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Riley Permian Names Bobby Saadati to Board of Directors
OKLAHOMA CITY, Feb. 6, 2026 /PRNewswire/ -- Riley Exploration Permian, Inc. (NYSE American: REPX) ("Riley Permian" or the "Company"), today announced that Bobby Saadati has been named as an independent member of its board of directors, effective February 4, 2026. Bobby Saadati is a senior executive within the oil and gas industry, with a background spanning energy investing, operations, mergers and acquisitions, and corporate strategy. His executive experience includes overseeing numerous acquisitions and strategic transactions, as well as managing an extensive portfolio of producing assets and gas processing plants.Saadati has served as CEO of IKAV Energy USA since May 2020, leading the firm's North American platform. Previously, he served as Chairman of the board at Aera Energy and as a member of the board of directors of California Resources Corporation (CRC). He held prior leadership roles at Devon Energy, Jefferies and BP.Saadati holds a B.A. in political science from the University of California, San Diego, a J.D. from Trinity Law School, and an M.B.A. from the University of Chicago."We are very pleased to welcome Bobby Saadati to our board of directors," said Riley Permian's Chairman and CEO, Bobby Riley. "Mr. Saadati brings a very successful and diverse track record. His expertise and operational leadership will add value and strengthen our existing board of directors. Bobby's insight and strategic guidance will add to our work to create and enhance long-term shareholder value."About Riley Exploration Permian, Inc.Riley Permian is a growth-oriented upstream oil and gas company operating in Texas and New Mexico with infrastructure projects that complement our operations. For more information, please visit www.rileypermian.com.Investor Contact:405-438-0126IR@rileypermian.com View original content:https://www.prnewswire.com/news-releases/riley-permian-names-bobby-saadati-to-board-of-directors-302681693.htmlSOURCE Riley Exploration Permian, Inc.
Halper Sadeh LLC is Investigating Whether MPX, DVN, MCFT are Obtaining Fair Prices for its Shareholders
Insiders may stand to receive substantial financial benefits that are not available to ordinary shareholders.The transactions may contain terms that could limit superior competing offers.Shareholders are encouraged to contact the firm to discuss their rights at no cost or obligation.NEW YORK, Feb. 6, 2026 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Marine Products Corporation (NYSE: MPX)'s sale to MasterCraft Boat Holdings, Inc. for $2.43 per share in cash and 0.232 shares of MasterCraft common stock for each share of Marine. If you are a Marine shareholder, click here to learn more about your rights and options. Devon Energy Corporation (NYSE: DVN)'s merger with Coterra Energy Inc. Upon completion of the proposed transaction, Devon shareholders will own approximately 54% of the combined company. If you are a Devon shareholder, click here to learn more about your rights and options.MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT)'s merger with Marine Products Corporation. Upon completion of the proposed transaction, MasterCraft shareholders will own 66.5% of the combined company. If you are a MasterCraft shareholder, click here to learn more about your legal rights and options.Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.Attorney Advertising. Prior results do not guarantee a similar outcome.Contact Information:Halper Sadeh LLCDaniel Sadeh, Esq.Zachary Halper, Esq.One World Trade Center85th FloorNew York, NY 10007(212) 763-0060sadeh@halpersadeh.comzhalper@halpersadeh.com https://www.halpersadeh.com View original content to download multimedia:https://www.prnewswire.com/news-releases/halper-sadeh-llc-is-investigating-whether-mpx-dvn-mcft-are-obtaining-fair-prices-for-its-shareholders-302681589.htmlSOURCE Halper Sadeh LLP
Verde Clean Fuels, Inc. Announces Suspension of Development of Permian Basin Project
Related Quotes Diamondback Energy Inc 166.93 2.15 1.30% Verde Clean Fuels Inc - Class A 1.34 0.10 6.94% Enter Symbols: Verde Clean Fuels, Inc. Announces Suspension of Development of Permian Basin Project HOUSTON, Feb. 06 /BusinessWire/ -- Verde Clean Fuels, Inc. (NASDAQ:VGAS) ("Verde" or the "Company") announced today the suspension of development of its Permian Basin project primarily as a result of changing market conditions driven by increasing demand for natural gas in the Permian Basin. In February 2024, the Company and Cottonmouth Ventures, LLC ("Cottonmouth"), a wholly-owned subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback") entered into a joint development agreement ("JDA") to develop a natural gas-to-gasoline plant in the Permian Basin utilizing Verde's STG+® technology and associated natural gas from Diamondback's operations (the "Permian Basin Project"). Following announcement of the JDA, the Company began development work on the Permian Basin Project, which included a front-end engineering and design ("FEED") study that was completed in December 2025. "We are thankful to Diamondback for their support of the Permian Basin project. The learnings from the work that was completed, in particular from the FEED study, will continue to be useful as we explore other opportunities to deploy our technology. This allows us to devote our resources toward other opportunities we have been developing in regions where natural gas is stranded or flared without access to a higher value outlet to market. Cottonmouth remains our second largest shareholder and supportive of our continued efforts to deploy our technology," said Ernest Miller, CEO of Verde. About Verde Clean Fuels, Inc. Verde is a clean fuels company focused on the deployment of its innovative and proprietary liquid fuels processing technology through development of commercial production plants. Verde's synthesis gas ("syngas")-to-gasoline plus (STG+®) process converts syngas, derived from diverse feedstocks, into fully finished liquid fuels that require no additional refining. Verde is currently focused on opportunities to convert associated natural gas into gasoline, which is expected to provide a market for such natural gas with the added potential benefits of flare mitigation and production of gasoline with a lower carbon intensity than conventional gasoline. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the Company's expectations and any future financial performance, the Company's strategy, future operations, financial position, prospects, plans, goals and objectives of management are forward-looking statements. The words "could," "should," "would," "will," "aim," "may," "focus," "believe," "anticipate," "intend," "estimate," "expect," "advance," "project," "plan," "potential," "goal," "strategy," "proposed," "positions," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the Company, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to: changes in general economic, financial, legal, regulatory, political, governmental and business conditions; changes in domestic and foreign markets and policies; the market price and opportunities for natural gas in the Permian Basin as well as other regions; the failure of Verde to develop its first commercial facility, whether due to the inability to obtain the required financing or for any other reason; the failure of Verde to develop any additional commercial facility for any reason; the risks and uncertainties relating to the implementation of Verde's business strategy and the timing of any business milestone; and delays in acquisition, financing, construction and development of any potential project. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact the Company's expectations and projections can be found in the Company's filings with the Securities and Exchange Commission (the "SEC"). The Company's filings with the SEC are available publicly on the SEC's website at www.sec.gov. View source version on businesswire.com: https://www.businesswire.com/news/home/20260206057403/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Transaction in Own Shares
Related Quotes Shell Plc American Depositary Shares EA 75.41 0.78 1.04% Enter Symbols: Transaction in Own Shares Transaction in Own Shares 06 February 2026 o o o o o o o o o o o o o o o o Shell plc (the `Company') announces that on 06 February 2026 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according to trading venue: Date of PurchaseNumber of Shares purchasedHighest price paid Lowest price paid Volume weighted average price paid per shareVenueCurrency06/02/2026524,07527.920027.415027.7020LSEGBP06/02/2026206,28327.920027.420027.6901Chi-X (CXE)GBP06/02/202698,50227.910027.420027.6833BATS (BXE)GBP06/02/2026446,30932.280031.690032.0143XAMSEUR06/02/2026310,11132.280031.690032.0107CBOE DXEEUR06/02/202652,46832.260031.690032.0067TQEXEUR These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 05 February 2026. In respect of this programme, Morgan Stanley & Co. International Plc will make trading decisions in relation to the securities independently of the Company for a period from 05 February 2026 up to and including 01 May 2026. 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 Morgan Stanley & Co. International Plc on behalf of the Company as a part of the buy-back programme is detailed below. Enquiries Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html Attachment Shell_PDF_2026-02-06
Plains All American Reports Fourth-Quarter and Full-Year 2025 Results
Related Quotes Plains All American Pipeline L.P.UNITS 19.595 0.375 1.88% Enter Symbols: Plains All American Reports Fourth-Quarter and Full-Year 2025 Results HOUSTON, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported fourth-quarter and full-year 2025 results, announced 2026 guidance and provided the following highlights: Fourth Quarter and Full-Year 2025 Results Fourth-quarter and full-year 2025 Net income attributable to PAA of $342 million and $1.435 billion, respectively, and 2025 Net cash provided by operating activities of $785 million and $2.94 billion, respectivelyDelivered fourth-quarter and full-year 2025 Adjusted EBITDA attributable to PAA of $738 million and $2.833 billion, respectivelyPro forma leverage ratio of 3.9x at year-end 2025; expect to return toward the midpoint of the target range of 3.25 to 3.75x following anticipated closing of the NGL divestiture toward the end of the first quarter 2026In November, Plains successfully raised $750 million in aggregate senior unsecured notes with proceeds allocated toward the reduction of commercial paper and funding the EPIC acquisition (now Cactus III)In November, Plains also paid off a $1.1 billion EPIC term loan assumed as part of the EPIC acquisition by issuing a $1.1 billion senior unsecured term loan at PAA 2026 Outlook and Key Highlights Expect full-year 2026 Adjusted EBITDA attributable to PAA midpoint of $2.75 billion +/- $75 million (assumes one quarter of NGL contribution of $100 million)Capture efficiency initiatives of approximately $100 million of cost savings through 2027 (with approximately half realized in 2026); coupled with $50 million of synergies expected on Cactus III, these initiatives create self-help growth opportunities despite expectation of a relatively flat Permian production profile for 2026Announced annualized distribution increase of $0.15 per unit payable February 13, 2026, representing a 10% aggregate increase in the annualized distribution rate versus 2025 levels (new annualized distribution rate of $1.67 per unit)Distribution Coverage ratio threshold lowered from 160% to 150% reflecting more predictable cash flow and providing multi-year runway for targeted annual distribution growth of $0.15 per unitExpect strong Adjusted Free Cash flow generation of approximately $1.80 billion (excluding changes in Assets & Liabilities and anticipated cash proceeds from the NGL divestiture)Remain focused on disciplined capital investments, anticipating full-year 2026 Growth Capital of +/- $350 million and Maintenance Capital of +/- $165 million net to Plains "Last year we took significant steps to transition the company toward becoming the premier North American pure play crude oil midstream provider, including the announced sale of our Canadian NGL business and the acquisition of Cactus III. For 2026, the team is focused on closing the pending NGL sale, realizing synergies on the Cactus III acquisition and driving efficiency initiatives throughout the organization. These self-help actions provide levers for efficient growth in an otherwise volatile near-term oil macro environment. We also remain committed to our multi-year capital allocation framework and returning cash to unitholders as evidenced by the recent $0.15 per unit increase in our annualized distribution rate, bringing the distribution yield to ~8.5%. In addition, we have elected to lower our Distribution Coverage ratio threshold from 160% to 150%, thereby paving the way for additional return of capital to unitholders. I'm pleased with the progress being made as we transition into a more focused, streamlined organization that should be well positioned for improving oil market fundamentals into the future," said Willie Chiang, Chairman, CEO and President. Financial Reporting Considerations for Pending Sale of Canadian NGL Business On June 17, 2025, we entered into a definitive agreement to sell substantially all of our NGL business in Canada (the "Canadian NGL Business") to Keyera Corp. This transaction is expected to close toward the end of the first quarter of 2026 and is subject to the satisfaction or waiver of customary closing conditions, including receipt of regulatory approvals. While we will divest the Canadian NGL Business as part of the transaction, we will retain substantially all NGL assets in the United States and will also retain all crude oil assets in Canada. We have determined that the operations of the Canadian NGL Business meet the criteria for classification as held for sale and for discontinued operations reporting and have applied these changes retrospectively to all periods presented. Results throughout this release specify if they are presented from continuing operations (which exclude the results of the Canadian NGL Business) and/or discontinued operations. Plains All American Pipeline Summary Financial Information (unaudited) (in millions, except per unit data) Three Months Ended December 31, % Twelve Months Ended December 31, % GAAP Results (1) 2025 2024 Change 2025 2024 ChangeNet income attributable to PAA (2) $342 $36 ** $1,435 $772 86%Diluted net income/(loss) per common unit $0.41 $(0.04) ** $1.66 $0.73 127%Diluted weighted average common units outstanding 706 704 % 704 702 %Net cash provided by operating activities $785 $726 8% $2,936 $2,490 18%Distribution per common unit declared for the period $0.4175 $0.3800 10% $1.5575 $1.3325 17% Three Months EndedDecember 31, % Twelve Months EndedDecember 31, %Non-GAAP Results (1) (3) 2025 2024 Change 2025 2024 ChangeAdjusted net income attributable to PAA (2) $334 $357 (6)â% $1,352 $1,318 3%Diluted adjusted net income per common unit $0.40 $0.42 (5)â% $1.54 $1.51 2%Adjusted EBITDA $875 $867 1% $3,374 $3,326 1%Adjusted EBITDA attributable to PAA (2) $738 $729 1% $2,833 $2,779 2%Implied DCF per common unit and common unit equivalent $0.68 $0.64 6% $2.61 $2.49 5%Adjusted Free Cash Flow (4) $(1,219) $365 ** $(875) $1,247 **Adjusted Free Cash Flow after Distributions (4) $(1,541) $79 ** $(2,170) $102 **Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (4) $(1,222) $134 ** $(821) $1,173 **Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (4) $(1,544) $(152) ** $(2,116) $28 ** ________________________ ** Indicates that variance as a percentage is not meaningful. (1) Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.(2) Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the "Permian JV"), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.(3) See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.