Fourth quarter 2025 results Consistent delivery with more to come February 5, 2026 Shell plc | February 5, 2026 Shell plc Definitions & cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this presentation "Shell", "Shell Group" and "Group" are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general o ...

Core Insights - E-commerce company eBay has announced its first climate transition plan aimed at decarbonizing its operations and supply chain to achieve net-zero emissions [1] Group 1: Climate Transition Plan - eBay's climate transition plan includes a commitment to ramp up efforts in decarbonization [1] - The company is focusing on both its operations and supply chain as part of this initiative [1]

Core Insights - ADNOC, in partnership with Eni and PTTEP, has secured a structured financing agreement of up to Dh40.4bn ($11bn) for the Hail and Ghasha gas development project, aimed at monetizing future midstream gas production [1] - The Ghasha concession is projected to deliver 1.8 billion standard cubic feet per day (bscf/d) of gas, contributing significantly to ADNOC's gas strategy [1][4] Financing Structure - The financing arrangement is described as non-recourse and involves participation from over 20 international and regional financial institutions, allowing ADNOC and its partners to access capital at competitive rates while retaining operational oversight [2] - The financing is "ring-fenced" around processing facilities, enabling the raising of low-cost funding [2] Strategic Importance - The transaction is seen as a landmark achievement that builds on ADNOC's successful track record in global energy partnerships, unlocking capital for the ambitious Hail and Ghasha project [3] - The project is expected to generate significant value for ADNOC, its partners, and the UAE, while also unlocking new gas resources for customers [4] Historical Context - ADNOC has previously engaged in major midstream and infrastructure deals, including a $4.9bn oil pipeline partnership and a $10.1bn gas pipeline agreement, along with various BOOT projects [5] - The Hail and Ghasha project aims to operate with net-zero emissions and capture 1.5 million tonnes of CO₂ annually [5] Future Plans - ADNOC plans to leverage advanced AI and technologies from its Thamama Centre of Excellence for the project [5] - The company has outlined a $150bn investment plan for the period between 2026 and 2030 to sustain current operations and expand growth [6]

Company Leadership Changes - BP is undergoing a leadership change as CEO Murray Auchincloss is being replaced by Meg O'Neill, who previously led Woodside Energy [6][9] - O'Neill will be the first outsider CEO in BP's 116-year history, which may influence the company's culture and investment strategies [9] Strategic Shifts and Challenges - BP's strategic direction has been in flux, particularly after the dismissal of former CEO Bernard Looney, who aimed to pivot the company towards climate priorities [7] - The company is facing ongoing challenges, including financial liabilities from the Deepwater Horizon disaster and the impact of losing its stake in Russia's Rosneft [8] Market and Investment Implications - O'Neill's leadership is expected to address concerns from activist shareholders, particularly Elliott Investment Management, which holds a 5% stake in BP [9] - The company is also navigating lower crude prices and increased supply from OPEC+, which could affect its market position [8]

Core Insights - Vistra Corp. is the largest competitive power generator in the U.S. with a market cap of $59.3 billion and a capacity of 41,000 megawatts, enough to power 20 million homes [1] - The company aims to cut emissions by 60% by 2030 and achieve net-zero emissions by 2050 [1] Stock Performance - Over the past 52 weeks, VST stock has increased nearly 19%, outperforming the S&P 500 Index's 12.3% gain [2] - Year-to-date, VST shares are up 26.5%, compared to the S&P 500's 12.5% increase [2] - VST has also outperformed the Utilities Select Sector SPDR Fund (XLU), which rose 11.6% in the same period [3] Financial Performance - In Q3 2025, Vistra's net income fell sharply to $652 million from $1.84 billion the previous year, primarily due to a $1.67 billion decline in unrealized mark-to-market gains and an outage at the Martin Lake Unit 1 [4] - The company has narrowed its 2025 adjusted EBITDA guidance to between $5.7 billion and $5.9 billion [4] - Analysts expect VST's EPS for the fiscal year ending December 2025 to decline by 2% year-over-year to $6.86 [5] Analyst Ratings - Among 18 analysts covering the stock, the consensus rating is a "Strong Buy," with 15 "Strong Buy" ratings and three "Holds" [5] - The current configuration shows an improvement from three months ago, with 11 "Strong Buy" ratings [6] Price Target - BMO Capital's James Thalacker raised Vistra's price target to $245, maintaining an "Outperform" rating [7] - The mean price target of $242.76 indicates a potential upside of 39.2% from the current price, while the highest price target of $295 suggests a 69.1% upside [7]

Environmental Policy - Brazil aims to achieve net-zero emissions by 2050 [1] - Brazil is initiating a plan to reduce industrial emissions [1]

Core Insights - Blink Charging Co. has been selected to install, own, and operate 184 EV chargers in Wakefield district as part of a regional net-zero initiative [1][2] - The project is backed by a £282,000 investment from the UK government's Local Electric Vehicle Infrastructure (LEVI) fund, aiming to enhance public EV charging access and support the transition to fully electric transportation by 2030 [2][4] Company Overview - Blink Charging Co. is a global leader in electric vehicle charging equipment and services, providing innovative solutions to facilitate the transition to electric transportation [6] - The company's offerings include the Blink Network, EV charging equipment, and services, utilizing proprietary cloud-based software for operation and maintenance [6] Project Details - The installation will consist of 54 on-street and 130 off-street EV chargers, focusing on areas with limited access to charging [1][3] - The initiative aims to ensure that at least 20% of the chargers are accessible to residents with various accessibility needs [3] Strategic Importance - The collaboration with Wakefield Council is seen as a significant step in expanding Blink's presence in the UK and enhancing the availability of public EV charging infrastructure [5] - The project is designed to provide charging solutions at no cost to the Council, making it easier for residents without home charging options to access EV chargers [5]

