Core Viewpoint - TGS ASA has reported significant changes in its operational metrics for Q4 2025, indicating a shift in its seismic vessel utilization and multi-client investment, which reflects a strong market position and operational efficiency [1][3]. Operational Metrics - The normalized Ocean Bottom Node (OBN) crew count for Q4 2025 was 0.7 for contracts and 1.0 for multi-client projects, compared to 3.5 and 0.0 respectively in Q4 2024 [1]. - The allocation of active seismic streamer 3D vessel capacity showed a decrease in contract work from 35% in Q4 2024 to 31% in Q4 2025, while multi-client work increased from 31% to 48% [2]. Financial Overview - TGS expects multi-client investment to reach approximately USD 120 million in Q4 2025, up from USD 100.4 million in Q4 2024 [2]. - The company reported a seismic vessel utilization rate of 79% in Q4 2025, an increase from 73% in the previous quarter [3]. - TGS has reduced its net interest-bearing debt to approximately USD 430 million, indicating a stronger balance sheet [3]. Future Outlook - The company has established a portfolio of multi-client projects offshore Brazil, with plans to maintain half of its streamer fleet in the region into 2026 [3]. - TGS will release its Q4 2025 results on February 12, 2026, with a live presentation by the CEO and CFO [3].

Core Viewpoint - The comparison between Transportadora De Gas Sa Ord B (TGS) and Williams Companies, Inc. (WMB) indicates that TGS offers better value for investors based on its stronger earnings estimate revisions and more attractive valuation metrics [1][3][7] Group 1: Zacks Rank and Earnings Estimates - TGS has a Zacks Rank of 2 (Buy), while WMB has a Zacks Rank of 3 (Hold), suggesting that TGS has a more favorable analyst outlook [3] - The Zacks Rank strategy focuses on companies with positive earnings estimate revision trends, which TGS currently exhibits [2] Group 2: Valuation Metrics - TGS has a forward P/E ratio of 16.15, significantly lower than WMB's forward P/E of 28.48, indicating that TGS may be undervalued [5] - TGS has a PEG ratio of 1.54, while WMB's PEG ratio is 1.62, suggesting TGS has a more favorable growth valuation [5] - TGS's P/B ratio is 2.09 compared to WMB's P/B of 4.96, further supporting TGS's superior valuation metrics [6] Group 3: Value Grades - TGS has earned a Value grade of B, while WMB has a Value grade of D, highlighting TGS's stronger position in terms of value investing [6][7]

Core Insights - TGS has secured a multi-year enterprise agreement with a supermajor for the licensing of its Imaging AnyWare software suite, enhancing its position in geophysical technology innovation and commercial seismic processing software [1][2] Company Developments - The agreement signifies TGS' growing community of supermajor clients, reflecting confidence in the functionality of the Imaging AnyWare software [2] - The supermajor will implement the Imaging AnyWare software across its global exploration and production operations, which includes collaborative R&D opportunities and integration of proprietary technology [2] Industry Context - TGS provides advanced data and intelligence solutions across the energy value chain, supporting exploration and production of energy resources globally [3]

Core Insights - TGS has secured a 4D streamer contract in the Campos basin, offshore Brazil, with a survey scheduled for the second half of 2026 lasting approximately 75 days [1][2]. Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced technology and solutions across the entire energy value chain [3]. - The company utilizes proprietary GeoStreamer technology and purpose-built Ramform vessels to deliver high-quality data for optimizing production in the energy sector [2][3]. Contract Details - The awarded contract is for an independent energy company in Brazil, emphasizing TGS's capability to maintain industry-leading acquisition efficiency [2]. - The mobilization of the Ramform vessel for the survey is planned for the latter half of 2026 [1].

Core Viewpoint - Transportadora De Gas Sa Ord B (TGS) is showing potential as a bullish investment opportunity due to a recent technical indicator known as a "golden cross" [1] Technical Analysis - TGS's 50-day simple moving average has crossed above its 200-day simple moving average, indicating a potential bullish breakout [1] - A golden cross signifies a positive trend reversal, starting from a price decline, followed by the shorter moving average crossing above the longer one, and maintaining upward momentum [2] Performance Metrics - Over the past four weeks, TGS has experienced an 8.4% gain [3] - The company currently holds a 3 (Hold) rating on the Zacks Rank, suggesting it may be poised for a breakout [3] Earnings Outlook - TGS has a positive earnings outlook for the current quarter, with no earnings estimates decreasing in the past two months and one revision higher [3] - The Zacks Consensus Estimate for TGS has also increased, reinforcing the bullish case for the stock [3] Investment Consideration - Investors are encouraged to consider adding TGS to their watchlist due to the significant technical indicator and the positive movement in earnings estimates [5]