(4) Fourth-quarter and full-year 2025 includes the impact of a net cash outflow of $1.786 billion and $2.651 billion, respectively, for acquisitions, including our Cactus III acquisition completed during the fourth quarter of 2025. Disaggregation of Adjusted EBITDA by Product (1) (2) (unaudited) (in millions) Adjusted EBITDAfrom Crude Oil Adjusted EBITDAfrom NGLThree Months Ended December 31, 2025$611 $122 Three Months Ended December 31, 2024$569 $154 Percentage change versus 2024 period 7% (21)% Adjusted EBITDAfrom Crude Oil Adjusted EBITDAfrom NGLTwelve Months Ended December 31, 2025$2,344 $469 Twelve Months Ended December 31, 2024$2,276 $480 Percentage change versus 2024 period 3% (2)% ________________________ (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) See the section of this release entitled "Non-GAAP Financial Measures and Selected Items Impacting Comparability" and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods. Fourth-quarter 2025 Adjusted EBITDA from Crude Oil increased 7% versus comparable 2024 results. Favorable results in the 2025 period from (i) contributions from recently completed bolt-on acquisitions, including our Cactus III pipeline acquisition, (ii) higher volumes on our pipelines and (iii) tariff escalations were offset by the impact of (iv) certain Permian long-haul pipeline contract rate resets and (v) lower commodity prices. Fourth-quarter 2025 Adjusted EBITDA from NGL decreased 21% versus comparable 2024 results primarily due to lower sales volumes and lower weighted average frac spreads. Plains GP Holdings PAGP owns an indirect non-economic controlling interest in PAA's general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA's results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto. Conference Call and Webcast Instructions PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, February 6, 2026 to discuss fourth-quarter performance and related items. To access the internet webcast, please go to https://edge.media-server.com/mmc/p/3ksb2gmv/. Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website. Non-GAAP Financial Measures and Selected Items Impacting Comparability To supplement our financial information presented in accordance with GAAP, management uses additional measures known as "non-GAAP financial measures" in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow ("DCF"), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions. Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit the Investor Relations section of our website at www.plains.com (navigate to the "Financials" tab, then click on "Quarterly Results"), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort. Non-GAAP Financial Performance Measures Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) excludes amounts related to Other income/(expense). Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in "Other current liabilities" in our Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as "selected items impacting comparability." Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects. Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management's discussion and analysis of operating results in our Annual Report on Form 10-K. Non-GAAP Financial Liquidity Measures Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions. We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of "Changes in assets and liabilities, net of acquisitions" on our Condensed Consolidated Statements of Cash Flows. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities). Non-GAAP Financial Measures and Discontinued Operations Management believes that the presentation of certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, Adjusted Net Income attributable to PAA, Adjusted Net Income per Common Unit, Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. In addition, as the potential sale of the Canadian NGL Business is not anticipated to close until the end of the first quarter of 2026, management continues to view the Canadian NGL Business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per unit data) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 REVENUES$10,565 $12,035 $44,262 $48,889 COSTS AND EXPENSES Purchases and related costs 9,571 11,076 40,433 45,162 Field operating costs (1) 281 510 1,154 1,471 General and administrative expenses 92 81 342 328 Depreciation and amortization 257 227 953 901 (Gains)/losses on asset sales, asset impairments and other, net 9 157 (54) 159 Total costs and expenses 10,210 12,051 42,828 48,021 OPERATING INCOME 355 (16) 1,434 868 OTHER INCOME/(EXPENSE) Equity earnings in unconsolidated entities 89 154 382 452 Gain on investments in unconsolidated entities, net 15 31 15 Interest expense, net (2) (159) (112) (554) (430)Other income, net (2) 38 20 108 64 INCOME FROM CONTINUING OPERATIONS BEFORE TAX 323 61 1,401 969 Current income tax benefit/(expense) from continuing operations 10 (10) (1) (82)Deferred income tax expense from continuing operations (8) (6) (14) (5)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 325 45 1,386 882 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 102 74 383 231 NET INCOME 427 119 1,769 1,113 Net income attributable to noncontrolling interests (85) (83) (334) (341)NET INCOME ATTRIBUTABLE TO PAA$342 $36 $1,435 $772 NET INCOME/(LOSS) PER COMMON UNIT: Net income/(loss) allocated to common unitholders Basic and Diluted Continuing operations$187 $(101) $786 $283 Discontinued operations 102 74 383 231 Net income/(loss) allocated to common unitholders Basic and Diluted$289 $(27) $1,169 $514 Basic and diluted weighted average common units outstanding 706 704 704 702 Basic and diluted net income/(loss) per common unit: Continuing operations$0.26 $(0.15) $1.12 $0.40 Discontinued operations$0.15 $0.11 $0.54 $0.33 Basic and diluted net income/(loss) per common unit$0.41 $(0.04) $1.66 $0.73 ________________________ (1) For the three and twelve months ended December 31, 2024, Field operating costs include $225 million and $345 million, respectively, resulting from adjustments related to the Line 901 incident that occurred in May 2015, including the write-off of a receivable for Line 901 insurance proceeds in the fourth quarter of 2024 and settlements in the third quarter of 2024.(2) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. "Interest expense, net" and "Other income, net" each include $22 million and $87 million for the three and twelve months ended December 31, 2025, respectively, and $17 million and $48 million for the three and twelve months ended December 31, 2024, respectively, related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED BALANCE SHEET DATA (in millions) December 31,2025 December 31,2024ASSETS Current assets (including Cash and cash equivalents of $328 and $348, respectively) (1)$4,733 $4,802 Property and equipment, net 16,860 13,446 Investments in unconsolidated entities 2,846 2,811 Intangible assets, net 1,754 1,677 Linefill 900 904 Long-term operating lease right-of-use assets, net 198 189 Long-term inventory 214 242 Long-term assets of discontinued operations 2,557 2,349 Other long-term assets, net 107 142 Total assets$30,169 $26,562 LIABILITIES AND PARTNERS' CAPITAL Current liabilities (2)$4,931 $4,950 Senior notes, net 9,118 7,141 Other long-term debt, net 1,578 70 Long-term operating lease liabilities 202 192 Long-term liabilities of discontinued operations 606 576 Other long-term liabilities and deferred credits 654 537 Total liabilities 17,089 13,466 Partners' capital excluding noncontrolling interests 9,836 9,813 Noncontrolling interests 3,244 3,283 Total partners' capital 13,080 13,096 Total liabilities and partners' capital$30,169 $26,562 ________________________ (1) Includes current assets of discontinued operations of $479 million and $415 million as of December 31, 2025 and December 31, 2024, respectively. (2) Includes current liabilities of discontinued operations of $382 million and $350 million as of December 31, 2025 and December 31, 2024, respectively. DEBT CAPITALIZATION RATIOS (1) (in millions, except percentages) December 31,2025 December 31,2024Short-term debt$564 $408 Long-term debt 10,698 7,213 Total debt$11,262 $7,621 Long-term debt$10,698 $7,213 Partners' capital excluding noncontrolling interests 9,836 9,813 Total book capitalization excluding noncontrolling interests ("Total book capitalization")$20,534 $17,026 Total book capitalization, including short-term debt$21,098 $17,434 Long-term debt-to-total book capitalization 52% 42%Total debt-to-total book capitalization, including short-term debt 53% 44% ________________________ (1) Includes results from continuing operations and discontinued operations for all periods presented. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) COMPUTATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER COMMON UNIT (in millions, except per unit data) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Basic and Diluted Net Income/(Loss) per Common Unit Continuing Operations: Income from continuing operations, net of tax$325 $45 $1,386 $882 Net income attributable to noncontrolling interests (85) (83) (334) (341)Net income from continuing operations attributable to PAA$240 $(38) $1,052 $541 Distributions to Series A preferred unitholders (36) (44) (146) (175)Distributions to Series B preferred unitholders (17) (19) (70) (78)Amounts allocated to participating securities (1) (1) (11) (10)Impact from repurchase of Series A preferred units (1) (43) Other 1 1 4 5 Net income/(loss) from continuing operations allocated to common unitholders - Basic and Diluted (2)$187 $(101) $786 $283 Discontinued Operations: Net income from discontinued operations allocated to common unitholders - Basic and Diluted (3)$102 $74 $383 $231 Net income/(loss) allocated to common unitholders - Basic and Diluted$289 $(27) $1,169 $514 Basic and diluted weighted average common units outstanding (4) (5) 706 704 704 702 Basic and diluted net income/(loss) per common unit Continuing operations$0.26 $(0.15) $1.12 $0.40 Discontinued operations$0.15 $0.11 $0.54 $0.33 Basic and diluted net income/(loss) per common unit$0.41 $(0.04) $1.66 $0.73 ________________________ (1) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of net income from continuing operations allocated to common unitholders.(2) We calculate net income/(loss) from continuing operations allocated to common unitholders based on the distributions pertaining to the current period's net income. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.(3) Net income from discontinued operations allocated to common unitholders is Income from discontinued operations, net of tax as presented on our Condensed Consolidated Statements of Operations.(4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income/(loss) per common unit from continuing operations for each of the three and twelve months ended December 31, 2025 and 2024 as the effect was antidilutive.(5) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATED CASH FLOW DATA (in millions) Twelve Months EndedDecember 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net income$1,769 $1,113 Reconciliation of net income to net cash provided by operating activities: Income from discontinued operations, net of tax (383) (231)Depreciation and amortization 953 901 (Gains)/losses on asset sales, asset impairments and other, net (54) 159 Equity-indexed compensation expense 49 50 Deferred income tax expense 14 5 (Gain)/loss on foreign currency revaluation 13 (12)Settlement of terminated interest rate hedging instruments 37 57 Equity earnings in unconsolidated entities (382) (452)Distributions on earnings from unconsolidated entities 486 505 Gain on investments in unconsolidated entities, net (31) (15)Other 15 17 Changes in assets and liabilities, net of acquisitions (34) 139 Cash provided by operating activities - continuing operations 2,452 2,236 Cash provided by operating activities - discontinued operations 484 254 Net cash provided by operating activities 2,936 2,490 CASH FLOWS FROM INVESTING ACTIVITIES Cash used in investing activities - continuing operations (3,572) (1,334)Cash used in investing activities - discontinued operations (197) (170)Net cash used in investing activities (1) (2) (3,769) (1,504) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by/(used in) financing activities (1) 799 (1,077) Effect of translation adjustment - continuing operations 14 (13)Effect of translation adjustment - discontinued operations 2 Net decrease in cash and cash equivalents and restricted cash (20) (102) Cash and cash equivalents and restricted cash, beginning of period 348 450 Cash and cash equivalents and restricted cash, end of period$328 $348 ________________________ (1) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the twelve months ended December 31, 2025 and 2024, "Net cash used in investing activities" includes a cash outflow of approximately $330 million and $629 million, respectively, associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in "Net cash provided by/(used in) financing activities."(2) The 2025 period includes a net cash outflow of $2.651 billion for acquisitions, including our Cactus III acquisition completed during the fourth quarter of 2025. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CAPITAL EXPENDITURES (1) (in millions) Net to PAA(2) Consolidated Three MonthsEnded December 31, Twelve MonthsEnded December 31, Three MonthsEnded December 31, Twelve MonthsEnded December 31, 2025 2024 2025 2024 2025 2024 2025 2024Investment capital expenditures: Crude Oil$96 $55 $409 $214 $115 $80 $520 $300 NGL(3) 11 41 99 115 11 41 99 115 Total Investment capital expenditures 107 96 508 329 126 121 619 415 Total Maintenance capital expenditures(4) 62 68 211 242 65 73 226 261 Total Investment and Maintenance capital expenditures$169 $164 $719 $571 $191 $194 $845 $676 ________________________ (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Excludes expenditures attributable to noncontrolling interests.(3) See the "Discontinued Operations Detail" section for amounts attributable to discontinued operations.(4) See the "Selected Financial Data by NGL" section for amounts attributable to discontinued operations. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) NON-GAAP RECONCILIATIONS (in millions, except per unit and ratio data) Computation of Basic and Diluted Adjusted Net Income Per Common Unit (1) (2): Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Basic and Diluted Adjusted Net Income per Common Unit Net income attributable to PAA$342 $36 $1,435 $772 Selected items impacting comparability - Adjusted net income attributable to PAA (3) (8) 321 (83) 546 Adjusted net income attributable to PAA$334 $357 $1,352 $1,318 Distributions to Series A preferred unitholders (36) (44) (146) (175)Distributions to Series B preferred unitholders (17) (19) (70) (78)Amounts allocated to participating securities (1) (1) (11) (11)Impact from repurchase of Series A preferred units (4) (43) Other 1 1 4 5 Adjusted net income allocated to common unitholders$281 $294 $1,086 $1,059 Basic and diluted weighted average common units outstanding (5) (6) 706 704 704 702 Basic and diluted adjusted net income per common unit$0.40 $0.42 $1.54 $1.51 ________________________ (1) We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period's net income. After adjusting for the appropriate period's distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method. (2) Includes results from continuing operations and discontinued operations for all periods presented.(3) See the "Selected Items Impacting Comparability" table for additional information.(4) We repurchased approximately 12.7 million Series A preferred units on January 31, 2025. The difference between the cash we paid for the repurchase of such units and their carrying value on our balance sheet is considered a return to Series A preferred unitholders for the calculation of adjusted net income allocated to common unitholders.(5) The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three and twelve months ended December 31, 2025 and 2024 as the effect was antidilutive.(6) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB. Net Income/(Loss) Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1): Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Basic and diluted net income/(loss) per common unit$0.41 $(0.04) $1.66 $0.73 Selected items impacting comparability per common unit (2) (0.01) 0.46 (0.12) 0.78 Basic and diluted adjusted net income per common unit$0.40 $0.42 $1.54 $1.51 ________________________ (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) See the "Selected Items Impacting Comparability" and the "Computation of Basic and Diluted Adjusted Net Income/(Loss) Per Common Unit" tables for additional information. