Key Takeaways BP shut down its Olympic Pipeline following a leak identified near Everett on Nov. 11, 2025.The shutdown has disrupted refined product flows, including jet fuel to Seattle-Tacoma.Airlines adopted workarounds to keep flights operating despite constrained fuel supplies.BP plc (BP) , the London-listed oil and gas major, has shut down its Olympic Pipeline system after identifying a leak in the pipeline, following which jet fuel supplies to the Seattle-Tacoma airport have been affected. BP’s Olympi ...

Key Takeaways Enterprise Products benefits from steady cash flows and major midstream projects under construction.EPD expects new gas processing plants like Mentone West 2 and Athena to boost future cash generation.Enterprise Products trades at a higher EV/EBITDA multiple than DINO, signaling a market premium.Enterprise Products Partners LP (EPD) and HF Sinclair Corporation (DINO) are two players in the broader energy space. Although their focus of operations is different, with Enterprise Products being a m ...

Key Takeaways DINO sees a favorable refining environment supported by strong fundamentals and distillate demand.The company focuses on producing diesel and jet fuel as falling distillate supply lifts prices.HF Sinclair notes low inventories, solid utilization and global outages are aiding refining margins.HF Sinclair Corporation (DINO) is a well-known operator of refineries located in Wyoming, Oklahoma, Washington, New Mexico, Utah and Kansas. On its third-quarter earnings call, DINO expressed optimism abou ...

Core Viewpoint - China's state oil trader Unipec, a subsidiary of Sinopec Corp, has secured a long-term agreement to supply approximately 60,000 metric tons of jet fuel to Lufthansa each year [1] Company Summary - Unipec, as a vehicle of Sinopec Corp, is expanding its operations in the aviation fuel sector through this new supply agreement with Lufthansa [1] - The deal signifies a strategic partnership between Unipec and Lufthansa, enhancing Sinopec's presence in the international aviation fuel market [1] Industry Summary - The agreement reflects the growing demand for jet fuel in the aviation industry, particularly as airlines like Lufthansa seek reliable suppliers [1] - This move may indicate a trend of increased collaboration between oil traders and airlines to secure fuel supply amidst fluctuating market conditions [1]

Core Viewpoint - Blue Dolphin Energy Company has experienced a significant decline in stock performance following its third-quarter 2025 earnings report, with shares dropping 35.9% compared to a 3.9% decrease in the S&P 500 [1] Earnings & Revenue Performance - Revenue from operations decreased to $70.4 million from $82.1 million year-over-year, reflecting a 14% decline due to softened product sales [2] - The company reported a net loss of $4.7 million, an improvement from a $5 million loss in the prior-year period, with loss per share narrowing to 31 cents from 34 cents [2] - Gross profit improved from a deficit of $3.3 million to a marginal profit of $32,000, aided by favorable refining margins, although cost pressures and an impairment charge continued to impact results [2] Other Key Business Metrics - Total cost of goods sold decreased to $70.3 million from $85.4 million, primarily due to lower crude and chemical costs, which fell by over $17 million year-over-year [3] - General and administrative expenses rose to $1.6 million from $1 million in the prior-year quarter, reflecting increased personnel-related and administrative costs [3] Refinery Operations - Refinery operations contributed $69.6 million to total segment revenue, with loss before income taxes in the refinery segment narrowing to $2 million from $5.7 million a year earlier, indicating improved operating efficiency [4] - Tolling and terminaling revenue slightly declined to $1.5 million from $1.8 million, but the segment remained profitable, generating $0.5 million in income before taxes [4] Management Commentary - Management highlighted incremental operational gains despite challenges in crude pricing, demand variability, and working-capital constraints, with full-year consolidated EBITDA increasing to $0.8 million from $0.5 million year-over-year [5] - The company acknowledged margin pressures in jet fuel and naphtha markets, periods of low refining margins, and limitations on customer exports to Mexico [5] Factors Influencing Results - A $3 million impairment recorded in the quarter was due to revised estimates of decommissioning obligations for pipeline and offshore platform assets, leading to an increase in the Asset Retirement Obligation (ARO) liability [6] - Inventory levels remained elevated at $33.9 million, down modestly from year-end but still high due to unfavorable product pricing and reduced export opportunities, contributing to a working-capital deficit of $23.1 million [7] Debt-related Pressures - Multiple loan facilities were in default at quarter-end, with management acknowledging the risk of potential forced repayment and the need for additional waivers or restructuring [8] - Interest expense totaled $0.8 million for the quarter, down from $1.5 million a year earlier, partly due to reduced balances and lower related-party interest charges [8] Future Outlook - Key variables expected to influence future results include commodity pricing for light crude, jet fuel, and naphtha, as well as macroeconomic uncertainties involving inflation, tariffs, and interest rates [10] - Future performance remains difficult to project due to margin volatility and ongoing working-capital challenges [10] Regulatory Developments - Blue Dolphin's BDPL subsidiary faces ongoing civil penalties from the Bureau of Safety and Environmental Enforcement (BSEE) related to offshore platform and pipeline decommissioning obligations, with $2.7 million accrued for two open civil penalty cases [11] - The company may also be subject to potential supplemental pipeline bond requirements from BOEM, which could materially affect liquidity if enforced [11] Overall Assessment - While Blue Dolphin has made progress in narrowing quarterly losses and improving refining margins, significant structural challenges, including regulatory liabilities, debt defaults, and working-capital deficits, remain central to the company's risk profile [12]

