Oil

“AddLifes negativa inverkan på klimatet är koncentrerat uppströms i värdekedjan. Särskilt utvinningen av de resurser som krävs för att tillverka de produkter och komponenter vi distribuerar samt använder för vår egen produktion, har negativ inverkan på klimatet. Framför allt använder gruvdrift, för att utvinna mineraler och metaller, samt oljeutvinning, för att tillverka plast, mycket fossil energi.”

Annual report 2023A · The company itself

“Key Financial Drivers — Financial results are driven by many factors, including, but not limited to: •operational performance; •regulatory outcomes and impacts; •variability in energy demand driven by weather; and •the impact of fuel oil prices on energy tariff prices, which affect cash flow due to a three-month delay in the pass-through of energy costs to the tariffs charged to customers.”

Annual report 2025A · The company itself

“To the extent hydrological inflows are greater than or less than the contract volumes, the business will be sensitive to changes in spot power prices which may be driven by oil and natural gas prices in some time periods.”

Annual report 2025A · The company itself

“Thermoelectric generation in the SADI is fueled primarily by natural gas. However, scarcity of natural gas during winter periods (June to August) due to transport constraints results in the use of alternative fuels, such as oil and coal.”

Annual report 2025A · The company itself

“The open market wholesale prices for electricity can be volatile and generally reflect the variable cost of the source generation which could include renewable sources at near zero pricing or thermal sources subject to fluctuating cost of fuels such as coal, natural gas, or oil derivative fuels in addition to other factors described below. Consequently, any changes in the generation supply stack and cost of coal, natural gas, or oil derivative fuels may impact the open market wholesale price of electricity.”

Annual report 2025A · The company itself

“Produksjonskostnad per fat oljeekvivalenter var 6,2 dollar i 2024 og utslipp lå på 2,6 kg CO2e per fat.”

Annual report 2024A · The company itself

“I 2024 betalte Aker BP et utbytte på 2,40 dollar per aksje, opp 9 prosent fra året før. Aker mottok totalt 3,5 milliarder kroner i utbytte fra Aker BP i 2024.”

Annual report 2024A · The company itself

“Aker Solutions økte driftsinntektene med 47 prosent til 53 milliarder kroner i 2024 og EBITDA-marginen ekskl. spesielle poster steg fra 3,6 til 8,7 prosent. I 2024 betalte Aker Solutions 11 milliarder kroner i utbytte til sine aksjonærer, delvis som følge av Subsea-transaksjonen i 2023.”

Annual report 2024A · The company itself

“Som olje- og gasselskap påvirkes Aker BPs inntekter, kontantstrøm og markedsverdi av svingninger i oljeog gassprisene.”

Annual report 2024A · The company itself

“Energisikkerhet, -effektivitet og -omstilling Verdens totale energiforbruk øke r, noe som krever sikre og kostnadseffektive energikilder. Følgelig forventes olje og gass å forbli primære energikilder globalt de kommende årene.”

Annual report 2024A · The company itself

“En hovedprioritet er å skape verdier ved å levere på porteføljen av feltutviklingsprosjekter innenfor budsjett og på en sikker måte.”

Annual report 2024A · The company itself

“Hovedårsaken er et verdifall i vår største eiendel, Aker BP, som er eksponert mot en volatil oljepris.”

Annual report 2024A · The company itself

“Akers investeringer er delt inn i to rapporteringssegmenter; Industrielle investeringer og Finansielle investeringer : Industrielle investeringer Den industrielle porteføljen omfatter Akers langsiktige investeringer og bestod ved utgangen av 2024 av eierskapet i ti selskaper. De fem børsnoterte selskapene var Aker BP, Aker Solutions, Aker BioMarine, Aker Horizons og Solstad Offshore, og de fem unoterte selskapene var Cognite, Solstad Maritime, Aker Qrill Company, SalMar Aker Ocean og Aize.”

Annual report 2024A · The company itself

“Aker BP leverte produksjon på i gjennomsnitt 439 000 fat oljeekvivalenter per dag i 2024, med størst bidrag fra Johan Sverdrup-feltet.”

Annual report 2024A · The company itself

“Aker BP Beløp i USD millioner 2023 2024 Net Production Volume (mboepd) 457 439 Driftsinntekter 13 670 12 379 EBITDAX 12 552 11 409 EBITDAX margin 91,8 % 92,2 % Resultat fra videreført virksomhet 1 336 1 828 Aksjekurs (NOK per aksje) 295,50 221,70 Aksjonæravkastning, inkl. utbytte 4,8 % (16,2 %) Aker BP er det største privateide lete- og produksjonsselskapet innen olje og gass på norsk kontinentalsokkel og et av de største uavhengige olje- og gasselskapene i Europa målt i produksjon.”

Annual report 2024A · The company itself

“Aker Solutions Beløp i millioner kroner 2023 2024 Driftsinntekter 36 262 53 201 EBITDA 1 166 4 568 EBITDA margin 3,2 % 8,6 % Resultat fra videreført virksomhet (15) 2 665 Aksjekurs (NOK per aksje) 42,02 31,10 Aksjonæravkastning, inkl. utbytte 15,0 % 28,7 % Aker Solutions er leverandør av integrerte løsninger, produkter og ingeniørtjenester til den globale energiindustrien.”

Annual report 2024A · The company itself

“Dette inkluderer å skape verdi ved å levere på selskapets betydelige ordrereserve, som inkluderer store feltutviklingsprosjekter, på tid og budsjett.”

Annual report 2024A · The company itself

“Solstad Offshore and Solstad Maritime Solstad Offshore Beløp i millioner kroner 2023 2024 Driftsinntekter 6 979 2 791 EBITDA 3 324 1 444 EBITDA margin 47,6 % 51,8 % Resultat fra videreført virksomhet 288 1 283 Aksjekurs (NOK per aksje) 46,00 40,02 Aksjonæravkastning, inkl. utbytte 4,8 % 8,2 % Solstad Maritime Beløp i millioner kroner 2023 2024 Driftsinntekter 5 096 5 980 EBITDA 2 383 2 960 EBITDA margin 46,8 % 49,5 % Resultat fra videreført virksomhet 427 2 637 Solstad består av to skipseiende strukturer, Solstad Offshore ASA (Solstad Offshore) og Solstad Maritime Holding AS (omtalt som Solstad Maritime og sammen med Solstad Offshore ASA referert til som Solstad-selskapene). Solstad-selskapene leverer avanserte fartøy til globale offshore energimarkeder, med fokus på Brasil, Nordsjøen, Sørøst-Asia, Australia og Vest -Afrika.”

Annual report 2024A · The company itself

“Akers eierskapsagenda fokuserer på å videreutvikle Solstadselskapene som ledende leverandører av fartøy til globale offshore energimarkeder.”

Annual report 2024A · The company itself

“Selskapets hovedprodukt, Cognite Data Fusion (CDF), samler, strukturerer og modellerer industriell data gjennom hele verdikjeden, og gjør det mulig for brukere å dele data sømløst mellom partnere og leverandører i sanntid. Med avansert datamodellering og kunstig intelligens (KI) kan CDF transformere rådata til handlingsrettet innsikt, noe som gir kunder muligheten til å optimalisere driften og ta datadrevne beslutninger.”

Annual report 2024A · The company itself

“2024 var et gjennombruddsår for Aize, med vekst i årlige abonnementsbaserte inntekter (ARR) på 240 prosent og signering av globale avtaler med BP og ExxonMobil.”

Annual report 2024A · The company itself

“Försäljningen påverkades positivt av den starka utvecklingen inom branschsegmentet olja och gas samt av förvärv.”

Annual report 2024A · The company itself

“3 procent och drivs av utvecklingen inom olje- och gasindustrin, medan flertalet andra kundsegment utvecklades svagare.”

Annual report 2024A · The company itself

“Utvecklingen var svag inom de flesta branschsegmenten, med undantag för olja och gas i Norge, samt offentlig verksamhet i Sverige.”

Annual report 2024A · The company itself

“Avmattningen i efterfrågan på marknaden fortsatte under perioden och var relaterad till flertalet kundsegment förutom olja och gas i Norge och offentlig verksamhet i Sverige som hade en fortsatt bra utveckling.”

Annual report 2024A · The company itself

“Nettoomsättningen i Norge ökade med 2,3 procent och uppgick till 2 670 MSEK (2 611). Försäljningen var positivt påverkad av utvecklingen inom olje- och gasindustrin och förvärvad tillväxt om cirka 2 procent.”

Annual report 2024A · The company itself

“The weakness and the uncertainty regarding the stability of the oil and gas markets resulted in a tightening of credit across multiple sectors.”

Annual report 2025A · The company itself

“The power, infrastructure and energy companies in which certain of our funds invest have been and may be negatively impacted by material declines in power and energy related commodity prices and are subject to other risks, including among others, supply and demand risk, operational risk, regulatory risk, depletion risk, reserve risk, reputational risk, severe weather, climate change and catastrophic event risk (including of cyber-attacks). Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, climate initiatives of government entities, levels of domestic production and international production, policies implemented by the Organization of Petroleum Exporting Countries, power and energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 2% of our total AUM was invested in debt and equity investments in the energy sector, including midstream investments, oil and gas exploration, and renewable energy investments.”

Annual report 2025A · The company itself

“Telko’s product prices decreased significantly during the year, but the average sales price rose slightly due to a higher share of specialty products.”

Annual report 2025A · The company itself

“Product prices in general have significantly declined during the year, driven by a decline in oil price. Price levels stabilized during the fourth quarter.”

Annual report 2025A · The company itself

“In 2025, turnover from the transportation of fossil fuels, i.e., coal for energy production, totaled EUR 3 805 595.”

Annual report 2025A · The company itself

“Telko’s profit from the oil refining industry in 2025 was EUR 139 436.”

Annual report 2025A · The company itself

“A significant number of our raw materials or components comprise petroleum-based products or incur some form of landed cost associated with transporting the raw materials or components. Our freight and import costs and the timely delivery of our products could be adversely affected by the materialization or re-emergence of a number of factors that could reduce the profitability of our operations, including, for example: higher fuel costs; supply chain shortages; potential port closures or shipping disruptions; customs clearance issues; increased government regulation or regulatory changes for imports of foreign products into the United States and exports from foreign sources; and delays created by war, terrorist attacks or threats, public health issues, national disasters or work stoppages.”

Annual report 2025A · The company itself

“However, the pace and direction of the transition to a lower- carbon economy has become increasingly uncertain and variable across different regions and markets. Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets. These shifts may result from various factors, including changes in government policies and priorities, economic pressures, energy security concerns, and evolving consumer and industrial demand patterns.”

Annual report 2025A · The company itself

“Certain geopolitical conflicts, such as between Russia and Ukraine, and instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations. Such risks include, but are not limited to, adverse effects on regional and global macroeconomic conditions; increased volatility in the price and demand of oil and natural gas, increased exposure to cyber-attacks; limitations in our ability to implement and execute our business strategy; risks to employees and contractors that we have in the region; disruptions in global supply chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining performance obligations and potential contractual breaches and litigation.”

Annual report 2025A · The company itself

“Having a concentration of customers in the energy industry may impact our overall exposure to credit risk as our customers may be similarly affected by prolonged changes in economic and industry conditions. Some of our customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect our ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil or gas prices, which could affect our ability to collect, timely or at all, from our customers in these countries, particularly national oil companies.”

Annual report 2025A · The company itself

“Our customers' activity levels and spending for our products and services and ability to pay amounts owed us could be impacted by the reduction of their cash flow, financial condition and the ability of our customers to access equity or credit markets. Our customers' access to capital is dependent on their ability to access the funds necessary to develop economically attractive projects based upon their expectations of future energy prices, required investments, and/or resulting returns.”

Annual report 2025A · The company itself

“INDUSTRY AND MARKET RISKS Volatility of oil and natural gas prices can adversely affect demand for our products and services. Prices of oil and gas products are set on a commodity basis. As a result, the volatility in oil and natural gas prices can impact our customers' activity levels and spending for our products and services.”

Annual report 2025A · The company itself

“Oilfield Services & Equipment The OFSE segment designs and manufactures products and provides related services and integrated solutions for onshore and offshore oilfield operations across the life cycle of an asset, ranging from exploration, appraisal, and development to production, rejuvenation, and decommissioning.”

Annual report 2025A · The company itself

“Our products, services, and expertise serve the upstream, midstream/LNG and downstream sectors of the oil and gas industry, new energy markets, power & utilities sector as well as broader chemical and industrial segments across a variety of verticals.”

Annual report 2025A · The company itself

“OFSE customers include large integrated major and super-major oil and natural gas companies; U.S. and international independent oil and natural gas companies; national or state-owned oil and natural gas companies; engineering, procurement, and construction contractors; geothermal and other renewable companies; and other oilfield services companies.”

Annual report 2025A · The company itself

“Control of oil and natural gas reserves by national oil companies may impact the demand for our services and products and create additional risks in our operations. Much of the world's oil and natural gas reserves are controlled by national oil companies. National oil companies may require their contractors to meet local content requirements or other local standards, such as conducting our operations through joint ventures with local partners that could be difficult or undesirable for us to meet.”

Annual report 2025A · The company itself

“Our products are used in deepwater, and other harsh environments, and severe service applications.”

Annual report 2025A · The company itself

“The total dollar amount of the Company's RPO as of December 31, 2025 was $35.9 billion.”

Annual report 2025A · The company itself

“For example, material or sustained increases in the price of oil have had an adverse impact on the cost of many of the plastic materials or resins we use to make and package our products, as well as our transportation/freight costs.”

Annual report 2025A · The company itself

“In particular, we purchase supplies of resins, which are oil-based components used to manufacture certain products, and any significant increase in resin costs, whether due to inflationary pressure, increase in oil prices, supply constraints, regulatory changes or otherwise, could adversely impact future operating results.”

Annual report 2025A · The company itself

“In addition to increased resin costs, any future increases in oil prices could also increase our packaging and transportation costs.”

Annual report 2025A · The company itself

“For example, periods of economic weakness have contributed and may in the future contribute to a decline in commodity prices and decreased consumer demand for certain goods and services, and/or volatility in the oil and natural gas markets, each of which would have an adverse effect on our energy and consumer investments.”

Annual report 2025A · The company itself

“Power and energy generation facilities in which our funds invest are also subject to risks associated with volatility in the price of fuel sources and the impact of unusual or adverse weather conditions or other natural events, such as droughts, wildfires or hurricanes, as well as the risk of performance below expected levels of output, efficiency or reliability.”

Annual report 2025A · The company itself

“In addition, the performance of the investments made by our credit and equity funds in the energy and natural resources markets are also subject to a high degree of market risk, as such investments are likely to be directly or indirectly substantially dependent upon prevailing prices of oil, natural gas and other commodities. Oil and natural gas prices are subject to wide fluctuation in response to factors beyond the control of us or our funds’ portfolio companies, including relatively minor changes in the supply and demand for oil and natural gas, market uncertainty, the level of consumer product demand, weather conditions, climate change initiatives, governmental regulation (including with respect to trade and economic sanctions), the price and availability of alternative fuels, political and economic conditions in oil producing countries, foreign supply of such commodities and overall domestic and foreign economic conditions.”

Annual report 2025A · The company itself

“The Company’s main business is to produce and sell oil and gas, therefore future revenues, cash flow, profitability, financing, and rate of growth depend substantially on prevailing prices of oil and gas. Because oil and gas are globally traded the Company is unable to control or predict the prices it receives for the oil and gas it produces.”

Annual report 2024A · The company itself

“• Assumptions on which the reserves estimates are determined include geological and engineering estimates (which have inherent uncertainties), historical production, the assumed effects of regulation by governmental agencies and estimates of future commodity prices and operating costs including the cost of CO .”

Annual report 2024A · The company itself

“BlueNord future capital requirements will be determined based on several factors, including production levels, commodity prices, future expenditures that require funding, and the development of the Company’s capital structure. To the extent the Company’s operating cash flow is insufficient to fund the business plan at any time, additional external capital may be required.”

Annual report 2024A · The company itself

“These negative factors were partially mitigated by increased gas volumes (up 17.7percent) as the Tyra hub restarted in late 2024, and higher oil prices (up 9.8percent after hedging).”

Annual report 2024A · The company itself

“The volatility in prices has been significant and management is continuously assessing the market to mitigate commodity price volatility. The Company has during 2024 entered into fixed-price swap contracts for additional oil and gas volumes from 2024 to 2026.”

Annual report 2024A · The company itself

“BlueNord can choose to invest in more gasweighted projects or CCS value chain projects depending on how the market is evolving. Currently, the market for gas remains attractive and continues to be a value fuel along with oil.”

Annual report 2024A · The company itself

“BlueNord is providing Europe with the energy it needs today, tomorrow, and in the net zero future 2nd largest Oil and gas producer in Denmark Revenue $702m Net cash flow from operating activities $309m EBITDA $354m (cash and undrawn facilities) $521m Financial highlights BlueNord is a strategically important European oil and gas company, specialising in the production and development of resources that support the energy transition towards net zero.”

Annual report 2024A · The company itself

“The Company had revenues of USD 702.0million in 2024 (2023: USD 795.0million) mainly related to oil and gas sales from the DUC fields.”

Annual report 2024A · The company itself

“All reported information is relating to BlueNord ASA activities within the extractive industries on the Danish continental shelf. • Total net investments amounted to USD 236.3 million, as specified in the cash flow analysis in the Financial Statements. • Sales income (petroleum revenues) in 2024 amounted to USD 702.0 million, as specified in the Financial Statements. • Total production in 2024 was 9.2 million barrels of oil equivalent.”

Annual report 2024A · The company itself

“Piped oil and gas, with lower emissions intensity than LNG volumes imported from overseas, supports an orderly energy transition. By supplying hydrocarbons with approximately one-third of the carbon footprint of imported LNG, we can displace higher-emissions imported hydrocarbons, contributing to a more sustainable energy future.”

