Cash operating expenses per unit were more than 10% lower, and capital investments were at the low end of plan due to lower well costs and improved drilling and completion cycle times.
Civitas issued $750 million in new senior notes to enhance liquidity and extend debt maturities, maintaining around $2 billion in financial liquidity.
Civitas Resources reported strong Q2 2025 results with adjusted EBITDA near $750 million and adjusted free cash flow over $120 million.
Oil volumes grew 6% quarter-over-quarter, driven primarily by the Midland Basin.
The company significantly exceeded its full-year target for noncore asset sales, divesting $435 million in DJ Basin assets at a 4x multiple on 2026 cash flow.
Electric utility earnings decreased to $10.4 million from $15.5 million due to higher payroll and outage costs, partially offset by increased commercial sales and rate relief.
MDU maintains a strong balance sheet with no equity needs in 2025 but plans to reestablish an ATM program to support a $3.1 billion capital investment over five years.
MDU Resources reported Q2 2025 income from continuing operations of $14.1 million or $0.07 per diluted share, down from $20.2 million or $0.10 per share in Q2 2024.
Natural gas utility posted a seasonal loss of $7.4 million, worsened by warmer weather and higher operating expenses, partially offset by rate relief and higher transportation revenue.
Pipeline segment earnings were $15.4 million, down from a record $17.3 million in 2024, impacted by higher operating expenses but supported by expansion projects and strong transportation demand.
Second quarter earnings were $13.7 million or $0.07 per share compared to $60.4 million or $0.30 per share in the prior year, impacted by the separation of Everus in October 2024.
Dominion Energy reported second quarter operating earnings of $0.75 per share, including $0.02 from RNG 45Z credits and $0.01 from better-than-normal weather.
GAAP earnings for the quarter were $0.88 per share.
Positive earnings drivers included $0.07 from regulated investment growth, $0.07 from increased sales, and $0.05 from the DESC rate case settlement in 2024.
Sales remain strong, driven by data center expansion and economic growth, with multiple all-time peak demand days recorded in Virginia and South Carolina.
The company completed its 2025 ATM equity issuance and is derisking the 2026 ATM program, maintaining balance sheet conservatism and credit rating targets.
The company reaffirmed 2025 operating earnings guidance of $3.28 to $3.52 per share, with a midpoint of $3.40, inclusive of RNG 45Z income.
The quarter included a $0.07 impact from the Millstone Unit 3 refueling outage.
Dafinchi