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation: Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net Income (1)$427 $119 $1,769 $1,113 Interest expense, net of certain items (2) 137 95 467 382 Income tax (benefit)/expense from continuing operations (2) 16 15 87 Income tax expense from discontinued operations 43 29 139 80 Depreciation and amortization from continuing operations 257 227 953 901 Depreciation and amortization from discontinued operations 31 57 125 (Gains)/losses on asset sales, asset impairments and other, net from continuing operations 9 157 (54) 159 Losses on asset sales, asset impairments and other, net from discontinued operations 6 2 21 1 Gain on investments in unconsolidated entities, net (15) (31) (15)Depreciation and amortization of unconsolidated entities (3) 22 26 84 84 Selected items impacting comparability - Adjusted EBITDA (1) (4) (24) 180 (46) 409 Adjusted EBITDA (1)$875 $867 $3,374 $3,326 Adjusted EBITDA attributable to noncontrolling interests (137) (138) (541) (547)Adjusted EBITDA attributable to PAA (1)$738 $729 $2,833 $2,779 Adjusted EBITDA (1)$875 $867 $3,374 $3,326 Interest expense, net of certain non-cash and other items (5) (132) (92) (452) (365)Maintenance capital from continuing operations (45) (48) (156) (187)Maintenance capital from discontinued operations (20) (25) (70) (74)Investment capital of noncontrolling interests (6) (19) (24) (108) (86)Current income tax expense from continuing operations 10 (10) (1) (82)Current income tax expense from discontinued operations (38) (42) (99) (113)Distributions from unconsolidated entities in excess of/(less than) adjusted equity earnings (7) 12 22 11 Distributions to noncontrolling interests (8) (108) (114) (447) (425)Implied DCF (1)$535 $512 $2,063 $2,005 Preferred unit cash distributions paid (8) (54) (63) (225) (254)Implied DCF Available to Common Unitholders (1)$481 $449 $1,838 $1,751 Weighted Average Common Units Outstanding 706 704 704 702 Weighted Average Common Units and Common Unit Equivalents 764 775 763 773 Implied DCF per Common Unit (1) (9)$0.68 $0.64 $2.61 $2.49 Implied DCF per Common Unit and Common Unit Equivalent (1) (10)$0.68 $0.64 $2.61 $2.49 Cash Distribution Paid per Common Unit$0.3800 $0.3175 $1.5200 $1.2700 Common Unit Cash Distributions (8)$268 $223 $1,070 $891 Common Unit Distribution Coverage Ratio (1)1.79x 2.01x 1.72x 1.97xImplied DCF Excess (1)$213 $226 $768 $860 ________________________ (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Represents "Interest expense, net" as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among certain Plains entities.(3) Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.(4) See the "Selected Items Impacting Comparability" table for additional information.(5) Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among certain Plains entities.(6) Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.(7) Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities)(8) Cash distributions paid during the period presented.(9) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period. (10) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) Net Income/(Loss) Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation (1): Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Basic net income/(loss) per common unit$0.41 $(0.04) $1.66 $0.73 Reconciling items per common unit (2) (3) 0.27 0.68 0.95 1.76 Implied DCF per common unit$0.68 $0.64 $2.61 $2.49 Basic net income/(loss) per common unit$0.41 $(0.04) $1.66 $0.73 Reconciling items per common unit and common unit equivalent (2) (4) 0.27 0.68 0.95 1.76 Implied DCF per common unit and common unit equivalent$0.68 $0.64 $2.61 $2.49 ________________________ (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the "Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation" table for additional information.(3) Based on weighted average common units outstanding for the periods of 706 million, 704 million, 704 million and 702 million, respectively.(4) Based on weighted average common units outstanding for the periods, as well as weighted average Series A preferred units outstanding of 58 million, 71 million, 59 million and 71 million, for the periods presented, respectively. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation: Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities (1)$785 $726 $2,936 $2,490 Adjustments to reconcile Net cash provided by operating activities to Adjusted Free Cash Flow: Net cash used in investing activities (1) (2) (3) (1,937) (264) (3,769) (1,504)Cash contributions from noncontrolling interests 41 17 75 57 Cash distributions paid to noncontrolling interests (4) (108) (114) (447) (425)Proceeds from the issuance of related party notes (2) 330 629 Adjusted Free Cash Flow (1) (5)$(1,219) $365 $(875) $1,247 Cash distributions (6) (322) (286) (1,295) (1,145)Adjusted Free Cash Flow after Distributions (1) (5) (7)$(1,541) $79 $(2,170) $102 Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Adjusted Free Cash Flow (1) (5)$(1,219) $365 $(875) $1,247 Changes in assets and liabilities, net of acquisitions (1) (8) (3) (231) 54 (74)Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) (1) (9) (10)$(1,222) $134 $(821) $1,173 Cash distributions (6) (322) (286) (1,295) (1,145)Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) (1) (9) (10)$(1,544) $(152) $(2,116) $28 ________________________ (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. "Proceeds from the issuance of related party notes" has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of "Net cash used in investing activities."(3) The three and twelve months ended December 31, 2025 includes a net cash outflow of $1.786 billion and $2.651 billion, respectively, for acquisitions, including our Cactus III acquisition completed during the fourth quarter of 2025.(4) Cash distributions paid during the period presented.(5) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.(6) Cash distributions paid to preferred and common unitholders during the period.(7) Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.(8) See the "Condensed Consolidated Cash Flow Data" table.(9) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.(10) Fourth-quarter and full-year 2024 Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) includes the negative impact of a $225 million charge resulting from the write-off of a receivable for Line 901 insurance proceeds. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED ITEMS IMPACTING COMPARABILITY (in millions) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Selected Items Impacting Comparability: (1) (2) Derivative activities and inventory valuation adjustments (3)$33 $(6) $108 $(85)Long-term inventory costing adjustments (4) (18) 17 (48) 9 Deficiencies under minimum volume commitments, net (5) 17 41 38 31 Rail fleet amortization expense related to discontinued operations (6) 8 18 Equity-indexed compensation expense (7) (9) (8) (37) (36)Foreign currency revaluation (8) 3 1 (16) 17 Line 901 incident (9) (225) (345)Transaction-related expenses (10) (10) (17) Selected items impacting comparability - Adjusted EBITDA$24 $(180) $46 $(409)Gain on investments in unconsolidated entities, net 15 31 15 Gains/(losses) on asset sales, asset impairments and other, net (11) (15) (159) 33 (160)Tax effect on selected items impacting comparability (1) 3 (21) 13 Aggregate selected items impacting noncontrolling interests (6) (5)Selected items impacting comparability - Adjusted net income attributable to PAA$8 $(321) $83 $(546) ________________________ (1) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the "Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation" and "Computation of Basic and Diluted Adjusted Net Income Per Common Unit" tables for additional details on how these selected items impacting comparability affect such measures.(2) Includes results from continuing operations and discontinued operations for all periods presented.(3) We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable.(4) We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.(5) We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty's make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty's ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.(6) Depreciation and amortization on the long-lived assets of the Canadian NGL Business disposal group ceased upon meeting the criteria to be classified as assets held for sale. Management believes that the presentation of Adjusted EBITDA and Implied DCF on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. We therefore include an adjustment for the impact of amortization of the rail fleet associated with the Canadian NGL Business.(7) Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.(8) During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.(9) Includes costs recognized during the period related to the Line 901 incident that occurred in May 2015, net of amounts we believe are probable of recovery from insurance. For the 2024 periods, includes the write-off of a receivable for Line 901 insurance proceeds in the fourth quarter of 2024 and the impact of settlements in the third quarter of 2024.(10) Primarily related to deal-specific costs incurred during the period.(11) For the 2024 periods, primarily includes non-cash charges related to the write-down of two U.S. NGL terminals. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED FINANCIAL DATA BY CRUDE OIL (in millions) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Revenues (1)$10,512 $11,959 $44,131 $48,720 Purchases and related costs (1) (9,521) (11,019) (40,323) (45,033)Field operating costs (2) (3) (275) (503) (1,127) (1,440)Segment general and administrative expenses (2) (4) (86) (74) (314) (298)Equity earnings in unconsolidated entities 89 154 382 452 Adjustments: (5) Depreciation and amortization of unconsolidated entities 22 26 84 84 Derivative activities and inventory valuation adjustments (20) (16) (23) 5 Long-term inventory costing adjustments 18 (9) 45 1 Deficiencies under minimum volume commitments, net (17) (41) (38) (31)Equity-indexed compensation expense 9 8 37 36 Foreign currency revaluation 6 (4) 12 (22)Line 901 incident 225 345 Transaction-related expenses 10 17 Segment amounts attributable to noncontrolling interests (6) (136) (137) (539) (543)Crude Oil Segment Adjusted EBITDA / Adjusted EBITDA from Crude Oil$611 $569 $2,344 $2,276 Crude Oil maintenance capital expenditures$44 $48 $153 $183 ________________________ (1) Includes intersegment amounts.(2) Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.(3) Field operating costs for the three and twelve months ended December 31, 2024 include higher expenses related to (i) $225 million resulting from the write-off of a receivable for Line 901 insurance proceeds and (ii) an increase in estimated costs for long-term environmental remediation obligations. The twelve months ended December 31, 2024 also includes the impact of $120 million associated with settlements in the third quarter of 2024 related to the Line 901 incident that occurred in May 2015.(4) Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.(5) Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the "Selected Items Impacting Comparability" table for additional discussion.(6) Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SELECTED FINANCIAL DATA BY NGL (in millions) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Revenues (1)$59 $81 $151 $187 Purchases and related costs (1) (56) (62) (130) (147)Field operating costs (2) (6) (7) (27) (31)Segment general and administrative expenses (2) (3) (6) (7) (28) (30)NGL Segment Adjusted EBITDA (4)$(9) $5 $(34) $(21)Adjusted EBITDA from NGL Discontinued Operations (5) 131 149 503 501 Adjusted EBITDA from NGL$122 $154 $469 $480 Maintenance capital expenditures from NGL continuing operations$1 $ $3 $4 Maintenance capital expenditures from NGL discontinued operations 20 25 70 74 NGL maintenance capital expenditures$21 $25 $73 $78 ________________________ (1) Includes intersegment amounts.(2) Field operating costs and Segment general and administrative expenses include certain costs that are part of the overhead of continuing operations, including information technology, insurance and other shared services costs.(3) Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period. (4) Includes results from continuing operations and excludes amounts related to discontinued operations for all periods presented.(5) See the "Reconciliation of Adjusted EBITDA from NGL Discontinued Operations" table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) DISCONTINUED OPERATIONS DETAIL (in millions) Components of Income from Discontinued Operations, Net of Tax: Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Revenues$397 $367 $1,317 $1,184 Cost and Expenses: Purchases and related costs 166 151 411 398 Field operating costs 69 68 259 297 General and administrative expenses 11 12 47 53 Depreciation and amortization 31 57 125 Losses on asset sales, net 6 2 21 1 Total costs and expenses 252 264 795 874 Other income, net 1 Income from discontinued operations before tax 145 103 522 311 Current income tax expense (38) (42) (99) (113)Deferred income tax (expense)/benefit (5) 13 (40) 33 Income from discontinued operations, net of tax$102 $74 $383 $231 Reconciliation of Adjusted EBITDA from NGL Discontinued Operations: Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Income from discontinued operations, net of tax$102 $74 $383 $231 Income tax expense from discontinued operations 43 29 139 80 Depreciation and amortization from discontinued operations 31 57 125 Other income, net from discontinued operations (1)Losses on asset sales, net from discontinued operations 6 2 21 1 Adjustments attributable to discontinued operations (1): Derivative activities and inventory valuation adjustments (13) 22 (85) 80 Long-term inventory costing adjustments (8) 3 (10)Rail fleet amortization expense related to discontinued operations (8) (18) Foreign currency revaluation 1 (1) 3 (5)Adjusted EBITDA from NGL Discontinued Operations$131 $149 $503 $501 ________________________ (1) See the "Selected Items Impacting Comparability" table for additional information. Investment Capital from NGL Discontinued Operations: Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 NGL investment capital expenditures from discontinued operations $11 $41 $99 $115 PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) OPERATING DATA (1) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024Crude Oil Volumes Crude oil pipeline tariff (by region) Permian Basin (2)7,738 6,846 7,333 6,731 South Texas / Eagle Ford (2)510 421 521 403 Mid-Continent (2)555 478 518 506 Gulf Coast (2)220 214 220 218 Rocky Mountain (2)450 461 475 474 Western248 259 267 256 Canada358 349 346 346 Total crude oil pipeline tariff (2)10,079 9,028 9,680 8,934 NGL Volumes (3) NGL fractionation150 138 147 132 NGL pipeline tariff241 224 228 213 Propane and butane sales126 127 94 92 ________________________ (1) Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.(2) Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.(3) Includes volumes from assets associated with continuing operations and discontinued operations. PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) SUPPLEMENTAL NON-GAAP RECONCILIATIONS (in millions) Supplemental Adjusted EBITDA attributable to PAA Reconciliation: Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Crude Oil Segment Adjusted EBITDA$611 $569 $2,344 $2,276 NGL Segment Adjusted EBITDA (9) 5 (34) (21)Adjusted EBITDA from NGL Discontinued Operations (1) 131 149 503 501 Adjusted other income, net (2) 5 6 20 23 Adjusted EBITDA attributable to PAA (3)$738 $729 $2,833 $2,779 ________________________ (1) See the "Reconciliation of Adjusted EBITDA from NGL Discontinued Operations" table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.(2) Represents "Other income, net" as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the "Selected Items Impacting Comparability" table for additional information.