Annual report 2024A · The company itself

“We are subject to fluctuations in agricultural commodity and other raw material prices, energy prices, and other factors outside of our control that could adversely affect our operating results. Prices for agricultural commodities and their by-products, including, among others, soybeans, corn, wheat, sugar and ethanol, like those of other commodities, are often volatile and sensitive to local and international changes in supply and demand caused by factors outside of our control, including farmer planting and selling decisions, currency fluctuations, inflation, government agriculture programs and policies (including tariffs), pandemics, governmental restrictions or mandates, global inventory levels, demand for biofuels, weather and crop conditions, and demand for and supply of competing commodities and substitutes.”

Annual report 2025A · The company itself

“We also sell certain biofuel products, such as ethanol, renewable diesel, and biodiesel, which are closely related to, or may be substituted for, petroleum products. As a result, the selling prices of ethanol, renewable diesel, and biodiesel can be impacted by the selling prices of oil, gasoline and diesel fuel.”

Annual report 2025A · The company itself

“Additionally, in conjunction with the recent increase in demand for renewable biodiesel feedstocks, we have experienced additional competition for refining capacity from traditional petroleum companies, particularly in the United States.”

Annual report 2025A · The company itself

“Key Commodities Soybean, Soybean Meal, Soybean Oil Key Regions and Processing Capacity 47% in South America, 25% in North America, 15% in Asia-Pacific, and 13% in Europe Customers Animal feed manufacturers, Livestock producers, Biofuel companies, Other oilseed processors, and a variety of customers that purchase our refined oil products Raw Materials Globally sourced directly from farmers or indirectly through intermediaries.”

Annual report 2025A · The company itself

“Instead, prices reflected the global economic sentiment focused on China’s growth, US elections, OPEC spare capacity, and the US becoming a major oil and gas exporter. The increased US volumes have contributed to reducing the security premium in an overall balanced oil market.”

Annual report 2024A · The company itself

“In Brazil, Golfinho production was volatile due to aging wells, plant, and equipment.”

Annual report 2024A · The company itself

“Development of oil and gas fields is associated with risks including, but not limited to, the price of crude oil, cost overruns, production disruptions, as well as delays compared to initial plans.”

Annual report 2024A · The company itself

“Changes to energy prices might influence the economic viability of planned developments and anticipated revenues from the production of such developments.”

Annual report 2024A · The company itself

“Energy prices remain at attractive levels amid continued geopolitical uncertainties.”

Annual report 2024A · The company itself

“Energy | CEO’s report BW Energy | CEO’s report Since first oil at Dussafu, we have increased reserves six-fold, and we are not finished. We see a strong potential for further growth, which we aim to confirm with the ongoing appraisal program.”

Annual report 2024A · The company itself

“Going forward, our priority is to optimise current production and operating costs.”

Annual report 2024A · The company itself

“We are targeting to more than double BW Energy’s total production when all wells are completed, unlocking future shareholder distributions.”

Annual report 2024A · The company itself

“So, to sum it up, we plan for a year with continued production growth and reduced unit operating costs and, as outlined above, we are well positioned to further build our reserve base and foundation for longterm growth and value creation.”

Annual report 2024A · The company itself

“By employing an infrastructure-led development strategy, BW Energy tailors solutions to unlock the potential of both brownfield production and greenfield discoveries. This approach minimises lead times from investment decision to cash generation, reduces capital exposure and project risk, and delivers strong returns at current oil and gas prices.”

Annual report 2024A · The company itself

“The company’s strategy focuses on efficient field developments that support the energy transition. This is reflected by its solutions-driven approach, including the repurposing of existing field infrastructure, which significantly reduces investment costs and lowers greenhouse gas (GHG) emissions compared to new production assets.”

Annual report 2024A · The company itself

“The development concept consists of a dry tree wellhead platform tied to FPSO BW Maromb a. Final investment decision (FID) for the project is anticipated in the first quarter of 2025 and is subject to conclusion of project financing activities.”

Annual report 2024A · The company itself

“Total average annual oil production at peak is expected to reach 50,000 barrels per day.”

Annual report 2024A · The company itself

“BW Energy expects to deliver continued strong production growth in coming years supported by increased reserves, efficient operations, and phased developments at Dussafu and Golfinho.”

Annual report 2024A · The company itself

“All Hibiscus / Ruche Phase 1 wells previously drilled and completed were successively worked over with conventional Electric Submersible Pumps (ESP) systems in 2024, leading to a 62% increase in production from 2023.”

Annual report 2024A · The company itself

“BW Energy is preparing to commence the Golfinho Boosting project to replace current gaslift with ESPs in multiple wells to increase production and regularity from mid-2026.”

Annual report 2024A · The company itself

“BW Energy capitalises on the market opportunity to re-purpose and re-deploy existing offshore hydrocarbon production facilities, which yield an associated reduction or saving of GHG emissions compared to alternatives that involve building new infrastructure.”

Annual report 2024A · The company itself

“In 2024, we grew production 69%, completed the first phase of the Hibiscus / Ruche development, and booked a reserve replacement ratio of over 200%.”

Annual report 2024A · The company itself

“Pivotal year ahead Last year, we produced just north of 10 million barrels of oil, or approximately 27,700 barrels per day, and operating cost per barrel decreased with the increased production.”

Annual report 2024A · The company itself

“Average net bopd 850km 2 Licence area 35mmbbls Gross production since 2018 116m Average water depth 73.5% Working interest Net reserves & resources 2P 2C 36.3 123 mmboe Dussafu Gabon In the first half of 2024, two pilot wells appraised the northern flank of the Hibiscus field and confirmed the northern extension of the Hibiscus South field.”

Annual report 2024A · The company itself

“Production from the MaBoMo facility is transported to the BW Adolo FPSO through a 20 km pipeline.”

Annual report 2024A · The company itself

“Approximately 2.6 million barrels gross were produced in the year.”

Annual report 2024A · The company itself

“These reserves are predominately oil, of which 28.3 million barrels of oil equivalent are developed and 13.7 million barrels of oil equivalent are undeveloped infill opportunities.”

Annual report 2024A · The company itself

“These results demonstrate the attractive risk-reward enabled by phased development of existing discoveries and production assets, combined with the controlled timing of capital expenditures and capital at risk across oil and gas market cycles. Full-year total net production to BW Energy was approximately 10.1 million barrels of oil from the Tortue, Hibiscus, Hibiscus South, and Ruche fields offshore Gabon and from the Golfinho field offshore Brazil, an increase of 69% from 2023.”

Annual report 2024A · The company itself

“with net production averaging 20,300 barrels of oil per day, equal to approximately 7.4 million barrels from the Dussafu licence.”

Annual report 2024A · The company itself

“Crude oil and domestic wholesale petroleum markets are currently, and in the recent past have been, marked by significant volatility. General political conditions, threatened or actual acts of war or terrorism, instability or other changes in oil producing regions, including the Middle East, South America and Europe, and trade, economic or other disagreements between oil producing nations, can, and recently have, significantly affected crude oil supplies and wholesale petroleum costs.”

Annual report 2026A · The company itself

“The Company operates a wholesale network where Casey’s manages wholesale fuel supply agreements to certain dealer sites and other wholesale locations. The dealer and wholesale locations are not operated by Casey's and are not included in our overall store count. Approximately 3% of total revenue for the year-ended April 30, 2026 relates to the wholesale fuel network.”

Annual report 2026A · The company itself

“Over the past three fiscal years, on average our retail fuel revenues accounted for approximately 62% of total revenue and our retail fuel revenue less cost of goods sold (excluding depreciation and amortization) accounted for approximately 34% of the total revenue less cost of goods sold (excluding depreciation and amortization).”

Annual report 2026A · The company itself

“Prices for crude oil, natural gas, liquefied natural gas (LNG), petroleum products and petrochemicals are generally determined by supply and demand.”

Annual report 2025A · The company itself

“Production Outlook The company estimates its average worldwide oil-equivalent production in 2026 to increase 7 to 10 percent over 2025, assuming a Brent crude oil price of $60 per barrel and excluding the impact of asset sales.”

Annual report 2025A · The company itself

“Extended periods of low prices or demand for crude oil, natural gas, and natural gas liquids have had, and in the future can have, a material adverse impact on the company’s results of operations, financial condition and liquidity. Among other things, the company’s upstream earnings, cash flows, and capital expenditure programs could be negatively affected, as could its production and proved reserves.”

Annual report 2025A · The company itself

“The scope of Chevron’s business will decline if the company does not successfully develop resources The company is in an extractive business; therefore, if it is not successful in replacing the crude oil and natural gas it produces with good prospects for future organic opportunities or through acquisitions, exploration or technology, the company’s business will decline. Creating and maintaining an inventory of economic projects depends on many factors, including obtaining and renewing rights to explore, develop and produce hydrocarbons; drilling success; reservoir optimization; technology advancements; ability to bring long-lead-time, capital-intensive projects to completion on budget and on schedule; partner alignment, including strategic support; and efficient and profitable operation of mature properties.”

Annual report 2025A · The company itself

“Chevron processes both imported and domestic crude oil in its U.S. refining operations.”

Annual report 2025A · The company itself

“In 2025, TCO completed the Future Growth Project (FGP) at the Tengiz oil field, which increased crude oil production by 260,000 barrels per day with a total gross output of one million barrels of oil-equivalent per day.”

Annual report 2025A · The company itself

“Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant.”

Annual report 2025A · The company itself

“Downstream operations consist primarily of refining crude oil into petroleum products; marketing of crude oil, refined products and lubricants; manufacturing and marketing of renewable fuels; transporting crude oil and refined products by pipeline, marine vessel, motor equipment and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses and fuel and lubricant additives.”

Annual report 2025A · The company itself

“The company’s proved reserves at year-end 2025 were approximately 10.6 billion barrels of oil-equivalent (BOE), eight percent higher than 2024. The largest additions were from the acquisition of Hess Corporation (Hess) and extensions and discoveries in shale and tight assets in the Permian Basin, and project approvals in Australia and Guyana.”

Annual report 2025A · The company itself

“Table of Contents Downstream Refining Operations At the end of 2025, the company had a refining network capable of processing 1.8 million barrels per day.”

Annual report 2025A · The company itself

“In 2025, the expansion of the Pasadena Refinery became fully operational, increasing light crude oil throughput capacity to 125,000 barrels per day. This project allowed the company to process more equity crude from the Permian Basin, supply more products to customers in the U.S.”

Annual report 2025A · The company itself

“Revenues for the upstream segment are derived primarily from the production and sale of crude oil, natural gas and NGLs, as well as the sale of third-party production of natural gas.”

Annual report 2025A · The company itself

“The price of fuel and energy needed to run our vehicles and equipment is unpredictable and fluctuates based on events outside of our control, including geopolitical developments, supply and demand fluctuations for fuel and other energy related products, actions by energy producers, war and unrest in oil producing countries, regional production patterns, limits on refining capacities, natural disasters and environmental concerns including the impact of 14 legislative and regulatory efforts to limit GHG emissions. Increases in fuel and energy costs could adversely affect our consolidated financial condition and consolidated results of operations.”

Annual report 2026A · The company itself

“The Company has experienced, and expects to continue to experience, the indirect impacts of the conflicts in Ukraine and the Middle East, including increases in the cost of raw and packaging materials and commodities (including the price of oil), supply chain and logistics challenges, and it is not possible to predict the broader or longer-term consequences of these conflicts or the sanctions and export controls imposed in response to each conflict or that may be imposed in response to future developments.”

Annual report 2025A · The company itself

“Marknad Den globala efterfrågan på energi och elektricitet driver investeringar i infrastruktur. De största energikällorna är olja, gas och kol – och runt om i världen planeras och pro - jekteras för en stor mängd anläggningar. Efterfrågan på alternativa och förnyelsebara energi källor ökar stadigt och nya projekt planeras i ett flertal länder, exempelvis inom vindkraft.”

Annual report 2024A · The company itself

“Optronics Technology har efter att ha erhållit sitt FM-godkän - nande sett en försäljningsökning på 113 procent, vilket öppnar upp för fortsatt expansion.”

Annual report 2024A · The company itself

“Optronics Technology, med huvudkontor i Oslo (Norge), är ett tek - nologibolag som utvecklar optiska gasdetektorer för olika industriapplikationer för kunder inom bland annat oljeoch gasmarknaden, marinmarknaden och gruvindustrin.”

Annual report 2024A · The company itself

“Matre Maskin, grundat 1953, är en välrenommerad leverantör av produkter, system och tjänster för den globala sjöfarts- och offshoreindustrin, med fokus på brandbe - kämpningslösningar, kalibreringsutrustning, specialpumpar, reservdelar, service och support.”

Annual report 2024A · The company itself

“Kunder Firenor International riktar sitt erbjudande till företag verksamma inom energisektorn och har kunder inom olje- och gasindustrin, inklusive offshoreindustrin, samt övrig energi- och kraftindustrin.”

Annual report 2024A · The company itself

“CONCEJO INDUSTRIER CONCEJO ÅRSREDOVISNING 2024 9 Optronics Technology Optronics, grundat 2018, är ett norskt bolag som utvecklar optiska gas detektorer för olika industriapplikationer, främst för olje- och gasmarknaden, marinmarknaden och gruvindustrin.”

Annual report 2024A · The company itself

“ACAF marknadsför sitt erbjudande framför allt till kun - der inom energiindustrin, olje- och gasindustrin, flygindustrin, gruvnäringen och till petrokemiska anläggningar. Havsbaserad vindkraft är ett växande applikationsområde där efterfrågan är stor.”

Annual report 2024A · The company itself

“Vidut- eller ombyggnation samt övriga tjänster utgörs kunderna normalt av de som äger eller driver anläggningarna, som oljebolag, gasbolag eller kraft- och energi - bolag.”

Annual report 2024A · The company itself

“Det största applikationsområdet utgörs av havsbaserade anlägg - ningar och större fartyg.”

Annual report 2024A · The company itself

“Risks Related to Our Industry Our operating results, our ability to execute on our strategy and the carrying value of our assets are exposed to the effects of volatile commodity prices or prolonged periods of low commodity prices. Among the most significant factors impacting our revenues, operating results and future rate of growth are the sales prices for crude oil, bitumen, LNG, natural gas and NGLs. These prices are tied to market prices that can fluctuate widely due to factors beyond our control.”

Annual report 2025A · The company itself

“Our earnings and operating cash flows generally correlate with price levels for crude oil and natural gas, which are subject to factors external to the company and over which we have no control.”

Annual report 2025A · The company itself

“Throughout 2025, the price of crude oil has been volatile due to multiple macroeconomic and geopolitical forces which slowed global oil demand growth concurrent with higher oil production from OPEC Plus and other major oil producing countries.”

Annual report 2025A · The company itself

“Commodity Prices Commodity prices and the associated realizations are the most significant factor impacting our profitability and related returns on and of capital to our shareholders.”

Annual report 2025A · The company itself

“If we do not successfully develop resources, the scope of our business will decline, and our financial condition and results of operations may be adversely affected. As we produce crude oil, bitumen, natural gas and NGLs from our existing portfolio, the amount of our remaining reserves declines. If we do not successfully replace the resources we produce with good prospects for future organic development or through acquisitions, our business will decline.”

Annual report 2025A · The company itself

“We explore for, produce, transport and market crude oil, bitumen, natural gas, NGLs and LNG on a worldwide basis.”

Annual report 2025A · The company itself

“Millions of Barrels of Oil Equivalent Net Proved Reserves at December 31 Total crude oil 3,424 3,514 3,121 Natural gas liquids Consolidated operations 1,166 1,147 892 Total natural gas liquids 1,225 1,209 940 Natural gas Total natural gas 2,586 2,606 2,287 Bitumen Total bitumen 402 483 410 Total consolidated operations 6,506 6,665 5,742 Total equity affiliates 1,131 1,147 1,016 Total company Alaska The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas and NGLs.”

Annual report 2025A · The company itself

“Interest Operator Crude Oil MBD NGL MBD Natural Gas MMCFD Bitumen MBD Total MBOED Average Daily Net Production Surmont 100.0 % ConocoPhillips — — — 133 133 Montney 100.0 ConocoPhillips 17 6 125 — 44 Total Canada 17 6 125 133 177 Surmont The Surmont oil sands leases are located south of Fort McMurray, Alberta. Surmont is a 100 percent working interest asset that offers sustained, long-life production. We are focused on keeping facilities full, structurally lowering costs, reducing GHG intensity and optimizing asset performance. In the third quarter of 2025, we commenced drilling of Pad 104W-B and in the fourth quarter of 2025, we achieved first production from Pad 104W-A.”

Annual report 2025A · The company itself

“Business Environment and Executive Overview ConocoPhillips is one of the world’s leading E&P companies, based on both production and reserves, with operations and activities in 14 countries. Our diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe, Africa and Asia; global LNG developments; oil sands in Canada; and an inventory of global exploration prospects.”

Annual report 2025A · The company itself

“ConocoPhillips 2025 10-K 40 Results of Operations Table of Contents Alaska 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 5,638 6,553 7,098 Production and operating expenses ($MM) 2,158 1,951 1,829 Depreciation, depletion and amortization ($MM) 1,399 1,299 1,061 Taxes other than income taxes ($MM) 438 470 497 Net income (loss) ($MM) $ 730 1,326 1,778 Total Production (MBOED) Natural gas ($ per MCF) 3.81 3.90 4.47 The Alaska segment primarily explores for, produces, transports and markets crude oil, NGLs and natural gas.”

Annual report 2025A · The company itself

“The Canada segment operations include the Surmont oil sands development in Alberta, the Montney unconventional play in British Columbia and commercial operations.”

Annual report 2025A · The company itself

“Risks Related to Market and Financial Factors We are exposed to price volatility associated with both the wholesale and retail power markets and the procurement of nuclear fuel, natural gas, and oil.”

Annual report 2025A · The company itself

“We depend on nuclear fuel, natural gas, and oil to operate most of our generating facilities. The supply markets for nuclear fuel, natural gas, and oil are subject to price fluctuations, availability restrictions, tariffs, counterparty default, and geopolitical risk, which could have a material adverse impact on our results of operations or financial condition.”

