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Oceaneering Reports First Quarter 2025 Results
Oceaneering Reports First Quarter 2025 Results HOUSTON, Apr. 23 /BusinessWire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported first quarter 2025 results. Revenue of $675 million, a 13% increase year over year Operating income of $73.5 million, a 100% increase year over year Net income of $50.4 million, a 233% increase year over year Adjusted EBITDA of $96.7 million, a 57% increase year over year, which has not been adjusted for a $10.4 million inventory reserve taken in our Manufactured Products segment Cash flow used in operating activities of $(80.7) million and free cash flow of $(107) million, with an ending cash position of $382 million Share repurchases of 479,154 for approximately $10.0 million Rod Larson, President and Chief Executive Officer of Oceaneering, stated, "Oceaneering outperformed expectations this quarter due to resilient utilization of remotely operated vehicles (ROVs), and strong vessel activity predominately in the Gulf of Mexico and West Africa. We generated adjusted EBITDA of $96.7 million, exceeding both our guidance range and consensus estimates for the quarter. Compared to the same quarter last year, our consolidated first quarter 2025 operating income doubled on a 13% increase in revenue, driven by strong performances from our Subsea Robotics (SSR) and Offshore Projects Group (OPG) segments. In addition, our Aerospace and Defense Technologies (ADTech) segment was awarded the largest initial contract in Oceaneering's history, which is foundational to our 2025 guidance for significant growth in this segment. On behalf of our leadership team, I want to thank our Oceaneers worldwide who made these results possible." Updated 2025 guidance Mr. Larson continued, "We reiterate our prior full-year 2025 guidance of EBITDA in the range of $380 million to $430 million. As discussed during our fourth quarter 2024 earnings call, we lowered the bottom end of our guidance range to $380 million, in acknowledgment of potential market uncertainties. Given our strong start to 2025, we still believe this range is appropriate, even with recent market developments." Full-year 2025 consolidated and segment guidance remains the same as provided in the fourth quarter 2024 earnings release and call, with the addition that the Manufactured Products book-to-bill ratio is expected to be in the range of 0.9 to 1.0 for the full year. First Quarter 2025 Segment Results As compared to the first quarter of 2024: SSR operating income improved 35% to $59.6 million on a 10% increase in revenue. EBITDA margin expanded to 35%, representing a year-over-year improvement of 413 basis points. ROV fleet utilization was 67% and ROV revenue per day utilized was $10,788, reflecting year-over-year improvements. Manufactured Products operating income of $8.7 million declined 34% on a 4% increase in revenue, with operating income margin declining year over year to 6%. These results were impacted by a $10.4 million adjustment taken during the quarter related to an inventory reserve associated with our theme park ride business. Backlog was $543 million on March 31, 2025, a 9% decrease compared with the same period in 2024. The book-to-bill ratio was 0.90 for the 12-month period ending on March 31, 2025. OPG results improved significantly year over year, due to the continuation of international projects that commenced in the fourth quarter of 2024, improved vessel utilization in the Gulf of Mexico, and the reduction in drydock costs and the associated loss of vessel days that impacted the first quarter of 2024. Operating income grew to $35.7 million, revenue increased to $165 million, and operating income margin expanded to 22%. Integrity Management and Digital Solutions (IMDS) operating income of $3.5 million, operating income margin of 5%, and revenue of $71.4 million were relatively flat. ADTech revenue was relatively flat at $97.2 million. Operating income decreased $2.1 million to $10.7 million and operating income margin declined to 11%, due to readiness costs to enable our role as a prime contractor on the recently announced large contract award. At the corporate level, Unallocated Expenses of $44.6 million were in line with guidance for the quarter. Second Quarter 2025 Guidance As compared to the second quarter of 2024, consolidated second quarter 2025 revenue is expected to increase and EBITDA is projected to increase to be in the range of $95 million to $105 million. At the segment level, for the second quarter of 2025, as compared to the second quarter of 2024: SSR revenue and operating profitability are expected to increase. Manufactured Products revenue is projected to be relatively flat and operating profitability is expected to improve. OPG revenue is forecasted to be relatively flat and operating profitability is forecast to improve significantly. IMDS revenue is expected to be relatively flat and operating profitability is expected to improve. ADTech revenue is projected to increase and operating profitability is projected to improve significantly. Unallocated Expenses are expected to be in the $45 million range. Non-GAAP Financial Measures Adjusted net income (loss) and earnings (loss) per share; EBITDA and adjusted EBITDA on a consolidated and on a segment basis (as well as EBITDA and adjusted EBITDA margins); and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2025 Consolidated EBITDA and Free Cash Flow Estimates, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information. Conference Call Details Oceaneering has scheduled a conference call and webcast on Thursday, April 24, 2025 at 10:00 a.m. Central Time, to discuss its results for the first quarter of 2025 and guidance for the second quarter and full year of 2025. Interested parties may listen to the call through a webcast link posted in the Investor Relations section of Oceaneering's website. A replay of the conference call will be made available on the website approximately two hours following the conclusion of the live call. Forward-Looking Statements This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business, and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering's: full-year 2025 guidance range for net income, consolidated EBITDA, free cash flow generation, capital expenditures, and Manufactured Products book-to-bill ratio; second quarter 2025 guidance for consolidated revenue and consolidated EBITDA; second quarter 2025 guidance for revenue and operating profitability by segment and for Unallocated Expenses; and the characterization, whether positive or otherwise, of market fundamentals, conditions, and dynamics, robotics markets, offshore energy activity levels (including by geographic location), pricing levels, day rates, ROV days utilized, average ROV revenue per day utilized, vessel utilization, growth, bidding activity, outlook, performance, opportunities, and future financials, including as increasing, favorable, positive, encouraging, improving, seasonal, strong, supportive, robust, meaningful, healthy, or significant (which is used herein to indicate a change of 20% or greater). The forward-looking statements included in this release are based on Oceaneering's current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth, and the supply and demand of offshore drilling rigs; the indirect consequences of climate change and climate-related business trends; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development, and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends and uncertainty, including those related to tariffs and retaliatory tariffs; the strength of the industry segments in which we are involved; cancellations of contracts, change orders, and other contractual modifications, force majeure declarations, and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms, and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in data privacy and security laws, regulations, and standards; changes in tax laws, regulations, and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development, and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military, and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts, or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering's latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement. About Oceaneering Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, and manufacturing industries. For more information, please visit www.oceaneering.com. RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under certain rules and regulations promulgated by the Securities and Exchange Commission). We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2024 Consolidated Adjusted EBITDA and Free Cash Flow, and 2025 Consolidated EBITDA and Free Cash Flow Estimates, as well as the following by segment: EBITDA, EBITDA Margins, Adjusted EBITDA, and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. Due to the forward-looking nature of EBITDA for the second quarter of 2025 and for the full year of 2025, we cannot reliably predict certain of the necessary line-items for the reconciliations to net income and, accordingly, have excluded such line-items in the reconciliation. EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA Margins, and Free Cash Flow are widely used by investors for valuation purposes and for comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof provide more consistent measures than the unadjusted amounts. Furthermore, our management uses these measures for purposes of evaluating our financial performance. Our presentation of EBITDA, EBITDA Margins, and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report. Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows, or any other measure prepared and reported in accordance with GAAP. The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures. View source version on businesswire.com: https://www.businesswire.com/news/home/20250423114328/en/ back
Geospace Technologies Schedules Second Quarter 2025 Earnings Call
Geospace Technologies Schedules Second Quarter 2025 Earnings Call HOUSTON, Apr. 23 /BusinessWire/ -- Geospace Technologies (NASDAQ:GEOS) today announced that it will release second quarter 2025 and six-month financial results on Thursday, May 8, 2025 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Friday, May 9, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central). WHAT: Geospace Technologies Second Quarter 2025 and Six-Months Results Conference Call WHEN: Friday, May 9, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central) HOW: Live via phone - U.S. participants can dial toll-free 800-274-8461. International participants can dial 203-518-9814. Please reference the Geospace Technologies conference ID: GEOSQ225 prior to the start of the conference call. For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations page on the Geospace.com website. About Geospace Technologies Geospace Technologies is a global technology and instrumentation manufacturer specializing in advanced sensing, IOT and highly ruggedized products, which serve smart water, energy exploration, industrial, government and commercial customers worldwide. The Company's products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of excellence, the Company's more than 450 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange under the ticker symbol GEOS and has been added to the Russell 2000®, Russell 3000®, and Russell Micro-cap®. For more information, visit www.geospace.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20250423641038/en/ back
GeoPark Announces First Quarter 2025 Operational Update
GeoPark Announces First Quarter 2025 Operational Update Strong Performance Through Focused Execution of 2025 Work ProgramProfitable and Sustainable ResultsNew Exploration Discovery in the Llanos Basin BOGOTA, Colombia, Apr. 23 /BusinessWire/ -- GeoPark Limited ("GeoPark" or the "Company") (NYSE:GPRK), a leading independent energy company with over 20 years of successful operations across Latin America, announces its operational update for the three-month period ended March 31, 2025 ("1Q2025"). The Company's 1Q2025 operational update includes pro forma production and activity figures from four unconventional hydrocarbon blocks in Vaca Muerta, Argentina, the acquisition of which became effective on July 1, 2024, but has not closed and remains subject to regulatory approvals from the respective provincial governments. GeoPark continues to work diligently with its partner and regulatory authorities to complete the approval process. GeoPark's profitable, dependable, and sustainable platform continued to deliver in 1Q2025, supported by the focused execution of its 2025 Work Program. The Company's strategic commitment to disciplined capital allocation, portfolio resilience and competitiveness has positioned GeoPark to manage the current lower Brent price environment and higher market volatility, while retaining the capability to pursue value-accretive growth. Oil and Gas Production and Operations 1Q2025 pro-forma consolidated average oil and gas production of 36,279 boepd1, (29,076 boepd excluding Vaca Muerta), exceeding the 2025 guidance of 35,000 boepd and reflecting solid delivery from core operated and non-operated assets Production from the organic business was 8% lower than 4Q2024, primarily due to the operational suspension on January 8, 2025, of the Platanillo Block2, and the divestiture of the Llanos 32 Block (GeoPark non-operated, 12.5% WI3), announced on March 31. These impacts were partially offset by solid workover results in the CPO-5 Block (GeoPark non-operated, 30% WI) Production in Vaca Muerta reached a record of 17,358 boepd gross during February 2025 9 wells drilled and completed in 1Q2025 (including 4 wells drilled in Vaca Muerta) New exploration discovery at the Currucutu-1 well in the Llanos 123 block, producing 1,360 bopd gross Strong Operational Delivery Underpins Resilient and Profitable Business Model Solid 1Q2025 production performance, exceeding base case guidance of 35,000 