportunities. In addition to in-person access to all company presentations, panel discussions, and keynote speakers, conference registration allows investors and management teams to meet formally and informally over cocktails, breakfast, and lunch. About EnerCom, Inc.: Founded in 1994, EnerCom, Inc. has been a trusted advisor to the global energy industry, working with clients to differentiate and deliver targeted messages to investors. Headquartered in Denver, EnerCom is an internationally recognized strategic communications and management consultancy that advises companies on investor relations, corporate strategy/board advisory, fractional/interim CFO advisory services, marketing, financial analysis and valuation, media, branding, and visual communications design. For more information about EnerCom and its services, please visit www.enercominc.com or call (303) 296-8834 to speak with one of our consultants. EnerCom Denver Sponsors Include: Netherland, Sewell & Associates, Inc. (NSAI) Netherland, Sewell & Associates, Inc. (NSAI) was founded in 1961 to provide the highest quality engineering and geological consulting to the petroleum industry. Today they are recognized as the worldwide leader of petroleum property analysis to industry and financial organizations, and government agencies. With offices in Dallas and Houston, NSAI provides a complete range of geological, geophysical, petrophysical, and engineering services and has the technical experience and ability to perform these services in any of the onshore and offshore oil and gas producing areas of the world. They provide reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services. netherlandsewell.com Haynes Boone Haynes Boone is an energy-focused corporate law firm that provides a full spectrum of legal services and solutions to clients across the energy industry, including the upstream, midstream, and downstream sectors as well as power and renewables. Our team of more than 100 energy lawyers and landmen has been helping operators, lenders, and private equity firms with some of their most complex and significant transactions and disputes in recent years. The firm's nearly 700 lawyers practice across 19 global offices located in California, Colorado, Illinois, New York, North Carolina, Texas, Virginia, Washington, D.C., London, Mexico City, and Shanghai. The 2023 Chambers USA Legal Guide ranked 31 different firm practice areas, and in 2024, Haynes Boone became the first Am Law 100 firm to ever earn a Gold-level Bell Seal from Mental Health America. The U.S. News & World Report and Best Lawyers "Best Law Firms" 2023 survey ranked Haynes Boone in National Tier 1 in Oil & Gas Law. haynesboone.com Baker Botts For over 100 years, Baker Botts has been helping energy clients tackle the toughest of their legal challenges. Our deep bench of experienced transactional, environmental, litigation, regulatory, IP, and tax lawyers has helped companies all across the energy industry. Throughout this time we have served as trusted advisors to companies working in every sector of energy - from oil and gas to conventional and renewable power to renewable fuels to LNG and many other related areas. Much of this work has involved our clients' development and deployment of new energy technologies, which has allowed our lawyers to practice at the cutting edge of every energy "revolution" since the turn of the last century. Wherever significant energy is produced in the world, Baker Botts lawyers work to advance our clients' objectives in the boardroom, the courtroom, and on-the-ground, drawing upon our deep understanding of the complex legal, technical and policy issues that they face. bakerbotts.com ATB Capital Markets ATB Capital Markets offers holistic corporate and capital markets advice, combined with customised financial solutions to help businesses thrive. We're a full-service financial services provider for key industries. Backed by ATB Financial, a leading financial institution with $62.0 billion in assets, ATB Capital Markets helps clients with services that include investment and corporate banking, sales and trading, institutional research, and risk management. atb.com CAC Specialty CAC Specialty is an employee owned risk solutions company of seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first. With a knowledge-driven approach informed by industry data and decades of honed instinct, CAC brings an innovative vision to insurance broking and merchant banking by providing solutions to solve your risk challenges - from the simple to the previously unsolvable. Backed by a $40B AUM asset manager and not constrained by traditional risk transfer thinking, CAC can expand the range of risk transfer through access to private debt and alternative pools of risk capital. cacgroup.com bpx energy bpx energy, bp's US onshore business, operates in the Permian, Eagle Ford, and Haynesville basins. Headquartered in Denver, bpx embodies the entrepreneurial spirit of a domestic U.S. onshore producer - utilizing next level technology to safely increase production while lowering emissions, and leveraging other integrated bp business like supply, trading and shipping to maximize value. bp.com Petrie Partners Petrie Partners, LLC is a boutique investment banking firm dedicated to the energy industry. The senior leadership has a multi-decade legacy of delivering specialized advice on mergers and acquisitions, asset transactions and valuations, and financings to the boards and managements of public, private, and sovereign entities. Petrie clients benefit from the independent, conflict-free perspective and unwavering advocacy of their best interests that the team brings to every engagement. www.petrie.com Vitesse Energy Vitesse is a Denver-based company focused on returning capital to stockholders through owning and acquiring predominantly non-operated working interests in oil and gas properties in the Williston Basin of North Dakota and Montana. The Company also owns non-operated interests in the Central Rockies, including the Denver-Julesburg Basin and the Powder River Basin. www.vitesse-vts.com IMA IMA Financial Group is an independent broker, defining the future of insurance through comprehensive and consultative risk and wealth management services. A majority employee-owned and managed company, its 2,300-plus associates in offices across the country are empowered by a shared mission to manage risk, protect assets, and make a difference. www.imacorp.com Oil & Gas 360® The Media Sponsor of Enercom Denver, Oil & Gas 360® is a one-stop source of news, information, and analysis from the professionals at EnerCom, Inc. The website is dedicated to all things energy: people, technologies, transactions, trends, and macro-economic analysis that impact our industry. Oil & Gas 360 View original content to download multimedia:https://www.prnewswire.com/news-releases/energy-transition-meets-emerging-tech-on-august-20th-at-enercoms-30th-anniversary-energy-investment-conference-302518940.html SOURCE EnerCom, Inc.
TOP Ships Announces Distribution Date of August 1, 2025 for Spin-Off of Rubico Inc.
TOP Ships Announces Distribution Date of August 1, 2025 for Spin-Off of Rubico Inc. ATHENS, Greece, July 31, 2025 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the "Company" or "TOP Ships") (NYSE American:TOPS), an international owner and operator of modern, fuel-efficient "ECO" tanker vessels, announced today that the expected distribution date for the common shares of Rubico Inc. ("Rubico") is August 1, 2025. Rubico common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on August 4, 2025, the first trading day after the date of distribution, under the ticker "RUBI". As previously announced, TOP Ships intends through Rubico to effect a spin-off of two of its vessels, the M/T Eco Malibu and M/T Eco West Coast, each a modern, high specification, scrubber-fitted and fuel-efficient 157,000 dwt Suezmax tanker. As part of the spin-off transaction, TOP Ships intends to distribute 100% of the common shares of Rubico pro rata to its securityholders of record as of June 16, 2025. As previously announced, the NYSE American established an ex-distribution date for the distribution of Rubico common shares of June 16, 2025. Beginning on that date, TOP Ships common shares traded without an entitlement by the purchaser of such shares to Rubico common shares distributed in connection with the spin-off. Rubico has filed a registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 with the SEC, which includes a more detailed description of the terms of the spin-off. A copy of the registration statement on Form 20-F is available at www.sec.gov. About TOP Ships Inc. TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: www.topships.org. Cautionary Note Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including statements regarding the proposed spin-off and the prospects and strategies of TOP Ships and Rubico following the spin-off, the valuation of the shares of Rubico and TOP Ships following the spin-off, and the listing of Rubico's common shares on the Nasdaq Capital Market. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending," and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management's examination of historical operating trends, data contained in our records, and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forwardâlooking statements as a result of developments occurring after the date of this communication. For further information please contact: Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30 210 812 8107Email: atsirikos@topships.org
Obsidian Energy Announces Launch of an Offer to Purchase up to $48.4 Million of Our Outstanding Senior Unsecured Notes
Obsidian Energy Announces Launch of an Offer to Purchase up to $48.4 Million of Our Outstanding Senior Unsecured Notes Calgary, Alberta--(Newsfile Corp. - July 31, 2025) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") today announced that we have commenced an offer (the "Offer") to purchase for cash, up to an aggregate amount of $48.4 million (the "Maximum Purchase Consideration") of our outstanding 11.95 percent Senior Unsecured Notes due July 27, 2027, ISINs CA674482AA25 (Restricted), CA674482AB08 (144A) and CA674482AC80 (Regulation D), CUSIP Nos. 674482AA2 (Restricted), 674482AB0 (144A) and 674482AC8 (Regulation D) (the "Notes"), as disclosed in our second quarter 2025 results. As of July 31, 2025, $112.2 million aggregate principal amount of Notes were outstanding. The Offer is being made pursuant to an offer to purchase (the "Offer to Purchase") and a related letter of transmittal, each dated July 31, 2025, and a notice of guaranteed delivery. The Offer will expire at 5:00 p.m., Eastern Daylight Time, on August 12, 2025, unless extended. Tendered Notes may be withdrawn at any time before the expiry of the Offer.Subject to possible proration as described in the Offer to Purchase, holders of Notes that are validly tendered and accepted at or prior to the expiry of the Offer, or who deliver to the tender agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such Notes, each in accordance with the instructions described in the Offer to Purchase, will receive total cash consideration of $1,030 per $1,000 principal amount of Notes, plus any accrued and unpaid interest up to, but not including, the settlement date, which is expected to occur on August 15, 2025.The consummation of the Offer and the Company's obligation to accept for purchase, and to pay for, Notes validly tendered (and not validly withdrawn) pursuant to the Offer are subject to the satisfaction of or waiver of certain conditions as set forth in the Offer to Purchase. The Offer is not conditional on any minimum amount of Notes being tendered. Obsidian Energy may amend, extend or terminate the Offer, or increase the Maximum Purchase Consideration, at its sole discretion. If the aggregate purchase price for Notes validly tendered (and not validly withdrawn) pursuant to the Offer would result in an aggregate purchase price in excess of the Maximum Purchase Consideration, the Company intends to accept the Notes for purchase on a pro rata basis such that the aggregate principal amount of Notes accepted for purchase pursuant to the Offer is no greater than the Maximum Purchase Consideration.The Offer is being made pursuant to the terms and conditions contained in the Offer to Purchase, related letter of transmittal and notice of guaranteed delivery. Copies of these documents may be obtained from Computershare Investor Services Inc., the tender agent for the Offer, by telephone at 1-800-564-6253 or email at corporateactions@computershare.com.This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.ADDITIONAL READER ADVISORIESFORWARD-LOOKING STATEMENTS This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the consummation of the Offer described above, the Maximum Purchase Consideration and the terms and timing of the Offer.The forward-looking statements and information are based on certain key expectations and assumptions made by Obsidian Energy. Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Obsidian Energy can give no assurance that they will prove to be correct. By its nature, such forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include but are not limited to: risks related to the successful consummation of the Offer; the risk of a downgrade in the Company's credit ratings and the potential impact on the Company's access to capital markets and other sources of liquidity; fluctuations in currency and interest rates; and changes in or interpretation of laws or regulations. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such forward-looking statements and information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on such forward-looking statements and information. Obsidian Energy gives no assurance that any of the events anticipated will transpire or occur, or, if any of them do, what benefits Obsidian Energy will derive from them. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary statement. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein. Readers should also carefully consider the matters discussed that could affect Obsidian Energy, or its operations or financial results in Obsidian Energy's Annual Information Form (see "Risk Factors" and "Forward-Looking Statements" therein) for the year ended December 31, 2024, which is available on the SEDAR+ website (www.sedarplus.ca), EDGAR website (www.sec.gov) or Obsidian Energy's website.Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol "OBE".CONTACTTENDER AGENT Computershare Investor Services Inc.Toll-Free: 1-800-564-6253Email: corporateactions@computershare.comOBSIDIAN ENERGYSuite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3Phone: 403-777-2500Toll Free: 1-866-693-2707Website: www.obsidianenergy.comInvestor Relations: Toll Free: 1-888-770-2633Email: investor.relations@obsidianenergy.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260768
Oil States Announces Second Quarter 2025 Results
Oil States Announces Second Quarter 2025 Results Net income of $3 million, or $0.05 per share, reported for the quarter Adjusted net income totaled $5 million, or $0.09 per share, excluding restructuring charges and credits (a non-GAAP measure(1)) Consolidated revenues of $165 million rose 3% sequentially, driven by strength in the Offshore Manufactured Products segment Adjusted EBITDA (a non-GAAP measure(1)) of $21 million increased 13% sequentially Generated cash flows from operations of $15 million Purchased $15 million principal amount of our convertible senior notes and $7 million of our common stock Offshore Manufactured Products segment's backlog increased sequentially to $363 million as of June 30, with a quarterly book-to-bill ratio of 1.1x Recipient of the Hart Energy 2025 Meritorious Engineering Award for our Low Impact Workover Package™ HOUSTON, Jul. 31 /BusinessWire/ -- Oil States International, Inc. (NYSE:OIS): Oil States International, Inc. reported net income of $2.8 million, or $0.05 per share, and Adjusted EBITDA of $21.1 million for the second quarter of 2025 on revenues of $165.4 million. Reported second quarter 2025 net income included charges and credits of $3.3 million ($2.6 million after-tax or $0.04 per share) associated primarily with the exit of U.S. land-based facilities, personnel reductions and gains on the extinguishment of convertible senior notes. These results compare to revenues of $159.9 million, net income of $3.2 million, or $0.05 per share, and Adjusted EBITDA of $18.7 million reported in the first quarter of 2025, which included charges of $0.9 million ($0.7 million after-tax or $0.01 per share) associated with the exit of U.S. land-based facilities closed in 2024. Oil States' President and Chief Executive Officer, Cindy B. Taylor, stated: "Our consolidated results in the second quarter were driven by continued strength of international and offshore activity supported by backlog growth over recent quarters. Revenues from our Offshore Manufactured Products segment increased 15% sequentially, totaling $107 million, while Adjusted Segment EBITDA totaled $21 million, up 18%. Bookings totaled $112 million in the period, yielding backlog of $363 million and a quarterly book-to-bill ratio of 1.1x. "Operating results reported by our Completion and Production Services and Downhole Technologies segments were challenged during the quarter due to the industry-wide reduction in U.S. land completion-related activity. On a combined basis, the revenues and Adjusted EBITDA of these two segments declined 13% and 12%, respectively, from the first quarter of 2025. "Our U.S. land-focused restructuring efforts continued during the most recent quarter. These ongoing efforts coupled with lower industry activity resulted in our U.S. land-driven revenue mix declining from 36% of total revenues in the second quarter of 2024 to 28% of total revenues in the current quarter. "Our investments in technology and innovation were again recognized by a 2025 Meritorious Engineering award from Hart Energy for our Low Impact Workover Package, which incorporates our field-proven technologies to enhance plug and abandonment operations and safeguard aging wells. "Cash flow generated in the quarter was used to fund capital expenditures, reduce debt and repurchase stock. Our capital expenditures in the first half of 2025 were elevated by strategic investments associated with the construction of our new manufacturing facility in Batam, Indonesia, which is nearing completion, and the manufacture of low-impact rental riser equipment built pursuant to international contract awards." Business Segment Results (See Segment Data and Adjusted Segment EBITDA tables below) Offshore Manufactured Products Offshore Manufactured Products reported revenues of $106.6 million, operating income of $17.0 million and Adjusted Segment EBITDA of $21.1 million in the second quarter of 2025, compared to revenues of $92.6 million, operating income of $14.3 million and Adjusted Segment EBITDA of $17.9 million reported in the first quarter of 2025. Adjusted Segment EBITDA margin was 20% in the second quarter of 2025, compared to 19% in the first quarter of 2025. Backlog totaled $363 million as of June 30, 2025, its highest level since September 2015. Second quarter bookings totaled $112 million and yielded a quarterly book-to-bill ratio of 1.1x and a year-to-date ratio of 1.2x. Completion and Production Services Completion and Production Services reported revenues of $29.4 million, operating income of $1.9 million and Adjusted Segment EBITDA of $8.3 million in the second quarter of 2025, compared to revenues of $34.5 million, operating income of $3.5 million and Adjusted Segment EBITDA of $8.8 million reported in the first quarter of 2025. Adjusted Segment EBITDA margin was 28% in the second quarter of 2025, compared to 25% in the first quarter of 2025. In 2024, the segment began implementing actions in its U.S. land-based businesses to reduce future costs, which are continuing in 2025. These management actions included: the consolidation, relocation and exit of certain U.S. land-driven service locations; the exit of certain U.S. land-driven service offerings; and reductions in the Company's workforce in the United States. During the second quarter of 2025, the segment recorded a non-cash lease impairment and other downsizing charges totaling $2.2 million. Downhole Technologies Downhole Technologies reported revenues of $29.4 million, an operating loss of $4.0 million and Adjusted Segment EBITDA of $1.2 million in the second quarter of 2025, compared to revenues of $32.8 million, an operating loss of $2.1 million and Adjusted Segment EBITDA of $1.9 million in the first quarter of 2025. During the second quarter of 2025, the segment recorded a non-cash operating lease impairment and severance charges totaling $1.2 million. Corporate Corporate operating expenses in the second quarter of 2025 totaled $9.6 million. Interest Expense, Net Net interest expense totaled $1.7 million in the second quarter of 2025, which included $0.3 million of non-cash amortization of deferred debt issuance costs. Cash Flows During the second quarter of 2025, the Company generated $15.0 million of cash flows from operations and $8.1 million of free cash flows (a non-GAAP measure - see Note (E). The Company purchased $14.8 million principal amount of its 4.75% convertible senior notes (the "Convertible Notes") at 97% of par and repurchased $6.7 million of its common stock (2.3% of its shares outstanding as of March 31, 2025). Financial Condition Cash on-hand totaled $53.9 million at June 30, 2025. No borrowings were outstanding under the Company's asset-based revolving credit facility (the "ABL Facility") at June 30, 2025. On July 28, 2025, the Company amended its ABL Facility to provide for additional borrowing availability, lower interest charges and plan for the retirement of its remaining Convertible Notes at maturity in April 2026 using, in part, availability under the ABL Facility. Industry Award Demonstrating Oil States' constant commitment to advance the production of affordable and reliable energy, the Company was honored by Hart Energy in June 2025 as a recipient of the Meritorious Engineering Award in the category of Marine Construction and Decommissioning for its Low Impact Workover Package ("LIWP"). The LIWP uses field-proven technology to enhance plug and abandonment operations and safeguard aging wells. It integrates our lower riser package and emergency disconnect package technologies to create a tether-free, streamlined system that provides significant advantages compared to existing well intervention and decommissioning systems. Conference Call Information The call is scheduled for July 31, 2025 at 9:00 a.m. Central Daylight Time, is being webcast and can be accessed from the Company's website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing 1 (888) 210-3346 in the United States or by dialing +1 (646) 960-0253 internationally and using the passcode 7534957. A replay of the conference call will be available approximately two hours after the completion of the call and can be accessed from the Company's website at www.ir.oilstatesintl.com. About Oil States Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors. The Company's manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol "OIS". For more information on the Company, please visit Oil States International's website at www.oilstatesintl.com. Cautionary Language Concerning Forward Looking Statements The foregoing 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 are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the impact of changes in tariffs and duties on imported materials and exported finished goods, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical conflicts and tensions, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries and other producing nations ("OPEC+") with respect to crude oil production levels and pricing, supply chain disruptions, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, consolidation of our customers, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the "Business" and "Risk Factors" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and the subsequently filed Quarterly Report on Form 10-Q and Periodic Report on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. View source version on businesswire.com: https://www.businesswire.com/news/home/20250731998483/en/ back
