UBS Equities-European Energy _Liquefaction and offtake tracker - Septembe...-117734343

ab11 September 2025Global ResearchEuropean EnergyLiquefaction and offtake tracker - September 2025We introduce our monthly tracker to help monitor the flow of liquified natural gas volumes within company portfolios. The earnings contribution from gas marketing can be hard to measure and even more difficult to predict. Our tracker is designed to help better understand near-term trends, while we also provide an overview of company exposure as it relates to their own LNG facilities and gas purchased from third parties.BP - third party purchases support volumes in AugustBP's liquefaction volumes decreased slightly in August with an implied utilisation rate of 79% (vs 81% in July) led by a slight decline in volumes from Atlantic LNG. However, contracted offtake purchases remained at a high utilisation rate of 96% in August (vs 92% in July) driven by higher volumes from Coral Sul LNG.Shell - utilisation rates remained steady in AugustShell's liquefaction volumes remained fairly stable in August with an implied utilisation rate of 76% (vs 75% in July) driven by higher sales from QCLNG and Prelude, partly offset by lower sales from Nigeria LNG. Contracted purchases followed a similar pattern with a utilisation rate of 81% (vs 77% in July).TotalEnergies - utilisation rates impacted by maintenance TotalEnergies' liquefaction volumes fell slightly in August with an implied utilisation rate of 66% (vs 74% in July) driven by reduced exports from Icthys LNG due to scheduled maintenance. Contracted purchase remained relatively flat with a utilisation rate of 77% (vs 78% in July) with higher volumes from the US offset by fewer purchases from Russia.Eni - utilisation rates decline due to Congo LNGEni's liquefaction volumes moved lower in August with an implied utilisation rate of 41% (vs 54% in July) led by lower volumes at Congo LNG. Contracted purchases from third parties decreased with a utilisation rate of 47% (vs 62% in July).Equinor - rebounding from the Hammerfest outageEquinor's liquefaction sales rebounded quickly from the Hammerfest outage over the summer, with production restarting in early August and utilisation rates reaching 83%. Galp - third party purchases fall with lower Nigeria LNG volumesGalp's contracted purchases moved lower in August with an implied utilisation rate of 64% (vs 83% in July) driven mainly by lower purchases from Nigeria LNG.Repsol - strong purchases of US gas continueRepsol's contracted purchases remained high in August with an implied utilisation rate of 102% (vs 101% in June), which entirely relates to its agreement to purchase gas from the Calcasieu Pass project in the US. Please note our analysis excludes those third party purchases of LNG on the spot market. We include a detailed summary of our tracker and its reliability inside this report. This report has been prepared by UBS AG London Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review p