(3) See the "Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation" table for reconciliation to Net Income. PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments (1) PAGPREVENUES$10,565 $ $10,565 $12,035 $ $12,035 COSTS AND EXPENSES Purchases and related costs 9,571 9,571 11,076 11,076 Field operating costs 281 281 510 510 General and administrative expenses 92 1 93 81 1 82 Depreciation and amortization 257 257 227 227 Losses on asset sales, asset impairments and other, net 9 9 157 157 Total costs and expenses 10,210 1 10,211 12,051 1 12,052 OPERATING INCOME/(LOSS) 355 (1) 354 (16) (1) (17) OTHER INCOME/(EXPENSE) Equity earnings in unconsolidated entities 89 89 154 154 Gain on investments in unconsolidated entities, net 15 15 Interest expense, net (159) 22 (137) (112) 17 (95)Other income, net 38 (22) 16 20 (17) 3 INCOME FROM CONTINUING OPERATIONS BEFORE TAX 323 (1) 322 61 (1) 60 Current income tax benefit/(expense) from continuing operations 10 10 (10) (10)Deferred income tax expense from continuing operations (8) (18) (26) (6) (2) (8)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 325 (19) 306 45 (3) 42 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 102 102 74 74 NET INCOME 427 (19) 408 119 (3) 116 Net income attributable to noncontrolling interests (85) (261) (346) (83) (44) (127)NET INCOME/(LOSS) ATTRIBUTABLE TO PAGP$342 $(280) $62 $36 $(47) $(11) Basic and diluted net income/(loss) per Class A share (2): Continuing operations $0.17 $(0.16)Discontinued operations $0.14 $0.11 Basic net income/(loss) per Class A share $0.31 $(0.05) ________________________ (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP. (2) See the "Computation of Basic and Diluted Net Income/(Loss) Per Class A Share" table for additional information. PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in millions, except per share data) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments (1) PAGPREVENUES$44,262 $ $44,262 $48,889 $ $48,889 COSTS AND EXPENSES Purchases and related costs 40,433 40,433 45,162 45,162 Field operating costs 1,154 1,154 1,471 1,471 General and administrative expenses 342 6 348 328 6 334 Depreciation and amortization 953 953 901 901 (Gains)/losses on asset sales, asset impairments and other, net (54) (54) 159 159 Total costs and expenses 42,828 6 42,834 48,021 6 48,027 OPERATING INCOME 1,434 (6) 1,428 868 (6) 862 OTHER INCOME/(EXPENSE) Equity earnings in unconsolidated entities 382 382 452 452 Gain on investments in unconsolidated entities, net 31 31 15 15 Interest expense, net (554) 87 (467) (430) 48 (382)Other income, net 108 (87) 21 64 (48) 16 INCOME FROM CONTINUING OPERATIONS BEFORE TAX 1,401 (6) 1,395 969 (6) 963 Current income tax expense from continuing operations (1) (1) (82) (82)Deferred income tax expense from continuing operations (14) (77) (91) (5) (37) (42)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 1,386 (83) 1,303 882 (43) 839 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 383 383 231 231 NET INCOME 1,769 (83) 1,686 1,113 (43) 1,070 Net income attributable to noncontrolling interests (334) (1,092) (1,426) (341) (626) (967)NET INCOME ATTRIBUTABLE TO PAGP$1,435 $(1,175) $260 $772 $(669) $103 Basic net income per Class A share (2): Continuing operations $0.77 $0.19 Discontinued operations $0.54 $0.33 Basic net income per Class A share $1.31 $0.52 Diluted net income per Class A share (2): Continuing operations $0.77 $0.19 Discontinued operations $0.53 $0.32 Diluted net income per Class A share $1.30 $0.51 ________________________ (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.(2) See the "Computation of Basic and Diluted Net Income/(Loss) Per Class A Share" table for additional information. PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) CONDENSED CONSOLIDATING BALANCE SHEET DATA (in millions) December 31, 2025 December 31, 2024 Consolidating Consolidating PAA Adjustments (1) PAGP PAA Adjustments (1) PAGP ASSETS Current assets (2)$4,733 $(29) $4,704 $4,802 $(26) $4,776 Property and equipment, net 16,860 16,860 13,446 13,446 Investments in unconsolidated entities 2,846 2,846 2,811 2,811 Intangible assets, net 1,754 1,754 1,677 1,677 Deferred tax asset 1,136 1,136 1,220 1,220 Linefill 900 900 904 904 Long-term operating lease right-of-use assets, net 198 198 189 189 Long-term inventory 214 214 242 242 Long-term assets of discontinued operations 2,557 2,557 2,349 2,349 Other long-term assets, net 107 107 142 142 Total assets$30,169 $1,107 $31,276 $26,562 $1,194 $27,756 LIABILITIES AND PARTNERS' CAPITAL Current liabilities (3)$4,931 $(29) $4,902 $4,950 $(26) $4,924 Senior notes, net 9,118 9,118 7,141 7,141 Other long-term debt, net 1,578 1,578 70 70 Long-term operating lease liabilities 202 202 192 192 Long-term liabilities of discontinued operations 606 606 576 576 Other long-term liabilities and deferred credits 654 654 537 537 Total liabilities 17,089 (29) 17,060 13,466 (26) 13,440 Partners' capital excluding noncontrolling interests 9,836 (8,491) 1,345 9,813 (8,462) 1,351 Noncontrolling interests 3,244 9,627 12,871 3,283 9,682 12,965 Total partners' capital 13,080 1,136 14,216 13,096 1,220 14,316 Total liabilities and partners' capital$30,169 $1,107 $31,276 $26,562 $1,194 $27,756 ________________________ (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.(2) Includes current assets of discontinued operations of $479 million and $415 million as of December 31, 2025 and December 31, 2024, respectively.(3) Includes current liabilities of discontinued operations of $382 million and $350 million as of December 31, 2025 and December 31, 2024, respectively. PLAINS GP HOLDINGS AND SUBSIDIARIES FINANCIAL SUMMARY (unaudited) COMPUTATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER CLASS A SHARE (in millions, except per share data) Three Months EndedDecember 31, Twelve Months EndedDecember 31, 2025 2024 2025 2024 Basic Net Income/(Loss) per Class A Share Net income/(loss) attributable to PAGP from continuing operations$33 $(31) $152 $39 Net income attributable to PAGP from discontinued operations$29 $20 $108 $64 Basic weighted average Class A shares outstanding 198 197 198 197 Basic Net Income/(Loss) per Class A Share: Continuing operations$0.17 $(0.16) $0.77 $0.19 Discontinued operations 0.14 0.11 0.54 0.33 Basic net income/(loss) per Class A share$0.31 $(0.05) $1.31 $0.52 Diluted Net Income/(Loss) per Class A Share Net income/(loss) attributable to PAGP from continuing operations$33 $(31) $152 $39 Net income attributable to PAGP from discontinued operations$29 $20 $108 $64 Incremental net income attributable to PAGP resulting from assumed exchange of AAP Management Units 15 9 Net income attributable to PAGP from discontinued operations including incremental net income from assumed exchange of AAP Management Units$29 $20 $123 $73 Basic weighted average Class A shares outstanding 198 197 198 197 Dilutive shares resulting from assumed exchange of AAP Management Units 35 35 Diluted weighted average Class A shares outstanding 198 197 233 232 Diluted Net Income/(Loss) per Class A Share: Continuing operations$0.17 $(0.16) $0.77 $0.19 Discontinued operations 0.14 0.11 0.53 0.32 Diluted net income/(loss) per Class A share$0.31 $(0.05) $1.30 $0.51 Forward-Looking Statements Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following: risks related to the Canadian NGL Business divestiture (as defined herein), including the risk that the Canadian NGL Business divestiture is not consummated on the terms expected or on the anticipated schedule, or at all, and the effect of the announcement or pendency of the Canadian NGL Business divestiture on our business relationships, operating results, employees, stakeholders and business generally;general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil and NGL production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and NGL and resulting changes in pricing conditions or transportation throughput requirements;unanticipated changes in crude oil and NGL market structure, grade differentials and volatility (or lack thereof);the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom, including the Canadian NGL Business divestiture (as defined herein);the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers' electronic and computer systems;weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;loss of key personnel and inability to attract and retain new talent;disruptions to futures markets for crude oil, NGL and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;the effectiveness of our risk management activities;shortages or cost increases of supplies, materials or labor;maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;the use or availability of third-party assets upon which our operations depend and over which we have little or no control;the currency exchange rate of the Canadian dollar to the United States dollar;the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;significant under-utilization of our assets and facilities;increased costs, or lack of availability, of insurance;fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;risks related to the development and operation of our assets; andother factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil, as well as in the processing, transportation, fractionation, storage and marketing of NGL as discussed in the Partnerships' filings with the Securities and Exchange Commission. About Plains: PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids ("NGL"). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 9 million barrels per day of crude oil and NGL. PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America. PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com. Contacts: Blake FernandezVice President, Investor Relations(866) 809-1291 Ross HovdeDirector, Investor Relations(866) 809-1291
Shell plc - Outcome of audit tender process
Related Quotes Shell Plc American Depositary Shares EA 74.63 4.16 5.28% Enter Symbols: Shell plc - Outcome of audit tender process Shell plc Outcome of audit tender process February 6, 2026 Shell plc (the Company) announces that, following the conclusion of a competitive audit tender process initiated at the beginning of Q4 2025 and led by the Audit and Risk Committee, the Board has approved the proposed appointment of Pricewaterhouse Coopers LLP ("PwC") as its external auditor to take effect from, and including, the financial year ending December 31, 2027. The appointment is subject to shareholder approval at the Company's 2027 Annual General Meeting. EY will continue in its role as external auditor for the financial year ending 31 December 2026, subject to shareholder approval at the Company's 2026 Annual General Meeting. Notes to editors During the past two years, only unqualified reports on the Company's consolidated financial statements or effectiveness of internal control over financial reporting were issued by EY and there were no disagreements with EY related to accounting matters, financial statement disclosure, or their audit.The audit tender participants were informed of the tender outcome on February 5, 2026. Further details of the audit tender process will be provided in the Company's 2025 Annual Report and Accounts and Form 20-F. Enquiries Shell Media Relations International, UK, European Press: +44 (0)20 7934 5550
MPLX LP prices $1.5 billion senior notes offering
FINDLAY, Ohio, Feb. 5, 2026 /PRNewswire/ -- MPLX LP (NYSE: MPLX) announced today that it has priced $1.5 billion in aggregate principal amount of unsecured senior notes in an underwritten public offering consisting of $1.0 billion aggregate principal amount of 5.300% senior notes due 2036 and $500 million aggregate principal amount of 6.100% senior notes due 2056. MPLX intends to use the net proceeds from this offering to repay MPLX's outstanding $1.5 billion aggregate principal amount of 1.750% senior notes due March 2026 at maturity.The closing of this offering is expected to occur on February 12, 2026, subject to the satisfaction of customary closing conditions.Citigroup Global Markets Inc., Barclays Capital Inc., MUFG Securities Americas Inc. and RBC Capital Markets, LLC are acting as joint book-running managers for this offering.This offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained for free by visiting the Securities and Exchange Commission's website at http://www.sec.gov. Alternatively, copies may be obtained by contacting the following, which are acting as representatives of the underwriters:Citigroup Global Markets Inc.c/o Broadridge Financial Solutions1155 Long Island AvenueEdgewood, New York 11717Toll-free: 1-800-831-9146Email: prospectus@citi.comBarclays Capital Inc.c/o Broadridge Financial Solutions1155 Long Island AvenueEdgewood, New York 11717Toll-free: 1-888-603-5847Email: barclaysprospectus@broadridge.comMUFG Securities Americas Inc.1221 Avenue of the Americas, 6th FloorNew York, New York 10020Toll-free: 1-877-649-6848RBC Capital Markets, LLCBrookfield Place200 Vesey Street, 8th FloorNew York, New York 10281Toll-free: 1-866-375-6829This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About MPLX LPMPLX is a diversified, large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics assets and provides fuels distribution services. MPLX's assets include a network of crude oil and refined product pipelines; an inland marine business; light-product terminals; storage caverns; refinery tanks, docks, loading racks, and associated piping; and crude and light-product marine terminals. The company also owns crude oil and natural gas gathering systems and pipelines as well as natural gas and NGL processing and fractionation facilities in key U.S. supply basins. Investor Relations Contacts: (419) 421-2071Kristina Kazarian, Vice President Finance and Investor RelationsBrian Worthington, Senior Director, Investor RelationsIsaac Feeney, Director, Investor RelationsEvan Heminger, Analyst, Investor RelationsMedia Contact: (419) 421-3577Jamal Kheiry, Communications Manager View original content:https://www.prnewswire.com/news-releases/mplx-lp-prices-1-5-billion-senior-notes-offering-302680819.htmlSOURCE MPLX LP
Resolutions Adopted by the Extraordinary Shareholders' Meeting of February 5th 2026
BOGOTA, Colombia, Feb. 5, 2026 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company") announces that, during the Extraordinary Shareholders' Meeting held on February 5, 2026, at 8:40 a.m., duly convened in accordance with the legal and statutory requirements applicable to the Company, the shareholders approved the election of the members of Ecopetrol's Board of Directors for the remainder of the 2025-2029 term, pursuant to Article 187, paragraph 4, of the Colombian Commercial Code. The shareholders also addressed the remaining items on the agenda, as detailed below: i. Approval of the AgendaThe agenda proposed for the meeting was approved.ii. Appointment of the Chair of the General Shareholders' AssemblyGermán Ávila, Minister of Finance and Public Credit, was appointed as Chair of the Assembly.iii. Appointment of the Elections and Vote Counting Committee of the General Shareholders' AssemblyThe Elections and Vote Counting Committee proposed by shareholder Carolina María Zarama was appointed.iv. Appointment of the Minutes Review and Approval Committee of the General Shareholders' AssemblyThe Minutes Review and Approval Committee proposed by shareholder Amparo del Pilar González was appointed.v. Election of the Members of Ecopetrol's Board of Directors for the Remainder of the 2025-2029 TermThe members of the Board of Directors elected by the shareholders for the 2025-2029 term are the following:Slate SeatNameStatusFirstÁngela María Robledo GómezIndependentSecond Carolina Arias HurtadoIndependentThirdJuan Gonzalo Castaño ValderramaNot independentFourth Hildebrando Vélez GaleanoIndependentFifhtLilia Tatiana Roa AvendañoNot independentSixthAlberto José Merlano AlcocerNot independentSeventhCésar Eduardo Loza ArenasNot independentEightRicardo Rodriguez YeeIndependentNinethLuis Felipe Henao CardonaIndependentShareholders cast their votes on each item on the agenda as follows:Matter Submitted to the Consideration of the General Shareholders' AssemblyAffirmative VoteNegative Vote Null VoteAbstentionApproval of the agenda99.96954947 %0.00007876 %0.0000025 %0.03036927 %Appointment of the Chair of the General Shareholders' Assembly99.96949216 %0.00013608 %0.0000025 %0.03036927 %Appointment of the Elections and Vote Counting Committee99.96946845 %0.00013603 %0.00002624 %0.03036927 %Appointment of the Minutes Review and Approval Committee99.94844289 %0.00013608 %0.00002624 %0.05139479 %Election of the members of the Board of Directors for the remainder of the 2025-2029 term95.17949026 %4.81940727 %0.00000664 %0.00109583 %------------------------------------- Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Investor Relations Office Email: investors@ecopetrol.com.co Head of Corporate Communications (Colombia) Marcela Ulloa Email: marcela.ulloa@ecopetrol.com.co View original content to download multimedia:https://www.prnewswire.com/news-releases/resolutions-adopted-by-the-extraordinary-shareholders-meeting-of-february-5th-2026-302680795.htmlSOURCE Ecopetrol S.A.