PBF Energy Announces Second Quarter 2025 Results and Declares Dividend of $0.275 per Share
PBF Energy Announces Second Quarter 2025 Results and Declares Dividend of $0.275 per Share Second quarter income from operations of $43.0 million (excluding special items, second quarter loss from operations of $110.0 million)Martinez refinery partial operations restoredDeclared quarterly dividend of $0.275 per sharePARSIPPANY, N.J., July 31, 2025 /PRNewswire/ -- PBF Energy Inc. (NYSE:PBF) today reported second quarter 2025 income from operations of $43.0 million as compared to loss from operations of $74.6 million for the second quarter of 2024. Excluding special items, second quarter 2025 loss from operations was $110.0 million as compared to loss from operations of $72.5 million for the second quarter of 2024. The company reported second quarter 2025 net loss of $5.4 million and net loss attributable to PBF Energy Inc. of $5.2 million or $(0.05) per share. This compares to net loss of $66.0 million and net loss attributable to PBF Energy Inc. of $65.2 million or $(0.56) per share for the second quarter 2024. Non-cash special items included in the second quarter 2025 results, which increased net income by a net, after-tax benefit of $113.2 million, or $0.98 per share, primarily consisted of gains on insurance recoveries associated with the February 1, 2025 fire at the Martinez refinery and our share of the St. Bernard Renewables LLC ("SBR") lower-of-cost-or-market ("LCM") inventory adjustment, both of which were partially offset by expenses associated with the Martinez fire and severance and other charges related to PBF's Refinery Business Improvement initiative ("RBI"). Adjusted fully-converted net loss for the second quarter 2025, excluding special items, was $118.5 million, or $(1.03) per share on a fully-exchanged, fully-diluted basis, as described below, compared to adjusted fully-converted net loss of $64.2 million or $(0.54) per share, for the second quarter 2024. Matt Lucey, PBF's President and CEO, said, "Performance improved across all PBF's regions in the second quarter. We successfully restored partial operations at Martinez and expect to run at reduced capacity until repairs can be completed. The rest of our system ran as expected and benefited from the seasonally higher margin environment." Mr. Lucey continued, "We continue to face challenges in the feedstock markets, specifically the narrow light-heavy differentials, but near-term volatility in our cyclical, commodity-dependent business does not reflect our broader, favorable outlook that global supply and demand balances remain tight." Mr. Lucey concluded, "As PBF's financial position improves, we will continue to prioritize conservative management of our balance sheet and debt reduction. We are focused on the elements of our business that we can control. We have implemented across a number of functional areas, and are seeing benefits from, our refining business improvement initiative. We are continuing the roll-out of this initiative across our entire footprint in a dedicated push to improve operations, efficiency, and reliability, and to generate cash savings. We remain committed to safe, reliable and responsible operations." PBF Energy Inc. Declares DividendThe company announced today that it will pay a quarterly dividend of $0.275 per share of Class A common stock on August 28, 2025, to shareholders of record at the close of business on August 14, 2025. Martinez Refinery Update Subsequent to the February 1, 2025 fire at the Martinez refinery, limited operations were restored during the second quarter. Total throughput during the period of limited operations is expected in the range of 85,000 to 105,000 barrels per day, and the refinery began producing limited quantities of gasoline, jet fuel, and intermediates. The refinery is expected to run in the current configuration until full operations can be restored. Based on current estimates and expectations, restart of the remaining units is planned to occur by year-end 2025. Restart of these units is dependent on factors impacting our ability to effect necessary repairs, including those outside of our control such as regulatory permitting and approvals and the availability of certain critical equipment and components. The company expects the cost of rebuilding the fire damaged units and restoring the refinery to full operational status will largely be covered by property insurance, subject to our deductible and retentions totaling $30.0 million. The company's insurance includes business interruption insurance that contains a 60-day waiting period. This coverage commenced on April 3, 2025. The insurance claims process is ongoing and is not expected to be fully closed until after full operations have been restored. During the second quarter, PBF's insurers paid an unallocated first installment of insurance proceeds of $280 million, $250 million net to PBF after deductibles and retentions. The timing and amount of any agreed future interim payments will be dependent on the quantum of actual, covered expenditures and calculated losses. Sale of Terminal AssetsOn April 30, 2025, the company, through a subsidiary of PBF Logistics LP, entered into an agreement to sell two of its refined product terminal facilities located in Philadelphia, PA and Knoxville, TN for $175 million. The combined assets include 38 storage tanks with approximately 1.9 million barrels of storage capacity, and associated truck racks. Subject to satisfaction of customary closing conditions and certain regulatory approvals, we expect the transaction to close in the third quarter. PBF Guidance Update and OutlookPBF remains committed to the safety and reliability of our operations. We strive to maintain the quality of our balance sheet and preserve the ability of our operations to continue supporting our long-term strategic goal of increasing the value of our company. We continue to examine and advance opportunities within our portfolio to generate potential incremental value for shareholders. At quarter-end, we had approximately $591 million of cash and approximately $2.4 billion of total debt. RBI is an integral part of our ongoing strategic process to extract incremental value across our business. We expect to generate greater than $200 million of annualized, run-rate sustainable cost savings by year-end 2025, and greater than $350 million by year-end 2026. Since inception of the initiative, we have generated over 500 cost savings ideas through more than 40 idea generation sessions. Our teams are building out these ideas with actionable, quantifiable, and measurable plans. Initially, we are focused on five main areas, including projects and turnarounds, strategic procurement opportunities, the East Coast refining system, the Torrance Refinery and the refining organizational structure. As a result of an ongoing analysis of operations and market conditions, we now expect full-year capital expenditures in the $750 to $ 775 million range. This amount excludes the costs to restore the damage to the Martinez Refinery resulting from the February 2025 incident. We expect interest expense for the full-year 2025 to be in the $165 to $185 million range. Timing of planned maintenance and throughput ranges provided reflect current expectations and are subject to change based on market conditions and other factors. Current second quarter throughput expectations are included in the table below. Expected throughput ranges (barrels per day) Third Quarter 2025 Low High East Coast 320,000 340,000 Mid-continent 150,000 160,000 Gulf Coast 175,000 185,000 West Coast 220,000 230,000 Total 865,000 915,000 Guidance provided constitutes forward-looking information and is based on current PBF Energy operating plans, company assumptions, and company configuration. Year-to-date actual throughput and quarterly guidance should be used to adjust full-year expectations. All figures and timelines are subject to change based on a variety of factors, including market and macroeconomic factors, as well as company strategic decision-making and overall company performance. St. Bernard RenewablesSBR averaged approximately 14,200 barrels per day of renewable diesel production in the second quarter. During the quarter, SBR operations reflected a catalyst change beginning in March and completed in April. Renewable diesel production for the third quarter is expected to average approximately 16,000 to 18,000 barrels per day. Adjusted Fully-Converted ResultsAdjusted fully-converted results assume the exchange of all PBF Energy Company LLC Series A Units and dilutive securities into shares of PBF Energy Inc. Class A common stock on a one-for-one basis, resulting in the elimination of the noncontrolling interest and a corresponding adjustment to the company's tax provision. Non-GAAP MeasuresThis earnings release, and the discussion during the management conference call, may include references to Non-GAAP (Generally Accepted Accounting Principles) measures including Adjusted Fully-Converted Net Income (Loss), Adjusted Fully-Converted Net Income (Loss) excluding special items, Adjusted Fully-Converted Net Income (Loss) per fully-exchanged, fully-diluted share, Income (Loss) from operations excluding special items, gross refining margin, gross refining margin excluding special items, gross refining margin per barrel of throughput, EBITDA (Earnings before Interest, Income Taxes, Depreciation and Amortization), EBITDA excluding special items, Adjusted EBITDA, net debt, net debt to capitalization ratio and net debt to capitalization ratio excluding special items. PBF believes that Non-GAAP financial measures provide useful information about its operating performance and financial results. However, these measures have important limitations as analytical tools and should not be viewed in isolation or considered as alternatives for, or superior to, comparable GAAP financial measures. PBF's Non-GAAP financial measures may also differ from similarly named measures used by other companies. See the accompanying tables and footnotes in this release for additional information on the Non-GAAP measures used in this release and reconciliations to the most directly comparable GAAP measures. Conference Call InformationPBF Energy's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, July 31, 2025, at 8:30 a.m. ET. The call is being webcast and can be accessed at PBF Energy's website, http://www.pbfenergy.com. The call can also be accessed by dialing (800) 549-8228 or (646) 564-2877. The audio replay will be available approximately two hours after the end of the call and will be available through the company's website. Forward-Looking StatementsStatements in this press release relating to future plans, results, performance, expectations, achievements, and the like are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's expectations with respect to its plans, objectives, expectations, and intentions with respect to the full and partial restart of the Martinez refinery following the February 1, 2025 fire, the timing of such restart, the throughput of the Martinez refinery and anticipated insurance recoveries related to the fire, the amount and the timing of cost savings and operational efficiencies to be achieved through the Company's Refining Business Improvement Initiatives as well as the Company's future earnings and operations overall, including those of our 50- 50 equity method investment in SBR. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which may be beyond the Company's control, that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors and uncertainties that may cause actual results to differ include but are not limited to the risks disclosed in the Company's filings with the SEC, our ability to operate safely, reliably, sustainably and in an environmentally responsible manner; our ability to procure necessary permits and equipment and materials required to rebuild the Martinez refinery; our ability to successfully diversify our operations; our ability to make acquisitions or investments, including in renewable diesel production, and to realize the benefits from such acquisitions or investments; our ability to close divestitures and the timing of thereof; our ability to successfully manage the operations of our 50-50 equity method investment in SBR; our expectations with respect to our capital spending and turnaround projects; risks associated with our obligation to buy Renewable Identification Numbers and related market risks related to the price volatility thereof; the possibility that we might reduce or not pay further dividends in the future; certain developments in the global oil markets and their impact on the global macroeconomic conditions; risks relating to the securities markets generally; the impact of changes in inflation, interest rates and capital costs; and the impact of market conditions, unanticipated developments, adverse outcomes with respect to regulatory approvals or matters or litigation, changes in laws or regulations and other events that could negatively impact the Company. All forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements except as may be required by applicable law. About PBF Energy Inc.PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors. PBF Energy is also a 50% partner in the St. Bernard Renewables joint venture focused on the production of next generation sustainable fuels. Contacts: Colin Murray (investors)ir@pbfenergy.com Tel: 973.455.7578 Michael C. Karlovich (media)mediarelations@pbfenergy.com Tel: 973.455.8994 PBF ENERGY INC. AND SUBSIDIARIES EARNINGS RELEASE TABLES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except share and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues $ 7,475.3 $ 8,736.1 $ 14,541.7 $ 17,381.7 Cost and expenses: Cost of products and other 6,743.7 7,962.4 13,330.8 15,560.3 Operating expenses (excluding depreciation and amortization expense as reflected below) 631.7 612.6 1,363.5 1,300.7 Depreciation and amortization expense 157.9 154.8 325.6 296.2 Cost of sales 7,533.3 8,729.8 15,019.9 17,157.2 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 80.3 65.0 150.7 128.2 Gain on insurance recoveries (189.0) - (189.0) - Depreciation and amortization expense 3.6 3.3 7.2 6.5 Change in fair value of contingent consideration, net - - - (3.3) Equity loss in investee 4.3 12.4 21.3 13.2 Loss on formation of SBR equity method investment - - - 8.7 (Gain) loss on sale of assets (0.2) 0.2 (0.2) 0.7 Total cost and expenses 7,432.3 8,810.7 15,009.9 17,311.2 Income (loss) from operations 43.0 (74.6) (468.2) 70.5 Other income (expense): Interest expense (net of interest income of $4.1, $14.3, $8.6, and $32.1, respectively) (53.8) (17.3) (90.7) (27.8) Other non-service components of net periodic benefit cost 0.3 0.6 0.6 1.2 Income (loss) before income taxes (10.5) (91.3) (558.3) 43.9 Income tax (benefit) expense (5.1) (25.3) (147.0) 2.4 Net income (loss) (5.4) (66.0) (411.3) 41.5 Less: net income (loss) attributable to noncontrolling interest (0.2) (0.8) (4.3) 0.1 Net income (loss) attributable to PBF Energy Inc. stockholders $ (5.2) $ (65.2) $ (407.0) $ 41.4 Net income (loss) available to Class A common stock per share: Basic $ (0.05) $ (0.56) $ (3.58) $ 0.35 Diluted $ (0.05) $ (0.56) $ (3.58) $ 0.33 Weighted-average shares outstanding-basic 113,852,406 117,043,158 113,803,619 118,965,510 Weighted-average shares outstanding-diluted 114,715,186 117,905,938 114,666,399 124,195,155 Dividends per common share $ 0.275 $ 0.25 $ 0.55 $ 0.50 Adjusted fully-converted net income (loss) and adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 1): Adjusted fully-converted net income (loss) $ (5.3) $ (65.8) $ (410.2) $ 41.5 Adjusted fully-converted net income (loss) per fully exchanged, fully diluted share $ (0.05) $ (0.56) $ (3.58) $ 0.33 Adjusted fully-converted shares outstanding - diluted (Note 6) 114,715,186 117,905,938 114,666,399 124,195,155 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP (Unaudited, in millions, except share and per share data) RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) AND ADJUSTED FULLY-CONVERTED NET INCOME (LOSS) EXCLUDING SPECIAL ITEMS (Note 1) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) attributable to PBF Energy Inc. stockholders $ (5.2) $ (65.2) $ (407.0) $ 41.4 Less: Income allocated to participating securities - - - - Income (loss) available to PBF Energy Inc. stockholders - basic (5.2) (65.2) (407.0) 41.4 Add: Net income (loss) attributable to noncontrolling interest (Note 2) (0.2) (0.8) (4.3) 0.1 Less: Income tax benefit (Note 3) 0.1 0.2 1.1 - Adjusted fully-converted net income (loss) $ (5.3) $ (65.8) $ (410.2) $ 41.5 Special items (Note 4): Add: LCM inventory adjustment - SBR (8.0) 2.1 (16.7) (4.5) Add: Martinez refinery fire expenses 30.4 - 108.5 - Add: Gain on insurance recoveries (189.0) - (189.0) - Add: Severance and related charges 13.6 - 13.6 - Add: Change in fair value of contingent consideration, net - - - (3.3) Add: Loss on formation of SBR equity method investment - - - 8.7 Less: Recomputed income tax on special items (Note 3) 39.8 (0.5) 21.7 (0.2) Adjusted fully-converted net income (loss) excluding special items $ (118.5) $ (64.2) $ (472.1) $ 42.2 Weighted-average shares outstanding of PBF Energy Inc. 113,852,406 117,043,158 113,803,619 118,965,510 Conversion of PBF LLC Series A Units (Note 5) 862,780 862,780 862,780 862,780 Common stock equivalents (Note 6) - - - 4,366,865 Fully-converted shares outstanding - diluted 114,715,186 117,905,938 114,666,399 124,195,155 Adjusted fully-converted net income (loss) per fully exchanged, fully diluted shares outstanding (Note 6) $ (0.05) $ (0.56) $ (3.58) $ 0.33 Adjusted fully-converted net income (loss) excluding special items per fully exchanged, fully diluted shares outstanding (Note 4, 6) $ (1.03) $ (0.54) $ (4.12) $ 0.34 Three Months Ended Six Months Ended RECONCILIATION OF INCOME (LOSS) FROM OPERATIONS TO INCOME (LOSS) FROM OPERATIONS EXCLUDING SPECIAL ITEMS June 30, June 30, 2025 2024 2025 2024 Income (loss) from operations $ 43.0 $ (74.6) $ (468.2) $ 70.5 Special Items (Note 4): Add: LCM inventory adjustment - SBR (8.0) 2.1 (16.7) (4.5) Add: Martinez refinery fire expenses 30.4 - 108.5 - Add: Gain on insurance recoveries (189.0) - (189.0) - Add: Severance and related charges 13.6 - 13.6 - Add: Change in fair value of contingent consideration, net - - - (3.3) Add: Loss on formation of SBR equity method investment - - - 8.7 Income (loss) from operations excluding special items $ (110.0) $ (72.5) $ (551.8) $ 71.4 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP EBITDA RECONCILIATIONS (Note 7) (Unaudited, in millions) Three Months Ended Six Months Ended June 30, June 30, RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND EBITDA EXCLUDING SPECIAL ITEMS 2025 2024 2025 2024 Net income (loss) $ (5.4) $ (66.0) $ (411.3) $ 41.5 Add: Depreciation and amortization expense 161.5 158.1 332.8 302.7 Add: Interest expense, net 53.8 17.3 90.7 27.8 Add: Income tax (benefit) expense (5.1) (25.3) (147.0) 2.4 EBITDA $ 204.8 $ 84.1 $ (134.8) $ 374.4 Special Items (Note 4): Add: LCM inventory adjustment - SBR (8.0) 2.1 (16.7) (4.5) Add: Martinez refinery fire expenses 30.4 - 108.5 - Add: Gain on insurance recoveries (189.0) - (189.0) - Add: Severance and related charges 13.6 - 13.6 - Add: Change in fair value of contingent consideration, net - - - (3.3) Add: Loss on formation of SBR equity method investment - - - 8.7 EBITDA excluding special items $ 51.8 $ 86.2 $ (218.4) $ 375.3 Three Months Ended Six Months Ended June 30, June 30, RECONCILIATION OF EBITDA TO ADJUSTED EBITDA 2025 2024 2025 2024 EBITDA $ 204.8 $ 84.1 $ (134.8) $ 374.4 Add: Stock-based compensation 10.0 8.6 21.4 21.0 Special Items (Note 4): Add: LCM inventory adjustment - SBR (8.0) 2.1 (16.7) (4.5) Add: Martinez refinery fire expenses 30.4 - 108.5 - Add: Gain on insurance recoveries (189.0) - (189.0) - Add: Severance and related charges 13.6 - 13.6 - Add: Change in fair value of contingent consideration, net - - - (3.3) Add: Loss on formation of SBR equity method investment - - - 8.7 Adjusted EBITDA $ 61.8 $ 94.8 $ (197.0) $ 396.3 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES EARNINGS RELEASE TABLES CONDENSED CONSOLIDATED BALANCE SHEET DATA (Unaudited, in millions) June 30, December 31, Balance Sheet Data: 2025 2024 Cash and cash equivalents $ 590.7 $ 536.1 Inventories 2,769.9 2,595.3 Total assets 12,980.4 12,703.2 Total debt 2,390.2 1,457.3 Total equity 5,216.3 5,678.6 Total equity excluding special items (Note 4, 13) $ 4,162.6 $ 4,686.8 Total debt to capitalization ratio (Note 13) 31 % 20 % Total debt to capitalization ratio, excluding special items (Note 13) 36 % 24 % Net debt to capitalization ratio (Note 13) 26 % 14 % Net debt to capitalization ratio, excluding special items (Note 13) 30 % 16 % SUMMARIZED STATEMENT OF CASH FLOW DATA (Unaudited, in millions) Six Months Ended June 30, 2025 2024 Cash flows (used in) provided by operating activities $ (470.3) $ 441.1 Cash flows used in investing activities (371.3) (617.6) Cash flows provided by (used in) financing activities 896.2 (239.8) Net change in cash and cash equivalents 54.6 (416.3) Cash and cash equivalents, beginning of period 536.1 1,783.5 Cash and cash equivalents, end of period $ 590.7 $ 1,367.2 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES EARNINGS RELEASE TABLES CONSOLIDATING FINANCIAL INFORMATION (Note 8) (Unaudited, in millions) Three Months Ended June 30, 2025 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,465.6 $ 98.0 $ - $ (88.3) $ 7,475.3 Cost of products and other 6,825.4 2.2 - (83.9) 6,743.7 Operating expenses (income) 607.5 28.6 - (4.4) 631.7 Depreciation and amortization expense 148.8 9.1 3.6 - 161.5 Other segment (income) expenses, net (1) (189.0) 1.8 82.6 - (104.6) Income (loss) from operations 72.8 56.3 (86.1) - 43.0 Interest (income) expense, net (4.8) (0.6) 59.2 - 53.8 Capital expenditures (3) 144.5 8.2 2.0 - 154.7 Three Months Ended June 30, 2024 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 8,726.6 $ 98.5 $ - $ (89.0) $ 8,736.1 Cost of products and other 8,045.7 1.4 - (84.7) 7,962.4 Operating expenses (income) 581.9 35.1 - (4.4) 612.6 Depreciation and amortization expense 145.7 9.1 3.3 - 158.1 Other segment expenses, net (1) 0.2 1.9 75.5 - 77.6 Income (loss) from operations (46.9) 51.0 (78.7) - (74.6) Interest (income) expense, net (2.7) (0.4) 20.4 - 17.3 Capital expenditures 330.3 0.6 2.5 - 333.4 Six Months Ended June 30, 2025 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 14,522.7 $ 192.5 $ - $ (173.5) $ 14,541.7 Cost of products and other 13,490.8 4.8 - (164.8) 13,330.8 Operating expenses (income) 1,313.8 58.4 - (8.7) 1,363.5 Depreciation and amortization expense 307.4 18.2 7.2 - 332.8 Other segment (income) expenses, net (1) (189.0) 3.4 168.4 - (17.2) Income (loss) from operations (400.4) 107.7 (175.5) - (468.2) Interest (income) expense, net (9.3) (0.8) 100.8 - 90.7 Capital expenditures (3) 360.1 10.6 2.3 - 373.0 Six Months Ended June 30, 2024 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 17,363.0 $ 194.6 $ - $ (175.9) $ 17,381.7 Cost of products and other 15,723.8 3.8 - (167.3) 15,560.3 Operating expenses (income) 1,236.6 72.8 - (8.7) 1,300.7 Depreciation and amortization expense 278.0 18.2 6.5 - 302.7 Other segment expenses, net (1) (2) 0.8 3.7 143.0 - 147.5 Income (loss) from operations (2) 123.7 96.1 (149.3) - 70.5 Interest (income) expense, net (6.8) (1.0) 35.6 - 27.8 Capital expenditures (3) 613.4 1.7 3.0 - 618.1 Balance at June 30, 2025 Refining Logistics Corporate Eliminations Consolidated Total Total assets (4) $ 11,293.8 $ 769.5 $ 878.9 $ 38.2 $ 12,980.4 Balance at December 31, 2024 Refining Logistics Corporate Eliminations Consolidated Total Total assets (4) $ 10,945.5 $ 781.9 $ 1,015.4 $ (39.6) $ 12,703.2 (1) Other segment (income) expenses, net include General and administrative expenses (excluding depreciation and amortization expenses), Gain on insurance recoveries, Change in fair value of contingent consideration, net, Equity loss in investee, Loss on formation of SBR equity method investment, and (Gain) loss on sale of assets. (2) Income (loss) from operations and Other segment expenses, net within Corporate for the six months ended June 30, 2024 included a $8.7 million reduction of the gain associated with the formation of the SBR equity method investment. (3) For the three and six months ended June 30, 2025, the company's refining segment capital expenditures exclude $132.0 million of costs associated with the repair of units damaged by the Martinez fire that were reimbursed by insurance proceeds. For the six months ended June 30, 2024, the company's refining segment included $5.6 million of capital expenditures related to the Renewable Diesel Facility. (4) As of June 30, 2025 and December 31, 2024, Corporate assets include the Company's Equity method investment in SBR of $843.9 million and $866.8 million, respectively. See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES EARNINGS RELEASE TABLES MARKET INDICATORS AND KEY OPERATING INFORMATION (Unaudited) Three Months Ended Six Months Ended June 30, June 30, Market Indicators (dollars per barrel) (Note 9) 2025 2024 2025 2024 Dated Brent crude oil $ 67.70 $ 85.02 $ 71.64 $ 84.09 West Texas Intermediate (WTI) crude oil $ 63.81 $ 80.82 $ 67.60 $ 78.95 Light Louisiana Sweet (LLS) crude oil $ 66.12 $ 83.65 $ 70.22 $ 81.72 Alaska North Slope (ANS) crude oil $ 68.82 $ 86.42 $ 72.30 $ 83.91 Crack Spreads: Dated Brent (NYH) 2-1-1 $ 22.24 $ 21.46 $ 19.58 $ 21.26 WTI (Chicago) 4-3-1 $ 21.16 $ 19.48 $ 17.47 $ 18.33 LLS (Gulf Coast) 2-1-1 $ 20.26 $ 18.48 $ 18.77 $ 21.42 ANS (West Coast-LA) 4-3-1 $ 28.85 $ 27.44 $ 26.00 $ 28.21 ANS (West Coast-SF) 3-2-1 $ 36.07 $ 29.92 $ 30.85 $ 28.94 Crude Oil Differentials: Dated Brent (foreign) less WTI $ 3.90 $ 4.21 $ 4.04 $ 5.15 Dated Brent less Maya (heavy, sour) $ 9.22 $ 12.14 $ 9.86 $ 12.53 Dated Brent less WTS (sour) $ 4.03 $ 4.10 $ 3.95 $ 4.93 Dated Brent less ASCI (sour) $ 3.19 $ 3.88 $ 3.26 $ 5.08 WTI less WCS (heavy, sour) $ 10.65 $ 13.60 $ 11.86 $ 15.58 WTI less Bakken (light, sweet) $ 0.65 $ 0.86 $ 1.19 $ 1.77 WTI less Syncrude (light, sweet) $ (0.93) $ (1.45) $ 0.83 $ 1.17 WTI less LLS (light, sweet) $ (2.31) $ (2.84) $ (2.61) $ (2.77) WTI less ANS (light, sweet) $ (5.01) $ (5.60) $ (4.69) $ (4.97) Effective RIN basket price $ 6.14 $ 3.38 $ 5.45 $ 3.53 Natural gas (dollars per MMBTU) $ 3.51 $ 2.32 $ 3.69 $ 2.21 Key Operating Information Production (barrels per day ("bpd") in thousands) 845.8 926.7 789.5 918.0 Crude oil and feedstocks throughput (bpd in thousands) 839.1 921.3 785.1 909.5 Total crude oil and feedstocks throughput (millions of barrels) 76.4 83.8 142.1 165.5 Consolidated gross margin per barrel of throughput $ (0.76) $ 0.08 $ (3.37) $ 1.36 Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 8.38 $ 8.12 $ 7.26 $ 9.91 Refining operating expense, per barrel of throughput (Note 11) $ 7.96 $ 6.94 $ 9.25 $ 7.47 Crude and feedstocks (% of total throughput) (Note 12) Heavy 25 % 34 % 27 % 29 % Medium 35 % 34 % 35 % 39 % Light 26 % 18 % 24 % 17 % Other feedstocks and blends 14 % 14 % 14 % 15 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput) Gasoline and gasoline blendstocks 44 % 46 % 46 % 47 % Distillates and distillate blendstocks 34 % 33 % 35 % 33 % Lubes 1 % 1 % 1 % 1 % Chemicals 2 % 1 % 1 % 1 % Other 20 % 20 % 18 % 19 % Total yield 101 % 101 % 101 % 101 % See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES EARNINGS RELEASE TABLES SUPPLEMENTAL OPERATING INFORMATION (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Supplemental Operating Information - East Coast Refining System (Delaware City and Paulsboro) Production (bpd in thousands) 296.8 313.7 277.7 311.1 Crude oil and feedstocks throughput (bpd in thousands) 299.8 319.7 281.1 316.2 Total crude oil and feedstocks throughput (millions of barrels) 27.3 29.0 50.9 57.5 Gross margin per barrel of throughput $ 0.46 $ (3.85) $ (1.68) $ (1.93) Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 7.37 $ 2.52 $ 6.67 $ 5.09 Refining operating expense, per barrel of throughput (Note 11) $ 5.34 $ 4.95 $ 6.51 $ 5.64 Crude and feedstocks (% of total throughput) (Note 12): Heavy 21 % 27 % 24 % 23 % Medium 45 % 39 % 42 % 41 % Light 20 % 16 % 17 % 17 % Other feedstocks and blends 14 % 18 % 17 % 19 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 37 % 32 % 38 % 33 % Distillates and distillate blendstocks 37 % 34 % 38 % 34 % Lubes 2 % 2 % 2 % 2 % Chemicals 2 % 1 % 2 % 1 % Other 21 % 29 % 19 % 28 % Total yield 99 % 98 % 99 % 98 % Supplemental Operating Information - Mid-Continent (Toledo) Production (bpd in thousands) 165.6 141.6 152.4 128.0 Crude oil and feedstocks throughput (bpd in thousands) 162.2 139.8 149.9 126.1 Total crude oil and feedstocks throughput (millions of barrels) 14.8 12.8 27.1 23.0 Gross margin per barrel of throughput $ 2.74 $ 1.67 $ 0.36 $ 4.83 Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 10.14 $ 9.50 $ 8.60 $ 13.36 Refining operating expense, per barrel of throughput (Note 11) $ 5.60 $ 5.82 $ 6.29 $ 6.54 Crude and feedstocks (% of total throughput) (Note 12): Medium 31 % 41 % 35 % 41 % Light 67 % 56 % 62 % 56 % Other feedstocks and blends 2 % 3 % 3 % 3 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 51 % 53 % 53 % 55 % Distillates and distillate blendstocks 37 % 36 % 38 % 36 % Chemicals 4 % 4 % 3 % 4 % Other 10 % 8 % 8 % 7 % Total yield 102 % 101 % 102 % 102 % See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES EARNINGS RELEASE TABLES SUPPLEMENTAL OPERATING INFORMATION (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Supplemental Operating Information - Gulf Coast (Chalmette) Production (bpd in thousands) 177.5 164.8 168.2 169.1 Crude oil and feedstocks throughput (bpd in thousands) 173.6 165.1 165.8 168.0 Total crude oil and feedstocks throughput (millions of barrels) 15.8 14.9 30.0 30.5 Gross margin per barrel of throughput $ 0.48 $ 2.32 $ (0.86) $ 4.18 Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 7.35 $ 8.66 $ 6.39 $ 10.54 Refining operating expense, per barrel of throughput (Note 11) $ 5.57 $ 5.42 $ 5.85 $ 5.48 Crude and feedstocks (% of total throughput) (Note 12): Heavy 9 % 16 % 10 % 12 % Medium 46 % 47 % 44 % 53 % Light 25 % 19 % 28 % 16 % Other feedstocks and blends 20 % 18 % 18 % 19 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 46 % 41 % 48 % 44 % Distillates and distillate blendstocks 34 % 35 % 32 % 35 % Chemicals 1 % 1 % 1 % 1 % Other 21 % 23 % 20 % 21 % Total yield 102 % 100 % 101 % 101 % Supplemental Operating Information - West Coast (Torrance and Martinez) Production (bpd in thousands) 205.9 306.6 191.2 309.8 Crude oil and feedstocks throughput (bpd in thousands) 203.5 296.7 188.3 299.2 Total crude oil and feedstocks throughput (millions of barrels) 18.5 27.1 34.1 54.5 Gross margin per barrel of throughput $ (9.54) $ 0.34 $ (14.32) $ (0.05) Gross refining margin, excluding special items, per barrel of throughput (Note 4, Note 10) $ 9.35 $ 13.21 $ 7.84 $ 13.18 Refining operating expense, per barrel of throughput (Note 11) $ 15.73 $ 10.46 $ 18.67 $ 10.92 Crude and feedstocks (% of total throughput) (Note 12): Heavy 66 % 68 % 66 % 58 % Medium 12 % 18 % 17 % 28 % Light 4 % - % 2 % - % Other feedstocks and blends 18 % 14 % 15 % 14 % Total throughput 100 % 100 % 100 % 100 % Yield (% of total throughput): Gasoline and gasoline blendstocks 45 % 59 % 51 % 60 % Distillates and distillate blendstocks 30 % 28 % 30 % 29 % Other 26 % 16 % 21 % 15 % Total yield 101 % 103 % 102 % 104 % See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP GROSS REFINING MARGIN / GROSS REFINING MARGIN PER BARREL OF THROUGHPUT (Note 10) (Unaudited, in millions, except per barrel amounts) Three Months Ended June 30, 2025 2024 RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS $ per barrel of throughput $ per barrel of throughput Calculation of consolidated gross margin: Revenues $ 7,475.3 $ 97.90 $ 8,736.1 $ 104.21 Less: Cost of sales 7,533.3 98.66 8,729.8 104.13 Consolidated gross margin $ (58.0) $ (0.76) $ 6.3 $ 0.08 Reconciliation of consolidated gross margin to gross refining margin: Consolidated gross margin $ (58.0) $ (0.76) $ 6.3 $ 0.08 Add: Logistics operating expense 28.6 0.37 35.1 0.41 Add: Logistics depreciation expense 9.1 0.12 9.1 0.11 Less: Logistics gross margin (95.9) (1.26) (97.1) (1.16) Add: Refining operating expense 607.5 7.96 581.9 6.94 Add: Refining depreciation expense 148.8 1.95 145.8 1.74 Gross refining margin $ 640.1 $ 8.38 $ 681.1 $ 8.12 Gross refining margin excluding special items $ 640.1 $ 8.38 $ 681.1 $ 8.12 Six Months Ended June 30, 2025 2024 RECONCILIATION OF CONSOLIDATED GROSS MARGIN TO GROSS REFINING MARGIN AND GROSS REFINING MARGIN EXCLUDING SPECIAL ITEMS $ per barrel of throughput $ per barrel of throughput Calculation of consolidated gross margin: Revenues $ 14,541.7 $ 102.34 $ 17,381.7 $ 105.02 Less: Cost of sales 15,019.9 105.71 17,157.2 103.66 Consolidated gross margin $ (478.2) $ (3.37) $ 224.5 $ 1.36 Reconciliation of consolidated gross margin to gross refining margin: Consolidated gross margin $ (478.2) $ (3.37) $ 224.5 $ 1.36 Add: Logistics operating expense 58.4 0.41 72.8 0.44 Add: Logistics depreciation expense 18.2 0.13 18.2 0.11 Less: Logistics gross margin (187.8) (1.32) (190.8) (1.15) Add: Refining operating expense 1,313.8 9.25 1,236.6 7.47 Add: Refining depreciation expense 307.4 2.16 278.1 1.68 Gross refining margin $ 1,031.8 $ 7.26 $ 1,639.4 $ 9.91 Gross refining margin excluding special items $ 1,031.8 $ 7.26 $ 1,639.4 $ 9.91 See Footnotes to Earnings Release Tables PBF ENERGY INC. AND SUBSIDIARIES EARNINGS RELEASE TABLES FOOTNOTES TO EARNINGS RELEASE TABLES (1) Adjusted fully-converted information is presented in this table as management believes that these Non-GAAP measures, when presented in conjunction with comparable GAAP measures, are useful to investors to compare our results across the periods presented and facilitate an understanding of our operating results. We also use these measures to evaluate our operating performance. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The differences between adjusted fully-converted and GAAP results are explained in footnotes 2 through 6. (2) Represents the elimination of the noncontrolling interest associated with the ownership by the members of PBF Energy Company LLC ("PBF LLC") other than PBF Energy Inc., as if such members had fully exchanged their PBF LLC Series A Units for shares of PBF Energy Class A common stock. (3) Represents an adjustment to reflect PBF Energy's estimated annualized statutory corporate tax rate of approximately 26.0% for both the 2025 and 2024 periods, applied to net income (loss) attributable to noncontrolling interest for all periods presented. The adjustment assumes the full exchange of existing PBF LLC Series A Units as described in footnote 2. (4) The Non-GAAP measures presented include adjusted fully-converted net income (loss) excluding special items, income (loss) from operations excluding special items, EBITDA excluding special items and gross refining margin excluding special items. Special items for the periods presented relate to our share of the SBR LCM inventory adjustment, expenses associated with the Martinez fire, gain on insurance recoveries, severance and related charges, net changes in fair value of contingent consideration, and loss on the formation of the SBR equity method investment, all as discussed further below. Additionally, the cumulative effects of all current and prior period special items on equity are shown in footnote 13. Although we believe that Non-GAAP financial measures excluding the impact of special items provide useful supplemental information to investors regarding the results and performance of our business and allow for useful period-over-period comparisons, such Non-GAAP measures should only be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Special Items: SBR LCM inventory adjustment - The LCM adjustment is a GAAP requirement related to inventory valuation that mandates inventory to be stated at the lower of cost or market. During the three and six months ended June 30, 2025, SBR recorded adjustments to the LCM which increased its income from operations by $15.9 million and $33.3 million, respectively. During the three and six months ended June 30, 2024, SBR recorded adjustments to the LCM which decreased its income from operations by $4.1 million and increased its income from operations by $9.1 million, respectively. Our Equity loss in investee includes our 50% share of these adjustments. For the three and six months ended June 30, 2025 these LCM adjustments increased our income from operations by $8.0 million and $16.7 million, respectively ($5.9 million and $12.4 million, respectively, net of tax). For the three and six months ended June 30, 2024 these LCM adjustments decreased our income from operations by $2.1 million and increased our income from operations by $4.5 million, respectively ($1.6 million and $3.3 million, respectively, net of tax). Martinez refinery fire expenses - During the three and six months ended June 30, 2025, we recorded operating expenses associated with the Martinez fire that decreased income from operations by $30.4 million and $108.5 million, respectively ($22.5 million and $80.3 million, respectively, net of tax). There were no such costs in the three and six months ended June 30, 2024. Gain on insurance recoveries - During both the three and six months ended June 30, 2025, we recorded a gain on insurance recoveries associated with the Martinez fire that increased income from operations and net income by $189.0 million and $139.9 million, respectively. There were no such gains in the three and six months ended June 30, 2024. Severance and related charges - During the three and six months ended June 30, 2025, we initiated our Refining Business Improvement ("RBI") initiative as part of our ongoing strategic process to extract incremental value across our business. As a result, we recorded severance and related charges that decreased income from operations and net income by $13.6 million and $10.1 million, respectively. These charges are included within General and administrative expenses. There were no such charges in the three and six months ended June 30, 2024. Change in fair value of contingent consideration, net - There was no change in the fair value of the Martinez Contingent Consideration during the three and six months ended June 30, 2025 as the final earn-out payment of $18.8 million was paid in full during the second quarter of 2024. During the six months ended June 30, 2024, we recorded a net change in fair value of the Martinez Contingent Consideration which increased income from operations by $3.3 million, or $2.4 million, net of tax. Loss on formation of SBR equity method investment - During the six months ended June 30, 2024, we recorded a reduction of our gain associated with the formation of the SBR equity method investment, which decreased income from operations and net income by $8.7 million and $6.4 million, respectively. There was no such loss during the six months ended June 30, 2025. Recomputed income tax on special items - The income tax impact on these special items is calculated using the tax rate shown in (3) above. (5) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of existing PBF LLC Series A Units as described in footnote 2. (6) Represents weighted-average diluted shares outstanding assuming the conversion of all common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive) for the three and six months ended June 30, 2025 and 2024, respectively. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 7,023,756 and 6,834,426 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three and six months ended June 30, 2025. Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 5,306,955 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the three months ended June 30, 2024 (zero shares for the six months ended June 30, 2024). For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive. (7) Earnings before Interest, Income Taxes, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA are supplemental measures of performance that are not required by, or presented in accordance with GAAP. Adjusted EBITDA is defined as EBITDA before adjustments for items such as stock-based compensation expense, our share of the SBR LCM inventory adjustment, expenses associated with the Martinez fire, gain on insurance recoveries, severance and related charges, net change in the fair value of contingent consideration, loss on the formation of the SBR equity method investment, and certain other non-cash items. We use these Non-GAAP financial measures as a supplement to our GAAP results in order to provide additional metrics on factors and trends affecting our business. EBITDA and Adjusted EBITDA are measures of operating performance that are not defined by GAAP and should not be considered substitutes for net income as determined in accordance with GAAP. In addition, because EBITDA and Adjusted EBITDA are not calculated in the same manner by all companies, they are not necessarily comparable to other similarly titled measures used by other companies. EBITDA and Adjusted EBITDA have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. (8) We operate in two reportable segments: Refining and Logistics. Our operations that are not included in the Refining and Logistics segments are included in Corporate. As of June 30, 2025, the Refining segment includes the operations of our oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana, Torrance, California and Martinez, California. The Logistics segment includes the operations of PBF Logistics LP ("PBFX"), an indirect wholly-owned subsidiary of PBF Energy and PBF LLC, which owns or leases, operates, develops, and acquires crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets primarily consist of rail and truck terminals and unloading racks, storage facilities and pipelines, a substantial portion of which were acquired from or contributed by PBF LLC and are located at, or nearby, our refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers through fee-based commercial agreements. PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy perspective, our chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX's individual operating segments. (9) Our market indicators table summarizes certain market indicators relating to our operating results as reported by Platts, a division of The McGraw-Hill Companies. Effective RIN basket price is recalculated based on information as reported by Argus. (10) Gross refining margin and gross refining margin per barrel of throughput are Non-GAAP measures because they exclude refining operating expenses, depreciation and amortization and gross margin of the Logistics segment. Gross refining margin per barrel is gross refining margin, divided by total crude and feedstocks throughput. We believe they are important measures of operating performance and provide useful information to investors because gross refining margin per barrel is a helpful metric comparison to the industry refining margin benchmarks shown in the Market Indicators Tables, as the industry benchmarks do not include a charge for refinery operating expenses and depreciation. Other companies in our industry may not calculate gross refining margin and gross refining margin per barrel in the same manner. Gross refining margin and gross refining margin per barrel of throughput have their limitations as an analytical tool, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. (11) Represents refining operating expenses, including corporate-owned logistics assets, excluding depreciation and amortization, divided by total crude oil and feedstocks throughput. (12) We define heavy crude oil as crude oil with American Petroleum Institute ("API") gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with API gravity higher than 35 degrees. (13) The total debt to capitalization ratio is calculated by dividing total debt by the sum of total debt and total equity. This ratio is a measurement that management believes is useful to investors in analyzing our leverage. Net debt and the net debt to capitalization ratio are Non-GAAP measures. Net debt is calculated by subtracting cash and cash equivalents from total debt. We believe these measurements are also useful to investors since we have the ability to and may decide to use a portion of our cash and cash equivalents to retire or pay down our debt. Additionally, we have also presented the total debt to capitalization and net debt to capitalization ratios excluding the cumulative effects of special items on equity. June 30, December 31, 2025 2024 (in millions) Total debt $ 2,390.2 $ 1,457.3 Total equity 5,216.3 5,678.6 Total capitalization $ 7,606.5 $ 7,135.9 Total debt $ 2,390.2 $ 1,457.3 Total equity excluding special items 4,162.6 4,686.8 Total capitalization excluding special items $ 6,552.8 $ 6,144.1 Total equity $ 5,216.3 $ 5,678.6 Special Items (Note 4) Add: LCM inventory adjustment - SBR 3.1 19.8 Add: Martinez refinery fire expenses 108.5 - Add: Gain on insurance recoveries (189.0) - Add: Severance and related charges 43.6 30.0 Add: Change in fair value of contingent consideration, net (62.1) (62.1) Add: Gain on formation of SBR equity method investment (916.4) (916.4) Add: Cumulative historical equity adjustments (a) (399.4) (399.4) Less: Recomputed income tax on special items 358.0 336.3 Net impact of special items (1,053.7) (991.8) Total equity excluding special items $ 4,162.6 $ 4,686.8 Total debt $ 2,390.2 $ 1,457.3 Less: Cash and cash equivalents 590.7 536.1 Net debt $ 1,799.5 $ 921.2 Total debt to capitalization ratio 31 % 20 % Total debt to capitalization ratio, excluding special items 36 % 24 % Net debt to capitalization ratio 26 % 14 % Net debt to capitalization ratio, excluding special items 30 % 16 % (a) Refer to the company's 2024 Annual Report on Form 10-K ("Notes to Non-GAAP Financial Measures" within Management's Discussion and Analysis of Financial Condition and Results of Operations) for a listing of special items included in cumulative historical equity adjustments prior to 2025. View original content to download multimedia:https://www.prnewswire.com/news-releases/pbf-energy-announces-second-quarter-2025-results-and-declares-dividend-of-0-275-per-share-302518418.html SOURCE PBF Energy Inc.