boepd, reflecting stable delivery across core operated and non-operated assets Robust hedge position, protecting approximately 70% of expected 2025 pro forma production, including Vaca Muerta, with floors of between $68-70/bbl, mitigating downside price risk Strong liquidity, with a cash position of $308 million4 as of March 31, 2025, providing ample flexibility to manage potential volatility Improved debt profile, following the successful issuance of our notes due 2030 and the repurchase of a significant portion of our notes due 2027, extending the average life of GeoPark's debt to 4.6 years and significantly reducing near-term refinancing risk Llanos 34 Block: Secondary Recovery Underway 1Q2025 average production of 18,175 boepd net (40,389 boepd gross), down 6% from 4Q2024 and in line with expected decline rates. The decrease was partially offset by solid performance from 8 workovers and 5 upsizing/deepening jobs Waterflooding projects contributed approximately 6,000 boepd gross, representing 15% of total block production. One new injector well began operation in April 2025 A new generation rig has been incorporated and has reached total depth on two wells in the 2025 infill drilling campaign after spudding the first well on March 29. The rig is 20% faster and saves 25% on drilling and completion costs versus similar wells drilled in 2024, equivalent to efficiencies of $1.1 million per well. With six wells in the campaign, total estimated savings are $6.6 million and estimated completion time is reduced by 18 days CPO-5 Block: Successful Workover Campaign Results 1Q2025 average production reached 6,605 bopd net (22,017 bopd gross), up 3% from 4Q2024, driven by the successful workover campaign, and despite higher-than-planned downtime due to blockades in the Indico field Workover campaign successfully executed in the Indico 3, 4, and 5 wells, contributing an additional 2,279 bopd gross 3D seismic surveys identified new prospective opportunities, which will be evaluated in the coming months, while merging with existing surveys continues to progress Vaca Muerta: Another Production Record in 1Q2025 1Q2025 average production of 15,533 boepd gross5 (reaching a record production of 17,358 boepd gross in February 2025) Put on production of PAD-9 (three wells of 3,200m of lateral length each) and completed drilling of PAD-12 (four wells of 3,000m of lateral length each) at the Mata Mora Norte Block (GeoPark non-operated, 45% WI) Initiated construction of the Central Processing Facility (CPF-2) to reach total treatment capacity of 40,000 bopd (expected by May 2026) Duplicar Plus Pipeline started operations, securing 19,000 gross bopd of transportation capacity Llanos Exploration: New Discovery and Record Quarterly Production 1Q2025 average production reached a record of 1,894 boepd net (3,787 boepd gross), driven by continued strong performance and stable output from new wells brought online in late 4Q2024 in the Llanos 123 Block (GeoPark operated, 50% WI). Following the recent Currucutu-1 discovery, current gross production has increased further to 4,940 boepd, marking a new milestone Llanos 123 Block: - Drilled and completed Currucutu-1 exploration well during April 2025, finding 79 feet of net pay and currently producing 1,360 bopd gross with a 0.6% water cut - Tested Bisbita Oeste-1 well, currently producing 585 bopd gross Llanos 87 Block (GeoPark operated, 50% WI): - Workover on the Zorzal Este-2 appraisal well was carried out in January 2025, delivering initial production over 450 bopd and currently averaging 285-300 bopd Putumayo: Exploration Campaign Underway PUT-8 Block6: - The Bienparado Norte-1 exploration well spudded in December 2024 and reached total depth in the first week of January 2025. After completing testing, the well was deemed dry - The Bienparado Sur-1 exploration well was put on production in March 2025, delivering 350 bopd during short-term testing. The well is currently shut in and under evaluation for a potential long-term testing request Portfolio Optimization and Cost Efficiency On March 31, 2025, GeoPark announced the divestiture of the non-core Llanos 32 Block in Colombia and the Manati gas field in Brazil, representing ~1,500 boepd in the 2025 work plan, further aligning the portfolio with high-impact, high-materiality assets In parallel, the Company launched a targeted cost efficiency program expected to generate $5-7 million in annual OPEX and G&A savings through reductions in workforce, consultants, contractors, and other administrative expenses Upcoming Catalysts 2Q2025 Drilling 7 gross wells in Colombia and 4 gross wells in Argentina in 2Q2025, targeting conventional, unconventional, appraisal and exploration projects Key projects include: - Llanos 34 Block: Drilling 6 infill wells in the Tigui area and continuing the workover campaign - Mata Mora Norte Block: Completing and putting on production 4 wells on PAD-12 - Confluencia Sur Block (GeoPark non-operated, 50% WI): Spudding PAD-1 (4 wells of 3,000m lateral length each) - Llanos 123 Block: Drilling 1 appraisal well - Llanos 104 Block (GeoPark operated, 50% WI): Drilling 1 exploration well Breakdown of Quarterly Production by Country The following table shows production figures for 1Q2025, as compared to 1Q2024: Quarterly Production Reporting Date for 1Q2025 Results Release, Conference Call and Webcast GeoPark will report its 1Q2025 financial results on Wednesday, May 7, 2025, after market close. GeoPark management will host a conference call on May 8, 2025, at 10:00 am (Eastern Daylight Time) to discuss the 1Q2025 financial results. To listen to the call, participants can access the webcast located in the Invest with Us section of the Company's website at www.geo-park.com, or by clicking below: https://events.q4inc.com/attendee/757847686 Interested parties can join the conference call by using the following dial-in information: United States Participants: +1 404-975-4839 Global Dial-In Numbers: https://www.netroadshow.com/events/global-numbers?confId=72342 Passcode: 360481 Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. An archive of the webcast replay will be made available in the Invest with Us section of the Company's website at www.geo-park.com after the conclusion of the live call. NOTICE Additional information about GeoPark can be found in the "Invest with Us" section on the website at www.geo-park.com. Rounding amounts and percentages: Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentages included in this press release have not in all cases been calculated on the basis of such rounded amounts, but on the basis of such amounts prior to rounding. For this reason, certain percentages in this press release may vary from those obtained by performing the same calculations on the basis of the amounts in the financial statements. Similarly, certain other amounts included in this press release may not sum due to rounding. CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as ``anticipate,'' ``believe,'' ``could,'' ``expect,'' ``should,'' ``plan,'' ``intend,'' ``will,'' ``estimate'' and ``potential,'' among others. Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including, drilling campaign, reductions in drilling completion time and costs, production guidance, closing of acquisition transaction and cost efficiency savings. Forward-looking statements are based on management's beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC). Oil and gas production figures included in this release are stated before the effect of royalties paid in kind, consumption and losses. Annual production per day is obtained by dividing total production by 365 days. 1 Production data from Vaca Muerta is presented on a pro forma and informative basis. The acquisition has not closed and remains subject to regulatory approval. 2 GeoPark owns 100% of the shares in Amerisur Exploración Colombia Limited, which is the official contractor and operator of the block with a 100% WI. 3 Llanos 32 Block: GeoPark had a private WI of 25% in the Azogue field. 4 Unaudited and including $152.0 million withdrawn under an offtake and prepayment agreement with Vitol. 5 Production data from Vaca Muerta is presented on a pro forma and informative basis. The acquisition has not closed and remains subject to regulatory approval. 6 GeoPark owns 100% of the shares in Amerisur Exploración Colombia Limited, which is the official contractor and operator of the block with 50% WI. View source version on businesswire.com: https://www.businesswire.com/news/home/20250422592730/en/ back
Nextracker to Announce Fourth Quarter Fiscal 2025 and Full-Year Financial Results on May 14, 2025
Nextracker to Announce Fourth Quarter Fiscal 2025 and Full-Year Financial Results on May 14, 2025 FREMONT, Calif., Apr. 23 /BusinessWire/ -- Nextracker (NASDAQ:NXT) will announce its fourth quarter fiscal 2025 financial results after the market closes on Wednesday, May 14, 2025. The company will hold a conference call to discuss the results on the same day at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Q4 FY2025 Earnings Call May 14, 2025 2:00 p.m. PT / 5:00 p.m. ET Live webcast available on investors.nextracker.com The webcast replay, along with supporting materials, will be available on the Nextracker IR website following the conclusion of the event. About Nextracker Nextracker is a leading provider of integrated solar trackers, foundations, and software solutions used in ground-mounted utility-scale and distributed generation solar projects around the world. Our product portfolio enables solar PV power plants to follow the sun's movement across the sky and optimize plant performance. With power plants operating in more than forty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit www.nextracker.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20250423312597/en/ back
KNOT Offshore Partners LP Announces 1st Quarter 2025 Earnings Results Conference Call
KNOT Offshore Partners LP Announces 1st Quarter 2025 Earnings Results Conference Call ABERDEEN, Scotland, Apr. 23 /BusinessWire/ -- KNOT Offshore Partners LP (NYSE:KNOP) ("the Partnership") plans to release its financial results for the 1st Quarter of 2025 before opening of the market on Wednesday, May 21, 2025. The Partnership also plans to host a conference call on Wednesday, May 21, 2025 at 9:30 AM (Eastern Time) to discuss the results for the 1st Quarter of 2025. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options: By accessing the webcast, which will be available through the Partnership's website: www.knotoffshorepartners.com. By dialing 1-833-470-1428 from the US, dialing 1-833-950-0062 from Canada or +1-404-975-4839 if outside North America - please join the KNOT Offshore Partners LP call using access code 259019. Our 1st Quarter 2025 Earnings Presentation will also be available at www.knotoffshorepartners.com prior to the conference call start time. The conference call will be recorded and remain available until May 28, 2025. This recording can be accessed following the live call by dialing +1-866-813-9403 or +1-929-458-6194 and entering the replay access code 137364. About KNOT Offshore Partners LP KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of Brazil and the North Sea. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP's common units trade on the New York Stock Exchange under the symbol "KNOP". View source version on businesswire.com: https://www.businesswire.com/news/home/20250423087992/en/ back
Matador Resources Company Reports First Quarter 2025 Results and Announces $400 Million Share Repurchase Program and Adjustment in Drilling Activity
Matador Resources Company Reports First Quarter 2025 Results and Announces $400 Million Share Repurchase Program and Adjustment in Drilling Activity DALLAS, Apr. 23 /BusinessWire/ -- Matador Resources Company (NYSE:MTDR) ("Matador" or the "Company") today reported financial and operating results for the first quarter of 2025 and announced the approval of a $400 million share repurchase program and adjustments to its drilling activity for 2025. A slide presentation summarizing the highlights of Matador's first quarter 2025 earnings release is also included on the Company's website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. Management Summary Comments Joseph Wm. Foran, Matador's Founder, Chairman and CEO, commented, "Matador is pleased to report another profitable quarter that exceeded our expectations. During Matador's 40-year history, we have faced a number of turbulent times with regards to oil and natural gas prices and other outside difficulties. It has been during these times that Matador has relied upon its operational expertise and its financial strength and the long-term nature of its assets to make some of its most significant progress and growth (see Slide A). This time, Matador believes it is in its strongest position yet to take advantage of the opportunities out there in these challenging times (see Slide B). Matador has a strong balance sheet, approximately 200,000 net acres in the Delaware Basin, production at all-time highs, record oil and natural gas reserves, a `gas bank' in its Cotton Valley holdings in Northwestern Louisiana, a strategic midstream business, a 10 to 15 year inventory of quality oil and gas locations and an experienced, tested and capable leadership team that has and is taking the necessary precautions and steps to take full advantage of the various opportunities that may present themselves to us. Share Repurchase Program "Matador is also excited to announce that its Board of Directors has authorized the repurchase of up to $400 million of Matador's common stock (see Slide C). Matador is pleased that the combined strength of our significant free cash flow, increasing production and midstream business as well as confidence in its proven asset base and net asset value convinced Matador's board and senior staff that now was the time to implement share repurchases as an additional way to return value to its present and future shareholders. Any stock repurchases would be incremental to Matador's current quarterly fixed