Annual report 2025A · The company itself

“Table of Contents Macroeconomic factors such as fluctuations in fuel prices, commodities as well as used car prices, and vehicle-related technological advances may have an adverse effect on our revenues and operating results, as well as our earnings growth rates. Macroeconomic factors that affect oil prices and the automobile and commodity markets can have adverse effects on our revenues, revenue growth rates, and operating results. Significant increases in the cost of fuel or heightened level of inflation could lead to a reduction in miles driven per car and a reduction in accident rates. A material reduction in accident rates, whether due to, among other things, a reduction in miles driven per car, vehicle-related technological advances such as accident avoidance systems and, to the extent widely adopted, the advent of autonomous vehicles, could have a material impact on revenue growth.”

Annual report 2025A · The company itself

“This improvement was driven by significantly increased crude oil production in both OPEC and non-OPEC countries, which caused a large number of LR2s to switch from trading clean products to crude oil. In addition, product stocks in Europe declined sharply during the first half of the year, resulting in increased Eastto-West long-haul flows.”

Annual report 2025A · The company itself

“The Tanker owner segment continues to benefit from good operating earnings driven by high and profitable coverage. Tanker owner EBIT amounted to USD 112 million in 2025 compared to USD 140 million in 2024, driven by good exposure to a strong tanker market.”

Annual report 2025A · The company itself

“Fuel Our results of operations are significantly impacted by changes in the price and availability of aircraft fuel. We purchase most of our aircraft fuel under contracts that establish the price based on various market indices and therefore do not provide material protection against price increases or assure the availability of our fuel supplies.”

Annual report 2025A · The company itself

“The following table shows our aircraft fuel consumption and costs: Fuel consumption and expense by year Year Gallons Consumed(1) (in millions) Cost(1)(2) (in millions) Average Price Per Gallon(1)(2) Percentage of Total Operating Expense(1)(2) 2025 4,269 $ 9,819 $ 2.30 17 % 2024 4,114 $ 10,566 $ 2.57 19 % 2023 3,926 $ 11,069 $ 2.82 21 % (1)Includes the operations of our regional carriers operating under capacity purchase agreements.”

Annual report 2025A · The company itself

“Monroe's operation of the Trainer refinery is subject to numerous environmental laws and extensive regulations, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas and other air emissions. Under the Energy Policy Act of 2005, as expanded by the Energy Independence and Security Act of 2007, the Renewable Fuel Standard ("RFS") was created, setting up specific targets of renewable fuel to be used in the U.S. economy by mandating the blending of renewable fuels into gasoline and on-road diesel ("Transportation Fuels").”

Annual report 2025A · The company itself

“Fuel expense decreased $747 million compared to 2024 primarily due to a 9% decrease in the market price of jet fuel partially offset by a 4% increase in consumption on a 3% increase in capacity.”

Annual report 2025A · The company itself

“Monroe has agreements in place to exchange or sell the non-jet fuel products the refinery produces with third parties to obtain jet fuel for consumption in our airline operations. The refinery provides approximately 200,000 barrels per day, or approximately 75% of our consumption, for use in our airline operations through the production of jet fuel and through exchanges and sales of gasoline and diesel fuel produced by the refinery.”

Annual report 2025A · The company itself

“Refinery Operations Our Monroe subsidiaries own and operate the Trainer refinery and related assets in Pennsylvania. The facilities include pipelines and terminal assets that allow the refinery to supply jet fuel to our airline operations throughout the northeastern U.S., including our New York City hubs at LaGuardia and JFK.”

Annual report 2025A · The company itself

“Risks Related to Our Industry Volatile Oil, Gas and NGL Prices Significantly Impact Our Business Our financial condition, results of operations and the value of our properties are highly dependent on the general supply and demand for oil, gas and NGLs, which impact the prices we ultimately realize on our sales of these commodities.”

Annual report 2025A · The company itself

“For example, over the last five years, monthly NYMEX WTI oil and NYMEX Henry Hub gas prices ranged from highs of over $120 per Bbl and $9.50 per MMBtu, respectively, to lows of under $50 per Bbl and $1.60 per MMBtu, respectively.”

Annual report 2025A · The company itself

“Our Hedging Activities Limit Participation in Commodity Price Increases and Involve Other Risks We enter into financial derivative instruments with respect to a portion of our production to manage our exposure to oil, gas and NGL price volatility. To the extent that we engage in price risk management activities to protect ourselves from commodity price declines, we will be prevented from fully realizing the benefits of commodity price increases above the prices established by our hedging contracts.”

Annual report 2025A · The company itself

“As detailed below, we sell our production under both long-term (one year or more) and short-term (less than one year) agreements at prices negotiated with third parties. Regardless of the term of the contract, the vast majority of our production is sold at variable, or market-sensitive, prices.”

Annual report 2025A · The company itself

“Delaware Basin – The Delaware Basin is our largest and most active program in the portfolio with operations in southeast New Mexico and across the state line into west Texas.”

Annual report 2025A · The company itself

“Table of Contents Rockies – Our Rockies development consists of our Williston Basin and Powder River Basin assets.”

Annual report 2025A · The company itself

“Its production is leveraged to oil and has low-cost access to premium Gulf Coast pricing, providing for strong operating margins.”

Annual report 2025A · The company itself

“Revenue Recognition Upstream Revenues Upstream revenues include the sale of oil, gas and NGL production. Oil, gas and NGL sales are recognized when production is sold to a purchaser at a fixed or determinable price, delivery has occurred, control has transferred and collectability of the revenue is probable. Devon’s performance obligations are satisfied at a point in time.”

Annual report 2025A · The company itself

“Oil sales Devon’s oil sales contracts are generally structured in one of two ways. First, production is sold at the wellhead at an agreed-upon index price, net of pricing differentials. In this scenario, revenue is recognized when control transfers to the purchaser at the wellhead at the net price received.”

Annual report 2025A · The company itself

“Marketing Revenues Marketing revenues are generated primarily as a result of Devon selling commodities purchased from third parties. Marketing revenues are recognized when performance obligations are satisfied. This occurs at the time contract-specified products are sold to third parties at a contractually fixed or determinable price, delivery occurs at a specified point or performance has occurred, control has transferred and collectability of the revenue is probable.”

Annual report 2025A · The company itself

“The cost of bunker was DKK 2.6bn in 2025.”

Annual report 2025A · The company itself

“Seasonal Nature of Business Generally, demand for oil increases during the summer months and decreases during the winter months while natural gas decreases during the summer months and increases during the winter months. Certain natural gas buyers utilize natural gas storage facilities and purchase some of their anticipated winter requirements during the summer, which can lessen seasonal demand fluctuations.”

Annual report 2025A · The company itself

“Restrictions on emissions of methane or carbon dioxide that may be imposed could adversely impact the demand for, price of, and value of our products and reserves.”

Annual report 2025A · The company itself

“From the beginning of 2023 through the end of 2025, WTI prices ranged from $55.27 to $93.68 per Bbl and the Henry Hub price of natural gas ranged from $1.58 to $5.29 per MMBtu.”

Annual report 2025A · The company itself

“Any of these developments may reduce the demand for products manufactured with (or powered by) hydrocarbons and the demand for, and in turn the prices of, the oil and natural gas that we produce and sell, which would likely have a material adverse impact on us.”

Annual report 2025A · The company itself

“If the prices of oil and natural gas decline, we may be required to further write-down the value of our oil and natural gas properties in the future, which could negatively affect our results of operations.”

Annual report 2025A · The company itself

“Factors that may impact our credit ratings include debt levels, planned asset purchases or sales and near-term and long-term production growth opportunities, liquidity, asset quality, cost structure, product mix and commodity pricing levels. A ratings downgrade could adversely impact our ability to access financings or trade credit and increase our borrowing costs.”

Annual report 2025A · The company itself

“Commodity Price Risk Our major market risk exposure in our exploration and production business is in the pricing applicable to our oil and natural gas production. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot market prices applicable to our natural gas production.”

Annual report 2025A · The company itself

“The remainder of our Adjusted Free Cash Flow will be used primarily to reduce debt. •Leverage our experience operating in the Permian Basin. Our executive team, which has significant experience in the Permian Basin, intends to continue to seek ways to maximize hydrocarbon recovery by 2 Table of Contents optimizing and enhancing our drilling and completion techniques.”

Annual report 2025A · The company itself

“•Pursue strategic acquisitions with substantial resource potential. We have a proven history of acquiring leasehold positions in the Permian Basin that have substantial oil-weighted resource potential.”

Annual report 2025A · The company itself

“We use commodity price derivatives, which have historically included swaps, basis swaps, swaptions, roll hedges, costless collars, puts and basis puts, to reduce price volatility associated with certain of our oil, natural gas and natural gas liquids sales. Currently, we have hedged a portion of our estimated 2026 and 2027 production.”

Annual report 2025A · The company itself

“Table of Contents Our success depends on developing our existing leasehold acreage and finding, developing or acquiring additional reserves. A significant portion of our net leasehold acreage is undeveloped, or acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and natural gas regardless of whether such acreage contains proved reserves. In addition, many of our oil and natural gas leases require us to drill wells that are commercially productive and to maintain the production in paying quantities, and if we are unsuccessful in drilling such wells and maintaining such production, we could lose our rights under such leases. Our future oil and natural gas reserves and production and, therefore, our future cash flow and income are highly dependent on successfully developing our undeveloped leasehold acreage.”

Annual report 2025A · The company itself

“We make and expect to continue to make substantial capital expenditures in our business and operations for the exploration for and development, production and acquisition of oil and natural gas reserves. In 2025, our total cash capital expenditures were approximately $3.5 billion.”

Annual report 2025A · The company itself

“In addition, approximately 30% of our total estimated proved reserves as of December 31, 2025, were proved undeveloped reserves and may not be ultimately developed or produced. The reserve data included in the reserve reports of our independent petroleum engineers assume that substantial capital expenditures are required to develop such reserves.”

Annual report 2025A · The company itself

“As of December 31, 2025, we have approximately 8,854 gross (6,541 net) identified economic potential horizontal drilling locations in multiple horizons on our acreage at an assumed price of approximately $50.00 per Bbl WTI. As of December 31, 2025, only 1,351 of our gross identified economic potential horizontal drilling locations in which we have a working interest were attributed to proved reserves.”

Annual report 2025A · The company itself

“BUSINESS AND PROPERTIES Overview We are an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. This basin, which is one of the major producing basins in the United States, is characterized by an extensive production history, a favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, enhanced recovery potential and a large number of operators.”

Annual report 2025A · The company itself

“Our activities are primarily focused on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin, both of which are part of the larger Permian Basin in West Texas and New Mexico. These formations are characterized by a high concentration of oil and liquids rich natural gas, multiple vertical and horizontal target horizons, extensive production history, long-lived reserves and high drilling success rates.”

Annual report 2025A · The company itself

“Sales of crude oil, condensate and natural gas liquids are not currently regulated and are made at negotiated prices.”

Annual report 2025A · The company itself

“We are a party to long-term crude oil agreements under which, subject to certain terms and conditions, we are obligated to deliver specified quantities of oil to our counterparties. Our maximum delivery obligation under these agreements varies for different periods and depends in some cases upon certain conditions beyond our control. If production from our Permian Basin acreage decreases due to reduced developmental activities, as a result of the low commodity price environment, production related difficulties or otherwise, we may be unable to meet our obligations under our oil purchase agreements, which may result in deficiency payments to certain counterparties or a default under such agreements and may have an adverse effect on our company.”

Annual report 2025A · The company itself

“E1-5 Energy consumption and mix Energy consumption and mix 1 Fuel consumption from coal and coal products (MWh) 2 Fuel consumption from crude oil and petroleum products (MWh) 3 Fuel consumption from natural gas (MWh) 4 Fuel consumption from other fossil sources (MWh) 5 Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh) 6 Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) Share of fossil sources in total energy consumption (%) 7 Consumption from nuclear sources (MWh) Share of consumption from nuclear sources in total energy consumption (MWh) 8 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen etc) (MWh) 9 Consumption of purchased or acquired electricity, heat steam and cooling from renewable sources (MWh) 10 The consumption of self-generated non-fuel renewable energy (MWh) 11.”

Annual report 2024A · The company itself

“There has been growth across all segments, with a strong performance from the subsea segment where we have experienced a significant growth in the activity level together with improved rates and project margins.”

Annual report 2024A · The company itself

“Hydrocarbon-based raw materials are the major raw material streams that feed the production of the Company's finished goods. The Company purchases hydrocarbon-based raw materials including ethane, propane, butane, naphtha and condensate as feedstocks. These raw materials are used in the production of both saleable products and energy.”

Annual report 2025A · The company itself

“Hydrocarbons & Energy Hydrocarbons & Energy is a leading global producer of ethylene, a key chemical building block that the Company consumes primarily within the Packaging & Specialty Plastics segment. Ethylene is transferred to downstream derivative businesses at market-based prices, which are generally equivalent to prevailing market prices for large volume purchases. In addition to ethylene, the business is a leading producer of propylene and aromatics products that are used to manufacture materials consumers use every day.”

Annual report 2025A · The company itself

“The business’ solutions minimize friction and heat in mechanical processes; manage the oil and water interface; deliver ingredients for maximum effectiveness; facilitate dissolvability; enable product identification; decarbonize oil and gas products; reduce energy intensity, water use and increase efficacy in broad washing applications; and provide the foundational building blocks for the development of chemical technologies. The business supports manufacturers and operators across a large variety of end-markets, notably coatings; crop protection; consumer health; data centers; detergents and cleaners; electronics; inks; lubricants and fluids; and oil and gas.”

Annual report 2025A · The company itself

“The overall demand for EMGS’ services is dependent, in large part, on offshore oil and gas E&P budgets. Fleet status and utilisation As per the end of 2024, the Company chartered one vessel, the Atlantic Guardian.”

Annual report 2024A · The company itself

“EMGS’ vision is to make EM an integral part of the E&P workflow and make EM as fully adopted as seismic. By providing EM data integrated with other subsurface measurement, we enable our customers to reduce uncertainty and therefore increase success in their exploration and development programmes.”

Annual report 2024A · The company itself

“Important events in 2024 Multi-client investments The Company’s multi-client business continues to be an important part of the overall business, both in terms of revenues and in terms of marketing value as the Company can more freely commercialize 3D CSEM data with existing and new customers, resulting in longer potential revenue streams through “late sales”. In 2024, revenues from multiclient sales amounted to 94% of total revenues, up from 90% in 2023.”

Annual report 2024A · The company itself

“Our clients see significant benefits in using electromagnetic surveys in addition to seismic surveys, which are based on acoustic wave technology. By combining these datasets, the accuracy and efficiency of oil and gas exploration can be significantly improved.”

Annual report 2024A · The company itself

“Application of EM technology The services offered by EMGS are used in all stages of the offshore exploration and development cycle. Applications of EMGS’ technology include evaluating regional prospectivity, ranking identified prospects and appraisal of discoveries.”

Annual report 2024A · The company itself

“Over the past two decades EMGS has conducted over 900 surveys across most major mature and frontier basins in the world in water depths ranging from 20 to 3,600 metres for more than 150 customers.”

Annual report 2024A · The company itself

“In a typical year, the Group undertakes a mix of proprietary contract work and multi-client projects. International Oil Companies (IOCs) increasingly prefer the multi-client business model, whereby projects are funded in a consortium or with the expectation of future late sales National Oil Companies (NOCs) typically prefer to conduct proprietary work arrangements.”

Annual report 2024A · The company itself

“Demand for these services is highly dependent on the strength of the oil and gas and related industrial markets.”

Annual report 2025A · The company itself

“Certain of our businesses, including those within our United States industrial services segment, are exposed to risks associated with the oil and gas industry. These risks, which are not subject to our control, include volatility in the price and production of crude oil, the development of and consumer demand for alternative energy sources, including as a result of a change in consumer preference, or in an effort to reduce greenhouse gas emissions or combat climate change, and legislative and regulatory actions.”

Annual report 2025A · The company itself

“On the other hand, because certain of our construction and service offerings are designed to improve energy efficiency in our clients’ operations, or to assist in the generation of new sources of renewable energy, such as wind, solar, and geothermal generation, decreases in the costs of traditional energy sources such as electricity, oil, and natural gas, including as a result of recessionary pressure and reduced demand, may lower our customers’ demand for efficiency improvements and alternative energy sources, which could have an adverse effect on our financial position, results of operations, and cash flows.”

Annual report 2025A · The company itself

“Our industrial services are primarily provided to customers within the oil, gas, and petrochemical industries and consist of: •Refinery turnaround planning and engineering services; •Specialty welding services; •Overhaul and maintenance of critical process units in refineries and petrochemical plants; •Specialty technical services for refineries and petrochemical plants; •Instrumentation, controls, and electrical services for energy infrastructure; •Electrical panel design, fabrication, and installation; •On-site repairs, maintenance, and service of heat exchangers, towers, vessels, and piping; •Design, manufacturing, repair, and hydro blast cleaning of shell and tube heat exchangers and related equipment; and •Renewable energy services, including large scale solar projects, energy storage, and waste to biogas solutions. Our industrial services business, which generated approximately 7% of our 2025 total revenues, is a recognized leader in the refinery turnaround market and has a presence in the petrochemical and upstream markets.”

Annual report 2025A · The company itself

“In addition, some of our operations, particularly those servicing oil and natural gas refineries, are subject to the risk of accidental release of hazardous materials that have in the past and have the potential to result in injuries or fatalities involving our employees or third parties, property damage, or environmental contamination.”

Annual report 2025A · The company itself

“EOG is a crude oil and natural gas producer and is impacted by changes in the prices for crude oil and condensate, NGLs and natural gas. During the last three years, average United States commodity prices have fluctuated, at times rather dramatically. Average crude oil and condensate prices received by EOG for production in the United States decreased 15% in 2025, decreased 2% in 2024 and decreased 19% in 2023, each as compared to the immediately preceding year.”

