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.
AmeriGas operating loss remained stable at $28 million, with higher retail margins offsetting lower volumes.
Midstream & Marketing EBIT declined by $16 million to $27 million due to lower margins and asset divestitures.
UGI International EBIT decreased by $14 million to $43 million, impacted by lower LPG volumes and margins but partially offset by cost reductions and currency translation benefits.
UGI reported a fiscal 2025 Q3 adjusted diluted EPS of negative $0.01, down from positive $0.06 in the prior year, reflecting typical seasonal weakness and warmer weather in some territories.
Utilities segment EBIT was $30 million in Q3, down from $39 million prior year, with margin gains offset by higher operating and administrative expenses.
Year-to-date adjusted diluted EPS reached a record $3.55, up $0.33 from the prior year, driven by contributions from all segments including natural gas infrastructure investments, operational efficiencies, and tax credits.
Adjusted EBITDA and net income for Q2 were down year-over-year due to the absence of earnings from the Airtron sale, lease expiration at Cottonwood, deactivation of Indian River Unit 4, and higher phantom stock expense.
For the first half of 2025, adjusted EPS was $4.42, a 48% increase on a normalized basis, with adjusted EBITDA exceeding $2.35 billion, up 11% year-over-year.
Free cash flow before growth was $914 million in Q2 and $1.207 billion in the first half of 2025, exceeding prior year periods by $251 million and $584 million respectively.
NRG delivered adjusted earnings per share of $1.73 in Q2 2025, representing 8% year-over-year growth when normalized for asset sales and retirements.
The Smart Home business achieved record customer retention over 90% and adjusted EBITDA of $255 million in Q2, reflecting consistent customer growth and margin expansion.
The Texas segment produced $512 million of adjusted EBITDA in Q2, up over 13% from the prior year quarter, driven by strong plant performance, increased retail margins, and favorable weather.
Adjusted EBITDA declined 28.6% to $5.0 million, and net loss widened to $5.5 million from $0.7 million in Q2 2024, impacted by lower RIN prices and discrete expenses.
Average realized RIN prices decreased 22.4% to $2.42 from $3.12 in Q2 2024, reflecting lower market prices and EPA regulatory impacts.
Operating and maintenance expenses for RNG facilities rose 22% to $17.0 million, driven by timing of preventative maintenance and operational enhancements.
Operating loss was $2.4 million compared to operating income of $0.9 million in Q2 2024, with RNG operating income down 21.2% to $9.2 million.
RNG segment revenues increased 5.1% to $40.8 million, with RNG production flat at 1.4 million MMBtu compared to Q2 2024.
Total revenues for Q2 2025 were $45.1 million, up 4.1% from $43.3 million in Q2 2024, primarily due to timing of revenues under a short-term fixed price contract.
Dafinchi