GROWING RETURNS OUR VALUE PROPOSITION – KEY FEATURES GLOBAL NATURAL RESOURCES Enabling efficient Upstream growth through exploration and portfolio quality Integrating equity gas production into the LNG chain. Leading FLNG player Enhancing margin capture via trading Advancing CCS with a distinctive model H1 2025 RESULTS JULY 25, 2025 Jangkrik FPU, Kutei Basin, Indonesia Low-carbon business growth leveraging strategic and competitive advantages Improving returns from mature businesses, converting to new growt ...

Summary of Global Oil and Gas Valuation Report Industry Overview - The report focuses on the **Global Oil and Gas** industry, providing insights into major companies and market dynamics as of **July 18, 2025** [1][2]. Key Companies Mentioned - **India**: Bharat Petroleum, Hindustan Petroleum, Indian Oil, ONGC, Reliance Industries - **Europe**: BP, BW LPG, Ceres Power, ENI, Fuchs Petrolub, Galp, Industrie De Nora, ITM Power, MOL, Motor Oil - **North America**: Aemetis, Antero Resources, APA Corp, Chevron, ExxonMobil, Halliburton, Suncor Energy, Valero Energy - **China**: CNOOC, Petrochina, Sinopec - **Saudi Arabia**: Saudi Aramco - **Others**: Companies from South Africa, Thailand, South Korea, Japan, Australia, and Latin America are also included [2]. Core Insights and Arguments - **Valuation Metrics**: The report provides various valuation metrics such as **EV/DACF**, **FCF Yield**, and **P/E Ratios** for major oil companies, indicating their financial health and market performance [9]. - **Performance Ratings**: Companies are rated based on their performance, with **Chevron** and **ExxonMobil** receiving "Buy" ratings, while **Equinor** is rated as "Sell" [9]. - **Growth Projections**: The report includes **CAGR** estimates for 2024-2027, indicating expected growth rates for different companies, with **Cenovus Energy** projected to have a **78%** upside potential [9]. - **Market Trends**: The report highlights trends in the oil and gas sector, including shifts towards renewable energy and the impact of geopolitical factors on oil prices [6]. Important but Overlooked Content - **Analyst Conflicts of Interest**: The report discloses potential conflicts of interest due to UBS's business relationships with covered companies, which may affect the objectivity of the analysis [4][5]. - **Macro Assumptions**: The report includes macroeconomic assumptions that underpin the valuations, sourced from reputable databases like Bloomberg and Reuters [6]. - **Definitions and Metrics**: Key financial metrics and definitions are provided to ensure clarity in the analysis, such as the **Nelson Complexity Index** for refining capacity [8]. Conclusion - The **Global Oil and Gas Valuation Report** provides a comprehensive analysis of the industry, highlighting key players, financial metrics, and growth projections while also addressing potential conflicts of interest and macroeconomic assumptions that could influence investment decisions [1][2][4][5][9].

Group 1 - Eni S.p.A has signed a long-term sales and purchase agreement with Venture Global Inc. for the purchase of 2 million tons per annum of LNG from the CP2 LNG facility in Louisiana, marking Eni's first long-term agreement with a U.S.-based LNG company [2][8] - The SPA has a duration of 20 years and is expected to enhance Europe's energy security by diversifying LNG supplies, supporting Eni's strategy to expand its presence in the global LNG market [2][8] - With Eni's agreement, the total contracted volume from the CP2 LNG facility has reached 13.5 million tons per annum, with other customers including PETRONAS and SEFE [3][8] Group 2 - Venture Global is developing multiple LNG projects, including the CP2 Project, which is currently under development, and is expected to begin LNG exports by the third quarter of 2027 [4] - The Calcasieu Pass and Plaquemines facilities have already started exporting LNG cargoes under long-term contracts, contributing to the overall growth of Venture Global's LNG export capabilities [4]

Group 1 - The article discusses the approach of buy-side hedge professionals who focus on fundamental, income-oriented, long-term analysis across various sectors in developed markets globally [1] - It emphasizes the importance of conducting thorough research and analysis to identify potential investment opportunities [1] Group 2 - The article does not provide specific company or industry insights, focusing instead on the general practices of hedge fund professionals [2][3]

智通财经7月15日电，埃尼集团首席执行官表示，确认承诺在2025年将股息提高5%，并实施15亿欧元的 股票回购计划。 ...

