Dafinchi AI

California Water Service Group

CWT

Energy & Utilities

2w

Impact of 2021 California Rate Case Delay on Earnings Presentation

The 2021 general rate case was 16 months late, approved in 2024, and retroactive, causing earnings to appear 'wonky' and funky year-over-year.
Non-GAAP EPS increased 15% YoY, considered a strong performance given the rate case delay, especially in California, their largest operating entity.

California Resources Corporation

CRC

Energy & Utilities

2w

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.

DNOW

Energy & Utilities

2w

Record Second Quarter EBITDA at $51 Million

Second quarter EBITDA of $51 million, the best in DNOW's history as a public company.
Market activity declined sequentially and year-over-year, yet EBITDA improved 11% sequentially.
EBITDA margin reached 8.1%, surpassing the second quarter target and demonstrating earnings strength.

Essential Utilities, Inc.

WTRG

Energy & Utilities

2w

Financial Performance Summary

Earnings per share increased 35.7% year-over-year, partially offset by higher O&M, depreciation, interest, and taxes.
Net income for the Gas business was $17.5 million for the quarter.
O&M expenses rose 4.2% year-over-year, mainly due to increased employee-related costs, bad debt expense, and legal expenses.
Purchased gas costs increased $23 million due to higher commodity prices and usage.
Revenues increased $80.5 million from $434.4 million to $514.9 million, with $44 million attributed to rates and surcharges.
Revenues increased 18.5% year-over-year, driven by favorable rate case outcomes, higher purchased gas costs, and increased gas volumes.
The company expects GAAP EPS to exceed the guidance range of $2.07 to $2.11 for 2025, largely due to several nonrecurring benefits.
The company reported GAAP earnings per share of $0.38 for Q2 2025, a 35% increase over the same quarter last year.

CenterPoint Energy, Inc.

CNP

Energy & Utilities

3w

Financial Performance Summary

CenterPoint Energy reported diluted GAAP earnings per share of $0.30 and non-GAAP EPS of $0.29 for Q2 2025, compared to $0.36 non-GAAP EPS in Q2 2024.
Equity issuances of $500 million last year, including a $250 million pull forward, resulted in a $0.01 unfavorable variance quarter-over-quarter.
The first half of 2025 non-GAAP EPS is approximately 46% of the midpoint of the full year guidance range of $1.74 to $1.76, in line with expectations.
Through the first half of 2025, $2.4 billion of base capital work was invested, on track to meet the revised 2025 capital investment target of $5.3 billion.
Trailing 12-month adjusted FFO to debt ratio was 14.1% at quarter end, with credit metrics expected to strengthen through the year.
Unfavorable variances included $0.01 from rate recovery netted with depreciation and taxes, $0.03 from O&M due to accelerated vegetation management, and $0.03 from higher interest expense and financing costs.
Weather and usage contributed a favorable $0.01 variance, mainly from Houston Electric's warmer start to 2025 compared to 2024.

WEC Energy Group, Inc.

WEC

Energy & Utilities

3w

Financial Performance Summary

American Transmission Company contributed an incremental $0.01 to Q2 earnings, while Energy Infrastructure segment earnings decreased by $0.03 due to storm damage losses and other factors.
Common equity issuance totaled about $425 million in H1 2025, on track for $700 million to $800 million for the year, part of $2.7 billion to $3.2 billion expected through 2029.
Corporate and other segment earnings decreased by $0.03 due to higher interest expense.
O&M expenses are expected to grow 8% to 10% for the full year compared to 2024, driven by vegetation management, new assets, and prior measures to offset mild weather impact.
Retail electric deliveries grew 1.1% year-over-year, led by large commercial and industrial segment growth of 1.9%.
These gains were partially offset by higher depreciation and amortization expense (-$0.05) and higher day-to-day O&M (-$0.02).
Utility operations earnings increased by $0.16 year-over-year, driven by weather (+$0.04), rate-based growth (+$0.12), and timing of fuel expense, tax, and other items (+$0.07).
WEC Energy Group reported earnings of $0.76 per share for Q2 2025, a $0.09 increase compared to Q2 2024.

American Electric Power Company, Inc.

AEP

Energy & Utilities

3w

Record-Breaking Second Quarter Operating Earnings in 100-Year History

AEP achieved its strongest ever second quarter operating earnings, totaling $1.43 per share or $766 million.
Performance driven by improved execution, regulatory outcomes, and disciplined management.
Management expressed high confidence in sustaining these results and guiding to the upper half of the 2025 earnings range of $5.75 to $5.95 per share.

The Southern Company

SO

Energy & Utilities

2w

Financial Performance Summary

Commercial and industrial sales rose 3.5% and 2.8% respectively, driven by increased usage and new large load customers, including a 13% increase in data center usage.
Industrial sales growth was strong in transportation and primary metals (both up 6%) and paper (up 16%).
Positive earnings drivers included investments in state-regulated utilities, higher usage, and customer growth, partially offset by milder weather, prior year gains on transmission asset sales, tax credit adjustments, and higher operating costs, interest expense, and depreciation.
Residential sales increased 2.8% year-over-year, supported by over 15,000 new electric customers and higher usage per customer.
Southern Company reported adjusted earnings per share (EPS) of $0.92 for Q2 2025, which was $0.07 above their estimate but $0.18 lower than Q2 2024.
Year-to-date weather normal retail electricity sales were 1.3% higher than the first half of 2024, with 3% growth in Q2 across all customer classes.

GWH

Energy & Utilities

5d

Financial Performance Summary

Adjusted EBITDA improved nearly 60% compared to Q2 of last year, showing operational leverage.
Cash and cash equivalents improved to $7.2 million by end of July, up from Q2 end.
GAAP cost of revenues decreased 15% quarter-over-quarter, reflecting improved cost control.
GAAP revenue of $2.4 million in Q2 2025, a 294% increase from Q1 2025 driven by final deliveries of Energy Warehouses and Energy Centers.
Net loss improved by 50% year-over-year, indicating progress toward profitability.
Operating expenses fell 35% quarter-over-quarter due to cost reduction efforts and rightsizing.
Secured up to $31 million in new capital, including a $25 million Standby Equity Purchase Agreement (SEPA).