Delek US Holdings, Inc. Announces Quarterly Dividend
Delek US Holdings, Inc. Announces Quarterly Dividend BRENTWOOD, Tenn., Jul. 30 /BusinessWire/ -- Delek US Holdings, Inc. (NYSE:DK) ("Delek") today announced that its Board of Directors has approved a quarterly dividend of $0.255 per share, to be paid on August 18, 2025, to shareholders as of record on August 11, 2025. About Delek US Holdings, Inc. Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, pipelines, and renewable fuels. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. The logistics operations include Delek Logistics Partners, LP (NYSE:DKL). Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. Delek US Holdings, Inc. and its subsidiaries owned approximately 63.4% (including the general partner interest) of Delek Logistics Partners, LP as of June 30, 2025. Information about Delek US Holdings, Inc. can be found on its website (www.delekus.com), investor relations webpage (ir.delekus.com), and news webpage (www.delekus.com/news). Safe Harbor Provisions Regarding Forward-Looking Statements This press release contains forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning estimates, expectations or projections about future dividends, results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," within the meaning of federal securities laws. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and investors are cautioned that risks described in the Company's filings with the United States Securities and Exchange Commission, among others, could cause actual performance or results to differ materially from those expressed in the statements. There can be no assurance that actual results will not differ from those expected by management or described in forward-looking statements. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur or that the Company becomes aware of after the date hereof, except as required by applicable law or regulation. View source version on businesswire.com: https://www.businesswire.com/news/home/20250730530935/en/ back
Cactus Announces Second Quarter 2025 Results
Cactus Announces Second Quarter 2025 Results HOUSTON, Jul. 30 /BusinessWire/ -- Cactus, Inc. (NYSE:WHD) ("Cactus" or the "Company") today announced financial and operating results for the second quarter of 2025. Second Quarter Highlights Revenue of $273.6 million and operating income of $60.8 million; Net income of $49.0 million and diluted earnings per Class A share of $0.59; Adjusted net income(1) of $53.2 million and diluted earnings per share, as adjusted(1) of $0.66; Net income margin of 17.9% and adjusted net income margin(1) of 19.5%; Adjusted EBITDA(2) and Adjusted EBITDA margin(2) of $86.7 million and 31.7%, respectively; Cash flow from operations of $82.8 million; Cash and cash equivalents of $405.2 million, with no bank debt outstanding as of June 30, 2025; Signed an agreement to acquire a 65% majority interest in Baker Hughes' Surface Pressure Control business; and In July 2025, the Board of Directors approved an 8% increase in the dividend to $0.14 per Class A share per quarter and declared a quarterly dividend of that amount. Financial Summary Scott Bender, CEO and Chairman of the Board of Cactus, commented, "Our second quarter performance highlights the benefits of portfolio diversification achieved through the FlexSteel acquisition, as cash flows and revenues remained resilient despite falling U.S. land activity levels. Spoolable Technologies revenues increased and margins exceeded expectations on improved manufacturing efficiency in the quarter. Pressure Control revenues declined more than expected, largely driven by lower frac equipment rental, while our product sales outperformed the quarter-over-quarter decline in the average U.S. land rig count reflecting our market share strength. Pressure Control margins were unfavorably impacted by tariffs as we exited the second quarter, particularly given the unexpected doubling of the Section 232 tariff announced and implemented in the quarter." "In the third quarter of 2025, we anticipate that the U.S. land rig count will continue to decline, although we believe that the majority of the reductions for 2025 are behind us provided commodity prices remain relatively stable near today's levels. We expect revenues to be down modestly in both segments, following the lower average domestic activity levels." Mr. Bender concluded, "The second quarter was transformational for Cactus as we announced the agreement to acquire a 65% majority interest in Baker Hughes' Surface Pressure Control business. Our integration planning work is progressing smoothly, and I am particularly pleased with the customer response to our Joint Venture announcement. Adjusting to lower North American activity levels and tariff uncertainties that have negatively impacted margins, we have recently taken action to right-size our organization to align with expectations for the second half of the year. The current softness in the North American market and the ongoing tariff uncertainty emphasized the strategic rationale for our planned acquisition of the Surface Pressure Control business of Baker Hughes, which will provide Cactus with a broader geographic footprint and further revenue diversification." Segment Performance We report two business segments, Pressure Control and Spoolable Technologies. Corporate and other expenses not directly attributable to either segment are presented separately as Corporate and Other expenses. Pressure Control Second quarter 2025 Pressure Control revenue decreased $10.5 million, or 5.5%, sequentially, primarily due to lower rental revenues and lower sales of wellhead and production related equipment resulting from reduced activity levels in the quarter. Operating income decreased $12.0 million, or 22.1%, sequentially, with margins declining 510 basis points due to tariff impacts to product margins and increased legal expenses and reserves recognized in connection with litigation claims. Adjusted Segment EBITDA decreased $11.7 million, or 18.0%, sequentially, with Adjusted Segment EBITDA margins decreasing 450 basis points. Spoolable Technologies Second quarter 2025 Spoolable Technologies revenues increased $3.6 million, or 3.9%, sequentially, due to higher customer activity levels in the seasonally stronger second quarter. Operating income improved $4.2 million, or 17.5%, sequentially, on higher volume, while margins increased 340 basis points on higher operating leverage. Adjusted Segment EBITDA was higher by $4.4 million, or 13.2%, sequentially, with Adjusted Segment EBITDA margins improving 320 basis points. Corporate and Other Expenses Second quarter 2025 Corporate and Other expenses were flat sequentially. Second quarter Corporate and Other expenses contained $3.5 million of transaction-related expenses related to the announced plan to acquire a majority interest in Baker Hughes' Surface Pressure Control business, flat from the first quarter. Liquidity, Capital Expenditures and Other As of June 30, 2025, the Company had $405.2 million of cash and cash equivalents, no bank debt outstanding, and $222.6 million of availability on our revolving credit facility. Operating cash flow was $82.8 million for the second quarter of 2025. During the second quarter, the Company made dividend payments and associated distributions of $10.4 million. Net capital expenditures were $11.1 million during the second quarter of 2025. For the full year 2025, the Company now expects net capital expenditures to be in the range of $40 to $45 million, inclusive of capital directed towards supply chain diversification efforts and efficiency improvements in the Baytown manufacturing facility. We are continuing to evaluate our capital spending program for the year given lower market activity levels. As of June 30, 2025, Cactus had 68,574,875 shares of Class A common stock outstanding (representing 85.9% of the total voting power) and 11,259,495 shares of Class B common stock outstanding (representing 14.1% of the total voting power). Quarterly Dividend The Board of Directors has approved a quarterly cash dividend of $0.14 per share of Class A common stock with payment to occur on September 18, 2025 to holders of record of Class A common stock at the close of business on August 29, 2025. A corresponding distribution of up to $0.14 per CC Unit has also been approved for holders of CC Units of Cactus Companies, LLC. Conference Call Details The Company will host a conference call to discuss financial and operational results tomorrow, Thursday July 31, 2025 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 for the call at least 10 minutes ahead of the start time to ensure a proper connection. Analysts and institutional investors may click here to pre-register for the conference call. An archived webcast of the conference call will be available on the Company's website shortly after the end of the call. 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 throughout North America and Australia, while also providing equipment and services in select international markets. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus' control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "intend," "anticipate," "plan," "should," "estimate," "continue," "potential," "will," "hope," "opportunity," or other similar words and include the Company's expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other "forward-looking" information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company's Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Cactus disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Cactus, Inc. - Supplemental Information Reconciliation of GAAP to non-GAAP Financial Measures Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin (unaudited) Adjusted net income, diluted earnings per share, as adjusted and adjusted net income margin are not measures of net income as determined by GAAP but they are supplemental non-GAAP financial measures that are used by management and external users of the Company's consolidated financial statements. Cactus defines adjusted net income as net income assuming Cactus, Inc. held all units in its operating subsidiary at the beginning of the period, with the resulting additional income tax expense related to the incremental income attributable to Cactus, Inc. Adjusted net income also includes certain other adjustments described below. Cactus defines diluted earnings per share, as adjusted as Adjusted net income divided by weighted average shares outstanding, as adjusted. Cactus defines Adjusted net income margin as Adjusted net income divided by total revenue. The Company believes this supplemental information is useful for evaluating performance period over period. Cactus, Inc. - Supplemental Information Reconciliation of GAAP to non-GAAP Financial Measures EBITDA, Adjusted EBITDA and Adjusted EBITDA margin (unaudited) EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines EBITDA as net income excluding net interest, income tax and depreciation and amortization. Cactus defines Adjusted EBITDA as EBITDA excluding the other items outlined below. Cactus management believes EBITDA and Adjusted EBITDA are useful because they allow management to more effectively evaluate the Company's operating performance and compare the results of its operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. EBITDA and Adjusted EBITDA should not be considered as alternatives to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company's computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company's business. Cactus, Inc. - Supplemental Information Reconciliation of GAAP to non-GAAP Financial Measures Adjusted Segment EBITDA and Adjusted Segment EBITDA margin (unaudited) Adjusted Segment EBITDA and Adjusted Segment EBITDA margin are not measures of net income as determined by GAAP but are supplemental non-GAAP financial measures that are used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. Cactus defines Adjusted Segment EBITDA as segment operating income excluding depreciation and amortization and the other items outlined below, in each case, that are attributable to the segment. Cactus management believes Adjusted Segment EBITDA is useful because it allows management to more effectively evaluate the Company's segment operating performance and compare the results of its segment operations from period to period without regard to financing methods or capital structure, or other items that impact comparability of financial results from period to period. Adjusted Segment EBITDA should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. The Company's computations of Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies. Cactus defines Adjusted Segment EBITDA margin as Adjusted Segment EBITDA divided by total segment revenue. Cactus presents this supplemental information because it believes it provides useful information regarding the factors and trends affecting the Company's business. 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CVR Energy Reports Second Quarter 2025 Results, Announces Leadership Transition Plans
CVR Energy Reports Second Quarter 2025 Results, Announces Leadership Transition Plans Second quarter net loss attributable to CVR Energy stockholders of $114 million; EBITDA loss of $24 million; adjusted EBITDA of $99 millionSecond quarter loss per diluted share of $1.14 and adjusted loss per diluted share of 23 centsPrepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectivelyMark Pytosh to assume role of President, Chief Executive Officer and Director on January 1, 2026, following Dave Lamp retirement; Brett Icahn appointed to the Board of Directors effective August 1, 2025CVR Partners announced a cash distribution of $3.89 per common unit SUGAR LAND, Texas, July 30, 2025 (GLOBE NEWSWIRE) -- CVR Energy, Inc. (NYSE: CVI, "CVR Energy" or the "Company") today announced second quarter 2025 net loss attributable to CVR Energy stockholders of $114 million, or $1.14 per diluted share, compared to second quarter 2024 net income attributable to CVR Energy stockholders of $21 million, or 21 cents per diluted share. Adjusted loss for the second quarter of 2025 was 23 cents per diluted share, compared to adjusted earnings per diluted share of 9 cents in the second quarter of 2024. Net loss for the second quarter of 2025 was $90 million, compared to net income of $38 million in the second quarter of 2024. Second quarter 2025 EBITDA loss was $24 million, compared to second quarter 2024 EBITDA of $103 million. Adjusted EBITDA for the second quarter of 2025 was $99 million, compared to adjusted EBITDA of $87 million in the second quarter of 2024. "CVR Energy's 2025 second quarter earnings results for its refining business were impacted by an $89 million unfavorable mark-to-market impact on its outstanding Renewable Fuel Standard obligation as well as reduced throughput volumes while we ran off intermediate inventory following the completion of the planned turnaround at the Coffeyville refinery," said Dave Lamp, CVR Energy's President and Chief Executive Officer. "CVR Partners achieved solid operating results for the second quarter of 2025, with a combined ammonia production rate of 91 percent," Mr. Lamp said. "CVR Partners also was pleased to declare a second quarter 2025 cash distribution of $3.89 per common unit." The Company also announced leadership transition plans following Mr. Lamp's notice of his intent to retire as President and Chief Executive Officer effective December 31, 2025. Mark A. Pytosh, the Company's Executive Vice President Corporate Services who also serves as President, Chief Executive Officer and Director of the general partner of CVR Partners, LP ("CVR Partners"), is expected to assume the role of President, Chief Executive Officer and Director of CVR Energy while continuing to serve in those same roles for CVR Partners' general partner. Mr. Lamp is expected to remain on the Company's Board of Directors and the board of directors of CVR Partners' general partner. "I would like to thank our employees, communities and stockholders for their support over the past several years. It has been a privilege to have worked closely with our strong management team to drive value throughout the organization, and I look forward to continuing to serve our companies as a member of the Board," said Mr. Lamp. "Mark has been a strong leader for CVR Partners and for our midstream operations. We have worked closely together for many years, and I am confident he is the right person to build upon the foundations we have laid while driving CVR Energy and CVR Partners into the future." Mr. Pytosh joined the general partner of CVR Partners as a Director in 2011 and became President and Chief Executive Officer in May 2014. In January 2018, Mr. Pytosh was appointed Executive Vice President Corporate Services of the Company with executive responsibility over the Company's midstream operations. Prior to joining CVR Partners, Mr. Pytosh held senior financial roles in energy, power, solid waste and investment banking. Mr. Pytosh is expected to remain President, Chief Executive Officer and Director of CVR Partners' general partner. Mr. Pytosh commented, "Dave's leadership, operating discipline and strong corporate values have inspired the Company. I look forward to building upon Dave's incredible legacy while leveraging our operating platform and strong management team to position the Company for positive growth and maximizing value for all of our stockholders." On July 28, 2025, the Board appointed Brett Icahn as a director effective August 1, 2025, increasing the Board size to nine members. Petroleum Segment The Petroleum Segment reported a second quarter 2025 net loss of $137 million and EBITDA loss of $84 million, compared to net income of $18 million and EBITDA of $56 million for the second quarter of 2024. Adjusted EBITDA for the Petroleum Segment was $38 million for the second quarter of 2025, compared to adjusted EBITDA of $37 million for the second quarter of 2024. Combined total throughput for the second quarter of 2025 was approximately 172,000 barrels per day ("bpd") compared to approximately 186,000 bpd of combined total throughput for the second quarter of 2024. Throughput during the current quarter was lower primarily to allow processing of intermediate inventories built during the turnaround at the Coffeyville, Kansas, refinery which began in the first quarter of 2025 and was completed in April 2025. Refining margin for the second quarter of 2025 was $35 million, or $2.21 per total throughput barrel, compared to $185 million, or $10.94 per total throughput barrel, during the same period in 2024. Included in our second quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard ("RFS") obligation of $89 million, unfavorable inventory valuation impacts of $31 million, and unfavorable unrealized derivative impacts of $2 million primarily related to Canadian crude oil positions. Excluding these items, adjusted refining margin for the second quarter of 2025 was $9.95 per barrel, compared to an adjusted refining margin per barrel of $9.81 for the second quarter of 2024. The increase in adjusted refining margin per barrel was primarily due to an increase in the Group 3 2-1-1 crack spread. Renewables Segment Effective beginning with the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company's overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma. The Renewables Segment reported second quarter 2025 net loss of $11 million and EBITDA loss of $5 million, compared to net loss of $11 million and EBITDA loss of $5 million for the second quarter of 2024. Adjusted EBITDA loss for the Renewables Segment was $4 million for the second quarter of 2025, compared to adjusted EBITDA loss of $2 million for the second quarter of 2024. Total vegetable oil throughput for the second quarter of 2025 was approximately 155,000 gallons per day ("gpd"), compared to approximately 127,000 gpd for the second quarter of 2024. Renewables margin was $5 million, or $0.38 per vegetable oil throughput gallon, for the second quarter of 2025 compared to $5 million, or 43 cents per vegetable oil throughput gallon, for the second quarter of 2024. Factors contributing to our second quarter 2025 renewables margin were higher net sales of $13 million resulting from increased production and sales volumes, increased renewable diesel yield due to improved catalyst performance, and increased biomass-based diesel RIN and LCFS credit prices in the current period, partially offset by the loss of the BTC in the current period and a decrease in average CARB ULSD prices of 24 cents per gallon. Higher net sales were partially offset by higher cost of sales of $12 million due to an increase in throughput and production volumes. Nitrogen Fertilizer Segment The Nitrogen Fertilizer Segment reported net income of $39 million and EBITDA of $67 million on net sales of $169 million for the second quarter of 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million for the second quarter of 2024. Production at CVR Partners, LP's ("CVR Partners") fertilizer facilities decreased compared to the second quarter of 2024, producing a combined 197,000 tons of ammonia during the second quarter of 2025, of which 54,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 321,000 tons of urea ammonia nitrate ("UAN"). During the second quarter of 2024, the fertilizer facilities produced a combined 221,000 tons of ammonia, of which 69,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 337,000 tons of UAN. For the second quarter 2025, average realized gate prices for ammonia and UAN were up 14 percent and 18 percent, respectively, over the prior year to $593 and $317 per ton, respectively. Average realized gate prices for ammonia and UAN were $520 and $268 per ton, respectively, for the second quarter of 2024. Corporate and Other The Company reported an income tax benefit of $42 million, or 31.7 percent of loss before income taxes, for the three months ended June 30, 2025, compared to an income tax benefit of $26 million, or (219.7) percent of income before income taxes, for the three months ended June 30, 2024. The increase in income tax benefit was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings. Cash, Debt and Dividend Consolidated cash and cash equivalents were $596 million at June 30, 2025, a decrease of $391 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment. On June 30, 2025, certain of the Company's subsidiaries (the "Term Loan Borrowers") prepaid $70 million in principal of the senior secured term loan facility (the "Term Loan"), in addition to required principal and interest payments as set forth in the Term Loan. As a result of this transaction, the Company recognized a $1 million loss on extinguishment of debt in the second quarter of 2025, related to the write-off of unamortized discount and deferred financing costs. Further, on July 25, 2025, the Term Loan Borrowers prepaid an additional $20 million in principal of the Term Loan, plus any accrued and unpaid interest to the redemption date. CVR Energy will not pay a cash dividend for the second quarter of 2025. Today, CVR Partners announced that the Board of Directors of its general partner declared a second quarter 2025 cash distribution of $3.89 per common unit, which will be paid on August 18, 2025, to common unitholders of record as of August 11, 2025. Second Quarter 2025 Earnings Conference Call CVR Energy previously announced that it will host its second quarter 2025 Earnings Conference Call on Thursday, July 31, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters. The second quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy's website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/939p6amw. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13754877. Forward-Looking StatementsThis news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; management changes; impacts of planned and unplanned downtime; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company's ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; ability to paydown debt, make debt prepayments and terms associated therewith; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "explore," "evaluate," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder's intention regarding ownership of our common stock or CVR Partners' common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission ("SEC") filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The terms of the employment agreement referenced herein are qualified in their entirety by the text of the agreement which will be duly disclosed in the Company's upcoming filings with the Securities and Exchange Commission. About CVR Energy, Inc.Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own approximately 37 percent of the common units of CVR Partners. Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website. Contact Information: Investor Relations Richard Roberts(281) 207-3205InvestorRelations@CVREnergy.com Media Relations Brandee Stephens(281) 207-3516MediaRelations@CVREnergy.com Non-GAAP Measures Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below. As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below. The following are non-GAAP measures we present for the periods ended June 30, 2025 and 2024: EBITDA - Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense. Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA - Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization. Refining Margin - The difference between our Petroleum Segment net sales and cost of materials and other. Adjusted Refining Margin - Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Refining Margin and Adjusted Refining Margin, per Throughput Barrel - Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period. Direct Operating Expenses per Throughput Barrel - Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period. Renewables Margin - The difference between our Renewables Segment net sales and cost of materials and other. Adjusted Renewables Margin - Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon - Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period. Direct Operating Expenses per Vegetable Oil Throughput Gallon - Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period. Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA - EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful. Adjusted Earnings (Loss) per Share - Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends. Free Cash Flow - Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures. We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See "Non-GAAP Reconciliations" included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document. Factors Affecting Comparability of Our Financial Results Petroleum Segment Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $24 million and $3 million during the three months ended June 30, 2025 and 2024, respectively, and $190 million and $42 million during the six months ended June 30, 2025 and 2024, respectively. See "Non-GAAP Reconciliations" section below. Selected Consolidated Balance Sheet Data Selected Consolidated Cash Flow Data * See "Non-GAAP Reconciliations" section below. Selected Segment Data * See "Non-GAAP Reconciliations" section below.(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures. Selected Balance Sheet Data (1) Corporate cash and cash equivalents consisted of $135 million and $148 million at June 30, 2025 and December 31, 2024, respectively. (2) Corporate total debt and finance lease obligations, including current portion consisted of $998 million and $996 million at June 30, 2025 and December 31, 2024, respectively. Petroleum Segment Key Operating Metrics per Total Throughput Barrel See "Non-GAAP Reconciliations" section below. Refining Throughput and Production Data by Refinery (1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, "Total Crude Throughput") divided by consolidated crude oil throughput capacity of 206,500 bpd.(2) Total Gasoline and Distillate divided by Total Crude Throughput.(3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.(4) Total Distillate divided by Total Crude Throughput. Key Market Indicators Renewables Segment Key Operating Metrics per Vegetable Oil Throughput Gallon See "Non-GAAP Reconciliations" section below. Renewables Throughput and Production Data (1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day. Key Market Indicators Nitrogen Fertilizer Segment (1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners' facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and six months ended June 30, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate. Sales and Production Data (1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense. Key Market Indicators Q3 2025 Outlook The table below summarizes our outlook for certain operational statistics and financial information for the third quarter of 2025. See "Forward-Looking Statements" above. (1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.(3) Turnaround and capital expenditures are disclosed on an accrual basis.(4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day. Non-GAAP Reconciliations Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share (1) Amounts are shown after-tax, using the Company's marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period. Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin (1) The Petroleum Segment's basis for determining inventory value under GAAP is First-In, First-Out ("FIFO"). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin (1) The Renewables Segment's basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period. Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA
W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company
W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) -- W&T Offshore, Inc. (NYSE: WTI) (the "Company") today announced that Tracy Krohn, W&T's Founder, Chairman, CEO and President will ring the closing bell at the New York Stock Exchange ("NYSE") on Monday, August 4, 2025, to commemorate the Company's 20th anniversary as a NYSE-listed company. W&T's Board of Directors and senior management team will also participate in the ceremony. Live coverage of the event will begin on Monday, August 4, 2025, at 3:55 p.m. ET and will be available for streaming at www.NYSE.com/bell. An archived version of the ceremony will be posted to W&T's Web site, www.wtoffshore.com, in the "Investors" section on the "Overview" page under "News and Events". Tracy Krohn commented, "It is truly an honor to ring the NYSE closing bell in celebration of our 20th anniversary as a publicly traded company. I want to express my gratitude to each member of our Board of Directors, our management team and all of our dedicated employees across the Company for their invaluable contributions to W&T's success since its inception. It has been an incredible journey these past 42 years, from our founding in 1983, our IPO in 2005, to now celebrating this milestone occasion. Throughout our history, we have remained committed to responsible energy production and being a staunch and vocal advocate for the offshore Gulf of America sector of the energy industry where we have been primarily focused since we began operations. Looking ahead, I remain excited about W&T's future as we continue to execute and improve upon our unique and resilient business model. About W&T Offshore W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company's daily production is derived from wells it operates. For more information on W&T, please visit the Company's website at www.wtoffshore.com.
