Core Insights - The current spike in oil prices, particularly for Dubai crude, is indicative of a significant imbalance in the global oil market, with prices reaching $160 a barrel, which is alarming for Europe and the UK [2][5][6] - The divergence in oil prices between different benchmarks, such as WTI at $98 and Brent at $111, is unprecedented and reflects a market in turmoil due to geopolitical tensions [3][4][5] Oil Market Dynamics - Refineries in the Middle East and Asia are experiencing a desperate need for supplies, leading to the highest price divergence seen in years between Middle Eastern and Western oil supplies [2][5] - The closure of the Strait of Hormuz due to conflict has drastically reduced the number of vessels passing through, from 150-175 ships per day in peacetime to just 8-10, exacerbating supply shortages [8][9] Price Projections - Analysts warn that prolonged disruptions in the Strait of Hormuz could push oil prices to $200 a barrel, surpassing previous peaks [10] - The global demand for oil is approximately 104 million barrels per day, with the ongoing conflict removing nearly 20% of the required supply [10] Natural Gas Market Impact - Despite gas being less affected in terms of supply, the globalized pricing system means that even minor shortages can lead to significant price increases across the board [12] - European gas prices have doubled from below €30 per megawatt-hour (MWh) to €60, indicating a substantial impact from the geopolitical situation [14] Economic Implications - Higher energy prices are expected to permeate through the economy, driving up costs for food and contributing to inflation and interest rate increases [6] - The conflict could lead to the U.S. restricting its oil exports, which would further exacerbate price surges in Europe [7] Regional Price Disparities - The U.S. enjoys significantly lower energy prices compared to Europe, with a noted $60 difference between the two regions, highlighting the disparity in energy costs [16][17] - U.S. LNG companies are projected to earn substantial profits due to rising global energy prices, with potential windfall profits reaching $33 billion if the conflict persists [17][18]

Core Viewpoint - Condor Energies Inc. has reported significant growth in production and financial performance for the year ended December 31, 2025, driven by its operations in Uzbekistan and advancements in its LNG projects in Kazakhstan [3][4][33]. Group 1: Production and Financial Performance - Production in Uzbekistan for Q4 2025 averaged 10,534 boe/d, a 5.6% increase from Q3 2025, with natural gas and condensate sales reaching $20.38 million, an 8.8% increase from the previous quarter [4][9]. - For the full year 2025, average production was 10,484 boe/d, with total sales of natural gas and condensate amounting to $80.66 million [4][33]. - The company reported a net income of $1.232 million for 2025, compared to a net loss of $4.072 million in 2024 [33]. Group 2: Operational Developments - A multi-well drilling program commenced in September 2025, with three wells drilled to date, including two horizontal and one vertical well, achieving a combined testing rate of 2,096 boe/d [4][10]. - March 2026 production has averaged 12,622 boe/d, primarily due to the completion of newly drilled wells [4][9]. - The company is advancing a field booster compression program in Uzbekistan, expected to enhance gas production rates [4][15]. Group 3: LNG Initiatives - The company completed the fabrication of its First LNG Facility in March 2026, with shipment to Kazakhstan expected in Q2 2026 [4][16]. - The First LNG Facility is designed to produce 48,000 gallons (80 MT) of LNG per day, with plans for expansion to two additional facilities [4][17]. - The company has secured three natural gas allocations in Kazakhstan, with the potential to produce an energy-equivalent volume of 1.5 million liters of diesel daily, reducing CO2 emissions by 390,000 MT per year [4][20]. Group 4: Critical Minerals Opportunities - Condor holds two critical minerals licenses in Kazakhstan, focusing on lithium and copper, with significant exploration activities ongoing in the region [4][24]. - Historical tests in the Kolkuduk and Sayakbay licenses indicated lithium concentrations of up to 130 mg/L, with further drilling planned to confirm these findings [4][25][27]. Group 5: Strategic Divestitures - The company entered into a share purchase agreement to sell its Turkish properties for a ten-year gross overriding royalty and a nominal cash payment, aligning with its strategy to focus on higher-return growth initiatives [4][29][5].

For personal use only Sustainability Briefing 2026 16 March 2026 www.woodside.com Disclaimer, important notes and assumptions • The purpose of this presentation is to enable readers to obtain a high-level understanding of Woodside's sustainability strategy and performance in 2025. • It also includes extracts of broader market analysis relating to the potential demand for Woodside's products and services and other information. • This presentation does not contain all of the underlying context and detail that ...

