Core Viewpoint - The Schwab U.S. Dividend Equity ETF (SCHD) has experienced significant outperformance in early 2026, driven by a surge in crude oil prices, which has positively impacted its energy stock holdings [2][15]. Group 1: ETF Performance - The Schwab U.S. Dividend Equity ETF has a current income yield of 3.5% over the last 12 months and has delivered robust returns historically [1]. - Despite a lackluster performance in the previous year with only a 0.4% return, the ETF surged nearly 15% in early 2026, significantly outperforming the S&P 500's less than 1% rise [2][5]. Group 2: Sector Exposure - The ETF tracks the Dow Jones U.S. Dividend 100 Index, focusing on 100 top dividend stocks, with a high sector weighting in energy stocks at 19.9% as of the end of last year [4][5]. - The high exposure to energy stocks negatively impacted the ETF's returns last year due to falling oil prices [5]. Group 3: Oil Market Influence - Crude oil prices have rallied sharply in 2026, with Brent oil prices increasing by 15% to over $70 a barrel, influenced by potential supply disruptions in Venezuela and Iran [7]. - The rise in crude prices has benefited the ETF, particularly as two of its top holdings are major oil companies, Chevron and ConocoPhillips, which have seen significant stock price increases this year [8][15]. Group 4: Dividend Growth - Chevron has increased its dividend by 4%, marking 39 consecutive years of growth, with a compound annual growth rate of 6% over the last five years, significantly higher than the S&P 500's 5% [11]. - ConocoPhillips has a current dividend yield of 2.9% and increased its dividend by 8% late last year, aiming for dividend growth within the top 25% of S&P 500 companies [13][14]. - Both companies are expected to continue increasing their dividends, with Chevron projecting over 10% annualized growth in free cash flow through 2030 and ConocoPhillips anticipating an additional $7 billion in annual free cash flow by 2029 [14].

Core Insights - TGS, in collaboration with SLB, has launched Engagement 9, a new phase of their Ocean Bottom Node (OBN) multi-client campaign in the Gulf of America [1][5] - Engagement 9 aims to improve subsurface illumination in the Walker Ridge protraction area, which is known for its structural complexity and hydrocarbon potential [2][3] - The project covers 161 OCS blocks and includes significant producing assets, enhancing imaging quality and supporting field development [2][3] Project Details - The acquisition phase of Engagement 9 is expected to conclude in July 2026, with final data products anticipated for release in the second half of 2027 [4] - The use of a low frequency source in the project is designed to enhance full waveform inversion (FWI) and long wavelength velocity model building [2][3] Strategic Importance - Engagement 9 is positioned to unlock infrastructure-led exploration opportunities, providing clients with greater subsurface confidence in a commercially successful region [3] - The project reflects TGS's commitment to technological innovation and delivering high-value subsurface insights to customers [5]

Group 1 - Oil prices fell over 5% following President Trump's statement that Iran is "seriously negotiating" with Washington, indicating a potential easing of tensions with OPEC members to alleviate supply disruption concerns [1][3] - Brent crude futures dropped by 5.2% to $65.69 per barrel, while West Texas Intermediate (WTI) crude fell by 5.5% to $61.61 per barrel [1][3] - After experiencing the largest monthly gains since 2022 in January, where Brent oil prices rose by 16% and WTI by 13%, the recent decline is attributed to reduced risks of military action against Iran [4] Group 2 - Major oil and gas companies saw stock declines, with ExxonMobil down 1.3% and Chevron down 1.6% [4] - Other companies such as ConocoPhillips, EOG Resources, Diamondback Energy, and Occidental Petroleum experienced declines ranging from 2.5% to 3.6% [4] - Oilfield service providers Halliburton and Schlumberger also saw stock price drops of 3.5% and 2.8%, respectively, while refining companies Marathon Petroleum and Valero Energy fell by 2% and 2.4% [4]

Group 1 - Halliburton Company (NYSE:HAL) shares have increased by 28.8% over the past year and by 13% year-to-date [2] - Stifel raised Halliburton's share price target to $35 from $32 while maintaining a Buy rating, highlighting its leadership in establishing new wells for production [2] - Susquehanna also raised Halliburton's share price target to $36 from $29, indicating potential benefits from solid drilling activity in the US [2] Group 2 - Jim Cramer emphasized the value of Halliburton's infrastructure business, describing it as a "refiner's dream come true" [3] - While Halliburton shows investment potential, there is a belief that some AI stocks may offer higher returns with limited downside risk [3]