Tenaris Announces 2025 Second Quarter Results
Tenaris Announces 2025 Second Quarter Results The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures. LUXEMBOURG, July 30, 2025 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) ("Tenaris") today announced its results for the quarter ended June 30, 2025 in comparison with its results for the quarter ended June 30, 2024. Summary of 2025 Second Quarter Results (Comparison with first quarter of 2025 and second quarter of 2024) * EBITDA in 2Q 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $821 million, or 24.7% of sales. In the second quarter, our sales rose 6% sequentially reflecting an increase in North American OCTG prices and stable volumes. EBITDA and net income also rose. Margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments. Our free cash flow for the quarter amounted to $538 million and, after spending $600 million on dividends and $237 million on share buybacks, our net cash position amounted to $3.7 billion at June 30, 2025. Market Background and Outlook Oil prices have softened as OPEC+ accelerates the unwinding of its 2.2 Mb/d voluntary production cuts and demand growth is subdued amidst a high level of economic and geopolitical uncertainty. Drilling activity, however, has remained relatively resilient, although there has been some reduction in oil drilling in the United States, Canada and Saudi Arabia. Mexico, with the recent financing of Pemex, may start to recover some activity after its extended decline. Following the recent increase in tariffs on imports of steel products from 25% to 50%, we expect U.S. OCTG imports to reduce from the high levels of the first half and U.S. OCTG prices to increase over time. For the second half, as anticipated in our last conference call, our sales will show a moderate decline compared to the first half reflecting lower drilling activity and a lower contribution from line pipe projects. Our margins will also be affected by the recent increase in tariff costs. Analysis of 2025 Second Quarter Results Tubes The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below: The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of tubular products and services increased 6% sequentially and decreased 7% year on year. Sequentially, a 1% decline in volumes sold was offset by a 6% increase in average selling prices. In North America sales increased due to higher OCTG prices in the region and higher shipments to the US offshore. In South America sales decreased following a reduction in shipments to the Raia offshore project in Brazil compensated by the start of shipments for the Vaca Muerta Sur pipeline in Argentina and higher coating services in the Caribbean. In Europe sales were stable sequentially however year on year we had lower sales of offshore line pipe. In Asia Pacific, Middle East and Africa sales were stable as we had lower sales in Saudi Arabia, compensated by higher sales of offshore line pipe and coating services in sub-Saharan Africa and for a gas processing plant in Algeria. Operating results from tubular products and services amounted to a gain of $554 million in the second quarter of 2025 compared to a gain of $514 million in the previous quarter and a gain of $459 million in the second quarter of 2024. Despite the increase in average selling prices margins remained in line with those of the previous quarter as cost of sales rose 5%, principally reflecting product mix differences and higher tariff payments. Others The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of other products and services increased 6% sequentially and decreased 14% year on year. Sequentially, sales increased mainly due to higher sales of oilfield services in Argentina, excess raw materials and energy sold to third parties which had a lower margin. Selling, general and administrative expenses, or SG&A, amounted to $484 million, or 15.7% of net sales, in the second quarter of 2025, compared to $457 million, 15.6% in the previous quarter and $497 million, 15.0% in the second quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher services and fees, taxes, and other expenses. Other operating results amounted to a loss of $6 million in the second quarter of 2025, compared to a gain of $6 million in the previous quarter and a $170 million loss in the second quarter of 2024. In the second quarter of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas. Financial results amounted to a gain of $32 million in the second quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $57 million in the second quarter of 2024. Financial result of the quarter is mainly attributable to a $54 million net finance income from the net return of our portfolio investments partially offset by foreign exchange and derivatives results. Equity in earnings (losses) of non-consolidated companies generated a gain of $33 million in the second quarter of 2025, compared to a gain of $14 million in the previous quarter and a loss of $83 million in the second quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX) and in the second quarter of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment. Income tax charge amounted to $105 million in the second quarter of 2025, compared to $81 million in the previous quarter and $138 million in the second quarter of 2024. Sequentially, the higher income tax charge reflects better results at several subsidiaries. Cash Flow and Liquidity of 2025 Second Quarter Net cash generated by operating activities during the second quarter of 2025 was $673 million, compared to $821 million in the previous quarter and $0.9 billion in the second quarter of 2024. During the second quarter of 2025 cash generated by operating activities includes a net working capital reduction of $26 million. With capital expenditures of $135 million, our free cash flow amounted to $538 million during the quarter. Following a dividend payment of $600 million and share buybacks of $237 million in the quarter, our net cash position amounted to $3.7 billion at June 30, 2025. Analysis of 2025 First Half Results * EBITDA in 6M 2024 includes a $171 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $1,808 million, or 26.7% of sales. Our sales in the first half of 2025 decreased 11% compared to the first half of 2024 as volumes of tubular products shipped decreased 5% and tubes average selling prices decreased 7% due to price declines in North America. Following the decrease in sales, EBITDA margin declined from 26.7%, excluding a $171 million provision, to 23.8% and EBITDA declined 21%. While net income declined 4% year on year, earnings per share increased 4% following the reduction of outstanding shares due to the share buyback. Cash flow provided by operating activities amounted to $1.5 billion during the first half of 2025, including a reduction in working capital of $250 million. After capital expenditures of $309 million, our free cash flow amounted to $1.2 billion. Following a dividend payment of $600 million and share buybacks for $474 million in the semester, our net cash position amounted to $3.7 billion at the end of June 2025. The following table shows our net sales by business segment for the periods indicated below: Tubes The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below: The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of tubular products and services decreased 11% to $5,686 million in the first half of 2025, compared to $6,421 million in the first half of 2024 due to a 5% decrease in volumes and a 7% decrease in average selling prices due to price declines in North America. Average drilling activity in the first half of 2025 decreased 4% in the United States and Canada and 7% internationally compared to the first half of 2024. Operating results from tubular products and services amounted to a gain of $1,068 million in the first half of 2025 compared to a gain of $1,245 million in the first half of 2024. In first six months of 2024 our Tubes operating income included a $171 million charge for litigations related to the acquisition of a participation in Usiminas and a $39 million gain from the positive resolution of legal claims in Mexico and Brazil. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on margins. Others The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below: Net sales of other products and services decreased 6% to $322 million in the first half of 2025, compared to $342 million in the first half of 2024. The decline in sales is related to lower sales of sucker rods, coiled tubing and excess raw materials, partially offset by an increase in the sale of oilfield services in Argentina. Operating results from other products and services amounted to a gain of $65 million in the first half of 2025, compared to a gain of $78 million in the first half of 2024. Results were mainly derived from our oilfield services business in Argentina and from the sale of sucker rods. Selling, general and administrative expenses, or SG&A, declined from $1,005 million in the first half of 2024 to $941 million in the first half of 2025, however they increased from 14.9% to 15.7% of sales. The decline in SG&A expenses is mainly due to lower taxes, labor costs and depreciation and amortization. Other operating results amounted to a loss of $50 thousand in the first half of 2025, compared to a loss of $157 million in the first half of 2024. In the first six months of 2024 we recorded a $171 million loss from provision for ongoing litigation related to the acquisition of a participation in Usiminas. Financial results amounted to a gain of $67 million in the first half of 2025, compared to a gain of $32 million in the first half of 2024. While net finance income increased in the first six months of 2025 due to a stronger net financial position, foreign exchange results were negative, compared to the positive impact recorded in the same period of 2024. In the first half of 2024 other financial results were negatively affected by a cumulative loss of the U.S. dollar denominated Argentine bond previously recognized in other comprehensive income. Equity in earnings (losses) of non-consolidated companies generated a gain of $47 million in the first half of 2025, compared to a loss of $34 million in the first half of 2024. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in the first six months of 2024 were negatively affected by an $83 million loss from the provision for ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment. Income tax amounted to a charge of $187 million in the first half of 2025, compared to $223 million in the first half of 2024. The lower income tax charge reflects the reduction in results at several subsidiaries. Cash Flow and Liquidity of 2025 First Half Net cash provided by operating activities during the first half of 2025 amounted to $1.5 billion (including a reduction in working capital of $250 million), compared to cash provided by operations of $1.8 billion (net of a reduction in working capital of $276 million) in the first half of 2024. Capital expenditures amounted to $309 million in the first half of 2025, compared to $333 million in the first half of 2024. Free cash flow amounted to $1.2 billion in the first half of 2025, compared to $1.5 billion in the first half of 2024. Following a dividend payment of $600 million in May 2025 and share buybacks of $474 million during the first half of 2025, our net cash position amounted to $3.7 billion at the end of June 2025. Conference call Tenaris will hold a conference call to discuss the above reported results, on July 31, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To listen to the conference please join through one of the following options: ir.tenaris.com/events-and-presentations or https://edge.media-server.com/mmc/p/dy4pxaxk If you wish to participate in the Q&A session please register at the following link: https://register-conf.media-server.com/register/BI13b7d2b9dcce43d79257fc8cfbdde30c Please connect 10 minutes before the scheduled start time. A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.Consolidated Condensed Interim Income Statement Consolidated Condensed Interim Statement of Financial Position Consolidated Condensed Interim Statement of Cash Flows Exhibit I Alternative performance measures Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS. EBITDA, Earnings before interest, tax, depreciation and amortization. EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt. EBITDA is calculated in the following manner: EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals). EBITDA is a non-IFRS alternative performance measure. Free Cash Flow Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base. Free cash flow is calculated in the following manner: Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures. Free cash flow is a non-IFRS alternative performance measure. Net Cash / (Debt) This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company's leverage, financial strength, flexibility and risks. Net cash/ debt is calculated in the following manner: Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments - Borrowings (Current and Non-Current). Net cash/debt is a non-IFRS alternative performance measure. Operating working capital days Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company's operational efficiency, and short-term financial health. Operating working capital days is calculated in the following manner: Operating working capital days = [(Inventories + Trade receivables Trade payables Customer advances) / Annualized quarterly sales ] x 365. Operating working capital days is a non-IFRS alternative performance measure. Giovanni Sardagna Tenaris 1-888-300-5432www.tenaris.com
Civitas Resources Publishes 2025 Corporate Sustainability Report
Civitas Resources Publishes 2025 Corporate Sustainability Report DENVER, Jul. 30 /BusinessWire/ -- Civitas Resources, Inc. (NYSE:CIVI) ("Civitas" or the "Company") today published its 2025 Corporate Sustainability Report, providing transparency around the Company's sustainability initiatives, targets, and progress toward stated goals. Chris Doyle, CEO, stated, "Civitas continues to make significant progress as an operator committed to sustainability. As a result of numerous successful operational initiatives in 2024, company-wide emissions have further decreased and we have translated our learnings from the DJ Basin into impressive improvements on our acquired Permian Basin assets, all while maintaining our proven safety performance. In 2026, we will expand our carbon neutrality pledge to include our Permian Basin assets, in addition to the DJ Basin, proving our sustainability leadership and delivering on our mission to Disrupt Energy for Good." Highlights from the report include: Reduced emissions: lowered the Company's Scope 1 greenhouse gas emissions by 5.7% in 2024 compared to its 2023 baseline, progressing steadily toward the goal of a 40% reduction by 2030 Continued commitment to carbon neutrality: maintained carbon neutrality(1) and zero routine flaring in the DJ Basin; committed to achieving both in the Permian Basin(2) Continued strong safety performance: delivered a combined Total Recordable Incident Rate(3) of 0.25 in 2024 - closely aligned with the industry's top-quartile target of 0.22 - reflecting the Company's ongoing commitment to industry-leading safety standards Reaffirmed pneumatic reduction targets: focused on significant reduction of pneumatic emissions (80% by 2025 in the DJ Basin from 2021 baseline; 65% by 2030 in the Permian Basin from 2023 baseline) Launching new targets: committed to establishing a new methane intensity target in 2025 Delivered on voluntary initiatives: expanded emissions monitoring and detection infrastructure above and beyond compliance requirements, proactively retrofitted 350 facilities to mitigate spill risk, and plugged 42 orphan wells in Colorado Readers can access the 2025 Corporate Sustainability Report on Civitas' website here: Civitas/Sustainability. About Civitas Civitas Resources, Inc. is an independent exploration and production company focused on the acquisition, development and production of crude oil and liquids-rich natural gas from its premier assets in the Permian Basin in Texas and New Mexico and the DJ Basin in Colorado. Civitas' proven business model to maximize shareholder returns is focused on four key strategic pillars: generating significant free cash flow, maintaining a premier balance sheet, returning capital to shareholders, and demonstrating ESG leadership. Cautionary Statement Regarding Forward-Looking Information Certain statements in this press release concerning Civitas' future expectations, beliefs, plans, objectives, financial conditions, assumptions, or future events or performance that are not historical facts are "forward-looking" statements based on assumptions currently believed to be valid. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy," and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements included in this press release include statements regarding the Company's plans and commitments with respect to carbon neutrality and emissions reductions. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to: future financial condition, results of operations, strategy and plans; declines or volatility in the prices we receive for our crude oil, natural gas, and NGLs; general economic conditions, whether internationally, nationally, or in the regional and local market areas in which we do business, including any future economic downturn, the impact of continued or further inflation, disruption in the financial markets, the imposition of tariffs or trade or other economic sanctions, political instability, and the availability of credit on acceptable terms; the effects of disruption of our operations or excess supply of crude oil and natural gas and other effects of world events, and actions taken by OPEC+ as it pertains to global supply and demand of, and prices for, crude oil, natural gas, and NGLs; political conditions in or affecting other producing countries, including conflicts or hostilities in or relating to the Middle East (including the current events involving Israel and Iran), South America, and Russia (including the current events involving Russia and Ukraine), and other sustained military campaigns or acts of terrorism or sabotage and the effects therefrom; our ability to identify, select, and consummate possible additional acquisition and disposition opportunities; the ability of our customers to meet their obligations to us; our access to capital on acceptable terms; our ability to generate sufficient cash flow from operations, borrowings, or other sources to enable us to fully develop our undeveloped acreage positions and to meet our capital allocation initiatives; the presence or recoverability of estimated crude oil and natural gas reserves and the actual future sales volume rates and associated costs; uncertainties associated with estimates of proved crude oil and natural gas reserves; changes in local, state, and federal laws, regulations or policies that may affect our business or our industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); environmental, health, and safety risks; seasonal weather conditions as well as severe weather and other natural events caused by climate change; lease stipulations; drilling and operating risks, including the risks associated with the employment of horizontal drilling and completion techniques; our ability to acquire adequate supplies of water for drilling and completion operations; availability of oilfield equipment, services, and personnel; exploration and development risks; operational interruption of centralized crude oil and natural gas processing facilities; competition in the crude oil and natural gas industry; management's ability to execute our plans to meet our goals; our ability to attract and retain key members of our senior management and key technical employees; our ability to maintain effective internal controls; access to adequate gathering systems and pipeline take-away capacity; our ability to secure adequate processing capacity for natural gas we produce, to secure adequate transportation for crude oil, natural gas, and NGL we produce, and to sell the crude oil, natural gas, and NGL at market prices; costs and other risks associated with perfecting title for mineral rights in some of our properties; pandemics and other public health epidemics; and other economic, competitive, governmental, legislative, regulatory, geopolitical, and technological factors that may negatively impact our businesses, operations, or pricing. Additional information concerning other factors that could cause results to differ materially from those described above can be found under Item 1A. "Risk Factors" and "Management's Discussion and Analysis" sections in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, subsequently filed Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings made with the Securities and Exchange Commission. All forward-looking statements speak only as of the date they are made and are based on information available at the time they were made. The Company assumes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20250728353353/en/ back
DHT Holdings, Inc. announces $308.4 million financing
DHT Holdings, Inc. announces $308.4 million financing HAMILTON, BERMUDA, July 30, 2025 DHT Holdings, Inc. (NYSE:DHT) ("DHT" or the "Company") today announces that it has entered into a $308.4 million senior secured credit facility for the post-delivery financing of the Company's four newbuildings. The vessels are currently under construction at Hyundai Samho Heavy Industries and Hanwha Ocean (formerly known as Daewoo Shipbuilding & Marine Engineering), in South Korea, and are scheduled for delivery during the first half of 2026. The facility is co-arranged by ING Bank and Nordea Bank Abp, with ING Bank as Coordinator, Facility Agent, Security Agent and ECA Agent. The facility bears interest at a rate equal to SOFR plus a weighted average margin of 1.32%. The maturity date of the facility in relation to each vessel is 12 years from the delivery date with a 20-year repayment profile. Other terms and conditions are broadly in line with DHT's current credit facilities. President & CEO, Svein Moxnes Harfjeld, stated: "We are pleased to have secured this credit facility, which underscores the confidence our banking partners and K-Sure have in DHT and our long-term strategy. This agreement represents a competitive margin in combination with an extended tenor and aligns with our robust financial foundation while advancing our fleet renewal and expansion. We look forward to the delivery of these large size, state-of-the art VLCCs, which will enhance the service offering to our customers." About DHT Holdings, Inc.DHT is an independent crude oil tanker company. Our fleet trades internationally and consists of crude oil tankers in the VLCC segment. We operate through our wholly owned management companies in Monaco, Norway, Singapore, and India. You may recognize us by our renowned business approach as an experienced organization with focus on first rate operations and customer service; our quality ships; our prudent capital structure that promotes staying power through the business cycles; our fleet employment with a combination of market exposure and fixed income contracts; our disciplined capital allocation strategy through cash dividends, investments in vessels, debt prepayments and share buybacks; and our transparent corporate structure maintaining a high level of integrity and corporate governance. For further information please visit www.dhtankers.com. Forward Looking StatementsThis press release contains certain forward-looking statements and information relating to the Company that are based on beliefs of the Company's management as well as assumptions, expectations, projections, intentions and beliefs about future events. When used in this document, words such as "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "will," "may," "should" and "expect" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These statements reflect the Company's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company's estimates and assumptions only as of the date of this press release and are not intended to give any assurance as to future results. For a detailed discussion of the risk factors that might cause future results to differ, please refer to the Company's Annual Report on Form 20-F, filed with the SEC on March 20, 2025. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and the Company's actual results could differ materially from those anticipated in these forward-looking statements. Contact:Laila C. Halvorsen, CFOPhone: +1 441 295 1422 and +47 984 39 935 E-mail: lch@dhtankers.com
COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2025 FINANCIAL AND OPERATING RESULTS
