Dafinchi AI

UGI

Energy & Utilities

UGI reported a Q3 adjusted EPS of negative $0.01, reflecting typical seasonal patterns, with warmer weather and lower midstream margins impacting results.
The Utilities segment saw a decline in EBIT due to higher operating expenses but benefited from infrastructure investments and customer growth.
AmeriGas EBIT was stable, with lower volumes offset by higher margins, and the full-year performance remains resilient despite seasonal challenges.

Energy & Utilities

Capital expenditures for the first half of 2025 totaled $82 million, representing 45% of the updated capital budget midpoint.
Free cash flow after dividends was $82 million, nearly a 90% increase compared to the prior year, supported by declining capital expenditures.
In Q2 2025, Antero Midstream generated $284 million of EBITDA, an 11% year-over-year increase driven by record gathering and processing volumes.
Leverage was reduced to 2.8x as of June 30 through debt reduction funded by free cash flow.

TRGP

Energy & Utilities

Adjusted EBITDA was flat sequentially due to lower marketing margins, weaker commodity prices, and a planned turnaround at the Mont Belvieu fractionation complex.
Completed a $1.5 billion debt offering and retired $705 million of higher-cost notes, improving debt maturity profile.
Full-year 2025 adjusted EBITDA guidance remains $4.65 billion to $4.85 billion.
Liquidity stood at $3.5 billion with a pro forma leverage ratio of 3.6x, within the target range of 3x to 4x.
Targa Resources reported adjusted EBITDA of $1.163 billion for Q2 2025, an 18% increase year-over-year, driven by higher Permian volumes and full ownership of Badlands assets.

DNOW

Energy & Utilities

DNOW ended the quarter debt-free with a cash balance of $232 million and total liquidity of $582 million.
DNOW reported second quarter 2025 revenue of $628 million, up 5% sequentially and 3% year-over-year in the U.S. segment.
Free cash flow for the quarter was $41 million, with $27 million spent on share repurchases year-to-date.
Gross margins remained resilient at 22.9%, slightly down sequentially but up 110 basis points year-over-year.
Inventory turnover improved to 5.1x from 4.8x in the prior quarter, and days sales outstanding improved by 3 days to 64.
Net income attributable to DNOW was $25 million or $0.23 per diluted share, with non-GAAP net income at $29 million or $0.27 per diluted share.
Second quarter EBITDA reached a record $51 million, representing 8.1% of revenue and an 11% sequential increase.

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