Core Insights - TGS has secured its first OBN contract for the 2026 season in Europe, with mobilization scheduled for early May 2026 and a contract duration of approximately 60 days [1][2]. Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced data technologies and solutions across the entire energy value chain [3]. - The company aims to build a robust acquisition campaign in Europe, capitalizing on several tenders for OBN projects planned for 2026 [2][3]. Technology and Execution - TGS's OBN technology has been recognized by a valued repeat customer, highlighting the company's proven track record in project execution and ability to deliver high-quality data on time [2].

Core Insights - TGS has secured a five-year extension of contracts for Permanent Reservoir Monitoring (PRM) and 4D Ocean Bottom Node (OBN) surveys with a major international energy company, lasting until 2030 with options for an additional five years [1][2] Company Overview - TGS is a leading provider of energy data and intelligence, offering advanced technology and solutions across the entire energy value chain, which supports exploration and production of energy resources globally [3] CEO Commentary - The CEO of TGS expressed satisfaction with the contract renewal, highlighting that it ensures continuity in PRM and source business, and emphasizes the high quality and cost-effectiveness of their seismic services [2]

Core Insights - TGS has announced the Pelotas Norte Phase I multi-client 3D survey in the Pelotas Basin, covering approximately 14,800 square kilometers across 21 exploration blocks, primarily in un-held acreage expected to be included in upcoming bid rounds [1][3] Project Details - A Ramform Titan-class vessel will mobilize for the survey later in Q4 2025, with the project expected to run into Q3 2026, utilizing TGS GeoStreamer technology for high-resolution 3D seismic data [2] - The Pelotas Basin is characterized by early basin carbonates and passive margin clastic sequences, with three organic-rich intervals from Albian, Turonian, and Paleocene ages, attracting significant industry interest due to geological similarities with West Africa [3] Industry Context - CEO Kristian Johansen highlighted the acceleration of exploration activity in the Pelotas Norte Basin, with major oil companies increasing their presence, and emphasized that the survey will enhance seismic coverage and assist clients in understanding geological structures [4] - The addition of Pelotas Norte Phase I brings the total number of Ramform Titan-class vessels operating offshore Brazil to three for the remainder of 2025 and into 2026 [4]

Core Insights - Transportadora de Gas del Sur (TGS) reported strong quarterly results driven by the reopening of the Cerri Complex and increased liquids exports from Vaca Muerta [1] Company Performance - The reopening of the Cerri Complex significantly contributed to TGS's quarterly performance [1] - The boom in liquids exports from Vaca Muerta has positively impacted TGS's financial results [1] Investment Considerations - The company is characterized by good cash flow generation, growing income, and healthy margins [1] - TGS has a solid asset base and sustainable debt levels, making it an attractive investment opportunity [1]

