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    Peter Low • Redburn Atlantic

    Peter Low's questions to BP PLC (BP) leadership

    Peter Low's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Peter Low from Rothschild & Co Redburn asked about the future production trajectory for the BPX business and the specific drivers behind the strong performance in the convenience and mobility segment.

    Answer

    CEO Murray Auchincloss stated that the strength in convenience and mobility was broad-based across all regions, driven by tight cost control, effective margin management, and value chain optimization. EVP Gordon Birrell reiterated the BPX strategy for 7% compound annual growth through 2030, noting that the business continues to improve on capital productivity metrics.

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    Peter Low's questions to BP PLC (BP) leadership • Q2 2025

    Question

    Peter Low from Rothschild & Co Redburn asked about the future production trajectory for BPX Energy now that its final delivery center is online, and sought to understand the source of the strong results in the convenience and mobility business.

    Answer

    CEO Murray Auchincloss explained that the convenience and mobility strength was broad-based across all geographic regions, driven by tight cost control, effective margin management, and value chain optimization. EVP - Production & Operations Gordon Birrell reaffirmed the BPX strategy of 7% CAGR to 650,000 barrels per day by 2030, highlighting strong recent growth and top-quartile capital productivity.

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    Peter Low's questions to Shell PLC (SHEL) leadership

    Peter Low's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Peter Low questioned why the Chemicals & Products division didn't see a more significant earnings improvement after divesting the heavily loss-making Singapore asset. He also asked if a seasonal working capital release is expected in the second half of the year, similar to prior years.

    Answer

    CFO Sinead Gorman explained that the Singapore divestment only closed one month into the quarter and that transaction settlement costs flowed through in Q2, so the full benefit will be more visible later in the year. Regarding working capital, she stated that its use is an active choice based on market opportunities and is therefore difficult to predict, rather than following a set seasonal pattern.

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    Peter Low's questions to Shell PLC (SHEL) leadership • Q2 2025

    Question

    Peter Low asked why the Chemicals & Products division didn't see a larger earnings uplift after the Singapore divestment and inquired if a seasonal working capital release is expected in the second half of the year.

    Answer

    CFO Sinead Gorman explained that the full financial benefit of the Singapore divestment will be more visible in future quarters, as the deal closed during Q2 and involved settlement amounts. On working capital, she stated that its use is driven by market opportunities and is a conscious capital deployment choice, making seasonal trends difficult to predict.

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    Peter Low's questions to Shell PLC (SHEL) leadership • Q1 2025

    Question

    Peter Low inquired about the flexibility within Shell's CapEx budget should the macro environment worsen and asked for the potential earnings improvement from the completed Singapore divestment.

    Answer

    Executive Sinead Gorman stated that while Shell has demonstrated the ability to reduce CapEx significantly, as seen during the COVID era, there is no current need to do so given the company's strong position and value opportunities. She quantified the impact of the loss-making Singapore divestment as improving earnings by 'several hundred million' on a full-year basis.

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    Peter Low's questions to Shell PLC (SHEL) leadership • Q2 2024

    Question

    Peter Low of Redburn Atlantic asked what drove the stronger-than-expected results in the Marketing segment. He also inquired if the reduction in share count from buybacks would influence the Board's consideration of future dividend increases.

    Answer

    CFO Sinead Gorman attributed the strong Marketing results to robust premium volume sales toward the end of the quarter, along with standard inter-segment allocations during book closing. She clarified that the 4% annual dividend growth policy and the share buyback program are separate considerations. Share buybacks are viewed as a capital allocation tool to deliver value, and while the share price remains attractive, the company will continue to pursue them.

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    Peter Low's questions to Eni SpA (E) leadership

    Peter Low's questions to Eni SpA (E) leadership • Q2 2025

    Question

    Peter Low from Rothschild & Co questioned the drivers behind the lower-than-guided tax rate and its future trajectory. He also sought Eni's perspective on whether the recent surge in refining margins is transitory or structural.

    Answer

    CFO Francesco Gattei explained the lower tax rate is due to the business mix and the conversion of loss-making Italian assets to profitability, guiding expectations toward the lower end of the 50-55% range. Giuseppe Ricci, COO of Industrial Transformation, noted that refining margins increased in June/July due to low product storage and stress on gasoil supply, expecting this to persist for some months.

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    Peter Low's questions to Eni SpA (E) leadership • Q1 2025

    Question

    Peter Low from Redburn asked for the reason behind the lower-than-expected Q1 tax rate and the outlook for the full year. He also questioned the cause of the significant sequential decline in Q1 gas production.

