European Energy

Research evidence excerpt

European Energy

Global Research

2 July 2026ab

European Energy Equities

Europe including UKLiquefaction and offtake tracker - July 2026

Energy

Joshua Stone

We update our monthly tracker to help monitor the flow of liquified natural gas Analyst

volumes within company portfolios. The earnings contribution from gas joshua.stone@ubs.com

marketing can be hard to measure, and even more difficult to predict. Our +44-20-7901 5588

tracker is designed to help better understand near-term trends, while we also Henri Patricot, CFA

provide an overview of company exposure as it relates to their own LNG Analyst

facilities and gas purchased from third parties. henri.patricot@ubs.com

+33-14-888 3033

BP - liquefaction volumes up in June but down during 2Q26 Manav Gupta

AnalystBP's liquefaction volumes increased 5% m/m in June driven by better volumes from the

manav.gupta@ubs.com

North West Shelf and Atlantic LNG. Contracted purchases were 11% higher with better +1-212-713 4399

offtake from Coral Sul and Freeport. Our tracker suggests liquefaction volumes trended

10% lower q/q during 2Q26, with offtake broadly flat. Anna Kishmariya

Analyst

anna.kishmariya@ubs.com

Shell - LNG Canada ramp partially offsets lost MENA volumes +44-20-7568 7999

Shell's liquefaction volumes were flat in June with better volumes from LNG Canada,

Nayoung Kim

offsetting downtime in Qatar and Prelude. Contracted offtake purchases were also flat

m/m with an implied utilisation rate of 81%. For 2Q26, our tracker suggests liquefaction nayoung.kim@ubs.com

volumes of ~7.4Mton, down 5% q/q, but at the top-end of the guided range of 6.8- +44-20-7568 4010

7.4Mton.

Ellinor Cederstroem Palliotto

Associate Analyst

TotalEnergies - lower volumes in June and 2Q26 ellinor-cederstroem.palliotto@ubs.com