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    Michele Della Vigna • Goldman Sachs

    Michele Della Vigna's questions to Shell PLC (SHEL) leadership

    Michele Della Vigna's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Michele Della Vigna questioned the resilience of Shell's buyback program to a temporary drop in oil prices, such as to $60 per barrel. He also requested more detail on the moving parts for the LNG business over the next two years, including contract expiries, LNG Canada's growth, and market dynamics.

    Answer

    CFO Sinead Gorman emphasized that buyback decisions are made quarter-by-quarter, looking through short-term volatility to long-term fundamentals, and that the company has levers like OpEx, CapEx, and divestments to ensure predictability. Regarding LNG, she described the current earnings level as a 'new representative of the norm,' reflecting a return to pre-war volatility levels and a changing portfolio mix as new volumes come online and legacy contracts roll off.

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    Michele Della Vigna's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Michele Della Vigna asked about the resilience of Shell's buyback program to lower oil prices and requested more detail on the moving parts for the LNG business over the next 1-2 years.

    Answer

    CFO Sinead Gorman emphasized the strength of the balance sheet and the company's ability to use various levers to maintain its 40-50% CFFO distribution promise. She described the current LNG earnings level as the "new representative of the norm," reflecting a return to pre-war volatility levels and a changing portfolio mix as legacy contracts roll off.

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    Michele Della Vigna's questions to Shell PLC (SHEL) leadership • Q4 2024

    Question

    Michele Della Vigna of Goldman Sachs Group, Inc. inquired about the path to profitability for the loss-making Renewable and Energy Solutions business, asking whether it requires portfolio changes, better trading integration, or different market conditions.

    Answer

    Executive Sinead Gorman explained that the path to profitability involves a multi-faceted approach. While underlying development assets will be loss-making in the near term, the portfolio is being actively high-graded. The overall strategy is shifting to be more trading-led, leveraging flexible assets like batteries and gas plants to capture value, though recent results were impacted by lower market volatility.

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    Michele Della Vigna's questions to Shell PLC (SHEL) leadership • Q2 2024

    Question

    Michele Della Vigna from Goldman Sachs asked what factors would lead Shell to increase its share buyback rate above the current $3.5 billion per quarter. He also inquired about the next steps for the Namibia exploration project and the requirements for a final investment decision (FID).

    Answer

    CFO Sinead Gorman emphasized the importance of consistency and predictability in shareholder returns, stating that any change to the buyback rate would be clearly communicated based on fundamentals. CEO Wael Sawan explained that for Namibia, while volumes are present, the focus is on evaluating the complex subsurface to ensure commercial producibility and returns that meet their investment hurdles before committing capital.

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    Michele Della Vigna's questions to TotalEnergies SE (TTE) leadership

    Michele Della Vigna's questions to TotalEnergies SE (TTE) leadership • Q2 2025

    Question

    Michele Della Vigna of Goldman Sachs inquired about the LNG market, asking when it might become difficult to sign new long-term contracts due to potential oversupply and how U.S. tariffs are impacting the cost of new LNG plant construction.

    Answer

    Patrick Pouyanné, Chairman & CEO, acknowledged a coming increase in LNG supply around 2027 but noted that customers still seek long-term contracts for security. He explained that for a portfolio company like TotalEnergies, these contracts offer value beyond just the price formula. Regarding U.S. tariffs, he stated that the impact on the Rio Grande LNG project was less than 10%, which he described as 'very reasonable,' and that other areas like batteries or U.S. shale steel would be more affected.

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    Michele Della Vigna's questions to TotalEnergies SE (TTE) leadership • Q1 2025

    Question

    Michele Della Vigna inquired about the potential impact of U.S. tariffs on oil and gas projects and Chinese-built LNG vessels, and also asked for a view on recent power system issues in Iberia and the structural implications for renewable energy integration.

    Answer

    CEO Patrick Pouyanné stated that while new projects like Rio Grande LNG Train 4 and 5 could be affected by tariffs, existing projects are secure. He expressed confidence that a solution for Chinese-built LNG vessels would be found, as they are critical for U.S. export capacity. Regarding power systems, Pouyanné used the example of a windless week in Germany to highlight the instability of grids with over 30% renewables, reinforcing TotalEnergies' strategy of integrating gas-fired power plants with renewables for grid stability.