Annual report 2025A · The company itself

“Lower commodity prices can also reduce the amount of crude oil, NGLs and natural gas that we can produce economically. Substantial and extended declines in the prices of these commodities can render uneconomic a portion of our exploration, development and exploitation projects, resulting in our having to make downward adjustments (“write-downs”) to our estimated reserves and also possibly shut in, or plug and abandon, certain wells.”

Annual report 2025A · The company itself

“If we fail to acquire or find sufficient additional reserves over time, our reserves and production will decline from their current levels. The rate of production from crude oil and natural gas properties generally declines as reserves are produced.”

Annual report 2025A · The company itself

“Further, a majority of our forecasted production for 2026 is subject to fluctuating market prices. To the extent we do not hedge our production volumes for 2026 and beyond, we may be materially and adversely impacted by any declines in commodity prices, which may result in lower net cash provided by our operating activities.”

Annual report 2025A · The company itself

“At December 31, 2025, EOG was committed to deliver to multiple parties aggregate fixed quantities of crude oil of 24 MMBbls in 2026, 11 MMBbls in 2027 and 4 MMBbls in 2028, all of which is expected to be sourced from future production of available reserves.”

Annual report 2025A · The company itself

“We use financial derivative instruments (primarily financial basis swap, price swap, option, swaption and collar contracts) and, in certain cases, fixed price physical sales contracts to hedge the impact of fluctuations in crude oil, NGLs and natural gas prices on our results of operations and cash flows. To the extent that we engage in hedging activities to protect ourselves against commodity price declines, we may be prevented from fully realizing the benefits of increases in crude oil, NGLs and natural gas prices above the prices established by our hedging contracts.”

Annual report 2025A · The company itself

“During the years ended December 31, 2025, 2024 and 2023, EOG expended $13.2 billion, $5.6 billion and $6.0 billion, respectively, for exploratory and development drilling, facilities and acquisition of leases and producing properties, including asset retirement costs of $146 million, $(2) million and $257 million, respectively.”

Annual report 2025A · The company itself

“At December 31, 2025, EOG's total estimated net proved reserves were 5,514 million barrels of oil equivalent (MMBoe), of which 1,905 million barrels (MMBbl) were crude oil and condensate reserves, 1,510 MMBbl were NGLs reserves and 12,592 billion cubic feet (Bcf), or 2,099 MMBoe, were natural gas reserves (see "Supplemental Information to Consolidated Financial Statements").”

Annual report 2025A · The company itself

“Properties Oil and Gas Exploration and Production - Properties and Reserves Reserve Information. For estimates and discussions of EOG's net proved reserves of crude oil and condensate, natural gas liquids (NGLs) and natural gas, the qualifications of the preparers of EOG's reserve estimates, EOG's independent petroleum consultants and EOG's processes and controls with respect to its reserve estimates, see "Supplemental Information to Consolidated Financial Statements."”

Annual report 2025A · The company itself

“Risks Related to our Operations Drilling crude oil and natural gas wells is a high-risk activity and subjects us to a variety of risks that we cannot control. Drilling crude oil and natural gas wells involves numerous risks, including the risk that we may not encounter commercially productive crude oil, NGLs and/or natural gas reserves.”

Annual report 2025A · The company itself

“Marketing In 2025, EOG continued its diversified approach to marketing its crude oil and condensate. The majority of EOG's United States crude oil and condensate production was transported by pipeline to downstream markets with the remainder sold into local markets. Major U.S. sales areas accessed by EOG were at various locations along the U.S. Gulf Coast; Cushing, Oklahoma; the Permian Basin; the Northeast; and the Midwest.”

Annual report 2025A · The company itself

“Prisene var lavere på både væsker og gass i 2024 enn i 2023, noe som påvirket inntektene tross et stabilt produksjonsnivå og økt salg av naturgass og væsker.”

Annual report 2024A · The company itself

“Inntektene og driftsresultatet var fortsatt på et høyt nivå og økte i 2024, sammenlignet med 2023. Denne økningen skyldes hovedsakelig gevinsten på salget av virksomheten i Nigeria. Denne gevinsten ble utlignet av lavere bokført og løftet produksjon, i tillegg til en nedgang i råvareprisene på væsker.”

Annual report 2024A · The company itself

“Salgsinntekter og andre inntekter gikk noe ned fra 2023 til 2024, som følge av lavere salgspriser på gass og olje, både i Europa og Nord-Amerika, noe som ble delvis utlignet av høyere salgsvolumer for olje og gass.”

Annual report 2024A · The company itself

“Vesentlig finansiell risiko og mulighet: Markedseffekter av tiltak for å redusere klimaendringene påvirker verdien av vår olje- og gassvirksomhet Endringer i hvordan verdenssamfunnet agerer for å redusere klimaendringene kan påvirke markedsrepons og verdien av vår olje- og gassvirksomhet. Klimalover, - forskrifter og -politikk, teknologiutvikling, forbrukerpreferanser og rettsprosesser kan direkte eller indirekte påvirke balansen mellom tilbud og etterspørsel av olje, gass og elektrisitet, samt energipriser.”

Annual report 2024A · The company itself

“Olje- og gasspriser som er lavere enn våre prisforutsetninger på middels til lang sikt, kan ha en negativ effekt på vår finansielle posisjon.”

Annual report 2024A · The company itself

“En sammenligning av etterspørselsprognosene for olje og gass i IEA's Announced Pledges Scenario, som er i samsvar med en 1.7°C-utviklingsbane, med forventet produksjon fra eksisterende felt, viser at det vil være et betydelig underskudd av olje og gass, som må dekkes med nye volumer.”

Annual report 2024A · The company itself

“Forurensning av luft og vann fra storulykker Vår kjernevirksomhet innen produksjon og prosessering av olje og gass utgjør en potensiell risiko for storulykker som kan ha betydelig påvirkning på miljøet. En storulykke kan potensielt føre til vesentlig forurensning til luft og potensielt redusere luftkvalitet eller medføre negativ påvirkning på økosystemer, dyreliv og flora. En storulykke til vann, som et oljeutslipp, kan potensielt forurense kystområder eller skade naturlige habitater som resulterer i tap av biologisk mangfold.”

Annual report 2024A · The company itself

“Uplanlagt forurensning av luft, vann og jord Våre operasjoner er avhengig av en rekke aktiviteter gjennom hele vår verdikjede som potensielt kan føre til uplanlagt og indirekte forurensning. Dette kan potensielt føre til negativ påvirkning på luftkvalitet eller flora og fauna i sjø og grunn.”

Annual report 2024A · The company itself

“Våre landanlegg, inkludert tilknyttet infrastruktur, kan føre til jordforsegling og forringelse av landområder.”

Annual report 2024A · The company itself

“Omstillingsplan og ivaretakelse av biologisk mangfold og økosystemer i strategi og forretningsmodell Equinor arbeider kontinuerlig med å forstå og forbedre hvordan forretningsmodell og strategi påvirkes av og innvirker på biologisk mangfold og økosystemer. Sentralt i dette arbeidet er vurdering av påvirkning, risiko og muligheter.”

Annual report 2024A · The company itself

“Vesentlige påvirkninger, risikoer og muligheter og deres samspill med strategi og forretningsmode Sikkerhet er vår viktigste prioritet og er integrert i "Alltid sikker" som en av våre strategiske grunnpillarer, med fokus på å beskytte mennesker, miljøet, anlegg og verdier, og samfunnene vi opererer i. Vi har en visjon om null skade og jobber dedikert for å forebygge ulykker, uønskede hendelser og arbeidsrelatert sykdom. Vi erkjenner imidlertid at det er en iboende risiko for helse- og sikkerhetsrelaterte hendelser i vår bransje, som kan påvirke både mennesker og miljø.”

Annual report 2024A · The company itself

“Svingninger i prisene på olje og naturgass, valutakurser og generelle makroøkonomiske forhold påvirker våre økonomiske resultater.”

Annual report 2024A · The company itself

“En betydelig, eller vedvarende, periode med lave priser kan føre til endringer i produksjon, nedskrivning av eiendeler eller revurdering av lønnsomheten i prosjekter under utvikling og framtidige forretningsmuligheter. Høyere priser kan føre til økte skatter, kostnadsinflasjon eller økte tilgangskostnader for Equinor.”

Annual report 2024A · The company itself

“Ressursgrunnlag for hydrokarboner, fornybar energi og lavkarbonmuligheter Endringer i Equinors anslag på ressursgrunnlag for hydrokarboner, og tilgang til muligheter innen fornybar energi og lavkarbonløsninger, kan påvirke framtidig produksjon, inntekter og utgifter, og også gjennomføringen av vår strategi.”

Annual report 2024A · The company itself

“Equinor benytter finansielle instrumenter som terminkontrakter, opsjoner, unoterte terminkontrakter, bytteavtaler og differansekontrakter knyttet til råolje, petroleumsprodukter, naturgass og elektrisk kraft for å håndtere prisvariasjoner og-volatilitet.”

Annual report 2024A · The company itself

“Oppstrømsporteføljen av prosjekter som idriftsettes de neste 10 årene vil ha en CO2-intensitet under 7 kilogram per fat.”

Annual report 2024A · The company itself

“Arbeidskrav - Rammeverk for forebygging av storulykke Rammeverket for forebygging av storulykke definerer en struktur basert på anerkjent bransjepraksis for høyrisikoindustrier og gjelder alle deler av vår virksomhet som påvirker risikoen for storulykker. Rammeverket bygger på tre pillarer som støtter opp om «Alltid sikker»: • Lederskap, kultur og organisatoriske rammebetingelser • forsvarlig sikkerhets- og sikringspraksis og design • Sikkerhets- og sikringsbarrierer Rammeverket for forebygging av storulykker har vært gjeldende siden lanseringen i juli 2022. Ansatte har fått opplæring i rammeverket, og anleggene er blitt evaluert opp mot kravene i rammeverket for å sikre etterlevelse.”

Annual report 2024A · The company itself

“Styring av olje- og gassanlegg i drift Equinor er den største produsenten av olje og gass på norsk sokkel, og en betydelig leverandør av olje og gass i Europa.”

Annual report 2024A · The company itself

“Oppstrømsvirksomheten står for 92 % av selskapets driftsresultat, med en daglig produksjon på 2,067 millioner foe/dag i 2024.”

Annual report 2024A · The company itself

“Råolje, produkter og væsker (CPL) har ansvaret for salg av råolje og våtgass som er produsert på norsk sokkel. Resultatområdet markedsfører også egne volumer fra Equinors felt i USA, Brasil, Canada, Argentina, Angola, Aserbajdsjan, Nigeria, Algerie og Storbritannia, i tillegg til volumer fra tredjeparter.”

Annual report 2024A · The company itself

“Vi er en pållitelig leverandør av energi til omtrent 170 millioner mennesker hver dag. Equinor er først og fremst involvert i produksjon av energi i de regionene vi opererer i.”

Annual report 2024A · The company itself

“Oljeproduksjon fra egen virksomhet MWh 627.045.713 Gassproduksjon fra egen virksomhet MWh 570.710.880 MWh 1.197.756.593 Gass til strøm fra felles kontrollerte ordninger MWh 1.981.193 Ikke-fornybar energiproduksjon fra finansielle investeringer MWh 13.621 Ikke-fornybar energi levert til strømnettet MWh 1.994.814 Fornybar energiproduksjon fra egen virksomhet og felles kontrollerte ordninger MWh 2.801.647 Fornybar energiproduksjon fra finansielle investeringer MWh 2.043.135 Fornybar energi levert til strømnettet MWh 4.844.782 Energiintensitet per nettoinntekt fra våre aktiviteter17 var 370 MWh/million USD i 2024.”

Annual report 2024A · The company itself

“Vi produserer en rekke utgående ressursstrømmer, men våre primærprodukter er av sin natur i konflikt med sirkulære prinsipper, ettersom de er ment for forbruk.”

Annual report 2024A · The company itself

“Equinor-konsernets virksomhet er å utvikle, produsere og markedsføre ulike former for energi, avledede produkter og tjenester, samt annen virksomhet.”

Annual report 2024A · The company itself

“During 2026, higher fuel prices positively affected yields through increased fuel surcharges and negatively affected fuel expenses.”

Annual report 2026A · The company itself

“Our transportation businesses and their profitability are affected by the price and availability of jet and vehicle fuel, as well as our ability to collect fuel surcharges. We must purchase large quantities of fuel to operate our aircraft and vehicles, and the price and availability of fuel is beyond our control and can be highly volatile.”

Annual report 2026A · The company itself

“Sustainable Aviation Fuels, Aircraft Fuel Conservation, and Fleet Modernization Our aircraft operations are the largest contributor to our emissions footprint, and aviation fuel also represents one of our largest expenses.”

Annual report 2026A · The company itself

“With a sustained high oil price (in the range $75-85 per barrel of oil equivalent), it is expected that near-field exploration will continue to be considered highly attractive for the E&P companies. Aquila expects the investment in exploration and development in our core areas to be durable and reinforced by the attractive long-term demand outlook.”

Annual report 2024A · The company itself

“* Revenue, cost of sales, SG&A ** Bank deposits, net trade receivable, marketable securities *** Net asset value per share; total assets – total liabilities divided by number of shares Risk management and internal control Aquila’s activities are dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, Aquila’s activities, opportunities and profitability are linked to fluctuations in these prices.”

Annual report 2024A · The company itself

“Global demand for oil and gas is forecasted to continue to grow. This will support additional exploration activity, both as it relates to near-eld optimization, but also with respect to new prospects.”

Annual report 2024A · The company itself

“The multi-client library is the Group’s largest asset. The surveys in the library are subject to commercial risk. At times, Aquila will have to impair the values of the surveys if the future licensing potential diminishes because of market conditions, regulatory changes, lack of exploration success in the relevant area, changes in customers’ strategic priorities, etc.”

Annual report 2024A · The company itself

“The Group’s multi-client data is targeting near-field exploration, where production infrastructure is in place and where E&P companies need high-quality seismic data to unlock existing and new resources. In these production fields, oil and gas can be developed with lower cost, environmental impact and emissions.”

Annual report 2024A · The company itself

“The seismic multi-client data business model is frequently the preferred way to access seismic data for petroleum exploration and production (E&P) companies. The seismic data is licensed by E&P companies to assist in the discovery and development of petroleum resources.”

Annual report 2024A · The company itself

“Global oil consumption averaged 102.8 million barrels per day (“mbpd”) in 2024 as compared to 101.8 mbpd in 2023 according to the EIA. Global oil supply grew by 0.6 mbpd as compared to 2023, averaging 102.8 mbpd in 2024.”

Annual report 2024A · The company itself

“Asia continues to be the source of demand growth, causing oil to travel further as the Middle Eastern members of OPEC retain a cap on production. Global oil supply is expected to outpace demand in 2025, and global oil inventories may increase if OPEC+ starts their planned unwinding of cuts in April 2025.”

Annual report 2024A · The company itself

“The war in Ukraine and in Israel and Gaza have continued to disrupt energy production and trade patterns, including shipping in the Black Sea, Red Sea and elsewhere, and its impact on energy demand and costs is expected to remain uncertain.”

Annual report 2024A · The company itself

“The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical developments supply and demand for oil and gas, actions by OPEC and other oil and gas producers, economic or other sanctions levied against oil and gas producing countries, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns.”

Annual report 2024A · The company itself

“Voyage expenses and commissions increased in the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to: • an increase of $254.6 million due to the acquisition of 24 VLCCs from CMB.TECH since January 1, 2023, • an increase of $13.1 million due to fluctuations in bunker prices, • an increase of $9.5 million due to the redelivery of two VLCCs from short-term time charters to voyage charters between January 2023 and December 2024, and • an increase of $8.5 million due to the costs incurred under the EU ETS from January 1, 2024.”

Annual report 2024A · The company itself

“We are engaged primarily in the ownership and operation of oil and product tankers.”

Annual report 2024A · The company itself

“We are engaged in transporting crude oil and its related refined petroleum products and our vessels operate in the spot and time charter markets.”

Annual report 2024A · The company itself

“Demand for certain of our products, solutions, and services, particularly in our Power segment, depends on oil and gas regulatory policy, prices, and global and regional supply and demand, all of which are largely outside our control. More stringent regulations and commitments stemming from international initiatives could increase production costs, reduce oil and gas demand, and curtail investments in gas turbine generation; further, if renewable energy or other alternatives become more affordable than gas, customers may switch away from gas-fired solutions. Periods of elevated prices and volatility can contribute to economic slowdowns and prompt countries dependent on oil and gas revenues to reduce investment in oil and gas, power generation, and transmission projects, lowering demand for our offerings.”

Annual report 2025A · The company itself

“Strong refining margins, increased refinery throughput and the underlying shifts in refinery capacity, combined with record high Russian and Chinese export volumes, have been the main drivers supporting trade volumes and ton-mile gains.”

Annual report 2022A · The company itself

“2010-built Earnings 1Q19 2Q19 3Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 m barrels/d Global Oil Supply Global Oil Demand Seaborne products trade volumes increased by an estimated 2% in 2022 to reach 22.2m barrels/day, with growth supported by underlying gains in global oil demand and refinery throughput, as well as expansion in refinery capacity in key regions. Middle Eastern exports rose by 9% in 2022 to 4.3m barrels/day, on the back of several refinery start-ups, whilst US exports rose by around 10% to 2.7m barrels/ day, largely on the back of strategic inventory releases, rebounding refinery throughput and stronger demand in Latin America.”

Annual report 2022A · The company itself

“Currently, Hafnia is well positioned to take advantage of the elevated spot market.”

Annual report 2022A · The company itself

“Product imports into Europe and Australia are expected to rise further following recent refinery closures. Inventories for clean products in the West remain below the long-term average, while levels in the East are on par.”

Annual report 2022A · The company itself

“2022 has laid very strong fundamentals entering into 2023.”