dividend of $0.3125 per share. This quarterly dividend amount has been raised six times in four years and its expenditure remains safely within our cash flow estimates at current commodity prices. "Matador expects to be opportunistic in its share repurchases, which may be conducted through a variety of methods, including open market purchases, 10b5-1 trading plans, privately negotiated transactions or other means. The timing and number of shares that Matador may purchase is subject to a variety of factors, including Matador's stock price, market conditions, trading volume and other uses for Matador's free cash flow. "Matador's board, management and staff have long been purchasers of Matador's shares. In fact, Matador's directors and executive officers purchased an aggregate amount of 31,100 shares of Matador stock for $1.6 million during the first quarter of 2025 (see Slide D). In addition to these Matador board and management purchases, over 100 other employees were also pre-cleared to purchase Matador stock during the quarter, and over 95% of Matador employees participate in Matador's Employee Stock Purchase Plan, or ESPP. Matador believes that repurchasing offers a compelling value, and we are grateful to have the opportunity for not only our shareholders to purchase shares individually but also for Matador to provide value to all employees and shareholders through Matador's direct repurchase of its stock. Prepared for Opportunities "Matador's recent press release on April 4, 2025 and shareholder letter on April 8, 2025 outlined certain precautionary steps that Matador has taken to prepare for times of uncertainty, to minimize the impact of recent volatility and to be ready for any surprises or any unexpected events or opportunities. These precautionary steps include: Repayment of $190 million in borrowings under Matador's credit facility during the first quarter of 2025; Sale of non-core assets and other transactions for approximately $440 million (inclusive of potential drilling incentives) during the fourth quarter of 2024 and the first quarter of 2025, including the sale of Matador's 19% ownership interest in the parent company of Piñon Midstream, LLC for approximately $115 million, the sale of the last portions of our Eagle Ford positions for approximately $30 million, and the contribution of Pronto Midstream, LLC (`Pronto') to San Mateo Midstream, LLC (`San Mateo') for an upfront cash payment to Matador of approximately $220 million and the ability to earn additional drilling incentives of up to $75 million; Execution of new hedges to further protect Matador's balance sheet; Drilling rig and other service contracts structured with the optionality to quickly adjust Matador's activity based upon market conditions; and Securing inventory in advance for steel goods such as casing, valves and surface equipment through the third quarter of 2025, thereby mitigating near-term steel tariff impacts. "Finally, in response to recent commodity price volatility, Matador has decided to adjust its drilling and completion activity for 2025 to provide for more optionality. Matador began 2025 operating nine drilling rigs and now expects to drop to eight drilling rigs by the middle of 2025, which is made possible by the flexibility in its service contracts allowing for rapid reduction of operations. Matador expects to also adjust its completion schedule in accordance with actual drilling activity but will remain focused to take advantage of certain operational efficiencies such as batch drilling and completion technologies as well as upgrades in rigs and other equipment as they occur. The Effect of the Adjustment in Drilling and Completion Activity "The adjustment in activity is expected to reduce Matador's drilling, completing and equipping (`D/C/E') capital expenditures for full-year 2025 by $100 million from Matador's original expectation of $1.375 billion to a revised expectation of $1.275 billion. This additional $100 million in free cash flow for 2025 and the sale of certain assets described above provides Matador with additional flexibility to repay debt, repurchase shares, consider additional dividend increases and take advantage of accretive land, production or midstream opportunities (see Slide E). In addition, Matador expects to continue to monitor market conditions and has the flexibility to add back the ninth drilling rig or drop additional drilling rigs in 2025 depending on market volatility and the macroeconomic environment. Furthermore, Matador expects to use this flexibility and optionality to continue to reduce costs, extend lateral lengths, expand our `U-Turn' drilling program and increase efficiencies. Better-Than-Expected First Quarter 2025 Production Results "Despite market volatility, third-party midstream constraints and severe weather during the first quarter of 2025, Matador's total oil and natural gas production increased 33% to an average of 198,631 BOE per day in the first quarter of 2025 from an average of 149,760 barrels of oil and natural gas equivalent (`BOE') per day in the first quarter of 2024. This result was 1% better than the midpoint of Matador's expected range of 195,000 BOE per day to 197,000 BOE per day. "Matador's average oil production increased 36% to approximately 115,030 barrels of oil per day during the first quarter of 2025 from 84,777 barrels of oil per day in the first quarter to 2024 (see Slide F). Matador's average natural gas production increased 29% to 501.6 million cubic feet per day in the first quarter of 2025 from 389.9 million cubic feet per day in the first quarter of 2024. "Matador turned to sales 40 gross (33.5 net) operated wells during the first quarter of 2025 and earned drilling incentives totaling $6.4 million from its joint venture partner in San Mateo on 13 of these wells. (By comparison, Matador only turned to sales 12 gross (9.4 net) operated wells during the first quarter of 2024.) During the first quarter of 2025, Matador turned to sales its first three-mile lateral wells. While these three-mile lateral wells were turned to sales late in the first quarter and are continuing to clean up, Matador is encouraged by the early results from these wells and looks forward to discussing them in more detail after the completion of the second quarter of 2025. "Among the other wells turned to sales during the first quarter of 2025 were 11 gross (10.7 net) wells on the eastern side of Matador's newly acquired Ameredev acreage. These 11 wells averaged a production rate of over 1,450 BOE per day per well (70% oil) during their 24-hour initial production (`IP') tests for an aggregate total of over 15,950 BOE per day. The coordination and execution to bring these wells online is a good example of the successful integration of the Ameredev assets and the efficiency of batch drilling and completion activities. Matador estimates that turning these wells to sales added approximately 12 million BOE to Matador's proved developed producing reserves. "Of the 40 gross (33.5 net) operated wells turned to sales in the first quarter of 2025, 38 gross (31.6 net) of these operated wells (95%) were turned to sales during the second half of the first quarter. The wells turned to sales during the second half of the first quarter of 2025 set Matador up for anticipated record production results during the second quarter of 2025. Matador expects to produce average total oil and natural gas production of 207,000 BOE per day during the second quarter of 2025, including 122,000 barrels of oil per day and 510.0 million cubic feet of natural gas per day. Continued Execution and Efficiency Improvement "With 13 formations and over 20 producing zones, Matador believes the Delaware Basin is one of the best basins in which to operate in turbulent times (see Slides G and H). Matador has approximately 18.3 million feet of inventory and 1,869 locations in the Delaware Basin. Matador estimates that these locations provide 10 to 15 years of inventory with average rates of return in excess of 50% at either (i) $70 per barrel of oil and $3 per million British thermal unit (`MMBtu') of natural gas or (ii) $60 per barrel of oil and $4 per MMBtu of natural gas (see Slide I). According to Enverus Inc. data (see Slide J), Matador leads its peers in well productivity. "Matador was able to achieve the production results discussed above while continuing to increase its operational efficiencies. Matador's drilling and completion costs decreased 3% to $880 per completed lateral foot during the first quarter of 2025 from $910 per completed lateral foot during full-year 2024. The productivity of Matador's wells and its cost efficiencies, such as drilling `U-Turn' wells (see Slide K) have resulted in Matador having the highest profit margins among its peers according to data from Bloomberg LP (see Slide L). "San Mateo, Matador's midstream joint venture, is primarily a fixed fee business and primarily established to help provide flow assurance for Matador and San Mateo's third-party customers. San Mateo also helps balance the impact of commodity price fluctuations on Matador's free cash flow. San Mateo currently owns processing plants with a designed inlet capacity of 520 million cubic feet per day, 16 saltwater disposal wells with a designed disposal capacity of 475,000 barrels per day and 590 miles of oil, gas and water pipelines (see Slide M). San Mateo is currently expanding its Marlan processing plant to add an additional 200 million cubic feet per day of processing capacity. This plant expansion remains `on time' and `on budget' and is expected to be operational in the second quarter of 2025 (see Slide N). Town Hall Conference Call "We invite each of our shareholders and other interested parties to join our first ever `Town Hall' Conference Call on Monday, April 28, 2025, at 3:30 p.m. Central Time. During the Town Hall, we plan to further address our first quarter 2025 results, the volatility in commodity markets and our drilling plans throughout 2025. Please send any questions that you may have in advance by email to investors@matadorresources.com no later than 3:00 p.m. Central Time on Friday, April 25, 2025. The live conference call will be available through the Company's website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab or you can use the following link to obtain call in details: https://register-conf.media-server.com/register/BI236c16a90e62412795441990de597e78. Closing Thoughts "Over the last 40 plus years in the oil and gas business, the Board, the staff and I have weathered many turbulent storms. Given this history, the board, executive team and I have always tried to prepare Matador to be ready for changes, surprises and challenging times. With a strong balance sheet, $1.8 billion in liquidity, its proven locations and its other high quality drilling locations as well as its brick-by-brick acquisition strategy (see Slide O), Matador believes it is ready and able to continue to increase its asset base and shareholder value in 2025 despite market volatility (see Slide P). Our assets, board, staff and financial strength have put us in a position where we expect to come out of these volatile and uncertain times better than where we were when we entered them - just as we have done many times in the past. We look forward to talking with you during our `Town Hall' Conference Call and invite you to join us for our annual shareholder meeting in June." All references to Matador's net income, adjusted net income, Adjusted EBITDA and adjusted free cash flow reported throughout this earnings release are those values attributable to Matador Resources Company shareholders after giving effect to any net income, adjusted net income, Adjusted EBITDA or adjusted free cash flow, respectively, attributable to third-party non-controlling interests, including in San Mateo. Matador owns 51% of San Mateo. For a definition of adjusted net income, adjusted earnings per diluted common share, Adjusted EBITDA and adjusted free cash flow and reconciliations of such non-GAAP financial metrics to their comparable GAAP metrics, please see "Supplemental Non-GAAP Financial Measures" below. Full-Year 2025 Guidance Update Effective April 23, 2025, Matador updated its full-year 2025 guidance range for total oil and natural gas equivalent production, oil production, natural gas production and capital expenditures as set forth in the table below. As noted above, Matador expects to adjust its activity in 2025 and reduce to eight rigs in the middle of the year as well as adjust its completions schedule to increase operational efficiencies and enhance well returns during these volatile times. In light of present condition, Matador now expects to produce approximately 200,000 BOE per day in 2025, a change of 5,000 BOE per day, and to save $100 million in capital costs as compared to its original expectations. The change is primarily attributable to an expected 4.3 fewer net operated wells turned to sales in 2025 due to the adjustment to operating eight drilling rigs noted above and a corresponding expected reduction in activity from Matador's non-operated partners due to the recent market and commodity price volatility. As a result of this decreased pace, Matador expects a 7% reduction in capital expenditures and a 2% reduction in production during 2025 as compared to its prior guidance, but it is still a 17% increase in production compared to our production in 2024. Operational and Financial Update Hedging Update In light of prior experience in turbulent times, Matador entered into additional oil and natural gas hedges during the first quarter of 2025. A summary of our hedges is provided in the following tables: First Quarter 2025 Oil, Natural Gas and Total Oil and Natural Gas Equivalent Production As summarized in the table below, Matador's total oil and natural gas production averaged 198,631 BOE per day in the first quarter of 2025, which was a 33% year-over-year increase from an average of 149,760 BOE per day in the first quarter of 2024. The better-than-expected oil and natural gas production was primarily due to outperformance