Financial Disclosure

Dallas – October 29, 2026 -- Brent crude spot prices reached $123.10 per barrel on October 27, with WTI at $103.37, as third-quarter results from PetroChina, Eni, Equinor and Phillips 66 showed sharply higher profits in a supply-constrained market, according to EIA daily data.

Brent averaged $114 in September as global inventories sat 509 million barrels below pre-war levels

The EIA said Brent averaged $114 per barrel in September, $23 above August. The IEA said cumulative global observed inventories ended September 509 million barrels below pre-war levels. In its October Short-Term Energy Outlook, the EIA estimated that global oil inventories fell by an average of 1.9 million barrels per day in the third quarter. It forecasts Brent will decline to an average of $87 per barrel by the second quarter of 2027.

Vancouver – October 29, 2026 -- Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion financing structure to build AI compute capacity for Anthropic using Broadcom technology, with deliveries expected from calendar 2027.

A special purpose vehicle will buy Broadcom XPU AI accelerators and networking solutions and lease them to Anthropic. Broadcom will provide residual value support equal to the first lien portion of the financing. CEO Hock Tan said the deal validates that "there is capital available to finance such growth."

Meta books a $9.89 billion charge as Q3 revenue climbs 26% to $64.60 billion

Meta Platforms posted net income of $9.86 billion, up 264%, and diluted EPS of $3.83, up 265%. The quarter included a $9.89 billion charge tied to an agreement with 52 attorneys general on teen mental health and social media litigation. The agreement carries payments of up to approximately $18.59 billion.

AUSTIN – October 29, 2026 -- Oracle set a fiscal 2030 target of $225 billion or more in total revenue, a compound annual growth rate above 35% from FY26, and committed to limiting new capital market funding to $20 billion through FY30. Co-CEOs Clay Magouryk and Mike Sicilia and CFO Hilary Maxson presented the updated medium-term guidance at the company's Investor Day in Las Vegas.

Oracle targets 40% non-GAAP operating margin and $21 EPS in FY30

Beyond the revenue goal, Oracle guided to a non-GAAP operating margin of 40% or higher and non-GAAP earnings per share of $21 or more in FY30. The company said each of its three business models, cloud infrastructure, database and applications, is expected to generate strong profitability and free cash flow.

NEW YORK – October 29, 2026 -- Baker Hughes booked an order for 34 Frame 5 and nine NovaLT16 gas turbines, about 1.1 GW of capacity, for a major U.S. technology company's AI computing development. It was one of several gas-to-power deals reported between October 21 and October 27, while Henry Hub gas traded at $2.76 per MMBtu.

Cheap gas moves the bottleneck to turbines, pipelines and grid rules

The Henry Hub spot price was $2.76 per MMBtu on October 27, according to the U.S. Energy Information Administration (EIA). Working gas in storage stood 35 Bcf above the five-year average in the week ended October 16. U.S. gross withdrawals hit a record 137 Bcf/d in July 2026, driven mainly by Permian Basin output.

Southfield – October 29, 2026 -- 123NET, a Michigan-based fiber, colocation and voice provider, has been awarded approximately $86 million through the federal Broadband Equity, Access and Deployment (BEAD) program to build fiber across underserved Michigan communities.

BEAD money covers 17,000 addresses within a 49,300-address buildout

The funding will deliver fiber connectivity to 17,000 BEAD-funded addresses. These form part of a total network expansion reaching 49,300 addresses. 123NET worked with municipalities and community partners to apply and is coordinating with the Michigan High-Speed Internet Office (MIHI). The National Telecommunications and Information Administration and MIHI administer the program.

RICHMOND – October 29, 2026 -- Markel Group Inc. (NYSE: MKL) reported third-quarter adjusted operating income of $707 million, up 14% from $621 million a year earlier, as its insurance and industrial units improved profitability.

Operating revenues rose 6% in the quarter and 2% year to date. Operating income, which includes market movements in the equity portfolio, was $383 million for the quarter and $1.7 billion for the nine months.

Nine-month adjusted operating income slips 2% to $1.6 billion

Adjusted operating income excludes equity portfolio market movements. For the first nine months it totaled $1.6 billion, down 2% from $1.7 billion in the same period of 2025, so the third-quarter gain only partly offset earlier weakness.

SUSSEX, Wis. – October 29, 2026 -- Quad/Graphics (NYSE: QUAD) raised the midpoint of its full-year 2026 Adjusted Annual Net Sales Change guidance from -3% to -2%, after third-quarter Net Sales of $587 million held essentially flat against $588 million a year earlier.

Adjusted Diluted Earnings Per Share rose 13% to $0.35 from $0.31. Net Earnings fell to $6 million, or $0.11 per diluted share, from $10 million, or $0.21, on higher restructuring, impairment and transaction-related charges, net.

Quad narrows EBITDA and free cash flow guidance within original ranges

Besides the sales change, the company narrowed Adjusted EBITDA and Free Cash Flow guidance within its original ranges. It maintained its year-end 2026 Net Debt Leverage Ratio target at approximately 1.5x.

Richmond, Va. – October 29, 2026 -- Markel Insurance has agreed to retrocede $2.3 billion of run-off reserves to Enstar under an adverse development cover (ADC) reinsurance agreement. The deal also gives Markel $1.2 billion of protection against reserve deterioration. Markel Insurance is the insurance arm of Markel Group Inc. (NYSE: MKL).

Markel retains the first $2.6 billion of $4.8 billion in subject reserves

The agreement covers subject reserves of $4.8 billion. Markel keeps the first $2.6 billion and passes the next $2.3 billion to Enstar. Markel will pay Enstar a risk premium of $120 million for the adverse loss development cover, which sits above the $4.8 billion of subject reserves.

TORONTO – October 29, 2026 -- Agnico Eagle Mines reported third-quarter 2026 net income of $1,353 million ($2.67 per share) and free cash flow of $852 million ($1.68 per share), driven by a realized gold price of $4,264 per ounce.

Adjusted net income was $1,324 million, or $2.62 per share. Cash provided by operating activities reached $1,755 million, or $3.47 per share.

Payable gold output of 814,012 ounces comes with costs above full-year guidance ranges

Production costs were $1,193 per ounce, total cash costs were $1,133 per ounce and all-in sustaining costs (AISC) were $1,648 per ounce. Detour Lake, Fosterville and Kittila led operations.

Full-year payable production is still expected near the lower end of the 3.3 to 3.5 million ounce guidance range. The company attributes this to the adjusted mine plan for the Barnat open pit at Canadian Malartic after the rock mass movement reported on July 2, 2026.

CAMDEN, N.J. – October 29, 2026 -- American Water Works Company (NYSE: AWK) reported third-quarter 2026 adjusted earnings of $2.00 per share, up from $1.89 a year earlier, and narrowed its 2026 adjusted EPS guidance to $6.07-$6.12 from $6.02-$6.12.

GAAP earnings were flat at $1.94 per share in the quarter. Year-to-date adjusted EPS reached $4.63 versus $4.40 in 2025, while GAAP EPS rose to $4.56 from $4.47.

American Water sets 2027 standalone EPS guidance at $6.53-$6.63

The range implies 8% EPS growth at the midpoint against 2026 adjusted guidance. All standalone long-term targets are unchanged: EPS growth of 7-9%, rate base growth of 8-9% including acquisitions, acquired customer addition growth of 2% and dividend per share growth of 7-9%.

The standalone capital investment plan is $20+ billion for 2026-2030 and $48+ billion for 2026-2035. The 2027 standalone plan is $4.1 billion.