Dafinchi AI

Kosmos Energy Ltd.

KOS

Energy & Utilities

2w

Financial Performance Summary

CapEx in the first half of 2025 was approximately $170 million, down 65% from the first half of 2024, with full year guidance reduced from $400 million to $350 million.
Equatorial Guinea production was just under 8,000 barrels per day, lower than expected due to subsea pump failures.
Free cash flow generation has started with production increases and CapEx reductions, supporting debt paydown and balance sheet resilience.
Ghana net production was around 29,100 barrels of oil equivalent per day, with Jubilee gross production at approximately 55,000 barrels per day, impacted by planned shutdowns and riser instability.
GTA net production was just over 7,000 barrels of oil equivalent per day with 3.5 gross LNG cargoes lifted in the quarter.
Gulf of America net production was about 19,600 barrels of oil equivalent per day, at the upper end of guidance.
Operating expenses per barrel of oil equivalent (OpEx/BOE) excluding GTA were higher in the quarter due to lifting timing, while general and administrative expenses (G&A) were lower due to overhead savings.
Second quarter production increased sequentially due to GTA coming online and strong Gulf of America performance, partially offset by lower Jubilee and Equatorial Guinea production.

Kosmos Energy Ltd.

KOS

Energy & Utilities

2w

Gimi LNG Project Achieves Commercial Operations Date (COD) with 6.5 Cargoes Lifted in 2025

Gimi FLNG achieved COD in late June, marking a key milestone for the GTA project.
Targeting full capacity of 2.7 million tonnes per annum in Q4 2025.
Lifted 6.5 gross cargoes year-to-date, with expected increase in production during winter months.

WHD

Energy & Utilities

2w

Financial Performance Summary

Adjusted EBITDA was $87 million, down 7.6% sequentially, with margins compressing to 31.7% from 33.5%.
Cash balance increased to $405 million, up approximately $58 million sequentially, supported by positive inventory and accounts payable movements and lower CapEx.
GAAP income was $49 million in Q2 versus $54 million in Q1; adjusted net income was $53 million with EPS of $0.66.
Legal expenses and reserves related to litigation increased by approximately $2 million to $5.1 million in Q2.
Net CapEx was approximately $11.1 million in Q2, with a reduced full-year 2025 CapEx outlook of $40 million to $45 million.
Operating income declined $12 million or 22.1% sequentially, with margin compression due to tariffs, lower rental revenue, and legal expenses.
Pressure Control segment revenue declined 5.5% sequentially to $180 million, driven by lower rental business revenue and unfavorable product mix.
Q2 2025 revenue was $274 million, a sequential decline of 2.4%.
Spoolable Technologies segment revenue increased 3.9% sequentially to $96 million, with improved operating income and margins.
The Board approved an 8% increase in the quarterly dividend to $0.14 per share.

SM Energy Company

SM

Energy & Utilities

2w

Financial Performance Summary

Adjusted free cash flow funded the fixed quarterly dividend of $0.20 per share, repaid the remaining credit facility balance, and resulted in cash on hand exceeding $100 million at June 30.
Cash production margin remained resilient despite a lower commodity price environment, with the Uinta Basin margin exceeding Midland Basin margin for the second quarter.
Net debt to adjusted EBITDAX was 1.2x, with pro forma leverage including full 12 months of Uinta EBITDAX estimated just under 1.1x.
Oil production was 115,700 barrels per day, representing over 55% of total production.
Operating costs decreased by 7% per BOE sequentially due to lower LOE and production taxes.
SM Energy delivered record production volumes totaling 209,000 barrels of oil equivalent per day, exceeding the midpoint of guidance by 5%.
The company beat consensus estimates for adjusted net income, adjusted EBITDAX, and adjusted free cash flow.
Transportation expense per BOE increased by 5% sequentially due to a higher production mix from the Uinta Basin.

Comstock Resources, Inc.

