Group 1 - BP Plc is considered one of the most undervalued stocks to buy and hold for 5 years [1] - BP and Shell are seeking licenses from the U.S. Office of Foreign Assets Control to extract natural gas from fields in Trinidad and Tobago and Venezuela, specifically targeting the Loran-Manatee field which contains approximately 10 trillion cubic feet (tcf) of natural gas [1] - The Loran-Manatee field has about 7.3 tcf located in Venezuela and 2.7 tcf in Trinidad and Tobago [1] Group 2 - During the Indian Energy Week conference, it was reported that BP is also seeking a license to develop the Cocuina-Manakin field, which is part of the Plataforma Deltana offshore gas project with 1 tcf of proven gas reserves [2] - BP Plc is a global energy company involved in various sectors including oil and gas production, marketing, trading, aviation fuel, retail fuel, EV charging, lubricants, midstream operations, refining, and bioenergy [3]

科威特石油公司首席执行官谢赫纳瓦夫·萨巴赫2月3日在活动中表示，壳牌公司将与科威特石油公司合 作开发巴西的一处油田。萨巴赫同时透露科威特将延长与英国BP公司的油田合作合同。 来源：滚动播报 ...

Core Viewpoint - BP needs to demonstrate how its increased investment in oil and gas will create value for shareholders, as a group of investors has submitted a special resolution demanding clarity on capital expenditure discipline and project return assessments [1] Group 1: Investment Strategy - A fund alliance managing £191 billion (approximately $260 billion) has called for BP to explain its approach to capital discipline and the evaluation of new oil and gas projects [1] - BP plans to increase its oil and gas investments to approximately $10 billion annually while cutting low-carbon energy investments by $5 billion [1] Group 2: Leadership Changes - Meg O'Neill will become BP's first external CEO and the first female leader among the five major oil companies, taking over from Murray Auchincloss in April [2] - O'Neill has a strong background in the industry, having led Woodside since 2021 and previously worked at ExxonMobil for 23 years, focusing on core gas assets and LNG projects [2] Group 3: Strategic Shift - O'Neill's appointment signifies a strategic pivot back to oil and gas after BP's exploration in renewable energy, with expectations of improved profitability and a focus on core operations [3] - Analysts suggest that under O'Neill's leadership, BP will adopt a more fundamental strategy centered on oil, gas, and LNG development [3]

UK and European pension funds and activist shareholder ACCR are pushing BP to publish more information to prove its strategy of shifting spending from low-carbon to oil and gas projects will boost sha... ...

Core Viewpoint - United Steelworkers members at BP's Whiting refinery rejected a contract extension offer, indicating potential labor unrest at the largest refinery in the U.S. Midwest [1] Group 1: Company Overview - BP operates a refinery in Whiting, Indiana, with a capacity of 440,000 barrels per day, making it a significant player in the U.S. Midwest refining sector [1] Group 2: Labor Relations - The United Steelworkers union members voted against BP's proposal to extend their contract by 28 days, which may lead to negotiations or disruptions in operations [1]

With an armada of U.S. Navy ships steaming toward the Mediterranean, military action against Iran would pose significant risks to global oil markets due to Iran's control over the Strait of Hormuz, through which roughly 20-30% of the world's seaborne oil passes. ...

Shell and BP are actively pursuing US licenses to begin extracting natural gas from shared fields in Trinidad and Tobago and Venezuela, the Caribbean country's energy minister Roodal Moonilal announce... ...

