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    Biraj Borkhataria • RBC Capital Markets

    Biraj Borkhataria's questions to BP PLC (BP) leadership

    Biraj Borkhataria's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Biraj Borkhataria of RBC Capital Markets asked if the newly announced portfolio review would start from a 'blank sheet of paper' and how it relates to the ongoing Castrol review. He also questioned the rising lease liability on the balance sheet.

    Answer

    CEO Murray Auchincloss clarified the review starts from the current portfolio to prioritize value and accelerate strategy, and it does not alter the ongoing divestment program, including the Castrol process. CFO Kate Thomson explained the lease liability increase was deliberately incurred to drive value, citing specific assets like the FLNG vessel in Mauritania and Senegal and the BP Bioenergy acquisition.

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    Biraj Borkhataria's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Biraj Borkhataria of RBC Capital Markets asked if the newly announced portfolio review would start from a 'blank sheet of paper' and how it relates to the Castrol transaction. He also questioned the recent increase in BP's lease liability.

    Answer

    CEO Murray Auchincloss clarified the review builds on the current strategy to accelerate value delivery and does not change the ongoing Castrol process or divestment program. CFO Kate Thomson explained the ~$4 billion year-on-year rise in lease liability was a deliberate result of value-driving activities, primarily the accounting for the FLNG vessel in Mauritania/Senegal and the BP Bioenergy acquisition.

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    Biraj Borkhataria's questions to BP PLC (BP) leadership • Q1 2025

    Question

    Biraj Borkhataria of RBC Capital Markets asked for clarification on the 'Other businesses & corporate' (OB&C) line item. He noted that while higher interest income from pre-issued hybrids should lower the charge, the full-year guidance of $1 billion remained unchanged, and he sought to understand why.

    Answer

    Executive Katherine Thomson acknowledged that the non-controlling interest (NCI) charge includes hybrid costs and that the offsetting interest income is reported within OB&C. However, she explained that the primary driver of volatility in the OB&C line is foreign exchange (FX) movements, particularly on hybrid swaps. She stated that while she cannot predict FX, the underlying spending and income expectations currently support the existing guidance, which will be reviewed again in the second quarter.

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    Biraj Borkhataria's questions to Chevron Corp (CVX) leadership

    Biraj Borkhataria's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Biraj Borkhataria of RBC Capital Markets inquired about Chevron's capital spending outlook for the Permian Basin in 2026-2027, given the recent achievement of the 1 million barrels per day production milestone and the stated intention to moderate spending.

    Answer

    Vice Chairman Mark Nelson confirmed that with peak CapEx past, 2025 spending will be at the lower end of the $4.5-$5 billion range due to efficiencies. He indicated that CapEx is expected to drop further as the focus shifts to free cash flow generation, with more details to be shared at the upcoming Investor Day.

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    Biraj Borkhataria's questions to Chevron Corp (CVX) leadership • Q1 2025

    Question

    Biraj Borkhataria questioned the decision to slow the share buyback program, asking how the $10-$20 billion guidance range reconciles with cash generation at lower oil prices and the need to maintain balance sheet strength.

    Answer

    CEO Mike Wirth reiterated the company's financial priorities, explaining the buyback range was always linked to commodity prices, with the lower end corresponding to a weaker outlook. CFO Eimear Bonner added that free cash flow growth remains resilient even at lower prices due to major project start-ups and cost reductions.

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    Biraj Borkhataria's questions to Chevron Corp (CVX) leadership • Q4 2024

    Question

    Biraj Borkhataria inquired about Chevron's fourth-quarter underlying cash flow, seeking clarification on one-off items to better understand the baseline for 2025 projections.

    Answer

    CFO Eimear Bonner explained that cash flow, excluding working capital, was impacted by approximately $2.5 billion in nonrecurring and accounting items. This included a $1.5 billion tax charge from a Canadian asset sale, a $500 million impact from special items not adjusted in cash flow, and another $500 million from affiliate distributions and unique commercial activity.

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    Biraj Borkhataria's questions to Chevron Corp (CVX) leadership • Q3 2024

    Question

    Biraj Borkhataria from RBC Capital Markets questioned the decision to sell Canadian long-cycle assets (AOSP) ahead of the Hess arbitration, especially when the strategy is to acquire similar high-quality resources.

    Answer

    CEO Mike Wirth explained that the Duvernay asset struggled to compete internally and the non-operated AOSP asset was considered non-core. A compelling, unsolicited offer for both assets presented an opportunity to transact at an attractive value, which hadn't been available previously. He emphasized that portfolio high-grading is an ongoing process.

