Financial Data and Key Metrics Changes - The company reported first quarter earnings of $0.83 per share, an increase from $0.62 per share in the same quarter of the previous year, reflecting a strong start to 2025 [17] - Earnings for the quarter accounted for more than 25% of the company's earnings guidance midpoint for 2025, reaffirming the guidance range of $3.15 to $3.25 per share [5][19] - The increase in earnings was driven by higher revenue requirements from capital investments, despite negative temperature impacts on electric and gas sales [17][18] Business Line Data and Key Metrics Changes - The company has secured energy supply agreements (ESAs) totaling 2.1 gigawatts of demand from three major data center developments, representing a greater than 30% increase in peak demand [8][9] - The capital expenditure (CapEx) plan has been updated to reflect a nearly 26% increase from 18 months ago, translating to a forecasted investment compound annual growth rate (CAGR) of nearly 11% from 2024 to 2028 [9][10] Market Data and Key Metrics Changes - The company is experiencing strong interest in economic development within its service areas in Iowa and Wisconsin, with ongoing efforts to support growth through new energy supply agreements [9][12] - The company has successfully sold existing capacity into the recent MISO capacity auction, which is expected to benefit customer bills [20][76] Company Strategy and Development Direction - The company is focused on an "all of the above" approach to new generation resources, including a mix of wind, batteries, and natural gas, to maintain a balanced energy resource mix [15] - The updated capital plan includes significant investments in natural gas generation to meet the growing demand from data centers, with a focus on enhancing reliability and affordability [10][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 earnings objectives while advancing key strategic priorities, emphasizing the importance of supporting economic development [5][6] - The company is proactively managing risks related to potential changes in tax credits and tariffs, with a focus on maintaining a strong balance sheet and investment-grade credit ratings [24][52] Other Important Information - The company has completed nearly all planned safe harbor activities to preserve tax credits for future energy storage and renewable projects expected to be placed into service through 2028 [20] - The company is committed to ensuring that all individual customer rates achieve a win-win for existing customers, new customers, and shareholders [11] Q&A Session Summary Question: Timeline for converting mature opportunities to contracts and breakdown of serving those opportunities - Management indicated that they have high confidence in converting mature opportunities into contracts and are using existing resources to accelerate load growth [34][35] Question: Impact of safe harboring on the ability to go back for a rate case in Iowa - Management clarified that they are focused on activities to avoid the need to go back for a rate case and are advocating for beneficial legislative provisions [38][39] Question: Long-term EPS CAGR outlook - Management reaffirmed a long-term EPS CAGR of 5% to 7%, with current plans indicating potential for growth towards the top end of that range starting in 2027 [45][46] Question: Details on the CapEx increase - The increase in CapEx was primarily associated with natural gas generation to meet the peak demand from data center opportunities [72] Question: Impact of MISO capacity auction on consumer bills - Management stated that they are well positioned to utilize proceeds from the auction to help customer bills, contrasting with other entities that may face challenges [76] Question: Regulatory initiatives and filings in Iowa and Wisconsin - Management discussed ongoing regulatory filings for new generation resources and the potential for maintaining flat base rates through growth and cost reduction [60][61]

Financial Data and Key Metrics Changes - The company reported an average production of 81,000 BOE per day, with a revenue of $253 million, where oil contributed 49%, gas 33%, and NGLs 18% [25][26] - The net debt to EBITDA ratio improved from 1.0 times at the end of 2024 to 0.7 times at the end of Q1 2025 [6][23] - Projected interest expense for 2025 is expected to decrease by $22 million due to debt refinancing [6] Business Line Data and Key Metrics Changes - The production mix for the quarter was 24% oil, 53% natural gas, and 23% NGLs [25] - The company plans to shift its drilling focus towards natural gas, with a projected increase in natural gas production while keeping overall barrel oil equivalent flat [7][8] Market Data and Key Metrics Changes - Oil prices have recently dipped into the $50 range, impacting the company's strategy to focus on natural gas drilling [7] - The company maintains a strong position in the natural gas market, with a volume mix of 54% natural