伯恩斯坦能源日报- 6月4日

Irene Himona, Ph.D.+44 20 7762 5353irene.himona@bernsteinsg.comMilo Du+44 207 676 6853milo.du@bernsteinsg.comGuillaume Delaby+33 1 42 13 62 29guillaume.delaby@bernsteinsg.com Bernstein Energy Daily - June 4th RESEARCH CALLS 12 May 2025 - We are buyers of Shell and BP but unconvinced on Shell+BP 9 May 2025 - European Oil & Gas Weekly Wrap - May 9th 2 May 2025 - Bernstein Energy & Power: Drill baby drill ... for geothermal 30 Apr 2025 - Repsol Q1'25: Strategic delivery of €2bn 2025 asset disposals and ability to maintain investor distributions at stressmacro scenario 30 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 Namibia 16 Apr 2025 - Shell: Best Idea Second Quarter 2025 – priced for recession, able to sustain buybacks at $60/bbl in perpetuity -Outperform HEADLINES WORLD •Oil prices firm in early trading after Monday rally (Upstream).Oil prices stood their ground during Asia trading on Tuesdayafter rallying at the beginning of the week, as spot demand is expected to be supported during the US driving season in the summermonths. The Brent futures contract for July was rangebound at $64.80 per barrel. Prices rallied on Monday after the market tookstock of the producer group Opec+’s decision over the weekend to increase output by the equivalent of 411,000 barrels per dayfrom July — the third consecutive increase since April, when the group started unwinding existing production cuts. The marketreacted positively to the expectation of even higher production hikes by Opec+, proving “a boost” to sentiment which is continuinginto Tuesday. EMEA •BP boosts investment in Azerbaijan Caspian Sea projects (Reuters).The owners of the Shah Deniz gas field in the Azeri CaspianSea led by BP made a final decision to invest $2.9 billion in expanding output from the project, BP said on Tuesday. As part of itsstrategic shift away from renewable energy, the British oil major seeks to boost production of oil and gas, including in Azerbaijan,which has positioned itself as a reliable supplier to Europe that is seeking to cut its reliance on Russian energy. •Shell greenlights Aphrodite gas project offshore Trinidad (Reuters).Shell has made a positive final investment decision on itsAphrodite gas project offshore Trinidad and Tobago, the company said on Tuesday. The project is expected to produce first gas in2027 and have a peak production of 18,400 barrels of oil equivalent per day, it added in a release. Shell is a 45% shareholder in Trinidad's Atlantic LNG plant which has a capacity to produce 12mtpa of the superchilled gas, but has been plagued by a shortfall ofnatural gas. That means Shell has not been able to get its full share of over 5.5 MTPA of LNG from the plant. •Both crude units at BP Rotterdam oil refinery are offline, WoodMac says (Reuters).Both crude units at BP's Rotterdam oilrefinery are offline following a shutdown at one 200,000 barrels per day (bpd) unit in the morning of June 3, energy consultancy WoodMackenzie said on Tuesday. Wood Mackenzie expects the 200,000 bpd crude unit, which shut down on June 3, to restart imminentlyas it is likely an unplanned outage, the consultancy said. Another 200,000 bpd crude unit at the refinery shut down on May 1, whileplanned works at the unit were expected to start in April, Wood Mackenzie added. On April 16, BP had also shut a 32,000 bpd catalyticreformer unit that produces gasoline blending components, according to Wood Mackenzie. •TotalEnergies acquires a pipeline of solar and battery projects (TotalEnergies).TotalEnergies announces the acquisition fromLow Carbon, a leading renewable energy company, of a pipeline of 8 solar projects with a capacity of 350 MW and 2 battery storageprojects with a capacity of 85 MW. As the solar projects are at an advanced stage of development, the target is that they could beoperational by 2028. They will produce more than 350 GWh/year of renewable electricity, equivalent to the electricity consumptionof around 100,000 UK households. •Adnoc investment arm aiming for 25 million tonnes per annum LNG portfolio by 2035 (Upstream).The board of directors forXRG, the international investment arm of Abu Dhabi National Oil Company (Adnoc), has approved a five-year plan through 2030 thataims to boost the company’s liquefied natural gas portfolio to somewhere between 20 million and 25 million tonnes per annum by2035. XRG is aiming to become a “top five” integrated global gas and LNG business through the next decade, according to a newsrelease from the company. AMERICAS •Exxon-led consortium's 2024 profit in Guyana rose 64% to $10.4 billion (Reuters).An oil-producing consortium in Guyanacomprising Exxon Mobil, Hess and CNOOC posted a 64% surge in 2024 profit to $10.4 billion, Exxon said on Tuesday, as facilityupdates allowed sustained output growth. Due to fast production expansion and relatively low