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.
Acquired EnLink and Medallion assets contributed nearly $450 million in adjusted EBITDA during the quarter, driving strong year-over-year earnings growth.
ONEOK reported second quarter 2025 net income attributable to ONEOK of $841 million or $1.34 per share, a more than 30% increase compared with the first quarter.
Second quarter adjusted EBITDA totaled $1.98 billion or $2 billion excluding $21 million in transaction costs, consistent with guidance methodology.
The company ended the quarter with $97 million in cash and no borrowings under its $3.5 billion credit facility, and reduced senior notes by nearly $600 million during the quarter.
Year-to-date, ONEOK has extinguished nearly $850 million in senior notes, progressing toward a long-term leverage target of 3.5x expected in 2026.
Improved Free Cash Flow Conversion and Balance Sheet Strengthening
Vistra expects to increase its free cash flow conversion rate to at or above 60% over the medium term, up from 55-60%.
This improvement is driven by higher EBITDA, tax benefits from the recent legislation, and operational efficiencies.
The company aims to deleverage quickly, targeting a net leverage ratio below 3x, with plans to achieve investment-grade credit ratings within 12-18 months.
Adjusted earnings decreased by $760 million versus last quarter due to lower upstream realizations, higher DD&A, and unfavorable tax impacts, partially offset by improved downstream earnings.
Cash flow from operations excluding working capital was $8.3 billion; adjusted free cash flow was $4.9 billion, a 15% increase quarter-on-quarter despite 10% lower crude prices.
Chevron reported second quarter earnings of $2.5 billion or $1.45 per share, with adjusted earnings of $3.1 billion or $1.77 per share.
Foreign currency effects decreased earnings by $348 million.
Organic CapEx was $3.5 billion, the lowest quarterly total since 2023, while inorganic CapEx was approximately $200 million related to lithium acreage acquisition.
Second quarter oil equivalent production increased by over 40,000 barrels per day from last quarter.
Special items including fair value measurement of Hess shares, pension curtailment costs, and asset sale gains resulted in a net charge of $215 million.
Dafinchi