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    Joshua Stone • UBS Group AG

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

    Joshua Stone's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Joshua Stone of UBS Group AG asked for more detail on the strong oil trading performance, specifically regarding the shortening of trade durations, and requested clarification on which assets drove the Q2 impairments.

    Answer

    CEO Murray Auchincloss confirmed that the oil trading team shortened trade durations to manage risk amid macro volatility but declined to share further commercial details. CFO Kate Thomson specified that impairments were related to assets in sales processes, strategic decisions to exit certain hydrogen and biofuels projects in Australia, and a further impairment on the M&S asset.

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    Joshua Stone's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Joshua Stone of UBS Group inquired about the drivers behind BP's strong oil trading performance, particularly the strategy of shortening trade durations, and asked for specifics on the assets responsible for the Q2 impairment charges.

    Answer

    CEO Murray Auchincloss confirmed that the oil trading team shortened trade durations to manage macro volatility but declined to share further commercial details. CFO Kate Thomson explained that impairments were related to assets in sales processes, strategic exits from hydrogen and biofuels in Australia, and a further write-down on the M&S project, underscoring a focus on improving capital productivity.

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

    Joshua Stone's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Joshua Stone asked where Shell sees the most significant opportunities for further cost savings and whether the Upstream business is nearing its limit for reductions. He also inquired about the progress of the company's 'value hunt' for acquisitions and its current appetite for deals.

    Answer

    CEO Wael Sawan stated that cost reduction opportunities exist 'everywhere' and are increasingly coming from bottom-up initiatives, with a focus on supply chain optimization and simplification. He expressed confidence in reaching the $5-7 billion target by 2028. On acquisitions, he reiterated that the bar remains high, competing with share buybacks, and highlighted recent selective, value-accretive deals in operated assets like Gato do Mato and Bonga.

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    Joshua Stone's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Joshua Stone inquired where the most significant opportunities for further cost savings lie and asked about Shell's current appetite for M&A and large-scale deals.

    Answer

    CEO Wael Sawan stated that cost reduction ideas are now coming from "everywhere" in the organization, not just Upstream, and he sees a clear line of sight to the $5-7 billion target by 2028. Regarding acquisitions, he reiterated that the bar remains high, with any potential deal needing to compete with the attractive yield of Shell's own share buybacks.

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

    Joshua Stone's questions to Eni SpA (E) leadership • Q2 2025

    Question

    Joshua Stone from UBS Group AG inquired about the terms of the new Venture Global LNG contract, seeking assurance on volume delivery, and asked for guidance on the dividend policies for minority stakeholders in the Enilive and Plenitude satellites.

    Answer

    Guido Brusco, COO of Global Natural Resources, stated that while Eni cannot comment on third-party proceedings, the Venture Global project is competitive and complements their portfolio's geographic coverage. CFO Francesco Gattei added that dividend policies for the satellites are not disclosed at this time but are not particularly material in the current growth phase.

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

    Joshua Stone's questions to OMV AG (OMVKY) leadership • Q1 2025

    Question

    Joshua Stone inquired about OMV's strategy for managing a volatile, lower-price environment, specifically asking about potential CapEx reductions and the current landscape for upstream M&A. He also asked for an analysis of the potential impact of U.S. tariffs on Nova Chemicals' cross-border operations.

    Answer

    CFO Reinhard Florey stated that OMV is managing uncertainty by focusing on net working capital improvements and adhering to its lower 2025 CapEx plan, while adjusting the pace of transformational projects. Berislav Gaso, EVP of Energy, added that while the company continues to screen for accretive assets, the M&A market has slowed. Regarding tariffs, Reinhard Florey clarified that OMV's direct exposure is marginal and that even in an unlikely scenario of tariffs affecting Nova Chemicals' U.S.-Canada trade, the financial impact would be a manageable 'small double-digit million' amount.

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