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    Kim Fustier • HSBC

    Kim Fustier's questions to BP PLC (BP) leadership

    Kim Fustier's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Kim Fustier from HSBC asked about the drivers behind the impressive underlying cash flow (ex-working capital) and inquired about the status of the farm-down process for the Kaskida and Tiber assets in the Gulf of Mexico.

    Answer

    CEO Murray Auchincloss confirmed that BP is in conversations regarding a farm-down of Kaskida and will consider a partner for Tiber after reaching a final investment decision, with the goal of maximizing shareholder value. CFO Kate Thomson attributed the strong quarter-on-quarter growth in operating cash flow primarily to higher underlying earnings, especially from trading, and lower cash tax payments.

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    Kim Fustier's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Kim Fustier from HSBC asked about the drivers of BP's strong underlying cash flow, which grew more than net income, and inquired about the status of the farm-down process for its Kaskida and Tiber assets in the Gulf of Mexico.

    Answer

    CEO Murray Auchincloss confirmed that discussions for a Kaskida farm-down are ongoing and that a Tiber farm-down would be considered after a final investment decision is made later this year. CFO Kate Thomson attributed the strong cash flow primarily to higher underlying earnings, especially from trading, and lower quarter-on-quarter cash tax payments.

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    Kim Fustier's questions to BP PLC (BP) leadership • Q1 2025

    Question

    Kim Fustier from HSBC asked about capital expenditure flexibility, noting the recent reduction for 2025 and questioning if further cuts were possible on a 12-month view in a weaker oil price environment. She also pointed to recent project cancellations as potential downside to the transition CapEx guidance.

    Answer

    Executive Murray Auchincloss confirmed the CapEx cut from $15 billion to $14.5 billion was a prudent measure given the macro environment, emphasizing a returns-driven approach. He stated there is no change to the overall guidance from Capital Markets Day but highlighted $2.5 billion in further CapEx flexibility if prices fall significantly. He noted this would be achieved by adjusting activity in onshore rigs and refining, but such cuts would challenge long-term growth and are not planned at this stage.

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    Kim Fustier's questions to TotalEnergies SE (TTE) leadership

    Kim Fustier's questions to TotalEnergies SE (TTE) leadership • Q2 2025

    Question

    Kim Fustier from HSBC asked if the recent active replenishment of the upstream portfolio signals a change in the company's view on peak oil demand, and whether recent disposals like Bonga and Argentina shale were opportunistic or a core part of the cash flow cycle.

    Answer

    Patrick Pouyanné, Chairman & CEO, explained that the company continues to seek first and second quartile opportunities (low cost, low breakeven) to ensure profitability long-term, regardless of the timing of peak demand. He characterized the disposals as a consistent strategy of portfolio management, prioritizing capital allocation to larger, operated projects and divesting non-operated, higher-cost assets to maintain capital discipline.

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    Kim Fustier's questions to TotalEnergies SE (TTE) leadership • Q1 2024

    Question

    Kim Fustier of HSBC asked about the target proportion of U.S. LNG offtake to be covered by upstream gas assets and requested details on the commercial terms (slopes) and renegotiation schedule for new oil-linked LNG contracts.

    Answer

    CEO Patrick Pouyanné specified a target of securing around 1 Bcf/d of equity gas production in the U.S. to hedge LNG costs. He declined to disclose confidential commercial terms like contract slopes but noted that roughly one-seventh of their long-term LNG portfolio comes up for renegotiation annually as part of normal business operations.

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    Kim Fustier's questions to Eni SpA (E) leadership

    Kim Fustier's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Kim Fustier from HSBC asked about the impact of revoked U.S. licenses on Eni's Venezuelan operations and its ability to lift crude. She also had a housekeeping question on where to find the EUR 3 billion from the Enilive disposal in the Q1 cash flow statement.

