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.
Adjusted EBITDAX for Q2 2025 was $324 million, exceeding consensus expectations due to strong commodity price realization, higher production, and lower operating costs.
CRC delivered record quarterly returns to shareholders, returning nearly $290 million in Q2 2025, which was more than 260% of free cash flow.
First half 2025 costs were down approximately 11% from the second half of 2024, driven by lower G&A expenses, nonenergy operating costs, and taxes other than income tax.
Free cash flow generated was $109 million for the quarter, or $165 million before changes in working capital.
Net total production was 137,000 BOE per day with average realizations at 97% of Brent before hedges and 100% after hedging.
American Transmission Company contributed an incremental $0.01 to Q2 earnings, while Energy Infrastructure segment earnings decreased by $0.03 due to storm damage losses and other factors.
Common equity issuance totaled about $425 million in H1 2025, on track for $700 million to $800 million for the year, part of $2.7 billion to $3.2 billion expected through 2029.
Corporate and other segment earnings decreased by $0.03 due to higher interest expense.
O&M expenses are expected to grow 8% to 10% for the full year compared to 2024, driven by vegetation management, new assets, and prior measures to offset mild weather impact.
Retail electric deliveries grew 1.1% year-over-year, led by large commercial and industrial segment growth of 1.9%.
These gains were partially offset by higher depreciation and amortization expense (-$0.05) and higher day-to-day O&M (-$0.02).
Utility operations earnings increased by $0.16 year-over-year, driven by weather (+$0.04), rate-based growth (+$0.12), and timing of fuel expense, tax, and other items (+$0.07).
WEC Energy Group reported earnings of $0.76 per share for Q2 2025, a $0.09 increase compared to Q2 2024.
Dafinchi