Summary of Key Points from the Conference Call Industry Overview - **Industry**: Oil Services - **Focus**: Implications of the political situation in Venezuela on global oil services companies Core Insights and Arguments - **Venezuela's Oil Production Recovery**: - Production may increase slightly in the short term, potentially reaching several hundred thousand barrels per day over the next 2-3 years if a US-supported government is established and sanctions are lifted [2][10] - Historical peak production was approximately 3 million barrels per day in the mid-2000s, with Venezuela holding about 20% of global proven oil reserves [2][11] - **Investment Requirements**: - Any recovery in production will be gradual and necessitate substantial investment [2] - Companies like Chevron, ENI, and Repsol currently have operations in Venezuela, with Chevron being the only US oil major still active [17] - **OCTG Market Potential**: - Demand for Oil Country Tubular Goods (OCTG) in Venezuela could reach 140,000 to 240,000 tons by 2030, translating to a market size of $0.6 to $1 billion [4][30] - The current addressable OCTG market for Tenaris and Vallourec is estimated at 5.7 million tons and approximately $18 billion, indicating that the Venezuelan market could add 3-4% in volume and 3-5% in dollar terms [36] - **Tenaris and Vallourec's Position**: - Tenaris has a long-standing presence in Venezuela and supplies Chevron's OCTG needs, benefiting from logistical advantages due to local operations [3][27] - Vallourec, while currently absent from Venezuela, could supply the market from its Brazilian plant, leveraging a competitive cost base [28] - **US Oil Services Companies**: - Companies like SLB, Halliburton, and Weatherford International are positioned to benefit from increased activity in Venezuela [8][44] - SLB has indicated its ability to scale operations in Venezuela if activity increases, while Halliburton and Weatherford have historical ties and expertise that could be advantageous [8][45][46] Additional Important Insights - **Long-term Oil Price Implications**: - A recovery in Venezuelan production to 2 million barrels per day by 2030 could pose significant downside risks to long-term oil prices, potentially reducing Brent oil price forecasts by $4 per barrel [11] - Current estimates suggest that Brent prices could average $58 per barrel if production declines, and $54 per barrel if production increases [10] - **Technical Requirements for OCTG**: - The extraction of heavy crude from the Orinoco Oil Belt requires complex, high-performance OCTG solutions due to the challenging conditions [29] - The majority of Venezuela's proven reserves are high-sulfur and heavy crude, necessitating robust materials and testing protocols for well integrity [29] - **Rig Count and Well Drilling**: - The estimated rig count needed to support a production level of 2 million barrels per day by 2030 is between 40 to 50 active rigs, with an annual drilling of 480 to 600 new wells [31][32] This summary encapsulates the critical insights and potential implications for the oil services industry stemming from the evolving situation in Venezuela, highlighting both opportunities and risks for companies involved in this sector.

VALLOURECFrench limited liability company (société anonyme) with a Board of Directors with share capital of € 4,768,147.86Registered office: 12, rue de la Verrerie – 92190 Meudon, FranceRegistered on the Nanterre Trade and Companies Register under n° 552 142 200 Meudon, January 14th, 2026 Monthly information relating to the total number of voting rightsand shares comprising the share capital Article L. 233-8-II of the French Code de commerce and Article 223-16 of the General Regulations of the Autorité des ...

DISCLOSURE OF TRADING IN OWN SHARES FROM 01/08/2026 TO 01/09/2026 Meudon (France), on January 12, 2026 Share buyback program (ISIN Code: FR0013506730) implemented in accordance with the authorization given by the Shareholders' General Meeting of Vallourec SA (LEI: 969500P2Q1B47H4MCJ34) on May 22, 2025 (ninth resolution). Day of the transaction Total daily volume (number of shares)Daily weighted average purchase price of the shares (€)Market Code 01/08/202677 00016,3881XPAR01/08/202638 000<td style="width: ...

Core Viewpoint - Vallourec has secured a significant contract with Shell for the supply of OCTG products and services for the Orca project in Brazil, highlighting its competitive edge in the market [1][2]. Group 1: Contract Details - The agreement involves the supply of OCTG products for Shell's offshore operations, specifically for the Orca project, with drilling expected to commence in April 2027 [2]. - The current drilling plan includes 10 wells, requiring an estimated 12,000 to 15,000 tons of pipes [2]. - The contract covers a full OCTG scope, including seamless pipes and VAM premium connections, with sizes ranging from 4.5" to 18", utilizing both carbon and stainless-steel tubulars [3]. Group 2: Value-Added Services - Vallourec will provide comprehensive value-added services, including desk engineering, material coordination, rig preparation, offshore supervision, and rig return repairs, to enhance Shell's operational efficiency [3]. Group 3: Company Insights - Philippe Guillemot, CEO of Vallourec, emphasized the company's capability to support customers across the entire value chain, reinforcing the value of VAM premium connections in Brazil [4]. - Vallourec is recognized as a leader in premium tubular solutions for energy markets and demanding industrial applications, with a strong focus on innovation and R&D [5].

Core Viewpoint - Vallourec has announced a €200 million share buyback program aimed at enhancing shareholder returns, targeting a total of at least €500 million by August 2026 [1][4]. Share Buyback Program - The share buyback will be executed through a mandate with an investment services provider and is set to conclude by June 30, 2026 [1]. - The repurchased shares will be used to cover part of the warrants issued by Vallourec, thereby mitigating dilution from their exercise [2]. Financial Strategy and Shareholder Returns - Vallourec plans to return approximately €300 million from the exercise of the warrants, along with 80-100% of 2025 cash generation not allocated for share buybacks, through an extraordinary interim dividend in Q3 2026 [4]. - The company does not intend to propose an annual dividend for 2025 at the annual shareholders' meeting in 2026 due to the expected extraordinary interim dividend [5]. - The shareholder returns are consistent with Vallourec's capital allocation policy, which maintains a leverage ratio of +/- 0.5x net debt to EBITDA and liquidity above €1 billion [5]. Management Commentary - Philippe Guillemot, Chairman and CEO, emphasized that this announcement aligns with Vallourec's goal to be a shareholder-friendly company and reflects the value potential of its stock [6].