gas projected for 2025 [7] Company Strategy and Development Direction - The company emphasizes four strategic pillars: maintaining financial strength, disciplined execution, disciplined reinvestment rate, and maximizing cash distributions [3][4] - The company aims to keep its reinvestment rate below 50% of operating cash flow to optimize distributions to unitholders [4][12] - The recent acquisition of XTO assets is expected to enhance the company's drilling opportunities and production capabilities [10][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging market environment but believes the company is well-positioned to navigate through commodity cycles [7][23] - The company anticipates double-digit growth in natural gas production in 2026, driven by increased drilling activity in the Deep Anadarko Basin [7][8] Other Important Information - The company has distributed over $1 billion back to unitholders since inception, with a current distribution of $0.79 per unit, resulting in a 20% yield [16] - The company has made 21 acquisitions since early 2018, spending over $2 billion, focusing on cash-flowing properties at discounted prices [18] Q&A Session Summary Question: Can you elaborate on the recent acquisition and its impact? - The acquisition adds significant acreage but only produces about 1,600 BOE per day. It includes 1 million acres across various regions, primarily in the Greater Anadarko Basin [32][34] Question: What is the strategy regarding the reinvestment rate and rig deployment? - The company plans to maintain a reinvestment rate below 50%. Currently, two rigs will be operational, with a potential third rig added later in the year depending on cash flow [40][42] Question: How does the company view the oil to gas ratio in future development? - The company will prioritize gas drilling when gas prices are favorable compared to oil, with a focus on maintaining high rates of return [48][49] Question: What are the expectations for natural gas prices and production in 2026? - The company expects significant growth in gas production in 2026, with a projected increase of over 20% in gas volumes while oil production may decrease slightly [65]

Financial Data and Key Metrics Changes - BKV reported a net loss of $79 million or a loss of $0.93 per diluted share for Q1 2025, while adjusted net income was $35 million or a positive $0.41 per diluted share after removing unrealized derivative losses [27] - Combined adjusted EBITDAX was just over $100 million, with $90 million from upstream operations and $10 million from the Power joint venture [26][30] - Accrued capital expenditures for the quarter were $58 million, significantly below the low end of the guidance range of $75 million [27] Business Line Data and Key Metrics Changes - The upstream business produced 761 million cubic feet equivalent per day, exceeding the midpoint of guidance, with development CapEx spending at $48 million, 26% below the midpoint of the guided range [13][14] - The Power joint venture's adjusted EBITDA was $20 million for the quarter, with BKV's implied 50% share being $10 million, driven by higher pricing due to cold weather [24] - The carbon capture business is on track with significant milestones, including a partnership with Comstock Resources and a $500 million investment commitment from Copenhagen Infrastructure Partners [10][11][20] Market Data and Key Metrics Changes - ERCOT revised its 2031 load forecast higher by 68 gigawatts, a 45% increase from 2024 projections, primarily driven by data centers [23] - Power prices averaged $54.52 per megawatt hour, with an average realized spark spread of $25.39 per megawatt hour [25] Company Strategy and Development Direction - BKV is focused on vertical integration across its four business lines: upstream, midstream, carbon capture, and power generation, aiming to create premium margins and differentiated products [5] - The company is leveraging its position in the Barnett Shale, which is experiencing a renaissance, to optimize capital expenditures and enhance operational efficiencies [12][13] - BKV aims to capitalize on the growing demand for decarbonized energy solutions, particularly in the context of data centers and the broader energy transition [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robustness of the 45Q tax credit and the bipartisan support for carbon capture initiatives, which are expected to drive growth in the CCUS sector [4][43] - The company anticipates continued strong demand for natural gas and power, particularly in Texas, driven by economic development and the expansion of data centers [8][23] - Management remains cautious about macroeconomic headwinds, including inflation and potential tariffs, but believes in the resilience of its business model [5][30] Other Important Information - BKV's cash and cash equivalents at the end of Q1 were approximately $15 million, with a net leverage ratio of less than 0.7 times [28] - The company has a strong