of wells that were turned to sales in the fourth quarter of 2024. First Quarter 2025 Realized Commodity Prices The following table summarizes Matador's realized commodity prices during the first quarter of 2025, as compared to the fourth quarter of 2024 and the first quarter of 2024. First Quarter 2025 Financial Highlights The following table summarizes Matador's financial highlights during the first quarter of 2025, as compared to the first quarter of 2024. First Quarter 2025 Expenses Matador's lease operating expenses ("LOE") increased 11% sequentially from $5.37 per BOE in the fourth quarter of 2024 to $5.96 per BOE in the first quarter of 2025. This increase was expected as Matador expected LOE to be in the range of $5.75 to $6.25 per BOE in the first quarter of 2025 but dropping to a range of $5.50 to $6.00 per BOE for full-year 2025. LOE is generally higher on a per unit basis in the first quarter of the year due primarily to winterization efforts. Matador's general and administrative ("G&A") expenses decreased 15% sequentially from $2.22 per BOE in the fourth quarter of 2024 to $1.89 per BOE in the first quarter of 2025. This decrease is due in part to employee bonuses that were paid in the fourth quarter of 2024 and a decrease in the value of certain employee stock awards that are settled in cash, which are measured at each quarterly reporting period. The value of these cash-settled stock awards decreased due to the 9% decrease in Matador's share price from $56.26 at the end of the fourth quarter of 2024 to $51.09 at the end of the first quarter of 2025. First Quarter 2025 Capital Expenditures Matador's D/C/E capital expenditures for the first quarter of 2025 were $394.4 million, which was 7% above the midpoint of Matador's expected range of $340 to $400 million because Matador turned to sales the upper range of its estimated 35 to 40 gross operated wells later in the first quarter of 2025 and incurred additional capital expenditures associated with acquired working interests. The wells associated with these additional capital expenditures are expected to contribute to Matador's anticipated record production in the second quarter of 2025. Midstream capital expenditures of $46.4 million for the first quarter of 2025 were below Matador's expectations of $80 million in total midstream capital expenditures for the quarter due to timing of costs incurred for the Marlan plant expansion and the associated gas gathering system. Midstream Update The table below sets forth San Mateo's throughput volumes for the first quarter of 2025, as compared to the first quarter of 2024. San Mateo expects that its natural gas processing capacity will increase to 720 MMcf per day from its current 520 MMcf per day upon completion of the Marlan plant expansion in the second quarter of 2025. Second Quarter 2025 Estimates Second Quarter 2025 Estimated Oil, Natural Gas and Total Oil Equivalent Production Growth As noted in the table below, Matador anticipates its average daily oil equivalent production of 198,631 BOE per day in the first quarter of 2025 to grow by 4% to a midpoint of approximately 207,000 BOE per day in the second quarter of 2025. This production growth is a result of the wells turned to sales late in the first quarter of 2025 and early in the second quarter of 2025 pursuant to its drilling program. Second Quarter 2025 Estimated Wells Turned to Sales At April 23, 2025, Matador expects to turn to sales 21 to 26 net operated horizontal wells in the Delaware Basin during the second quarter of 2025. Approximately 60 to 70% of these wells are expected to be in the Rustler Breaks and Arrowhead asset areas in Eddy County, New Mexico. The remaining wells are in the Antelope Ridge asset area in Lea County, New Mexico. Second Quarter 2025 Estimated Capital Expenditures Matador began 2025 operating nine drilling rigs in the Delaware Basin and expects to drop to eight drilling rigs in the middle of the year. At April 23, 2025, Matador expects D/C/E capital expenditures for the second quarter of 2025 will be approximately $330 to $390 million, which is a 9% decrease as compared to $394.4 million for the first quarter of 2025, primarily due to a decreased number of completions. Matador expects its proportionate share of midstream capital expenditures to be approximately $60 to $90 million in the second quarter of 2025, which is a 62% increase as compared to $46.4 million in the first quarter of 2025. This increase is primarily due to costs associated with the completion of the Marlan plant expansion, which remains on time and on budget. Matador expects both D/C/E and midstream capital expenditures to be lower in the second half of the year, primarily due to the reduced pace of activity and increased capital efficiency noted above. Shareholder "Town Hall" Conference Call The Company has organized a first ever "town hall" style conference call for Matador's shareholders and other interested parties. The Town Hall meeting will be held on Monday, April 28, 2025, at 3:30 p.m. Central Time. To access the live conference call by phone, you can use the following link and you will be provided with the dial-in details: https://register-conf.media-server.com/register/BI236c16a90e62412795441990de597e78. To avoid delays, it is recommended that participants dial into the conference call 15 minutes ahead of the scheduled start time. The Company realizes that the recent volatility in commodity prices and the market generally may have brought up questions that shareholders would like to ask the Company's management team. If you have a question you would like to submit, please send your questions by email to investors@matadorresources.com. The Company asks that all questions be sent no later than 3:00 p.m. Central Time on Friday, April 25, 2025. The conference call will also be available through the Company's website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. The replay for the event will be available on the Company's website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab for one year. First Quarter 2025 Earnings Conference Call The Company will host a live conference call on Thursday, April 24, 2025, at 10:00 a.m. Central Time to review its first quarter 2025 financial results and operational highlights. To access the live conference call by phone, you can use the following link https://register-conf.media-server.com/register/BI5cabb52f24cf496aa14cb36e45fefe1c and you will be provided with dial in details. To avoid delays, it is recommended that participants dial into the conference call 15 minutes ahead of the scheduled start time. The live conference call will also be available through the Company's website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. The replay for the event will be available on the Company's website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab for one year. About Matador Resources Company Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties. For more information, visit Matador Resources Company at www.matadorresources.com. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. "Forward-looking statements" are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "could," "believe," "would," "anticipate," "intend," "estimate," "expect," "may," "should," "continue," "plan," "predict," "potential," "project," "hypothetical," "forecasted" and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, the amount and timing of share repurchases, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, disruption from Matador's acquisitions or dispositions making it more difficult to maintain business and operational relationships; significant transaction costs associated with Matador's acquisitions or dispositions; the risk of litigation and/or regulatory actions related to Matador's acquisitions or dispositions, as well as the following risks related to financial and operational performance: general economic conditions; Matador's ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of Matador's midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on Matador's operations due to seismic events; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, capital markets, available borrowing capacity under its revolving credit facilities and otherwise; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; and the other factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador's filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Matador's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Supplemental Non-GAAP Financial Measures Adjusted EBITDA This press release includes the non-GAAP financial measure of Adjusted EBITDA. Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of the Company's consolidated financial statements, such as securities analysts, investors, lenders and rating agencies. "GAAP" means Generally Accepted Accounting Principles in the United States of America. The Company believes Adjusted EBITDA helps it evaluate its operating performance and compare its results of operations from period to period without regard to its financing methods or capital structure. The Company defines, on a consolidated basis and for San Mateo, Adjusted EBITDA as earnings before interest expense, income taxes, depletion, depreciation and amortization, accretion of asset retirement obligations, property impairments, unrealized derivative gains and losses, non-recurring transaction costs for certain acquisitions, certain other non-cash items and non-cash stock-based compensation expense and net gain or loss on asset sales and impairment. Adjusted EBITDA is not a measure of net income or net cash provided by operating activities as determined by GAAP. All references to Matador's Adjusted EBITDA are those values attributable to Matador Resources Company shareholders after giving effect to Adjusted EBITDA attributable to third-party non-controlling interests, including in San Mateo. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or net cash provided by operating activities as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components of understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure. Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. The following table presents the calculation of Adjusted EBITDA and the reconciliation of Adjusted EBITDA to the GAAP financial measures of net income and net cash provided by operating activities, respectively, that are of a historical nature. Where references are pro forma, forward-looking, preliminary or prospective in nature, and not based on historical fact, the table does not provide a reconciliation. The Company could not provide such reconciliation without undue hardship because such Adjusted EBITDA numbers are estimations, approximations and/or ranges. In addition, it would be difficult for the Company to present a detailed reconciliation on account of many unknown variables for the reconciling items, including future income taxes, full-cost ceiling impairments, unrealized gains or losses on derivatives and gains or losses on asset sales and impairment. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Adjusted EBITDA - Matador Resources Company Adjusted EBITDA - San Mateo (100%) Adjusted Net Income and Adjusted Earnings Per Diluted Common Share This press release includes the non-GAAP financial measures of adjusted net income and adjusted earnings per diluted common share. These non-GAAP items are measured as net income attributable to Matador Resources Company shareholders, adjusted for dollar and per share impact of certain items, including unrealized gains or losses on derivatives, the impact of full cost-ceiling impairment charges, if any, and non-recurring transaction costs for certain acquisitions or other non-recurring income or expense items, along with the related tax effect for all periods. This non-GAAP financial information is provided as additional information for investors and is not in accordance with, or an alternative to, GAAP financial measures. Additionally, these non-GAAP financial measures may be different than similar measures used by other companies. The Company believes the presentation of adjusted net income and adjusted earnings per diluted common share provides useful information to investors, as it provides them an additional relevant comparison of the Company's performance across periods and to the performance of the Company's peers. In addition, these non-GAAP financial measures reflect adjustments for items of income and expense that are often excluded by securities analysts and other users of the Company's financial statements in evaluating the Company's performance. The table below reconciles adjusted net income and adjusted earnings per diluted common share to their most directly comparable GAAP measure of net income attributable to Matador Resources Company shareholders. Adjusted Free Cash Flow This press release includes the non-GAAP financial measure of adjusted free cash flow. This non-GAAP item is measured, on a consolidated basis for the Company and for San Mateo, as net cash provided by operating activities, adjusted for changes in working capital and cash performance incentives that are not included as operating cash flows, less cash flows used for capital expenditures, adjusted for changes in capital accruals. On a consolidated basis, these numbers are also adjusted for the cash flows related to non-controlling interest in subsidiaries that represent cash flows not attributable to Matador shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash provided by operating activities as determined in accordance with GAAP or an indicator of the Company's liquidity. Adjusted free cash flow is used by the Company, securities analysts and investors as an indicator of the Company's ability to manage its operating cash flow, internally fund its D/C/E capital expenditures, pay dividends and service or incur additional debt, without regard to the timing of settlement of either operating assets and liabilities or accounts payable related to capital expenditures. Additionally, this non-GAAP financial measure may be different than similar measures used by other companies. The Company believes the presentation of adjusted free cash flow provides useful information to investors, as it provides them an additional relevant comparison of the Company's performance, sources and uses of capital associated with its operations across periods and to the performance of the Company's peers. In addition, this non-GAAP financial measure reflects adjustments for items of cash flows that are often excluded by securities analysts and other users of the Company's financial statements in evaluating the Company's cash spend. The table below reconciles adjusted free cash flow to its most directly comparable GAAP measure of net cash provided by operating activities. All references to Matador's adjusted free cash flow are those values attributable to Matador shareholders after giving effect to adjusted free cash flow attributable to third-party non-controlling interests, including in San Mateo. Adjusted Free Cash Flow - Matador Resources Company Adjusted Free Cash Flow - San Mateo (100%) View source version on businesswire.com: https://www.businesswire.com/news/home/20250423165432/en/ back
