December 11, 2025 Global Energy nergy into 2026 Equity Strategy Alastair Syme AC Citi Research Global Head Energy Research alastair.syme@citi.com +44 20 7986 4030 Scott Gruber AC Head of North America Energy scott.gruber@citi.com +1 212 816 8919 Details of Citi's full global energy team can be found on slide 20 ee AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations iti Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do bus ...

Core Insights - The Platts Global Energy Awards recognized excellence in the energy and chemicals industries, celebrating innovation, leadership, and performance across 21 categories [2][3][9] - Cheniere was awarded Energy Company of the Year, Chief Executive of the Year, and Excellence in Energy – LNG, highlighting its significant operational scale and leadership in the LNG sector [3][10] - The event emphasized the importance of sustainability and innovation in the energy sector, with a focus on companies and individuals driving change through technology and strategic initiatives [3][8] Award Winners - **Energy Company of the Year**: Cheniere (USA) [10] - **Lifetime Achievement Award**: Zhenguo Li (LONGi Green Energy Technology Company, China) and Alan Armstrong (Williams, USA) [10] - **Chief Executive of the Year**: Jack Fusco (Cheniere, USA) [10] - **Chief Trailblazer of the Year**: Shu Fei Zeng (KH Marque, Singapore) [10] - **Rising Star Award - Individual**: Katie Aittola (Duke Energy, USA) [10] - **Excellence in Energy - LNG**: Cheniere (USA) [11] - **Corporate Impact Award – Targeted Program Global East**: LONGi Green Energy Technology Company (China) for its Solar for Safe Births program [11] Industry Trends - The awards highlighted the role of artificial intelligence and innovative practices in steering the energy sector towards a sustainable future [3][8] - The recognition of individual achievements, such as Zhenguo Li's work in solar technology and Shu Fei Zeng's contributions to biofuels, underscores the industry's shift towards sustainability and circular economy practices [4][7] - The event showcased a diverse range of companies from 37 countries, reflecting the global nature of the energy industry and its collaborative efforts towards innovation and sustainability [9]

UK-based oilfield services provider EnerMech has been awarded a contract by Bechtel for pre-commissioning works at the Pluto Train 2 development near Karratha, Western Australia (WA). This contract includes chemical cleaning services for Pluto Train 2, part of the Pluto LNG facility. The facility is operated by Woodside Energy, with Bechtel managing the engineering, procurement and construction (EPC) and commissioning scope for the expansion project. It is set to process gas from the Scarborough field ...

Core Insights - Qatar's Energy Minister Al-Kaabi warns of a potential global LNG and natural gas shortage post-2035 due to insufficient investment in energy infrastructure and rising demand from the AI sector [1] - Global LNG demand is projected to increase from 400 million tons to 700 million tons annually over the next decade, while oil prices remain below the $70-80 per barrel range needed for infrastructure investments [1][2] Industry Trends - AI is contributing to 10% to 20% of energy demand in various countries, highlighting the growing influence of technology on energy consumption [2] - The International Energy Agency (IEA) anticipates a record addition of 300 billion cubic meters (bcm) of LNG export capacity by 2030, primarily from the U.S. and Qatar [2] Market Dynamics - The anticipated influx of LNG supply is expected to alleviate tight and volatile global gas markets, potentially lowering prices for gas importers [3] - Contrarily, some experts, including TotalEnergies' CEO, express concerns about an oversupply of LNG in the U.S. due to excessive plant construction [3][4] Company Developments - NextDecade Corp. has made a positive final investment decision for Train 4 at its Rio Grande LNG plant, which will have a capacity of 48 million tonnes per annum (mpta) [4] - The project costs for Train 4 are estimated at $6.7 billion, with financing structured as 40% equity and 60% debt [4] - Venture Global's Plaquemines LNG plant commenced production in December 2024, achieving rapid development with a nameplate capacity of 20 mpta [5]

Mozambican President Daniel Chapo urged TotalEnergies to resume its $20 billion LNG project despite an ongoing audit of the company’s additional cost claims https://t.co/d3qwstXrUL ...

