Luxembourg – 29 January 2026 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Shell for the Kaikias Waterflood project. The Kaikias field is a deepwater development in the Mars-Ursa Basin, approximately 210 kilometres off the Louisiana coast in the US. The scope of work includes the transportation and installation of a subsea umbilical, riser, and a rigid flowline in water depths of up to 1,650 metres. Project management and engineering activities will begin ...

Danske Bank upgraded Equinor ASA (NYSE:EQNR) from Sell to Hold, reflecting a more optimistic view on its stock performance.Equinor's strong 6% dividend yield offers portfolio safety, making it an attractive investment amidst European natural gas supply concerns.The company's market capitalization of approximately $66.5 billion and active trading volume highlight its significant role in the energy sector.Equinor ASA, listed on the NYSE under the symbol EQNR, is a major player in the energy sector. The compan ...

Core Viewpoint - Venture Global (NYSE:VG) is facing a legal dispute with Shell, which is impacting its stock performance and market perception, yet RBC Capital maintains an "Outperform" rating for the company [1][5]. Company Overview - Venture Global is a U.S.-based liquefied natural gas (LNG) producer with a current market capitalization of approximately $21.9 billion [3]. Stock Performance - The stock price of VG is currently at $8.95, reflecting a slight increase of 0.46% or $0.04 from the previous day [2][5]. - VG's stock has fluctuated between a high of $22.14 and a low of $5.72 over the past year, indicating significant volatility in the market [3]. Trading Activity - The trading volume for VG is reported at 1,723,339 shares, suggesting active investor interest and close monitoring of the company's legal situation [4][5]. Analyst Ratings - RBC Capital has adjusted its price target for VG from $13 to $11, citing ongoing legal issues and market conditions as the reasons for this adjustment [2][5].

TotalEnergies (NYSE: TTE) is a proven survivor in the oil patch. It is also an innovator that has started to include electricity production in its energy portfolio. The current geopolitical tension in Venezuela and elsewhere could cause some disruption to the energy market, but it won't stop me from continuing to buy TotalEnergies' stock. Energy prices have always been volatile While some theorists claim that Wall Street is efficient, the truth is that it can be highly emotional over short periods. That' ...

Core Insights - Invesco RAFI Developed Markets ex-U.S. ETF (PXF) employs a fundamentally different approach to market exposure by weighting companies based on sales, cash flow, dividends, and book value rather than share price [2][3] Group 1: Investment Strategy - PXF's portfolio is concentrated in established multinationals that generate substantial cash flows and dividends, aligning with the RAFI methodology's focus on value characteristics [3] - Major holdings include Samsung Electronics at 2.8% of assets, and energy companies Shell and TotalEnergies together at 3% of assets, selected for their strong fundamental metrics [3][4] Group 2: Performance Metrics - PXF has achieved a 96% return over five years and a 48% return over the past year, significantly outperforming U.S. markets and traditional market-cap weighted international alternatives [4][6] - The fund's value-oriented approach has led to nearly doubling capital over five years, indicating successful identification of undervalued companies [4] Group 3: Income Generation - In 2025, PXF distributed $2.38 per share, a 43% increase from the previous year's $1.66, driven by improved profitability in energy and financial sectors [5][6] - The fund provides a 2.5% yield, offering meaningful quarterly income for shareholders, with distributions varying seasonally based on underlying companies' dividend payments [5]

Core Viewpoint - The energy sector, typically known for volatility, can still provide reliable dividends, as demonstrated by ExxonMobil and Chevron, which have successfully navigated the energy commodity cycle while rewarding investors with consistent dividend growth [1]. Company Overview - ExxonMobil and Chevron are integrated energy companies operating across upstream (energy production), midstream (pipelines), and downstream (chemicals and refining) segments, which helps mitigate the impact of oil and natural gas price fluctuations [3]. Dividend Performance - ExxonMobil has increased its dividend annually for over 40 years, while Chevron has maintained its dividend growth for more than 30 years, showcasing a level of consistency unmatched by peers like Shell, BP, and TotalEnergies, which have faced dividend cuts [4]. Dividend Yields - ExxonMobil offers a dividend yield of 3%, and Chevron provides a higher yield of 4.1%, significantly above the S&P 500 index's yield of 1.1%, making them attractive options for dividend investors [5]. Financial Strength - Both companies have strong balance sheets, with ExxonMobil's debt-to-equity ratio at 0.16 and Chevron's at 0.22, the lowest among their peers, allowing them to manage debt effectively during downturns and support dividends [6]. Investment Recommendation - Given their financial stability and dividend performance, ExxonMobil and Chevron are considered strong investment choices, with Chevron currently offering a better income opportunity for conservative investors [7].

