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    Joshua Eliot Stone • UBS

    Joshua Eliot Stone's questions to Shell PLC (SHEL) leadership

    Joshua Eliot Stone's questions to Shell PLC (SHEL) leadership • Q1 2025

    Question

    Joshua Eliot Stone asked about Shell's commitment to countercyclical capital allocation, particularly in a downturn, and its experience with Integrated Gas trading amidst market volatility.

    Answer

    CEO Wael Sawan affirmed that buying back Shell stock is currently the best value, emphasizing the goal of driving free cash flow per share. Executive Sinead Gorman detailed that the Integrated Gas business had a strong quarter due to optimizing around unplanned downtime and strong demand, but noted that planned maintenance and legacy hedging losses could pressure Q2 earnings while cash flow remains resilient.

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    Joshua Eliot Stone's questions to Shell PLC (SHEL) leadership • Q4 2024

    Question

    Joshua Eliot Stone of UBS Group AG questioned the financial performance of the Chemicals division, asking why the Monaca cracker ramp-up is not yet reflected in earnings and when the segment might reach breakeven. He also asked about the strategic implications of the recent favorable Dutch court ruling.

    Answer

    Executive Sinead Gorman stated that the Monaca facility is now fully operational and expected to contribute more significantly to earnings going forward, noting that weak Q4 results were also due to lower trading activity. Executive Wael Sawan clarified that the court ruling has minimal impact on investment strategy, which remains focused on prudent capital allocation.

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    Joshua Eliot Stone's questions to Shell PLC (SHEL) leadership • Q2 2024

    Question

    Joshua Eliot Stone from UBS asked about the drivers behind another strong quarter for liquids trading in the Products division. He also questioned whether the current pace of capital expenditure is sufficient to sustain long-term cash flow, given some investment reductions.

    Answer

    CFO Sinead Gorman stated that the strong liquids trading result was driven by both crude and products, with crude being slightly stronger due to market volatility. She reaffirmed comfort with the $22-$25 billion annual CapEx range, emphasizing it is not a linear spend and that significant investments in projects like Ruwais LNG, Pavilion, and Polaris demonstrate a commitment to growth that will sustain cash flows, in line with CMD targets.

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    Joshua Eliot Stone's questions to BP PLC (BP) leadership

    Joshua Eliot Stone's questions to BP PLC (BP) leadership • Q1 2025

    Question

    Joshua Eliot Stone from UBS asked about the apparent disconnect between BP's strong operational performance and its cash flow results, seeking clarity on gas trading, costs, and other drivers. He also inquired about a recent hybrid bond issuance and the company's strategy for its hybrid balance.

    Answer

    Executive Murray Auchincloss explained the cash flow lag was primarily due to a seasonal working capital build that is expected to unwind. He acknowledged a weak gas trading result but anticipates a return to normal performance. Executive Katherine Thomson added that significant progress is being made on cost reductions. Regarding hybrids, she clarified the recent issuance was short-term bridge financing for Lightsource BP and affirmed the strategy is not to grow the overall hybrid stack, with potential reductions considered at each maturity window.

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    Joshua Eliot Stone's questions to Eni SpA (E) leadership

    Joshua Eliot Stone's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Joshua Eliot Stone of UBS questioned Eni's confidence in closing the asset sale to Vitol and sought characterization of the market for selling further stakes in Plenitude. He also asked for an update on the next steps for the recent hydrocarbon discovery in Namibia.

    Answer

    Executive Francesco Gattei expressed high confidence in closing transactions, noting cash already received from KKR for Enilive and strong interest in Plenitude. He stated the Vitol deal is simply awaiting standard approvals. Executive Guido Brusco confirmed the successful Namibian well test, which flowed over 11,000 barrels per day of light oil, adding that further assessment is required to determine the discovery's full size.

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    Joshua Eliot Stone's questions to Eni SpA (E) leadership • Q2 2024

    Question

    Joshua Eliot Stone inquired about the possibility of exceeding the four-year asset disposal target and the strategic rationale for selling a significant minority stake in Enilive at this time.

    Answer

    Executive Claudio Descalzi confirmed that due to strong interest in their quality assets, they have the potential to exceed the €8 billion net disposal target, possibly through the dual exploration model in 2025. He explained the Enilive stake sale is to fund its significant growth plan without using Eni's capital, leveraging strong partners. CFO Francesco Gattei added that the initial target was a risked amount and the strong market appetite for Enilive provides potential upside.

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    Joshua Eliot Stone's questions to Eni SpA (E) leadership • Q1 2024

    Question

    Joshua Eliot Stone from Barclays inquired about the timing of Eni's expected net debt reduction following a sharp quarterly increase and asked about the company's 'satellite' strategy, questioning if Eni has reached critical mass or is planning further similar ventures.

    Answer

    Executive Francesco Gattei explained that the Q1 net debt increase was primarily due to the Neptune acquisition and seasonal working capital effects, with a reduction expected to begin in Q2 driven by asset disposals. Regarding the satellite model, Gattei affirmed its success in creating material growth with entities like Vår and Plenitude, confirmed the Ithaca deal fits this strategy, and mentioned that Eni is considering a 'few other' potential satellites, though it is still in the early stages.

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    Joshua Eliot Stone's questions to OMV AG (OMVKY) leadership

    Joshua Eliot Stone's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Joshua Eliot Stone inquired about the outlook for OMV's gas trading business for the second half of the year, considering legislative changes in Romania and transport provisions. He also asked about M&A opportunities in chemicals, specifically whether the new feasibility study in China represents the primary focus for Asian expansion.

    Answer

    CEO Alfred Stern confirmed that while the China feasibility study is a key project for geographic expansion, OMV remains open to other M&A opportunities to accelerate its transformation. CFO Reinhard Florey addressed the gas trading outlook, explaining that temporary Romanian regulations will keep results lower in H2, but mark-to-market transport provisions taken in Q2 are expected to reverse and contribute positively later.

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    Joshua Eliot Stone's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Joshua Eliot Stone from Barclays inquired about the outlook for OMV's gas trading business in the second half of the year, focusing on the impact of Romanian legislation and provisions for shifting supply away from Russia. He also asked about M&A opportunities in the chemicals sector, particularly in Asia and North America, beyond the recently announced feasibility study in China.

    Answer

    CEO Alfred Stern confirmed OMV is exploring M&A to accelerate its transformation but had nothing specific to announce beyond the Wanhua feasibility study in China. CFO Reinhard Florey addressed the gas trading outlook, noting that legislative changes in Romania will keep results at a lower level in H2, similar to Q2. However, he expressed confidence that transport provisions taken in Q2 are temporary and expected to reverse, contributing positively to future results.

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    Joshua Eliot Stone's questions to OMV AG (OMVKY) leadership • Q1 2024

    Question

    Joshua Eliot Stone of Barclays PLC inquired about the status of the Borouge/Borealis transaction with ADNOC, its potential timing relative to the upcoming Capital Markets Day, and the outlook for the petrochemical market, specifically regarding the sustainability of supply-chain-driven margin support and global demand trends.

    Answer

    Executive Alfred Stern stated that negotiations with ADNOC for the Borouge/Borealis combination are ongoing, with the goal of an equal partnership and a timely conclusion. Regarding the petrochemical market, he noted that Q1 margins improved significantly, driven by import limitations which continued into April. While European demand remains a concern, he highlighted positive trends in consumer products, mobility, and healthcare segments, and noted competitor capacity reductions in Europe.

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