Core Viewpoint - Shell and BP are pursuing licenses from the U.S. Office of Foreign Assets Control to extract natural gas from fields in Trinidad and Tobago and Venezuela [1] Company Actions - Shell and BP are actively seeking regulatory approval to operate in specific regions, indicating a strategic move to enhance their natural gas production capabilities [1] Industry Context - The interest in natural gas extraction in Trinidad and Tobago and Venezuela highlights the ongoing demand for energy resources in the Caribbean region, reflecting broader trends in the global energy market [1]

产业链供需及库存变化分析 美国在中东集结军力，地缘溢价提升 一、日度市场总结 供给端 ：乌克兰袭击俄罗斯炼油厂（克拉斯诺达尔地区）可能加剧地缘政 治风险，潜在减少俄罗斯成品油供应；哈萨克斯坦Tengiz油田准备恢复石 油产量，预计增加供应；OPEC+代表预计维持当前产量稳定（应对全球供应 过剩和地缘风险），减少政策不确定性；道达尔能源签署协议增加特许权 产量（日均约37万桶油当量），利比亚协议延长至2050年，可能提升长期 供应；俄罗斯能源部提议解除汽油出口禁令，潜在增加成品油出口；英国 石油公司对委内瑞拉跨境机遇感兴趣，暗示供应潜力。 原油期货市场数据变动分析 需求端 ：需求端存在分化迹象。三井住友银行航空资本CEO表示旅行需求 基本面强劲，支撑航空燃料油需求；但美国航班取消（近12000个航班，20 多个机场关闭）可能短期抑制成品油需求；燃料油价格上涨（日内涨幅超 5%）反映成品油需求增加。 主力合约与基差 ：2026-01-26，SC原油期货价格从441.9元/桶升至457.3 元/桶，涨幅3.48%，显著上扬；WTI原油期货价格维持在61.28美元/桶，无 变化；Brent原油期货价格维持在65.44 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the upcoming 4Q25 earnings season for Europe's Big Oils, starting with Equinor on February 4th, 2026, and the guidance for 2026 is expected to be a key topic [1][9] - The preference ranking for investment is Oil Services > Big Oils > Exploration & Production (E&Ps), with TotalEnergies (TTE) highlighted as the top pick among Big Oils [1] Core Insights and Arguments - The $60/bbl Brent price assumption is challenging for Europe's Big Oils, leading to a projected decline in refining margins by 35% compared to 4Q25 [2] - Capital expenditure (capex) budgets are expected to remain flat, with an average buyback cut of approximately 25% across the sector, except for TTE [2] - TTE and Galp are noted for their organically falling breakeven Brent prices, with TTE's Integrated Power business transitioning from a drag to a contributor to free cash flow (FCF) [3][11] - TTE's recent trading update has positively influenced consensus estimates, contrasting with downgrades from peers like BP and Shell [4] Financial Projections - The aggregate organic cash flow from major companies is projected to show a $16 billion deficit post distributions, which decreases to approximately $5.5 billion after accounting for inorganic cash flows [13] - TTE is expected to have the lowest organic breakeven price in the peer group at around $60/bbl for 2026, with projections of it dropping below $55/bbl by 2027 [14][16] - TTE's capex is anticipated to decline by over 10% year-on-year in 2026, with a significant reduction expected by 2028 [17][20] Balance Sheet and Debt Analysis - The analysis indicates that all Big Oils will reduce shareholder distributions in 2026 compared to 2025, with Equinor expected to see the most significant declines [22] - BP is projected to maintain the highest gearing in the peer group at around 40%, while TTE and Galp are expected to decrease their net debt year-on-year [31][36] Market Sentiment and Consensus - The consensus estimates for 4Q25 earnings have been revised down by 8% year-to-date, with TTE showing a rare positive update that has led to flat revisions compared to an average 8% downgrade across peers [49] - The overall sentiment indicates a cautious outlook for cash flows, with aggregate payouts expected to exceed 140% of organic FCF at the $60/bbl Brent price [10] Upcoming Catalysts - Key upcoming earnings reports include Galp and Equinor on February 4th, followed by several other companies throughout February [62] Additional Insights - The report emphasizes the importance of cash flow cushions and balance sheet strength, particularly for TTE and Equinor, as they navigate the challenging oil price environment [10][11] - The analysis suggests that the market may have already priced in the expected cuts to buybacks, indicating a potential for volatility in stock performance as earnings reports are released [65] This summary encapsulates the critical insights and projections regarding the oil industry and specific companies, particularly focusing on TotalEnergies and its competitive positioning within the sector.