Dafinchi AI

Berry Corporation

BRY

Energy & Utilities

1w

California Regulatory Developments and Permitting Outlook

The Kern County Board of Supervisors approved the recertification of the EIR, enabling permitting to resume, with a court review pending expected decision before year-end.
Management expressed strong confidence that the revised EIR addresses previous deficiencies, supporting a positive outcome for permitting in California.
California's regulatory environment has shown a constructive shift over the past five years, with recent policies aimed at stabilizing in-state production and codifying the EIR into state law to streamline permitting.
The company already holds permits supporting development into 2027, providing operational certainty regardless of the court's ruling.
California's legislative efforts, including the Energy Commission's response to Governor Newsom, aim to increase in-state oil production, which aligns with Berry's strategic interests.
The potential legislative reforms could benefit Berry's C&J Well Services business by increasing demand for P&A services due to new plug-to-drill requirements.

Par Pacific Holdings, Inc.

PARR

Energy & Utilities

1w

Strategic Renewable Fuels Partnership with Mitsubishi and ENEOS

Partnership involves $100 million investment for a 36.5% equity stake in joint venture.
Partnership aims to enhance renewable fuels capabilities, leveraging partners' expertise in global feedstock procurement.
Expected start-up of pretreatment unit in second half of 2025, with initial EBITDA contributions anticipated in Q1 2026.
Project benefits include operational expense advantages, local product sales focus, and capital efficiency.
Partnership expands distribution reach into California and broader West Coast markets, strengthening long-term growth prospects.

Gulfport Energy Corporation

GPOR

Energy & Utilities

1w

Strategic Acreage Acquisition and Inventory Expansion in Utica Shale

Gulfport announced plans to allocate up to $100 million for discretionary acreage acquisitions in the Utica Shale, marking the highest leasehold spend in over 6 years.
The company aims to secure 40 to 50 new wells in Belmont and Monroe counties, focusing on low breakeven, high-quality acreage.
These acquisitions are expected to add more than 2 years of core drilling inventory, reinforcing long-term growth prospects.
The targeted areas are adjacent to current operations, allowing for synergies and infrastructure advantages.
The company has already invested $7 million in Q2 2025 and plans to continue aggressive land acquisition efforts into early 2026.
This strategic focus on high-return wet and dry gas windows demonstrates a proactive approach to resource development.

California Resources Corporation

CRC

Energy & Utilities

1w

Strategic Focus on Carbon Capture and Power Generation

CRC is advancing its first CCS project in California, with construction authorization received from EPA, and expects to start injection early 2026.
The company is exploring opportunities to supply power with pathways to CCS, including discussions with potential counterparties for Elk Hills power plant and CO2 storage reservoirs.
California's support for clean power procurement, including potential new markets, positions CRC to expand its decarbonization solutions and leverage its assets in a changing energy landscape.

Otter Tail Corporation

OTTR

Energy & Utilities

2w

Impact of New Legislation on Renewable Energy Credits and Tax Incentives

The enactment of the 'One Big Beautiful Bill Act' on July 4 introduced a phaseout of renewable energy credits under the Inflation Reduction Act for wind and solar investments.
The legislation also created new foreign entity of concern rules, potentially restricting tax credit eligibility for certain investments.
The company expects its wind repowering project to be unaffected and its two solar projects to still receive full production tax credits.
Ongoing review of other renewable projects under the $650 million incremental investment plan to assess legislative impact.

California Resources Corporation

CRC

Energy & Utilities

1w

Financial Performance Summary

Adjusted EBITDAX for Q2 2025 was $324 million, exceeding consensus expectations due to strong commodity price realization, higher production, and lower operating costs.
CRC delivered record quarterly returns to shareholders, returning nearly $290 million in Q2 2025, which was more than 260% of free cash flow.
First half 2025 costs were down approximately 11% from the second half of 2024, driven by lower G&A expenses, nonenergy operating costs, and taxes other than income tax.
Free cash flow generated was $109 million for the quarter, or $165 million before changes in working capital.
Net total production was 137,000 BOE per day with average realizations at 97% of Brent before hedges and 100% after hedging.