Energy Transfer Announces Increase in Quarterly Cash Distribution
Energy Transfer Announces Increase in Quarterly Cash Distribution DALLAS, Apr. 23 /BusinessWire/ -- Energy Transfer LP (NYSE:ET) today announced an increase in its quarterly cash distribution to $0.3275 per Energy Transfer common unit ($1.31 on an annualized basis) for the first quarter ended March 31, 2025. This cash distribution per Energy Transfer common unit will be paid on May 20, 2025 to unitholders of record as of the close of business on May 9, 2025, and is an increase of more than 3 percent as compared to the first quarter of 2024. In addition, as previously announced, Energy Transfer plans to release earnings for the first quarter of 2025 on Tuesday, May 6, 2025, after the market closes. The company will also conduct a conference call on Tuesday, May 6, 2025 at 3:30 p.m. Central Time/4:30 p.m. Eastern Time to discuss quarterly results and provide a company update. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer's website at energytransfer.com. The call will also be available for replay on Energy Transfer's website for a limited time. Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with more than 130,000 miles of pipeline and associated energy infrastructure. Energy Transfer's strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids ("NGL") and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and approximately 21% of the outstanding common units of Sunoco LP (NYSE:SUN), and the general partner interests and approximately 39% of the outstanding common units of USA Compression Partners, LP (NYSE:USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com. Forward Looking Statements This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results, including future distribution levels, are discussed in the Partnership's Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. Qualified Notice This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that one hundred percent (100%) of Energy Transfer LP's distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP's distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. The information contained in this press release is available on our website at energytransfer.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20250423446760/en/ back
Chord Energy Schedules First Quarter 2025 Earnings Release and Conference Call
Chord Energy Schedules First Quarter 2025 Earnings Release and Conference Call HOUSTON, April 23, 2025 /PRNewswire/ -- Chord Energy Corp. (Nasdaq: CHRD) ("Chord" or the "Company") plans to announce its first quarter 2025 financial and operating results on Tuesday, May 6, 2025 after market close. The Company will host a live webcast and conference call on Wednesday, May 7, 2025 at 10:00 a.m. Central. Investors, analysts and other interested parties are invited to listen to the webcast: Date: Wednesday, May 7, 2025 Time: 10:00 a.m. Central Live Webcast: https://app.webinar.net/5Xq8dg8rDmj To join the conference call by phone without operator assistance (including sell-side analysts wishing to ask a question), you may register and enter your phone number at https://emportal.ink/4jrSCtf to receive an instant automated call back. You will be immediately placed into the call. You may also use the following dial-in information to join the conference call by phone with operator assistance: Dial-in: 1-800-836-8184 Intl. Dial-in: 1-646-357-8785 Conference ID: 12817 Website: www.chordenergy.com A recording of the conference call will be available beginning at 1:00 p.m. Central on the day of the call and will be available until Wednesday, May 14, 2025 by dialing: Replay dial-in: 1-888-660-6345 Intl. replay: 1-646-517-4150 Replay access: 12817 # The call will also be available for replay for approximately 30 days at www.chordenergy.com. Additionally, Chord Energy plans to participate in the following energy conferences and investor events: May 14 - 15, 2025 TPH&Co. Hotter 'N Hell Conference May 28 - 30, 2025 Bernstein Strategic Decisions Conference June 3 - 4, 2025 RBC Capital Markets Global Energy, Power & Infrastructure Conference June 4 - 5, 2025 Bank of America Energy and Power Credit Conference June 24 - 25, 2025 JP Morgan Energy, Power, Renewables & Mining Conference About Chord Energy Corp. Chord Energy Corp. is an independent exploration and production company with quality and sustainable long-lived assets in the Williston Basin. The Company is uniquely positioned with a best-in-class balance sheet and is focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil-rich resources in the continental United States. For more information, please visit the Company's website at www.chordenergy.com. Contact: Chord Energy CorporationBob Bakanauskas, Vice President, Investor Relations(281) 404-9600ir@chordenergy.com View original content to download multimedia:https://www.prnewswire.com/news-releases/chord-energy-schedules-first-quarter-2025-earnings-release-and-conference-call-302436273.html SOURCE Chord Energy
Transaction in Own Shares
Transaction in Own Shares Transaction in Own Shares 23 April, 2025 o o o o o o o o o o o o o o o o Shell plc (the `Company') announces that on 23 April 2025 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according to trading venue: These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 30 January 2025. In respect of this programme, Natixis will make trading decisions in relation to the securities independently of the Company for a period from 30 January 2025 up to and including 25 April 2025. The on-market limb will be effected within certain pre-set parameters and in accordance with the Company's general authority to repurchase shares on-market. The off-market limb will be effected in accordance with the Company's general authority to repurchase shares off-market pursuant to the off-market buyback contract approved by its shareholders and the pre-set parameters set out therein. The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes ("EU MAR") and EU MAR as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310), from time to time ("UK MAR") and the Commission Delegated Regulation (EU) 2016/1052 (the "EU MAR Delegated Regulation") and the EU MAR Delegated Regulation as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310), from time to time. In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by Natixis on behalf of the Company as a part of the buy-back programme is detailed below. Enquiries Media International: +44 (0) 207 934 5550 Media Americas: +1 832 337 4335 LEI number of Shell plc: 21380068P1DRHMJ8KU70 Classification: Acquisition or disposal of the issuer's own shares Attachment Shell plc Share Buyback RNS_04.23.2025
Calpine, ExxonMobil Sign CO2 Transportation and Storage Agreement for Power Generation Project
Calpine, ExxonMobil Sign CO2 Transportation and Storage Agreement for Power Generation Project ExxonMobil to transport and store up to 2 million metric tons per year of CO2 from Calpine's natural gas power generation facilityCalpine plans to produce ~500 megawatts of reliable low-carbon electricity, enough to power more than 500,000 homes Project expected to bolster U.S. energy, strengthen industry competitiveness, and create jobs SPRING, Texas, Apr. 23 /BusinessWire/ -- Exxon Mobil Corporation (NYSE:XOM) announced an agreement with Calpine Corporation, the nation's largest producer of electricity from natural gas, to transport and permanently store up to 2 million metric tons per annum (MTA) of CO2 from Calpine's Baytown Energy Center, a cogeneration facility near Houston. This is part of Calpine's Baytown Carbon Capture and Storage (CCS) Project that is designed to capture the facility's CO2 emissions, enabling the 24/7 supply of low-carbon electricity to Texas customers as well as steam to nearby industrial facilities. This agreement marks ExxonMobil's sixth CCS customer, bringing the company's total amount of CO2 under contract to ~16 MTA. The CO2 from Calpine's facility will tie into ExxonMobil's CO2 pipeline system, the largest in the world, which is strategically located along the U.S. Gulf Coast and supports enhanced oil recovery as well as permanent CO2 sequestration. "We're thrilled to work with Calpine on this project that supports American energy security, enhances industrial competitiveness and leverages America's abundant low-cost natural gas resources," said Barry Engle, President of ExxonMobil Low Carbon Solutions. "This agreement underscores the growing confidence our customers across diverse sectors-including steel, fertilizer, industrial gases, natural gas processing, and now power generation-have in our unique end-to-end CCS system." Calpine's Baytown CCS Project expects to produce about 500 megawatts of low-carbon electricity, enough to power more than 500,000 homes, as well as steam for industrial use. Engineering, permitting, and other development activities are underway. The project anticipates creating significant construction and permanent jobs. "Calpine is excited to partner with ExxonMobil to achieve this important project milestone," said Caleb Stephenson, Calpine Executive Vice President. "As the largest U.S. generator of electricity from natural gas, we understand that the nation's gas fleet will remain the backbone of the grid for decades to come. We believe CCS is an actionable and cost-effective way to meet customers' demand for reliable power and alleviate concerns about the indisputable long-term need for gas-fired facilities. Low-cost natural gas along with carbon capture technology and widespread geologic storage resources can bolster U.S. energy, natural gas use, jobs, and export strength. "We're grateful to the Trump administration for championing expanded energy and electricity production to power America's economy and to the Department of Energy for its longstanding role in power sector and CCS technology advancement. This support has allowed us to expand our investments in power infrastructure including our recently acquired Quail Run Energy Center in the Permian as well as additional generation and storage projects across the country. We believe we are on the brink of commercializing CCS technology," said Stephenson. The advancement of this project remains contingent on ongoing supportive government policy, customer power sales agreements, and receipt of necessary regulatory permits. About ExxonMobil ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs. The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity. With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050. To learn more, visit exxonmobil.com and ExxonMobil's Advancing Climate Solutions. Follow us on LinkedIn About Calpine Calpine Corporation is America's largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Our fleet of 79 energy facilities in operation represents over 27,000 megawatts of generation capacity. Through wholesale power operations and our retail businesses, we serve customers in 22 states and Canada. Our clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. We are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. If you would like to learn more about Calpine, follow us: Twitter.com/Calpine or Linkedin.com/Calpine. Cautionary Statement Statements of future events, investments, collaborations or projects in this release are forward-looking statements. Actual future results, including project plans, timing, capacities, and costs could vary depending on the ability to execute operational objectives on a timely and successful basis; implementation of federal and state government frameworks and permitting for carbon capture and storage and other lower-emission technologies; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; and other market factors including changes in supply and demand for natural gas, government tariffs and factors affecting future prices of natural gas; and other factors discussed in this release and in Item 1A. Risk Factors of ExxonMobil's Annual Report on Form 10-K and under the heading "Factors Affecting Future Results" available through the Investors page of ExxonMobil's website at exxonmobil.com. Any forward-looking statement speaks only as of the date of this press release and the companies named herein disclaim any obligation to update any forward-looking statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20250423413655/en/ back
Amplify Announces Intention to Further Adjourn Special Meeting of Stockholders