Mammoth Announces Fourth-Quarter and Full-Year 2025 Conference Call
OKLAHOMA CITY, Feb. 5, 2026 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") will host a conference call on Friday, March 6, 2026, to discuss the Company's results for the fourth quarter and full year ended December 31, 2025. The conference call will begin at 11:00 a.m. Eastern Time (10:00 a.m. Central Time). Prior to the call, the Company will issue a press release announcing the results, which will also be available in the Investor Relations section of the Mammoth website.The call will be webcast live and can be accessed through the Company's website. Participants may also join by dialing +1-201-689-8433 and requesting the Mammoth conference call. Please log in or dial in approximately 10 minutes prior to the scheduled start time.A telephonic replay will be available until March 13, 2026, by dialing +1-201-612-7415 and entering passcode 13758687#. An archived webcast will also be available shortly after the call in the Investor Relations section of the Mammoth website.Questions for management may be submitted in advance of the call by emailing TUSK@vizaraadvisors.com.About MammothMammoth is an integrated, growth-oriented company providing a diversified suite of rental, infrastructure and energy services across North America. Mammoth's offerings span specialized equipment rentals supporting aviation, construction, and energy operations, as well as fiber optic engineering and construction. The Company also provides natural sand proppant for hydraulic fracturing, directional drilling services, and workforce accommodation facilities designed to support large-scale projects in remote locations. By combining technical expertise with a broad service platform, Mammoth helps customers achieve greater efficiency, flexibility and value across their operations. For more information, please visit www.mammothenergy.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/mammoth-announces-fourth-quarter-and-full-year-2025-conference-call-302680677.htmlSOURCE MAMMOTH ENERGY SERVICES
EQT Declares Quarterly Cash Dividend
PITTSBURGH, Feb. 5, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced that its Board of Directors declared a quarterly cash dividend on its common stock of $0.165 per share, payable on March 2, 2026, to shareholders of record at the close of business on February 17, 2026. Investor ContactCameron HorwitzManaging Director, Investor Relations & Strategy412.445.8454Cameron.Horwitz@eqt.comAbout EQT CorporationEQT Corporation is a premier, vertically integrated American natural gas company with production and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day - trust, teamwork, heart, and evolution are at the center of all we do. To learn more, visit eqt.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/eqt-declares-quarterly-cash-dividend-302680659.htmlSOURCE EQT Corporation (EQT-IR)
APA Corporation Declares Cash Dividend on Common Shares
Related Quotes Apa Corporation 26.48 0.90 3.29% Enter Symbols: APA Corporation Declares Cash Dividend on Common Shares HOUSTON, Feb. 05, 2026 (GLOBE NEWSWIRE) -- The board of directors of APA Corporation (Nasdaq: APA) has declared a regular cash dividend on the company's common shares. The dividend on common shares is payable on May 22, 2026, to stockholders of record on April 22, 2026, at a rate of 25 cents per share on the corporation's common stock. About APAAPA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com. Contacts Investor:(281) 302-2286 Media:(713) 296-7276 Website:www.apacorp.com APA-F
Granite Ridge Resources, Inc. Appoints Kyle Kettler as Chief Financial Officer
Related Quotes Granite Ridge Resources Inc 4.96 0.11 2.17% Enter Symbols: Granite Ridge Resources, Inc. Appoints Kyle Kettler as Chief Financial Officer DALLAS, Feb. 05 /BusinessWire/ -- Granite Ridge Resources, Inc. ("Granite Ridge" or the "Company") (NYSE:GRNT) today announced the appointment of Kyle Kettler as Chief Financial Officer, effective February 9, 2026. Mr. Kettler brings over 25 years of experience across energy finance and capital markets, with deep expertise in financing oil and gas companies in the public and private markets. He will be responsible for overseeing Granite Ridge's financial operations and will play a significant leadership role in guiding the Company's financial and business strategy to support the Company's long-term growth objectives while enhancing shareholder value. "I am thrilled to welcome Kyle to Granite Ridge, as this appointment underscores our commitment to maintaining a best-in-class leadership team that drives value for all of our stakeholders," said Granite Ridge President and Chief Executive Officer, Tyler Farquharson. "He is a strategic, results-driven executive with a proven track record of successful business leadership, and I am excited to partner with him to capitalize on Granite Ridge's growth potential." About Kyle Kettler Mr. Kettler is a seasoned finance and accounting executive and investor with over 25 years of experience across direct lending, public and private markets, investment banking and public accounting. Most recently, he was a Partner at Chambers Energy Management, where he helped lead the firm's investment sourcing, due diligence, valuation and portfolio management efforts. Mr. Kettler's experience spans the entire capital structure and energy value chain: originated loans, high yield bonds, private and public equity, and structured products for upstream oil and gas, oilfield services, midstream, refining, and power companies. Mr. Kettler has a BBA in Accounting and an MBA from the University of Texas at Austin. He is also a CPA and holds the CFA designation. About Granite Ridge Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets. We own assets in six prolific unconventional basins across the United States. We aim to deliver a diversified portfolio with best-in-class full cycle returns by investing in a large number of high-graded deals developed by proven public and private operators. We focus on success as measured by total shareholder returns, which we seek to balance with a low leverage profile. For more information, visit Granite Ridge's website at www.graniteridge.com. Forward-Looking Statements and Cautionary Statements This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding, without limitation, Granite Ridge's business and financial strategy and growth potential are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Important factors (many of which are beyond Granite Ridge's control) that could cause actual results to differ materially from those set forth in the forward-looking statements are described under the heading "Item 1A. Risk Factors" in Granite Ridge's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission ("SEC"), as updated by any subsequent Quarterly Reports on Form 10-Q that Granite Ridge files with the SEC. Granite Ridge does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20260205461887/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Baker Hughes Declares Quarterly Dividend
Related Quotes Baker Hughes Company 57.375 1.795 3.03% Enter Symbols: Baker Hughes Declares Quarterly Dividend HOUSTON and LONDON, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR) announced today that the Baker Hughes Board of Directors declared a quarterly cash dividend of $0.23 per share of Class A common stock payable on Feb. 27, 2026, to holders of record on Feb. 17, 2026. Baker Hughes expects to fund its quarterly cash dividend from cash generated from operations. 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 M. Lynch+1 713-906-8407adrienne.lynch@bakerhughes.com
TEN Ltd. Declares Dividend on its Series E Cumulative Perpetual Preferred Shares
Related Quotes Tsakos Energy Navigation Ltd Common Shar 26.575 0.475 1.82% Enter Symbols: TEN Ltd. Declares Dividend on its Series E Cumulative Perpetual Preferred Shares ATHENS, Greece, Feb. 05, 2026 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TEN) ("TEN" or the "Company"), a leading diversified crude, product and LNG tanker operator, today announced that its Board of Directors declared the regular quarterly cash dividend of $0.578125 per share for its Series E Cumulative Perpetual Preferred Shares (the "Series E Preferred Shares"; NYSE; TENPRE). The dividend on the Series E Preferred Shares is for the period from the most recent dividend payment date of November 28, 2025, through February 27, 2026. The dividend on the Series E Preferred Shares will be paid on March 2, 2026, to all holders of record of Series E Preferred Shares as of February 25, 2026. Dividends on the Series E Preferred Shares are payable quarterly in arrears on the 28th day (unless the 28th falls on a weekend or public holiday, in which case the payment date is moved to the next business day) of February, May, August and November of each year, when, as and if declared by TEN's board of directors. This is the 36th dividend on the Series E Preferred Shares since their commencement of trading on the New York Stock Exchange. TEN has 4,745,947 Series E Preferred Shares outstanding as of the date of this press release. ABOUT TEN Ltd. Founded in 1993 and celebrating 32 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 82 vessels, including ten DP2 shuttle tankers, three VLCCs, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt. ABOUT FORWARD-LOOKING STATEMENTS Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. For further information, please contact : Company Tsakos Energy Navigation Ltd. George Saroglou President & COO +30210 94 07 710 gsaroglou@tenn.gr Investor Relations / Media Capital Link, Inc. Nicolas Bornozis Markella Kara +212 661 7566 ten@capitallink.com
Magnolia Oil & Gas Corporation Announces 2025 Fourth Quarter and Year End Results
Related Quotes Magnolia Oil & Gas Corporation Class 26.37 0.16 0.61% Enter Symbols: Magnolia Oil & Gas Corporation Announces 2025 Fourth Quarter and Year End Results HOUSTON, Feb. 05 /BusinessWire/ -- Magnolia Oil & Gas Corporation ("Magnolia," "we," "our," or the "Company") (NYSE:MGY) today announced its financial and operational results for the fourth quarter and full year 2025. Fourth Quarter 2025 Summary Financial Results: (In millions, except per share data) For the Quarter Ended December 31, 2025 For the Quarter Ended December 31, 2024 Percentage increase (decrease) Net income $ 71.4 $ 88.7 (20 )% Adjusted net income (1) 71.4 95.4 (25 )% Earnings per share - diluted 0.37 0.44 (16 )% Adjusted EBITDAX (1) 215.7 235.8 (9 )% Capital expenditures - D&C 116.5 131.6 (11 )% Average daily production (Mboe/d) 103.8 93.1 11 % Cash balance as of period end $ 266.8 $ 260.0 3 % Diluted weighted average total shares outstanding (2) 188.0 196.2 (4 )% Full Year 2025 Summary Financial Results: (In millions, except per share data) For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 Percentage increase (decrease) Net income $ 337.3 $ 397.3 (15 )% Adjusted net income (1) 335.7 400.9 (16 )% Earnings per share - diluted 1.73 1.94 (11 )% Adjusted EBITDAX (1) 906.1 953.3 (5 )% Capital expenditures - D&C 460.7 477.0 (3 )% Average daily production (Mboe/d) 99.8 89.7 11 % Cash balance as of period end $ 266.8 $ 260.0 3 % Diluted weighted average total shares outstanding (2) 191.1 200.0 (4 )% Fourth Quarter and Full Year 2025 Highlights: Fourth quarter and full year 2025 total net income was $71.4 million and $337.3 million, respectively, and total adjusted net income(1) was $71.4 million and $335.7 million, respectively, and providing full year operating income margins of 33%. The diluted weighted average shares outstanding(2) for the fourth quarter and full year 2025 was 188.0 million and 191.1 million, respectively, representing a year-over-year decline of 4% for both periods. Adjusted EBITDAX(1) was $215.7 million during the fourth quarter of 2025, with drilling and completions ("D&C") capital of $116.5 million. Adjusted EBITDAX for the full year 2025 was $906.1 million with total D&C capital of $460.7 million, representing a reinvestment rate of 51% of adjusted EBITDAX. Net cash provided by operating activities was $208.4 million during the fourth quarter of 2025 and $878.6 million during full year 2025. The Company generated free cash flow(1) of $74.7 million during the fourth quarter of 2025 and $426.6 million during full year 2025. Total production in the fourth quarter of 2025 grew 11% from fourth quarter 2024 levels to 103.8 thousand barrels of oil equivalent per day ("Mboe/d"), exceeding our earlier guidance and establishing a new quarterly record. Full year 2025 production volumes averaged 99.8 Mboe/d representing year-over-year volume growth of 11% and full year production per share growth of 16%. Fourth quarter oil production grew to 40.7 thousand barrels of oil per day ("Mbbls/d"), also a quarterly record for Magnolia, leading to full year 2025 oil production of 39.8 Mbbls/d and year-over-year oil growth of approximately 4%. Total fourth quarter 2025 production at Giddings was 83.6 Mboe/d climbing by 16% compared to the prior year period, and inclusive of oil production growth of 10%. Giddings volumes were broadly supported by strong well performance throughout the field and part of which originated from newly delineated areas. Magnolia added 49.8 million barrels of oil equivalent ("MMboe") of proved developed reserves in 2025, representing additions from the Company's drilling program, and which excluded reserves related to acquisitions and price-related revisions. These organic proved developed reserve additions provide a reserve replacement ratio of 137% of our 2025 production and leading to organic proved developed Finding and Development ("F&D") costs of $9.25 per barrel of oil equivalent for 2025. Magnolia purchased 2.4 million Class A Common shares during the fourth quarter for $53.4 million, representing approximately 1.3% of our outstanding shares. Total share repurchases during 2025 amounted to 8.9 million Class A Common shares, leading to a 4.4% reduction in the Company's diluted weighted average total shares outstanding(2) compared to the prior year. Magnolia's Board of Directors has increased the existing share repurchase authorization by an additional 10 million shares, bringing the total remaining authorization to 12.9 million Class A Common shares, which are specifically designated toward open market share repurchases. As previously announced, the Board of Directors declared a cash dividend of $0.165 per share of Class A common stock, and a cash distribution of $0.165 per Class B unit, payable on March 2, 2026, to shareholders of record as of February 10, 2026. This quarterly dividend payment represents a 10% increase compared to the previous rate, and providing an annualized dividend rate of $0.66 per share. This is the fifth consecutive year that Magnolia has raised its dividend rate after first initiating a dividend payment in 2021. Delivering a safe, sustainable, and growing dividend is an important element of Magnolia's investment proposition. Magnolia returned 110%(3) and 75%(4) of the free cash flow generated during the fourth quarter and full year 2025, respectively, to the Company's shareholders through a combination of share repurchases and dividends. In addition to the significant return of cash to shareholders, Magnolia completed several small bolt-on oil and gas property acquisitions during 2025 totaling $66.6 million. We started 2025 with $260.0 million of cash on our balance sheet and ended the year with $266.8 million of cash and an undrawn $450 million revolving credit facility. "Magnolia delivered another year of exceptional and consistent performance in 2025, marked by the steady execution of our capital-efficient business model and our high quality assets," said Chairman, President, and CEO Chris Stavros. "I am especially proud of the unwavering dedication and focus shown by both our operating teams in the field and our Houston staff. Their continued hard work and perseverance is a significant factor behind Magnolia's success. "We continually remind the financial community that Magnolia's primary goals and objectives are to be the most efficient operator of our best-in-class oil and gas assets, to generate the highest returns on those assets, and while employing the least amount of capital for drilling and completing wells, no matter the product prices. Last year was another example of our successful delivery on these goals. We returned 75 percent of the free cash flow generated during 2025 to our shareholders through our secure and growing cash dividend and our ongoing share repurchase program. And, we continued to enhance and expand our asset base through opportunistic bolt-on acquisitions stemming from our accumulated subsurface knowledge and experience, near areas where we operate and understand well. "We achieved double-digit production growth with less capital than originally planned, completed approximately $67 million of bolt-on acquisitions furthering our resource opportunity set, repurchased 4 percent of our outstanding shares, and recently announced a 10 percent increase in our dividend - our fifth consecutive annual increase. Magnolia ended 2025 on a strong note, with record quarterly oil and gas volumes, resulting in 11 percent year-over-year production growth. Notably, this was all accomplished organically, as our cash on the balance sheet increased during the year, while generating a sector leading return on capital employed of 18 percent during 2025. "As we enter 2026, Magnolia is well-positioned and consistently guided by the principles of our business model. Our high-quality assets and strategy of continued capital spending discipline, proactive cost management and pursuit of further operational efficiencies should serve us well during periods of product price volatility. Our consistent policy of low leverage and lack of commodity hedges is central to our strategy, providing us with downside protection while allowing for upside to product prices and the ability