Core Insights - The 2025 Marine Energy Development Forum highlighted China's commitment to high-intensity investment in marine oil and gas development, with a focus on accelerating key capacity projects and achieving record marine oil and gas production [1][3]. Group 1: Marine Oil and Gas Development - China's marine oil production has been steadily increasing, with the growth accounting for approximately 80% of the national oil production increase [3]. - Marine natural gas production is also experiencing rapid growth, contributing significantly to the overall energy supply [3]. - The global supply of LNG is expected to see a notable year-on-year increase, with projections indicating that by 2030, LNG will account for over 60% of China's total natural gas imports [3]. Group 2: Energy Transition and Carbon Emissions - It is anticipated that global energy-related carbon emissions and primary energy consumption will peak within the next 5-10 years, with various factors influencing the post-peak reduction trajectory [3]. - Clean electricity is rapidly developing and is expected to become the primary terminal energy source, although fossil fuels will remain essential for energy accessibility and system stability [3]. Group 3: Strategic Focus Areas - The construction of a new energy system should focus on the clean and efficient use of fossil fuels, reliable alternatives to non-fossil energy, and innovation [4]. - There is significant potential for further exploration and development of marine oil and gas resources, necessitating continued efforts to increase reserves and production during the 14th and 15th Five-Year Plans [4]. - The chairman of China National Offshore Oil Corporation emphasized the importance of marine energy as a strategic asset and the role of natural gas as a key link between traditional and new energy sources [4][5].

Core Insights - Eni has signed a 10-year sales agreement to supply 0.8 million tons per annum of LNG to Thailand's Gulf Development Company, starting in 2027 [1][2] - This agreement builds on a previous two-year contract for 0.5 MTPA beginning in 2025, highlighting the increasing demand for imported gas in Thailand [2][3] - The contract marks Eni's first long-term LNG supply to Thailand, aiming to expand its global LNG portfolio to approximately 20 MTPA by 2030 [3] Company Strategy - The agreement reflects Eni's strategic effort to diversify its LNG customer base and secure long-term contracts in high-growth Asian markets [2][3] - Eni is accelerating the development of its LNG marketing arm amid rising demand from Asian buyers seeking to secure volumes [4] Market Context - Thailand is experiencing a decline in domestic gas production, leading to a greater reliance on imported LNG to ensure a stable fuel supply for its power sector [2][3] - The deal is part of a broader trend of Eni's recent supply agreements in Asia and the Mediterranean, indicating a proactive approach to market dynamics [4]

WASHINGTON--(BUSINESS WIRE)--Alaska LNG and POSCO International announce they have signed definitive agreements finalizing their strategic partnership. ...

Core Viewpoint - Shudao Equipment plans to establish a gas industry equity investment fund with a total scale of 2 billion yuan, focusing on hydrogen energy, liquefied natural gas (LNG), and industrial gases, aiming for deep synergy between industry and capital [1] Group 1 - The fund will target high-growth sectors such as hydrogen energy, LNG, and industrial gases, benefiting from the transformation of the energy structure and the demand for high-end manufacturing upgrades [1] - The establishment of the fund aligns with national strategies for energy structure transformation and the optimization of state-owned capital [1] - The fund aims to help Shudao Equipment accelerate the construction of a comprehensive platform for industrial gases, clean energy, and hydrogen energy, expanding its business boundaries and investment landscape [1] Group 2 - The investment is expected to cultivate new profit growth points and enhance the company's core competitiveness [1] - As the fund gradually invests and projects are implemented, Shudao Equipment is likely to strengthen its competitive advantage in high-end equipment manufacturing and clean energy [1] - The company aims to create an industrial ecosystem of "high-end manufacturing + energy operation + capital empowerment," forming a new development pattern characterized by technological leadership, capital support, and industrial synergy [1]

We recently published 10 Stocks Already Hurting in December. Venture Global Inc. (NYSE:VG) is one of the top performers on Monday. Venture Global fell hard on Monday to nearly hit its 52-week low, as investors resorted to profit-taking following two straight days of gains. The stock capped the day off shedding 7.91 percent at $6.87 apiece—just 13 cents shy of its lowest 52-week price of $6.72, also mimicking the drop on Wall Street’s main indices following a recent holiday boost. Likewise, investors app ...