Amplify Announces Intention to Further Adjourn Special Meeting of Stockholders HOUSTON, April 23, 2025 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) ("Amplify" or the "Company") today announced that it intends to open and immediately adjourn its reconvened Special Meeting of Stockholders (the "Special Meeting") relating to the Company's proposed merger with Juniper Capital's upstream Rocky Mountain portfolio companies. There will be no voting or other matters conducted at the meeting on April 23, 2025, and the Company intends to reconvene the Special Meeting on May 1, 2025 at 8:00 a.m. Central Time (and the adjourned meeting will be held virtually via the internet at www.cesonlineservices.com/ampysm_vm). The record date for the Special Meeting, March 3, 2025, is unchanged and applies to the reconvened Special Meeting. The Special Meeting will be adjourned to allow for further time to solicit proxies from the Company's stockholders and provide stockholders with additional time to vote in order to facilitate broader participation. In order to virtually attend the Special Meeting, you must register in advance at www.cesonlineservices.com/ampysm_vm prior to April 30, 2025 at 8:00 a.m. Central Time. Please note, if you previously registered for the Special Meeting, you do not need to register again. You will not be able to attend the Special Meeting physically in person. Stockholders who have already cast their votes do not need to take any action, unless they wish to change or revoke their prior proxy or voting instructions, and their votes will be counted at the reconvened Special Meeting. For stockholders who have not yet cast their votes, we urge them to vote their shares now, so they can be tabulated prior to the reconvened Special Meeting. For more information on how to vote, please call the Company's proxy solicitor, Sodali & Co, on their toll-free number (800) 662-5200 or email AMPY@investor.sodali.com. The Company's Board of Directors unanimously recommends that you vote FOR the proposals identified in the Company's definitive proxy statement for the Special Meeting. About Amplify EnergyAmplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify's operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com. Forward-Looking StatementsThis press release includes "forward-looking statements." All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company's actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expected timing of the adjourned Special Meeting. Please read the Company's filings with the Securities and Exchange Commission (the "SEC"), including "Risk Factors" in the Company's Annual Report on Form 10-K, and if applicable, the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company's Investor Relations website at https://www.amplifyenergy.com/investor-relations/default.aspx or on the SEC's website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise. Important Additional Information Regarding the Mergers Will Be Filed With the SEC. In connection with the proposed mergers, the Company has filed a definitive proxy statement. The definitive proxy statement has been sent to the stockholders of record of the Company. The Company may also file other documents with the SEC regarding the mergers. INVESTORS AND SECURITY HOLDERS OF AMPLIFY ARE ADVISED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS, THE PARTIES TO THE MERGERS AND THE RISKS ASSOCIATED WITH THE MERGERS. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed by Amplify with the SEC from the SEC's website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents (when available) by (1) directing your written request to: 500 Dallas Street, Suite 1700, Houston, Texas or (2) contacting our Investor Relations department by telephone at (832) 219-9044 or (832) 219-9051. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company's website at http://www.amplifyenergy.com. Participants in the Solicitation. Amplify and certain of its respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Amplify in connection with the transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the definitive proxy statement filed with the SEC. Additional information regarding the Company's directors and executive officers is also included in Amplify's Notice of Annual Meeting of Stockholders and 2024 Proxy Statement, which was filed with the SEC on April 5, 2024. These documents are available free of charge as described above. Contacts Amplify Energy Jim Frew -- Senior Vice President and Chief Financial Officer(832) 219-9044jim.frew@amplifyenergy.com Michael Jordan -- Director, Finance and Treasurer(832) 219-9051michael.jordan@amplifyenergy.com Sodali & Co. Michael Verrechia / Eric Kamback / Christopher Rice(800) 662-5200AMPY@investor.sodali.com FTI Consulting Tanner Kaufman / Brandon Elliott / Rose Zuamplifyenergy@fticonsulting.com
Berry Corporation Provides Update on Strong Hedge and Liquidity Position Underpinning Stable Cash Flow Generation; Announces Upcoming Conference Participation
Berry Corporation Provides Update on Strong Hedge and Liquidity Position Underpinning Stable Cash Flow Generation; Announces Upcoming Conference Participation DALLAS, April 23, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) ("Berry" or the "Company") today provided an update on its hedge and liquidity position, further bolstering the Company's financial strength and visibility in the current commodity price environment. The Company raised the average hedged price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d. The Company's oil volumes are 73% hedged for the remainder of 2025 and 63% hedged for 2026, based on the midpoint of Berry's full year 2025 oil production guidance. Berry's latest hedge information is included in its current investor presentation available on the Company's website at www.bry.com. Fernando Araujo, Berry's Chief Executive Officer, commented, "Our favorable hedge position reflects our proven strategy and Berry's long-standing commitment to deliver sustainable cash flow through commodity price cycles. Our shallow decline rate, low capital intensity assets and strong hedge book provides for continued debt reduction and shareholder returns. Berry is well positioned to protect its balance sheet amidst recent market volatility." Hedging and Mark-to-Market (MTM) Update: Converted 2.3 MBbls/d of collars and puts in 2026 and 2027 into swaps, raising the floor price by $6/Bbl on averageBalance of 2025 (April-December): 17.3 MBbls/d oil hedged at an average price of $74.69/Bbl Brent (73% of full year 2025 guidance)2026-2027: 12.5 MBbls/d oil hedged at an average price of $69.45/Bbl Brent factoring in swaps and the floor prices of the collarsMTM (crude oil) as of 4/21/25: $105 million Liquidity UpdateBerry also provided an update on its strengthened liquidity position since year-end. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its revolving credit facility and $32 million available for delayed draw borrowings under its term loan facility. As of April 22, 2025, the Company had a liquidity position of $119 million with $14 million of letters of credit and no borrowings outstanding under its credit facility. Upcoming Conference ParticipationBerry's executives will be participating in several upcoming investor events. In addition to hosting 1x1 investor meetings, Fernando Araujo will be speaking at each of the following conferences: ONE Houlihan Lokey Global Conference on May 13 in New York, NYHart Energy Super DUG Conference & Expo on May 15 in Fort Worth, TXLouisiana Energy Conference on May 28 in New Orleans, LA About Berry Corporation (BRY) Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production ("E&P") and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company's website at www.bry.com. COMPANY CONTACT: Christopher Denison Investor Relationsir@bry.com(661) 616-3811 Cautionary Statement Regarding Forward Looking StatementsThis news release contains forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "believe," "continue," "intend," "will," "would," "goal," "project," and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management's expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet production guidance, financial guidance and distribution expectations; our ability to safely and efficiently operate Berry's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our capital program and development and production plans; potential acquisitions and other strategic opportunities; changes in reserves; hedging activities; and the other factors described in the "Risk Factors" section of Berry's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. Berry undertakes no obligation to publicly update or revise any forward-looking statements.
Suncor Energy to Release First Quarter 2025 Financial Results and Hold Annual General Meeting
Suncor Energy to Release First Quarter 2025 Financial Results and Hold Annual General Meeting Calgary, Alberta--(Newsfile Corp. - April 22, 2025) - Suncor Energy (TSX: SU) (NYSE: SU) will release its first quarter financial results on May 6, 2025 before 5:00 p.m. MT (7:00 p.m. ET).A webcast to review the first quarter will be held on May 7, 2025 at 7:30 a.m. MT (9:30 a.m. ET). Representing management will be Rich Kruger, President and Chief Executive Officer and Kris Smith, Chief Financial Officer. A question and answer period with analysts will follow brief remarks from management. Troy Little, Senior Vice President, External Affairs will host the call.To listen to the webcast please follow the instructions provided at https://www.suncor.com/en-ca/investors/events-and-presentations.Annual General MeetingSuncor will host its Annual General Meeting online at 10:30 a.m. MT (12:30 p.m. ET) on May 6, 2025. To participate in the meeting, shareholders will need access to the internet for the full duration of the meeting. Detailed instructions for shareholders to participate in the meeting are provided at https://www.suncor.com/en-ca/investors/events-and-presentations. The event will be archived for 90 days.Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil production; petroleum refining in Canada and the U.S.; and the company's Petro-CanadaTM retail and wholesale distribution networks (including Canada's Electric HighwayTM, a coast-to-coast network of fast-charging EV stations). Suncor is developing petroleum resources while advancing the transition to a lower-emissions future through investments in lower emissions intensity power, renewable feedstock fuels and projects targeting emissions intensity. Suncor also conducts energy trading activities focused primarily on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.For more information about Suncor, visit our website at suncor.com.Media inquiries:(833) 296-4570media@suncor.comTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/249419
Baker Hughes Company Announces First-Quarter 2025 Results
Baker Hughes Company Announces First-Quarter 2025 Results First-quarter highlights Orders of $6.5 billion, including $3.2 billion of IET orders.RPO of $33.2 billion, including record IET RPO of $30.4 billion.Revenue of $6.4 billion, consistent year-over-year.Attributable net income of $402 million.GAAP diluted EPS of $0.40 and adjusted diluted EPS* of $0.51.Adjusted EBITDA* of $1,037 million, up 10% year-over-year.Cash flows from operating activities of $709 million and free cash flow* of $454 million.Returns to shareholders of $417 million, including $188 million of share repurchases. HOUSTON and LONDON, April 22, 2025 (GLOBE NEWSWIRE) -- Baker Hughes Company (Nasdaq: BKR) ("Baker Hughes" or the "Company") announced results today for the first quarter of 2025. "Baker Hughes started the year strong, building on the positive momentum from 2024 and setting multiple first-quarter records. Our continued transformation initiatives and strong execution continue to drive structural margin improvement across both segments. The operational transformation and streamlining efforts have created a solid foundation to optimize margins and enhance returns, even in a challenging environment," said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer. "In our IET segment, we booked $3.2 billion of orders, including our first data center awards, totaling more than 350 MW of power solutions for this rapidly evolving market. In addition to expanding opportunities for data centers, we have a strong pipeline of LNG, FPSO and gas infrastructure projects that support our order outlook for this year." "In OFSE, EBITDA remained resilient as our margins saw noticeable improvement compared to last year even while segment revenue fell. This is a testament to the team's hard work in changing the way the business operates." "Although our outlook is tempered by broader macro and trade policy uncertainty, we remain confident in our strategy and the resilience of our portfolio. We believe Baker Hughes is well positioned to navigate near-term challenges and deliver sustainable growth in shareholder value." "I want to thank our employees, whose hard work, dedication and focus have been instrumental to the continued success of Baker Hughes. As we continue to execute our strategy amidst an uncertain macro backdrop, we remain committed to our customers, shareholders and employees," concluded Simonelli. * Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." * Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers. Quarter Highlights Baker Hughes expanded its leadership position in liquefied natural gas ("LNG") in the first quarter, including a liquefaction train award from Bechtel for a project in North America, where the Company will provide four main refrigerant compressors driven by LM6000+ gas turbines and four expander-compressors. This award builds on the previously announced December 2024 award and further demonstrates the strength of the Company's collaboration with Bechtel to support North America LNG development. During the quarter, Industrial & Energy Technology ("IET") signed key strategic framework agreements with LNG operators. The Company agreed to provide gas turbines and refrigerant compressor technology, along with maintenance services, for Trains 4 to 8 of NextDecade's Rio Grande LNG Facility. Baker Hughes also reached an agreement with Argent LNG to provide liquefaction and power solutions and related aftermarket services for its proposed 24 MTPA LNG export facility in Louisiana. The project will employ Baker Hughes' NMBL modularized LNG solution, driven by the LM9000 gas turbine, while also utilizing the Company's iCenter and Cordant