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    Paul Redman • BNP Paribas

    Paul Redman's questions to Eni SpA (E) leadership

    Paul Redman's questions to Eni SpA (E) leadership • Q2 2025

    Question

    Paul Redman of BNP Paribas Exane questioned why the CFFO guidance upgrade was not larger, given the company's sensitivities. He also asked if the 2025 working capital initiatives should be considered one-offs or if they are replicable.

    Answer

    CFO Francesco Gattei explained that the CFFO guidance considers a full range of variables beyond just Brent and FX, including margins in biofuels, power, and chemicals. He clarified that the cash initiatives represent a permanent improvement in managing payment and storage cycles, which will roll over into subsequent years, rather than being a one-off benefit.

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    Paul Redman's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Paul Redman of BNP Paribas asked if the announced cash flow mitigation measures are structural or one-offs that might reverse. He also sought an outlook for the refining business, which posted a second consecutive loss, questioning future margins and utilization.

    Answer

    Executive Francesco Gattei confirmed the cash initiatives are structural, involving sustainable improvements in working capital, costs, and portfolio value. For refining, Executive Giuseppe Ricci attributed the Q1 loss to weak margins and maintenance. He expects utilization to increase from Q2 and margins to improve slightly but not to become as bullish as the prior year.

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    Paul Redman's questions to Equinor ASA (EQNR) leadership

    Paul Redman's questions to Equinor ASA (EQNR) leadership • Q1 2025

    Question

    Paul Redman sought more clarity on the urgency of the Empire Wind situation, asking about the specific weather window and if missing it could lead to project abandonment. He also asked if the new power business would pursue organic or inorganic growth.

    Answer

    Torgrim Reitan, an Equinor executive, reiterated the situation is urgent and complex, with sensitivities to contractor availability and commercial requirements like project financing, not just the weather window. He stated they are preparing for all outcomes. Regarding the power business, he clarified that the current plan is to combine existing assets for synergy, with no inorganic moves currently planned.

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    Paul Redman's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Paul Redman from BNP Paribas asked for a year-over-year comparison of Q3 turnaround impacts to gauge the severity of the guided 125,000 boe/d. He also questioned whether a slowdown in renewables spending, under the 'value over volume' strategy, would result in lower overall CapEx or a reallocation to other business areas.

    Answer

    Executive Torgrim Reitan clarified that the Q3 turnaround impact of 125,000 boe/d is significantly higher than the 38,000 boe/d in the same quarter last year, but reiterated that the full-year production guidance remains firm. On capital allocation, he stated there are no current plans to change the CapEx guidance, explaining that the 'value over volume' discipline primarily affects early-phase decisions, like not overbidding in lease rounds, rather than the ongoing investment program.

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    Paul Redman's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Paul Redman of BNP Paribas Exane asked for the key assumptions underlying the forecast for flat net debt levels, including price and asset sale inflows. He also inquired about the sensitivity of the $13 billion CapEx guidance to a change in the NOK/USD exchange rate.

    Answer

    EVP & CFO Torgrim Reitan explained that the stable net debt forecast is based on current forward prices, stable working capital, and the assumed closing of at least one Peregrino transaction this year. On CapEx, he confirmed the $13 billion guidance is maintained. While acknowledging that roughly 30% of investments are in NOK, creating some FX pressure, he stated the company is managing this through portfolio efficiencies.

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    Paul Redman's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Paul Redman of BNP Paribas Exane asked for the key assumptions (price, working capital, Peregrino inflows) behind the guidance for gearing to remain flat. He also inquired about the sensitivity of the $13 billion CapEx guidance to a change in the NOK/USD exchange rate.

    Answer

    EVP & CFO Torgrim Reitan stated the flat gearing outlook is based on current forward prices, stable working capital assumptions, and the expected closing of at least one Peregrino transaction this year. For CapEx, he confirmed the $13 billion guidance uses an 11 NOK/USD rate and noted that while roughly 30% of investments are exposed to NOK, the company is working hard to manage this and maintain the guidance.

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    Paul Redman's questions to OMV AG (OMVKY) leadership

    Paul Redman's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Paul Redman asked for OMV's outlook on working capital movements for the second half of 2024, noting its importance for future distributions. He also questioned whether the new feedstock trading desk in Singapore is intended to be a profit center or purely for procurement.

    Answer

    CEO Alfred Stern clarified that the Singapore trading desk's primary purpose is to secure feedstock for OMV's plants, not to operate as a standalone profit center at this stage. CFO Reinhard Florey explained the H2 working capital outlook, expecting a cash outflow in Q3 for gas storage, followed by an inflow in Q4. He anticipates a slight positive net working capital for the full second half, assuming neutral price development.

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    Paul Redman's questions to OMV AG (OMVKY) leadership • Q2 2024

    Question

    Paul Redman of BNP Paribas asked for OMV's outlook on working capital movements for the second half of 2024, noting its importance for the distribution program. He also sought to clarify if the new feedstock trading desk in Singapore is intended to be a profit center or purely a procurement arm for OMV's operations.

    Answer

    CFO Reinhard Florey explained that H2 working capital will be influenced by seasonal gas storage, with an increase in Q3 and a release in Q4. Overall, he expects a slight positive net working capital result for the second half, assuming neutral price development. CEO Alfred Stern clarified that the Singapore trading desk is currently in start-up mode with the primary task of securing competitively priced feedstock for OMV's sustainable fuel plants.

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