    Answer

    Executive Francesco Gattei explained the low Q1 tax rate was due to a favorable profit mix from lower-taxed businesses like GGP and Plenitude, but he expects the full-year rate to rise towards 55% under a lower oil price scenario. Executive Guido Brusco attributed the gas production decline to lower entitlements and PSA effects in Libya, Indonesia, and Algeria, as well as M&A impacts in the U.S.

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    Peter Low's questions to Eni SpA (E) leadership • Q2 2024

    Question

    Peter Low requested an update on upstream production, including the timing of disposals and key project start-ups like Cassiopea and Baleine Phase 2, and asked if the 2026 biorefining capacity target is still valid given a project delay.

    Answer

    Executive Guido Brusco expressed confidence in reaching the upper end of production guidance, with Cassiopea starting in early August and Baleine Phase 2 by year-end. Enilive CEO Stefano Ballista clarified that to optimize technology and value, the biorefining capacity development has been slightly rephased, with the 3 million tonne target now expected to be reached 'within 2027' instead of by 2026.

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    Peter Low's questions to Eni SpA (E) leadership • Q1 2024

    Question

    Peter Low of Redburn Atlantic asked about the drivers behind Plenitude's strong Q1 EBITDA performance and whether it included any one-offs. He also inquired about the outlook for European biorefining margins for the remainder of the year.

    Answer

    Stefano Goberti, Head of Plenitude, stated that the strong Q1 results were driven by new renewable capacity and improved retail margins, with no one-off elements. Stefano Ballista of Enilive described 2024 as a transitional year for biorefining margins but expects an increase in the second half, supported by new mandates in Holland and a potential positive impact from an ongoing anti-dumping procedure.

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    Peter Low's questions to Equinor ASA (EQNR) leadership

    Peter Low's questions to Equinor ASA (EQNR) leadership • Q1 2025

    Question

    Peter Low asked about the impact of the Empire Wind work stoppage on the CapEx budget for the year and inquired about the sources of potential CapEx flexibility in a lower commodity price scenario.

    Answer

    Torgrim Reitan, an Equinor executive, responded that it was too early to determine the CapEx implications of the Empire Wind halt, as the immediate priority is to clarify the situation. Regarding flexibility, he noted that while there is some in 2025, significant flexibility in the investment program opens up in 2026 and 2027, and discussions about how to use that flexibility are ongoing.

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    Peter Low's questions to Equinor ASA (EQNR) leadership • Q3 2024

    Question

    Peter Low asked for clarification on the moving parts of the annual CapEx guidance, noting that while overall guidance decreased, costs for some specific Norwegian projects had increased.

    Answer

    Executive Torgrim Reitan explained that while individual project costs fluctuate, the overall sanctioned portfolio remains fairly stable. He reiterated that the downward revision to the 2024 guidance was driven by broader factors like project phasing, currency effects, and adjustments in renewables, not a trend of project cost overruns.

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    Peter Low's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Peter Low of Redburn Atlantic inquired about the specific issues causing delays at the Dogger Bank wind farm and requested a status update on upcoming major oil and gas projects like Johan Castberg and Bacalhau.

    Answer

    Executive Torgrim Reitan explained that the Dogger Bank delays, operated by SSE, were partly due to a very windy summer hindering installation, with full production now expected in H2 2024. He confirmed Johan Castberg is on track for Q4 2024 start-up and Bacalhau for first oil in 2025, with both projects progressing well. He also mentioned Rosebank, Rio, and Sparta as other major greenfield developments moving forward according to plan.

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    Peter Low's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Peter Low from Rothschild & Co Redburn inquired about the drivers behind the year-over-year increase in unit OpEx costs in Norway and asked for information on any significant maintenance or turnarounds planned for the third quarter.

    Answer

    EVP & CFO Torgrim Reitan responded that while unit production costs on the NCS are viewed as stable quarter-on-quarter, the company is actively fighting inflation to keep overall costs flat for the year through efficiency gains and reduced spending. For Q3, he flagged an expected turnaround impact of approximately 45,000 barrels per day, similar to Q2, and noted the Hammerfest LNG facility is expected to return to production in August.

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    Peter Low's questions to Equinor ASA (EQNR) leadership • Q2 2024

    Question

    Peter Low from Rothschild & Co Redburn asked about the drivers behind the 10% year-over-year increase in unit OpEx costs in Norway and inquired about any significant maintenance planned for the third quarter.

    Answer

    EVP & CFO Torgrim Reitan responded that unit production costs on the NCS were stable quarter-on-quarter and reiterated the goal of keeping overall costs flat for the year through efficiency initiatives. He noted that Hammerfest LNG maintenance would continue into July but return to production in August. For Q3, he flagged an expected turnaround impact of around 45,000 barrels per day, on par with Q2.

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