Annual report 2022A · The company itself

“Increased demand for clean petroleum products paved the way for a rebound in product trade and was coupled with the effect of longer ton-miles due to sanctions on Russian trade.”

Annual report 2022A · The company itself

“The Group is also exposed to risk in respect to fuel oil costs. Fuel oil prices are affected by the global political and economic environment.”

Annual report 2022A · The company itself

“Hafnia Bunkers Alliance on the Rise CHW Collaboration Hafnia: A Year in Review / The Product Tanker Market The Product Tanker Market Product & Chemical transportation Hafnia primarily operates in the worldwide transportation of refined oil products and chemicals, which is shown in the simplified tanker market overview below.”

Annual report 2022A · The company itself

“Crude tankers transport crude oil from points of production to oil refineries or storage locations. Product tankers, which have a special lining in the tank, can carry both refined and unrefined products, including crude oil, fuel oil, vacuum gas oil (dirty products), and gas oil, gasoline, jet fuel, kerosene and naphtha (clean products) as well as edible oils and very light chemical cargo grades.”

Annual report 2022A · The company itself

“The level of exploration, development, and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control.”

Annual report 2025A · The company itself

“Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.”

Annual report 2025A · The company itself

“In 2025, global oil and natural gas markets remained impacted by non-OPEC supply growth, slower demand recovery in certain areas around the globe, OPEC+ production, ongoing geopolitical tensions in the Middle East, and the continued impacts of the Russia-Ukraine conflict.”

Annual report 2025A · The company itself

“In the U.S., oil and natural gas production in 2025 remained elevated, despite a generally declining rig count, as a result of the industry's focus on efficiencies and higher service intensity.”

Annual report 2025A · The company itself

“The West Texas Intermediate (WTI) crude oil price averaged approximately $60 per barrel during the fourth quarter of 2025 and approximately $65 per barrel for the full year of 2025. The Brent crude oil price averaged approximately $64 per barrel during the fourth quarter of 2025 and approximately $69 per barrel for the full year of 2025.”

Annual report 2025A · The company itself

“Some of the more significant determinants of current and future spending levels of our customers are oil and natural gas prices, our customers’ expectations about future prices, global oil supply and demand, the impact on natural gas supply and demand in North America of electrification and data centers power requirements, completions intensity, the world economy, the availability of capital, government regulation, and global stability, which together drive worldwide drilling and completions activity.”

Annual report 2025A · The company itself

“Absent geo-political disruptions, we expect commodity prices are unlikely to rise.”

Annual report 2025A · The company itself

“We expect international activity to be stable year over year, with revenue to be flat to up modestly, led by Latin America. We anticipate moderate softness in North America and expect revenue to decline year over year compared to 2025.”

Annual report 2025A · The company itself

“Description of business and strategy Halliburton Company (Halliburton) is one of the world's largest providers of products and services to the energy industry.”

Annual report 2025A · The company itself

“BUSINESS ENVIRONMENT AND RESULTS OF OPERATIONS We operate in more than 70 countries throughout the world to provide a comprehensive range of services and products to the energy industry. Our revenue is generated from the sale of services and products to major, national, and independent oil and natural gas companies worldwide.”

Annual report 2025A · The company itself

“Halliburton has fostered a culture of unparalleled service to the world's major, national, and independent oil and natural gas producers.”

Annual report 2025A · The company itself

“We have a number of significant customers. While no single customer represented more than 10% of consolidated revenue in any period presented, the loss of one or more significant customers or the consolidation of such customers could have a material adverse effect on our business and our consolidated results of operations.”

Annual report 2025A · The company itself

“Nära 90 procent av HANZAs klimatavtryck tillhör framställning och transporter av insatsmaterial.”

Annual report 2024A · The company itself

“At year-end 2024 the FPSO is at yard for equipment upgrade and maintenance, in preparation for redeployment at the Buchan Horst field operated by NEO Energy and two partners. Production start is according to analyst reports and media articles expected in 2027 or 2028, though uncertain as such projects are complex. Total recoverable volumes on the field are estimated at 79 mmboe (millions of barrels of oil equivalent) as a mid-case, with 124 mmboe as a high case.”

Annual report 2024A · The company itself

“The Western Isles license agreement is expected to generate revenue for Hermana for two more decades.”

Annual report 2024A · The company itself

“I consider the outlook as positive with the relatively predictable revenue streams from the current business as a platform. The group has an asset-light business model with low operating costs, estimated at NOK 7.5-10 million per year, and flexibility to bring this down considerably if revenues are delayed and new business activity remains low. The settlement of the receivables from Magnora concerning the milestone payments related to the Shell Penguins FPSO, the cash assets, and the licensing revenues from the Western Isles FPSO allow for patient target search.”

Annual report 2024A · The company itself

“Current business As a result of the restructuring and sale of assets in 2018, Hermana has the right to use the technology under an agreement for the Western Isles FPSO. An FPSO receives fluids from a subsea reservoir through risers, separates the fluids into crude oil, natural gas, water and impurities, stores the products and then offloads the products onto shuttle tankers to go to market or for further refining onshore. The FPSO is cylindrical with a hull diameter of 70 meters, a storage capacity of 400,000 bbls (barrels), oil production capacity of 44,000 bopd (barrels of oil per day). For the Western Isles FPSO, the licence agreement entitles Hermana to USD 0.50 per barrel produced over the lifetime of the FPSO, irrespective of operating location and field.”

Annual report 2024A · The company itself

“The FPSO has been operational since 2017. The associated license income for 2023 was NOK 10.3 million.”

Annual report 2024A · The company itself

“Each of the two milestones triggers a payment of USD 4.3 million, in total USD 8.6 million. The payments are considered very likely and are fully accounted for as a NOK 97.9 million receivable (from Magnora) in Hermana’s balance sheet.”

Annual report 2024A · The company itself

“Förändrat klimat Koncernen släpper ut betydande mängder koldioxid från energianvändningen. Vidare är huvuddelen av produkterna baserade på fossila råvaror.”

Annual report 2024A · The company itself

“A number of our products, such as diapers, training and youth pants, feminine pads, incontinence care products and disposable wipes, contain certain materials that are principally derived from petroleum. These materials are subject to price fluctuations based on changes in petroleum prices, availability and other factors, with these prices experiencing significant volatility in recent years.”

Annual report 2025A · The company itself

“CO2 Segment Contracts Our CO2 source and transportation business primarily has third-party sales contracts with minimum volume requirements, which as of December 31, 2025 had a remaining average contract life of approximately six years. Our CO2 sales contracts vary from customer to customer and generally provide for a delivered price tied to the price of crude oil, in some cases based on a fixed fee or floor price.”

Annual report 2025A · The company itself

“The revenues we receive from our crude oil, NGL, and RIN sales are affected by the prices we realize from these sales and, over the long term, we tend to receive prices that are driven by the related demand and overall market.”

Annual report 2025A · The company itself

“Risks Related to our Business Our businesses are dependent on the supply of and demand for the products we handle. Our pipelines, terminals, and other assets and facilities, including the availability of expansion opportunities, depend in part on continued production of natural gas, crude oil, and other products in the geographic areas that they serve. Without additions to crude oil and gas reserves, production will decline over time as reserves are depleted, and production costs may rise.”

Annual report 2025A · The company itself

“The volatility of crude oil, NGL, and natural gas prices could adversely affect our business. The revenues, cash flows, profitability, and future growth of some of our businesses (and the carrying values of certain of their respective assets, which include related goodwill) depend to a large degree on prevailing crude oil, NGL, and natural gas prices. Prices for crude oil, NGL, and natural gas are subject to large fluctuations in response to relatively minor changes in the supply of and demand for crude oil, NGL, and natural gas, uncertainties within the market and a variety of other factors beyond our control.”

Annual report 2025A · The company itself

“The rate of production from oil and natural gas properties declines as reserves are depleted. Without successful development activities, the reserves, revenues, and cash flows of the oil and gas producing assets within our CO2 business segment will decline.”

Annual report 2025A · The company itself

“Increased regulation of exploration and production activities, including activity on public lands, could result in reductions or delays in drilling and completing new oil and natural gas wells, as well as reductions in production from existing wells, which could adversely impact the volumes of natural gas transported on our natural gas pipelines and our own oil and gas development and production activities. We gather, process, or transport crude oil, natural gas, or NGL from several areas, including lands that are federally managed.”

Annual report 2025A · The company itself

“Adoption of legislation or regulations restricting these activities in our areas of operations could impose operational delays, increased operating costs and additional regulatory burdens on exploration and production operators, which could reduce their production of crude oil, natural gas, or NGL and, in turn, adversely affect our revenues, cash flows, and results of operations by decreasing the volumes of these commodities that we handle. These laws and regulations may also adversely affect our own oil and gas development and production activities.”

Annual report 2025A · The company itself

“The following summarizes our Terminals business segment assets, as of December 31, 2025: Number Capacity (MMBbl) Liquids terminals 47 78.7 Bulk terminals 24 — Jones Act tankers 16 5.3 Terminals Segment Contracts The factors impacting our Terminals business segment generally differ between liquid and bulk terminals. Our liquids terminals business generally enters into long-term contracts that require the customer to pay our fee regardless of whether they use the capacity. Thus, similar to our natural gas pipelines business, our liquids terminals business is less sensitive to short-term changes in supply and demand.”

Annual report 2025A · The company itself

“Our hedging strategy involves entering into a financial position intended to offset our physical position, or anticipated position, in order to minimize the risk of financial loss from an adverse price change. For example, as sellers of crude oil, natural gas, and NGL, we often enter into fixed price swaps and/or futures contracts to guarantee or lock-in the sale price of our crude oil or the margin from the sale and purchase of our natural gas at the time of market delivery, thereby in whole or in part offsetting any change in prices, either positive or negative.”

Annual report 2025A · The company itself

“We are one of the largest energy infrastructure companies in North America. As of December 31, 2025, we owned an interest in or operated approximately 78,000 miles of pipelines, 136 terminals, approximately 706 Bcf of working natural gas storage capacity, and RNG generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels, and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, jet fuel, chemicals, petroleum coke, metals, and ethanol and other renewable fuels and feedstocks.”

Annual report 2025A · The company itself

“Terminals Our Terminals business segment includes the operations of our refined petroleum product, chemical, renewable fuel, and other liquid terminal facilities (other than those included in the Products Pipelines business segment) and all of our bulk terminal facilities, which handle products such as petroleum coke, metal, and ores, among others. Our terminals are located primarily near large U.S. urban centers. We believe the location of our facilities and our ability to provide flexibility to customers help attract new and retain existing customers at our terminals and provide expansion opportunities.”

Annual report 2025A · The company itself

“Our CO2 business segment produces, transports, and markets CO2 for use in enhanced oil recovery projects as a flooding medium for recovering crude oil from mature oil fields. We also own and operate oil and gas producing fields, and RNG, LNG, and landfill GTE facilities.”

Annual report 2025A · The company itself

“Our business also depends in part on the levels of demand for natural gas, crude oil, NGL, refined petroleum products, CO2, steel, chemicals, and other products in the geographic areas to which our pipelines, terminals, shipping vessels, and other facilities deliver or provide service, and the ability and willingness of our shippers and other customers to supply such demand.”

Annual report 2025A · The company itself

“Main risks next 12 months CLEANBU commercial and technical performance Acceptance and/or exemptions are required in relation to the CLEANBU vessels from clients and terminals where policies may require clean petroleum products (CPP) as the last cargo or the three last cargoes to avoid cargo contamination or where policies may exclude the use of combination carriers like the CLEANBU vessels. Should the Group not obtain the relevant acceptances or exemptions from clients or terminals, this may have a material adverse effect on the operations of the CLEANBU vessels and consequently the Group's operations and results.”

Annual report 2024A · The company itself

“There was also a positive development in the CLEANBU trading with the important trade from Middle East to South America resuming during the spring of 2024 after close to a year’s interruption due to the large import volumes of Russian diesel to the South American market during this 11-months period.”

Annual report 2024A · The company itself

“Transition risks mainly relate to effect of reduced demand for the Group’s services and the risk of stranded assets and new regulations as the global fleet moves to low-carbon fuels.”

Annual report 2024A · The company itself

“8x CLEANBU LR1 product tanker and Kamsarmax dry-bulk vessel CLEANBU (Clean Petroleum Product-Bulk) vessels mainly transport Clean Petroleum Product (CPP) from Middle East/ India, Far East or US Gulf to South America or other dry-bulk export hubs and dry-bulk commodities on the return.”

Annual report 2024A · The company itself

“The CLEANBU business delivered the highest TCE-earnings and results since the inception of this business in 2019.”

Annual report 2024A · The company itself

“Due to the continued large earnings difference between the product tanker and dry bulk markets in most of 2024, the fleet maintained a high share of trading in the tanker markets partly through triangulation trading and substituting dry bulk cargoes with vegetable oils cargoes.”

Annual report 2024A · The company itself

“The key customers for the CLEANBUs are large oil and petrochemical companies and trading companies, many with investment grade ratings.”

Annual report 2024A · The company itself

“We are also exposed to changes in oil prices, including diesel fuel, which influence both our packaging and transportation costs.”

Annual report 2025A · The company itself

“Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact Boardwalk Pipelines’ business. Boardwalk Pipelines’ customers, especially producers and certain plant operators, are directly impacted by changes in commodity prices.”

Annual report 2025A · The company itself

“The relatively low cost of natural gas-derived raw materials in the U.S. versus the global cost of crude oil-derived raw materials has had a positive influence on the profitability of our North American operations.”

Annual report 2025A · The company itself

“Our ability to pass on raw material price increases to our customers is dependent on market-driven demand for olefins and polyolefins.”

Annual report 2025A · The company itself

“Our ability to pass through the increased cost of raw materials to customers is dependent on global market demand for olefins and polyolefins.”

Annual report 2025A · The company itself

“The petrochemical market has been affected by the price volatility of naphtha, the primary feedstock for olefins in the region.”

Annual report 2025A · The company itself

“In addition to changes in the supply and demand for products, changes in energy prices and other worldwide economic conditions can cause volatility.”

Annual report 2025A · The company itself

“A sustained decrease in the price of crude oil may adversely impact the results of our operations, primarily in North America.”

Annual report 2025A · The company itself

“For example, we have benefited from the favorable ratio of U.S. crude oil prices to natural gas prices in the past. If the price of crude oil remains lower relative to U.S. natural gas prices or if the demand for natural gas and NGLs increases, this may have a negative impact on our results of operations.”

Annual report 2025A · The company itself

“We purchase large quantities of natural gas, electricity and steam which we use as energy to fuel our facilities and purchase large quantities of natural gas liquids and crude oil derivatives which we use as feedstocks.”

Annual report 2025A · The company itself

“Olefins and Co-products—Ethylene is the most significant petrochemical in terms of worldwide production volume and is the key building block for PE and many other chemicals and plastics. Ethylene is produced by steam cracking hydrocarbons such as ethane, propane, butane and naphtha. This production results in co-products such as aromatics and other olefins, including propylene and butadiene.”

Annual report 2025A · The company itself

“The primary raw materials used in our Americas olefin facilities are natural gas liquids (“NGLs”) and heavy liquids. Heavy liquids include crude oil-based naphtha and other refined products, as well as condensate, a very light crude oil resulting from natural gas production. NGLs include ethane, propane and butane.”

Annual report 2025A · The company itself

“Raw Materials—Raw material cost is the largest component of the total cost for the production of olefins and co-products.”

Annual report 2025A · The company itself

“The principal raw materials used in the production of polyolefins are propylene and ethylene.”

Annual report 2025A · The company itself

“Costs and limitations on supply of raw materials and energy may result in increased operating expenses. The costs of raw materials and energy represent a substantial portion of our operating expenses.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures about Market Risk GENERAL We are exposed to market risks related to the volatility of crude oil and refined petroleum products, ethanol, renewable feedstock, renewable products, NGLs, and natural gas prices.”

Annual report 2025A · The company itself

“We use derivative instruments related to the acquisition of crude oil and ethanol blended with refined petroleum products to hedge price risk associated with market volatility between the time we purchase the product and when we use it in the refinery production process or it is blended.”

Annual report 2025A · The company itself

“Gas Processing Complexes Design Throughput Capacity (MMcf/d) Natural Gas Throughput (MMcf/d)(a) Utilization of Design Capacity(a) Marcellus Operations 6,520 6,123 94 % Utica Operations 1,325 961 73 % Southwest Operations(b)(c) 2,745 1,904 69 % Southern Appalachia Operations 425 191 45 % Bakken Operations(d) 185 159 86 % Total 11,200 9,338 83 % (a) Natural gas throughput is the average daily rate based on calendar days, irrespective of days in operation.”

Annual report 2025A · The company itself

“We are exposed to commodity price and implied volatility risk as a result of market-making activities in commodity products related primarily to electricity, natural gas, oil and precious metals. Commodity exposures are subject to periods of high price volatility as a result of changes in supply and demand. These changes can be caused by weather conditions, physical production and transportation, or geopolitical and other events that affect the available supply and level of demand for these commodities.”

Annual report 2025A · The company itself

“We make markets in various commodity products related primarily to electricity, natural gas, oil and metals. These activities are primarily recorded in Trading revenues.”

Annual report 2025A · The company itself

“Reduced oil refinery operating rates in North America could have a material adverse impact on our business, financial condition or operating results. Reduced oil refinery operating rates in the U.S. and Canada could result, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations. If it becomes necessary to procure sulfur at higher costs, and if we are unable to pass those costs on in our product prices, or if we are unable to procure sulfur at volumes necessary for our operations, such events could have a material adverse effect on our phosphate business, and/or our financial condition or operating results.”

Annual report 2025A · The company itself

“Actions related to climate change mitigation and adaptation Most of the Company’s GHG emissions are linked to vessel operations, primarily due to fuel consumption associated with shipping activities.”

Annual report 2024A · The company itself

“MPCC’s energy consumption derives from fossil forces, primarily crude oil and petroleum products. In 2024, total energy consumption amounted to 5,398,050.93 MWh, representing a 10.98% reduction compared to 2023.”

