European Integrated Energy: Conference feedback – Most relevant for a decade

Research evidence excerpt

European Integrated Energy: Conference feedback – Most relevant for a decade

Equity Research

European Integrated Energy

22 May 2026

Conference feedback – Most

relevant for a decade

Six oil companies joined us at our European Leadership European Integrated Energy

Conference with all upbeat and strong operational messages, POSITIVE

even without the uplift provided by the continued closure of European Integrated Energy

Lydia Rainforth, CFA

the Strait of Hormuz. 1Q results were good, 2Q could be very +44 (0)20 3134 6669

good. We see value across the space. lydia.rainforth@barclays.com

Barclays, UK

Naisheng Cui, CFA

Aker BP, Eni, Harbour Energy, Repsol, Shell and Var Energi joined us at our second European

+44 (0)20 7773 0486

Leadership conference in London. naisheng.cui@barclays.com

A significant shock: In excess of 1bn barrels of production has been lost in the 80+ days since

the conflict with Iran started, making this the largest energy shock of the modern oil and gas Ramachandra Kamath

+91 (0)22 61752308era. The companies each highlighted that getting back to normal is not a quick process given

ramchandra.kamath@barclays.com

continued challenging logistics and a need to rebuild confidence. We see it as likely that c80% of

production could be recovered within four months. With the oil market about to enter the

strong summer demand period, the scene looks set for higher oil prices with natural gas in Thea Lacroix

+44 (0)20 3555 3088Europe set to follow in the summer.

thea.lacroix@barclays.com

Paper market doesnt tell the full story – either in crude or products: The most asked Barclays, UK

question across the companies and conference was "Given the scale of the shock – why are

prices not higher". The answer to this is typically that at the moment, the buyers of crude are