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    Alejandro Vigil • Santander

    Alejandro Vigil's questions to BP PLC (BP) leadership

    Alejandro Vigil's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Alejandro Vigil from Santander asked for the company's expectation for net debt by the end of the year.

    Answer

    CFO Kate Thomson detailed several factors influencing net debt, including a significant working capital build in H1, a scheduled Deepwater Horizon payment, and a $1.2 billion hybrid bond redemption. She anticipates a working capital reversal of $1.5 to $2.0 billion in the second half of the year and expects net debt to trend slightly downward by year-end, assuming a flat price environment.

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    Alejandro Vigil's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Alejandro Vigil from Santander asked for BP's expectations regarding its net debt level by the end of the year.

    Answer

    CFO Kate Thomson provided a detailed outlook, stating that after a significant working capital build in the first half, she expects a reversal of $1.5 billion to $2.0 billion in the second half. Factoring in stable operations, flat prices, and a $1.2 billion hybrid bond redemption, she anticipates that net debt will continue to trend slightly downward toward the end of the year.

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    Alejandro Vigil's questions to Eni SpA (E) leadership

    Alejandro Vigil's questions to Eni SpA (E) leadership • Q2 2025

    Question

    Alejandro Vigil from Santander asked for details on the Atea Energia acquisition opportunity. He also questioned if Namibia could become another potential upstream satellite for Eni, especially in light of Galp's activities there.

    Answer

    Stefano Goberti, CEO of Plenitude, detailed the binding offer for Atea Energia, which aligns with Plenitude's strategy by adding 1.4 million clients, primarily in power. Guido Brusco, COO of Global Natural Resources, stated that Namibia is a clear example of their satellite model's regional expansion but confirmed Eni is not interested in the Galp process and is focused on its own discovered resources.

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    Alejandro Vigil's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Alejandro Vigil of Santander inquired about the 1.7 million barrels per day production guidance, specifically the potential risks from Kazakhstan and OPEC+ quotas, and asked for an outlook on Enilive's margin evolution.

    Answer

    Guido Brusco, an Eni executive, confirmed the production outlook is supported by five major start-ups and noted no engagement from Kazakh authorities on production cuts. Stefano Ballista, another executive, addressed Enilive, explaining that while the market is currently oversupplied, demand for biofuels and SAF is expected to increase in the second half, leading to margin improvement. He stressed Eni's focus on value over volume.

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    Alejandro Vigil's questions to Eni SpA (E) leadership • Q2 2024

    Question

    Alejandro Vigil inquired about the potential for selling a stake in Plenitude, similar to the Enilive deal, and asked about the expected returns on investments in Carbon Capture and Storage (CCS).

    Answer

    Executive Claudio Descalzi noted that while a Plenitude stake sale is not planned for the second half of 2024, there is significant investor interest and 'room' for a deal to fund its growth. Regarding CCS, he explained that Eni's model of using existing depleted reservoirs is not highly capital-intensive, with the main expense being the operating cost of capture. Executive Guido Brusco added that the required capital would likely be sourced via project financing.

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    Alejandro Vigil's questions to Eni SpA (E) leadership • Q1 2024

    Question

    Alejandro Vigil from Santander asked about Eni's Carbon Capture and Storage (CCS) strategy, specifically requesting the expected timing for the first Final Investment Decision (FID) and the potential size of the investment.

    Answer

    Guido Brusco, Head of Natural Resources, detailed the CCS pipeline, stating the Ravenna Phase 1 project will start in Q2 2024. The UK HyNet project targets a cluster FID by year-end 2024, while the larger Ravenna Phase 2 targets an FID in 2025. The gross investment for the transport and storage segment of these two key projects is estimated at €1.7-€1.8 billion, with both aiming for injection before 2030.

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    Alejandro Vigil's questions to TotalEnergies SE (TTE) leadership

    Alejandro Vigil's questions to TotalEnergies SE (TTE) leadership • Q1 2025

    Question

    Alejandro Vigil inquired about the medium-term outlook for the downstream business and asked for commentary on the apparent weakness in the marketing segment during the first quarter.

    Answer

    CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire addressed the downstream outlook by acknowledging that European refining and petrochemicals are under pressure, leading to strategic decisions like the announced shutdown of a cracker in Antwerp. For the marketing segment, Sbraire explained that the Q1 performance was not weakness but expected seasonality, as people drive less in the winter. He noted the results were in line with Q1 of the prior year and that the division remains a very resilient cash flow contributor over the full year.

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    Alejandro Vigil's questions to Equinor ASA (EQNR) leadership

    Alejandro Vigil's questions to Equinor ASA (EQNR) leadership • Q3 2024

    Question

    Alejandro Vigil asked if the Orsted investment could lead to joint project developments and whether project delays and offshore wind uncertainty might result in higher shareholder distributions next year.

    Answer

    Executive Torgrim Reitan stated there are no current plans for joint projects with Orsted. He affirmed a strong outlook for capital distribution, reiterating the commitment for $8 billion to $10 billion next year, comprising a growing dividend and a share buyback of $4 billion to $6 billion.

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    Alejandro Vigil's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Alejandro Vigil of Santander Bank asked about the timing of the Peregrino divestment and whether production from the Bacalhau project would offset the divested volumes. He also inquired about further growth opportunities in U.S. onshore gas and potential downstream investments to capitalize on the AI boom.

    Answer

    EVP & CFO Torgrim Reitan confirmed the Peregrino divestment is expected to close by year-end, representing a strategic high-grading of the portfolio to focus on the Bacalhau and Raya developments. He noted Bacalhau is progressing well and will be a significant production contributor. On U.S. gas, Reitan highlighted the success of recent Marcellus acquisitions and the company's positive long-term view on natural gas, particularly given AI-driven energy demand, but stated there are no concrete plans for downstream gas-fired power plants at this time.

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    Alejandro Vigil's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Alejandro Vigil of Santander asked about the timing of the Peregrino divestment and whether production from the Bacalhau project would offset the lost volumes. He also inquired about further growth opportunities in U.S. Onshore gas, including potential downstream investments.

    Answer

    EVP & CFO Torgrim Reitan stated the Peregrino deal is expected to close by year-end, allowing a focus on the Bacalhau and Raya developments. He confirmed Bacalhau is progressing well and will be a significant contributor. Regarding U.S. gas, he noted the Marcellus acquisitions are performing well and are well-positioned for AI-driven energy demand, adding that while there are no concrete plans for gas-fired power plants, the company is watching the space.

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