Earnings Surprises

Our second quarter results for 2026 came in broadly in line with, if not slightly ahead of, our internal expectations.

NRP generated $34 million of free cash flow in the first quarter of 2026 and $167 million of free cash flow over the last twelve months before accounting for the $39 million investment we made in our soda ash business.

Solid execution across all operating segments drove strong first-quarter results for Global. Performance this quarter reflects the advantages of our integrated platform in a dynamic market environment.

The second quarter of 2026 marked another outstanding quarter for Cheniere, highlighted by the substantial completion of Midscale Train 6 at the CCL Stage 3 Project, and our further progress towards an FID of Phase 1 of the SPL Expansion Project.

Strong results in the quarter mark a significant improvement from first quarter levels and place us on-track to deliver on our full-year Adjusted EBITDA guidance. Year-to-date we are on pace to accomplish all three key initiatives outlined for 2026.

The first quarter was marked by numerous wins and great operational progress as we accelerated our drive to restore America's ability to enrich uranium at scale, including securing historic federal funding and launching a major expansion of our centrifuge manufacturing plant.

During the first quarter we experienced modest revenue increases despite weather impacts to start the year. Our Technical Services segment revenues increased 7% sequentially. Within Technical Services, Cudd Energy Services’ pressure pumping saw the largest percentage increase at 20% followed by Cudd Pressure Control’s nitrogen service line which increased 13%. Thru Tubing Solutions’ downhole tools increased 11% driven by higher activity supported by new technologies. Our Support Services segment

Calumet continues to execute against every element of our multi-dimensional strategy. Our integrated specialties platform delivered exceptional results in a strong margin environment, supporting $115 million of debt retirement in July. Further, Montana Renewables completed the first stage of our MaxSAF 150 expansion and is advancing toward a faster, highly capital-efficient next stage expansion. Combined, our operating momentum and favorable outlook position us to simultaneously accelerate delev

2026 is off to an excellent start, thanks to the Cheniere team's commitment to safety, operational excellence and seamless execution. We are raising our 2026 financial guidance as a result of an increase in our LNG production forecast and higher market margins for the year, as well as the contribution from optimization activities achieved year-to-date.

H&P delivered strong financial and operational results during the quarter. We generated direct margins that exceeded the midpoint of guidance ranges in all segments as well as strong adjusted EBITDA and free cash flows.

Earlier this year, we set four goals for 2026: increase production from our core assets; lower costs; reduce debt; and advance our high‑quality growth portfolio with minimal capital. We are delivering strongly on all four of these goals.

Our first quarter results for 2026 in the aggregate came in slightly below our internal expectations. Most of our businesses performed in line with our expectations, with the exception of our offshore pipeline transportation segment, despite being up 40% year over year.

Kinetik delivered a strong start to 2026, reflecting the strategic positioning of the business, as well as successful commercial and operational execution.

Our second quarter was adversely impacted by $43 million due to the operational suspension of both of our rigs in Brazil, while operational and financial performance was otherwise strong across the board.

We delivered a strong first quarter across the board, with record-low D&C costs per foot, 2% oil production growth quarter-over-quarter and more than $500 million of free cash flow.

During the first quarter, we continued to execute across our commercial initiatives, building on the momentum established in 2025. Since inception, we have deployed over $250 million through our mineral acquisition program to enhance our long-term development position in the expanding Haynesville and Bossier play.

The first quarter of 2026 exceeded our expectations across all key financial and operational measures, with revenue, gross margin, day rate and utilization all outperforming.