Dafinchi AI

Energy & Utilities

Capital expenditures for the first half of 2025 totaled $82 million, representing 45% of the updated capital budget midpoint.
Free cash flow after dividends was $82 million, nearly a 90% increase compared to the prior year, supported by declining capital expenditures.
In Q2 2025, Antero Midstream generated $284 million of EBITDA, an 11% year-over-year increase driven by record gathering and processing volumes.
Leverage was reduced to 2.8x as of June 30 through debt reduction funded by free cash flow.

UGI

Energy & Utilities

UGI reported a Q3 adjusted EPS of negative $0.01, reflecting typical seasonal patterns, with warmer weather and lower midstream margins impacting results.
The Utilities segment saw a decline in EBIT due to higher operating expenses but benefited from infrastructure investments and customer growth.
AmeriGas EBIT was stable, with lower volumes offset by higher margins, and the full-year performance remains resilient despite seasonal challenges.

APA

Energy & Utilities

Adjusted net income was $313 million or $0.87 per share, excluding non-core items.
APA reported consolidated net income of $603 million or $1.67 per diluted share in Q2 2025, including a $219 million after-tax gain on the New Mexico divestiture and $106 million unrealized after-tax gain on derivatives.
Free cash flow generated was $134 million, fully returned to shareholders via dividends and buybacks.
LOE and G&A costs came in below guidance, driven by cost savings in international assets and organizational simplification.
Net debt was reduced by over $850 million, a 15% decrease, driven by asset sale proceeds and positive working capital inflows.
Since end of 2020, APA has reduced net debt by over $4 billion and returned over $4 billion to shareholders.

EXC

Energy & Utilities

Annualized earnings growth rate reaffirmed at 5% to 7% through 2028, with expectation to be at midpoint or better.
Capital financing progress includes nearly 80% of planned long-term debt issued, strong investor demand, and $700 million of planned equity needs priced via ATM and forward agreements.
Exelon earned $0.39 in operating earnings per share in Q2 2025, above expectations from the Q1 call, driven by favorable timing and cost management at utilities.
Full year 2025 operating earnings guidance reaffirmed at $2.64 to $2.74 per share, with a goal to be at midpoint or better.
Q2 2025 earnings were $0.08 lower than Q2 2024, primarily due to higher distribution and transmission rates, timing differences at ComEd, a $50 million customer relief fund, higher storm costs at PECO, and higher interest costs.
Year-to-date performance remains strong despite significant storm activity and customer support initiatives.

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