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    Alastair Syme

    Research Analyst at Citigroup

    Alastair Syme is the Global Head of Energy Research and a Managing Director at Citigroup, specializing in the energy sector with a particular focus on global oil and gas majors such as BP, Exxon Mobil, Chevron, and ConocoPhillips. He has been recognized for his thorough, market-influencing analysis, as reflected by a multi-year record of published ratings and research, achieving a historic success rate of about 51% on stock calls. Syme joined Citigroup prior to 2011, where he quickly became head of European Energy research, and has since advanced to leading the firm's global energy research efforts. He is known for his expertise in the energy transition, regularly cited in industry thought leadership, and holds established professional credentials and regulatory securities licenses.

    Alastair Syme's questions to EXXON MOBIL (XOM) leadership

    Alastair Syme's questions to EXXON MOBIL (XOM) leadership • Q2 2025

    Question

    Alastair Syme of Citigroup returned to the topic of M&A, asking if ExxonMobil feels limited by scale and whether its focus is on bolt-on deals or potentially larger transactions.

    Answer

    Chairman and CEO Darren Woods clarified that while scale is important, the primary focus is on unique value creation where ExxonMobil can contribute something that results in a better outcome for all shareholders, rather than just buying volume. VP of IR & Treasurer Jim Chapman added that the company's long-term growth plan to 2030 does not rely on any M&A, positioning it as a purely opportunistic activity.

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    Alastair Syme's questions to EXXON MOBIL (XOM) leadership • Q1 2025

    Question

    Alastair Syme of Citigroup asked for an update on the status and expected timeline for resolution of the litigation ExxonMobil filed against the European Union's windfall tax in 2022.

    Answer

    Chairman and CEO Darren Woods responded that he did not have a specific update or timeline. He characterized the situation as one where the 'wheels of justice turn slow' and expects the case will continue to wind its way through the legal process over time.

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    Alastair Syme's questions to Shell (SHEL) leadership

    Alastair Syme's questions to Shell (SHEL) leadership • Q2 2025

    Question

    Alastair Syme asked about the Shell Polymers Monaca asset, inquiring how far it is from profitability and why a joint venture partner would improve its performance. He also sought reflections on the paused Rotterdam biofuels project and Shell's broader biofuels strategy one year on.

    Answer

    CEO Wael Sawan explained that Shell is not the 'natural owner' of the standalone Monaca asset and that a partner with a broader portfolio could create optimization and synergies. On biofuels, he noted the Rotterdam project remains under review in a challenged market, but Shell's trading desk continues to perform well, and the company is being selective about where it deploys capital in that value chain.

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    Alastair Syme's questions to Shell (SHEL) leadership • Q2 2025

    Question

    Alastair Syme asked about the path to profitability for the Shell Polymers Monaca asset and the rationale for seeking a JV partner. He also requested an update on the paused Rotterdam biofuels project and overall biofuels strategy.

    Answer

    CEO Wael Sawan explained that while the Monaca asset is advantaged, Shell is not its "natural owner" as a standalone facility, and a partner could unlock scale and synergies. On biofuels, he noted the Rotterdam project remains under review in a challenged market, but Shell's trading desk continues to perform well, and capital deployment remains selective.

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    Alastair Syme's questions to Shell (SHEL) leadership • Q4 2024

    Question

    Alastair Syme of Citigroup Inc. sought clarification on the baseline for the 2025 CapEx guidance and asked how Shell is preparing its LNG business for the wave of new global supply expected in the coming years.

    Answer

    Executive Sinead Gorman confirmed the 2025 CapEx range will be below the previous $22-$25 billion guidance. Executive Wael Sawan noted that near-term supply growth is modest while latent demand is strong, and Shell is focused on its long-term leadership position in a robust market, preparing to integrate new volumes from LNG Canada and Qatar.

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    Alastair Syme's questions to TotalEnergies (TTE) leadership

    Alastair Syme's questions to TotalEnergies (TTE) leadership • Q2 2025

    Question

    Alastair Syme of Citigroup asked about the biofuels market, specifically if there is a political debate in Europe about the high cost of renewable diesel and SAF, given the slow legislation of RED III.

    Answer

    Patrick Pouyanné, Chairman & CEO, noted that the biofuels market is more impacted by regulatory changes, such as allowing co-processing of used cooking oil in refineries, which has a very low marginal cost. He explained that this technological shift and varying national interpretations of EU directives create uncertainty, causing the company to postpone a third biorefinery investment while it navigates the evolving, heavily regulated market.

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    Alastair Syme's questions to TotalEnergies (TTE) leadership • Q2 2024

    Question

    Alastair Syme of Citigroup asked for perspective on the competitiveness of renewables opportunities, specifically questioning the rationale behind a recent winning bid in a German offshore wind auction.

    Answer

    CEO Patrick Pouyanné defended the bid as competitive, explaining the strategy is to create development synergies with an adjacent block acquired previously. He emphasized that the business model is not about standalone renewable profitability but about creating an integrated power portfolio in Germany. This involves combining renewables with flexible assets like batteries and gas plants to deliver high-value 'clean firm power,' which is why the company's Integrated Power segment achieves a ROCE above 10%.

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    Alastair Syme's questions to TotalEnergies (TTE) leadership • Q1 2024

    Question

    Alastair Syme from Citi inquired about the earnings contribution from Spain within the Integrated Power business and its sensitivity to low Spanish power prices. He also asked for the rationale behind comparing Namibia's potential to Guyana's.