Annual report 2024A · The company itself

“Kokonaisjalostusmarginaali oli keskimäärin 14,0 (14,1) dollaria barrelilta vuonna 2025, millä oli -44 miljoonan euron negatiivinen vaikutus vertailukelpoiseen käyttökatteeseen edellisvuoteen verrattuna.”

Annual report 2025A · The company itself

“Nesteen taloudellinen tulos riippuu ennen kaikkea jalostettujen öljytuotteiden ja uusiutuvien tuotteiden hintojen sekä raakaöljyn, erilaisten kasviöljyjen ja muiden käytettävien raaka-aineiden hintojen välisestä hintaerosta eli marginaalista.”

Annual report 2025A · The company itself

“Neste valmistaa myös korkealaatuisia öljytuotteita Porvoon jalostamollaan Suomessa.”

Annual report 2025A · The company itself

“1www.iea.org/events/ 2www.iea.org/reports/ Takten i omställningen beror på ett  • Energiprisernas utveckling – framförallt utvecklingen avprisskillnadenmellanelektricitetochfossila bränslensomoljaochnaturgas. • Politiskastyrmedel–delsdirektaekonomiskastödoch subventionerföromställningochenergiskatter,dels indirektastödsompåverkarkostnadernaförny-eller ombyggnationer • Myndighetskravpåprodukter–blandannat Eco-designdirektivet,somangerminimikravpåenergiprestandahosprodukterpåEU-marknaden.Avsikten ärattförbättraprodukternasmiljöprestandaunder helaproduktenslivscykeln. • Begränsningavinstallationavgaspannorvidutbyte avvärmekällaochförbudmotgasanslutningvid nybyggnation. • Utbyggnadenavfossilfriinfrastrukturförklimatisering ochtappvarmvatten. • ”Smartbuildings”–medförökadefterfråganpåbättre energiprestandaochstyrningavbådeenfamiljsbostädersochkommersiellafastighetersklimatsystem. • Fastighets-ochbyggmarknadensutveckling,där nybyggnationochrenoveringoftainnebärinstallation avhållbaraenergilösningar. • Kostnadenförslutkonsumentenäravgörandeför investeringochdriftskostnad,beroendepåenergislag. • Rådandekonjunkturläge–vilkettillfälligtkanminska konsumentersköpkraftmenocksåmedföraen uppdämdefterfrågannärkonjunkturenvänder. · 34 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS 2024 202320222021 2020 -17 Måluppfyllelse 2024202320222021 2020 Måluppfyllelse 17,8 16,1 15,0 16,6 Måluppfyllelse Lorem ipsum 9,3* *Exkl Jämförelsestörande poster Tillväxtmål  Under2024varnedgångentotalt-17,0%(+20,3%)varav-21,2%(+14,4%)var organisk.Detinnebärattdenorganiskatillväxtenvar35,6procentenheter lägreän2023.Tillväxtenharigenomsnittvarit9,6%underdesenastefem åren.”

Annual report 2024A · The company itself

“NIBE Group förvärvade bolaget 2017. · 38 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS > NIBE CLIMATE SOLUTIONS > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 39 ·  INNOVATIONSCENTER ÄR EN VIKTIG DEL I UTVECKLINGEN FRAMÅT - center med fokus på utveckling av värmepumpar och system för inomhuskomfort   Utveckling för att uppfylla klimatmålen Hållbarhetsperspektivet är viktigt i hela produktlivscykeln. Den proaktiva marknadsanpassade produktutvecklingen har ett antal målkriterier.Våraprodukterskavararesurseffektivaisåvälproduktionsomdriftochdärmedbidratillminskadklimatpåverkan.Även omviredansedanlängeblandannatanvänderdetnaturligaköldmedietR290 med ett GWP-värdepåendast3 i ett flertalavvåra värmepumpar,medfördetavEUinfördaF-gasdirektivetettfortsatt intensivtarbetemedattställaomhelaproduktsortimentettilldetta miljövänliga köldmedium där alltid höga kravpå energieffektivitet ochkvalitetstårifokus.”

Annual report 2024A · The company itself

“Energikostnadene består av fyringsolje, kull og elektrisitet, og utgjør om lag 35 prosent av samlede kontante driftskostnader.”

Annual report 2024A · The company itself

“The availability of forest resources is threatened by overexploitation, deforestation, climate change, biodiversity loss, erosion, and fluctuating wood prices.”

Annual report 2024A · The company itself

“Norske Skog’s energy intensive manufacturing processes in all mills require substantial energy sources.”

Annual report 2024A · The company itself

“Pollution of air from boilers Impact, negative x x x x All Norske Skog mills emit various pollutants, including volatile organic compounds (VOCs), sulphur dioxide (SO2), nitrogen oxides (NOx), and particulate matter (PM), during operations linked to production of heat with company owned boilers.”

Annual report 2024A · The company itself

“Our largest operating expenditures are for payroll and related (including our contract with a third party who provides certain crew services), fuel, airfare, food and beverage, advertising and marketing and travel advisor services.”

Annual report 2025A · The company itself

“Compliance with such laws and regulations has resulted in increased costs to our Company and is expected to entail significant expenses for a combination of: ship modifications, purchases of emissions allowances, alternative fuels and higher-cost compliant newbuilds.”

Annual report 2025A · The company itself

“NRG's costs, results of operations, financial condition and cash flows could be adversely impacted by disruption of its fuel supplies. NRG relies on natural gas, coal and oil to fuel a majority of its power generation facilities.”

Annual report 2025A · The company itself

“Volatile global and local commodity pricing strongly affects the Company’s results of operations. The Company’s financial results correlate closely to the prices it obtains for its products, particularly oil and, to a lesser extent, NGL and natural gas.”

Annual report 2025A · The company itself

“With the completion of the OxyChem Transaction, the Company’s business is more exposed to fluctuations in the markets for oil, NGL and natural gas.”

Annual report 2025A · The company itself

“Oil and gas reservoirs are characterized by declining production rates. Unless the Company conducts successful exploration or development activities, acquires properties containing proved reserves, or both, proved reserves will generally decline and negatively impact the Company’s revenue.”

Annual report 2025A · The company itself

“The Company’s production from CO2 EOR operations may decline if it is unable to obtain sufficient amounts of CO2. CO2 EOR operations are critical to the Company’s long-term strategy.”

Annual report 2025A · The company itself

“Marketing performance is affected primarily by commodity price changes and margins in oil and gas transportation and storage programs. The marketing business results can experience significant volatility depending on commodity prices and the Midland-to-Gulf-Coast oil spreads and Waha-to-Gulf-Coast gas spreads.”

Annual report 2025A · The company itself

“Prices for oil, NGL and natural gas fluctuate widely. Historically, the markets for oil, NGL and natural gas and refined products have been volatile and may continue to be volatile in the future.”

Annual report 2025A · The company itself

“CAPITAL INVESTMENT In 2025, the Company invested $5.6 billion in high-return oil and gas assets to generate long-term free cash flow throughout the commodity cycle.”

Annual report 2025A · The company itself

“The Company ranks among the largest oil and gas producers in the U.S., holding leading positions in the Permian and DJ Basins as well as offshore Gulf of America, and is the largest independent oil producer in Oman.”

Annual report 2025A · The company itself

“STRATEGY The Company is focused on delivering a unique shareholder value proposition with its portfolio of oil and gas and midstream and marketing assets, as well as its ongoing development of carbon management and storage solutions and GHG emissions reduction efforts.”

Annual report 2025A · The company itself

“BUSINESS REVIEW MARKETING The marketing group markets substantially all of the Company’s oil, NGL and natural gas production and optimizes its transportation and storage capacity.”

Annual report 2025A · The company itself

“COMPETITION The Company produces oil, NGL and natural gas in both domestic and international markets, competing with public, private, and state-owned producers. Market conditions significantly influence hydrocarbon pricing and demand.”

Annual report 2025A · The company itself

“Risk review Operational and industrial risk factors The Group provides services primarily for the oil and gas industry, which historically has been cyclical in its nature. The focus on alternative energy sources and the transition to greener energy is expected to impact the energy market in the coming decades.”

Annual report 2024A · The company itself

“The energy transition is key to the future of all, but there is a gap between the supply of renewable energy and demand. Oil and gas is therefore expected to remain a vital part of the energy mix in the foreseeable future, with the key word being "transition".”

Annual report 2024A · The company itself

“Across all our Business Areas, we see growth potential in the decommissioning market, as infrastructure comes to the end of its operational life. More than 2,000 wells in the UK alone are likely to be permanently abandoned over the next decade and P&A represents a significant proportion of decommissioning spend.”

Annual report 2024A · The company itself

“Elisabeth Haram Executive Vice President, Well Services Operations During 2024, the Operations Business Area expanded its contract portfolio with key contract awards and strategic extensions. Notably, we secured a new drilling services contract for the Grane and Visund platforms with Equinor Energy AS, while the Johan Sverdrup contract option was exercised, further strengthening our collaboration with Equinor. In addition, we were awarded a five-year contract with Repsol Norge AS for drilling services on the Yme Inspirer jack-up rig, covering drilling, completion, well intervention, maintenance, engineering, and future P&A work.”

Annual report 2024A · The company itself

“Operations Operations secured a new drilling services contract for the Grane and Visund platforms with Equinor Energy AS, while the Johan Sverdrup contract option was exercised. In addition, a five-year contract with Repsol Norge AS for drilling services on the Yme Inspirer jack-up rig was awarded. We continue to provide integrated drilling services including onshore support, production drilling and completion, well maintenance, facility maintenance planning and plugging and abandonment which is a service we see increasing demand for.”

Annual report 2024A · The company itself

“Operations The main service offering of the segment is production drilling and well completion on clients' rigs. Other types of services offered are slot recovery, plug and abandonment, work-overs and maintenance activities, as well as rig installation services. In this segment, the Group offers platform drilling services on both fixed production platforms and on floating production platforms with subsea blowout preventers (BOP), along with the management of and performance of the same services on jack-up rigs.”

Annual report 2024A · The company itself

“The Group is organised into three main Business Areas: ▪Well Services ▪Operations ▪Projects & Engineering Corporate Strategy The mission of Odfjell Technology is to safely deliver services and technology which reduce time, costs, and carbon emissions.”

Annual report 2024A · The company itself

“Commodity prices are subject to significant volatility. Drilling and production activity levels may vary across our geographic areas; however, a prolonged period of low commodity prices may reduce drilling and production activities across all areas.”

Annual report 2025A · The company itself

“Table of Contents The volatility of natural gas, NGL, Refined Products and crude oil prices could adversely affect our earnings and cash flows. Lower commodity prices could reduce crude oil, natural gas and NGL production, which could decrease the demand for our services.”

Annual report 2025A · The company itself

“Reduced volatility in energy prices or new government regulations could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas, which could adversely affect our business. The demand for our storage services has resulted in part from customers’ desire to have the ability to take advantage of profit opportunities created by the volatility in prices of Refined Products, crude oil and natural gas. Periods of prolonged stability or declines in these commodity prices could reduce demand for our storage services.”

Annual report 2025A · The company itself

“Continued development of supply sources outside of our operating regions could impact demand for our services. Production areas outside of our operating regions may compete with natural gas, NGL, Refined Products and crude oil supply originating in production areas connected to our systems, which may cause products in supply areas connected to our systems to be diverted to markets other than our traditional market areas and may affect capacity utilization adversely on our pipeline systems and our ability to renew or replace existing contracts.”

Annual report 2025A · The company itself

“We do not hedge fully against commodity price risk or interest rate risk, including commodity price changes, seasonal price differentials, product price differentials or location price differentials. This could result in decreased revenues, increased costs and lower margins, adversely affecting our results of operations.”

Annual report 2025A · The company itself

“Certain of our businesses are exposed to market risk and the impact of market fluctuations in natural gas, NGL, Refined Products and crude oil prices. Market risk refers to the risk of loss of future cash flows and earnings arising from adverse changes in commodity prices. Our primary commodity price exposures arise from: •the value of the commodities sold under fee with POP contracts of which we retain a portion of the sales proceeds; •product price differentials; •location price differentials; •seasonal price differentials; •the price risk related to electricity costs to operate our facilities; and •the fuel costs and the value of the retained fuel in-kind in our natural gas pipelines and storage operations.”

Annual report 2025A · The company itself

“Table of Contents We face competition for supply and, as a result, we may have significant levels of excess capacity on our pipeline, processing, fractionation, terminal and storage assets. Our pipeline, processing, fractionation, terminal and storage assets compete with other similar assets for natural gas, NGLs, Refined Products and crude oil supply delivered to the markets we serve.”

Annual report 2025A · The company itself

“We depend on producers, gathering systems, refineries and pipelines owned and operated by others to supply our assets, and any closures, interruptions or reduced activity levels at these facilities may adversely affect our business, results of operations, financial position and cash flows. We depend on crude oil production and on connections with gathering systems, refineries and pipelines owned and operated by third parties to supply our assets.”

Annual report 2025A · The company itself

“We cannot control or predict the amount of product that will be delivered to us by the gathering systems and pipelines that supply our assets, nor can we control or predict the output of refineries that supply our Refined Products pipelines and terminals. Changes in the quality or quantity of this crude oil production, outages at these refineries or reduced or interrupted throughput on gathering systems or pipelines due to weather-related or other natural causes, 31 Table of Contents competitive forces, testing, line repair, damage, reduced operating pressures or other causes could reduce shipments on our pipelines or result in our being unable to receive products at or deliver products from our terminals, any of which could adversely affect our business, results of operations, financial position and cash flows.”

Annual report 2025A · The company itself

“The closure of a refinery that delivers product to or receives crude oil from our pipelines could reduce the volumes we transport. Further, the closure of these or other refineries could result in our customers electing to store and distribute Refined Products and crude oil through their proprietary terminals, which could result in a reduction in demand for our storage services.”

Annual report 2025A · The company itself

“We have the ability to use various types of purchased fuels in our manufacturing operations, including natural gas, and wood waste. Fuel prices, in particular prices for oil and natural gas, have fluctuated in the past.”

Annual report 2025A · The company itself

“Revenue in 2024 increased by 25 percent year-on-year to USD 285.1 million, USD 267.9 million of which was generated from crude sales of 3.5 million barrels sold at an average realised price of USD 76.58 per barrel after customary adjustments and fees. EBITDA was up 13 percent at USD 152.2 million while profit before tax was up 2 percent at USD 78.2 million.”

Annual report 2024A · The company itself

“PANORO ENERGY 2024 ANNUAL REPORT | APRIL 2025 Page: 20 PRINCIPAL RISKS AND UNCERTAINITIES Risks relating to the oil and gas industry The Group’s results of operations, cash flow and financial condition depend significantly on the level of oil and gas prices and market expectations to these, and may be adversely affected by volatile oil and gas prices and by the general global economic and financial market situation The Group’s profitability is determined, in large part, by the difference between the income received from the oil and gas produced and the operational costs, taxation costs, as well as costs incurred in transporting and selling the oil and gas. Lower prices for oil and gas may thus reduce the amount of oil and gas that the Group is able to produce economically.”

Annual report 2024A · The company itself

“In addition, sustained periods of low commodity prices can result in upstream producers significantly curtailing their oil and gas drilling operations, which could substantially delay the production and delivery of volumes of crude oil, natural gas and NGL and negatively impact the results of our Midstream, Refining, and M&S segments.”

Annual report 2025A · The company itself

“If legislative and regulatory initiatives cause a material decrease in the drilling of new wells and related servicing activities, it may reduce crude oil, natural gas and NGL supplies, negatively affecting the volume of products available to our Midstream segment and increasing feedstock prices for our Chemicals and Refining segments, resulting in a material adverse effect on our financial position, results of operations and cash flows.”

Annual report 2025A · The company itself

“There have been efforts in recent years aimed at the investment community, including investment advisors, sovereign wealth funds, public pension funds, universities, and other groups, to promote the divestment of fossil fuel companies, as well as to pressure lenders, insurers, and other financial services companies to limit or curtail activities with fossil fuel companies. If these or similar efforts are continued, the market price of our securities, our ability to access capital markets or insure our operations, and our cost of capital may be negatively impacted.”

Annual report 2025A · The company itself

“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Financial Instrument Market Risk We and certain of our subsidiaries are exposed to market risks produced by changes in the prices of crude oil, refined petroleum products, NGL, natural gas, renewable feedstocks and renewable fuels, and electric power, as well as fluctuations in interest rates and foreign currency exchange rates.”

Annual report 2025A · The company itself

“•The level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets. •Our ability to timely obtain or maintain permits, including those necessary for capital projects. •Our ability to comply with government regulations or make capital expenditures required to maintain compliance. •Our ability to realize sustained savings and cost reductions from the company’s business transformation initiatives. •Changes to government policies relating to renewable fuels, climate change and GHG emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels. •Domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates.”

Annual report 2025A · The company itself

“Similar to other companies in the industries in which we operate, our financial results are largely affected by the relationship, or margin, between the prices at which we sell refined petroleum, petrochemical, plastics and renewable fuels products and the prices for crude oil, natural gas, NGL, renewable feedstocks and other feedstocks used in manufacturing these products.”

Annual report 2025A · The company itself

“The prices at which we buy our feedstocks are dependent on market conditions that are beyond our control, and changes in supply and demand for the feedstocks we process directly impact the results of our business. We do not produce crude oil and other feedstocks and must purchase all of the feedstocks we process.”

Annual report 2025A · The company itself

“Lower commodity prices also affect our Chemicals segment, which uses feedstocks that are derivatively produced in the processing of natural gas and refining of crude oil. Those feedstock prices can fluctuate widely for a variety of reasons, including changes in worldwide energy prices and the supply and availability of feedstocks.”

Annual report 2025A · The company itself

“These risks, which are not subject to our control, include the volatility of commodity prices and production volumes, the development of and consumer demand for alternative energy sources, and legislative and regulatory actions, as well as public opinion, regarding the impact of fossil fuels on the climate and environment.”

