石油喷涌：金钱在说话——声音多大，用什么语言？谁在践行承诺？

language? And who walks the talk?IndustryOverview Key takeaways Pan-EuroOils Shell and narrowing the gap to US peers Christopher Kuplent >Research AnalystMLI (UK) : AGM season so far has seen higher Say on Pay rejection - with more to come at Shellnext week (and more'Say on Climate).Trilemma bitemarks?BPChair elected withonly 82%of AGMvotesafter not tabling"Follow This'resolution.Reiterate UnderperformAGMseasonkickedoffwiththreeowngoalsbyBP christopher.kuplent@bofa.comMatthewSmith>>earch AnalystMLI (UK)+44 20 7996 7109 matt.smith1@bofa.comCian Evans-Cowie >Research AnalystMLI (UK) season in April, in our view -recording almost 20% of votes against the election of BP's new Chair (inpost sinceOctober2025)and receiving<50% of votes in favour of twoBoard resolutions. Cue yet more soul-searching ahead at BP - despite its latest 're-set'via the emblematic arrival of BP's new CEO in April. In our view, BP's Big Oil Trilemmawill continue to expose shareholders to more execution risk vs.peers (without offering arelative valuation discount): The repair of both its balance sheet as well as its under-resourced Upstreamportfolio impairs BP's ability to compete withpeers'cash returns.Money talks: CEO pay inflation continues (fastest at Shell) +442079950940cian.evans-cowie@bofa.com ACCR:AustralasianCentrefor Corporate ResponsibilityAGM: Annual General Meeting 2025 CE0 pay packages across Europe's Big Oils averaged 15% y/y inflation-outpacingaverage share price gains but at least translating their share price outperformance vs. US peers into a narrower gap on CEO pay - Exhibit 5). Given the ~60% y/y pay rise forShel's CEO, we expect Shell's AGM next week to record a higher"Say on Pay" rejectionrate (echoing the trend from all Big Oil AGMs so far this year - except for Equinor,whose CEO package firmly remains at the bottom of the peer group's league table).Money talks? And walks? Busting (some) myths TTE: TotalEnergies EQNR: Equinor Bbl: barrels VA: Visible Alpha CEO pay linked to share price performance? Not really, Eni's share price outperformed pp-percentage points most peers in 2025, yet Eni's CEO pay package was the only one cut y/y (see Exhibit 3).The moremarket cap the morepay? Not really,Equinor's CEO pay package ranks belowsmaller market cap peers Repsol and Eni (Exhibit 2). European CEO pay lags US peers?Yes in absolute terms, but not in relative terms (Exhibit 6). The more market cap thesmaller the proportion of fixed pay? Yes, only ~15% of Shell's CEO pay is fixed (Exhibit9). Who walks the talk? TTE and Repsol CEOs largest individual shareholders (Exhibit 1O). 5YA-five-year average After BPnot allowing‘Follow This'to table a resolution at its AGM,we believe Shell's AGM next week will also be in the "Say on Climate" spotlight -given its AGM will nowbe the only one allowing a vote on the (same) resolution from‘Follow This' (Exhibit 18). BP AGM - own goals? BP to remains weighed down by its Big Oil Trilemma 're-sets'across2023-25-takenbeforetheemblematicarrival of BP'snewCE0In our view, BP's Big Oil Energy Trilemma will continue to expose shareholders tomore execution risk vs.peers (without offering a relative valuation peers):Webelieve BP's quest to repair both its balance sheet as well as its under-resourcedUpstreamportfoliomeansBP'sabilitytocompetewithpeers'cashreturnsremains limited (see Exhibit 27); see our report, BP:New CEO, old (balancesheet)problem... We prefer BP's credit > equity “FollowThis"proposal rejected bymanagement Ahead of BP's 2026 AGM, its board decided not to include a resolution from activist "Follow This". BP's board concluded that the proposal was not valid and would beineffective if it were to pass. Partly as a result of this decision, proxy advisors - such asGlass Lewis - advised investors to vote against the company's Chairman. Chair re-elected with <82% of votes; CEO / CFO votes down y/yAt BP's AGM, Chair Albert Manifold was re-elected with <82% of votes cast in his favour (board members in the UK require at least 50% of votes to be elected). New CEO Meg0'Neill was elected with 96.8% of votes, down from Murray Auchincloss' 97.3%recorded at last year's AGM. CFO Kate Thomson was re-elected with a 96.2% majorityof votes (down from 98.7% in 2025): Special resolutions tabled by BP rejected by shareholdersBP had asked shareholders to revoke resolutions from 2015 and 2019 which required the company to release climate-related data. Only 47% voted for this resolution (wellbelow the 75% needed for a special resolution to pass). BP had also asked in a separatespecial resolution for the option to hold future AGMs fully virtually. This resolution wasalso rejected and received votes from only 47%. "SayonClimate”representedbyresolutiontabledbyACCR Despite BP's Board recommending shareholders vote against ACCR's resolution (Exhibit18), >25% of shareholders voted in favour-likely to cause more soul-searching ahead Big Oil CEO pay outpaces most share prices 2025-comp