伯恩斯坦能源日报- 5月29日

www.bernsteinresearch.com EMEA•BP's Castrol unit draws interest from Apollo, India's Reliance, Bloomberg News reports (Reuters).BP's Castrol lubricantsbusiness is attracting interest from companies such as India's Reliance Industries Bloomberg News reported on Wednesday, citingpeople familiar with the matter. The business has also attracted interest from buyout firms Apollo Global Management and Lone StarFunds, the report said, adding that a deal could fetch between $8 billion and $10 billion. BP has sent out initial information to otherpotential bidders for the unit, including Brookfield Asset Management and Stonepeak Partners, it added.•TotalEnergies to sell Bonga field interest for $510 million to Shell (Reuters, Shell).TotalEnergies on Thursday announcedselling its participation in the Bonga oil field to a subsidiary of Shell in Nigeria. TotalEnergies EP Nigeria will divest its non-operated12.5% interest for $510 million, the group said in a statement.•Libya's eastern-based government says it may announce force majeure on oil fields, ports (Reuters).Libya's eastern-basedgovernment said on Wednesday it may announce a force majeure on oil fields and ports citing "repeated assaults on the NationalOil Corporation (NOC)." The government in Benghazi is not internationally recognised, but most oilfields in the major oil producingcountry are under the control of eastern Libyan military leader Khalifa Haftar. The government said it may also temporarily relocatethe national oil corporation's headquarters to one of the "safe cities such as Ras Lanuf and Brega, both of which are controlled bythe eastern-based government.AMERICAS•Chevron to cut nearly 800 jobs in Texas (Reuters).Chevron will lay off nearly 800 employees in Texas, according to a notice onWednesday to the Texas Workforce Commission, part of the U.S. oil producer's plan to cut up to 20% of its global workforce by theend of 2026. The job cuts will be in Midland County, where Chevron has large operations in the Permian Basin, the top U.S. oilfield.The layoff date is July 15, according to the notices.•Chevron CEO, board cruise to re-election following shareholder vote (Upstream).Chevron’s board of directors, includingchief executive Mike Wirth, won substantial approval from shareholders Wednesday following the company’s annual generalmeeting. Chevron’s 12 directors won an average of 97% of votes cast, according to a preliminary tally from the US supermajor.Investors holding about 85% of Chevron’s outstanding common stock, representing 1.4 billion shares, participated in the meeting,Chevron said.EUROPEAN OIL & GAS MODELSBP/.LN / BP PLCENI.IM / ENI SpAGALP.PL / Galp Energia SGPS SAEUROPEAN OIL & GAS REP.SM / Repsol SASHEL.LN / Shell PLCTTE.FP / TotalEnergies SEAKRBP.NO / Aker BPEQNR.NO / Equinor ASAMARKETING DECKEuropean Oil & Gas Marketing DeckFocus on Norwegian-listed stocksRESEARCH CALLSOIL & PRODUCTS12 May 2025 - We are buyers of Shell and BP but unconvinced on Shell+BP9 May 2025 - European Oil & Gas Weekly Wrap - May 9th2 May 2025 - Bernstein Energy & Power: Drill baby drill ... for geothermal30 Apr 2025 - Repsol Q1'25: Strategic delivery of €2bn 2025 asset disposals and ability to maintain investor distributions at stress macroscenario30 Apr 2025 - TotalEnergies 1Q: growth, low costs and balance sheet make $2bn quarterly buyback affordable at $60-65/bbl.28 Apr 2025 - Galp: resilient 1Q result - no particular news on Namibia25 Apr 2025 - European Oil & Gas Weekly Wrap - April 25th16 Apr 2025 - Shell: Best Idea Second Quarter 2025 – priced for recession, able to sustain buybacks at $60/bbl in perpetuity - Outperform16 Apr 2025 - Bernstein Energy: Tariffs and unwinding of OPEC+ cuts15 Apr 2025 - IEA Oil Market Update - Initial perspectives. Demand revised down on global growth worries11 Apr 2025 - European Oil & Gas Weekly Wrap - April 11th9 Apr 2025 - Equinor: 1Q25 earnings preview – reporting 30 April7 Apr 2025 - Aker BP: 1Q25 earnings preview – reporting 7 May4 Apr 2025 - European Oil & Gas Weekly Wrap - April 4th28 Mar 2025 - European Oil & Gas Weekly Wrap - March 28th28 Mar 2025 - Repsol: What is it worth? valuation sensitivities to net capex and refining margin scenarios26 Mar 2025 - Shell CMD: Upgrading PT 9% to £36/share; Outperform24 Mar 2025 - TotalEnergies 2030e: Market-Perform - though power can deliver 12% returns and LNG can double free cash flowEUROPEAN OIL & GAS 4 21 Mar 2025 - European Oil & Gas Weekly Wrap - March 21st17 Mar 2025 - Shell March 25th CMD - We expect investor distribution to be formally raised to a >40% CFFO payout to 2030.14 Mar 2025 - European Oil & Gas Weekly Wrap - March 14th12 Mar 2025 - TotalEnergies: Progress on unchanged transition strategy7 Mar 2025 - European Oil & Gas Weekly Wrap - March 7th7 Mar 2025 - Bernstein Energy & Power: Russian gas back to Europe? Really?4 Mar 2025 - Aramco: in line 4Q & '25 capex increase; base dividend up 4.2%; growth capex guided to add +$20bn CFFO by 20303 Mar 2025 - Eni 4Q and