Alastair Syme • Citigroup Inc.

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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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Darren Woods, Chairman and CEO, responded that 'the wheels of justice turn slow' and that he expects the case to wind its way through the legal process over time. He did not provide a specific timeline or a new update on the matter.

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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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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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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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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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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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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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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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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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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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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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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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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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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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