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    Biraj Borkhataria's questions to Exxon Mobil Corp (XOM) leadership

    Biraj Borkhataria's questions to Exxon Mobil Corp (XOM) leadership • Q2 2025

    Question

    Biraj Borkhataria of RBC Capital Markets asked for clarification on the corporate cost guidance, noting that the 2025 run rate appeared to be double the 2024 level and asking about the key drivers.

    Answer

    VP of IR & Treasurer Jim Chapman explained the increase is primarily driven by expenses from a large slate of new projects coming online and higher non-cash DD&A from the full-year impact of Pioneer and production growth. CEO Darren Woods added that cash operating expenses, excluding energy costs and taxes, remain below 2019 levels due to significant structural cost savings offsetting inflation and growth.

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    Biraj Borkhataria's questions to Exxon Mobil Corp (XOM) leadership • Q1 2025

    Question

    Biraj Borkhataria from RBC Capital Markets asked if the policy-dependent portion of CapEx might be delayed due to uncertainty and questioned the rationale behind the recent asset swap in Mozambique.

    Answer

    CEO Darren Woods stated that all CapEx plans, including policy-dependent projects, are on track and not expected to be delayed by tariff uncertainty. CFO Kathryn Mikells added that CCS investments are progressing well. Regarding Mozambique, Woods explained that the company's philosophy is to secure the right-sized stake in large projects to best leverage its project management advantages, implying the swap aligned with this strategy.

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    Biraj Borkhataria's questions to Exxon Mobil Corp (XOM) leadership • Q4 2024

    Question

    Biraj Borkhataria asked for perspective on the chemicals market, inquiring about any signs of recovery and for the company's reserve replacement ratio.

    Answer

    CEO Darren Woods acknowledged that while chemical demand is strong, the market is challenged by oversupply, with North America being the most advantaged region. He views the downcycle as necessary for improving industry efficiency. CFO Kathy Mikells added that new projects in performance chemicals and advanced recycling will further advantage their portfolio. Regarding the reserve replacement ratio, she stated the company does not find that metric to be particularly informative of its future direction.

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    Biraj Borkhataria's questions to Shell PLC (SHEL) leadership

    Biraj Borkhataria's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Biraj Borkhataria asked for clarification on reports of ramp-up issues at LNG Canada and any potential impact on project timing. He also requested details on a one-off cash return from the NAM JV that affected CFFO and what to expect going forward.

    Answer

    CEO Wael Sawan stated he was 'super proud' of the LNG Canada team, confirming the ramp-up profile is in line with expectations and that the project is running 'steady and stable.' CFO Sinead Gorman clarified that the NAM JV cash movement had zero impact on free cash flow or net debt, as it was a working capital item. She noted that any future dividends are at the discretion of the NAM JV.

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    Biraj Borkhataria's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Biraj Borkhataria asked for clarification on reports of ramp-up issues at LNG Canada and inquired about the future expectation for cash returns from the Nam JV.

    Answer

    CEO Wael Sawan stated he was "very pleased" with the momentum at LNG Canada, asserting its ramp-up profile is in line with expectations. CFO Sinead Gorman clarified the Nam JV cash return had zero impact on free cash flow or net debt, as it was a working capital movement, and that future dividends are decided annually by the JV.

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    Biraj Borkhataria's questions to Shell PLC (SHEL) leadership • Q1 2025

    Question

    Biraj Borkhataria requested clarification on the cash impacts of the Pavilion acquisition and Singapore divestment, and asked if the Q1 run-rate for Upstream OpEx and DD&A is a good baseline post-Nigeria deconsolidation.

    Answer

    Executive Sinead Gorman explained the Pavilion deal involved a small capital outlay with a lease impact below $1 billion, with earnings impact expected in 2026. The Singapore divestment was the main component of the quarter's $600 million in proceeds. She confirmed that OpEx improvements from these deals are still to come and that the lower DD&A in Upstream reflects changes from Q4 reserve updates.

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    Biraj Borkhataria's questions to Shell PLC (SHEL) leadership • Q4 2024

    Question

    Biraj Borkhataria of RBC Capital Markets asked about Shell's confidence in the China chemicals expansion FID, given the market outlook and historical project returns. He also inquired about future plans in Namibia following the recent exploration write-off.

    Answer

    Executive Wael Sawan explained that the China chemicals project is supported by strong market demand, a low-cost delivery platform, and advanced technology, while noting all capital decisions are benchmarked against share buybacks. Regarding Namibia, he stated the write-off was due to a lack of a commercial pathway, though the resource exists and the situation is still being monitored.