Summary of Global Oil Demand Forecast through 2040 Industry Overview - The report focuses on the global oil industry, specifically forecasting oil demand growth through 2040, highlighting the impact of energy demand and low-carbon technology limitations [2][4][8]. Key Forecasts and Insights - **Oil Demand Growth**: Global oil demand is projected to increase from 103.5 million barrels per day (mb/d) in 2024 to 113.0 mb/d in 2040, with an annual average growth rate of 0.6 mb/d (0.5% CAGR) [2][8]. - **Road Transportation**: Oil demand for road transportation is expected to rise until 2030, driven by the growth in electric vehicle (EV) sales and LNG trucks in China. A peak is anticipated in 2030, followed by a gradual decline [2][18][20]. - **Air Transportation**: Air transportation oil demand is forecasted to grow at an annual average rate of 2.4% (0.2 mb/d) through 2040, primarily due to rising incomes in non-OECD countries [2][26]. - **Petrochemical Demand**: As road oil demand plateaus, petrochemical demand (naphtha, ethane, LPG) is expected to become the main driver of oil demand growth, with an average annual growth rate of 0.5 mb/d (2.1% CAGR) [2][32]. Supporting Arguments - **Drivers of Oil Demand**: - Limited alternatives for jet fuel and petrochemicals due to technological bottlenecks [2][12]. - Energy demand growth is expected to outpace oil displacement by low-carbon alternatives, leading to a long plateau in road oil demand post-2030 [2][57]. - An indirect boost to oil demand from AI is estimated at 3 mb/d by 2040, linked to higher global GDP [2][49]. Risks and Challenges - **Downside Risks**: Potential faster advancements in low-carbon technologies and the lingering effects of economic recessions pose risks to the long-term oil demand forecast [2][67]. - **Refining Margins**: High refined product margins are anticipated to persist, as uncertainty regarding long-term demand has led to reduced refining capital expenditures [2][67]. Additional Insights - **Regional Variations**: Non-OECD countries are expected to drive over 90% of petrochemical oil demand growth, particularly in China and the Middle East, while OECD consumption is declining due to rising costs and ESG concerns [2][37]. - **Power Generation**: Oil demand for power generation is projected to decline significantly, with an expected 80% drop by 2040, primarily due to a shift towards natural gas and renewable energy sources [2][43][45]. Conclusion - The report presents a solid outlook for global oil demand growth over the next decade, with significant contributions from petrochemicals and air transportation, while acknowledging the potential for downside risks from technological advancements and economic fluctuations [2][51].

Core Insights - LanzaTech Global, Inc. celebrates the successful operation of LanzaJet's Freedom Pines Fuels facility, marking the first commercial-scale production of jet fuel from ethanol, a significant milestone in sustainable aviation fuel development [1][5] Company Overview - LanzaTech is a leader in industrial carbon recycling, transforming industrial emissions and waste into recycled carbon ethanol through proprietary bio-fermentation technology [7] - The company operates commercially at six assets, contributing to a circular carbon economy by reducing the carbon footprint of hard-to-abate sectors [7] Strategic Developments - LanzaTech strategically spun out LanzaJet to accelerate the development and commercialization of ethanol-to-jet technology, positioning it for faster growth and market entry [2] - The successful conversion of ethanol into jet fuel opens new market opportunities, potentially capturing a significant share of the aviation fuel market, which is valued in the hundreds of billions of dollars globally [5] Technological Advancements - The facility in Georgia demonstrates that ethanol can be converted into jet fuel at a commercial scale, utilizing various domestic and recycled carbon feedstocks, including waste industrial gases and agricultural residues [3][4] - The technology developed by LanzaTech has been validated through years of research and collaboration, leading to the first commercial sustainable aviation fuel flights in 2018 and 2019 [5] Market Potential - The use of local resources and ethanol as a platform molecule allows for the conversion of carbon waste into various fuels, enhancing local energy security and creating self-sufficient fuel solutions [4] - The approach not only supports the aviation sector but also has implications for marine and heavy-duty transport, promoting cleaner energy solutions globally [4]

