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Maurizio Carulli

Research Analyst at Quilter Cheviot

London, England, United Kingdom

Maurizio Carulli is an Equity Research Analyst at Quilter Cheviot, specializing in coverage of the global energy and materials sectors, including major listed firms such as TotalEnergies, oil majors, mining companies, chemicals, paper and packaging, building materials, and steel corporations. He delivers detailed research and financial analysis aimed at generating high-performing stock recommendations, with particular expertise in the opportunities and risks driven by the energy transition. Carulli began his analyst career in the 1990s, working on the sell-side at Merrill Lynch and later on the buy-side at AXA Investment Managers, followed by a tenure at Carbon Tracker before joining Quilter Cheviot in 2024. He holds a degree in economics and is a qualified chartered accountant, bringing over thirty years of sector-specific experience to his role.

Maurizio Carulli's questions to BP (BP) leadership

Question · Q3 2025

Maurizio Carulli asked for more details on the drivers behind the 20% increase in Castrol's earnings and sought additional information on BP's recent strategic investment in electronic cooling solutions.

Answer

Kate Thomson (CFO, BP) attributed Castrol's 20% earnings increase to a deliberate strategy of cost competitiveness, volume growth, and favorable fluctuations in base oil and additives. Murray Auchincloss (CEO, BP) described the electronic cooling solutions as a promising long-term growth opportunity for data centers, currently in trial with commercial partners.

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Question · Q3 2025

Maurizio Carulli asked for more color on the 20% increase in Castrol earnings and its drivers, and details on BP's recent strategic investment in electronic cooling solutions.

Answer

Kate Thomson (CFO, BP) attributed Castrol's 20% earnings increase to Michelle's deliberate strategy, resulting in nine consecutive quarters of progress, improved cost competitiveness, and systematic volume growth. She also noted the tapering of fluctuations in base oil and additives. Murray Auchincloss (CEO, BP) described the liquid cooling for data centers as an interesting, long-term growth opportunity, with a couple of commercially sensitive deals signed and trials underway in a competitive space.

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