COMSTOCK RESOURCES, INC. REPORTS SECOND QUARTER 2025 FINANCIAL AND OPERATING RESULTS FRISCO, TX, July 30, 2025 (GLOBE NEWSWIRE) -- Comstock Resources, Inc. ("Comstock" or the "Company") (NYSE; NYSE Texas: CRK) today reported financial and operating results for the quarter ended June 30, 2025. Highlights of 2025's Second Quarter Higher natural gas prices in the second quarter drove improved financial results in the quarter. Natural gas and oil sales, including realized hedging gains, were $344 million for the quarter.Operating cash flow was $210 million or $0.71 per diluted share.Adjusted EBITDAX for the quarter was $260 million.Adjusted net income was $40.0 million or $0.13 per diluted share for the quarter. Five Western Haynesville wells turned to sales in the second quarter. These wells had an average lateral length of 10,897 feet and an average per well initial production rate of 36 MMcf per day.The five wells were drilled and completed at an average per well cost of $2,647 per completed lateral foot. Comstock has turned 21 wells to sales to date in 2025 in its Legacy Haynesville area with an average lateral length of 11,803 feet and a per well initial production rate of 25 MMcf per day. Financial Results for the Three Months Ended June 30, 2025 During the second quarter of 2025, Comstock realized $3.02 per Mcf before hedging and $3.06 per Mcf after hedging for its natural gas production of 112 Bcf. As a result, Comstock's natural gas and oil sales in the second quarter of 2025 increased to $344.3 million (including realized hedging gains of $4.3 million). Operating cash flow (excluding changes in working capital) generated in the second quarter of 2025 was $209.6 million, and net income for the second quarter was $130.7 million or $0.44 per diluted share. The net income in the quarter included a pre-tax $231.6 million unrealized gain on hedging contracts held for price risk management resulting from the change in future natural gas prices since the first quarter of 2025. Excluding this item, adjusted net income for the second quarter of 2025 was $40.0 million, or $0.13 per diluted share. Comstock's production cost per Mcfe in the second quarter averaged $0.80 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.28 for lease operating costs, $0.09 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged operating margin was 73% in the second quarter of 2025 and 74% after hedging. Financial Results for the Six Months Ended June 30, 2025 For the six months ended June 30, 2025, Comstock realized $3.31 per Mcf before hedging and $3.29 per Mcf after hedging for its natural gas production of 227 Bcf. Natural gas and oil sales for the six months ended June 30, 2025 totaled $749.3 million (including realized hedging losses of $3.7 million). Operating cash flow (excluding changes in working capital) generated during the first six months of 2025 was $448.6 million, and net income was $15.3 million or $0.05 per diluted share. Net income during the first six months of 2025 included a pre-tax $90.8 million unrealized loss on hedging contracts held for risk management. Excluding this item and exploration expense, adjusted net income for the six months ended June 30, 2025 was $93.9 million or $0.32 per diluted share. Comstock's production cost per Mcfe during the six months ended June 30, 2025 averaged $0.82 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.29 for lease operating costs, $0.10 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock's unhedged and hedged operating margin was 75% during the first six months of 2025. Drilling Results Comstock drilled twelve (10.6 net) operated horizontal Haynesville/Bossier shale wells in the second quarter of 2025, which had an average lateral length of 10,388 feet. Comstock turned thirteen (12.0 net) operated wells to sales in the second quarter of 2025. Since its last operational update in May 2025, Comstock has turned twelve (11.0 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 29 MMcf per day. The completed lateral length of these wells averaged 10,939 feet. Included in the wells turned to sales were four more successful Western Haynesville wells: Other Comstock and NextEra Energy Resources, LLC, a unit of NextEra Energy, Inc. (NYSE: NEE) are collaborating to explore the potential development of power generation assets near Comstock's growing Western Haynesville area. The joint project will look to integrate Comstock's growing natural gas supply and its natural gas gathering and processing and pipeline assets in its Western Haynesville area to support reliable energy solutions to potential data center customers. Earnings Call Information Comstock has planned a conference call for 10:00 a.m. Central Time on July 31, 2025, to discuss the second quarter 2025 operational and financial results. Investors wishing to listen should visit the Company's website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:https://register-conf.media-server.com/register/BI4a6aefc65c284c6190c230cdebdf9088.Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/537xytab. If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on July 31, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/537xytab. This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company's filings with the Securities and Exchange Commission ("SEC") available on the Company's website or the SEC's website at sec.gov. Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company's stock is traded on the NYSE and the NYSE Texas under the symbol CRK. COMSTOCK RESOURCES, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts) COMSTOCK RESOURCES, INC.OPERATING RESULTS(In thousands, except per unit amounts) (1) Included in gain (loss) from derivative financial instruments in operating results. (2) Excludes stock-based compensation. COMSTOCK RESOURCES, INC.NON-GAAP FINANCIAL MEASURES(In thousands, except per share amounts) (1) Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company's profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items. (2) Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method. (3) Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock's results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts. COMSTOCK RESOURCES, INC.NON-GAAP FINANCIAL MEASURES(In thousands) (1) Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts. (2) Free cash deficit from operations and free cash deficit after acquisitions are presented in the earnings release because management believes them to be useful indicators of the Company's ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties. COMSTOCK RESOURCES, INC.CONSOLIDATED BALANCE SHEETS(In thousands)
Teekay Corporation Ltd. Second Quarter 2025 Business Update
Teekay Corporation Ltd. Second Quarter 2025 Business Update HAMILTON, Bermuda, July 30, 2025 (GLOBE NEWSWIRE) -- Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK) today reported a business update for the three months ended June 30, 2025. The business update and Teekay Group's earnings presentation are available on the Company's website here. About Teekay Teekay is a leading provider of international crude oil marine transportation and other marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), a leading owner and operator of mid-sized crude tankers. Teekay Tankers manages and operates approximately 58 conventional tankers and other marine assets, including vessels operated for the Australian Government. With offices in 8 countries and approximately 2,200 seagoing and shore-based employees, Teekay Tankers provides a comprehensive set of marine services to the world's leading energy companies. Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK". For Investor Relations enquiries contact: E-mail: investor.relations@teekay.comWebsite: www.teekay.com
Magnolia Oil & Gas Corporation Announces Second Quarter 2025 Results
Magnolia Oil & Gas Corporation Announces Second Quarter 2025 Results HOUSTON, Jul. 30 /BusinessWire/ -- Magnolia Oil & Gas Corporation ("Magnolia," "we," "our," or the "Company") (NYSE:MGY) today announced its financial and operational results for the second quarter of 2025. Second Quarter 2025 Highlights: Second Quarter 2025 Highlights: Magnolia reported second quarter 2025 net income attributable to Class A Common Stock of $78.1 million, or $0.41 per diluted share. Second quarter 2025 total net income was $81.0 million and total adjusted net income(1) was $80.9 million. Diluted weighted average total shares outstanding decreased by 5% to 192.1 million(2) compared to second quarter 2024. Adjusted EBITDAX(1) was $223.2 million during the second quarter of 2025. Total drilling and completions ("D&C") capital was $95.2 million and below our earlier guidance. The second quarter D&C capital represented approximately 43% of adjusted EBITDAX. Net cash provided by operating activities was $198.7 million during the second quarter of 2025 and the Company generated free cash flow(1) of $107.5 million. Magnolia generated operating income as a percentage of revenue (pre-tax margin) of 34% during the second quarter. Total Company production volumes in the second quarter of 2025 grew by 9% on a year-over-year basis to 98.2 thousand barrels of oil equivalent per day ("Mboe/d") including 40.0 thousand barrels of oil per day ("Mbbls/d") about 5% higher compared to the prior year and establishing another quarterly record for both oil and total production. Giddings total production grew 11% year-over-year to 77.4 Mboe/d with oil volumes increasing by 4%. The better-than-expected production levels were the result of continued strong well performance and productivity. For consecutive quarters, we are increasing our full-year 2025 production growth guidance to approximately 10%, from a range of 7 to 9% previously. We expect this growth to be delivered within the same range of D&C capital of $430 to $470 million, demonstrating the ongoing efficiencies of our capital program. In late June and early July, Magnolia closed multiple oil and gas property acquisitions from small private operators for approximately $40 million(3) and encompassing roughly 18,000 net acres. These assets include total production of approximately 500 Mboe/d (~35% oil), in addition to attractive leasehold and royalty acres. Second quarter 2025 volumes did not include any production benefit from the recently acquired properties. Magnolia continues to appraise and learn more about its vast acreage position in the Giddings area which consists of more than 750,000 gross and 550,000 net acres. As a result of our successful appraisal program, continuing evaluation of our acreage position and multiple bolt-on property acquisitions, we are increasing the current development area for our Giddings asset by 20% to approximately 240,000 net acres, or more than 40% of the Company's total net acreage position. Approximately 75% of the increase is a result of our ongoing appraisal program with the remainder coming from the recent bolt-on transactions. The Company repurchased 2.2 million of its Class A Common Stock during the second quarter for $48.7 million. Magnolia has 7.4 million Class A Common shares remaining under its current share repurchase authorization, which are specifically allocated toward open market share repurchases. As previously announced, the Board of Directors declared a cash dividend of $0.15 per share of Class A common stock, and a cash distribution of $0.15 per Class B unit, payable on September 2, 2025 to shareholders of record as of August 11, 2025. Magnolia returned $77.9 million(4), or 72% of the Company's free cash flow(1), to shareholders during the second quarter through a combination of share repurchases and dividends. Together with the significant return of cash to shareholders, Magnolia ended the first quarter with $251.8 million of cash on the balance sheet and an undrawn $450 million revolving credit facility. "Magnolia delivered another strong period of quarterly results, and we continued to execute on our business model as demonstrated by our financial and operating performance," said Chairman, President, and CEO Chris Stavros. "The Company's total production and oil production set a new quarterly record supported by solid ongoing well performance notably at our Giddings asset. We now expect that our resilient well productivity to help drive our full-year 2025 production growth to approximately 10 percent. Improved well performance and capital efficiencies has provided us with ongoing operational flexibility allowing us to maintain our capital spending in the range of $430 to $470 million while continuing to preserve several well completions into 2026. Strong well performance continues to drive our overall production higher while supporting our disciplined rate of capital reinvestment that has been well-below our self-imposed ceiling of 55 percent of our EBITDAX. Ongoing capital efficiencies have allowed us to generate consistent free cash flow throughout periods of product price volatility. The most recent quarter was a good example as we generated $107 million of free cash flow returning 72 percent of this free cash to our shareholders through our base dividend payment and ongoing share repurchase program. "We were able to use some of the excess cash generated by the business to close on multiple oil and gas property acquisitions during late June and early July totaling about $40 million. These small bolt-on transactions added approximately 18,000 net acres in Giddings including roughly 500 barrels of oil equivalent per day of production. Importantly, we have deployed this same strategy in Giddings of `appraise, acquire, grow, and further exploit' since our inception and as we have continued to gain significant subsurface knowledge and experience in the Giddings field. The pursuit of this strategy contributed to increasing our development area in Giddings by 20 percent to 240,000 net acres. "Strong well productivity, capital efficiencies and high operating margins are all characteristics that are prevalent in Giddings. These high-quality attributes along with our continued focus, capital discipline and the competitive advantage gained through our accumulated knowledge in the field are responsible for much of Magnolia's success. We will continue to look for opportunities over time to expand our presence and footprint within the field. Magnolia's top-tier assets and focused strategy, centered on prudent capital investment, steady production growth, robust pre-tax margins, and reliable free cash flow should continue to drive shareholder returns over the long term." Operational Update Total Company production volumes in the second quarter of 2025 grew by 9 percent on a year-over-year basis to 98.2 Mboe/d including 40.0 Mbbls/d, both setting new quarterly production records for the Company. Second quarter Giddings total production increased by 11 percent, compared to the prior year period with Giddings oil production growing by 4 percent compared to the second quarter of 2024. Giddings production represented 79 percent of total Company volumes during the second quarter. Magnolia's second quarter 2025 capital spending on drilling, completions, and associated facilities was $95.2 million. Magnolia plans to continue to operate two drilling rigs and one completion crew during 2025 and expects to maintain this level of activity through the remainder of the year. The Company's two operated rigs and one completion crew development program has been in place consistently for the last four years driving total Company production growth of more than 40 percent and more than doubling our production volumes in Giddings. Approximately 75 to 80 percent of the 2025 activity is expected to consist of multi-well development pads in the Giddings area combined with some appraisal wells intended to test some concepts and further de-risk our sizable acreage position. Our development program at Giddings consists of drilling multi-well pads throughout our core 240,000 net acre development area. This creates a balanced and efficient program that provides more consistent year-over-year results. Additional Guidance The continued strong well performance leads us to raise our full-year 2025 total production growth guidance to approximately 10 percent, compared to our prior growth range of 7 to 9 percent. Magnolia is maintaining its total 2025 D&C capital spending in the range of $430 to $470 million. This includes an estimate of non-operated capital that is similar to 2024 levels. Third quarter 2025 D&C capital spending is estimated to be approximately $115 million with total production for the third quarter estimated to be approximately 99 Mboe/d inclusive of the small amount of volume associated with the recent bolt-on acquisitions. Total company lease operating expenses ("LOE") were $4.88 per boe during the second quarter of 2025, and significantly below both first quarter 2025 and last year's second quarter levels of approximately $5.40 per boe. The sharp decline was driven by lower workover expense, and we expect LOE to normalize to roughly $5.25 per boe in the third quarter or about 5 percent below LOE levels seen in 2024. Oil price differentials are anticipated to be approximately a $3 per barrel discount to Magellan East Houston and Magnolia remains completely unhedged for all its oil and natural gas production. The fully diluted share count for the third quarter of 2025 is expected to be approximately 191 million shares, which is 4 percent lower than third quarter 2024 levels. Quarterly Report on Form 10-Q Magnolia's financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the three months ended June 30, 2025, which is expected to be filed with the U.S. Securities and Exchange Commission ("SEC") on July 31, 2025. Conference Call and Webcast Magnolia will host an investor conference call on Thursday, July 31, 2025 at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss these operating and financial results. Interested parties may join the webcast by visiting Magnolia's website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. A replay of the webcast will be posted on Magnolia's website following completion of the call. About Magnolia Oil & Gas Corporation Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders by delivering steady, moderate annual production growth resulting from its disciplined and efficient philosophy toward capital spending. The Company strives to generate high pre-tax margins and consistent free cash flow allowing for strong cash returns to our shareholders. For more information, visit www.magnoliaoilgas.com. Cautionary Note Regarding Forward-Looking Statements The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by OPEC and other state-controlled oil companies; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia's ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; (v) geopolitical and business conditions in key regions of the world; and (vi) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors, including inflation and tariffs. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Magnolia's SEC filings are available publicly on the SEC's website at www.sec.gov. Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of net income to adjusted EBITDAX In this press release, we refer to adjusted EBITDAX, a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies. We define adjusted EBITDAX as net income before interest expense, income taxes, depreciation, depletion and amortization, exploration expenses, and accretion of asset retirement obligations, adjusted to exclude the effect of certain items included in net income. Adjusted EBITDAX is not a measure of net income in accordance with GAAP. Our management believes that adjusted EBITDAX is useful because it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We also believe that securities analysts, investors, and other interested parties may use adjusted EBITDAX in the evaluation of our Company. We exclude the items listed above from net income in arriving at adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from adjusted EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of adjusted EBITDAX. Our presentation of adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of adjusted EBITDAX may not be comparable to other similarly titled measures of other companies. The following table presents a reconciliation of net income to adjusted EBITDAX, our most directly comparable financial measure, calculated and presented in accordance with GAAP: Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of net income to adjusted net income Our presentation of adjusted net income is a non-GAAP measures because it excludes the effect of certain items included in net income. Management uses adjusted net income to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company's on-going business operations. As a performance measure, adjusted net income may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes adjusting these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted net income may not be comparable to similar measures of other companies in our industry. Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of revenue to adjusted cash operating margin and operating income margin Our presentation of adjusted cash operating margin and total adjusted cash operating costs are supplemental non-GAAP financial measures that are used by management. Total adjusted cash operating costs exclude the impact of non-cash activity. We define adjusted cash operating margin per boe as total revenues per boe less cash operating costs per boe. Management believes that total adjusted cash operating costs per boe and adjusted cash operating margin per boe provide relevant and useful information, which is used by our management in assessing the Company's profitability and comparability of results to our peers. As a performance measure, total adjusted cash operating costs and adjusted cash operating margin may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted cash operating margin may not be comparable to similar measures of other companies in our industry. Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of net cash provided by operating activities to free cash flow Free cash flow is a non-GAAP financial measure. Free cash flow is defined as cash flows from operations before net change in operating assets and liabilities less additions to oil and natural gas properties and changes in working capital associated with additions to oil and natural gas properties. Management believes free cash flow is useful for investors and widely accepted by those following the oil and gas industry as financial indicators of a company's ability to generate cash to internally fund drilling and completion activities, fund acquisitions, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies and are frequently included in published research when providing investment recommendations. Free cash flow is used by management as an additional measure of liquidity. Free cash flow is not a measure of financial performance under GAAP and should not be considered an alternative to cash flows from operating, investing, or financing activities. View source version on businesswire.com: https://www.businesswire.com/news/home/20250730526323/en/ back
Ecopetrol announces the dates for the publication of its second quarter of 2025 earnings report and conference call
Ecopetrol announces the dates for the publication of its second quarter of 2025 earnings report and conference call BOGOTÁ, Colombia, July 30, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that after market close on Tuesday, August 12, 2025, it plans to release its financial and operating results for the second quarter of 2025. On Wednesday, August 13, 2025, Ecopetrol's senior management plans to host a single virtual conference call to review the results, with transmission in Spanish and English. Please find below the time and links to access the conference call: Conference Call 09:00 a.m. Col Time 10:00 a.m. NY Time To access the webcast, participants can use the following link, which will allow them to choose between the Spanish or English broadcast: https://xegmenta.co/ecopetrol/registro-conferencia-de-resultados-2t-2025/ Participants may ask questions using the webcast platform once the call starts. The earnings release, slide presentation, live webcast and recording of the conference call will be available on Ecopetrol's website: www.ecopetrol.com.co Please verify the functioning of the webcast platform in your browser in advance of the conference call. We recommend the use of the latest versions of Internet Explorer, Google Chrome, and Mozilla Firefox. Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital MarketsCarolina Tovar AragónEmail: investors@ecopetrol.com.co Head of Corporate Communications (Colombia) Marcela Ulloa Email: marcela.ulloa@ecopetrol.com.co View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-announces-the-dates-for-the-publication-of-its-second-quarter-of-2025-earnings-report-and-conference-call-302517413.html SOURCE Ecopetrol S.A.