CRK

Energy & Utilities

2w

Financial Performance Summary

Adjusted net income was $40 million or $0.13 per diluted share, a turnaround from a loss in Q2 2024.
Development spending was $268 million in Q2, drilling 19 wells year-to-date with 24 wells turned to sales averaging 27 million cubic feet per day initial production.
EBITDAX for H1 was $553 million and cash flow was $449 million, with adjusted net income of $94 million or $0.32 per diluted share compared to a loss in H1 2024.
EBITDAX for Q2 was $260 million, with operating cash flow of $210 million or $0.71 per diluted share.
For the first half of 2025, production averaged 1.26 Bcfe per day, 15% lower than the same period in 2024, with oil and gas sales up 22% to $749 million.
In Q2 2025, Comstock Resources reported natural gas and oil sales of $344 million, a 24% increase despite a 14% production decline to 1.23 Bcfe per day compared to Q2 2024.
Operating costs per Mcfe averaged $0.80 in Q2, slightly lower than prior periods, and EBITDAX margin was 74%.
Realized natural gas price in Q2 was $3.10 per Mcf after hedging and marketing gains, with a 56% hedge coverage.

Coterra Energy Inc.

CTRA

Energy & Utilities

2w

Financial Performance Summary

Capital expenditures were $44 million (7%) below the midpoint of guidance, driven by timing and cost savings.
Cash operating costs were $9.34 per BOE, down 6% quarter-over-quarter and aligned with annual guidance midpoint.
Coterra Energy exceeded the high end of guidance for natural gas and total barrel of oil equivalent (BOE) production and surpassed the midpoint on oil volumes in Q2 2025.
Coterra repaid $100 million of term loans in Q2, totaling $350 million in the first half of 2025, and returned $191 million to shareholders through dividends and share repurchases, representing 58% of free cash flow.
Discretionary cash flow was $949 million, with free cash flow of $329 million after capital expenditures.
Liquidity remained strong with an undrawn $2 billion credit facility and total liquidity of $2.2 billion.
Net income was $511 million or $0.67 per share, with adjusted net income of $367 million or $0.48 per share.
Revenues were balanced between oil and natural gas, including natural gas liquids (NGLs), with pre-hedge oil and gas revenues at $1.7 billion and 52% of revenues from oil production.

Eversource Energy

ES

Energy & Utilities

2w

Financial Performance Summary

Eversource reported second quarter earnings of $0.96 per share, in line with expectations, compared to $0.95 per share last year.
FFO to debt ratio improved to 11.5% as of Q1 2025, up over 200 basis points from December 31, 2024.
Higher utility earnings from transmission, distribution, and natural gas segments were partially offset by increased parent losses due to higher interest expense after the sale of the offshore wind business.
Natural gas segment earnings improved by $0.02 per share due to base distribution rate increases, offset by higher O&M and other expenses.
Operating cash flows improved by over $1 billion year-over-year through the first half of 2025.
Parent losses increased by $0.07 per share primarily due to higher interest expense from the absence of capitalized interest post offshore wind sale.
Transmission earnings increased by $0.02 per share due to investments and lower interest expense; distribution earnings increased by $0.02 per share due to rate increases in New Hampshire and Massachusetts.
Water distribution earnings improved by $0.02 per share due to higher revenues and lower interest expense.

The Williams Companies, Inc.

WMB

Energy & Utilities

2w

Financial Performance Summary

Growth CapEx is expected near the high end of guidance at just under $2.9 billion, reflecting accelerated project timelines.
Northeast Gathering & Processing (G&P) business increased by $22 million or 5%, despite the negative impact of the Aux Sable divestiture.
Overall volumes increased across segments, with Gulf gathering volumes up 17% and NGL production up 77%.
The company expects a 9% CAGR in adjusted EBITDA from 2020 through 2025.
Transmission and Gulf business segment improved by $91 million or 11%, driven by expansion projects and higher revenues.
Upstream business showed a $7 million increase, partially offset by lower oil prices.
West segment grew by $22 million or 7%, supported by higher Haynesville volumes and the Rimrock acquisition.
Williams raised its 2025 adjusted EBITDA guidance midpoint by $50 million to $7.75 billion, representing a cumulative $350 million increase since 2024 guidance.
Williams reported an 8% increase in adjusted EBITDA for Q2 2025, reaching $1.808 billion compared to $1.667 billion in Q2 2024.