balance sheet and increased its borrowing base to $850 million, reflecting confidence in its financial position [29] Q&A Session Summary Question: Thoughts on the resiliency of the 45Q tax credit and momentum behind CCUS projects - Management believes the 45Q tax credit is robust and enjoys bipartisan support, which is critical for energy competitiveness in the U.S. [43][44] - There is strong momentum in carbon capture, particularly for natural gas processing projects, with BKV positioned as a leader in this space [45][46] Question: CapEx for CCUS and potential changes - Management indicated that while the internal CapEx for CCUS remains unchanged, the timing may shift as they optimize capital spending with their new JV partner [54][55] Question: Upstream production growth inclination - Management reiterated a disciplined approach to capital investment, with a commitment to 2% to 3% growth in production by Q4 2025 compared to Q4 2024, while monitoring macroeconomic conditions [60][62] Question: Differences in project timing with Comstock - Management explained that the development of projects with Comstock will follow a phased approach, allowing for growth as Comstock increases production [68][70] Question: Funding mechanisms for the new JV with CIP - Management confirmed that there is an upfront capital component associated with the JV, which will be drawn down over the next 12 to 24 months as projects are deployed [82][83] Question: Willingness to pay a premium for decarbonized power and gas - Management noted that while not all customers are willing to pay a premium, there is a segment, particularly large tech companies, that are very interested in decarbonized energy solutions [85][86]

Financial Data and Key Metrics Changes - Colgate-Palmolive achieved record net sales in 2024, surpassing $20 billion for the first time, with a growth of 3.3% following an 8.3% increase in 2023 [32] - Organic sales growth was 7.4% in 2024, continuing a trend of six consecutive years of organic sales growth, aligning with the long-term target range of 3% to 5% [32] - The company reported a double-digit growth in base business earnings per share, building on high single-digit growth in 2023 [34] - Free cash flow increased by 17% in 2024, driven by strong net income and disciplined working capital management [34] Business Line Data and Key Metrics Changes - Organic sales growth was achieved across all six divisions and four categories: oral care, pet nutrition, personal care, and home care [32] - The company increased its advertising spending by 15% in 2024, following a 19% increase in 2023, while also improving the advertising to sales ratio [33] Market Data and Key Metrics Changes - Colgate gained global value share in the toothpaste business for the third consecutive year and also in the manual toothbrush and pet nutrition markets in the US [35] - The Colgate brand is present in nearly 60% of the world's homes, making it the most penetrated brand globally [35] Company Strategy and Development Direction - The company is focused on driving innovation and delivering category-defining solutions to consumers, with significant investments in product development and marketing [31][36] - Colgate is leveraging AI and digital capabilities to enhance marketing, product innovation, and operational efficiency [40][41] - The company aims to maintain flexibility in its leadership structure to adapt to changing market conditions [17] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges in 2025 due to market volatility and economic uncertainty but expressed confidence in the company's long-term growth strategy [44] - The company remains committed to investing in brands and capabilities while navigating short-term challenges [44] Other Important Information - The company has increased its quarterly dividend rate for the 62nd consecutive year, with a further increase announced for 2025 [34] - The board recommended against two stockholder proposals regarding an independent board chairman and plastic packaging policies, citing existing governance structures and commitments [17][25] Q&A Session Summary Question: What is Colgate's investment strategy for AI? - Colgate has launched an internal AI hub for over 5,000 employees, focusing on marketing and product innovation to enhance consumer engagement and accelerate product development [46][47] Question: Is democracy good for business? - The company believes predictable environments that encourage long-term strategy and performance are beneficial for business [49] Question: Why does the board need 10 directors? - The board composition is designed to provide a range of skills and experiences, which is essential for guiding the company effectively [50][52] Question: Will in-person stockholder meetings be restarted? - The company finds virtual meetings allow greater participation and efficiency, with no decision made yet on future meeting formats [53][54] Question: Can you provide examples of