Group 1: Oil Market Dynamics - The Iran War has significantly impacted oil prices, with Brent crude exceeding $100 per barrel as of March 12, 2026 [1] - The closure of the Strait of Hormuz has led to major supply disruptions, affecting 30% of the world's oil and LNG supplies [2] Group 2: Chevron Corporation Overview - Chevron Corp. (CVX) has a market capitalization of $395 billion and annual revenue of approximately $189 billion, making it a dominant player in the energy sector [3] - In 2025, Chevron reported a net income of $12.3 billion and adjusted free cash flow of $20.2 billion, indicating financial stability and growth potential [4] - Chevron's debt-to-equity ratio is relatively low at 0.20 compared to peers like ConocoPhillips, which stands at 0.36 [4] Group 3: Strategic Developments - Chevron's acquisition of Hess Corp. for $55 billion was finalized in July 2025, increasing its output to a record 4.1 million barrels of oil equivalent per day [6] - The acquisition is part of a broader restructuring strategy initiated by CEO Mike Wirth in 2024, aimed at streamlining operations and enhancing profitability [7] - Chevron plans to reduce its global workforce by 15–20% by the end of 2026, while maintaining a focus on increased production and consistent dividends [7] Group 4: Dividend Performance - Chevron has raised its dividend for 39 consecutive years, placing it among the "dogs of the Dow," which includes the highest dividend-yielding stocks in the Dow Jones Industrial Average [8]

Group 1: Energy Price Trends - The energy price shock following Russia's invasion of Ukraine is still a concern for European policymakers as the conflict in Iran drives oil and gas prices higher, but experts believe the situation may differ this time [1][2] - Brent crude oil prices have retreated from nearly $120 per barrel, and European natural gas prices have also decreased from a three-year high of 63.77 euros per megawatt-hour to under 50 euros per MWh [3] Group 2: Economic Context - The global economic environment is significantly different from the 2022 energy crisis, which occurred during a time of high inflation, fractured supply chains, and tight job markets [4] - Analysts suggest that the impact on inflation in Europe will depend on the duration of the current conflict, with potential inflation increases projected for the eurozone and the U.K. [5][9] Group 3: Supply Chain and Diversification - Qatar has become a crucial source of liquefied natural gas (LNG) for Europe, which has reduced its reliance on Russian gas since the Ukraine invasion [6] - Companies like Uniper have diversified their gas sources to include LNG and pipelines from various countries, aiming to avoid past reliance on a single supplier [7][9] Group 4: Market Reactions and Predictions - The current energy supply situation could lead to a rise in eurozone inflation from 1.9% to 2.5% by the second quarter, with similar increases expected in the U.K. and U.S. [9][10] - The uncertainty in the market is reflected in rising government bond yields in the U.K. and Germany, as investors adjust their expectations regarding interest rate policies [11][12] Group 5: Investor Sentiment - The combination of rising oil prices and a weakening euro may positively impact earnings for European companies, although persistent high energy prices could negatively affect growth expectations [17]

Core Viewpoint - AES Corporation is strategically investing in clean energy solutions and benefiting from the growing demand from data centers, particularly due to advancements in AI and cloud computing [1][3][16] Performance Summary - AES shares have increased by 2.7% over the past three months, while the Zacks Utility-Electric Power industry has grown by 6.2% [1] - Other utilities like Ameren Corporation and PPL Corporation have seen larger gains of 13.5% and 11.3%, respectively, during the same period [2] Factors Driving Performance - AES is leveraging innovation and AI to enhance clean energy solutions and is benefiting from global diversification, leading to more stable sales [3] - The company has secured long-term Power Purchase Agreements (PPAs) for 4 GW of renewables in 2025 and has a project backlog of 12 GW, including 5.7 GW under construction [4][6] - AES has signed long-term PPAs to supply electricity for Google's new data center, enhancing its role in the tech industry's energy needs [7] Earnings Estimates - The Zacks Consensus Estimate for AES' earnings per share (EPS) indicates a year-over-year increase of 2.14% for 2026 and 1.78% for 2027, with a long-term growth rate of 10.91% [9] - The current quarter EPS estimate is 0.30, with a year-over-year growth estimate of 11.11% [10] Earnings Surprise History - AES has beaten earnings estimates in two of the last four quarters, with an average surprise of 7.64% [11] Dividend History - AES has a current dividend yield of 4.95%, significantly higher than the Zacks S&P 500 composite's 1.1% [12] Debt Position & Liquidity - The company's total debt to capital ratio is 76.66%, exceeding the industry average of 59.74% [13] - AES has a current ratio of 0.77, indicating potential challenges in meeting short-term obligations [14] Valuation - AES is trading at a forward P/E ratio of 5.92X, which is a discount compared to the industry's 16.76X [15]