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    Michele Della Vigna's questions to TotalEnergies SE (TTE) leadership • Q2 2024

    Question

    Michele Della Vigna of Goldman Sachs asked about the demand appetite for new LNG volumes from projects like Ruwais and Marsa, and the company's comfort level with adding more spot exposure.

    Answer

    CEO Patrick Pouyanné confirmed strong appetite from Asian buyers for new long-term, Brent-linked LNG contracts, driven by a desire for price stability after the volatility of 2022-23. He stated the company is actively signing new deals and is comfortable with its strategy. He plans to detail how the company will manage its exposure to a potentially softer market in the late 2020s at the upcoming Investor Day, emphasizing the transformation to Brent-linked pricing.

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    Michele Della Vigna's questions to TotalEnergies SE (TTE) leadership • Q1 2024

    Question

    Michele Della Vigna from Goldman Sachs asked which other projects besides P&G might be delayed due to cost inflation, specifically mentioning Mozambique. He also inquired if a U.S. primary listing could lead to inclusion in the S&P 500 index.

    Answer

    CEO Patrick Pouyanné clarified that for Mozambique LNG, the primary issue is security, not cost, as they have realigned with contractors. A decision to lift force majeure depends on the government. Regarding the U.S. listing, he confirmed that S&P 500 inclusion is not possible without a U.S. headquarters, which is not planned. The goal of the listing is purely to provide easier access for U.S. investors.

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    Michele Della Vigna's questions to BP PLC (BP) leadership

    Michele Della Vigna's questions to BP PLC (BP) leadership • Q1 2025

    Question

    Michele Della Vigna from Goldman Sachs requested guidance on the expected year-end net debt level, assuming flat pricing, given the anticipated working capital reversal. He also asked a broader question about the potential impact of tariffs on BP's business beyond the Kasquita platform.

    Answer

    Executive Murray Auchincloss stated that tariffs have not had a material impact on the business, as Canadian imports are exempt and steel for the Lower 48 business is sourced domestically. Executive Katherine Thomson addressed net debt, expressing high confidence in the $14-18 billion target by 2027. For 2025, she highlighted a working capital reversal of around $2.5 billion and up to $3.5 billion in divestment proceeds as key drivers, with proceeds from Castrol and Lightsource specifically earmarked for balance sheet strengthening.

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    Michele Della Vigna's questions to Eni SpA (E) leadership

    Michele Della Vigna's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Michele Della Vigna of Goldman Sachs inquired about the expected production timeline for the Cyprus gas development and its potential to revive LNG exports from Egypt. He also asked if the Indonesia-Malaysia asset combination would involve a cash component.

    Answer

    Executive Guido Brusco stated that a Final Investment Decision (FID) for Cyprus is targeted within the year, with production potentially starting between Q4 2027 and Q1 2028. He noted other factors are also needed for Egypt to resume net exports. Regarding the Asia-Pacific deal, Executive Francesco Gattei explained that such combinations typically create a new financial plan that can leverage assets to generate upfront dividends and cash.

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    Michele Della Vigna's questions to Eni SpA (E) leadership • Q2 2024

    Question

    Michele Della Vigna asked for guidance on Eni's volatile tax rate and inquired about the potential to develop its Cyprus gas discoveries to supply Egypt, which is currently facing a gas shortage.

    Answer

    CFO Francesco Gattei explained that tax rate volatility is due to the seasonal business mix, guiding to a full-year rate of around 50%, which he sees as a top-end for the coming years. Executive Guido Brusco acknowledged Egypt's gas needs and the potential to use it as a hub for Cypriot gas, but cautioned that this is a 'long journey' requiring complex alignment between multiple government and private stakeholders.

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    Michele Della Vigna's questions to Eni SpA (E) leadership • Q1 2024

    Question

    Michele Della Vigna from Goldman Sachs inquired about the market appetite for long-term LNG contracts for Eni's new projects and the current pricing slopes. He also suggested that Eni could consider including proceeds from high-margin asset sales in its shareholder return framework.

    Answer

    Executive Francesco Gattei responded that Eni's distribution policy is linked to operational cash flow rather than one-off portfolio moves, which are for strategic purposes. Guido Brusco, Head of Natural Resources, confirmed strong appetite for long-term LNG contracts, especially from the Far East, driven by expectations of economic growth and coal-to-gas switching.

