Dafinchi AI

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.

Texas Pacific Land Corporation

TPL

Energy & Utilities

1w

Financial Performance Summary

Consolidated total revenue for Q2 2025 was $188 million, with adjusted EBITDA of $166 million and an adjusted EBITDA margin of 89%.
Free cash flow increased 12% year-over-year to $130 million.
Oil and gas royalty production reached a company record of 33,200 barrels of oil equivalent per day, a 33% increase year-over-year.
Produced water royalty revenues and easements and other surface-related income (SLEM) both set company records this quarter.
Water sales declined by $13 million sequentially due to lower oil prices and reduced operator activity.

MDU Resources Group, Inc.

MDU

Energy & Utilities

1w

Financial Performance Summary

Electric utility earnings decreased to $10.4 million from $15.5 million due to higher payroll and outage costs, partially offset by increased commercial sales and rate relief.
MDU maintains a strong balance sheet with no equity needs in 2025 but plans to reestablish an ATM program to support a $3.1 billion capital investment over five years.
MDU Resources reported Q2 2025 income from continuing operations of $14.1 million or $0.07 per diluted share, down from $20.2 million or $0.10 per share in Q2 2024.
Natural gas utility posted a seasonal loss of $7.4 million, worsened by warmer weather and higher operating expenses, partially offset by rate relief and higher transportation revenue.
Pipeline segment earnings were $15.4 million, down from a record $17.3 million in 2024, impacted by higher operating expenses but supported by expansion projects and strong transportation demand.
Second quarter earnings were $13.7 million or $0.07 per share compared to $60.4 million or $0.30 per share in the prior year, impacted by the separation of Everus in October 2024.

RES

Energy & Utilities

3w

Financial Performance Summary

Adjusted diluted EPS was $0.08, with $0.03 adjustments related to acquisition employment costs.
Adjusted EBITDA increased to $65.6 million with margin improving 90 basis points to 15.6%.
Cash balance was $162 million at quarter end, with $50 million seller financed note payable and no outstanding revolver balance.
Cost of revenues increased to $318 million from $245 million, primarily due to Pintail addition; excluding Pintail, cost of revenues declined 3%.
Dividends paid totaled $8.8 million during the quarter.
Effective tax rate was 41.3%, unusually high due to acquisition-related employment costs; full year 2025 tax rate expected in mid-30s.
Excluding Pintail, revenues were down 3% sequentially.
Operating cash flow was $92.9 million; free cash flow was $17.6 million after $75.3 million CapEx.
Pressure pumping accounted for 25.9% of revenues, wireline 24.7%, downhole tools 23.7%, coiled tubing 8.5%, cementing 6.6%, and rental tools 4.3%.
Revenues increased 26% to $421 million in Q2 2025, driven by the full quarter impact of the Pintail acquisition.
SG&A expenses decreased to $40.8 million from $42.5 million, representing 9.7% of revenue, down 310 basis points.
Technical Services revenues were up 27%, Support Services up 14%.

Select Energy Services, Inc.

WTTR

Energy & Utilities

2w

Financial Performance Summary

Chemical Technologies segment revenues declined about 11% sequentially but exceeded margin guidance with 17.5% gross margin before D&A.
Consolidated adjusted EBITDA was $73 million in Q2, above the high end of prior guidance.
Select Water Solutions increased net income by 22% and adjusted EBITDA by 13% in Q2 2025.
SG&A increased to $39 million (just under 11% of revenue), partly due to Peak carve-out costs.
Water Infrastructure segment revenues grew 12% with a 55% gross margin before D&A, up 1.5 percentage points sequentially.
Water Services segment revenues decreased approximately 4% sequentially, with gross margins holding steady around 20%.