    Answer

    Executive Guido Brusco explained that Eni's Venezuelan operations primarily produce gas for the domestic market and they are engaging with U.S. authorities to find a compliant payment solution, expressing confidence in a resolution by year-end. Executive Jon Rigby acknowledged the cash flow query and offered to clarify the item's location in the statement offline.

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    Kim Fustier's questions to Eni SpA (E) leadership • Q1 2024

    Question

    Kim Fustier of HSBC asked about the derivation of the final valuation for the Ithaca combination, given the apparent discount and recent slide in Ithaca's share price. She also inquired about the potential impact of reimposed U.S. sanctions on Eni's activities in Venezuela.

    Answer

    Executive Francesco Gattei stated the Ithaca deal's valuation was based on long-term strategic factors like synergies and cash flow, not short-term stock movements, and noted it generates a book value uplift of over €200 million. Guido Brusco, Head of Natural Resources, commented that despite sanctions, Eni expects to continue lifting its equity crude from Venezuela through a separate, established procedure for credit recovery.

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    Kim Fustier's questions to Equinor ASA (EQNR) leadership

    Kim Fustier's questions to Equinor ASA (EQNR) leadership • Q3 2024

    Question

    Kim Fustier asked about the recent cancellation of the blue hydrogen project with RWE, inquiring why it was not viable and what Equinor's next steps are for its hydrogen strategy.

    Answer

    Executive Torgrim Reitan explained the project was paused because the necessary conditions—an economic framework, a significant customer base, and a functioning market—are not yet sufficiently in place. He stated that Equinor is now re-evaluating different approaches to establishing a blue hydrogen value chain in Europe.

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    Kim Fustier's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Kim Fustier from HSBC asked for an update on the Wisting and Bay du Nord projects, the current cost environment in the offshore contracting market, and the company's seriousness about its recent small investment in a U.S. lithium project.

    Answer

    Executive Torgrim Reitan stated that Wisting is being matured towards a 2026 final investment decision, and Bay du Nord is progressing towards concept selection. He acknowledged a tight and inflationary contracting market but noted Equinor has good control over sanctioned projects. Regarding lithium, he described the investment as taking an early, small position in an interesting future commodity, citing synergies with existing subsurface expertise.

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    Kim Fustier's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Kim Fustier of HSBC asked about the rapid production ramp-up at the Johan Castberg field, questioning if the performance was better than expected and what factors contributed to the success.

    Answer

    EVP & CFO Torgrim Reitan confirmed that the Johan Castberg ramp-up was 'remarkable' and even quicker than the company had planned, reaching its plateau production of 220,000 barrels per day in less than three months. He noted this performance will be a significant contributor to the company's 4% production growth target for the year and attributed the success to factors including a good installation of the assets on the field.

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    Kim Fustier's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Kim Fustier of HSBC asked about the remarkably fast production ramp-up of the Johan Castberg field, inquiring if it was better than expected and what contributed to the success.

    Answer

    EVP & CFO Torgrim Reitan confirmed the ramp-up to plateau production of 220,000 barrels per day in less than three months was 'remarkable' and even quicker than planned. He attributed the success to good installation and execution, noting it will be a significant contributor to the full-year production growth target.

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    Kim Fustier's questions to Shell PLC (SHEL) leadership

    Kim Fustier's questions to Shell PLC (SHEL) leadership • Q2 2024

    Question

    Kim Fustier of HSBC inquired about the new hydrogen electrolyzer in Germany, asking if it's primarily for regulatory compliance or revenue, and why Shell chose to produce it. She also asked about the business model for the Polaris CCS project and its strategic importance amid shifts in other low-carbon ventures.

    Answer

    CEO Wael Sawan explained that CCS is a critical part of Shell's own decarbonization journey, and the Polaris project is de-risked and creates value through Canadian government credits. CFO Sinead Gorman added that the Refine-2 hydrogen project in Germany is supported by government incentives and will initially supply their own facilities, lowering the carbon footprint of their products and making them more attractive to customers, while also avoiding costs.

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