Core Insights - Chevron and Exxon Mobil reported their fourth-quarter earnings, with Exxon Mobil achieving its first quarterly profit increase in over a year, while Chevron's performance did not show similar growth [1] Group 1: Earnings Performance - Exxon Mobil's Q4 earnings per share (EPS) increased by 2.4% to $1.71, despite a revenue decline of 1.3% to $82.31 billion [1] - Chevron's earnings report did not indicate any profit growth, contrasting with Exxon's positive performance [1] Group 2: Market Context - Exxon Mobil entered stock market trading around record highs following its earnings report [1] - The overall market context includes external factors such as a winter storm affecting natural gas prices and airline operations, which may influence investor sentiment in the energy sector [1]

Core Viewpoint - Adelayde Exploration Inc. has entered into a joint venture with Sienna Resources Inc. and Cruz Battery Metals Corp. to explore lithium brine potential in Clayton Valley, Nevada, amidst rising lithium prices [1][3]. Company Developments - The joint venture encompasses 115 mineral claims over a 2,300-acre land package, strategically located within the established lithium brine basin of Clayton Valley, which is the only active lithium brine production site in the U.S. [1][3]. - Adelayde's President, James Nelson, highlighted that lithium prices have surged over 150% since June 2025, reaching two-year highs, prompting the exploration initiative [3]. - The company has a well-financed position to execute its exploration plans and anticipates an active start to 2026 [3]. Joint Venture Agreement Details - The joint venture agreement outlines that each party will share costs, expenses, liabilities, and benefits related to the exploration and development of the mineral claims [5]. - Each party will hold a one-third beneficial interest in the mineral claims and will collaborate on exploration and development programs [10]. - The agreement allows any party to exit the joint venture with a 30-day written notice, after which they will no longer be entitled to any benefits or liabilities [10]. Industry Context - Clayton Valley is home to Albemarle's Silver Peak lithium brine mine, which has been operational since the 1960s, making it a significant site for lithium production in North America [1]. - The recent resurgence of investor interest in the lithium sector is seen as a favorable condition for exploration activities [3].

Core Viewpoint - Sienna Resources Inc. has entered into a joint venture with Cruz Battery Metals Corp. and Adelayde Exploration Inc. to explore lithium brine potential in Clayton Valley, Nevada, amidst rising lithium prices and increased investor interest in junior mining stocks [1][2]. Group 1: Joint Venture Agreement - The joint venture involves sharing costs, expenses, liabilities, and benefits among the three parties, with each holding a one-third beneficial interest in the mineral claims [3][5]. - Each party will contribute one-third of the costs for exploration and development programs and will receive one-third of the benefits and liabilities [10]. - Parties can exit the joint venture with 30 days' written notice, after which they will no longer be entitled to any benefits or liabilities [10]. Group 2: Market Context and Strategic Importance - Lithium prices have increased over 150% in the past six months, contributing to a favorable environment for junior mining stocks [2]. - The joint venture consolidates mineral claims in the only lithium brine basin currently in production in the U.S., enhancing appeal for larger partners and increasing drilling opportunities [2]. - Sienna's management is optimistic about the potential for significant discoveries, given the current high lithium prices and the company's financial position with over 40 million shares outstanding [2]. Group 3: Company Overview - Sienna Resources focuses on lithium assets in Nevada, including the Elko Lithium Project and the Cave Creek Lithium Project, which are strategically located near other significant lithium projects [7]. - The company also holds the Deep Basin Lithium Brine Project in Clayton Valley, which provides access to some of the deepest parts of the only lithium brine basin in production in the U.S. [7]. - In addition to its lithium projects, Sienna has a 31,718-acre project in Saskatchewan that is prospective for gold, silver, and copper [7].

Core Viewpoint - Adelayde Exploration Inc. has engaged Geologic Partners as technical advisors for its New Brunswick projects, particularly the Sisson North tungsten project, which is strategically located next to the Sisson Tungsten Mine, recognized as a "Nation-Building Project" by the Canadian Prime Minister [1][2]. Group 1: Company Developments - Adelayde has appointed Geologic Partners, an international geotechnical firm, to assist with its maiden work program on the Sisson North tungsten project [1]. - The company has joined the National Defense Industrial Association (NDIA) to support its critical and strategic mineral portfolio, enhancing its access to strategic relationships [4][5]. - James Nelson, President of Adelayde, emphasized the importance of hiring a geologist familiar with the Sisson Mine as a key milestone for the company's exploration efforts [5]. Group 2: Project and Funding Insights - The Sisson North tungsten project is adjacent to the Sisson Tungsten Mine, which received approximately $29 million CAD in funding from the U.S. Department of Defense and the Canadian Government to advance its operations [2]. - Adelayde's projects include a significant portfolio of lithium and gold projects in Nevada and New Brunswick, with the Sisson North tungsten project being a notable focus for future exploration [7]. Group 3: Market Context - The demand for critical minerals, particularly tungsten, is increasing as governments and industries aim to strengthen domestic supply chains and reduce reliance on foreign sources [5]. - The current environment is driving renewed focus on domestic exploration and development of critical minerals, which are essential for defense, energy, and advanced technology sectors [5].