to generate value through commodity cycles." Operational Update Fourth quarter and full-year 2025 total company production averaged 103.8 and 99.8 Mboe/d, representing a 11 percent year over year increase for both periods. Giddings production represented 79 percent of total company volumes during 2025. Fourth quarter and full-year 2025 production from Giddings both increased by 16 percent, compared to the prior year periods with Giddings oil production growing by 10 percent compared to fourth quarter 2024. Last year's production volume growth benefited from continued strong well performance throughout Magnolia's assets with exceptional well results in Giddings, part of which originated from a new development area. Magnolia's fourth quarter and full year 2025 capital spending on drilling, completions and associated facilities was $116.5 million and $460.7 million, respectively. Magnolia delivered a more capital efficient program during 2025, with our drilling and completions team continuing to generate productivity gains in 2025 which included an 8 percent year-over-year improvement in drilling feet per day and a 6 percent increase in completed feet per day in Giddings. The Company also spent less capital during 2025 because of stronger than expected well performance allowing us to defer several completions into 2026. Additionally, lease operating expenses declined by 7 percent to $5.12 per boe during the full year 2025 compared to 2024 levels as the Company continues to drive down operating costs in the field and across our assets. Magnolia plans to operate two drilling rigs and one completion crew during 2026 and expects to maintain this level of activity throughout year. While this year's activity is expected to have similar characteristics to the 2025 operating plan, lower anticipated overall well costs combined with improved operating efficiencies is expected to allow for more wells to be drilled, completed and turned in line lending support to Magnolia's overall high-margin growth. The Company's current development program utilizing two operated rigs and one completion crew has been consistently in place for the last five years, driving total Company production growth by greater than 50 percent and more than doubling our production volumes in Giddings. Approximately 75 to 80 percent of our 2026 activity is expected to consist of multi-well development pads in the Giddings area with the remainder focused on the Karnes area. The development program at Giddings consists of drilling multi-well pads throughout our core 240,000 net acre development area. This creates a balanced and efficient program providing more consistent year-over-year results. Magnolia plans to continue to allocate a modest amount of capital toward appraisal activities throughout our large acreage footprint in south Texas designed to further enhance our resource opportunity set and to further de-risk our sizable acreage position particularly in Giddings. 2025 Oil and Gas Reserves Magnolia's total 2025 proved reserves increased 10 percent to 210.2 MMboe from 191.7 MMboe at year end 2024 replacing 151 percent(5) of our 2025 production. Magnolia books only one year of proved undeveloped reserves and as a result 79 percent of its 2025 proved reserves were developed. The proved undeveloped reserves represent what we plan to convert to the proved developed category during 2026 as part of our capital and activity program. Magnolia's total proved developed reserves at year end 2025 were 166.6 MMboe. Excluding acquisitions, sales, and price-related revisions, the Company added 49.8 MMboe of proved developed reserves during the year. Total costs incurred excluding property acquisition costs, exploration expenses and asset retirement obligations were $460.7 million in 2025 resulting in organic proved developed F&D costs of $9.25 per boe. During the three-year period from 2023 to 2025, Magnolia's organic proved developed F&D costs averaged $9.85 per boe. Additional Guidance Magnolia currently estimates its total 2026 D&C capital spending to be in the range of $440 to $480 million and that is comparable to last year, which includes an estimate of non-operated capital that is similar to 2025. The Company currently expects this year's capital spending program and activity to deliver full-year total production growth of approximately 5 percent for 2026. First quarter 2026 D&C capital spending is estimated at approximately $125 million and is expected to be the highest quarterly rate of spending for the year. Total production for the first quarter is estimated to be approximately 102 Mboe/d which includes approximately 1.5 Mboe/d of downtime impact resulting from the recent winter storm, all of which has been fully restored. Oil price differentials are anticipated to be approximately a $3 per barrel discount to Magellan East Houston and Magnolia remains completely unhedged for all its oil and natural gas production. The fully diluted share count for the first quarter of 2026 is expected to be approximately 187 million shares, which is 4 percent reduction from first quarter 2025 levels. Annual Report on Form 10-K Magnolia's financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2025, which is expected to be filed with the U.S. Securities and Exchange Commission ("SEC") on February 12, 2026. (1) Adjusted net income, adjusted EBITDAX, free cash flow, return on capital employed are non-GAAP financial measures. For reconciliations to the most comparable GAAP measures, please see "Non-GAAP Financial Measures" at the end of this press release. (2) Weighted average total shares outstanding include diluted weighted average shares of Class A Common Stock outstanding during the period and shares of Class B Common Stock, which are anti-dilutive in the calculation of weighted average number of common shares outstanding. (3) Fourth quarter 2025 return to shareholders includes $53.4 million of share repurchases, $27.8 million of dividends to Class A shareholders, and $0.8 million of distributions to Class B shareholders, divided by the quarterly free cash flow (reconciled on page 14). (4) Full year 2025 return to shareholders includes $205.5 million of share repurchases, $113.1 million of dividends to Class A shareholders, and $3.3 million of distributions to Class B shareholders, divided by the annual free cash flow (reconciled on page 14). (5) Calculated as the sum of the 2025 change in total proved reserves of 18.5 MMboe and 2025 production of 36.4 MMboe divided by 2025 production. Conference Call and Webcast Magnolia will host an investor conference call on Friday, February 6, 2026 at 10:00 am Central (11:00 am Eastern) to discuss these operating and financial results. Interested parties may join the webcast by visiting Magnolia's website at www.magnoliaoilgas.com/investors/events-and-presentations and clicking on the webcast link or by dialing 1-844-701-1059. A replay of the webcast will be posted on Magnolia's website following completion of the call. About Magnolia Oil & Gas Corporation Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders by delivering steady, moderate annual production growth resulting from its disciplined and efficient philosophy toward capital spending. The Company strives to generate high pre-tax margins and consistent free cash flow allowing for strong cash returns to our shareholders. For more information, visit www.magnoliaoilgas.com. Cautionary Note Regarding Forward-Looking Statements The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Magnolia's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the market prices of oil, natural gas, NGLs, and other products or services; (ii) the supply and demand for oil, natural gas, NGLs, and other products or services, including impacts of actions taken by OPEC and other state-controlled oil companies; (iii) the outcome of any legal proceedings that may be instituted against Magnolia; (iv) Magnolia's ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (v) legislative, regulatory, or policy changes, including those following the change in presidential administrations; (vi) geopolitical and business conditions in key regions of the world; (vii) cybersecurity threats, including increased use of artificial intelligence technologies; and (viii) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors, including inflation. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which is expected to be filed with the SEC on February 12, 2026. Magnolia's SEC filings are available publicly on the SEC's website at www.sec.gov. Magnolia Oil & Gas Corporation Operating Highlights For the Quarters Ended For the Years Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Production: Oil (MBbls) 3,747 3,572 14,531 14,019 Natural gas (MMcf) 18,089 15,371 68,917 58,746 Natural gas liquids (MBbls) 2,788 2,431 10,407 9,024 Total (Mboe) 9,550 8,565 36,424 32,834 Average daily production: Oil (Bbls/d) 40,730 38,821 39,810 38,302 Natural gas (Mcf/d) 196,618 167,079 188,814 160,508 Natural gas liquids (Bbls/d) 30,299 26,428 28,513 24,655 Total (boe/d) 103,799 93,096 99,793 89,709 Revenues (in thousands): Oil revenues $ 215,618 $ 246,480 $ 918,027 $ 1,046,675 Natural gas revenues 52,865 28,406 190,252 90,277 Natural gas liquids revenues 49,144 51,723 203,566 178,934 Total revenues $ 317,627 $ 326,609 $ 1,311,845 $ 1,315,886 Average sales price: Oil (per Bbl) $ 57.54 $ 69.01 $ 63.18 $ 74.66 Natural gas (per Mcf) 2.92 1.85 2.76 1.54 Natural gas liquids (per Bbl) 17.63 21.27 19.56 19.83 Total (per boe) $ 33.26 $ 38.13 $ 36.01 $ 40.08 NYMEX WTI (per Bbl) $ 59.13 $ 70.28 $ 64.77 $ 75.72 NYMEX Henry Hub (per MMBtu) $ 3.55 $ 2.80 $ 3.43 $ 2.27 Realization to benchmark: Oil (% of WTI) 97 % 98 % 98 % 99 % Natural gas (% of Henry Hub) 82 % 66 % 80 % 68 % Operating expenses (in thousands): Lease operating expenses $ 47,341 $ 45,936 $ 186,559 $ 180,881 Gathering, transportation, and processing 17,910 12,164 67,096 39,832 Taxes other than income 17,161 15,852 76,452 71,862 Depreciation, depletion and amortization 114,205 105,332 437,757 414,487 Operating costs per boe: Lease operating expenses $ 4.96 $ 5.36 $ 5.12 $ 5.51 Gathering, transportation, and processing 1.88 1.42 1.84 1.21 Taxes other than income 1.80 1.85 2.10 2.19 Depreciation, depletion and amortization 11.96 12.30 12.02 12.62 Magnolia Oil & Gas Corporation Consolidated Statements of Operations (In thousands, except per share data) For the Quarters Ended For the Years Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 REVENUES Oil revenues $ 215,618 $ 246,480 $ 918,027 $ 1,046,675 Natural gas revenues 52,865 28,406 190,252 90,277 Natural gas liquids revenues 49,144 51,723 203,566 178,934 Total revenues 317,627 326,609 1,311,845 1,315,886 OPERATING EXPENSES Lease operating expenses 47,341 45,936 186,559 180,881 Gathering, transportation and processing 17,910 12,164 67,096 39,832 Taxes other than income 17,161 15,852 76,452 71,862 Exploration expenses 120 456 962 1,374 Asset retirement obligations accretion 1,843 1,618 6,800 6,729 Depreciation, depletion and amortization 114,205 105,332 437,757 414,487 General and administrative expenses 24,966 21,184 97,038 88,733 Total operating costs and expenses 223,546 202,542 872,664 803,898 OPERATING INCOME 94,081 124,067 439,181 511,988 OTHER EXPENSE Interest expense, net (5,399 ) (4,688 ) (21,617 ) (14,371 ) Loss on extinguishment of debt - (8,796 ) - (8,796 ) Other income (expense), net (463 ) 304 (153 ) 4,322 Total other expense, net (5,862 ) (13,180 ) (21,770 ) (18,845 ) INCOME BEFORE INCOME TAXES 88,219 110,887 417,411 493,143 INCOME TAX EXPENSE Current income tax expense (1,332 ) 3,865 (16,698 ) 25,541 Deferred income tax expense 18,180 18,314 96,830 70,272 Total income tax expense 16,848 22,179 80,132 95,813 NET INCOME 71,371 88,708 337,279 397,330 LESS: Net income attributable to noncontrolling interest 2,618 3,110 12,027 31,303 NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCK $ 68,753 $ 85,598 $ 325,252 $ 366,027 NET INCOME PER SHARE OF CLASS A COMMON STOCK Basic $ 0.37 $ 0.44 $ 1.73 $ 1.94 Diluted $ 0.37 $ 0.44 $ 1.73 $ 1.94 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Basic 182,495 190,635 185,581 186,465 Diluted 182,507 190,647 185,593 186,492 WEIGHTED AVERAGE NUMBER OF CLASS B SHARES OUTSTANDING(1) 5,523 5,523 5,523 13,497 (1) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding. Magnolia Oil & Gas Corporation Summary Cash Flow Data (In thousands) For the Quarters Ended For the Years Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 CASH FLOWS FROM OPERATING ACTIVITIES NET INCOME $ 71,371 $ 88,708 $ 337,279 $ 397,330 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 114,205 105,332 437,757 414,487 Asset retirement obligations accretion 1,843 1,618 6,800 6,729 Amortization of deferred financing costs 550 1,154 2,169 4,459 Deferred income tax expense (benefit) 18,180 18,314 96,830 70,272 Gain on revaluation of contingent consideration - (504 ) (4,511 ) (4,312 ) Stock based compensation 6,088 4,502 27,256 18,663 Loss on extinguishment of debt - 8,796 - 8,796 Other 216 - 2,864 2,922 Net change in operating assets and liabilities (4,059 ) (5,293 ) (27,805 ) 1,504 Net cash provided by operating activities 208,394 222,627 878,639 920,850 CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions (2,228 ) (429 ) (66,588 ) (165,424 ) Additions to oil and natural gas properties (118,973 ) (134,794 ) (469,477 ) (486,729 ) Changes in working capital associated with additions to oil and natural gas properties (18,805 ) (2,840 ) (10,368 ) (2,385 ) Other investing (96 ) (45 ) 5,686 (584 ) Net cash used in investing activities (140,102 ) (138,108 ) (540,747 ) (655,122 ) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issuance of long-term debt - 400,000 - 400,000 Redemption of long-term debt - (404,000 ) - (404,000 ) Class A Common Stock repurchases (53,290 ) (55,242 ) (205,471 ) (183,375 ) Class B Common Stock purchases and cancellations - - - (89,670 ) Dividends paid (27,753 ) (25,096 ) (113,096 ) (97,620 ) Distributions to noncontrolling interest owners (829 ) (943 ) (3,500 ) (9,133 ) Cash paid for debt issuance costs - (12,713 ) - (12,713 ) Other financing activities (120 ) (2,615 ) (9,089 ) (10,289 ) Net cash used in financing activities (81,992 ) (100,609 ) (331,156 ) (406,800 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (13,700 ) (16,090 ) 6,736 (141,072 ) Cash and cash equivalents - Beginning of period 280,485 276,139 260,049 401,121 Cash and cash equivalents - End of period $ 266,785 $ 260,049 $ 266,785 $ 260,049 Magnolia Oil & Gas Corporation Summary Balance Sheet Data (In thousands) December 31, 2025 December 31, 2024 Cash and cash equivalents $ 266,785 $ 260,049 Other current assets 175,650 150,775 Property, plant and equipment, net 2,424,152 2,306,034 Other assets 36,505 103,977 Total assets $ 2,903,092 $ 2,820,835 Current liabilities $ 288,030 $ 290,261 Long-term debt, net 393,251 392,513 Other long-term liabilities 222,638 170,735 Stockholders' equity 1,939,958 1,913,579 Noncontrolling interest 59,215 53,747 Total liabilities and equity $ 2,903,092 $ 2,820,835 Magnolia Oil & Gas Corporation Costs Incurred, Proved Developed Reserves, Organic F&D Cost Per Boe, and Organic Reserve Replacement Ratio The following tables summarize the Company's costs incurred in oil and gas property acquisition, exploration and development activities, reconciliation of changes in proved developed reserves, and calculation of organic proved developed F&D cost per boe and organic reserve replacement ratio for the years ended December 31, 2025, 2024, and 2023. For the Years Ended Three Year Total (In thousands) December 31, 2025 December 31, 2024 December 31, 2023 Costs incurred: Proved property acquisition costs $ 47,122 $ 68,761 $ 326,150 $ 442,033 Unproved properties acquisition costs 28,880 101,791 68,177 198,848 Total acquisition costs 76,002 170,552 394,327 640,881 Exploration and development costs 480,757 490,564 471,238 1,442,559 Total costs incurred 556,759 661,116 865,565 2,083,440 Less: Total acquisition costs (76,002 ) (170,552 ) (394,327 ) (640,881 ) Less: Asset retirement obligations (10,519 ) (2,461 ) (41,177 ) (54,157 ) Less: Exploration expenses (761 ) (1,374 ) (5,171 ) (7,306 ) Less: Leasehold acquisition costs (8,810 ) (9,729 ) (3,267 ) (21,806 ) Drilling and completions capital (A) $ 460,667 $ 477,000 $ 421,623 $ 1,359,290 For the Years Ended Three Year Total (In MMboe) December 31, 2025 December 31, 2024 December 31, 2023 Proved developed reserves: Beginning of period 149.3 135.2 125.6 125.6 End of period 166.6 149.3 135.2 166.6 Increase in proved developed reserves 17.3 14.1 9.6 41.0 Production (B) 36.4 32.8 30.1 99.3 Increase in proved developed reserves plus production 53.7 46.9 39.7 140.3 Less: Purchases of reserves in place, net of sales (2.1 ) (4.1 ) (10.9 ) (17.1 ) Increase in proved developed reserves, excluding acquisitions, net of sales 51.6 42.8 28.8 123.2 Plus (Less): Price-related revisions (1.8 ) 1.5 15.1 14.8 Increase in proved developed reserves, excluding acquisitions, sales, and price-related revisions (C) 49.8 44.3 43.9 138.0 For the Years Ended Three Year Average December 31, 2025 December 31, 2024 December 31, 2023 Organic proved developed F&D cost per boe (A)/(C) $ 9.25 $ 10.77 $ 9.60 $ 9.85 Organic reserve replacement ratio (C)/(B) 137 % 135 % 146 % 139 % Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of net income to adjusted EBITDAX In this press release, we refer to adjusted EBITDAX, a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies. We define adjusted EBITDAX as net income before interest expense, income taxes, depreciation, depletion and amortization, amortization of intangible assets, exploration expenses, and accretion of asset retirement obligations, adjusted to exclude the effect of certain items included in net income. Adjusted EBITDAX is not a measure of net income in accordance with GAAP. Our management believes that adjusted EBITDAX is useful because it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We