Core Insights - Eni S.p.A has entered into a joint venture with Khazna Data Centers to develop a data center campus in Ferrera Erbognone, Lombardy, as part of a broader partnership between Italy and the UAE, aiming for a combined IT capacity of up to 1 gigawatt in Italy [1][9] Group 1: Project Overview - The AI Data Center Campus is projected to have a total IT capacity of 500 megawatts, focusing on scalable, high-performance computing infrastructure while ensuring energy efficiency to minimize environmental impact [2] - The joint venture is formalized through a Heads of Terms agreement, outlining key responsibilities and administrative structure, leveraging Khazna's expertise in advanced data center operations [3] Group 2: Environmental Impact - Eni will supply "blue power," a low-carbon electricity source generated from its new Gas Power Plant equipped with carbon-capture technology, to the data center, aiming to reduce emissions and support a sustainable AI ecosystem in Europe [4][5] - This initiative represents a significant step in combining low-carbon energy with data center operations, addressing the high electricity consumption and carbon emissions typically associated with data centers [5] Group 3: Strategic Importance - The development of the data center campus is crucial for advancing Europe's digital transformation, particularly as artificial intelligence becomes increasingly vital across various industries [2] - The project aligns with Khazna's European expansion strategy, contributing to the necessary infrastructure for the growth of AI tools and technologies [3]

Core Insights - Eni S.p.A is temporarily suspending operations at its gas processing facility in Ghana to upgrade and increase natural gas output, which may lead to short-term power supply disruptions [1][10] - The supply enhancement deal with the Ghanaian government will increase gas deliveries by 30 million standard cubic feet per day (MMSCFD), raising the total to 270 MMSCFD [2][10] - Eni's Offshore Cape Three Points (OCTP) project currently supplies approximately 65% of Ghana's energy demand, playing a crucial role in reducing reliance on imported fuels [3][10] Industry Context - Ghana's Energy Minister acknowledged the potential for temporary blackouts during the upgrade but emphasized that these disruptions are necessary for long-term improvements in energy delivery [4] - Tullow Oil is also enhancing gas production from its Jubilee and TEN fields to 130 MMSCFD, aligning with Ghana's strategy to monetize hydrocarbon resources amid global decarbonization efforts [5] - As the second-largest cocoa producer, Ghana is focused on improving energy infrastructure to strengthen its economy and mitigate the risk of stranded fossil fuel assets during the energy transition [6]

Core Insights - Eni S.p.A. has signed a 30-year production sharing contract with Sonatrach for exploration and development in Algeria's Zemoul El Kbar region, with a total investment of $1.35 billion [1][8] - The project is expected to yield approximately 415 million barrels of oil equivalent, including around 9.3 billion cubic meters of gas [2][8] - Eni aims to enhance production and operational efficiency by leveraging advanced technologies in collaboration with Sonatrach [3] Investment and Production Details - The exploration area covers 4,200 square kilometers in the Berkine Basin, located about 300 kilometers east of Hassi Messaoud [1] - The estimated production over the contract's life includes significant natural gas output, with discussions ongoing for joint programs in gas production and LNG exports to European markets [2][8] Strategic Initiatives - Eni and Sonatrach are also exploring opportunities in hydrogen and renewable energy projects alongside hydrocarbon resource development [2][8] - Eni has maintained a presence in Algeria since 1981, and this contract is expected to strengthen its position in the region [3]

Core Insights - Eni S.p.A's renewable energy subsidiary, Plenitude, has commenced construction of a 200 MW solar photovoltaic park named Entrenúcleos in Spain, expected to be operational by 2026 [1][10] - The project will utilize green steel and incorporate ecological design features to promote biodiversity [4][10] - Plenitude's total solar capacity under development in Andalusia now reaches approximately 580 MW, with additional projects already underway [5][10] Project Details - The Entrenúcleos solar park will consist of 326,000 solar panels across four units, each with a capacity of 50 MWp, projected to generate over 435 GWh of clean electricity annually [3][10] - The northern block of Plenitude's Renopool solar complex in Extremadura has recently been completed, adding 130 MW of capacity and expected to produce 265 GWh of annual renewable output [2] Strategic Importance - Plenitude's expansion in Andalusia aligns with its broader renewable energy strategy in Spain, where it has around 1,300 MW of installed wind and solar capacity and a pipeline of over 2 GW of projects [7] - The company aims to achieve 10 GW of installed renewable capacity and expand its customer base to over 11 million by 2028 [8]

Core Insights - Eni S.p.A has completed drilling operations at the Zohr gas field, enhancing Egypt's natural gas production capacity [1][8] - The Saipem 10000 drillship has been instrumental in drilling additional wells at the Zohr field, with ongoing operations aligned with Egypt's development plan [2][3] - The Zohr gas field is a significant asset, containing approximately 480 million barrels of oil equivalent, and is crucial for Egypt's energy strategy [4][5] Production Capacity and Future Plans - The completion of drilling at the Zohr 6 well has added 60 million cubic feet of natural gas per day to Egypt's production capacity, supporting national energy requirements [3][8] - The upcoming Zohr 13 well is projected to contribute an additional 55 million cubic feet per day, further bolstering production [4][8] - Eni aims to increase production to 3.2 billion cubic feet per day by the end of 2025, with plans for two more wells and a $360 million investment in 2026 [5][8] Industry Context - The growth in natural gas output from the Zohr field aligns with Egypt's strategy to enhance local production and ensure a steady energy supply across various sectors [3] - Eni's operations at the Zohr field reflect the broader trends in the energy sector, focusing on maximizing production from existing resources [5][8]