Core Insights - LanzaJet has achieved full operational status at its Freedom Pines Fuels facility, marking the first commercial-scale production of jet fuel from ethanol, a significant milestone in sustainable aviation fuel development [1][5] - The strategic spin-out of LanzaJet from LanzaTech was aimed at accelerating the commercialization of ethanol-to-jet technology, positioning the company to capitalize on market opportunities in the aviation sector [2][5] - The successful conversion of ethanol into jet fuel opens up a variety of domestic and recycled carbon feedstocks, enhancing the role of ethanol as a key connector between local resources and aviation fuel markets [3][4] Company Overview - LanzaTech Global, Inc. specializes in carbon management solutions, transforming industrial emissions and waste into recycled carbon ethanol through proprietary bio-fermentation technology [6] - The company operates six commercial assets and aims to reduce the carbon footprint of hard-to-abate sectors while promoting a circular carbon economy [6] Market Opportunity - The aviation sector represents a vast market opportunity, with potential revenues in the hundreds of billions of dollars globally, particularly as LanzaJet proves the scalability of ethanol conversion into jet fuel and diesel [4][5] - By utilizing local resources and converting carbon waste into fuels, communities can enhance their energy security and create self-sufficient fuel solutions [4]

Financial Data and Key Metrics Changes - The company achieved an adjusted EBITDA of $12 billion, a 28% increase over the second quarter of 2025 [10] - Net income, excluding one-time items, reached $5.2 billion, marking a 28% increase over the previous quarter [10] - Operating cash flow closed at $9.9 billion, up 31% from the second quarter [10] - Free cash flow was $5 billion, a 44% increase from the second quarter [10] - The company approved a payment of BRL 12.2 billion in dividends [10] Business Line Data and Key Metrics Changes - Oil and gas production increased by 8% in the quarter, with a 17% growth over the last 12 months [11] - Pre-salt production reached 2.56 million barrels of oil equivalent, supported by a 4% efficiency increase [5] - Domestic sales of oil products increased by 5%, with diesel sales growing by 12% compared to the previous quarter [7] - The refinery FUT closed the quarter at 94%, producing high-value-added derivatives [7] Market Data and Key Metrics Changes - The company exported around 800,000 barrels of oil per day, with total exports surpassing 1 million barrels per day when including byproducts [7] - Brent prices rose by 2% in the quarter, although they fell by $11 per barrel over the past year [11] Company Strategy and Development Direction - The company is focused on increasing oil production and improving operational efficiency, with a long-term perspective on investments rather than short-term dividends [14] - Key projects in the refining segment are advancing, with significant savings achieved compared to reference budgets [6] - The company aims to enhance Brazilian self-sufficiency and contribute to energy security and emission reduction through its investments [7] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging scenario due to the drop in Brent prices but emphasized the strong operational performance in the third quarter [4] - The company is confident in meeting its investment guidance and maintaining a focus on efficiency and cost management [16] - Management expressed optimism about future production capacity increases without additional costs, particularly in the Búzios field [22][23] Other Important Information - The company celebrated the hiring of 850 technical employees and approximately 570 new graduates to expand operations [9] - The FPSO Almirante Tamandaré reached a record instantaneous flow rate of 270,000 barrels of oil per day [22] Q&A Session Summary Question: Contribution of inflation to FPSO results and Capex constraints for 2026 - Management stated that Capex is not increasing due to inflation, and investments are being accelerated without raising project budgets [27][28] Question: Concerns regarding Braskem's financial situation - Management noted that Braskem has its own governance and no proposals are currently on the table for discussion [26] Question: Potential reduction in Capex in the midterm - Management indicated that while there may be a reduction in Capex in the future, it is not expected for the next year [31] Question: Sustainability of production levels above nominal capacity - Management clarified that production peaks are temporary and based on reservoir characteristics [46] Question: Decision-making process for leasing vs. owning FPSOs - Management explained that decisions are based on technical assessments and market conditions, with no preference for one model over the other [42] Question: Updates on the ethanol market and liquid natural gas - Management confirmed ongoing negotiations regarding ethanol and expressed interest in participating in future auctions for reserve capacity [48][63]

Performance Webcast 7th of November, 2025 P-78 Arrival at the Búzios Field in September 2025 We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason. Figures for 4Q25 on are estimates or targets. All forward-looking statements are expressly qualified in their entirety by this cautionary statement, and you should not place reliance on any forward-looking statement contained in this presentation. In ...