Annual report 2025A · The company itself

“In recent years, customers in our industries have faced heightened regulatory requirements and increased regulatory enforcement, as well as private legal challenges related to regulatory requirements, which have resulted in delays, reductions in scope and cancellations of projects, in particular larger pipeline and transmission projects.”

Annual report 2025A · The company itself

“Regulatory requirements focused on concerns about climate-change related issues, including any new or changed requirements concerning the reduction, production or consumption of fossil fuels, could negatively impact the hydrocarbon production volumes of our customers, which could in turn negatively impact demand for certain of our services.”

Annual report 2025A · The company itself

“Our Values 8 Reach Subsea | Annual Report 2024 Annual Report 2024 Contents Business Performance Sustainability Financial Statements Corporate Governance & Management Corporate Structure Our Focus Well-positioned Reach is perfectly positioned in a rapidly growing market driven by a strong oil & gas market as well as accelerating green energy transition, which will drive ocean-based activities for generations.”

Annual report 2024A · The company itself

“Reach’s gWatch technology was commercialized in 2013. It is currently used on all large gas / oil & gas / condensate fields in Norway and is rapidly reaching other parts of the world.”

Annual report 2024A · The company itself

“16 Reach Subsea | Annual Report 2024 Contents Sustainability Corporate Structure Financial Statements Corporate Governance & Management Annual Report 2024 Business Performance 2024 Market Highlights 17 Reach Subsea | Annual Report 2024 Annual Report 2024 Contents Sustainability Financial Statements Corporate Governance & Management Corporate Structure Business Performance Strong Growth and Diversification in 2024 Oil & Gas Renewable/Other Data Solutions Europe Americas Asia Oceania Expanding Revenues and Services Reach Subsea has once again increased its annual revenues, driven by a growing and diverse service portfolio across our three key segments: Subsea Services, Survey, and Monitoring.”

Annual report 2024A · The company itself

“In 2024, approximately one-third of our revenue came from projects in the Renewable/Other sector, with the remaining two-thirds from Oil & Gas-related projects.”

Annual report 2024A · The company itself

“We support industries like oil & gas, offshore wind, offshore cables, and emerging markets such as carbon storage, environmental monitoring, and subsea minerals.”

Annual report 2024A · The company itself

“Fuel prices are unpredictable and fluctuate significantly based on events beyond our control, including geopolitical developments, actions by the Organization of the Petroleum Exporting Countries and other oil and gas producers, changes in refinery operations, supply and demand for oil and gas, war, terrorism and unrest in oil-producing countries, adverse weather and regional production patterns.”

Annual report 2025A · The company itself

“Our operations also require the use of products (such as liners at our landfills) whose costs may vary with the price of petrochemicals. An increase in the price of petrochemicals could increase the cost of those products, which would increase our operating and capital costs.”

Annual report 2025A · The company itself

“Environmental solutions volume is generated by the daily operations of industrial, petrochemical and refining facilities and oil and natural gas exploration and production sites, including maintenance, plant turnarounds and capital projects. Volume also is generated by private and government funded projects including site remediation, redevelopment or emergency spill response.”

Annual report 2025A · The company itself

“En stor andel av energirelatert industri i regionen har medført høyere aktivitet enn i resten av landet.”

Annual report 2024A · The company itself

“Oljeprisen har vært stabil gjennom 2024 til tross for internasjonal uro og er ved utgangen av året på USD 75, ned fra USD 77 ved starten av året.”

Annual report 2024A · The company itself

“For økonomien i Rogaland er energipriser og investeringer knyttet til olje, gass og elektrisitet en viktig økonomisk faktor. Satsinger innen energioptimalisering sammen med oljeskattepakken gyldig ut 2025 medfører et høyere aktivitetsnivå enn normalt for mange bedrifter tilknyttet olje- og gassnæringen.”

Annual report 2024A · The company itself

“Bygg og anlegg er den næringen som melder om størst utfordringer, mens energirelatert industri melder om gode markedsutsikter.”

Annual report 2024A · The company itself

“Selv om banken ikke har oljerelaterte engasjementer, påvirkes næringslivet positivt av oljesektoraktiviteten, noe som også gagner bankens kunder. Dette har en positiv effekt på leverandørindustrien og andre bransjer.”

Annual report 2024A · The company itself

“Siden banken har lite direkte eksponering mot olje- og gassindustrien, regnes næringseiendom, bygg og anlegg, samt landbruk som sektorer med høyest klimarisiko i bankens portefølje.”

Annual report 2024A · The company itself

“Banken har liten direkte eksponering mot detaljhandel, reiseliv og olje relatert virksomhet.”

Annual report 2024A · The company itself

“Business and Operational Risks Demand for our products and services is substantially dependent on the levels of expenditures by our customers, which can change based on many factors, including fluctuations in oil and gas prices. Oil and gas industry downturns have resulted in reduced demand for oilfield products and services and lower expenditures by our customers, which has in the past had, and may in the future have, a material adverse effect on our financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Demand for our products and services depends substantially on expenditures by our customers for the exploration, development and production of oil and gas reserves. These expenditures are generally dependent on our customers’ views of future demand for oil and gas and future oil and gas prices, as well as our customers’ ability to access capital.”

Annual report 2025A · The company itself

“In addition, the transition of the global energy sector from a primarily fossil fuel-based system to a diverse system which includes renewable energy sources could affect our customers’ levels of expenditures.”

Annual report 2025A · The company itself

“Actual and anticipated declines in oil and gas prices have in the past resulted in, and may in the future result in, lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment of, or nonpayment of, amounts that are owed to us.”

Annual report 2025A · The company itself

“The oil and gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our products and services and downward pressure on the prices that we are able to charge. Sustained market uncertainty can also result in lower demand and pricing for our products and services.”

Annual report 2025A · The company itself

“Actions to address these concerns or negative perceptions of our industry or fossil fuel products and their relationship to the environment have led to initiatives to conserve energy and promote the use of alternative energy sources, which may reduce the demand for and production of oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services.”

Annual report 2025A · The company itself

“As economics remain challenged, production and recovery activity is becoming a strategic priority for our customers to unlock incremental barrels at the lowest cost. This is translating into higher demand particularly for intervention services, artificial lift, production chemicals and SLB OneSubsea.”

Annual report 2025A · The company itself

“Corporate Strategy With a balanced energy transition in mind, our strategy is focused on three engines of growth: Core, Digital, and New Horizons of Growth. Core Consisting of our Reservoir Performance, WeIl Construction and Production Systems Divisions, Core remains SLB’s largest engine of growth. Building on decades of technological advancement, we will continue innovating new products, services and technologies that make the exploration, drilling, production and recovery of oil and gas assets more cost effective and efficient, with lower carbon emissions.”

Annual report 2025A · The company itself

“Reservoir Performance – Consists of reservoir-centric technologies and services that are critical to optimizing reservoir productivity and performance. Reservoir Performance develops and deploys innovative technologies and services to evaluate, intervene, and stimulate reservoirs providing customers with greater insights into their assets and maximizing their return on investment.”

Annual report 2025A · The company itself

“Well Construction – Combines the full portfolio of products and services to optimize well placement and performance, maximize drilling efficiency, and improve wellbore assurance. Well Construction provides operators and drilling rig manufacturers with services and products related to the design and construction of a well.”

Annual report 2025A · The company itself

“The primary offerings comprising this Division are: • Subsea Production Systems: Through its SLB OneSubsea™ joint venture, offers integrated solutions, products, systems, and services for the subsea market, including wellheads, subsea trees, manifolds, flowline connectors, control systems to maximize reservoir recovery and extending field life.”

Annual report 2025A · The company itself

“Surface Production Systems: Designs and manufactures a portfolio of wellhead systems, valves, chokes, actuators, surface trees, and provides fracturing and flowback services. • Process Technologies and Solutions: Delivers processing modules covering oil and gas and treatment packages for produced water and seawater. Also provides fit-for-purpose integrated production facilities that accelerate first production, as well as a broad portfolio of emissions management solutions. • Production Chemical Technologies: Supplies chemistry technologies and solutions that optimize production and processing, support asset integrity, and extend asset life.”

Annual report 2025A · The company itself

“Combines SLB’s services and products with drilling rig management and specialized engineering and project management expertise, to provide a complete solution from well construction to production improvement. As of December 31, 2025, SLB’s Asset Performance Solutions portfolio primarily consisted of three field production projects in Ecuador. • Data Center Solutions: Designs and manufactures critical infrastructure components — such as modular data center enclosures, cooling systems, and other hardware — for hyperscalers and enterprises.”

Annual report 2025A · The company itself

“ChampionX Transaction During 2025, SLB acquired ChampionX Corporation ("ChampionX") in an all-stock transaction. ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. The acquisition strengthens SLB's leadership in the production and recovery space.”

Annual report 2025A · The company itself

“Customers SLB’s primary customers are national oil companies, large integrated oil companies, and independent operators.”

Annual report 2025A · The company itself

“In general, depressed natural gas and LNG prices in the markets intended to be served by any of our projects, including as a result of global oil prices and their associated current and forward projections or other factors, could reduce the pricing and cost advantages of exporting natural gas and LNG produced in North America, which could lead to decreased demand from our projects.”

Annual report 2025A · The company itself

“Portions of our business involve the sale of paint, coatings and related products to segments of the economy that are cyclical in nature, particularly segments relating to construction, housing, manufacturing and oil production, refining, storage and transportation. Our sales to these segments are affected by the levels of discretionary consumer and business spending in these segments.”

Annual report 2025A · The company itself

“Raw materials may vary considerably by the specific paint or coating being manufactured but can generally be divided into the following categories: resins and latex, pigments, additives, solvents and metal or plastic containers. A significant portion of these raw materials are derived from various upstream petrochemical and related commodity feedstocks, notably propylene.”

Annual report 2025A · The company itself

“We purchase raw materials (including petrochemical-derived resins, latex and solvents, titanium dioxide and various additives) and energy for use in the manufacturing, distribution and sale of our products.”

Annual report 2025A · The company itself

“Table of Contents Performance Coatings Group The Performance Coatings Group develops and sells industrial coatings for wood finishing and general industrial (metal and plastic) applications, automotive refinish, protective and marine coatings, coil coatings, packaging coatings and performance-based resins and colorants worldwide.”

Annual report 2025A · The company itself

“Mer än 95 % av de tunga fordon som såldes i Europa och USA under 2024 var beroende av dieselmotorer; mindre än 1 % var elektriska. CGI förbättrar prestanda och bränsleeffektivitet i motorer som drivs med diesel, biobränsle, naturgas, förnybar diesel och vätgas.”

Annual report 2024A · The company itself

“För transportbehov med tunga fordon över längre avstånd, vilket utgör den största tillväxtmöjligheten för CGI, har dieselmotorn en marknadsandel på över 95 % och förväntas förbli den dominerande drivlineteknologin långt efter 2035, vilket ger långsiktiga marknadsmöjligheter.”

Annual report 2024A · The company itself

“The success can be attributed to an increasing demand for the Group’s innovative and sustainable waste treatment technologies, as clients are looking for solutions to reduce their carbon emissions.”

Annual report 2024A · The company itself

“The cost of fuel can be extremely volatile and unpredictable and is subject to many external factors and market expectations that are beyond the Company’s control. For example, fuel prices can be impacted by geopolitical, environmental (including those related to climate change), and economic factors, such as (i) dependency on foreign imports of crude oil and potential or actual hostilities or other conflicts in oil producing areas or along global trade routes; (ii) limitations and/or disruptions in domestic refining or pipeline operations or capacity due to weather, natural disasters, or other factors; (iii) worldwide demand for fuel, particularly in developing countries, which can result in inflated energy prices; (iv) changes in U.S. governmental policies on fuel production, transportation, taxes, and marketing; (v) imposition of economic sanctions on oil-producing countries or specific industry participants; and (vi) changes in currency exchange rates.”

Annual report 2025A · The company itself

“Stigende olie- eller energipriser samt forstyrrelser af forsyningssikkerheden kan påvirke hele værdikæden.”

Annual report 2025A · The company itself

“Vi bruger mange forskellige typer råmaterialer ... Råvarerne kommer i form af plastgranulat, pulver, plader og resiner.”

Annual report 2025B · From the report

“Bunker fuel constitutes one of the major operating costs of the tanker fleet and price changes can have a material impact on SNL’s results. Although efforts are made to reduce the impact of price changes by passing bunker fuel costs through to customers or through the Company’s bunker hedging programme, a significant portion is incurred solely by the Company.”

Annual report 2024A · The company itself

“The vast majority of COA now include adapted bunker surcharge clauses to cover the higher fuel prices.”

Annual report 2024A · The company itself

“SNL’s policy is to hedge a minimum of 50% of expected bunker purchases within the next 12 months, through either bunker surcharge clauses included in COA or through financial instruments.”

Annual report 2024A · The company itself

“Activity in the shale resource plays underlying our gathering assets is driven by the economics of oil, NGL, gas and condensate production from the particular reservoirs in each play impacting the volumes of natural gas and crude oil available to us for gathering, processing and/or purchase and sale on our systems. Producers continue to focus drilling activity on their most attractive acreage, especially in the Permian Basin where we have a large, well-positioned and interconnected footprint, benefiting from rig activity in and around our systems.”

Annual report 2025A · The company itself

“These risks include the adverse impact of changes in natural gas, NGL and condensate/crude oil prices, the supply of, or demand for, these commodities, and our inability to access sufficient additional supplies to replace natural declines in production.”

Annual report 2025A · The company itself

“Summary Risk Factors Risks Related to our Results of Operations • Our cash flow is affected by supply and demand for natural gas, NGL products and crude oil and by natural gas, NGL, crude oil and condensate prices, and decreases in commodity prices and/or activity levels could adversely affect our results of operations and financial condition. • A reduction in demand for NGL products by the petrochemical, refinery or other industries or by the fuel or export markets, or a significant increase in NGL product supply relative to this demand, could materially adversely affect our business, results of operations and financial condition.”

Annual report 2025A · The company itself

“The natural decline in production in our operating regions and in other regions from which we source NGL supplies means our long-term success depends on our ability to obtain new sources of supplies of natural gas, NGLs and crude oil, which depends on certain factors beyond our control.”

Annual report 2025A · The company itself

“The prices of natural gas, NGLs and crude oil have been historically volatile, and we expect this volatility to continue which impacts production activity levels.”

Annual report 2025A · The company itself

“To maintain or increase throughput levels on our gathering systems and the utilization rate at our processing plants and our treating and fractionation facilities, we must continually obtain new natural gas, NGL and crude oil supplies. A material decrease in natural gas or crude oil production from producing areas on which we rely, as a result of depressed commodity prices or otherwise, could result in a decline in the volume of natural gas or crude oil that we gather and process, NGLs that we transport or NGL products delivered to our fractionation facilities.”

Annual report 2025A · The company itself

“Fluctuations in energy prices can greatly affect production rates and investments by third parties in the development of new oil and natural gas reserves.”

Annual report 2025A · The company itself

“In response to depressed commodity prices, operators may engage in curtailment or shut-ins or substantially reduce their estimated capital expenditures, rig count and completion crews.”

Annual report 2025A · The company itself

“Many of our customers may experience financial problems that could have a significant effect on their creditworthiness, especially in a depressed commodity price environment. A decline in natural gas, NGL and crude oil prices may adversely affect the business, financial condition, results of operations, creditworthiness, cash flows and prospects of some of our customers.”

Annual report 2025A · The company itself

“Global oil and natural gas commodity prices, particularly crude oil, remain volatile. Decreases in commodity prices have previously had, and could continue to have, a negative impact on the demand for our services and our market capitalization.”

Annual report 2025A · The company itself

“Quantitative and Qualitative Disclosures About Market Risk Our principal market risks are our exposure to changes in commodity prices, particularly to the prices of natural gas, NGLs and crude oil, changes in interest rates, as well as nonperformance by our risk management counterparties and customers.”

Annual report 2025A · The company itself

“Commodity Price Risk A portion of our revenues are derived from percent-of-proceeds contracts under which we receive a portion of the proceeds from the sale of commodities as payment for services. The prices of natural gas, NGLs and crude oil are subject to fluctuations in response to changes in supply, demand, market uncertainty and a variety of additional factors beyond our control.”

Annual report 2025A · The company itself

“If we fail to balance our purchases and sales of the commodities we handle, our exposure to commodity price risk will increase. We may not be successful in balancing our purchases and sales of the commodities we handle. In addition, a producer could fail to deliver promised volumes to us or deliver in excess of contracted volumes, or a purchaser could purchase less than contracted volumes.”

Annual report 2025A · The company itself

“We continually seek new supplies of natural gas and crude oil, both to offset the natural decline in production from connected wells and to increase throughput volumes. We obtain additional natural gas and crude oil supply in our operating areas by contracting for production from new wells or by capturing existing production currently gathered by others.”

Annual report 2025A · The company itself

“The primary purpose of our commodity risk management activities is to hedge some of the exposure to commodity price risk and reduce fluctuations in our operating cash flow due to fluctuations in commodity prices. In an effort to reduce the variability of our cash flows, as of December 31, 2025, we have hedged the commodity price associated with a portion of our expected (i) natural gas, NGL, and condensate equity volumes in our Gathering and Processing operations that result from our percent-of-proceeds processing arrangements, (ii) future commodity purchases and sales in our Logistics and Transportation segment and (iii) natural gas transportation basis risk in our Logistics and Transportation segment.”

Annual report 2025A · The company itself

“We sell products to customers directly engaged in oil and gas exploration and production. Changes to regulations, social practices and preferences, energy generation and transportation technologies that may occur or be implemented to mitigate climate change could result in reduced demand for hydrocarbon products, which could result in a reduction in sales to these customers.”

Annual report 2025A · The company itself

“We generate revenue from companies in the oil and gas industry, especially the offshore oil and gas industry, a historically cyclical industry with levels of activity that are significantly affected by the levels and volatility of oil and gas prices, which has in the past impacted and can impact in the future our financial results. Teledyne manufactures seismic energy sources, interconnects and data acquisition products that are used in offshore energy exploration. The oil and gas industry has historically been cyclical and characterized by significant changes in the levels of exploration and development activities.”