Portland General Electric Company

POR

Energy & Utilities

3w

Progress on Oregon Regulatory Framework and Multiyear Rate Making

PGE completed filings for a holding company structure to reduce investment costs and support clean energy goals.
The company signed an MOU with Oregon regulators and stakeholders to govern key rate base investments, including the Seaside Battery Project and distribution system assets, aiming for regulatory predictability.
The new regulatory approach emphasizes multiyear rate making, securitization, and flexible recovery mechanisms, reducing the need for frequent rate cases and enhancing planning certainty.

The AES Corporation

AES

Energy & Utilities

2w

Financial Performance Summary

Adjusted EPS increased 34% to $0.51 per share versus $0.38 in the prior year, supported by $185 million higher U.S. renewable tax attributes.
AES reported adjusted EBITDA of $681 million for Q2 2025, up from $658 million a year ago, driven by growth in renewables and cost reductions.
Capital allocation includes $500 million returned to shareholders via dividends and $1.8 billion invested in growth, mainly in renewables and utilities.
Energy Infrastructure SBU EBITDA declined due to prior year coal PPA monetization and portfolio changes, partially offset by higher fleet availability.
New Energy Technologies SBU EBITDA was lower, reflecting Fluence's fiscal Q2 results.
Parent free cash flow target of $1.15 billion to $1.25 billion is on track with double-digit year-over-year growth.
Renewables SBU EBITDA grew 56% year-over-year to $240 million, reflecting 3.2 gigawatts of new capacity and improved project returns.
Utilities SBU saw lower adjusted pretax contribution due to planned outages and the sell-down of AES Ohio, but growth is expected from new investments.

PG&E Corporation

PCG

Energy & Utilities

2w

Legislative Focus on Wildfire and Affordability Reforms in California

Management emphasizes ongoing legislative efforts to improve wildfire construct and affordability legislation.
Key focus on ensuring wildfire fund durability and comprehensive societal approach to wildfire risk amid climate change.
Management expects meaningful legislative measures this session, with a need for the IOUs to opt into wildfire fund contributions.
Support for moving public purpose program funding off utility bills and potential reforms in claims limitations and wildfire liability.
Management advocates against securitization for wildfire funding, citing potential bill increases and preference for long-term, affordable solutions.

Public Service Enterprise Group Incorporated

PEG

Energy & Utilities

2w

New Jersey Resource Adequacy and Generation Build Outlook

Current legislative discussions ongoing, with no major changes yet.
Advocacy for state decisions on forecasts, reliability, affordability, and environmental goals.
Focus on developing long-term policy consensus with regional stakeholders.
Uncertainty around new generation projects due to market signals and PJM capacity issues.
Legislation introduced to enable utilities to compete for in-state generation.
Concerns about New Jersey's reliance on power imports, especially during peak heat events.
Active regional discussions on resource adequacy, reliability, and environmental policies.
Potential for future generation build influenced by state policies and PJM market dynamics.
No definitive timeline for new generation projects, but ongoing interest and discussions.

Duke Energy Corporation

DUK

Energy & Utilities

2w

Financial Performance Summary

Duke Energy reported adjusted earnings per share (EPS) of $1.25 for Q2 2025, up from $1.18 in Q2 2024, driven by top-line growth across Electric Utilities.
Electric Utilities and Infrastructure segment EPS increased by $0.10 year-over-year due to new rates in Carolinas, Florida, and Indiana, partially offset by higher O&M and interest expenses.
Gas Utilities and Infrastructure results were flat year-over-year, consistent with seasonal trends in the LDC business.
The company is on track to achieve its 2025 EPS guidance range of $6.17 to $6.42 and maintain a long-term EPS growth rate target of 5% to 7% through 2029.
The Other segment declined by $0.02 primarily due to higher planned interest expense.