Core Insights - Vallourec and Geostock have signed a Memorandum of Understanding to enhance collaboration in developing infrastructure for the energy transition, focusing on hydrogen and carbon capture, utilization, and storage (CCUS) [1][5][6] Group 1: Partnership Details - The collaboration emphasizes hydrogen storage, leveraging Vallourec's Delphy storage system, which can store up to 100 tons of hydrogen, and Geostock's mined lined rock caverns, suitable for capacities exceeding 500 tons [2][4] - Both companies will share expertise in well architecture and tubular solutions for hydrogen and CCUS applications, enhancing the safety and performance of underground storage infrastructures [4][6] Group 2: Strategic Importance - This partnership is part of Vallourec's strategy to collaborate with key players in the New Energies sector, addressing industrial, environmental, and economic challenges of the energy transition [5][6] - Geostock aims to broaden its range of solutions for underground hydrogen storage, leveraging Vallourec's expertise in metallic materials across various storage techniques [6][9]

Summary of the Conference Call on the Oil Services Industry Industry Overview - The report focuses on the oil services industry, specifically the period from 2000 to 2050, highlighting the evolution and future outlook of the sector [6][11]. Key Periods in the Oil Services Journey - The journey is divided into five periods: 1. The Golden Age (2000-2014) 2. The Great Disruption (2015-2024) 3. Drill, Baby Drill (2025-2029) 4. The Age of Sustainability (2030-2035) 5. The Age of Circularity (2036-2050) [11]. Core Insights and Arguments - The oil market is currently perceived as oversupplied, with a short-term supply increase peaking in early 2025, but a rapid rebalancing is anticipated in 2026 [7][9]. - A significant IEA report indicates that 90% of current oil and gas capital expenditures (capex) are for maintaining production rather than increasing it, suggesting a structural under-supply in the long term [10]. - The need for new drilling is underscored by projected decline rates of oil production, estimated at approximately 8% CAGR post-2025, necessitating new investments [15]. Investment and Capex Plans - Aramco's CFO highlighted the importance of massive investments in subsurface data acquisition and computing power, indicating a shift towards more data-driven operations [18]. - ADNOC announced a $150 billion capex plan for 2026-2030, aimed at maintaining operations and meeting growing global energy demand [25]. - Argentina's Vaca Muerta shale play is experiencing rising oil production, with production surpassing 447,000 barrels per day in March 2025, although rig counts remain historically low [20][23]. Market Dynamics and Future Projections - The report suggests that the current "Drill, Baby Drill" cycle may peak around 2028, driven by various factors including new offshore basins with low break-even prices and increasing global oil demand [29][38]. - SLB, Saipem, and Tenaris have forecasted a rebound in upstream spending in Saudi Arabia, indicating improved prospects for the oil services industry [39]. Company-Specific Insights - SLB is positioned as a key beneficiary of the improved market outlook, particularly in the Middle East, with a market share of nearly 10% in the region [39]. - Subsea 7 and Saipem are expected to create a new entity, "Saipem7," which will enhance their competitive positioning in the subsea market [44]. - Technip Energies is projected to have a record year for order intake in 2026, with several significant projects likely to be sanctioned [45]. Pricing Power and Market Conditions - The pricing power thesis for Tenaris and Vallourec remains intact, supported by tight capacity for premium tubes and rising costs [33]. - The report anticipates a gradual recovery in pricing conditions starting from the second half of 2026 as inventories clear [33]. Conclusion - The oil services industry is undergoing significant changes, with a focus on innovation, investment in technology, and a shift towards sustainability. The upcoming years are expected to bring both challenges and opportunities as companies adapt to evolving market dynamics and increasing global energy demands [11][39].

AMENDMENT TO THE TERMS AND CONDITIONS OF THE WARRANTS Meudon (France), on December 1st, 2025 – Vallourec announces that holders of warrants (“BSA”) (ISIN code: FR00140030K7), held today a general meeting, under the chairmanship of Aether, representative of the warrant holders. With a quorum of 100 % of warrant holders present, represented, or having voted by correspondence, the BSA holders have approved unanimously the amendment to the terms and conditions of the BSA, provided in the 1st resolution, in orde ...

MODIFICATION DES TERMES ET CONDITIONS DES BSA Meudon (France), le [1er] décembre 2025 – Vallourec annonce que les porteurs de bons de souscription d’actions (« BSA ») (code ISIN : FR00140030K7) réunis ce jour en assemblée générale, sous la présidence de Aether, représentant de la masse. Avec un quorum de 100 % de porteurs de BSA présents, représentés ou ayant voté par correspondance, les porteurs de BSA ont approuvé à l’unanimité la modification des termes et conditions des BSA, prévue à la 1ère résolution, ...

NATHALIE DELBREUVE IS APPOINTED ASCHIEF FINANCIAL OFFICER OF VALLOURECAND JOINS THE EXECUTIVE COMMITTEE Meudon (France), November 28, 2025 – Vallourec, a world leader in premium tubular solutions, announces today the appointment of Nathalie Delbreuve as Chief Financial Officer of the Group. She will join the Executive Committee and assume her new role as of December 1st, 2025. Nathalie Delbreuve was previously Chief Financial Officer of Verallia, the European leader and world’s third-largest producer of gla ...