product innovation? - Examples include the new Colgate Total toothpaste with enhanced preventive properties and EltaMD skin recovery sunscreen that reduces redness while providing UV protection [55][56] Question: How is inflation affecting the business? - Inflation is currently slightly below last year's levels, and the company has built a flexible supply chain to mitigate tariff impacts [57][58] Question: Will dividend increases be larger in the future? - The decision on dividend increases is made by the board based on various factors, with the company's health remaining strong [59]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net sales of $62.99 million, a decrease of 3.5% from $65.25 million in Q1 2024 [2][3] - The operating income improved to $11,000 in Q1 2025 from an operating loss of $857,000 in Q1 2024 [2][5] - The net loss from continuing operations was $1.58 million or $0.11 per diluted share, compared to a net loss of $2.41 million or $0.16 per diluted share in the same quarter of 2024 [3] Business Line Data and Key Metrics Changes - Sales of soft floor covering products outperformed hard surface products, with continued market share gains in the soft surface category [3] - Gross margins improved to $16.90 million or 26.8% of net sales, compared to $15.80 million or 24.2% of net sales in the prior year [4] Market Data and Key Metrics Changes - The industry is experiencing weak market conditions due to low existing home sales and lower consumer confidence [3] - The residential remodeling market continues to face a multiyear slump, with uncertainty regarding when market dynamics will change [11] Company Strategy and Development Direction - The company is focused on creating differentiated styles for the residential market, emphasizing color, pattern, and texture [10] - Efforts are being made to minimize expenses, reduce overhead costs, and improve gross margins [12] - The company has closed on a new $75 million senior credit facility to support operations and manage costs effectively [7][12] Management's Comments on Operating Environment and Future Outlook - Management noted that low consumer confidence was impacted by uncertainty around tariff increases, with some industry players announcing price increases to mitigate these impacts [9] - The company believes that actions taken during the current difficult environment will position it well for an eventual market upturn [13] Other Important Information - The company has seen improvements in operations, including productivity, quality, and raw material utilization [11] - The first quarter trade show showcased 25 new styles of carpet and eight hard surface collections, which were well received [10] Q&A Session Summary Question: Is the stock buyback program still in effect? - The stock buyback program is no longer in effect as it was ceased during the latter part of the previous year [16] Question: Are there signs of consolidation in the industry? - There has not been much consolidation at the manufacturing level, although some smaller retailers have gone out of business [17] Question: Have buying habits changed between big box stores and boutique retailers? - Premium products are performing better than the market overall, with the Fabrica brand doing exceptionally well [18]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $90 million with a margin of 11% for the first quarter [9] - Adjusted operating earnings were $0.68 per share, with free cash flow expected to be lower than the previous quarter due to timing issues [10][9] - The company returned nearly $40 million in cash to shareholders, including an $18 million dividend and $20 million in share repurchases [8] Business Line Data and Key Metrics Changes - The company faced operational challenges in North America, impacting financial performance by approximately $10 million [11] - Planned maintenance outage costs increased by $9 million due to major outages at specific mills [13] - Volume decreased by 30 million, primarily due to seasonally weak demand in Latin America and operational challenges in North America [12] Market Data and Key Metrics Changes - In Europe, demand decreased by 7% year-over-year, while Latin America saw a 3% increase in demand, mainly driven by Brazil [17] - North American apparent demand was down about 1% year-over-year, influenced by higher imports [17] - The company anticipates real demand to decline by 3% to 4% for the year, with domestic industry supply reduced by 10% due to mill closures [18] Company Strategy and Development Direction - The company plans to leverage its global footprint to improve product mix and customer service in North America [19] - A focus on reducing costs and improving product mix is emphasized, particularly in the European market [23] - The company aims for a significantly better adjusted EBITDA performance in the second half of the year, driven by lower maintenance costs and improved operations [20] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about