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.
Adjusted EBITDA was $440.4 million including a $48.6 million legal settlement impact.
CapEx was $210 million, 16% lower sequentially, allocated 34% Permian, 25% Williston, 15% Uinta, and 26% Appalachia.
Fitch upgraded NOG's credit rating to BB-.
Free cash flow excluding the legal settlement was approximately $126 million, marking the 22nd consecutive quarter of positive free cash flow totaling over $1.8 billion.
Lease operating costs per BOE rose 6% to $9.95 due to higher expenses in Williston and Permian regions.
Liquidity at quarter end was over $1.1 billion, including $26 million cash and $1.1 billion available on revolving credit.
NOG delivered a solid Q2 2025 with total average daily production of approximately 134,000 BOE per day, up 9% versus Q2 2024 and flat sequentially.
NOG recorded a $115.6 million noncash impairment charge due to lower oil prices, leading to reduced DD&A guidance per BOE.
Oil production was approximately 77,000 barrels per day, up 10.5% year-over-year and down 2% sequentially due to lower Williston activity.
Uinta Basin volumes increased 18.5% sequentially, and Appalachian JV wells started contributing in the back half of the quarter with record gas volumes of approximately 343 mmcf per day.
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.
Dafinchi