Group 1 - Saudi oil giant Aramco has started cutting output at two of its oilfields due to logistical challenges caused by the U.S.-Israeli conflict with Iran [1][2] - The Strait of Hormuz, a critical oil transit chokepoint, has been severely affected, leading to production cuts from several neighboring countries [2][3] - Kuwait Petroleum Corporation and Qatar have declared force majeure on shipments, while Iraq's oil production has dropped by about 70% due to storage limits [3] Group 2 - The disruptions have caused Brent crude futures to rise to nearly $120 a barrel, the highest since mid-2022 [4] - Despite Saudi Arabia's efforts to reroute crude shipments to the Red Sea, the redirected volumes are insufficient to compensate for the production losses caused by the Gulf closure [4] - Consumers and businesses worldwide may face prolonged periods of high fuel prices due to damaged infrastructure and logistics challenges, even if hostilities cease quickly [5]

Core Viewpoint - The current oil market is experiencing unprecedented volatility, with prices nearing $120 per barrel, influenced by geopolitical tensions and production cuts from major oil-producing countries [1][2][3]. Supply and Production - Iraq is reportedly shutting in significant production, approximately three million barrels per day, while Kuwait may also consider production cuts [2]. - Saudi Arabia may need to reduce its wellhead production in the coming weeks due to limited storage capacity, which could exacerbate the current supply crisis if geopolitical tensions persist [3]. Historical Context and Comparisons - The current situation is compared to past oil supply disruptions, such as the Iranian Revolution in 1979 and the Gulf War in 1990, which led to significant price increases and economic recessions [5][6]. - Previous shocks have shown that while oil prices can soar, they also lead to demand destruction, which is a concern for OPEC [6][10]. Demand Dynamics - There is an expectation of demand destruction as oil prices rise, impacting consumer behavior and discretionary oil use, particularly in leisure driving and the aviation industry [8][9]. - Even before the current conflict, the outlook for oil demand growth in 2026 was modest, with estimates around one million barrels per day [9]. - Persistently high oil prices are likely to lead to revised assessments of global oil demand growth, as consumers will seek to reduce usage in response to increased costs [10].

Military Developments - The Israel Defense Forces (IDF) successfully intercepted a new wave of missiles launched from Iran, with sirens sounding across central and northern Israel, prompting millions to seek shelter [2][3] - The IDF has reportedly disabled approximately 75% of Iran's missile launch platforms, yet Iran remains capable of launching coordinated barrages [3] Energy Market Impact - Brent crude oil prices surged to $92.69 per barrel, marking a 27% weekly increase, as the closure of the Strait of Hormuz threatens 20% of the world's oil and LNG supply [4][9] - Major oil companies like BP and Shell experienced stock price increases of around 3% as investors anticipated a sustained supply deficit [5] Financial Market Reactions - Global equity markets retreated, with the Nasdaq falling 1% and the FTSE 100 dropping 1.5%, as the conflict raised concerns over near-term interest rate cuts by the Federal Reserve [6] - Defense stocks, including Raytheon Technologies and BAE Systems, saw significant price increases due to heightened demand for military hardware, while airline stocks like IAG plummeted over 6% due to airspace closures [7][9] Broader Economic Implications - Analysts warn that the prospect of oil prices exceeding $100 could contribute an additional 0.8% to global inflation, prompting governments in Japan and South Korea to tap into oil stockpiles [5] - The ongoing conflict raises concerns about a prolonged regional war, which could negatively impact industrial competitiveness and consumer spending power across Europe and Asia [7]

Core Insights - The U.S. is the leading producer of crude oil and natural gas, but top exporters are operating near capacity, unable to fill supply gaps caused by a 20% loss in global oil and LNG volumes due to the closure of the Strait of Hormuz [1] Group 1: Market Reactions - President Trump's announcement to insure and protect oil and LNG tankers in the Strait of Hormuz helped stabilize rising oil and gas prices, which were influenced by high insurance costs and threats of attacks [2] - Oil, natural gas, and retail gasoline prices in the U.S. have been rising, but the increases are less severe compared to natural gas prices in Asia and Europe, which are more reliant on oil and Qatari LNG [3] Group 2: Price Movements - The European gas benchmark surged by 90% in two days, while Asia's benchmark also experienced significant increases, highlighting the impact of disruptions in Qatar's LNG exports on these economies [4] - The U.S., as the largest LNG producer, is less affected by these disruptions and may benefit from the situation [4] Group 3: Geopolitical Context - The Strait of Hormuz is a critical chokepoint for nearly 20 million barrels of oil daily, and recent tensions have led to Qatar halting LNG production amid increased strikes from Iran [4] - Trump's commitment to provide political risk insurance and potential U.S. Navy escorts for tankers aims to ensure the free flow of energy through the Gulf [5] Group 4: Analyst Insights - The disruption in Middle Eastern energy supplies could have had a more severe impact if it had occurred at the beginning of winter when gas heating demand was rising [6]