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    Anne Milne • Bank of America Merrill Lynch

    Anne Milne's questions to Ecopetrol SA (EC) leadership

    Anne Milne's questions to Ecopetrol SA (EC) leadership • Q2 2025

    Question

    Anne Milne from Bank of America Merrill Lynch asked about the current situation with gasoline and diesel prices in Colombia and how this is expected to affect the Fuel Price Stabilization Fund (FEPEC) balance going forward.

    Answer

    An executive explained that recent price increases for gasoline and gas have helped decrease the FEPEC balance. Discussions are underway to potentially increase diesel prices for high-end vehicles, likely in early 2026. The FEPEC balance stood at COP 2.5 trillion at the end of H1, and the expectation is for it to reach COP 5 trillion by year-end, with the nation committed to covering 100% of the payments.

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    Anne Milne's questions to Cemex SAB de CV (CX) leadership

    Anne Milne's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Anne Milne of Bank of America Merrill Lynch asked about the company's current thinking on the path and timing to reach its 1.5x net leverage target, and which levers—EBITDA growth or debt reduction—would be prioritized.

    Answer

    CFO Maher Al-Haffar responded that EBITDA growth is the most important lever, driven by Project Cutting Edge savings, incremental earnings from growth projects, and a focus on free cash flow conversion. He stated that this combination of EBITDA improvement and some debt reduction should allow CEMEX to reach its leverage target within the next 12 to 24 months.

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    Anne Milne's questions to Cemex SAB de CV (CX) leadership • Q1 2025

    Question

    Anne Milne from Bank of America asked about the company's financial strategy following the redemption of its 9.125% perpetual notes, including plans for other notes and potential new financing.

    Answer

    CFO Maher Al-Haffar stated that the primary goal is reducing interest expense through continued deleveraging. He confirmed that perpetual notes remain part of the capital structure and they will monitor markets to refinance the called notes at a lower cost. He added there are no immediate plans to call the other perpetual note and that the company is exploring refinancing options for some euro-denominated debt.

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    Anne Milne's questions to Cemex SAB de CV (CX) leadership • Q4 2024

    Question

    Anne Milne from Bank of America asked via webcast about CEMEX's current export levels from Mexico to the U.S. and how potential tariffs on Mexican imports could impact operations and product flows.

    Answer

    Executive Lucy Rodriguez stated that Mexico's exports to the U.S. were about 5% of its volume in 2024, with plans to reduce this to 2.5% in 2025 for economic reasons, independent of tariff discussions. She noted that broad-based tariffs would likely be positive for domestic pricing by raising import parity, while targeted tariffs would have a neutral effect.

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    Anne Milne's questions to Cemex SAB de CV (CX) leadership • Q2 2024

    Question

    Anne Milne asked about the primary drivers behind CEMEX Europe meeting its emission targets ahead of schedule and whether other regions were on a similar trajectory.

    Answer

    Executive Fernando Olivieri attributed the success in Europe to the 'reduce before capture' strategy. Key drivers included high usage of alternative fuels, achieving a clinker factor below 70%, and using decarbonated raw materials. He noted that progress is company-wide, as CEMEX has already surpassed its 2025 global target for sales of its lower-carbon 'Vertua' products, indicating that other regions are also contributing significantly to decarbonization goals.

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    Anne Milne's questions to Gran Tierra Energy Inc (GTE) leadership

    Anne Milne's questions to Gran Tierra Energy Inc (GTE) leadership • Q4 2024

    Question

    Anne Milne inquired about the drivers of higher 2024 cost of sales and the outlook for 2025, long-term production potential for 2026-2027, and the sales destinations for production from Colombia, Ecuador, and Canada, including the potential impact of tariffs.

    Answer

    EVP and CFO Ryan Ellson responded, stating that costs are expected to decrease in 2025 as production ramps up, particularly in Ecuador. He projected a potential 5-10% production growth rate post-2025, contingent on capital allocation. Regarding tariffs, Ellson explained that Gran Tierra is well-insulated and could be a net beneficiary, as tightening differentials in South America would more than offset any negative impacts from tariffs on its Canadian production.

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    Anne Milne's questions to Gran Tierra Energy Inc (GTE) leadership • Q3 2024

    Question

    Anne Milne asked about Gran Tierra's confidence in meeting its 2024 EBITDA guidance, the timing for 2025 guidance, the expected increase in 2025 CapEx, the outlook for oil price differentials, and the long-term production mix between Canada and South America.

    Answer

    EVP & CFO Ryan Ellson expressed confidence in meeting 2024 guidance and said 2025 guidance will be released in early January. He anticipates Canada will be cash flow neutral in 2025, with CapEx driving production growth. He attributed wider differentials to market competition, partly from Canada's Trans Mountain pipeline, and confirmed South America will remain the majority EBITDA contributor for the foreseeable future.

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