digital solution, to enhance the plant's operational efficiency. Baker Hughes also demonstrated its continuous commitment to critical gas infrastructure projects with a strategic win in the North America pipeline compression market. The award includes the provision of two gas compression stations for a total of 10 Frame 5/2E gas turbines and 10 centrifugal compressors, anti-surge valves and critical spare parts. In the first quarter, Baker Hughes made significant progress in reliable and sustainable power solutions deployment for data centers. In addition to being awarded over 350 MW of NovaLT turbines to power data centers with various other customers, the Company partnered with Frontier Infrastructure to accelerate the development of large-scale carbon capture and storage ("CCS") and power solutions for data centers and industrial customers in the U.S. This partnership will leverage technologies and services across the Baker Hughes enterprise by providing COâ compression, NovaLT gas turbines, digital monitoring solutions, well construction and completion services. In continued demonstration of Gas Technology's lifecycle offerings in IET, the Company received several aftermarket service awards during the quarter. In Algeria, the Gas Technology Services ("GTS") team is partnering with SONATRACH to deliver an upgrade solution for the modernization of a key compressor station. In the Middle East, Gas Technology received multiple equipment and services awards to support one of the world's largest gas processing plants. The scope includes rejuvenation of two existing gas turbines to drive new compressors and the supply of a third compression train to support production expansion. IET's Industrial Solutions gained momentum with its Cordant Asset Performance Management ("APM") solution, securing several contracts with customers across multiple regions. ADNOC Offshore will deploy the full APM suite to enhance production availability and efficiency. In the Americas, a large international oil company will conduct a proof of concept across multiple equipment trains, to support a shift from proactive to predictive maintenance. In Australia, the Company signed agreements to develop asset maintenance strategies for new mine sites supporting truck fleet maintenance. Oilfield Services & Equipment ("OFSE") received a significant award from ExxonMobil Guyana to provide specialty chemicals and related services for its Uaru and Whiptail offshore greenfield developments in the country's prolific Stabroek Block, highlighting the differentiated capabilities of our Production Solutions offering. For this multi-year contract, the scope will cover topsides, subsea, water injection and utility chemicals to help ExxonMobil Guyana achieve optimal production. OFSE continues to leverage the Company's innovative solutions to help Petrobras unlock Brazil's vast energy supply. In the quarter and following an open tender, Baker Hughes received a significant, multi-year fully integrated completions systems contract from Petrobras across multiple deepwater fields. A range of Baker Hughes' technologies, including the new SureCONTROLTM Premium interval control valve, has been specifically tailored to meet the needs of the country's offshore developments. OFSE secured a multi-year contract with Dubai Petroleum Establishment, for and on behalf of Dubai Supply Authority, to provide integrated coiled-tubing drilling services for the Company's Margham Gas storage project. This follows a third-quarter 2024 IET award for integrated compressor line units for the same project, demonstrating growing commercial synergies across Baker Hughes' diverse portfolio. The Company drove growth in Mature Assets Solutions, signing a multi-year framework agreement with Equinor to help establish a new Center of Excellence for Plug & Abandonment work in the North Sea. Based within OFSE's operations in Bergen and Stavanger, Norway, this hub will ensure economical, reliable solutions are implemented to responsibly abandon each well, allowing Equinor to maximize value of their assets and allocate more resources to exploration and discovery. On the digital front, OFSE received an award from the State Oil Company of Azerbaijan Republic ("SOCAR") to expand deployment of Leucipa automated field production solution for all its wells, including those with non-Baker Hughes electric submersible pumps, in the Absheron and Gunseli fields. Leucipa also marked its first deployment in Sub-Saharan Africa through an agreement with the NNPC/FIRST E&P joint venture, which will utilize the platform across its offshore wells in the Niger Delta. Consolidated Financial Results Revenue for the quarter was $6,427 million, a decrease of 13% sequentially and up $9 million year-over-year. The increase in revenue year-over-year was driven by an increase in IET and partially offset by a decrease in OFSE. The Company's total book-to-bill ratio in the first quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1. Net income as determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"), for the first quarter of 2025 was $402 million. Net income decreased $777 million sequentially and decreased $53 million year-over-year. Adjusted net income (a non-GAAP financial measure) for the first quarter of 2025 was $509 million, which excludes adjustments totaling $108 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted net income for the first quarter of 2025 was down 27% sequentially and up 19% year-over-year. Depreciation and amortization for the first quarter of 2025 was $285 million. Adjusted EBITDA (a non-GAAP financial measure) for the first quarter of 2025 was $1,037 million, which excludes adjustments totaling $140 million. See Table 1a in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted EBITDA for the first quarter was down 21% sequentially and up 10% year-over-year. The sequential decrease in adjusted net income and adjusted EBITDA was primarily driven by lower volume in both segments, partially offset by productivity and structural cost-out initiatives. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by increased volume in IET including higher proportionate growth in Gas Technology Equipment ("GTE") and productivity, structural cost-out initiatives and higher pricing in both segments, partially offset by decreased volume and business mix in OFSE and cost inflation in both segments. Other Financial Items Remaining Performance Obligations ("RPO") in the first quarter of 2025 ended at $33.2 billion, a decrease of $0.1 billion from the fourth quarter of 2024. OFSE RPO was $2.8 billion, down 7% sequentially, while IET RPO was $30.4 billion, up $300 million sequentially. Within IET RPO, GTE RPO was $11.9 billion and GTS RPO was $15.1 billion. Income tax expense in the first quarter of 2025 was $152 million. Other (income) expense, net in the first quarter of 2025 was $140 million, primarily related to changes in fair value for equity securities of $140 million. GAAP diluted earnings per share was $0.40. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.51. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Cash flow from operating activities was $709 million for the first quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $454 million. A reconciliation from GAAP has been provided in Table 1c in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Capital expenditures, net of proceeds from disposal of assets, were $255 million for the first quarter of 2025, of which $158 million was for OFSE and $83 million was for IET. Results by Reporting Segment The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments. Oilfield Services & Equipment EBITDA excludes depreciation and amortization of $226 million, $229 million, and $222 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue. OFSE orders of $3,281 million for the first quarter of 2025 decreased by 12% sequentially. Subsea and Surface Pressure Systems orders were $532 million, down 34% sequentially, and down 16% year-over-year. OFSE revenue of $3,499 million for the first quarter of 2025 was down 10% sequentially, and down 8% year-over-year. North America revenue was $922 million, down 5% sequentially. International revenue was $2,577 million, down 11% sequentially, with declines across all regions. Segment EBITDA for the first quarter of 2025 was $623 million, a decrease of $132 million, or 18% sequentially. The sequential decrease in EBITDA was primarily driven by lower volume, partially mitigated by productivity from structural cost-out initiatives. Industrial & Energy Technology EBITDA excludes depreciation and amortization of $53 million, $56 million, and $56 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue. IET orders of $3,178 million for the first quarter of 2025 increased by $260 million, or 9% year-over-year. The increase was driven primarily by Gas Technology, up $326 million or 17% year-over-year. IET revenue of $2,928 million for the first quarter of 2025 increased $294 million, or 11% year-over-year. The increase was driven by Gas Technology Equipment, up $246 million or 20% year-over-year, and Climate Technology Solutions, up $95 million or 114% year-over-year. Segment EBITDA for the quarter was $501 million, an increase of $114 million, or 30% year-over-year. The year-over-year increase in segment EBITDA was driven by productivity, positive pricing and increased volume including higher proportionate growth in GTE, partially offset by cost inflation. Reconciliation of GAAP to non-GAAP Financial Measures Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP. Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA (1) Charges for inventory impairments are reported in "Cost of goods sold" in the condensed consolidated statements of income (loss). (2) Change in fair value of equity securities and other charges and credits are reported in "Other (income) expense, net" on the condensed consolidated statements of income (loss). Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items. Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes (1) All periods reflect the tax associated with the other (income) loss adjustments. Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items. Table 1c. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets. Supplemental Financial Information Supplemental financial information can be found on the Company's website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results. Conference Call and Webcast The Company has scheduled an investor conference call to discuss management's outlook and the results reported in today's earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, April 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company's website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast. Forward-Looking Statements This news release (and oral statements made regarding the subjects of this 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, (each a "forward-looking statement"). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target," "goal" or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company's annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). The documents are available through the Company's website at: www.investors.bakerhughes.com or through the SEC's Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters. These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors: Economic and political conditions - the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.Orders and RPO - our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.Oil and gas market conditions - the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries ("OPEC") policy and the adherence by OPEC nations to their OPEC production quotas.Terrorism and geopolitical risks - war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks. About Baker Hughes: Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com. For more information, please contact: Investor Relations Chase Mulvehill+1 346-297-2561investor.relations@bakerhughes.com Media Relations Adrienne Lynch+1 713-906-8407 adrienne.lynch@bakerhughes.com
Weatherford Appoints New Chief Financial Officer
Weatherford Appoints New Chief Financial Officer HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced Anuj Dhruv has been appointed as Executive Vice President and Chief Financial Officer. Girish Saligram, President and Chief Executive Officer of Weatherford, commented, "I am pleased to welcome Anuj to Weatherford. With fresh perspective and proven expertise, Anuj will enhance our leadership team and help position Weatherford to lead confidently through the next phase of our journey. His experience across multiple industries and leadership roles in finance will help shape Weatherford's focus on delivering high returns for our shareholders. I would like to thank Arun Mitra for his contributions during his time with Weatherford and wish him the best for the future." About Anuj Dhruv Mr. Dhruv brings more than two decades of diverse experience in global finance, strategy, and transformation roles across the technology, energy, and chemicals industries. Most recently, he served as Vice President of Finance and Strategy for the Global Olefins and Polyolefins segment at LyondellBasell, where he was responsible for driving performance, investment strategies, and transformation initiatives across a $29B revenue segment. Mr. Dhruv's extensive background includes strategic leadership at Schlumberger and Microsoft, with a track record of optimizing financial performance, leading complex M&A transactions, and building high-performing teams. About Weatherford Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 320 operating locations. Visit weatherford.com for more information and connect with us on social media. Contacts For Investors:Luke LemoineSenior Vice President, Corporate Development & Investor Relations+1 713-836-7777investor.relations@weatherford.com For Media:Kelley HughesSenior Director, Communications & Employee Engagementmedia@weatherford.com
TechnipFMC Declares Quarterly Dividend