Revenue Performance - Total revenues for the nine-month period ended September 30, 2025, increased by Ps. 93,597 million, or 8.8%, compared to the same period in 2024, reaching Ps. 1,156,194 million[15]. - Revenues from the Natural Gas Transportation segment accounted for 42% of total revenues in 9M2025, with an increase of Ps. 113,706 million, or 30.4%, totaling Ps. 488,348 million[17][20]. - Liquids Production and Commercialization revenues decreased by Ps. 55,932 million, or 11.5%, to Ps. 429,204 million, representing 37% of total revenues[25][26]. - Midstream revenues increased by Ps. 35,823 million in 9M2025 compared to 9M2024, driven by higher natural gas transportation and conditioning services[32]. - Total revenues for 3Q2025 reached Ps. 426,518 million, an increase of Ps. 88,591 million or 26.2% compared to 3Q2024[42][44]. - The Liquids Production and Commercialization segment saw revenues rise by Ps. 70,423 million, driven by increased volumes and domestic prices[47]. - For the nine-month period ended September 30, 2025, total revenues reached Ps. 1,144,610,999, an increase from Ps. 1,048,180,095 in the same period of 2024, reflecting a growth of approximately 9.2%[140]. - Total revenues from Natural Gas Transportation services for the nine-month period ended September 30, 2025, were Ps. 488,347,656, compared to Ps. 374,641,517 in 2024, marking an increase of approximately 30.4%[140]. - Total revenues from Liquids Production and Commercialization for the nine-month period ended September 30, 2025, were Ps. 417,620,460, compared to Ps. 470,718,499 in 2024, indicating a decrease of about 11.3%[140]. Financial Results - The company recorded a total comprehensive income of Ps. 275,227 million, a decrease of Ps. 18,129 million, or 6.2%, compared to the previous year[15]. - Financial results for 9M2025 showed a total loss of Ps. 49,211 million, a significant decline compared to a profit of Ps. 19,074 million in 2024, primarily due to higher foreign exchange losses[36][37]. - Operating profit for 3Q2025 was Ps. 172,026 million, reflecting a 24.2% increase from Ps. 138,459 million in 3Q2024[42][43]. - Total comprehensive income for 3Q2025 was Ps. 112,059 million, a 62.9% increase from Ps. 68,802 million in 3Q2024[43][44]. - The company reported a net financial loss of 49,211,068 thousand pesos for the nine-month period ended September 30, 2025, compared to a net financial gain of 19,073,623 thousand pesos in 2024[69]. - The total financial results for the nine-month period ended September 30, 2025, showed a loss of Ps. 49,211,068, contrasting with a profit of Ps. 19,073,623 in the same period of 2024[159]. Costs and Expenses - The net cost of sales increased by Ps. 22,873 million, or 4.5%, totaling Ps. 531,923 million, while gross profit rose by Ps. 70,724 million, or 17.8%, to Ps. 624,775 million[15][33]. - The cost of sales for the nine-month period ended September 30, 2025, was Ps. 531,923,146, up from Ps. 509,050,248 in 2024, representing an increase of approximately 4.5%[140]. - The administrative expenses for the nine-month period ended September 30, 2025, totaled Ps. 40,695,136, compared to Ps. 43,468,072 in 2024, showing a decrease of about 6.3%[140]. - Operating expenses for the nine-month period ended September 30, 2025, totaled ARS 737,794,732, significantly higher than ARS 181,220,463 in 2024[157]. Cash Flow and Liquidity - Cash flows from operating activities increased to Ps. 411,003 million, up by Ps. 22,317 million from 9M2024, attributed to lower working capital despite higher income tax payments[39][40]. - The company reported a net increase in cash and cash equivalents of Ps. 13,695 million during 9M2025, despite a decline from the previous year[39][40]. - Cash flows provided by operating activities increased to 411,003,010 thousand pesos in 2025 from 388,685,926 thousand pesos in 2024, reflecting a growth of 5.7%[76]. - Cash and cash equivalents as of September 30, 2025, were ARS 73,030,151, a marginal decrease from ARS 73,140,992 at the end of 2024[148]. - The company reported a significant increase in government grants, totaling ARS 11,583,102 for the nine-month period ended September 30, 2025, compared to ARS 14,417,202 in 2024[154]. Assets and Liabilities - Non-current assets as of September 30, 2025, were valued at Ps. 2,916,417,221 million, showing stability compared to previous periods[54]. - Total assets as of September 30, 2025, amounted to 4,104,978,778 thousand pesos, a slight decrease from 4,139,887,141 thousand pesos at the end of 2024[71]. - Total liabilities as of September 30, 2025, were ARS 138,149,038, reflecting the company's ongoing financial commitments[149]. - Non-current liabilities increased to 1,000,933,899 thousand pesos as of September 30, 2025, compared to 966,043,680 thousand pesos at the end of 2024[71]. - Total current assets as of September 30, 2025, were Ps. 1,074,778,222, with cash and cash equivalents amounting to Ps. 73,030,151[192]. Tariff Adjustments and Regulatory Changes - The company implemented a series of tariff adjustments, including an initial increase of 3.67% as part of the Five-Year Tariff Review for the 2025–2030 period[18][19]. - The company concluded the Five-Year Tariff Review process, which defined the initial tariff increase and the investment and expenditure plan for the period 2025-2030[130]. - The 5YTR established by ENARGAS for the period 2025-2030 includes a periodic tariff adjustment mechanism based on the Consumer Price Index (CPI) and the Wholesale Price Index (IPIM)[199]. - The Secretariat of Energy will oversee modifications to contracts or licenses regarding tariffs, with a new monthly periodic updating of transportation tariffs introduced on June 4, 2025[200]. Economic Context - The Argentine economy showed a year-over-year GDP growth of 6.3% despite a quarter-over-quarter contraction of 0.1% in Q3 2025[95]. - Accumulated inflation as of September 30, 2025, was 22%, with a year-over-year Consumer Price Index increase of 31.8%[96]. - The company is committed to monitoring economic variables that may impact its operations and financial situation amid ongoing macroeconomic challenges[107].