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    Biraj Borkhataria's questions to Shell PLC (SHEL) leadership • Q2 2024

    Question

    Biraj Borkhataria from RBC Capital Markets questioned the full-year CapEx guidance, noting that first-half spending was low. He also asked about the Nature Energy biogas business, its current profitability, and Shell's long-term conviction in the sector's returns.

    Answer

    CEO Wael Sawan affirmed his strong belief in the long-term potential of biogas and biofuels, explaining that Nature Energy is a platform for the late 2020s and 2030s, despite current margin pressures from lower gas and higher feedstock prices. CFO Sinead Gorman stated that the full-year CapEx guidance of $22-$24 billion remains intact, noting a similar spending pattern last year with significant payments expected in the second half.

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    Biraj Borkhataria's questions to Eni SpA (E) leadership

    Biraj Borkhataria's questions to Eni SpA (E) leadership • Q2 2025

    Question

    Biraj Borkhataria of RBC Capital Markets asked for clarification on the cash adjustment for the asset sale to Vitol, given the development CapEx, and inquired about CEO Claudio Descalzi's succession plans and potential future role after 2026.

    Answer

    CFO Francesco Gattei confirmed the deal's consideration will be adjusted at closing for production cashed in and investments made. CEO Claudio Descalzi addressed succession by emphasizing the strength and competence of the entire management team, stating that Eni's strategy is built by the team and the company has a strong sense of belonging and culture, ensuring a smooth transition.

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    Biraj Borkhataria's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Biraj Borkhataria from RBC asked what price signals would prompt more significant adjustments to Eni's capital program, given the strong balance sheet but deteriorating macro environment. He also questioned the feasibility of sustainable aviation fuel (SAF) mandates, given airline concerns over cost and availability.

    Answer

    Executive Francesco Gattei explained that Eni has multiple levers to pull before making material changes, highlighting a EUR 2 billion cash flow enhancement plan. He stated there is no rigid price trigger for major shifts. Executive Stefano Ballista asserted that the 2% SAF mandate is mandatory and unlikely to be relaxed, noting that production capacity is in place and the obligation falls on fuel suppliers, not airlines.

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    Biraj Borkhataria's questions to Eni SpA (E) leadership • Q2 2024

    Question

    Biraj Borkhataria asked about Eni's LNG growth strategy, particularly regarding non-integrated offtake deals, and questioned the capital allocation strategy if balance sheet gearing falls to single digits.

    Answer

    Executive Guido Brusco stated that Eni's LNG strategy is focused on higher-value integrated projects like those in Congo and Indonesia, driven by organic exploration success, though small complementary deals aren't ruled out. CFO Francesco Gattei addressed capital allocation, stating that while gearing is moving quickly towards 15%, the 10-20% range remains their 'area of comfort,' balancing a strong balance sheet with the need to fund high-return investment opportunities.

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    Biraj Borkhataria's questions to Eni SpA (E) leadership • Q1 2024

    Question

    Biraj Borkhataria from Royal Bank of Canada asked for a broader perspective on Eni's activities in Egypt, noting the receivable balance was stable, and questioned how farm-downs like the Plenitude deal are accounted for within the company's divestment targets.

    Answer

    Executive Francesco Gattei clarified that cash received from partners in satellite entities like Plenitude is fully consolidated and directly contributes to divestment targets by reducing the company's net cash imbalance. Guido Brusco, Head of Natural Resources, added that while exploration in Egypt has slowed slightly, overall operations are proceeding as planned with a focus on in-field activities and production optimization.

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    Biraj Borkhataria's questions to TotalEnergies SE (TTE) leadership

    Biraj Borkhataria's questions to TotalEnergies SE (TTE) leadership • Q2 2025

    Question

    Biraj Borkhataria from RBC Capital Markets asked about the increasing quarterly volatility in working capital and whether the slightly lower Q2 buyback of €1.7 billion, versus the guided €2 billion, was a conscious decision.

    Answer

    Patrick Pouyanné, Chairman & CEO, confirmed the lower buyback amount was simply a matter of timing and liquidity, not a change in policy, and the company would catch up. On working capital, he noted that the H1 build was comparable to the prior year and largely driven by the seasonality of the growing B2C Gas and Power business. He expects most of the H1 build to be released in the second half of the year.

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    Biraj Borkhataria's questions to TotalEnergies SE (TTE) leadership • Q1 2025

    Question

    Biraj Borkhataria sought clarification on the calculation of the "normalized gearing" figure of 11% and requested an update on the status of the Mozambique LNG project.

    Answer

    CEO Patrick Pouyanné explained the normalized gearing calculation, stating that of the $4.4 billion working capital build, $3.4 billion was seasonal, and removing this impact brings the gearing to 11%. On Mozambique, he delivered positive news, confirming that project financing is back on track following a U.S. EXIM decision. He noted the industrial area is secure and the company is working to relaunch the project by mid-year.