also believe that securities analysts, investors, and other interested parties may use adjusted EBITDAX in the evaluation of our Company. We exclude the items listed above from net income in arriving at adjusted EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from adjusted EBITDAX are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of adjusted EBITDAX. Our presentation of adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of adjusted EBITDAX may not be comparable to other similarly titled measures of other companies. The following table presents a reconciliation of net income to adjusted EBITDAX, our most directly comparable financial measure, calculated and presented in accordance with GAAP: For the Quarters Ended For the Years Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 NET INCOME $ 71,371 $ 88,708 $ 337,279 $ 397,330 Interest expense, net 5,399 4,688 21,617 14,371 Income tax expense 16,848 22,179 80,132 95,813 EBIT $ 93,618 $ 115,575 $ 439,028 $ 507,514 Depreciation, depletion and amortization 114,205 105,332 437,757 414,487 Asset retirement obligations accretion 1,843 1,618 6,800 6,729 EBITDA $ 209,666 $ 222,525 $ 883,585 $ 928,730 Exploration expenses 120 456 962 1,374 EBITDAX $ 209,786 $ 222,981 $ 884,547 $ 930,104 Gain on revaluation of contingent consideration - (504 ) (4,511 ) (4,312 ) Loss on sale of assets - - 2,522 - Loss on extinguishment of debt - 8,796 - 8,796 Non-cash stock based compensation expense 5,889 4,502 23,550 18,663 Adjusted EBITDAX $ 215,675 $ 235,775 $ 906,108 $ 953,251 Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of net income to adjusted net income Our presentation of adjusted net income is a non-GAAP measure because it excludes the effect of certain items included in net income. Management uses adjusted net income to evaluate our operating and financial performance because it eliminates the impact of certain items that management does not consider to be representative of the Company's on-going business operations. As a performance measure, adjusted net income may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes adjusting these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted net income may not be comparable to similar measures of other companies in our industry. For the Quarters Ended For the Years Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 NET INCOME $ 71,371 $ 88,708 $ 337,279 $ 397,330 Adjustments: Gain on revaluation of contingent consideration - (504 ) (4,511 ) (4,312 ) Loss on sale of assets - - 2,522 - Loss on extinguishment of debt - 8,796 - 8,796 Change in estimated income tax (1) - (1,609 ) 382 (870 ) ADJUSTED NET INCOME $ 71,371 $ 95,391 $ 335,672 $ 400,944 Diluted weighted average shares of Class A Common Stock outstanding during the period 182,507 190,647 185,593 186,492 Weighted average shares of Class B Common Stock outstanding during the period (2) 5,523 5,523 5,523 13,497 Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities (2) 188,030 196,170 191,116 199,989 (1) Represents corporate income taxes at an assumed annual effective tax rate of 19.2% and 19.4% for the quarters and years ended December 31, 2025 and 2024, respectively. (2) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding. Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of revenue to adjusted cash operating margin and to operating income margin Our presentation of adjusted cash operating margin and total adjusted cash operating costs are supplemental non-GAAP financial measures that are used by management. Total adjusted cash operating costs exclude the impact of non-cash activity. We define adjusted cash operating margin per boe as total revenues per boe less operating expenses per boe. Management believes that total adjusted cash operating costs per boe and adjusted cash operating margin per boe provide relevant and useful information, which is used by our management in assessing the Company's profitability and comparability of results to our peers. As a performance measure, total adjusted cash operating costs and adjusted cash operating margin may be useful to investors in facilitating comparisons to others in the Company's industry because certain items can vary substantially in the oil and gas industry from company to company depending upon accounting methods, book value of assets, and capital structure, among other factors. Management believes excluding these items facilitates investors and analysts in evaluating and comparing the underlying operating and financial performance of our business from period to period by eliminating differences caused by the existence and timing of certain expense and income items that would not otherwise be apparent on a GAAP basis. However, our presentation of adjusted cash operating margin may not be comparable to similar measures of other companies in our industry. For the Quarters Ended For the Years Ended (In $/boe) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Revenue $ 33.26 $ 38.13 $ 36.01 $ 40.08 Total cash operating costs: Lease operating expenses (1) (4.87 ) (5.30 ) (5.03 ) (5.44 ) Gathering, transportation and processing (1.88 ) (1.42 ) (1.84 ) (1.21 ) Taxes other than income (1.80 ) (1.85 ) (2.10 ) (2.19 ) Exploration expenses (0.01 ) (0.05 ) (0.03 ) (0.04 ) General and administrative expenses (2) (2.08 ) (2.00 ) (2.10 ) (2.20 ) Total adjusted cash operating costs (10.64 ) (10.62 ) (11.10 ) (11.08 ) Adjusted cash operating margin $ 22.62 $ 27.51 $ 24.91 $ 29.00 Margin (%) 68 % 72 % 69 % 72 % Non-cash costs: Depreciation, depletion and amortization $ (11.96 ) $ (12.30 ) $ (12.02 ) $ (12.62 ) Asset retirement obligations accretion (0.19 ) (0.19 ) (0.19 ) (0.20 ) Non-cash stock based compensation (0.62 ) (0.54 ) (0.65 ) (0.57 ) Total non-cash costs (12.77 ) (13.03 ) (12.86 ) (13.39 ) Operating income margin $ 9.85 $ 14.48 $ 12.06 $ 15.61 Margin (%) 30 % 38 % 33 % 39 % (1) Lease operating expenses exclude non-cash stock based compensation of $0.9 million, or $0.09 per boe, and $0.5 million, or $0.06 per boe, for the quarters ended December 31, 2025 and 2024, respectively, and $3.2 million, or $0.09 per boe, and $2.3 million, or $0.07 per boe for the years ended December 31, 2025 and 2024, respectively. (2) General and administrative expenses exclude non-cash stock based compensation of $5.0 million, or $0.53 per boe, and $4.0 million, or $0.47 per boe, for the quarters ended December 31, 2025 and 2024, respectively, and $20.3 million, or $0.56 per boe, and $16.4 million, or $0.50 per boe, for the years ended December 31, 2025 and 2024, respectively. Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Reconciliation of net cash provided by operating activities to free cash flow Free cash flow is a non-GAAP financial measure. Free cash flow is defined as cash flows from operations before net change in operating assets and liabilities less additions to oil and natural gas properties and changes in working capital associated with additions to oil and natural gas properties. Management believes free cash flow is useful for investors and widely accepted by those following the oil and gas industry as financial indicators of a company's ability to generate cash to internally fund drilling and completion activities, fund acquisitions, and service debt. It is also used by research analysts to value and compare oil and gas exploration and production companies and is frequently included in published research when providing investment recommendations. Free cash flow is used by management as an additional measure of liquidity. Free cash flow is not a measure of financial performance under GAAP and should not be considered an alternative to cash flows from operating, investing, or financing activities. For the Quarters Ended For the Years Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net cash provided by operating activities $ 208,394 $ 222,627 $ 878,639 $ 920,850 Add back: net change in operating assets and liabilities 4,059 5,293 27,805 (1,504 ) Cash flows from operations before net change in operating assets and liabilities 212,453 227,920 906,444 919,346 Additions to oil and natural gas properties (118,973 ) (134,794 ) (469,477 ) (486,729 ) Changes in working capital associated with additions to oil and natural gas properties (18,805 ) (2,840 ) (10,368 ) (2,385 ) Free cash flow $ 74,675 $ 90,286 $ 426,599 $ 430,232 Magnolia Oil & Gas Corporation Non-GAAP Financial Measures Calculation of return on capital employed The Company defines "Return on Capital Employed" or "ROCE" as operating income divided by average debt and equity for the period. Management believes that ROCE is useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. Our presentation of ROCE may not be comparable to similar measures of other companies in our industry. For the Quarters Ended For the Years Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Operating income (A) $ 94,081 $ 124,067 $ 439,181 $ 511,988 Debt - beginning of period 393,064 394,793 392,513 392,839 Total equity - beginning of period 2,006,415 1,960,572 1,967,326 1,882,668 Capital employed - beginning of period 2,399,479 2,355,365 2,359,839 2,275,507 Debt - end of period 393,251 392,513 393,251 392,513 Total equity - end of period 1,999,173 1,967,326 1,999,173 1,967,326 Capital employed - end of period 2,392,424 2,359,839 2,392,424 2,359,839 Average capital employed (B) $ 2,395,952 $ 2,357,602 $ 2,376,132 $ 2,317,673 Return on average capital employed (A/B) 3.9 % 5.3 % 18.5 % 22.1 % View source version on businesswire.com: https://www.businesswire.com/news/home/20260205414012/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. 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Transaction in Own Shares
Related Quotes Shell Plc American Depositary Shares EA 74.72 4.07 5.17% Enter Symbols: Transaction in Own Shares Transaction in Own Shares 05 February 2026 o o o o o o o o o o o o o o o o Shell plc (the `Company') announces that on 05 February 2026 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according to trading venue: Date of PurchaseNumber of Shares purchasedHighest price paid Lowest price paid Volume weighted average price paid per shareVenueCurrency05/02/2026464,00228.585027.640028.0976LSEGBP05/02/2026212,05728.585027.640028.0972Chi-X (CXE)GBP05/02/2026110,49928.570027.645028.1092BATS (BXE)GBP05/02/2026455,74033.000031.865032.4258XAMSEUR05/02/2026293,98733.000031.870032.4427CBOE DXEEUR05/02/202652,40533.000031.960032.5266TQEXEUR These share purchases form part of the on- and off-market limbs of the Company's existing share buy-back programme previously announced on 05 February 2026. In respect of this programme, Morgan Stanley & Co. International Plc will make trading decisions in relation to the securities independently of the Company for a period from 05 February 2026 up to and including 01 May 2026. 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 Morgan Stanley & Co. International Plc on behalf of the Company as a part of the buy-back programme is detailed below. Enquiries Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html Attachment Shell_PDF_2026-02-05
SASOL LIMITED: TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
JOHANNESBURG, Feb. 5, 2026 /PRNewswire/ -- In terms of paragraph 3.4(b)(i) of the Listing Requirements of the JSE Limited (JSE) stakeholders are advised that, for the six months ended 31 December 2025: Earnings per share (EPS) is expected to be between R0,10 and R0,80 per share (prior period EPS of R7,22), a decrease of 89% to 99% compared to the prior period;Headline earnings per share (HEPS) is expected to be between R8,50 and R10,00 per share (prior period HEPS of R14,13), a decrease of 29% to 40% compared to the prior period; andAdjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA*) is expected to be between R19 billion and R23 billion (prior period adjusted EBITDA of R24 billion), a decrease of 4% to 21% compared to the prior period.The decrease in earnings for the period was mainly driven by:a 17% decline in the average Rand per barrel Brent crude oil price;a 3% decrease in the average US$ per ton chemicals basket price; andimpairments of R7,8 billion (before tax) (summary below), compared to R5,7 billion in the prior period.The decrease in earnings was partially offset by:a >100% increase in refining margin following improved fuel differentials;-a 3% increase in sales volumes supported by the improved operational performance, as detailed in the Business Performance Metrics published on 22 January 2026: https://www.sasol.com/index.php/investor-centre/financial-results; anda reduction in costs driven by disciplined cost management.Overall free cash flow generation is expected to improve compared to the prior period despite the lower earnings, due to lower capital expenditure.Summary of significant impairments in the current period:The Secunda liquid fuels refinery cash generating unit (CGU) remains fully impaired. The full amount of costs capitalised during the current period of R3 billion have been impaired; andImpairment of our Production Sharing Agreement (PSA) development in Mozambique of R3,9 billion. While the total quantum of gas remains unchanged, a revision of the expected production profile has resulted in a deferral of gas monetisation. The strengthening of the Rand against the US Dollar also contributed to the impairment.The financial information underpinning this trading statement has not been reviewed and reported on by the Company's external auditors.Sasol will present its 2026 interim financial results on Monday, 23 February 2026 at 11h00 (SA time). This will be followed by a market call, hosted by President and Chief Executive Officer, Simon Baloyi, and Chief Financial Officer, Walt Bruns, to address questions.Please connect to the call via the webcast link: https://www.corpcam.com/Sasol23022026 or via teleconference call link: https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=3605690&linkSecurityString=89ae33f44* Adjusted EBITDA is calculated by adjusting operating profit for depreciation, amortisation, share-based payments, remeasurement items, change in discount rates of our rehabilitation provisions, all unrealised translation gains and losses, and all unrealised gains and losses on our derivatives and hedging activities.Adjusted EBITDA is not a defined term under International Financial Reporting Standards and may not be comparable with similarly titled measures reported by other companies. The aforementioned adjustments are the responsibility of the directors of Sasol. The adjustments have been prepared for illustrative purposes only and due to their nature, may not fairly present Sasol´s financial position, changes in equity, results of operations or cash flows.For further information, please contact:Sasol Investor Relations, Tiffany Sydow, VP Investor RelationsTelephone: +27-(0)-71-673-1929investor.relations@sasol.com Disclaimer - Forward-looking statementsSasol may, in this document, make certain statements that are not historical facts, based on management's current views and assumptions, and which are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements. Should one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. Examples of such forward-looking statements include, but are not limited to, the capital cost of our projects and the timing of project milestones; our ability to obtain financing to meet the funding requirements of our capital investment programme, as well as to fund our ongoing business activities and to pay dividends; statements regarding our future results of operations and financial condition, and regarding future economic performance including cost containment, cash conservation programmes and business optimisation initiatives; our business strategy, performance outlook, plans, objectives or goals; statements regarding future competition, volume growth and changes in market share in the industries and markets for our products; our existing or anticipated investments, acquisitions of new businesses or the disposal of existing businesses, including estimates or projection of internal rates of return and future profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation, legislative, regulatory and fiscal developments, including statements regarding our ability to comply with future laws and regulations; future fluctuations in refining margins and crude oil, natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil, gas and petrochemical products; changes in the fuel and gas pricing mechanisms in South Africa and their effects on costs and product prices, statements regarding future fluctuations in exchange and interest rates and changes in credit ratings; assumptions relating to macroeconomics, including changes in trade policies, tariffs and sanction regimes; the impact of climate change, our development of sustainability within our businesses, our energy efficiency improvement, carbon and greenhouse gas emission reduction targets, our net zero carbon emissions ambition and future low-carbon initiatives, including relating to green hydrogen and sustainable aviation fuel; our estimated carbon tax liability; cyber security; and statements of assumptions underlying such statements.Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and "project" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections, and other forward-looking statements will not be achieved. These risks and uncertainties are discussed more fully in our most recent annual report on Form 20-F filed on 29 August 2025 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both the foregoing factors and other uncertainties and events, and you should not place undue reliance on forward-looking statements. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. View original content:https://www.prnewswire.com/news-releases/sasol-limited-trading-statement-for-the-six-months-ended-31-december-2025-302680229.htmlSOURCE Sasol Limited
Eldridge Closes $375 Million Lease Facility with Atlas Energy Solutions Inc.