Core Insights - TotalEnergies SE (TTE) is solarizing its lubricant plant in Go Dau, Vietnam, as part of its commitment to energy transition in the region [1][11] - The project marks the first initiative for TotalEnergies ENEOS in Vietnam, a joint venture focused on B2B solar distributed generation across Asia [1] Project Details - The project includes a 220-kWh battery energy storage system and a 310 kWp solar photovoltaic system, which will cover up to 60% of the plant's electrical needs [2] - It is expected to generate approximately 460 MWh of electricity annually, avoiding around 300 tons of CO₂ emissions each year [2][11] Financial and Operational Benefits - TotalEnergies aims to achieve financial efficiency through energy cost relief by generating its own electricity, reducing dependence on variable grid power [3] - The battery storage component allows for better energy management, storing solar power for peak periods or outages, enhancing sustainability and improving ESG benchmarks [4] Long-term Goals - TotalEnergies plans for low-carbon businesses to represent 15-20% of its sales by 2040 and aims to expand its renewable energy generation capacity significantly [5][11] - The company targets 35 GW of installed gross renewable electricity generation capacity by the end of 2025 and over 100 terawatt-hours of net electricity production by 2030 [7] Industry Context - The global market for solar PV and battery storage is expanding, benefiting companies like SolarEdge Technologies and First Solar [9] - SolarEdge Technologies enhances solar energy systems' efficiency and performance, while First Solar specializes in thin-film PV technology, offering advantages over traditional panels [10][12] Stock Performance - Over the past six months, TotalEnergies' shares have increased by 2.7%, outperforming the industry's growth of 2% [14]

Group 1: Exxon Mobil Corporation (XOM) Strategy and Investments - Exxon Mobil Corporation has integrated its low-carbon strategy into its core operations, aiming for net-zero (Scope 1 & 2) emissions from operated assets by 2050 and from Permian operations by 2030 [1][10] - The company plans to invest $30 billion in Lower Carbon Solutions from 2025 to 2030, focusing on carbon capture and storage (CCS), low-carbon hydrogen, and ammonia [2][10] - ExxonMobil controls over 1,500 miles of CO2 pipelines, the largest CO2 pipeline network in the United States, and its solutions could help reduce third-party emissions by over 50 million tons annually by 2030 [2] Group 2: Specific Projects and Developments - At Baytown, Texas, ExxonMobil plans to install a low-carbon hydrogen plant capable of producing up to 1 billion cubic feet per day of hydrogen, with over 98% of associated CO2 captured and up to 10 million tons of CO2 handled via CCS [3][10] - The portfolio includes lithium development in Arkansas, aiming for first production in 2027 and supplying approximately 1 million electric vehicles per year by 2030 [3] Group 3: Competitors' Commitments - Chevron has committed $10 billion through 2028 to advance low-carbon initiatives, targeting production of 100,000 barrels per day of renewable fuels and capturing 25 million tons of CO2 [5] - Shell aims to invest $10-$15 billion between 2023 and 2025 in low-carbon energy, focusing on electric vehicle charging, renewable power, and hydrogen infrastructure [6] Group 4: Financial Performance and Valuation - Shares of ExxonMobil have lost 9.4% over the past year, compared to the industry's 3.6% decline [9] - ExxonMobil trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 6.92X, above the broader industry average of 4.27X [11] - The Zacks Consensus Estimate for ExxonMobil's 2025 earnings has been revised upward over the past 30 days, with current estimates at $6.59 for the current year and $7.44 for the next year [13][14]

Financial Performance - Adjusted Earnings were $4.3 billion in Q2 2025[9], compared to $5.6 billion in Q1 2025[15] - Cash flow from operations (CFFO) reached $11.9 billion in Q2 2025[9], with 46% of CFFO distributed to shareholders over the last 12 months[9] - Total shareholder distributions in Q2 2025 amounted to $5.7 billion, including $2.1 billion in cash dividends and $3.5 billion in share repurchases[10] - The company maintains a strong balance sheet with a gearing of 19%[9], and net debt of $43.2 billion[11] Strategic Initiatives - The company is implementing a new buyback program of $3.5 billion, expected to be completed by Q3 2025[9] - The company is targeting $5-7 billion in structural cost reductions by the end of 2028, cumulative from 2022 levels[37] - The company has delivered $3.9 billion of structural cost reductions, with >60% from non-portfolio activities[20] - Cash capital expenditure is projected to be $20-22 billion per annum from 2025-2028[9, 37] Portfolio and Growth - First cargo has left LNG Canada, which has a capacity of 14 mtpa (40% Shell share)[26] - The company is targeting LNG sales growth of 4-5% CAGR to 2030[24] - The company aims for >10% nFCF per share growth p a through 2030[37]