Affiliated Managers Group (AMG) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Speaker0 As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Ms. Patricia Figueroa, Head of Investor Relations for AMG. Thank you. You may begin. Speaker1 Good afternoon, and thank you for joining us today to discuss AMG's results for the first quarter of twenty twenty five. Before we begin, I'd like to remind you that during this call, we may make a number of forward looki ...

Financial Data and Key Metrics Changes - The company generated $2.9 per share in adjusted earnings for the first quarter of 2025, with cash flow from operations (CFO) amounting to $5.5 billion, including $200 million from APLNG distributions [14][15] - Capital expenditures were reported at $3.4 billion, with a return of capital to shareholders totaling $2.5 billion, which represents 45% of CFO for the quarter [14][15] - The company ended the quarter with $7.5 billion in cash and short-term investments, plus $1 billion in long-term liquid investments [15] Business Line Data and Key Metrics Changes - Total production for the first quarter was 2,389,000 barrels of oil equivalent per day, exceeding production guidance [13] - In the Lower 48, production averaged 1,462,000 barrels of oil equivalent per day, with specific contributions from the Permian (816,000), Eagle Ford (370,000), and Bakken (212,000) [13] Market Data and Key Metrics Changes - The company noted a softer oil price environment compared to the first quarter, with OPEC plus unwinding voluntary cuts quicker than expected [5][6] - The outlook for global economic growth and oil demand has been revised lower, contributing to the current volatility in the market [5] Company Strategy and Development Direction - The company is focused on maintaining a disciplined capital allocation framework and has reduced capital spending by $500 million while keeping production guidance unchanged [8][11] - The integration of Marathon Oil is progressing ahead of schedule, with the company finding additional opportunities to enhance capital efficiency and reduce costs [8][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the current macro uncertainties but emphasized the company's strong long-term value proposition and competitive advantages [6][10] - The company is committed to returning a significant portion of cash flow to shareholders, maintaining a long-term track record of distributing 45% of annual CFO [9][10] Other Important Information - Bill Bullock, the CFO, announced his retirement after 39 years, with Andy O'Brien set to take over the role [11][12] - The company expects to see a modest use of cash on a full-year basis, with an operating working capital outflow of $800 million anticipated in the second quarter [18] Q&A Session Summary Question: Return of capital and cash flow outlook - The company is tracking towards a $10 billion return of capital for the year, despite a softer commodity macro environment [21] - Management indicated a willingness to use cash on the balance sheet if necessary to support share buybacks [22][24] Question: Capital budget reduction details - The capital budget reduction is largely driven by efficiency improvements and does not impact production guidance [27][30] - Management emphasized a measured approach to capital allocation, focusing on maximizing returns [31] Question: Cost structure and improvement opportunities - The company is continuously benchmarking operations and seeking efficiencies to maintain competitive advantage [35][36] Question: Balancing low-cost supply with macro conditions - The company remains focused on low-cost supply and is not looking to time the market with capital investments [42][45] Question: Breakeven clarification - The capital reduction will lower the breakeven point, with the current free cash flow breakeven in the mid-40s [51][52] Question: Long cycle projects and capital allocation - The company is committed to its long cycle projects and will not slow down investments in key areas like Willow and LNG [80] Question: Non-core asset sales and portfolio optimization - The company is always optimizing its portfolio and may consider non-core asset sales if cost of supply rises [105][106]

Ring Energy (REI) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Speaker0 Good day, and welcome to the Ring Energy's First Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Al Petrie, Investor Relations. Please go ahead. Speaker1 Thank you, operator, and good morning, everyone. We appreciate you ...

BlackRock TCP Capital (TCPC) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Speaker0 Ladies and gentlemen, good afternoon. Welcome everyone to BlackRock TCP Capital Corp. Q1 twenty twenty five Earnings Call. Today's conference call is being recorded for replay purposes. During the presentation, all participants will be in a listen only mode. A question and answer session will follow the company's formal remarks. I will repeat these instructions before we begin the Q and A session. And now I would like to tu ...

Royal Gold (RGLD) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Speaker0 Everyone to the Royal Gold twenty twenty five First Quarter Conference Call. My name is Lauren, and I'll be moderating your call today. There will be an opportunity for questions at the end of the presentation. I would now like to pass the conference call over to Alastair Baker to begin. Please go ahead. Speaker1 Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's first quarter twenty twenty five results. ...

Kennedy-Wilson (KW) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Speaker0 Good afternoon, and welcome to the Kennedy Wilson First Quarter twenty twenty five Earnings Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Devin Bofsar, Head of Investor Relations. Please go ahead. Speaker1 Thank you, and good morning. Speaker2 Thank you for joining us today. Today's call will be webcast live and will be archive ...

Innovative Industrial Properties (IIPR) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Speaker0 Good day, and welcome to the Innovative Industrial Properties, Inc. First Quarter twenty twenty five Earnings Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Eli Kanter, Director of Investor Relations. Please go ahead, sir. Speaker1 Thank y ...

Twin Vee PowerCats (VEEE) Q1 2025 Earnings Call May 08, 2025 12:00 PM ET Speaker0 Welcome to the Twin V Power Cats Co. First Quarter twenty twenty five Investor Call. As a reminder, this call is being recorded, and all participants are in listen only mode. Your speakers for today's program are President and CEO, Joseph Fiscounti and Chief Financial Administrative Officer, Michael P. Dickerson. Before I turn the call over to Joseph, please remember that certain statements made during this investor call are f ...

DXP Enterprises (DXPE) Q1 2025 Earnings Call May 08, 2025 11:30 AM ET Speaker0 Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the DXP Enterprises First Quarter twenty twenty five Earnings Release. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Thank you. I would now like to turn the conference over ...

CF Industries (CF) Q1 2025 Earnings Call May 08, 2025 11:00 AM ET Company Participants Martin Jarosick - VP - IR & TreasuryW. Anthony Will - President, CEO & DirectorChristopher Bohn - EVP, COO & DirectorBert Frost - Executive Vice President of Sales, Market Development & Supply ChainGregory Cameron - Executive VP & Chief Financial OfficerRichard Garchitorena - Vice President - Equity ResearchJoel Jackson - Managing DirectorChristopher Parkinson - Managing DirectorBenjamin Theurer - Managing DirectorVincent ...