Investment Rating - The report does not explicitly state an investment rating for the Netherlands market Core Insights - The Dutch economy is projected to grow by 1.8% in 2025, supported by consumption and government spending, while inflation has slowed to 2.8% in December 2025 [9] - Private equity (PE) deal activity in Q4 2025 was the weakest of the year, with limited US investor participation impacting dealmaking [10] - Venture capital (VC) deal value improved in 2025, with significant rounds raised by companies like Picnic and Perpetual Next, indicating a trend towards fewer but larger transactions [12][13] - The AEX index finished 2025 up by 8.3%, underperforming compared to other major indexes, largely due to its concentrated composition [15] Market Overview - The Netherlands recorded a deal value of €6.4 billion in Q4 2025, with a median deal size of €34.9 million and a year-to-date return of 8.3% [7] - The private equity fundraising continued to slow in 2025, with notable fund closures including Bencis raising €625 million and Nyver raising €335 million [11][12] - The venture capital fundraising remained low throughout 2025, although four of the five largest VC fund closes occurred in Q4, indicating a slight increase in market confidence [14] Private Equity Activity - PE exit activity was stronger in the second half of 2025, highlighted by Blackstone's sale of NIBC Bank for €960 million [11] - The report notes a higher proportion of add-on acquisitions relative to primary buyouts and growth deals in the Dutch PE market [10] Venture Capital Activity - The largest VC rounds in Q4 2025 included Picnic raising €430 million and Perpetual Next raising €207 million [12] - Two new unicorns were added in 2025: Destinus with a valuation of €1.5 billion and Framer at €1.7 billion [13] Public Equity Market - The AEX index's performance was hindered by weaker performances from technology and consumer-oriented stocks, despite a rebound in ASML shares [15] - Unilever's IPO of its ice cream business, The Magnum Ice Cream Company, marked the only public listing in Q4 2025, with a market cap of nearly €8 billion [15]

Group 1 - AMG Critical Materials N.V. announced that its subsidiary, AMG LIVA, will install the Hybrid Energy Storage System at Aramco's Bulk Plant in Tabuk, Saudi Arabia, integrating it with an existing solar plant [1] - The Hybrid ESS combines Lithium-Ion and Vanadium Redox Flow batteries with AI routines to enhance efficiency, safety, reliability, and battery lifespan [1] - This initiative supports Saudi Arabia's 2030 Vision by reducing carbon emissions, increasing renewable energy deployment, and enhancing energy storage capabilities [2] Group 2 - The project complements the IK Metals Reclamation and Catalyst Manufacturing Project, known as the IK Supercenter, which focuses on recycling metals, including vanadium concentrate from spent catalysts [3] - The IK Supercenter is a joint venture between Shell & AMG Recycling B.V. and local partner United Company for Industry (UCI), aiming to reduce carbon emissions compared to traditional mining processes [3] - The facility will include a vanadium electrolyte production plant to support the Kingdom's vanadium flow battery market, creating a fully integrated value chain in Saudi Arabia [3] Group 3 - AMG's mission is to provide critical materials and technologies to promote a less carbon-intensive world, focusing on energy storage materials like lithium and vanadium [4] - The company is a market leader in recycling vanadium from oil refining residues and operates in advanced metallurgy, serving various sectors including aerospace [5] - AMG has approximately 3,600 employees and operates globally with production facilities in multiple countries, including Germany, the UK, and the US [6]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the energy sector, particularly natural gas and nuclear power, amid a global CAPEX upcycle driven by increasing electricity demand from AI, multi-shoring, and electrification [1][2][3][8]. Core Insights - **Electricity Demand Growth**: Global electricity demand is expected to rise significantly, with projections indicating it will exceed 32% of final energy consumption by 2050, up from 20% in 2023 [8]. - **CAPEX Projections**: A bottom-up analysis estimates a total of US$1,800 billion in global CAPEX from 2025 to 2030, focusing on offshore oil and gas exploration and production (E&P), LNG terminals, and gas-fired and nuclear power plants [2][7]. - **Industry Trends**: Four key trends identified include: 1. Consolidation in the oil and gas EPC and service market, leading to concentration among upstream equipment and parts manufacturers. 2. Outsourcing of production processes by EPC and service providers to suppliers. 3. Demand for higher quality advanced metal parts due to rising applications in deep-sea oil and gas, LNG terminals, and nuclear power plants. 4. Increased global competitiveness of Chinese equipment and parts suppliers [3][7][88]. Investment Opportunities - **Recommended Stocks**: The report initiates coverage on Neway and Develop with Buy ratings, and also recommends Yingliu, Jereh, and Sinoseal as potential beneficiaries of the CAPEX upcycle [1][3][7]. - **Market Mispricing**: The market may be underestimating the investment implications of the current natural gas and nuclear upcycle for China's upstream equipment and component manufacturers [7]. Financial Metrics of Recommended Stocks - **Neway Valve (603699.SH)**: Market cap of US$6.276 billion, expected PE of 22, with 61% overseas sales and a projected EPS CAGR of 28% from 2025 to 2027 [4]. - **Develop (688377.SH)**: Market cap of US$1.126 billion, expected PE of 37, with 62% overseas sales and a projected EPS CAGR of 51% [4]. - **Yingliu (603308.SH)**: Market cap of US$5.317 billion, expected PE of 54, with 47% overseas sales and a projected EPS CAGR of 54% [4]. - **Jereh Oil Field (002353.SZ)**: Market cap of US$12.801 billion, expected PE of 24, with 45% overseas sales and a projected EPS CAGR of 21% [4]. - **Sinoseal (300470.SZ)**: Market cap of US$5.337 billion, expected PE of 31, with 10% overseas sales and a projected EPS CAGR of 33% [4]. Additional Insights - **Natural Gas and Nuclear Power**: Both sectors are expected to benefit from stable electricity generation capabilities, with natural gas producing countries ramping up exploration and production, particularly offshore [2][20]. - **Technological Advancements**: The report highlights advancements in production technology that have significantly lowered the break-even costs for offshore oil E&P, enhancing the attractiveness of investments in this area [36][49]. - **Nuclear Power Renaissance**: There is a noted global renaissance in nuclear fission power, particularly in China, with expectations of accelerated approvals and construction of nuclear projects [65][66]. Conclusion - The energy sector, particularly natural gas and nuclear power, presents substantial investment opportunities driven by increasing electricity demand and significant CAPEX growth. Chinese manufacturers with strong overseas exposure and advanced manufacturing capabilities are well-positioned to benefit from these trends [1][7][8].