Solaris Energy Infrastructure Announces Dual Listing on NYSE Texas
Solaris Energy Infrastructure Announces Dual Listing on NYSE Texas HOUSTON, Jul. 30 /BusinessWire/ -- Solaris Energy Infrastructure, Inc. (NYSE:SEI) ("Solaris") announced today the dual listing of its Class A common stock on NYSE Texas, Inc. ("NYSE Texas"), the newly launched fully electronic equities exchange headquartered in Dallas, Texas. Solaris will maintain its primary listing on the New York Stock Exchange ("NYSE") and continue to trade under the same ticker symbol, "SEI," on the NYSE and NYSE Texas. "We are pleased to join the NYSE Texas as a Founding Member. Solaris is proud of its longstanding presence in Texas, where the company was established and continues to be headquartered. Many of our customers, suppliers and employees are also based in Texas or have a significant presence here, and we are excited to further support Texas business development with this dual listing," said Bill Zartler, Solaris' Chairman and Chief Executive Officer. "Solaris is a key provider of energy and power solutions in Texas, and we are honored to welcome them to NYSE Texas as a Founding Member," said Chris Taylor, Chief Development Officer, NYSE Group. About Solaris Solaris Energy Infrastructure, Inc. (NYSE: SEI) provides mobile and scalable equipment-based solutions for use in distributed power generation as well as the management of raw materials used in the completion of oil and natural gas wells. Headquartered in Houston, Texas, Solaris serves multiple U.S. end markets, including energy, data centers, and other commercial and industrial sectors. For more details, visit solaris-energy.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20250730998179/en/ back
Leonardo DRS Announces Financial Results for Second Quarter 2025
Leonardo DRS Announces Financial Results for Second Quarter 2025 Revenue: $829 million, up 10% year-over-year Net Earnings: $54 million, up 42% year-over-year Adjusted EBITDA: $96 million, up 17% year-over-year Diluted EPS: $0.20, up 43% year-over-year Adjusted Diluted EPS: $0.23, up 28% year-over-year Bookings: $853 million (book-to-bill ratio of 1.0x) Backlog: $8.6 billion, up 9% year-over-year Revises 2025 guidance across all metrics Dividend: Company declares $0.09 cash dividend per share to be paid on September 3, 2025 ARLINGTON, Va., Jul. 30 /BusinessWire/ -- Leonardo DRS, Inc. (NASDAQ:DRS), a leading provider of advanced defense technologies, today reported financial results for the second quarter 2025, which ended June 30, 2025. CEO Commentary "Leonardo DRS delivered another set of strong financial results marked by healthy bookings, solid organic revenue growth and continued profit and margin expansion in the second quarter. The need to deter and contest heightened global threats continues to bolster customer demand for our innovative, high-performance technologies. Amidst a more dynamic macro backdrop, we remain focused on disciplined execution and delivering differentiated capabilities to customers," said Bill Lynn, Chairman and CEO of Leonardo DRS. The company delivered 10% revenue growth in the second quarter 2025. The year-over-year revenue growth for the quarter was primarily driven by programs related to electric power and propulsion, advanced infrared sensing and ground network computing. Increased volume and higher profitability on electric power and propulsion programs, namely Columbia Class, drove healthy Adjusted EBITDA growth and margin expansion. Strong operational performance coupled with reduced interest expense fortified bottom-line profitability with year-over-year growth visible across net earnings, adjusted net earnings, diluted EPS and adjusted diluted EPS. Cash Flow Net cash flow used in operating activities was $28 million for the second quarter. The company's free cash flow use was $56 million in the quarter. Both operating and free cash flow uses were greater than the second quarter of last year due to higher working capital investment to fund continued growth. However, despite the increased capital expenditure associated with the company's new South Carolina facility, higher profitability and improved working capital efficiency during the first six months of 2025 resulted in reduced free cash flow usage and better linearity in the half year compares. Dividends and Stock Repurchases During the second quarter, the company paid dividends to shareholders totaling approximately $24 million or $0.09 per common share. DRS today announced that its Board of Directors declared a cash dividend of $0.09 per common share payable on September 3, 2025, to shareholders of record on August 20, 2025. Additionally, the company repurchased 265,120 shares of its common stock for approximately $11 million in the second quarter. Balance Sheet At quarter end, the balance sheet had $278 million of cash and $197 million of outstanding borrowings under the company's credit facility, which provides the company with sufficient financial capacity to deploy capital for growth and return capital to shareholders, while maintaining a healthy balance sheet. The company secured $853 million in new funded bookings in the second quarter. Resilient customer demand for the company's electric power and propulsion, naval network computing, advanced infrared sensing and ground systems technologies generated strong bookings in the quarter. Total backlog stood at $8.6 billion in the second quarter, representing a year-over-year increase of 9%. ASC bookings were driven by consistent customer demand for the company's naval network computing, advanced infrared sensing and airborne sensing technologies. Revenue growth in the segment was most prominent in advanced infrared sensing and ground network computing programs. Adjusted EBITDA growth was aided by higher volume but margin contracted on higher internal research and development investment, less favorable mix and less efficient program execution. Strong customer demand was clear across the IMS segment with the company's electric power and propulsion and force protection technologies bolstering second quarter bookings. Electric power and propulsion programs contributed considerably to the revenue growth, increased adjusted EBITDA and margin expansion for the quarter. 2025 Guidance Leonardo DRS is revising the ranges of its 2025 guidance as specified in the table below: The company does not provide a reconciliation of forward-looking adjusted EBITDA and adjusted diluted EPS, due to the inherent difficulty in forecasting and quantifying the adjustments that are necessary to calculate such non-GAAP measures without unreasonable effort. Material changes to any one of these items could have a significant effect on future GAAP results. Conference Call Leonardo DRS management will host a conference call beginning at 10:00 a.m. ET on July 30, 2025 to discuss the financial results for its second quarter 2025. A live audio broadcast of the conference call along with a supplemental presentation will be available to the public through links on the Leonardo DRS Investor Relations website (https://investors.leonardodrs.com). A replay of the conference call will be available on the Leonardo DRS website approximately 2 hours after the conclusion of the conference call. About Leonardo DRS Headquartered in Arlington, VA, Leonardo DRS, Inc. is an innovative and agile provider of advanced defense technology to U.S. national security customers and allies around the world. We specialize in the design, development and manufacture of advanced sensing, network computing, force protection, and electric power and propulsion, and other leading mission-critical technologies. Our innovative people are leading the way in developing disruptive technologies for autonomous, dynamic, interconnected, and multi-domain capabilities to defend against new and emerging threats. For more information and to learn more about our full range of capabilities, visit www.LeonardoDRS.com. Forward-Looking Statements In this press release, when using the terms the "company", "DRS", "we", "us" and "our," unless otherwise indicated or the context otherwise requires, we are referring to Leonardo DRS, Inc. This press release contains forward-looking statements and cautionary statements within the meaning of the Private Securities Litigation Reform Act of 1995. Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "strives," "targets," "projects," "guidance," "intends," "plans," "estimates," "anticipates" or other comparable terms. Forward-looking statements include, without limitation, all matters that are not historical facts. They appear in a number of places throughout this press release and include, without limitation, statements regarding our intentions, beliefs, assumptions or current expectations concerning, among other things, financial goals, financial position, results of operations, cash flows, prospects, strategies or expectations, and the impact of prevailing economic conditions. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if future performance and outcomes are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. Factors that could cause actual results and outcomes to differ from those reflected in forward-looking statements include, without limitation: disruptions or deteriorations in our relationship with the relevant agencies of the U.S. government, as well as any failure to pass routine audits or otherwise comply with governmental requirements including those related to security clearance or procurement rules, including the False Claims Act; significant delays or reductions in appropriations for our programs and changes in U.S. government priorities and spending levels more broadly; any failure to comply with the proxy agreement with the U.S. Department of Defense; failure to properly contain a global pandemic in a timely manner could materially affect how we and our business partners operate; the effect of inflation on our supply chain and/or our labor costs; our mix of fixed-price, cost-plus and time-and-materials type contracts and any resulting impact on our cash flows due to cost overruns; failure to properly comply with various covenants of the agreements governing our debt could negatively impact our business; our dependence on U.S. government contracts, which often are only partially funded and are subject to immediate termination, some of which are classified, and the concentration of our customer base in the U.S. defense industry; our use of estimates in pricing and accounting for many of our programs that are inherently uncertain and which may not prove to be accurate; our ability to realize the full value of our backlog; our ability to predict future capital needs or to obtain additional financing if we need it; our ability to respond to the rapid technological changes in the markets in which we compete; the effect of global and regional economic downturns and rising interest rates; our ability to meet the requirements of being a public company; our ability to maintain an effective system of internal control over financial reporting; our inability to appropriately manage our inventory; our inability to fully realize the value of our total estimated contract value or bookings; our ability to compete efficiently, including due to U.S. government organizational conflict of interest rules which may limit new contract opportunities or require us to wind down existing contracts; our relationships with other industry participants, including any contractual disputes or the inability of our key suppliers to timely deliver our components, parts or services; preferences for set-asides for minority-owned, small and small disadvantaged businesses could impact our ability to be a prime contractor; any failure to meet our contractual obligations including due to potential impacts to our business from supply chain risks, such as longer lead times and shortages of electronics and other components; any security breach, including any cyber-attack, cyber intrusion, insider threat, or other significant disruption of our IT networks and related systems, as well as any act of terrorism or other threat to our physical security and personnel; our ability to fully exploit or obtain patents or other intellectual property protections necessary to secure our proprietary technology, including our ability to avoid infringing upon the intellectual property of third parties or prevent third parties from infringing upon our own intellectual property; the conduct of our employees, agents, affiliates, subcontractors, suppliers, business partners or joint ventures in which we participate which may impact our reputation and ability to do business; the outcome of litigation, arbitration, investigations, claims, disputes, enforcement actions and other legal proceedings in which we are involved; various geopolitical and economic factors, laws and regulations including the Foreign Corrupt Practices Act, the Export Control Act, the International Traffic in Arms Regulations, the Export Administration Regulations, recent U.S. tariffs imposed or threatened to be imposed on other countries and any related retaliatory actions taken by such countries, and those that we are exposed to as a result of our international business; our ability to obtain export licenses necessary to conduct certain operations abroad, including any attempts by Congress to prevent proposed sales to certain foreign governments; our ability to attract and retain technical and other key personnel; the occurrence of prolonged work stoppages; the unavailability or inadequacy of our insurance coverage, customer indemnifications or other liability protections to cover all of our significant risks or to pay for material losses we incur; future changes in U.S. tax laws and regulations or interpretations thereof; future changes in the DoD's budget; certain limitations on our ability to use our net operating losses to offset future taxable income; termination of our leases or our inability to renew our leases on acceptable terms; changes in estimates used in accounting for our pension plans, including with respect to the funding status thereof; changes in future business or other market conditions that could cause business investments and/or recorded goodwill or other long-term assets to become impaired; adverse consequences from any acquisitions such as operating difficulties, dilution and other harmful consequences or any modification, delay or prevention of any future acquisition or investment activity by the Committee on Foreign Investment in the United States; natural disasters or other significant disruptions; our compliance with environmental laws and regulations, and any environmental liabilities that may affect our reputation or financial position; any conflict of interest that may arise because Leonardo US Holding, LLC, our majority stockholder, or Leonardo S.p.A., our indirect majority stockholder, may have interests that are different from, or conflict with, those of our other stockholders, including as a result of any ongoing business relationships Leonardo S.p.A. may have with us, and their significant ownership in us may discourage change of control transactions (our amended and restated certificate of incorporation provides that we waive any interest or expectancy in corporate opportunities presented to Leonardo S.p.A); or our obligations to provide certain services to Leonardo S.p.A., which may divert human and financial resources from our business. You should read this press release completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this press release are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this filing, and we do not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise. Other risks, uncertainties and factors, including those discussed in our latest SEC filings under "Risk Factors" of our latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, all of which may be viewed or obtained through the investor relations section of our website at www.LeonardoDRS.com, could cause our actual results to differ materially from those projected in any forward-looking statements we make. Readers should read the discussion of these factors carefully to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements. Non-GAAP Financial Measures (Unaudited) In addition to the results reported in accordance with U.S. GAAP included throughout this document, the company has provided information regarding "Adjusted EBITDA," "Adjusted EBITDA Margin," "Adjusted Net Earnings," "Adjusted Diluted Earnings Per Share" and "Free Cash Flow" (each, a non-GAAP financial measure). We believe the non-GAAP financial measures presented in this document will help investors understand our financial condition and operating results and assess our future prospects. We believe these non-GAAP financial measures, each of which is discussed in greater detail below, are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure. We recognize that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. We define these non-GAAP financial measures as: Adjusted EBITDA and Adjusted EBITDA Margin are defined as net earnings before income taxes, interest expense, amortization of acquired intangible assets, depreciation, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals and foreign exchange impacts), then in the case of adjusted EBITDA margin dividing adjusted EBITDA by revenues. Adjusted Net Earnings and Adjusted Diluted EPS are defined as net earnings excluding amortization of acquired intangible assets, deal-related transaction costs, restructuring costs and other one-time non-operational events (which include non-service pension expense, legal liability accrual reversals and foreign exchange impacts), and the related tax impacts, then in the case of adjusted diluted EPS dividing adjusted net earnings by the diluted weighted average number of shares outstanding (WASO). Free Cash Flow is defined as the sum of the cash flows provided by (used in) operating activities, transaction-related expenditures (net of tax), capital expenditures and proceeds from sale of assets. View source version on businesswire.com: https://www.businesswire.com/news/home/20250730208660/en/ back
Obsidian Energy Announces Second Quarter 2025 Results
Obsidian Energy Announces Second Quarter 2025 Results Achieved average production of 28,943 boe per day and funds flow from operations of $65.8 million ($0.94 per share)Active share buyback program with ~5.4 million shares (seven percent of outstanding shares) repurchased and cancelled for $36.6 millionCalgary, Alberta--(Newsfile Corp. - July 30, 2025) - OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) ("Obsidian Energy", the "Company", "we", "us" or "our") is pleased to report our operating and financial results for the second quarter of 2025. (1) Supplementary financial measure. See 'Non-GAAP and Other Financial Measures'.(2) Non-GAAP financial measure. See 'Non-GAAP and Other Financial Measures'. (3) Non-GAAP ratio. See 'Non-GAAP and Other Financial Measures'.(4) Please refer to the 'Oil and Gas Information Advisory' section below for information regarding the term "boe".PRESIDENTS MESSAGE"Our second quarter was foundationally strong for the Company as we closed on the disposition of our operated Pembina assets, which further strengthened our balance sheet and reduced our decommissioning liabilities, allowing us to make significant progress on our return of capital initiative through our active share buyback program", commented Stephen Loukas, Obsidian Energy's President and CEO. "Given the substantial discount that we believe our shares trade to intrinsic value, we accelerated share repurchases during the quarter which led to the cancellation of over seven percent of our outstanding shares. Since the inception of our share buyback program in 2023, we have repurchased and cancelled a total of ~20 percent of our shares, with 67.1 million currently outstanding."Mr. Loukas continued, "Operationally, the second quarter was a success as we brought all of our wells on production from our first half program, drilled our Clearwater waterflood pilot at the Dawson 4-24 pad and achieved our key guidance metrics. Our second half development program is well underway and started with three rigs operating in Peace River and plans to return to Willesden Green with a one rig program starting in August."SECOND QUARTER 2025 CORPORATE HIGHLIGHTSFunds Flow from Operations – The Company generated funds flow from operations ("FFO") of $65.8 million ($0.94 per share basic) compared to $115.2 million ($1.51 per share basic) in the second quarter of 2024. Revenues declined as lower oil prices combined with lower production volumes due to the Pembina disposition led to reduced FFO in 2025. The reduction in FFO was partially mitigated on a per share basis given our active buyback program under our normal course issuer bid ("NCIB"). Capital Development – Second quarter capital expenditures totaled $40.2 million (2024 - $59.2 million) while decommissioning expenditures were $4.0 million (2024 - $4.0 million). Activity during the second quarter of 2025 was focused on bringing the wells we drilled in Peace River earlier in the year on production and drilling our 4-24 Dawson waterflood wells.Pembina Asset Disposition – On April 7, 2025, we closed our previously announced Pembina asset disposition (the "Disposition") to InPlay Oil Corp. ("InPlay"). The Disposition had an effective date of December 1, 2024, and included all the Company's assets in the Pembina area, except for our non-operated interest in the Pembina Cardium Unit #11.Share Buyback Program – The Company was very active during the second quarter of 2025 and repurchased and cancelled a total of 5.4 million shares under the Company's NCIB for $36.6 million (at an average price of $6.80 per share).Net Operating Costs – Net operating costs of $13.54 per boe in the second quarter of 2025 compared to $13.83 per boe in 2024. The close of the Disposition and the removal of those higher cost properties from our portfolio led to a reduction to net operating costs which was partially offset by increased trucking costs due to expanded operations in our Peace River asset compared to 2024. General and administrative ("G&A") Costs – G&A costs were $1.92 per boe in the second quarter of 2025 compared to $1.49 per boe in 2024. G&A costs in the second quarter of 2025 increased on a per boe basis given our lower production levels as a result of the Disposition. Net Debt – Net debt levels were $270.2 million at June 30, 2025, compared to $411.7 million at December 31, 2024. The cash proceeds associated with the Disposition were applied against bank debt which led to significantly lower net debt. Net Income – Net income for the second quarter of 2025 was $15.3 million ($0.22 per share basic) versus $37.1 million ($0.48 per share basic) in 2024. Net income was impacted by the volatile commodity price environment and lower production from the Disposition, which led to lower revenues, during the second quarter of 2025. HIGHLIGHTS SUBSEQUENT TO SECOND QUARTER 2025InPlay Share Disposition – In July, we announced that a third party made a non-binding offer to the Company to acquire our entire common share position in InPlay, consisting of 9,139,784 InPlay common shares ("InPlay Shares"). The offer price per InPlay Share is in excess of the closing price for such shares on the Toronto Stock Exchange as of July 15, 2025 of $9.59 per share. Share Buyback Program – We repurchased and cancelled an additional 0.6 million common shares at an average price of $8.01 per share for total consideration of $4.9 million under the NCIB up to July 29, 2025. In 2025, repurchases and cancellations total 7.1 million common shares at an average price of $7.15 per share for total consideration of approximately $51.1 million, resulting in 67.1 million common shares currently outstanding. Since the inception of the NCIB in 2023, we have re-purchased and cancelled a total of approximately 16.7 million common shares (20% of our outstanding shares) for total consideration of approximately $140.2 million. SECOND QUARTER 2025 CAPITAL PROGRAM & HIGHLIGHTSThe Company had an active 2025 first half capital program focused on development and exploration/appraisal activities at Peace River, targeting both the Bluesky and Clearwater formations. Additionally, we commenced our first Clearwater waterflood pilot project in the Dawson field with water injection planned in the third quarter of 2025. Capital program highlights for the second quarter of 2025 were as follows:Completed First Half Development Program – We rig released all wells from our first half 2025 capital program by the end of June, including six (6.0 net) during the second quarter of 2025 in Peace River, inclusive of two (2.0 net) water-flood injection wells in our Dawson Clearwater acreage. Strong Initial Well Results – We brought on production 20 (16.7 net) wells during the second quarter of 2025, primarily in Peace River, with very encouraging initial production ("IP") rates.Peace River (Bluesky):A total of eight (7.5 net) wells were brought on production in our Harmon Valley South ("HVS"), Walrus and Seal fields. Notable initial well results include the 546 boe/d IP30 rate (100 percent oil) achieved at our 1 (1.0 net) well HVS 14-07 pad and average IP30 rate of 395 boe/d (100 percent oil) per well at our 2 (2.0 net) well HVS 13-08 pad. Two (2.0 net) follow-up wells on the HVS 14-07 pad have been rig released as part of our second half program and will be on production in August. Peace River (Clearwater):During the second quarter, 7 (7.0 net) wells were brought on production in our Dawson Clearwater asset, including the 2 (2.0 net) single leg injector waterflood wells, which were placed on production prior to conversion to water injection in the third quarter. Regulatory approval for the waterflood project has been received and we plan to begin injecting water during the third quarter, in conjunction with starting two additional producing wells on the Dawson 4-24 pad.Notable initial well results include the 304 boe/d (100 percent oil) per well average IP30 achieved at the Dawson 4-24 waterflood pilot pad. At the Dawson 4-23 pad an additional 2 (2.0 net) wells were placed on production bringing the pad total to 4 (4.0 net) wells at an average IP30 per well of 253 Boe/d (100% oil). Pembina Cardium Unit #11: The five-well (2.2 net) non-operated program was drilled in the first quarter with the fifth and final well (0.45 net) brought on production in May with a gross IP30 of 317 boe/d (92% oil).We started our second half 2025 capital program at the end of June with three rigs running in Peace River and will begin operations with an additional rig at Willesden Green in August. Thus far we have spud 6 (6.0 net) wells in Peace River, following up recent production success on the HVS 14-07 pad, Dawson 04-24 pad and the new Dawson 13-23 pad. WELLS RIG RELEASED AND ON PRODUCTION 2025 (1) Capital expenditures for the Pembina wells were paid for by InPlay as they were included in the interim closing adjustments of the Disposition.(2) In addition, Obsidian Energy participated in the rig release of five non-operated (2.2 net) wells in the first quarter of 2025 and anticipates participating in six (2.7) non-operated wells in the second half of 2025.(3) Three (3.0 net) wells rig released in 2024 were placed on production in the first quarter of 2025; they are excluded from the total. The number of wells also excludes the two (2.0 net) Peace River single leg injector wells.GUIDANCE Second quarter results compared favourably with the guidance ranges outlined below. FFO came in higher than expectations primarily due to a combination of higher than forecasted oil prices and lower costs, specifically net operating costs. The Company was extremely active with our share buyback program during the second quarter which resulted in net debt slightly higher than guidance. (1) Refer to 'Supplemental Production Disclosure' below for details of production by product types.(2) See "Non-GAAP and Other Financial Measures" section below for further details.