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    Michele Della Vigna's questions to Equinor ASA (EQNR) leadership

    Michele Della Vigna's questions to Equinor ASA (EQNR) leadership • Q3 2024

    Question

    Michele Della Vigna asked where Equinor sees the most attractive returns in carbon capture (U.S. vs. Europe) and, drawing a parallel to the Lundin deal, if there are plans to farm into Orsted's assets.

    Answer

    Executive Torgrim Reitan highlighted that CCS is progressing well with attractive returns seen in both the U.S. and Europe, noting plans for a 'CO2 highway' pipeline to the Norwegian continental shelf. Regarding Orsted, he reiterated that the current plan is limited to holding the ~10% stake with no further actions contemplated.

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    Michele Della Vigna's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Michele Della Vigna of Goldman Sachs asked for an update on the Johan Sverdrup field, specifically when production is expected to begin its decline. He also inquired about any disruptions in the offshore wind supply chain, particularly regarding vessel availability.

    Answer

    Executive Torgrim Reitan stated that Johan Sverdrup is expected to come off its increased plateau level of 755,000 boe/d towards the end of this year or next year, with drilling and water management progressing as planned. Regarding the supply chain, he acknowledged general issues within the offshore wind industry but affirmed that Equinor's own ongoing projects are well-managed and not facing critical disruptions.

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    Michele Della Vigna's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Michele Della Vigna from Goldman Sachs asked for more detail on the metrics Equinor uses to ensure a competitive cash return to shareholders and inquired if the company was involved in the public sale process for assets in Namibia.

    Answer

    EVP & CFO Torgrim Reitan emphasized that while Equinor does not use a specific formula, it is committed to a competitive total capital distribution. He described the cash dividend as 'bankable' and intended for growth, with share buybacks used as a flexible tool to remain competitive with peers. Regarding Namibia, he declined to comment on specifics but reiterated the company's strategy of focusing its international E&P portfolio, with a priority on deepening its presence in existing areas.

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    Michele Della Vigna's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Michele Della Vigna from Goldman Sachs asked for more detail on the metrics used to ensure a 'competitive' cash return to shareholders, noting peers often use an operating cash flow payout. He also asked if Equinor was involved in the public process for Galp's assets in Namibia.

    Answer

    EVP & CFO Torgrim Reitan emphasized a commitment to a growing cash dividend as a 'bankable' component of returns, with share buybacks used as a flexible tool to remain competitive against peer metrics without a fixed formula. He declined to comment on specific M&A processes like Namibia but reiterated the strategy of focusing the upstream portfolio in core areas.

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    Michele Della Vigna's questions to OMV AG (OMVKY) leadership

    Michele Della Vigna's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Michele Della Vigna asked about the potential financial materiality of OMV's circular economy and recycling business, requesting possible EBITDA contributions for 2025 and 2030. He also inquired about OMV's feedstock strategy for renewable diesel and SAF, noting the trend of vertical integration among competitors.

    Answer

    CEO Alfred Stern detailed the 1.4 million ton circular chemicals target for 2030, comprising mechanical, chemical, and bio-based recycling. While not providing specific EBITDA targets, he stated that these investments are expected to yield double-digit IRRs. For feedstock, he explained OMV's strategy involves a mix of long-term offtake contracts, JVs, and acquisitions, confirming over 80% of feedstock for the new Petrobrazi plant is already secured.

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    Michele Della Vigna's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Michele Della Vigna from Goldman Sachs asked about the long-term financial materiality of OMV's circular economy and recycling business, seeking potential EBITDA contributions for 2025 and 2030. He also inquired about OMV's strategy for securing feedstock for its renewable diesel and SAF production, noting competitors' moves toward vertical integration.

    Answer

    CEO Alfred Stern outlined the goal of 1.4 million tons of circular chemicals by 2030 from mechanical, chemical (ReOil), and bio-based recycling. While not providing specific EBITDA targets, he stated these projects are expected to deliver double-digit IRRs, in line with classic investments. For feedstock, he described a multi-pronged strategy including long-term offtake contracts, JVs, and acquisitions like the Respira Verde stake, confirming over 80% of feedstock for the Petrobrazi plant is already secured.

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