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Energy, Utilities & Mining, specifically discussing sectors such as Oil, Gas, Nuclear, Power, and Steel [1] Key Insights and Arguments E&P (Exploration and Production) - **Natural Gas Volatility**: Recent cold weather has led to a sharp increase in natural gas prices, with investors balancing global supply risks against strong long-term US demand [1] - **Investor Sentiment**: While bullish on natural gas prices for most of 2025, investors have recently become cautious due to potential global supply risks by 2028 and warmer winter forecasts [1] - **Storage Levels**: Increased heating degree days (HDDs) from colder weather are expected to draw down storage levels more than previously anticipated, positively impacting natural gas producers [1] - **Valuation**: Companies like EXE and EQT are highlighted for their compelling risk-reward profiles, with expected price targets showing 19% and 20% upside respectively [1] Majors & Refiners - **Economic Outlook**: GDP expectations have surprised positively, positioning large-cap refining stocks favorably for potential economic reacceleration [2][4] - **Refining Performance**: Refining equities outperformed the XLE index significantly in 2025, driven by supply disruptions and increased global demand [4] - **Stock Recommendations**: Valero Energy (VLO) and HF Sinclair (DINO) are recommended due to their strong operational positions and expected capital returns [4] Midstream - **LNG Market Sentiment**: Cheniere (LNG) has seen a modest rebound, but investor focus remains on growth plans and global gas margin exposure [5] - **Growth Catalysts**: Cheniere is expected to execute additional brownfield expansions and deliver significant shareholder returns, with a contracted footprint mitigating global gas price fluctuations [5] Utilities - **Affordability Concerns**: Rising utility bills (up 17% over three years) have become a major focus, particularly in the PJM region, with upcoming elections potentially impacting utility policies [6][7] - **Investor Strategy**: Investors are screening for utilities with lower rates and diversified operations to mitigate election-related risks [7] Energy Services - **International Recovery**: Signs of recovery in international markets are noted, with increased activity expected in regions like the Middle East and Latin America [8] - **Stock Recommendations**: SLB and HAL are highlighted as best positioned to benefit from this recovery [8] Clean Technology - **Nuclear Investment**: CCJ is recommended as a key player in the nuclear sector, with potential upside from new reactor deployments and supportive uranium market dynamics [9][11] - **Valuation Risks**: Despite high valuations, positive catalysts are expected to support growth in the medium term [11] Metals & Mining - **Steel Pricing**: HRC prices have firmed up significantly, driven by favorable trade policies and steady demand from key markets [12][45] - **Stock Preference**: CMC is preferred due to its competitive valuation and strong market position in rebar production [12] Additional Important Insights - **Investor Conversations**: Ongoing discussions with investors highlight concerns about the macroeconomic environment, commodity price volatility, and specific company strategies [27][28][30][31] - **Regulatory Environment**: Changes in utility regulations and potential impacts from state elections are creating uncertainty in the utilities sector [36][37] This summary encapsulates the key points discussed in the conference call records, providing a comprehensive overview of the current state and outlook of various sectors within the energy and utilities landscape.

Group 1: Global Investment Trends - Global upstream operators are expected to cut capital expenditure by at least 2-3% year-on-year in 2026, marking a decline of more than 5% compared to 2024 levels, as the industry adapts to sub-$60/bbl oil prices while focusing on long-term resilience [1] - Wood Mackenzie predicts that operators will continue to pursue strategic growth opportunities in various regions, particularly in the Middle East and North Africa, which are projected to add at least 20 billion barrels of oil equivalent through the 2030s [1] Group 2: Libya's Oil Exploration Initiatives - Libya's National Oil Corporation (NOC) has launched its first oil exploration bid round in over 17 years, with bids expected in February 2026 for 22 onshore and offshore blocks, aiming to boost production and attract foreign investment [2] - This initiative aligns with Libya's goal to reach a production level of 2 million barrels per day, close to pre-2011 crisis output, and is viewed as a significant opportunity for international energy companies [2] Group 3: Developments in Iraq, Kuwait, Oman, and Syria - Iraq and Oman are advancing new oil drilling opportunities, including a preliminary agreement to build a crude oil pipeline from Basra to Duqm, which will diversify Iraq's export routes [3] - Kuwait is expanding offshore production, highlighted by the Nokhetha discovery, which contains estimated reserves of 2.1 billion barrels of light oil and 5.1 trillion cubic feet of gas [4] - ADNOC Drilling is expanding its presence in Kuwait and Oman by acquiring a 70% stake in SLB's land drilling rig business, securing six rigs in Oman and two in Kuwait, with plans to double the fleet [4]