a global economic slowdown and potential inflation risks on raw materials and transportation [24] - The company is well-positioned to manage through tariff uncertainties, with over 90% of raw materials sourced locally [26] - Future capital allocation strategies will focus on maintaining a strong financial position while investing in business growth [28] Other Important Information - The company has reduced its debt significantly, with a leverage ratio now at 1.1 times, and has no major maturities until 2027 [14] - A seamless CEO and CFO succession plan is in place as the current CEO prepares for retirement [31] Q&A Session Summary Question: Can you provide more detail on the operational issues? - The operational issues were primarily reliability problems at the Ticonderoga and Eastover mills, with an intermittent issue expected to be resolved soon [37] Question: How do you expect to recover orders in the third quarter? - The company anticipates a benefit of less than $10 million from recovering orders that were pushed into the third quarter due to operational challenges [39] Question: What upgrades are being made at the Saia mill? - Investments in new capabilities at the Saia mill will allow entry into specialty roll segments, improving product mix [50] Question: How are you addressing wood cost increases at the Newmala mill? - Strategies include sourcing directly from landowners and importing lower-cost wood, targeting at least a 10% reduction in wood costs [53] Question: What is the outlook for capital spending for the year? - The company maintains its full-year capital spending guidance of $220 million to $240 million, with significant cash flow expected in the second half of the year [62][63]

Financial Data and Key Metrics Changes - First quarter revenue was $391 million, down from $425.6 million in the prior year, reflecting an 8% decrease [8][25] - Gross profit was $102.8 million with a margin of 26.3%, a slight increase of 10 basis points year-over-year [9][25] - Operating income was $44.5 million, down 5.4% from the previous year, but operating margin improved by 40 basis points [10][25] - Net income for the quarter was $31.8 million or $2.64 per diluted share, compared to $32.1 million or $2.57 per diluted share in the same period last year [10][25] - Total debt was $216.8 million, with net debt of $16.5 million, a significant improvement of 91.7% year-over-year [15][25] Business Line Data and Key Metrics Changes - The Industrial Equipment division reported record net sales of $227.1 million, representing 12.5% organic growth year-over-year [12][20] - The Vegetation Management division's net sales were $163.9 million, a decline of 26.8% compared to the previous year, but a sequential improvement of 2.6% [11][21] - Operating income for the Industrial Equipment division was $31.2 million, or 13.7% of net sales, reflecting a 20 basis point improvement [12][20] - The Vegetation Management division's operating income was $13.3 million, or 8.1% of net sales, down from $21.7 million in the prior year [21][25] Market Data and Key Metrics Changes - The backlog for the Industrial Equipment division was $513 million, down 8.3% year-over-year but up 6.6% sequentially [20] - Order bookings in the Vegetation Management division improved by nearly 18% year-over-year, marking the fifth consecutive quarter of improvement [22][25] - Agricultural equipment orders in North America were up 26% year-over-year, indicating a recovery in demand [22][25] Company Strategy and Development Direction - The company is focused on driving growth and optimizing operations while pursuing acquisition opportunities of meaningful scale [28][29] - Management emphasized the importance of maintaining a strong balance sheet and low net debt to support future investments [15][28] - The company plans to continue cost reduction initiatives and facility consolidations to enhance operational efficiency [61][63] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's prospects for the remainder of 2025, despite ongoing risks from tariffs and global market uncertainties [27][28] - The governmental and industrial contractor markets are expected to remain strong, with increased spending on maintenance-related activities [38][39] - Management anticipates a gradual recovery in the Vegetation Management division, with expectations for improved sales and margins in the second half of 2025 [41][52] Other Important Information - The company approved a quarterly dividend of $0.30 per share, reflecting its commitment to delivering long-term value to shareholders [15][25] - Interest expense decreased by $2.9 million due to lower debt levels, contributing to improved financial performance [10][25] Q&A Session Summary Question: What are the pain points from tariffs? - Management indicated that about 70% of revenue comes from the U.S., with minimal impact from tariffs on production shifts [31][32] Question: What is the inflationary