TechnipFMC Declares Quarterly Dividend NEWCASTLE & HOUSTON, Apr. 22 /BusinessWire/ -- TechnipFMC plc (NYSE:FTI) today announced that its Board of Directors has authorized and declared a quarterly cash dividend of $0.05 per share, payable on June 4, 2025 to shareholders of record as of the close of business on the New York Stock Exchange on May 20, 2025. The ex-dividend date is May 20, 2025. Important Information for Investors and Securityholders Forward-Looking Statement This release contains "forward-looking statements" regarding our future dividend payment obligations as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements are not guarantees of future performance or actions, and involve significant risks, including risks included in our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our latest Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law. About TechnipFMC TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services. With our proprietary technologies and comprehensive solutions, we are transforming our clients' project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions. Organized in two business segments - Subsea and Surface Technologies - we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation. Each of our approximately 21,000 employees is driven by a commitment to our clients' success, and a culture of strong execution, purposeful innovation, and challenging industry conventions. TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on X @TechnipFMC. View source version on businesswire.com: https://www.businesswire.com/news/home/20250422082132/en/ back
Gulfport Energy Schedules First Quarter 2025 Earnings Release and Conference Call
Gulfport Energy Schedules First Quarter 2025 Earnings Release and Conference Call OKLAHOMA CITY, Apr. 22 /BusinessWire/ -- Gulfport Energy Corporation (NYSE:GPOR) announced today that it will host a teleconference and webcast to discuss its first quarter 2025 financial and operating results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Wednesday, May 7, 2025. Gulfport plans to announce first quarter 2025 results on Tuesday, May 6, 2025, after market close. The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from May 7, 2025 to May 21, 2025, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13753295. About Gulfport Gulfport is an independent, natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations. View source version on businesswire.com: https://www.businesswire.com/news/home/20250422342795/en/ back
Natural Gas Services Group Announces Expansion of Credit Facility
Natural Gas Services Group Announces Expansion of Credit Facility Midland, Texas, April 22, 2025 (GLOBE NEWSWIRE) -- Natural Gas Services Group, Inc. ("NGS" or the "Company"), a premier provider of natural gas compression equipment, technology, and services to the energy industry, announced today it has closed on a $100 million expansion of its existing credit facility (the "Facility"), bringing the total commitments to $400 million with an enlarged accordion of $100 million. The expanded Facility enhances the Company's financial flexibility and provides additional capital to support ongoing fleet growth, particularly in its large horsepower and electric drive rental compression units. "We are pleased to announce the expansion and amendment of our credit facility, particularly considering recent financial market volatility and general economic uncertainty. This additional capital supports continued investment in our large horsepower and electric drive rental equipment fleet as we continue to drive organic growth and market share gains while improving our customer experience. Additionally, the amended Facility provides improved economics and terms, including a 50 to 75 basis point reduction in interest rates at comparable leverage levels and a more flexible leverage covenant beginning mid-2026." Mr. Jacobs continued, "On behalf of the entire Company, I want to thank our lenders, both existing and new. The amendment of our Facility, especially given markets conditions, reflects the confidence our lending partners have in our business and our future prospects. We remain focused on executing our strategic plan and driving value for all stakeholders. We look forward to reporting our first quarter 2025 results next month." The amendment was effective as of April 18, 2025. About Natural Gas Services Group, Inc. (NGS)Natural Gas NGS is a leading provider of natural gas compression equipment, technology, and services to the energy industry. The Company rents, operates and maintains natural gas compressors for oil and gas production and processing facilities. In addition, the Company designs and assembles compressor units for rental to its customers and provides aftermarket services in the form of call-out services on customer-owned equipment as well as commissioning of new units for customers. NGS is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, a rebuild shop located in Midland, Texas, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com. For More Information, Contact:Anna Delgado, Investor Relations(432) 262-2700 ir@ngsgi.com www.ngsgi.com
Crescent Energy Completes Accretive Sale of Non-Operated Permian Basin Assets
Crescent Energy Completes Accretive Sale of Non-Operated Permian Basin Assets HOUSTON, Apr. 22 /BusinessWire/ -- Crescent Energy Company (NYSE:CRGY) ("Crescent" or the "Company"), today announced the closing of the sale of non-operated Permian Basin assets to a private buyer for $83 million in cash, subject to customary post-closing purchase price adjustments. The assets are located in Reeves County, Texas and had projected full-year 2025 production of approximately 3 Mboe/d (~35% oil). Proceeds from the sale will be used to reduce outstanding borrowings on the Company's revolving credit facility. The transaction has an effective date of December 31, 2024, and Crescent plans to update its 2025 outlook to reflect the divestiture alongside its first quarter 2025 financial and operating results. "We are pleased to announce the closing of this accretive asset sale, which is part of our $250 million pipeline of non-core asset divestitures announced during our year-end earnings," said Crescent CEO David Rockecharlie. "As both investors and operators, we continually evaluate opportunities to enhance our portfolio, simplify our business and deliver value for investors." About Crescent Energy Company Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Crescent's portfolio of low-decline, cash-flow oriented assets comprises both mid-cycle unconventional and conventional assets with a long reserve life and deep inventory of high-return development locations in the Eagle Ford and Uinta basins. Crescent's leadership is an experienced team of investment, financial and industry professionals that combines proven investment and operating expertise. For more than a decade, Crescent and its predecessors have executed on a consistent strategy focused on cash flow, risk management and returns. For additional information, please visit www.crescentenergyco.com. Cautionary Statement Regarding Forward-Looking Statements This communication 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, as amended. These statements are based on current expectations. The words and phrases "should", "could", "may", "will", "believe", "plan", "intend", "expect", "potential", "possible", "anticipate", "estimate", "forecast", "view", "efforts", "goal" and similar expressions identify forward-looking statements and express the Company's expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, uncertainties inherent in estimating natural gas and oil reserves and in projecting future rates of production; the anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the company's operations; our hedging strategy and results; federal and state regulations and laws; upcoming elections and associated political volatility; the severity and duration of public health crises; actions by the Organization of the Petroleum Exporting Countries ("OPEC") and non-OPEC oil-producing countries; the impact of the armed conflict in Ukraine; continued hostilities in the Middle East, including the Israel-Hamas conflict and rising tensions with Iran; the impact of disruptions in the capital markets; the timing and success of business development efforts, including acquisition and disposition opportunities; our reliance on our external manager, sustained cost inflation, elevated interest rates, the effects of tariffs and central bank policy changes associated therewith and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise its respective forward-looking statements based on new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20250421792328/en/ back
Devon Energy Unveils Value Enhancing Business Optimization Plan
Devon Energy Unveils Value Enhancing Business Optimization Plan HIGHLIGHTS Targeting $1 billion in annual pre-tax free cash flow improvementsBusiness optimization plan underway to improve margins and capital efficiencyPlan includes improvements to base production performance, midstream commercial terms and corporate costsExpected to be completed by the end of 2026, with 30 percent achieved by year-end 2025 OKLAHOMA CITY, April 22, 2025 (GLOBE NEWSWIRE) -- Devon Energy Corp. (NYSE: DVN) today announced its business optimization plan to improve margins and capital efficiency, growing free cash flow generation and driving significant shareholder value. "I'm excited to announce the details of our business optimization plan, set to enhance margins and deliver $1 billion in annual pre-tax free cash flow improvements by year end 2026," said Clay Gaspar, president and CEO. "This milestone reflects the commitment, ingenuity, and talent of our employees, whose hard work and ongoing efforts continue to drive Devon's success. This is an opportune time for us to take on this initiative, as we leverage recent leadership changes across the organization, bringing fresh perspectives and new ideas. Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability. Importantly, this effort will create significant shareholder value by expanding our free cash flow generation and enhancing the durability of our business." "Our organization has been diligently advancing this initiative and has already secured marketing agreements to drive a material margin improvement through year-end 2026. Concurrently, we have implemented technological advancements, including advanced analytics and process automation, that are further enhancing our operating performance. These combined efforts are anticipated to achieve approximately $300 million of cash flow uplift by the end of 2025, reinforcing our financial resilience. We have clear visibility into the remaining objectives and are highly confident in our ability to execute this plan effectively," Gaspar added. PLAN PATHWAY AND TIMING TO DELIVER Devon is committed to improving its pre-tax free cash flow generation by taking steps to deliver $1.0 billion in annual improvements. The plan includes actions to achieve more efficient field-level operations and improvements in drilling and completion costs while improving operating margins and corporate costs. Approximately 30 percent of the estimated improvements are expected to be accomplished by year-end 2025, with the remaining savings realized by year-end 2026. The business optimization plan includes improvements in the following categories: Capital Efficiency $300 million Capture efficiencies through design optimization, cycle time reductions, facility standardization and vendor management. Production Optimization $250 million Use advanced analytics to minimize maintenance events, reduce downtime, flatten production declines and optimize operating cost structure. Commercial Opportunities $300 million Leverage scale to enhance commercial contracts to increase realizations, improve recoveries and lower GP&T cost structure. Corporate Cost Reductions $150 million Reduce interest expense and streamline corporate cost structure. "We are committed to transparency and accountability and will provide stakeholders with periodic updates on our progress," Gaspar concluded. The company will provide additional details around the optimization plan during its scheduled first-quarter 2025 earnings conference call on Wednesday, May 7, 2025, at 10 a.m. CDT (11 a.m. EDT). Also provided with today's release is a supplemental presentation, which is available on the company's website at www.devonenergy.com. ABOUT DEVON ENERGY Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon's disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com. FORWARD LOOKING STATEMENTS This press release includes "forward-looking statements" within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases "expects," "believes," "will," "would," "could," "continue," "may," "aims," "likely to be," "intends," "forecasts," "projections," "estimates," "plans," "expectations," "targets," "opportunities," "potential," "anticipates," "outlook" and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the risk that we are unable to successfully implement the improvements discussed in this release on the anticipated timeline or at all, which could delay or prevent us from realizing any benefits from the business optimization plan; commodity prices, cost structures and the other assumptions underlying our forecasted value uplift from the business optimization plan could differ materially from actual results; market and geopolitical uncertainty as a result of changes in trade relations and policies, such as the imposition of tariffs by the U.S., China or other countries; and any of the other risks and uncertainties discussed in Devon's 2024 Annual Report on Form 10-K (the "2024 Form 10-K") or other filings with the SEC. The forward-looking statements included in this press release speak only as of the date of this press release, represent management's current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2024 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2024 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.