(3) Net debt figures did not include the impact of the 9.1 million InPlay Shares, which were received as part of the Disposition.For our second half 2025 capital plan and financial guidance, please refer to our press release on July 10, 2025 "Obsidian Energy Announces Second Half 2025 Capital Program and Guidance" on our website. HEDGING UPDATE The Company has been actively hedging in light of the volatile commodity market and currently has the following contracts in place on a weighted average basis: UPDATED CORPORATE PRESENTATION For further information on these and other matters, Obsidian Energy will post an updated corporate presentation on our website, www.obsidianenergy.com, in due course. ADDITIONAL READER ADVISORIES OIL AND GAS INFORMATION ADVISORYBarrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of crude oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is misleading as an indication of value. TEST RESULTS AND INITIAL PRODUCTION RATESTest results and initial production rates disclosed herein, particularly those short in duration, may not necessarily be indicative of long-term performance or of ultimate recovery. Readers are cautioned that short-term rates should not be relied upon as indicators of future performance of these wells and therefore should not be relied upon for investment or other purposes. A pressure transient analysis or well-test interpretation has not been carried out and thus certain of the test results provided herein should be considered preliminary until such analysis or interpretation has been completed.NON-GAAP AND OTHER FINANCIAL MEASURES Throughout this news release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position, and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income and cash flow from operating activities as indicators of our performance. The interim consolidated financial statements and MD&A as at and for three and six months ended June 30, 2025, will be available in due course on the Company's website at www.obsidianenergy.com and under our SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov. The disclosure under the section 'Non-GAAP and Other Financial Measures' in the MD&A is incorporated by reference into this news release.Non-GAAP Financial MeasuresThe following measures are non-GAAP financial measures: FFO; net debt; net operating costs; netback; and free cash flow ("FCF"). These non-GAAP financial measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See the disclosure under the section 'Non-GAAP and Other Financial Measures' in our MD&A for the three and six months ended June 30, 2025, for an explanation of the composition of these measures, how these measures provide useful information to an investor, and the additional purposes, if any, for which management uses these measures. For a reconciliation of FFO to cash flow from operating activities, being our nearest measure prescribed by IFRS, see 'Non-GAAP Measures Reconciliations' below.For a reconciliation of net debt to long-term debt, being our nearest measure prescribed by IFRS, see 'Non-GAAP Measures Reconciliations' below.For a reconciliation of net operating costs to operating costs, being our nearest measure prescribed by IFRS, see 'Non-GAAP Measures Reconciliations' below.For a reconciliation of netback to sales price, being our nearest measure prescribed by IFRS, see 'Non-GAAP Measures Reconciliations' below.For a reconciliation of FCF to cash flow from operating activities, being our nearest measure prescribed by IFRS, see 'Non-GAAP Measures Reconciliations' below.Non-GAAP RatiosThe following measures are non-GAAP ratios: FFO (basic per share ($/share) and diluted per share ($/share)), which use FFO as a component; net operating costs ($/boe), which uses net operating costs as a component; netback ($/boe), which uses netback as a component; and net debt to FFO, which uses net debt and FFO as components. These non-GAAP ratios are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See the disclosure under the section 'Non-GAAP and Other Financial Measures' in our MD&A in our MD&A for three and six months ended June 30, 2025, for an explanation of the composition of these non-GAAP ratios, how these non-GAAP ratios provide useful information to an investor, and the additional purposes, if any, for which management uses these non-GAAP ratios.Supplementary Financial MeasuresThe following measures are supplementary financial measures: average sales price; cash flow from operating activities (basic per share and diluted per share); and G&A costs ($/boe). See the disclosure under the section 'Non-GAAP and Other Financial Measures' in our MD&A for the three and six months ended June 30, 2025, for an explanation of the composition of these measures.Non-GAAP Measures ReconciliationsCash Flow from Operating Activities, FFO and FCF Netback to Sales Price Net Operating Costs to Operating Costs Net Debt to Long-Term Debt ABBREVIATIONS FORWARD-LOOKING STATEMENTS Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of the "safe harbour" provisions of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "budget", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "objective", "aim", "potential", "target" and similar words suggesting future events or future performance. In addition, statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. In particular, this document contains forward-looking statements pertaining to, without limitation, the following: our development plans for the second half of 2025, including our waterflood projects, timing and locations; our expected non-operated projects; that we will file our interim consolidated financial statements and MD&A on our website, SEDAR+ and EDGAR in due course; our hedges; and the timing of our updated corporate presentation. With respect to forward-looking statements contained in this document, the Company has made assumptions regarding, among other things: the duration and impact of tariffs that are currently in effect on goods exported from or imported into Canada, and that other than the tariffs that are currently in effect, neither the U.S. nor Canada (i) increases the rate or scope of such tariffs, reenacts tariffs that are currently suspended, or imposes new tariffs, on the import of goods from one country to the other, including on oil and natural gas, and/or (ii) imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; that the Company does not dispose of or acquire material producing properties or royalties or other interests therein (except as disclosed herein, including with respect to our InPlay Shares); that regional and/or global health related events will not have any adverse impact on energy demand and commodity prices in the future; global energy policies going forward, including the continued ability and willingness of members of OPEC and other nations to agree on and adhere to production quotas from time to time; our ability to qualify for (or continue to qualify for) new or existing government programs, and obtain financial assistance therefrom, and the impact of those programs on our financial condition; our ability to execute our plans as described herein and in our other disclosure documents, and the impact that the successful execution of such plans will have on our Company and our stakeholders, including our ability to return capital to shareholders and/or further reduce debt levels; future capital expenditure and decommissioning expenditure levels; expectations and assumptions concerning applicable laws and regulations, including with respect to environmental, safety and tax matters; future operating costs and G&A costs and the impact of inflation thereon; future oil, natural gas liquids and natural gas prices and differentials between light, medium and heavy oil prices and Canadian, WTI and world oil and natural gas prices; future hedging activities; future oil, natural gas liquids and natural gas production levels; future exchange rates, interest rates and inflation rates; future debt levels; our ability to execute our capital programs as planned without significant adverse impacts from various factors beyond our control, including extreme weather events such as wild fires, flooding and drought, infrastructure access (including the potential for blockades or other activism) and delays in obtaining regulatory approvals and third party consents; the ability of the Company's contractual counterparties to perform their contractual obligations; our ability to obtain equipment in a timely manner to carry out development activities and the costs thereof; our ability to market our oil and natural gas successfully to current and new customers; our ability to obtain financing on acceptable terms, including our ability (if necessary) to extend the revolving period and term out period of our credit facility, our ability to maintain the existing borrowing base under our credit facility, our ability (if necessary) to replace our syndicated bank facility and our ability (if necessary) to finance the repayment of our senior unsecured notes on maturity or pursuant to the terms of the underlying agreement; the accuracy of our estimated reserve volumes; and our ability to add production and reserves through our development and exploitation activities.The future acquisition by the Company of the Company's common shares pursuant to its share buyback program (including through its NCIB), if any, and the level thereof is uncertain. Any decision to acquire common shares of the Company pursuant to the share buyback program will be subject to the discretion of the board of directors of the Company and may depend on a variety of factors, including, without limitation, the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of common shares of the Company that the Company will acquire pursuant to its share buyback program, if any, in the future.Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the forward-looking statements contained herein will not be correct, which may cause our actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things: the risk that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the possibility that we change our budgets (including our capital expenditure budgets) in response to internal and external factors, including those described herein; the possibility that the Company will not be able to continue to successfully execute our business plans and strategies in part or in full, and the possibility that some or all of the benefits that the Company anticipates will accrue to our Company and our stakeholders as a result of the successful execution of such plans and strategies do not materialize (such as our inability to return capital to shareholders and/or reduce debt levels to the extent anticipated or at all); the possibility that we are unable to monetize our InPlay Shares; the possibility that the Company ceases to qualify for, or does not qualify for, one or more existing or new government assistance programs, that the impact of such programs falls below our expectations, that the benefits under one or more of such programs is decreased, or that one or more of such programs is discontinued; the impact on energy demand and commodity prices of regional and/or global health related events and the responses of governments and the public thereto, including the risk that the amount of energy demand destruction and/or the length of the decreased demand exceeds our expectations; the risk that there is another significant decrease in the valuation of oil and natural gas companies and their securities and in confidence in the oil and natural gas industry generally, whether caused by regional and/or global health related events, the worldwide transition towards less reliance on fossil fuels and/or other factors; the risk that the financial capacity of the Company's contractual counterparties is adversely affected and potentially their ability to perform their contractual obligations; the possibility that the revolving period and/or term out period of our credit facility and the maturity date of our senior unsecured notes is not extended (if necessary), that the borrowing base under our credit facility is reduced, that the Company is unable to renew or refinance our credit facilities on acceptable terms or at all and/or finance the repayment of our senior unsecured notes when they mature on acceptable terms or at all and/or obtain new debt and/or equity financing to replace our credit facilities and/or senior unsecured notes or to fund other activities; the possibility that we are unable to complete one or more repurchase offers pursuant to our Notes when otherwise required to do so; the possibility that we are forced to shut-in production, whether due to commodity prices decreasing, extreme weather events such as wild fires, inability to access our properties due to blockades or other activism, or other factors; the risk that OPEC and other nations fail to agree on and/or adhere to production quotas from time to time that are sufficient to balance supply and demand fundamentals for oil; general economic and political conditions in Canada, the U.S. and globally, and in particular, the effect that those conditions have on commodity prices and our access to capital; industry conditions, including fluctuations in the price of oil, natural gas liquids and natural gas, price differentials for oil and natural gas produced in Canada as compared to other markets, and transportation restrictions, including pipeline and railway capacity constraints; fluctuations in foreign exchange, including the impact of the Canadian/U.S. dollar exchange rate on our revenues and expenses; fluctuations in interest rates, including the effects of interest rates on our borrowing costs and on economic activity, and including the risk that elevated interest rates cause or contribute to the onset of a recession; the risk that our costs increase due to inflation, supply chain disruptions, scarcity of labour and/or other factors, adversely affecting our profitability; unanticipated operating events or environmental events that can reduce production or cause production to be shut-in or delayed (including extreme cold during winter months, wild fires, flooding and droughts (which could limit our access to the water we require for our operations)); the risk that wars and other armed conflicts adversely affect world economies and the demand for oil and natural gas, including the ongoing war between Russian and Ukraine and/or hostilities in the Middle East; the possibility that fuel conservation measures, alternative fuel requirements, increasing consumer demand for alternatives to hydrocarbons, government mandates requiring the sale of electric vehicles and/or electrification of the power grid, and technological advances in fuel economy and renewable energy generation systems could permanently reduce the demand for oil and natural gas and/or permanently impair the Company's ability to obtain financing and/or insurance on acceptable terms or at all, and the possibility that some or all of these risks are heightened as a result of the response of governments, financial institutions and consumers to a regional and/or global health related event and/or the influence of public opinion and/or special interest groups.Additional information on these and other factors that could affect Obsidian Energy, or its operations or financial results, are included in the Company's Annual Information Form (see 'Risk Factors' and 'Forward-Looking Statements' therein) which may be accessed through the SEDAR+ website (www.sedarplus.ca), EDGAR website (www.sec.gov) or Obsidian Energy's website. Readers are cautioned that this list of risk factors should not be construed as exhaustive.Unless otherwise specified, the forward-looking statements contained in this document speak only as of the date of this document. Except as expressly required by applicable securities laws, we do not undertake any obligation to publicly update or revise any forward-looking statements. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American in the United States under the symbol "OBE". All figures are in Canadian dollars unless otherwise stated.CONTACTOBSIDIAN ENERGYSuite 200, 207 - 9th Avenue SW, Calgary, Alberta T2P 1K3Phone: 403-777-2500Toll Free: 1-866-693-2707Website: www.obsidianenergy.com; Investor Relations: Toll Free: 1-888-770-2633E-mail: investor.relations@obsidianenergy.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260583
ProPetro Reports Financial Results for the Second Quarter of 2025
ProPetro Reports Financial Results for the Second Quarter of 2025 MIDLAND, Texas, Jul. 30 /BusinessWire/ -- ProPetro Holding Corp. ("ProPetro" or "the Company") (NYSE:PUMP) today announced financial and operational results for the second quarter of 2025. Second Quarter 2025 Results and Highlights Total revenue of $326 million decreased 9% compared to $359 million for the prior quarter. Net loss was $7 million ($0.07 loss per diluted share) as compared to a net income of $10 million in the prior quarter ($0.09 income per diluted share). Adjusted EBITDA(1) of $50 million was 15% of revenue and decreased 32% compared to the prior quarter. Capital expenditures paid were $37 million and capital expenditures incurred were $73 million. Net cash provided by operating activities and net cash used in investing activities were $54 million and $36 million, respectively. Free Cash Flow for Completions Business(2) was $26 million. Secured inaugural 10-year contract for approximately 80 megawatts of long-term PROPWR℠ service capacity with a leading E&P operator in the Permian Basin. Over 50% of ProPetro's active hydraulic horsepower is under long-term contracts. This is inclusive of two Tier IV DGB dual-fuel and four FORCE® electric-powered hydraulic fracturing fleets. (1) Adjusted EBITDA is a non-GAAP financial measure and is described and reconciled to net income (loss) in the table under "Non-GAAP Financial Measures." (2) Free Cash Flow for Completions Business is a non-GAAP financial measure and is described and reconciled to net cash from operating activities in the table under "Non-GAAP Financial Measures." Management Comments Sam Sledge, Chief Executive Officer, commented, "In what proved to be a challenging quarter, we maintained operational and financial stability and continued to advance our strategy. Free cash flow for our completions business remained intact, supported by our capital-light investment strategy, cost control, and the consistent performance of the ProPetro team. "With regard to the current operating environment, both the broader energy markets and, more specifically, the completions market in the Permian Basin, continue to face challenges. We believe Permian frac fleet counts are likely approaching 70, compared to approximately 90 to 100 fleets operating at the start of the year. Increased market uncertainty - driven by tariffs and rising OPEC+ production - has resulted in more idle frac capacity than anticipated. Furthermore, price discipline has weakened at the lower end of the market, particularly among subscale frac providers. While we've had opportunities to keep virtually all of our fleets active, we have proactively chosen to idle certain fleets, rather than run our fleets at sub-economic levels, preserving them for more favorable market conditions. That said, we are prepared to navigate this market by controlling what we can control - our everyday behaviors inside of ProPetro. Our strategic investments, including past M&A activity, PROPWR growth and the FORCE® electric fleet transition, have strengthened the Company's foundation, so that we can withstand market turbulence. ProPetro is a strong business, led and operated by an experienced team, with low debt, and first-class customers in one of the world's leading regions for hydrocarbon production, the Permian Basin. Regardless of market conditions, we are confident that these strengths - and our resilient, capital light, cash flow generative business model - will enable us to continue delivering shareholder value." Second Quarter 2025 Financial Summary Revenue was $326 million, compared to $359 million for the first quarter of 2025. The 9% decrease in revenue was largely attributable to lower utilization and weather impacts across all service lines. Cost of services, excluding depreciation and amortization of approximately $41 million relating to cost of services, was $253 million during the second quarter of 2025. General and administrative ("G&A") expense of $28 million was flat from $28 million in the first quarter of 2025. G&A expense excluding nonrecurring and noncash items (stock-based compensation, retention bonuses and severance expenses) of $5 million, was $23 million, or 7% of revenue, an increase of 2% as compared to the prior quarter. Net loss totaled $7 million, or $0.07 loss per diluted share, compared to net income of $10 million, or $0.09 income per diluted share, for the first quarter of 2025. Adjusted EBITDA decreased to $50 million from $73 million in the first quarter of 2025 primarily due to lower revenues, one-time expenses associated with transitioning to a reduced fleet count and preparing idled fleets for future redeployment, and unabsorbed costs stemming from adverse weather conditions. Net cash provided by operating activities was $54 million as compared to $55 million in the prior quarter. Share Repurchase Program In May 2025, the Company extended its $200 million share repurchase program to December 2026. Since the program's inception in May 2023, the Company has repurchased 13 million shares, representing approximately 11% of outstanding common stock. In the second quarter of 2025, the Company did not repurchase any shares, as it prioritized the launch and scaling of the PROPWR business. Moving forward, the Company will remain opportunistic in its utilization of this program. PROPWR Update Mr. Sledge added, "We currently have approximately 220 megawatts on order, with deliveries that began recently and are expected to be completed by mid-year 2026. We were especially proud to announce our inaugural contract during the quarter, which was executed in collaboration with a Permian-focused E&P operator and commits 80 megawatts of power generation capacity to deliver turnkey power to a distributed microgrid installation. Asset deployment is scheduled to begin in the third quarter of this year and continue through 2026. This 10-year midstream-like agreement marks a major milestone for PROPWR and serves as a future blueprint and a testament to our commitment to innovation and long-term growth. "Furthermore, over the coming weeks and months, we anticipate announcing multiple long-term contracts with oil and gas customers to meet their in-field power requirements. Based on our ongoing discussions, we are confident that we will secure long-term agreements for all 220 megawatts of currently ordered equipment by the end of 2025. Additionally, we are actively engaging with our power generation suppliers regarding our next equipment order. While these developments are exciting, we believe this is still just the beginning for the business. We will continue to align our actions with our PROPWR mission to `Rethink The Grid,' unlocking more exciting opportunities to serve our existing and prospective clients both in oil and gas, and other industries, to create long-term value for ProPetro shareholders." Liquidity and Capital Spending As of June 30, 2025, total cash was $75 million and borrowings under the ABL Credit Facility were $45 million. Total liquidity at the end of the second quarter of 2025 was $178 million including cash and $103 million of available capacity under the ABL Credit Facility. During the second quarter of 2025, capital expenditures paid were $37 million and capital expenditures incurred were $73 million, including $30 million primarily supporting maintenance in the Company's completions business and $43 million supporting its PROPWR orders. The difference between incurred and paid capital expenditures is primarily comprised of PROPWR-related capital expenditures that have been financed and paid directly by the financing partner and unpaid capital expenditures included in accounts payable and accrued liabilities. Net cash used in investing activities as shown on the statement of cash flows during the second quarter of 2025 was $36 million. Guidance Given the recent decline in activity and the anticipated utilization forecast, the Company now anticipates full-year 2025 capital expenditures incurred to be between $270 million and $310 million, down another 9% at the midpoint from prior guidance. Of this, the completions business is expected to account for $100 million to $140 million, a reduction from last quarter guidance given the anticipated decline in completions activity through the second half of the year. Additionally, the Company still plans to allocate $170 million in 2025 and $60 million in 2026 to support current PROPWR equipment orders. Approximately, $104 million of the PROPWR capital expenditures are expected to be financed. During the second quarter, 13 to 14 hydraulic fracturing fleets were active. Due to the recent decline in oil prices, influenced by tariffs and OPEC+ production increases, along with a disciplined asset deployment strategy, the Company anticipates operating on average approximately 10 to 11 active hydraulic fracturing fleets in the third quarter of 2025. Outlook Mr. Sledge concluded, "Market cycles like this create opportunity, as changes in the environment can offer up new ways for companies like ProPetro to profitably grow and better serve our clients, allowing us to emerge on the other side of the cycle healthier than before and well positioned to operate in a market that has improved with respect to both supply and demand. In contrast, many smaller peers - often the less disciplined competitors in the market and those who have not invested in next-generation technology - may struggle to withstand a downturn for as long, given their limited ability to earn returns on their deployed assets. "As we look to the second half of the year and into 2026, we remain confident in ProPetro's ability to navigate market uncertainty and capitalize on long-term opportunities. We're building a business that sustains through cycles, backed by a strong balance sheet, durable customer relationships, and a growing platform in PROPWR. With over half of our active frac horsepower on long-term contracts, and continued demand for our next-generation fleets and reliable power infrastructure, our company is well-positioned to emerge from this volatile period stronger than ever. We're committed to staying disciplined in capital deployment, dynamic in strategy, and focused on delivering value for customers and shareholders alike." Conference Call Information The Company will host a conference call at 8:00 AM Central Time on Wednesday, July 30, 2025, to discuss financial and operating results for the second quarter of 2025. The call will also be webcast on ProPetro's website at www.propetroservices.com. To access the conference call, U.S. callers may dial toll free 1-844-340-9046 and international callers may dial 1-412-858-5205. Please call ten minutes ahead of the scheduled start time to ensure a proper connection. A replay of the conference call will be available for one week following the call and can be accessed toll free by dialing 1-877-344-7529 for U.S. callers, 1-855-669-9658 for Canadian callers, as well as 1-412-317-0088 for international callers. The access code for the replay is 2289211. The Company has also posted the scripted remarks on its website. About ProPetro ProPetro Holding Corp. is a Midland, Texas-based provider of premium completion and power services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. We help bring reliable energy to the world. For more information visit www.propetroservices.com. Forward-Looking Statements Except for historical information contained herein, the statements and information in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "may," "could," "confident," "plan," "project," "budget," "design," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," "will," "should," "continue," and other expressions that are predictions of, or indicate, future events and trends or that do not relate to historical matters generally identify forward-looking statements. Our forward-looking statements include, among other matters, statements about the supply of and demand for hydrocarbons, industry trends and activity levels, our business strategy, projected financial results and future financial performance, expected fleet utilization, sustainability efforts, the future performance of newly improved technology, expected capital expenditures, the impact of such expenditures on our performance and capital programs, our fleet conversion strategy, our share repurchase program, and the anticipated commercial prospects of PROPWR, including the demand for its services and the ability to secure long-term contracts and anticipated benefits of the new business line. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. Although forward-looking statements reflect our good faith beliefs at the time they are made, forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the volatility of oil prices, changes in the supply of and demand for power generation, the risks associated with the establishment of a new service line, including delays, lack of customer acceptance and cost overruns, the global macroeconomic uncertainty related to the conflict in the Middle East region, and the Russia-Ukraine war, general economic conditions, including the impact of continued inflation, central bank policy actions, the risk of a global recession, U.S. and global trade policy, including the imposition of tariffs and retaliatory measures, and other factors described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the "Risk Factors" sections of such filings, and other filings with the Securities and Exchange Commission (the "SEC"). In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings made with the SEC from time to time that disclose risks and uncertainties that may affect the Company's business. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law. Reconciliation of Capital Expenditures Paid to Capital Expenditures Incurred Reportable Segment Information Non-GAAP Financial Measures Adjusted EBITDA, Free Cash Flow and Free Cash Flow for Completions Business are not financial measures presented in accordance with GAAP. We define EBITDA as net income (loss) plus (i) interest expense, (ii) income tax expense (benefit) and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA plus (i) loss (gain) on disposal of assets, (ii) stock-based compensation, (iii) business acquisition contingent consideration adjustments, (iv) other expense (income), (v) other unusual or nonrecurring (income) expenses such as impairment expenses, costs related to asset acquisitions, insurance recoveries, one-time professional fees and legal settlements and (vi) retention bonus and severance expense. We define Free Cash Flow as net cash provided by operating activities less net cash used in investing activities. We define Free Cash Flow for Completions Business as net cash provided by operating activities less net cash used in investing activities plus net cash used in operating activities for PROPWR plus net cash used in investing activities for PROPWR. We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA, and net cash from operating activities is the GAAP measure most directly comparable to Free Cash Flow and Free Cash Flow for Completions Business. Non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider Adjusted EBITDA, Free Cash Flow or Free Cash Flow for Completions Business in isolation or as a substitute for an analysis of our results as reported under GAAP. Because Adjusted EBITDA, Free Cash Flow and Free Cash Flow for Completions Business may be defined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Reconciliation of Net (Loss) Income to Adjusted EBITDA Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Free Cash Flow for Completions Business View source version on businesswire.com: https://www.businesswire.com/news/home/20250730765774/en/ back