impact on customer demand? - Management noted that demand may change primarily in non-governmental markets, with governmental spending remaining strong [37][38] Question: What drove the 40 basis point increase in operating margin? - Cost reduction initiatives and facility consolidations were key drivers behind the margin improvement [44][48] Question: What is the outlook for M&A and share buybacks? - M&A remains the first priority, with several opportunities being pursued, while share buybacks are considered if M&A does not materialize [50][51] Question: What is the outlook for vegetation revenues? - Management is optimistic about a gradual recovery in vegetation revenues, supported by improving order bookings and dealer restocking [52][56]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a net income of $7.7 million or $0.7 per share, with adjusted EBITDAX of $57 million, driven by NRI production of 17,764 barrels of oil equivalent per day, exceeding guidance [5][6] - Working interest production was 22,402 barrels of oil equivalent, also at the high end of guidance, while NRI sales were 19,074 barrels of oil equivalent per day, matching guidance [5][6] - The unrestricted cash balance as of March 31, 2025, was $40.9 million, down approximately $40 million from year-end 2024, primarily due to elevated capital spending and state lifting bond payments [20] Business Line Data and Key Metrics Changes - The company has reduced its capital budget for 2025 by 10%, from a range of $270 million to $330 million down to $250 million to $300 million, while maintaining production and sales guidance unchanged [8][21] - In Egypt, five wells were drilled in Q1 2025, with an average initial production rate of about 120 barrels of oil per day, and further drilling is expected in Q2 [12][19] - In Gabon, production uptime has improved, and a drilling program is planned to begin in Q3 2025, with a focus on two wells to be drilled and one completed in 2025 [13][14] Market Data and Key Metrics Changes - The company is experiencing a decline in commodity pricing, prompting a reduction in discretionary capital spending and a delay of smaller projects [7][8] - The FPSO project in Cote D'Ivoire is on schedule, with significant development drilling expected to begin in 2026 [10][19] - The company has hedged 70,000 barrels of oil per month in Q2 with a floor price of $65, indicating a strategy to mitigate risks associated with commodity price fluctuations [23] Company Strategy and Development Direction - The company aims to operate efficiently, invest prudently, and maximize its asset base while seeking accretive opportunities [25] - Long-term projects like the FPSO in Cote D'Ivoire and drilling campaigns in Gabon are expected to enhance production and reserves, contributing to future growth [9][10] - The company is focused on delivering sustainable growth and strong results to fund capital programs while returning value to shareholders through dividends [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current macroeconomic environment's uncertainty due to softening commodity prices and emphasized the importance of maintaining operational excellence [6][7] - The company remains confident in its ability to execute plans and deliver on commitments, with a strong portfolio of organic projects expected to double its size and scale [24][25] - Management expressed optimism about the future, highlighting the diversified risk profile and multiple producing areas that will provide income for years to come [26] Other Important Information - The company has not had a lost time incident in 2024 and 2025, achieving over 4.3 million man hours without an incident, reflecting a strong commitment to safety [13] - The company plans to provide more details about its growth opportunities during the upcoming Capital Markets Day [24][60] Q&A Session Summary Question: Can you comment on the production profile at Gabon over the back half of 2025? - Management indicated no significant planned downtime related to the drilling program for 2025, with a slight uptick in production expected towards the end of Q4 [29] Question: Will the third quarter be the lowest quarter of the year for production? - Management confirmed that the third quarter is expected to be the lowest due to planned preventative maintenance downtime [30] Question: Can you discuss the development drilling campaign in Cote D'Ivoire for 2026? - Management stated that the Phase five drilling is scheduled to start mid-year 2026, with the operator actively working on securing a rig [32] Question: How would you prioritize projects if oil prices remain low? - Management explained that projects enhancing production through existing facilities are prioritized, with the Equatorial Guinea project being the most attractive due to its favorable terms [36][37] Question: How does the Aburi well's performance compare to expectations? - Management noted that the well's performance exceeded