Related Quotes Atlas Energy Solutions Inc 11.86 0.17 1.41% Enter Symbols: Eldridge Closes $375 Million Lease Facility with Atlas Energy Solutions Inc. NEW YORK, Feb. 05 /BusinessWire/ -- Eldridge Capital Management ("Eldridge") today announced the closing of a $375 million lease facility with Atlas Energy Solutions Inc. (NYSE:AESI) ("Atlas"). The facility will support Atlas' acquisition of new behind-the-meter power generation assets, allowing for milestone payments during packaging and converting to a term solution upon asset delivery. The leased assets will broaden and diversify Atlas' power generation capabilities, building on a robust platform established through its 2025 acquisition of Moser Energy Systems ("Moser"). Atlas is a leading solutions provider to the energy industry, with offerings spanning oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. The combination of Atlas' completion business and Moser's modular power capabilities creates an innovative, diversified energy solutions platform with a leading portfolio of proppant, logistics (including the Dune Express) and distributed power solutions. "Our enduring relationship with Atlas exemplifies the long-term, value-driven partnerships we seek to build with our clients. Since 2018 our partnership has grown, grounded in the immense trust placed in Bud and John, a uniquely positioned asset, and our conviction in supporting market leading critical services providers," said Kyle Parks, Managing Director at Eldridge Capital Management. "We have seen increasing calls for power and the grid's inability to keep pace, and we believe this imbalance allows for a defensible market opportunity in behind-the-meter power-as-a-service. We are proud to support Atlas' continued investment in its power strategy and look forward to our ongoing collaboration." Eldridge's relationship with Atlas has expanded throughout the years from nominal equipment financing to multiple recapitalizations together with material lease facilities accommodating various strategic and transformational organic growth initiatives and acquisitions. "Eldridge has been a key partner to Atlas since our very first equipment orders. Their ability to quickly assess opportunities and move nimbly to provide financing has been critical to our success," said John Turner, CEO of Atlas. "As Atlas evolves to help our customers tackle the growing supply-demand imbalance in power generation, we are proud to have Eldridge continue to play a core role." Eldridge's Diversified Credit Platform invests across a broad spectrum of asset-based credit, corporate credit, and structured credit. Eldridge's asset-based credit strategy provides loans and leases secured by mission-critical, income-producing assets across a diverse set of industries and asset classes, including manufacturing, energy and power, maritime, chemicals, metals, technology, aircraft, and railcars. Since 2015, Eldridge has originated over $17 billion of asset-based transactions and today operates the largest private, independent equipment finance platform in North America by both assets and origination volume as of 2026. About Eldridge Eldridge is an asset management and insurance holding company with over $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies - diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge's wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com. About Atlas Energy Solutions Inc. Atlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas's portfolio of offerings includes oilfield logistics, distributed power systems, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on a core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders. View source version on businesswire.com: https://www.businesswire.com/news/home/20260205602584/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
Trio Petroleum Corp. Provides Alberta Operations Update and Confirms Near-Term Production Commencement
Related Quotes Trio Petroleum Corp 0.5096 0.1504 22.79% Enter Symbols: Trio Petroleum Corp. Provides Alberta Operations Update and Confirms Near-Term Production Commencement Malibu, California, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Trio Petroleum Corp (NYSE American: TPET) ("Trio" or the "Company"), an oil and gas company, through its wholly owned Canadian subsidiary, Trio Petroleum Canada, Corp. ("Trio Canada"), is pleased to provide an operational update on its Alberta heavy-oil asset located at NW 7-50-1W4, marking the Company's first producing foothold and strategic entry into the Province of Alberta. Trio confirms that, as of January 30, 2026, all required Alberta Energy Regulator ("AER") approvals and license transfers associated with the property were completed. With regulatory approvals now in place, Trio Canada has transitioned the asset from acquisition and regulatory processing to active field operations. Operational activities are being conducted by Trio Canada, together with its Alberta operating partner. Surface lease agreements for the initial producing well locations are scheduled to be executed by the end of this week, clearing the final access requirements to commence production operations. Initial Production and Operational Plan The Company expects to place the following two wells on production within 7 to 10 days, subject to routine field execution timing and severe weather: 100/11-7-50-1W4103/12-7-50-1W4 Based on current operating plans and historical performance of the wells, management anticipates these two wells together will contribute approximately 30 to 40 barrels of oil per day as production is established. In addition to returning the wells to production, the Company intends to perforate additional approved producing intervals within the existing wellbores. These perforation operations are designed to access new zones that have not previously been produced, with the objective of enhancing production rates and improving long-term recovery, while maintaining a disciplined, low-capital operating approach. Additional Wells and Near-Term Upside Two additional wells located on the same quarter section: 100/13-7-50-1W4100/14-7-50-1W4 remain within the Company's near-term development plan. Subject to surface access and operational sequencing, Trio is targeting these wells to be placed on production by the March, 31 2026. Upon integration of all four wells, the Company expects total field production to be consistent with the production expectations previously disclosed in connection with the original acquisition announcement dated November 4, 2025. Strategic Significance This Alberta asset represents Trio's initial producing platform in one of North America's most established heavy-oil regions. Management views the property as a stepping stone into Alberta, providing immediate production, existing infrastructure, and a repeatable framework for evaluating and executing additional opportunities in the province. "This is an important execution milestone for Trio," said Robin Ross, Chief Executive Officer of the Company. "With regulatory approvals completed and surface access being finalized, we are moving decisively into production. This asset represents our first producing foundation in Alberta, and we believe it demonstrates our ability to convert acquisitions into near-term production and cash flow while positioning the Company for continued growth in Western Canada." About Trio Petroleum Corp Trio Petroleum Corp is an oil and gas exploration and development company with operations in California, Saskatchewan, Alberta, and Utah. The Company is focused on acquiring and developing high-quality producing assets that offer near-term cash flow and long-term growth potential. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding anticipated timing of surface lease execution, commencement of production, expected production rates, perforation of additional zones, operational performance, and timing for integration of additional wells. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including regulatory processes, surface access, operational execution, equipment performance, reservoir response, commodity prices, and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. Trio undertakes no obligation to update forward-looking statements except as required by law. Investor Relations ContactRedwood Empire Financial CommunicationsMichael Bayes (404) 809-4172 michael@redwoodefc.com
Chevron Announces Senior Leadership Changes
Related Quotes Chevron Corporation 179.21 2.02 1.11% Enter Symbols: Chevron Announces Senior Leadership Changes HOUSTON, Feb. 05 /BusinessWire/ -- Chevron Corporation (NYSE:CVX) today announced several senior leadership changes. Frank Mount, President, Corporate Business Development, will retire from Chevron in November 2026 after 33 years of service. Mount has led the company's global business development activities since 2023. "Throughout his career, Frank has contributed significantly to the success of Chevron," said Chevron Chairman and CEO Mike Wirth. "I'm grateful for his years of service and dedication." Jake Spiering, currently Director of Investor Relations, will assume the role of President, Corporate Business Development, on August 1, 2026. Spiering, 43, joined Chevron in 2008 and has held finance leadership roles across a broad portfolio of global assets. Prior to joining Chevron, he was in the consulting practice at EY. Jeanine Wai will become Director of Investor Relations, effective April 1, 2026. Wai, 46, previously worked for Chevron in engineering and finance positions and rejoined the company in January 2026. She brings senior operating, capital markets and investor relations experience from previous roles at TotalEnergies, Barclays, J.P. Morgan, Citi and Bechtel. Patricia Leigh, President of Supply & Trading, will retire from Chevron in July 2026 after 35 years of service. In 2024, Leigh assumed her current role leading Chevron's supply, logistics and trading strategy. "Patti's deep expertise in many aspects of our business enabled her to shape Supply & Trading with strategic and commercial insight," Wirth said. "She has had a significant positive impact on the organization and its people." Molly Laegeler, currently Chief Strategy Officer, will succeed Leigh, effective March 1, 2026. Laegeler, 48, joined Chevron in 2005. Prior to her current role, she oversaw operations of several assets, including in the Permian Basin. In her new role, Laegeler will lead Chevron's Supply & Trading organization to drive profitability and delivery of enterprise value. Kevin Lyon, currently Hess Integration Leader, will succeed Laegeler as Chief Strategy Officer, effective March 1, 2026. Lyon, 60, joined Chevron in 1988 and has led complex upstream operations and large-scale projects across the United States, Europe, Africa, Southeast Asia, and Central Asia. In his new role, he will guide the development of the company's key strategies, enterprise portfolio optimization and sustainability. Bruce Niemeyer, President of Shale & Tight, will retire from Chevron in October 2026 after 26 years of service. Since joining the company in 2000, he has led upstream businesses across North America, the global strategy and sustainability organization, and exploration and production for the Americas. In his current role, Niemeyer has provided strategic leadership for the company's global Shale & Tight portfolio. Niemeyer will serve as Senior Executive Advisor through October. "Bruce has led with vision, character and a deep appreciation for the people at the heart of the work," Wirth said. "He leaves a legacy of strong leadership and proven results." Gerbert Schoonman, currently Senior Executive Advisor for Hess Integration, will succeed Niemeyer, effective April 1, 2026. Schoonman, 60, joined Chevron in July 2025, following the merger of Chevron and Hess. He brings more than 35 years of international oil and gas industry experience with Hess and Shell, with extensive expertise in asset management, production operations, and deploying innovation and efficiency improvements across Asia, Europe and the United States. About Chevron Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of operations, and grow new energies businesses. More information about Chevron is available at www.chevron.com. NOTICE This news release contains forward-looking statements relating to Chevron's operations, assets and strategy that are based on management's current expectations, estimates, and projections about the petroleum, chemicals, and other energy-related industries. Words or phrases such as "anticipates," "expects," "intends," "plans," "targets," "advances," "commits," "drives," "aims," "forecasts," "projects," "believes," "approaches," "seeks," "schedules," "estimates," "positions," "pursues," "progress," "design," "enable," "may," "can," "could," "should," "will," "budgets," "outlook," "trends," "guidance," "focus," "on track," "trajectory," "goals," "objectives," "strategies," "opportunities," "poised," "potential," "ambitions," "future," "aspires" and similar expressions, and variations or negatives of these words, are intended to identify such forward-looking statements, but not all forward-looking statements include such words. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company's products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics and epidemics, and any related government policies and actions; disruptions in the company's global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates, including Venezuela; general domestic and international economic, market and political conditions, including the conflict between Russia and Ukraine, the conflict in the Middle East and the global response to these hostilities; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings and efficiencies associated with enterprise structural cost reduction initiatives; actions of competitors or regulators; timing of exploration expenses; changes in projected future cash flows; timing of crude oil liftings; uncertainties about the estimated quantities of crude oil, natural gas liquids and natural gas reserves; the competitiveness of alternate-energy sources or product substitutes; pace and scale of the development of large carbon capture and offset markets; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures related to greenhouse gas emissions and climate change; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Hess Corporation; the company's future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; changes to the company's capital allocation strategies; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading "Risk Factors" on pages 20 through 27 of the company's 2024 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260205452968/en/ back Private-label branded pages powered by TickerTech.com. Copyright © 2026 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX data is at least 30 minutes delayed. Please read other important disclaimer information.