    Answer

    CEO Patrick Pouyanné clarified that Spain is not a major country for their Integrated Power business, with more focus on Germany and the U.K. where the gas and renewables model is more attractive. Regarding Namibia, he explained the comparison to Guyana refers to the potential of the entire Orange Basin, which could host numerous FPSOs from multiple operators, rather than a single project's scale.

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    Alastair Syme's questions to BP (BP) leadership

    Alastair Syme's questions to BP (BP) leadership • Q4 2024

    Question

    Alastair Syme of Citigroup Inc. questioned the reasoning behind labeling the upcoming strategy update a 'fundamental reset,' asking if it was driven by the macro environment or board discussions.

    Answer

    CEO Murray Auchincloss attributed the 'fundamental reset' phrasing to the significant portfolio actions taken over the past 12 months, including new projects, country entries, and the decapitalization of renewables. He explicitly stated the change was not driven by external macro factors.

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    Alastair Syme's questions to CONOCOPHILLIPS (COP) leadership

    Alastair Syme's questions to CONOCOPHILLIPS (COP) leadership • Q4 2024

    Question

    Alastair Syme of Citi asked if any external factors, such as a call from the White House for higher domestic production, would incentivize the company to accelerate its Lower 48 business beyond its current efficiency-driven pace.

    Answer

    Chairman and CEO Ryan Lance responded that the company is not looking to change its approach, which is focused on driving efficiency. He stated that the most impactful government action would be permitting reform to accelerate infrastructure build-out (for power and gas) and a return to more timely approvals for drilling and rights-of-way on federal lands. Lance believes these actions, rather than a call for more volume, would create a better investment environment and lead to more efficient and sustained production growth.

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    Alastair Syme's questions to CONOCOPHILLIPS (COP) leadership • Q3 2024

    Question

    Alastair Syme asked for perspective on why ConocoPhillips's Lower 48 production is outpacing the industry and whether the broader industry slowdown is due to takeaway constraints or natural maturity.

    Answer

    Chairman and CEO Ryan Lance attributed their outperformance to the scale and scope that allows them to operate at a stable, efficient pace, unlike smaller operators who may be forced into 'ramp-up, ramp-down' cycles. Nick Olds, EVP of Lower 48, added that they observe this slowdown in their non-operated portfolio and see it as a typical seasonal pattern for the industry to reduce activity in Q4.

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    Alastair Syme's questions to CHEVRON (CVX) leadership

    Alastair Syme's questions to CHEVRON (CVX) leadership • Q4 2024

    Question

    Alastair Syme asked about the results of the first exploration well in Namibia, inquiring why it failed to find hydrocarbons and if the company remains interested in further exploration in the region.

    Answer

    CEO Mike Wirth explained that the well, while not finding oil and gas, was successful in providing valuable geological data that confirms a working petroleum system. He stated that Chevron remains interested in the basin and noted the well was drilled efficiently, which is encouraging for future, cost-effective activity.

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    Alastair Syme's questions to CHEVRON (CVX) leadership • Q3 2024

    Question

    Alastair Syme of Citi asked about the performance of Chevron's non-operated royalty interests in the Permian and whether a "two-speed" operating system is emerging in the basin.

    Answer

    CEO Mike Wirth stated that Chevron has seen strength across all three components of its Permian business: company-operated, non-operated JVs, and royalty interests. He did not see a significant enough variation in development approach between Chevron's program and its partners' to describe it as a "two-speed" system, noting that many royalty interests are in highly attractive sweet spots.

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    Alastair Syme's questions to EQUINOR (EQNR) leadership

    Alastair Syme's questions to EQUINOR (EQNR) leadership • Q3 2024

    Question

    Alastair Syme pressed for the strategic rationale behind the Orsted investment, asking if it stemmed from a shortfall in Equinor's own portfolio and why the company chose to acquire a stake rather than pause its renewables strategy.

    Answer

    Executive Torgrim Reitan defended the investment as a value-driven, countercyclical move to gain exposure to renewables more cheaply than through organic development in the current high-cost environment. He stated that when a good opportunity to invest in a leading company at a reasonable price arises, Equinor will pursue it for long-term shareholder value.

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    Alastair Syme's questions to ENI (E) leadership

    Alastair Syme's questions to ENI (E) leadership • Q2 2024

    Question

    Alastair Syme sought clarification on the future of Enilive, including the possibility of an IPO and Eni's long-term stake, and asked if the Azule venture could be used for acquisitions in Namibia.

    Answer

    CFO Francesco Gattei confirmed an IPO remains the ultimate goal for Enilive but said it was 'premature' to define Eni's final ownership percentage. Executive Claudio Descalzi firmly stated that Eni's strategy is the 'dual exploration model' (explore and sell down), not acquiring assets discovered by others, noting Azule's recent entry into an exploration block aligns with this organic growth approach.

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    Alastair Syme's questions to ENI (E) leadership • Q1 2024

    Question

    Alastair Syme of Citi asked for the reason behind the reduction in the Plenitude equity stake sold to EIP, from 9% to 7.6%. He also inquired about the rationale and value context for Eni's reported stake reduction in an Abu Dhabi gas project.

    Answer

    Executive Francesco Gattei explained the reduced Plenitude stake was a decision by the buyer (EIP) based on their funding capacity, not Eni's choice. Guido Brusco, Head of Natural Resources, clarified the Abu Dhabi stake reduction was a strategic move to rebalance capital allocation across Eni's growing pipeline of upstream projects, driven more by forward CapEx management than immediate value realization.

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