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    Biraj Borkhataria's questions to TotalEnergies SE (TTE) leadership • Q2 2024

    Question

    Biraj Borkhataria of RBC Capital Markets inquired about the strategic rationale for the OMV Malaysia deal, its potential for LNG integration, and asked for an update on the Mozambique LNG project's costs and timeline.

    Answer

    CEO Patrick Pouyanné explained the Malaysia deal provides access to LNG netback-priced gas and serves as an anchor for future growth, with discussions underway with partners like Petronas. On Mozambique, he confirmed that cost issues with contractors related to the 'frozen period' have been settled. The project's restart is pending the outcome of upcoming presidential elections and regrouping of financiers, with a decision expected by year-end.

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    Biraj Borkhataria's questions to TotalEnergies SE (TTE) leadership • Q1 2024

    Question

    Biraj Borkhataria of RBC Capital Markets asked about the potential impact of EU sanctions on Russian LNG on the company's Yamal offtake, and requested an update on the green hydrogen tender for its refineries.

    Answer

    CEO Patrick Pouyanné stated that sanctions on Yamal LNG would be a net positive for TotalEnergies' global portfolio due to a likely rise in LNG prices, as cash flow from Yamal is limited. He confirmed they would declare force majeure if necessary. On hydrogen, he reported receiving over 50 offers for the tender and is optimistic about securing the targeted 500,000 tonnes per year, with an update expected by year-end.

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    Biraj Borkhataria's questions to Equinor ASA (EQNR) leadership

    Biraj Borkhataria's questions to Equinor ASA (EQNR) leadership • Q1 2025

    Question

    Biraj Borkhataria asked how the halt of the Empire Wind project might alter Equinor's strategy regarding its concentrated geographical exposure, particularly in the U.S., and sought clarification on the start-up and ramp-up timeline for the Bacalhau project in Brazil.

    Answer

    Torgrim Reitan, an Equinor executive, described the Empire Wind situation as "extraordinary and unprecedented" but affirmed the U.S. remains a core country. He defended the company's concentrated portfolio strategy, citing benefits from scale and synergies in key regions. For the Bacalhau project, he confirmed a planned 2025 start-up with commissioning and hookup activities proceeding as planned.

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    Biraj Borkhataria's questions to Equinor ASA (EQNR) leadership • Q3 2024

    Question

    Biraj Borkhataria questioned how the recent Orsted investment impacts Equinor's 12-16 gigawatt renewables target, given rising development costs, and asked for an update on the project financing timeline for Empire Wind.

    Answer

    Executive Torgrim Reitan explained the Orsted acquisition is a countercyclical move to access offshore wind assets more affordably than building from scratch. He stressed that the 12-16 GW figure is a guiding ambition where "value creation triumphs volumes." For Empire Wind, he noted that financial close is expected before year-end, which will de-risk the asset.

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    Biraj Borkhataria's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Biraj Borkhataria from RBC Capital Markets asked for clarity on the U.K.'s fiscal regime following the change in government, particularly regarding the Rosebank project sale, and requested an update on the project financing for Empire Wind.

    Answer

    Executive Torgrim Reitan stated that Equinor expects any changes to the U.K. tax system to be balanced and business-friendly, based on the new government's manifesto. For Empire Wind, he confirmed the project is being de-risked, with the price contract increased to $155/MWh and project financing progressing toward a financial close by year-end. He also noted a successful farm-down would lower reported CapEx.

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    Biraj Borkhataria's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Biraj Borkhataria of RBC Capital Markets questioned the rationale for the low 3% discount rate used in the Empire Wind impairment test and asked if the recent working capital release signals a new structural level for the company.

    Answer

    EVP & CFO Torgrim Reitan explained that the 3% discount rate is an unlevered, real, after-tax rate, justified by the project's fixed 25-year revenue profile, which differs from the 5.5% rate for oil and gas. He clarified that the working capital reduction was driven by upstream segment movements, not trading, and that while trading volatility has changed due to political factors, the capital level for trading has remained stable.

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    Biraj Borkhataria's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Biraj Borkhataria of RBC Capital Markets inquired about the rationale behind the 3% discount rate for the Empire Wind impairment and whether the recent working capital release signals a new structural level.

    Answer

    EVP & CFO Torgrim Reitan clarified that the 3% discount rate is an unlevered, real, after-tax figure, justified by the project's fixed 25-year revenue profile, contrasting with the 5.5% rate for oil and gas. He also noted the working capital change was driven by upstream segments, not trading, and that while political volatility has reduced risk-taking in trading, the capital level has remained stable.

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