Summary of the Conference Call on Oil & Gas Industry Industry Overview - The conference call focused on the **Asia-Pacific Oil & Gas** industry, particularly discussing oil inventories and geopolitical factors affecting the market [1][7]. Key Points and Arguments 1. **OECD Inventories**: - OECD commercial inventories increased by **7 million barrels (MMbls)** in November, reaching **2,838 MMbls**, which provides a **60 days demand cover** [2][37]. - A net draw of **23 MMbls** was observed in 4Q, contrasting with IEA's estimates of a **2.7 MMbls/d** oversupply [2]. 2. **Global Inventory Trends**: - Global inventories rose by **66 MMbls month-over-month**, totaling **6,449 MMbls** in November, with non-OECD inventories contributing significantly [3]. - China’s inventories increased by **3 MMbls** in November, indicating ongoing stockpiling [3]. 3. **Supply and Demand Forecast**: - Global oil demand is projected to grow by nearly **1.0 MMbls/d** to **105 MMbls/d**, with non-OECD Asia being the largest contributor [4]. - Non-OPEC supply growth is expected to outpace demand growth, leading to continued inventory builds through **2026** [4][7]. 4. **OPEC Production Dynamics**: - Despite increased OPEC supply, the call on OPEC crude is anticipated to decline to **25.8 MMbls** in 2026, suggesting a need for production cuts rather than increases [5]. - The unwinding of OPEC production cuts is expected to exacerbate market oversupply, particularly in the first half of the year [5]. 5. **Investment Implications**: - The IEA report indicates an oversupplied oil market, with non-OPEC supply growth outpacing demand, leading to significant inventory gains [7]. - The risk-reward scenario for investors is shifting favorably as oil prices are currently below the marginal cost of **$70/bbl**, suggesting potential for price recovery [7]. 6. **Valuation Comparisons**: - A comparison of major oil companies shows varying P/E ratios, with PetroChina at **8.8**, Sinopec at **11.4**, and CNOOC at **7.2** for 2026 metrics [8]. Additional Important Insights - **Geopolitical Risks**: The potential for geopolitical disruptions, particularly involving Venezuela, Iran, and Russia, could impact supply dynamics unexpectedly [7]. - **Long-term Price Outlook**: Oil prices are expected to average just below **$65/bbl** in 2026 based on inventory forecasts, indicating a challenging environment for producers [25]. This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of the oil and gas industry, particularly in the Asia-Pacific region.