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    Henry Tarr • Berenberg

    Henry Tarr's questions to BP PLC (BP) leadership

    Henry Tarr's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Henry Tarr from Berenberg inquired about the outlook for the gas and low carbon business, particularly trading, and asked about the main focus of early discussions with the incoming new chairman.

    Answer

    CEO Murray Auchincloss shared that his initial discussions with the incoming chairman have focused on driving shareholder value, disciplined capital allocation, and instilling competitive cost tension. On the gas business, he reiterated that BP's trading strategy is built on optionality and volatility, not market direction, and the long-term assumption of delivering 4% returns remains unchanged.

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    Henry Tarr's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Henry Tarr from Berenberg asked for the outlook on the gas and low carbon business following its strong quarterly rebound and inquired about the primary focus of early discussions with BP's incoming chairman.

    Answer

    CEO Murray Auchincloss stated that early talks with incoming chair Albert Manifold have centered on driving shareholder value, disciplined capital investment, and enhancing cost competitiveness. Regarding the gas business, he reiterated that BP's trading strategy is based on capturing value from volatility and optionality, and the outlook for delivering ~4% returns from trading remains unchanged.

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    Henry Tarr's questions to BP PLC (BP) leadership • Q1 2025

    Question

    Henry Tarr from Berenberg asked about BP's future plans in Namibia following the significant Azul discovery, and whether the company would be interested in increasing its exposure to the region.

    Answer

    Executive Murray Auchincloss confirmed the Azul well was a significant discovery with a successful extended well test. He stated that BP and its partner ENI are currently evaluating the results to determine the next steps. While acknowledging BP is always looking for interesting global exploration acreage, he said the company is currently happy with its existing position in Namibia and it's premature to comment further.

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    Henry Tarr's questions to Eni SpA (E) leadership

    Henry Tarr's questions to Eni SpA (E) leadership • Q2 2025

    Question

    Henry Tarr from Berenberg asked about the necessary steps for the YPF Argentina LNG project to reach FID and Eni's comfort with large-scale LNG projects. He also questioned what factors might lead to a reassessment of the share buyback program.

    Answer

    Guido Brusco, COO of Global Natural Resources, outlined that project configuration, commercial agreements, and financing need to be finalized with YPF, targeting completion by early next year. CEO Claudio Descalzi indicated that given the positive strategic execution and strong KPIs, an improvement to the buyback program could be considered in the coming months.

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    Henry Tarr's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Henry Tarr from Berenberg asked if Enilive's biofuel manufacturing margins are currently positive or if profits are primarily from the marketing side. He also questioned if the Q1 lease interest payment is a reasonable run-rate for the full year.

    Answer

    Executive Stefano Ballista confirmed that the contribution margin from biofuels is slightly positive, aided by an integrated model that optimizes value. Executive Francesco Gattei advised that lease payments are expected to increase through the year as new projects start, making the Q1 figure a bit light as a run-rate.

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    Henry Tarr's questions to Eni SpA (E) leadership • Q1 2024

    Question

    Henry Tarr of Berenberg inquired about the rationale for increasing the share buyback to €1.6 billion and sought confirmation of the policy to distribute 60% of cash flow above the €14 billion plan. He also asked about the competitive edge provided by Eni's new HPC6 supercomputer.

    Answer

    Executive Francesco Gattei attributed the buyback increase to a combination of strong operational performance and a more supportive macro environment. Guido Brusco, Head of Natural Resources, explained that the new supercomputer, with a CapEx of €140 million, provides a significant competitive advantage in exploration by enhancing geological and reservoir modeling when combined with Eni's proprietary algorithms and skilled personnel.

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    Henry Tarr's questions to Shell PLC (SHEL) leadership

    Henry Tarr's questions to Shell PLC (SHEL) leadership • Q1 2025

    Question

    Henry Tarr asked if the strong Q1 performance in Marketing (Mobility and Lubricants) was driven by self-help measures and if there were any signs of improvement for the challenged Sectors and Decarbonization business.

    Answer

    Executive Sinead Gorman confirmed that strong results in Mobility and Lubricants were driven by self-help, including cost discipline and a focus on premium product margins. She noted the Sectors and Decarbonization business remains in a difficult macro environment, with challenges in areas like Raizen in Brazil, though there are pockets of strength in trading.

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    Henry Tarr's questions to TotalEnergies SE (TTE) leadership

    Henry Tarr's questions to TotalEnergies SE (TTE) leadership • Q1 2025

    Question

    Henry Tarr asked how TotalEnergies would approach its interests in Russia in the event of a peace deal with Ukraine.

    Answer

    CEO Patrick Pouyanné stated that any future approach would depend entirely on the specific conditions of a peace deal, which are currently unknown. He emphasized that the company's Yamal LNG project is a "prime asset" and the long-term anchor of its position in the country, but declined to speculate further on hypothetical geopolitical outcomes.

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    Henry Tarr's questions to OMV AG (OMVKY) leadership

    Henry Tarr's questions to OMV AG (OMVKY) leadership • Q1 2025

    Question

    Henry Tarr questioned the robustness of the Borouge Group International (BGI) floor dividend, asking how resilient it is to macroeconomic changes and what specific events could put the dividend at risk.

    Answer

    CFO Reinhard Florey expressed strong confidence in the floor dividend, explaining that it is designed to hold up even in riskier scenarios and is not a current concern. He emphasized that BGI's global footprint provides resilience, allowing it to leverage strengths in various regional markets. He also noted that the current tariff environment is not seen as adverse to BGI's business model, particularly for its Middle East exports to Asia.

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    Henry Tarr's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Henry Tarr asked for an update on Russian gas deliveries and the flexibility of new pipeline rights, specifically if higher costs could be passed to customers when switching to LNG. He also questioned OMV's confidence in the SAF and HVO market outlook, given the significant new capacity being built across Europe.

    Answer

    CEO Alfred Stern stated that OMV can now supply all its customers with non-Russian gas and that prices are determined by regional hubs, not OMV's supply source. He affirmed confidence in the SAF/HVO outlook, explaining that legally mandated demand increases and penalties for non-compliance are expected to create a market shortage after 2027, which will support a price premium despite new capacity additions.

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    Henry Tarr's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Henry Tarr of Berenberg asked for an update on Russian gas deliveries and the flexibility of OMV's newly secured pipeline rights. He also questioned OMV's confidence in the SAF/HVO market being tight after 2027, considering the significant new capacity being built across Europe.

    Answer

    CEO Alfred Stern confirmed OMV can now supply all customers with non-Russian gas if needed, making it independent of Russian supplies to fulfill obligations. He noted the take-or-pay contract with Gazprom remains, and arbitrations are ongoing. Regarding SAF/HVO, he reiterated confidence that EU mandates will drive strong demand, leading to a market shortage after 2027 despite new capacity, which will support a significant price premium for these fuels.

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