expectations, providing confidence in the redevelopment plans for Aburi [40][42] Question: Can you provide insights on working capital swings later in the year? - Management clarified that the state lift in February drove the working capital outflow in Q1, but future state lifts are not expected until 2026, indicating potential improvement in working capital [45][49] Question: Has the receivable issue in Egypt been resolved? - Management confirmed that the majority of the aged receivables have been collected, and the company is on track to meet its contractual requirements with the Egyptian government [51][55]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA attributable to Plains of $754 million for Q1 2025, with the crude oil segment adjusted EBITDA at $559 million, impacted by winter weather and refinery downtime [5][10] - The NGL segment reported adjusted EBITDA of $189 million, benefiting from higher frac spreads and NGL sales volumes [11] Business Line Data and Key Metrics Changes - The NGL segment's transition to more fee-based earnings continues, with a 30,000 barrel per day fractionation project placed into service [7] - The crude segment experienced two strategic transactions, including the acquisition of the remaining 50% equity in the Cheyenne Pipeline and the acquisition of Black Knight Midstream for approximately $55 million [8][10] Market Data and Key Metrics Changes - The company expects a $60 to $65 WTI price environment for the remainder of the year, which may lead to EBITDA guidance being in the lower half of the respective ranges [6] - The NGL segment remains largely insulated from lower commodity prices, with approximately 80% of estimated C3 plus spec products sales hedged for 2025 [7] Company Strategy and Development Direction - The company continues to execute on its efficient growth strategy, generating significant free cash flow and maintaining a flexible balance sheet [7][13] - The focus remains on distribution growth as the primary method for returning cash to shareholders, with opportunistic unit repurchases [21] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing uncertainty regarding trade tariffs and OPEC dynamics, which are creating volatility in the market [5][6] - The company remains optimistic about the medium to long-term outlook despite current market conditions, emphasizing the cyclical nature of commodity markets [6][39] Other Important Information - The company has successfully deployed approximately $1.3 billion into bolt-on acquisitions over the last several years, indicating a commitment to pursuing attractive risk-adjusted returns [9] - The management acknowledged the retirement of Harry Pofonis, the President and Co-Founder, recognizing his contributions to the company [9] Q&A Session Summary Question: Thoughts on capital allocation in the current environment - The company remains committed to distribution growth as the primary method for returning cash to shareholders, with opportunistic unit repurchases as a component of capital allocation [21][22] Question: M&A landscape and volatility impact - Volatile markets create questions, but the company believes it is well-positioned to pursue attractive deals while maintaining capital discipline [23][24] Question: Earnings cadence in Canada with new fractionation complex - The expanded capacity at the PFS facility in Edmonton will ramp up over the remainder of the year and into next year, contributing gradually to earnings [27][28] Question: Insights on Permian volumes and producer conversations - The company has seen over 100,000 barrels per day growth from the end of last year, with producers adopting a wait-and-see approach due to market volatility [35][36] Question: Acquisition multiples for recent deals - Both recent acquisitions met the company's return thresholds, with a focus on capital discipline and risk-adjusted returns [41][42] Question: Capital expenditure guidance and 2026 outlook - The investment capital guidance for 2025 remains unchanged at $400 million, with expectations for 2026 to align with long-term capital guidance [45][46] Question: Hedging philosophy and frac spread - The company maintains a consistent hedging strategy, with approximately 80% of estimated C3 plus spec products sales hedged for 2025 [47][48] Question: Demand signals and refining market health - The global refining market remains healthy, with strong crack spreads and refineries running at high capacity [71][73]

Geospace (GEOS) Q2 2025 Earnings Call May 09, 2025 10:00 AM ET Speaker0 Welcome to the Geospace Technologies Second Quarter twenty twenty five Earnings Conference Call. Hosting the call today from Geospace is Mr. Rich Kelly, President and Chief Executive Officer. He is joined by Robert Curda, the company's Chief Financial Officer. Today's call is being recorded and will be available on the Geospace Technologies Investor Relations website following the call. At this time, all participants have been placed in ...