Annual report 2025A · The company itself

“Rather, our oil and gas revenue is derived from our oil and gas royalty interests. Thus, in addition to being subject to fluctuations in response to the market prices for oil and gas, our oil and gas royalties are also subject to decisions made by the owners and operators of the oil and gas wells to which our royalty interests relate as to investments in and production from those wells.”

Annual report 2025A · The company itself

“Table of Contents There are a number of oil and gas wells in which we have royalty interests that have been permitted but are still awaiting drilling and completion activity. In addition, we have also identified oil and gas wells in which we have a royalty interest that have been drilled but are not yet completed (“DUC”). These permitted and DUC wells represent potential near-term candidates for further development by operators towards ultimately being placed into production. As of December 31, 2025, our royalty acreage had an estimated 5.6 net well permits, 9.8 net DUC wells, and 4.0 net completed but not producing wells (“CUPs”), totaling 19.5 net wells.”

Annual report 2025A · The company itself

“Risks Related to Our Business Our oil and gas royalties are dependent upon the market prices of oil and gas which fluctuate. The oil and gas royalties that we receive are dependent upon the market prices for oil and gas, and decreases in such prices for oil and gas negatively impact the revenue realized on our oil and gas royalties.”

Annual report 2025A · The company itself

“Reductions in market prices for oil and gas could also lead to decreased exploration and development activity by the operators of the properties on which we own oil and gas royalty interests, which could reduce our revenue potential with respect to such interests.”

Annual report 2025A · The company itself

“Demand for TPWR’s products and services is substantially dependent on demand and expenditures by our customers for the exploration, development and production of oil and gas reserves. These expenditures are generally dependent on our customers’ overall financial position, capital allocation priorities, and views of future oil and gas prices. Declines, as well as anticipated declines, in oil and gas prices have in the past resulted, and may in the future result, in lower capital expenditures, project modifications, delays or cancellations, general business disruptions, and delays in payment, or nonpayment, of amounts that are owed to us, which could in the future, adversely affect our earnings, cash flow and financial condition.”

Annual report 2025A · The company itself

“Negative public opinion or adverse perceptions of Transmissive’s operations or reputation could materially affect our business, results of operations, or prospects over time. Negative sentiment may arise from unfavorable portrayals of produced water, water treatment operations or discharge locations by the media, special interest groups, political leaders, stakeholders, or other parties, including organized opposition to specific projects or the energy industry in general. Potential impacts of such sentiment include operational delays or interruptions, legal or regulatory challenges, blockades, increased regulatory oversight, reduced public or governmental support, and the delay, challenge, or revocation of regulatory approvals, permits, or licenses, each of which may increase costs or cause cost overruns.”

Annual report 2025A · The company itself

“Table of Contents The oil and gas royalties which we receive are dependent upon the market prices for oil and gas, and locational and contractual price differences. The market prices for oil and gas are subject to national and international economic and political conditions and subject to significant price fluctuations.”

Annual report 2025A · The company itself

“Strategic Objectives 25% These objectives were established based on key strategic priorities to ensure long-term success, such as safety and environmental performance, increasing use of TPL’s land, SLEM, and water services, leveraging TPL’s land to explore other non-oil and gas revenue streams, increased operational enhancements through integrated technology solutions, and generating an appropriate return on new capital spend.”

Annual report 2025A · The company itself

“Capital Returns: For minerals/royalties, achieve 12% pre-tax cash flow yield for acquired minerals and royalties portfolio; For surface and water assets, achieve 8% ROIC for acquisitions closed since 2023. Royalties/minerals portfolio generated 16% pre-tax cash flow yield for 2025.”

Annual report 2025A · The company itself

“Our surface and royalty ownership provide revenue opportunities throughout the oil and gas development value chain. While we are not an oil and gas producer, we benefit from various revenue sources throughout the life cycle of a well.”

Annual report 2025A · The company itself

“During the production phase, we receive revenue from our oil and gas royalty interests and revenue related to saltwater disposal on our land.”

Annual report 2025A · The company itself

“Additionally, as a result of an acquisition in 2024, we receive commercial revenue related to land leased to a third party that operates a nonhazardous oilfield solids waste disposal site.”

Annual report 2025A · The company itself

“The revenue streams of this segment consist primarily of royalties from oil and gas, revenues from easements, commercial leases and renewables, and land and material sales.”

Annual report 2025A · The company itself

“Water Sales Water sales revenue encompasses the sale and delivery of sourced, produced and treated water to operators and other customers, royalties received related to areas of mutual interest (“AMI”), and royalties received pursuant to legacy agreements with operators.”

Annual report 2025A · The company itself

“Produced Water Royalties Produced water royalties represent revenue from the transfer and disposal of saltwater from producing oil and gas wells on our land. Revenue is recognized when the water is transported across or injected into our land.”

Annual report 2025A · The company itself

“Easements and Other Surface-Related Income Easement contracts represent contracts which permit companies to install pipelines, electric lines and other equipment on land owned by TPL. When TPL receives a signed contract and payment, we make available the respective parcel of land to the grantee.”

Annual report 2025A · The company itself

“The revenue streams of this segment principally consist of revenue from sales of sourced and treated water as well as revenue from produced water royalties. Energy businesses use water for their oil and gas projects, including new drilling and completion operations, while service businesses (i.e., water management service companies) operate water facilities to sell water to, and dispose of produced water of, energy businesses.”

Annual report 2025A · The company itself

“Table of Contents Major Customers The chart below depicts our total revenues and revenues from customers representing 10% or more of our 2025 consolidated revenues: While approximately 40% of our 2025 revenue was derived from only three customers, each of these customers are investment-grade rated and are among the largest companies in the world based on market capitalization. We believe each of them is a strong and reliable operator. Given their major presence in the Permian Basin and our significant surface lands in the same area, the high concentration of business with these three customers is expected. Further, the choice of with whom we do business largely depends on location of mineral royalties and surface rights on or near our assets and consists of a limited universe of oil and gas companies that operate in the Permian Basin.”

Annual report 2025A · The company itself

“With approximately 30 percent of our revenues linked to production activities we have improved our resilience. However, exploration remains important for our business and mid- to longer term we expect increased investments in exploration to replace existing reserves and meet future energy demand.”

Annual report 2024A · The company itself

“License rounds serve as important sales triggers for our multi-client library and guide long-term investment decisions for new 2D and 3D data. The geographical diversity and unique positioning of our global multi-client library enables us to benefit from license rounds around the world.”

Annual report 2024A · The company itself

“The OBN market showed robust performance in 2024, with a significant increase in activity and utilization in the second half of the year. Streamer contract activity remained at a flat level compared to the average in 2023.”

Annual report 2024A · The company itself

“2828 Board of DirectorsBoard of Directors Board of Directors | Board of Directors’ reportBoard of Directors | Board of Directors’ report Risk management and internal control TGS’ activities are heavily dependent on the capital spending budgets of E&P companies in the oil and gas industry. These budgets are, in turn, largely a function of actual and/or expected shifts in oil and gas prices. Consequently, TGS’ activities, opportunities and profitability are linked to the fluctuations in these prices.”

Annual report 2024A · The company itself

“As global economic growth continues, energy demand is projected to rise in the coming decades. However, the adoption of alternative energy sources is not progressing quickly enough to achieve ambitious transition goals. As a result, oil and gas will remain a significant component of the global energy mix for the foreseeable future.”

Annual report 2024A · The company itself

“The swift decline of existing oil and gas reserves, coupled with challenges such as high costs, significant environmental concerns, and political and regulatory risks tied to undeveloped reserves in many regions, highlights the ongoing need for exploration efforts in both established and emerging basins. High-quality subsurface data is crucial for enhanced production from existing fields and for carrying out successful exploration campaigns in both mature and unexplored regions.”

Annual report 2024A · The company itself

“We initiate, acquire, process, market and sell energy data to multiple customers on a non-exclusive basis (multiclient). We either own or have exclusive licensing rights to the data and sell these to customers under license agreements.”

Annual report 2024A · The company itself

“We are a leading integrated energy data and services provider, offering advanced technology and solutions across the energy value chain. With a global, diverse data library and acquisition capabilities, TGS empowers clients to make informed decisions, supporting energy exploration and production worldwide.”

Annual report 2024A · The company itself

“TGS’ business is organized in the following segments: • Contract: Acquires proprietary OBN and towed streamer data for clients with leading edge acquisition technologies and stateof-the-art equipment. • Multi-client: Initiates, acquires, markets and sells energy data to multiple customers on a non-exclusive basis (multi-client).”

Annual report 2024A · The company itself

“Nearly all of TGS’ OBN activities and around 40 percent of its streamer acquisition contracts are focused on enhancing existing oil and gas production (4D) or facilitating potential tiebacks from nearby fields.”

Annual report 2024A · The company itself

“Our business activities are organized in the following segments: Imaging Contract Through our Contract business segment, we acquire and deliver proprietary seismic data to energy companies for their exclusive ownership and use. We meet the customers’ requirements for efficient acquisition and cost-effective delivery of high-quality energy data, while maintaining safe and environmentally sound operations.”

Annual report 2024A · The company itself

“TGS MultiBeam and SeaSeep TGS 2D Cubed TGS MC2D The world’s largest Global Data Library Our primary business provides energy data and intelligence to companies and investors across energy markets.”

Annual report 2024A · The company itself

“TGS ASA and its subsidiaries (“TGS” or the “Group”) provide advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions.”

Annual report 2024A · The company itself

“The Company generally sources fuel at prevailing market prices, which have historically fluctuated substantially in short periods of time and continue to be volatile due to a multitude of unpredictable factors beyond the Company's control, including changes in global crude oil prices, closely related diesel prices, regional balances between aircraft fuel supply and demand, natural disasters, weather events, regional fuel inventory levels and availability and cost of oil refining and transportation infrastructure. Prices of aircraft fuel are also impacted by indirect factors, such as geopolitical events, economic growth indicators, strength of the U.S. dollar, fiscal/monetary policies, sanctions and tariffs that impede the global flow of oil and refined products, fuel tax policies, changes in regulations, environmental concerns and degree of financial investments in energy markets.”

Annual report 2025A · The company itself

“Fuel and energy costs have a significant impact on our operations. We require significant quantities of fuel for our aircraft and delivery vehicles and are exposed to the risks associated with variations in the market price for petroleum products, including gasoline, diesel and jet fuel.”

Annual report 2025A · The company itself

“Fuel Fuel expense decreased $50 million mainly attributable to lower prices for jet fuel, diesel and gasoline, partially offset by the impact of increases in flight activity.”

Annual report 2025A · The company itself

“Market prices and the manner in which we purchase fuel influence our costs. The majority of our fuel purchases utilize index-based pricing formulas plus or minus a fixed locational/supplier differential. While many of the indices are correlated, each index may respond differently to changes in underlying prices, which in turn can drive variability in our costs.”

Annual report 2025A · The company itself

“Trends in oil and natural gas prices have in the past adversely affected, and could again in the future adversely affect, the level of exploration, development and production activity of certain of our customers and the demand for our services and products. Demand for our services and products is sensitive to the level of exploration, development and production activity of, and the corresponding capital spending by, oil and natural gas companies, including national oil companies, regional exploration and production providers, and related service providers.”

Annual report 2025A · The company itself

“The level of exploration, development and production activity is directly affected by trends in oil and natural gas prices, which historically have been volatile and are likely to continue to be volatile. Prices for oil and natural gas are subject to potentially large fluctuations in response to relatively minor changes in the supply of and demand for oil and natural gas, market uncertainty, and a variety of other economic factors that are beyond our control.”

Annual report 2025A · The company itself

“Inköpspriset på försäljningsvaror och bunker påverkas av övriga valutor, företrädesvis den amerikanska dollarn. Fluktuationerna i bunkerpriserna har en direkt inverkan på koncernens resultat.”

Annual report 2024A · The company itself

“För att något motverka risken för höjda bunkerpriser har koncernen per 31 december 2024 ingått fastprisavtal avseende delar av MDO förbrukningen för första kvartalet 2025. förmåga att generera positivt kassaflöde och resultat från sin verksamhet, vilket delvis beror på faktorer som är utom bolagets kontroll.”

Annual report 2024A · The company itself

“Failure to deliver on decarbonization transition plan Wallenius Wilhelmsen has a net-zero 2040 objective. There are several uncertainties related to achieving this objective. These, include selection of technology, customers’ willingness to pay in an economic downturn, too slow transition, external events (f.ex. Baltimore) that affect the transition plan, insufficient supply of new fuels and dropin fuels..”

Annual report 2024A · The company itself

“Increased net fuel costs (fuel surcharges less fuel expenses) contributed to dampen the improved profitability from increased rates.”

Annual report 2024A · The company itself

“Fuel expenses increased USD 31 million on significant increase in biofuel purchases and consumption.”

Annual report 2024A · The company itself

“Commodity Price Risk Many of our proprietary products are made from synthetic elastomers, which are derived from the petroleum refining process. We purchase the majority of our elastomers via long-term supply contracts, some of which contain clauses that provide for surcharges related to fluctuations in crude oil prices.”

Annual report 2025A · The company itself

“Vad gäller insatsvaror är metall en dominerande råvara tillsammans med plast, ofta framställd av oljebaserade produkter. Råvarupriserna är beroende av världsmarknads priser och valutautveckling men också av produktionskapacitet.”

Annual report 2024A · The company itself

“The Company depends on various components, compounds, raw materials, and energy (including oil and natural gas and their derivatives) supplied by others for the manufacturing of its products.”

Annual report 2025A · The company itself

“• Purpose-driven people and our culture Our talented, diverse team of 100,000+ employees across more than 165 nationalities. • Our brand For over a century, we have built partnerships with cus tomers, enabling them to prosper by facilitating global trade. • Natural resources Our business relies on natural resources such as steel for our assets and fossil fuels and biomass for conventional and e- and bio-methanol fuels. • Stakeholder relationships and partnerships We rely on constructive relationships with customers, suppliers, employees and authorities as well as other key stakeholders. • Assets and end-to-end delivery network Our assets, supplier relationships and logistics expertise ensure resilient supply chains. • Financial capital We have a strong balance sheet and are committed to remaining investment grade-rated.”

Annual report 2025A · The company itself

“Alex Harrison Group MD Energy Services a Word from the Director “ABL Energy Services saw growth in instructions in all service areas in 2024, with a noticeable rise in marine assurance and risk, as well as our consultancy and engineering services for dynamic positioning (DP) and critical systems. Although analyst predictions suggest a flat trend in upstream spending year on year in 2025, ABL continued to win a significant share of the large project development contracts with approaching USD 20 million of marine warranty survey (MWS) projects in oil & gas in the second half of the year alone.”

Annual report 2024A · The company itself

“Offshore spending is expected to increase in Brazil, the Middle East (excluding Saudi Arabia), Sub-Saharan Africa, and parts of Asia. National Oil Companies (NOCs) continue to lead investment growth, while International Oil Companies (IOCs) are trending lower.”

Annual report 2024A · The company itself

“Ole Rygg Group Managing Director - Wells a Word from the Director “2024 saw the strategic expansion of our wells and reservoir expertise with the acquisition of Ross Offshore – now merging into AGR. This move significantly expanded our core service offering in well management, engineering and decommissioning, reservoir management, operations geology and resourcing, whilst also diversifying our portfolio with marine operations and survey management.”

Annual report 2024A · The company itself

“Though ABL Group is active in some support activities related to petroleum and natural gas extraction, we are not active in the fossil fuel (coal, oil and gas) sector; this is to say we do not derive revenues from exploration, mining, extraction, production, processing, storage, refining or distribution, including transportation, storage and trade of fossil fuels as defined in Article 2, point (62), of Regulation (EU)2018/199 of the European Parliament and the Council.”

Annual report 2024A · The company itself

“ABL Group is a leading independent global consultancy delivering energy, marine, engineering & software solutions to drive safety and THE ABL GROUP FAMILY ABL Group ASA – A global brand family combining the deepest pool of expertise across energy, marine, engineering and digital disciplines to drive safety and sustainability in energy and oceans throughout the life-cycle of a project of asset. Key Services Marine warranty survey (MWS) and Marine Assurance & Risk Energy & marine operations support Maritime services Key Services Wells & Reservoir Consulting Resource Solutions Software Marine Operations Key Services Renewables Consulting Owner's Engineering Technical Due Diligence Key Services Offshore Wind Design & Engineering Ship Design & Engineering Facilities & Subsea Engineering Marine Operations Engineering Global, independent energy, marine and engineering consultant working to de-risk and drive sustainability across projects and assets in Renewables, Maritime and Oil & Gas.”

Annual report 2024A · The company itself

“Multi-disciplinary engineering consultancy and software provider specialising in wells and reservoirs.”

Annual report 2024A · The company itself

“The Energy and Marine Consultants – offering expert energy and marine consultancy services at construction and operational phases of an oil & gas project. Specialising in rigs, marine assurance and risk, marine warranty survey and asset integrity management.”

Annual report 2024A · The company itself

“The multi-disciplined engineering consultancy, skills resourcing, software and survey provider, specialising in wells, reservoirs and marine operations.”

Annual report 2024A · The company itself

“The design and engineering consultants providing specialist solutions and services for facilities and subsea infrastructure, as well as marine operations engineering.”

Annual report 2024A · The company itself

“The Group is the market leader in marine warranty survey (MWS) on offshore T&I operations for upstream infrastructure, with a long track-record in providing technical support to some of the world’s most high-profile and complex production platforms and floating infrastructures.”

Annual report 2024A · The company itself

“Via our engineering consultancy and design house, Longitude, the Group has extensive experience in both design and conversion engineering of FPSOs and other floating structures, and marine operations engineering relating to floating structures. ABL’s track record in floating structures also extends beyond T&I into asset integrity management and OPEX-services.”

Annual report 2024A · The company itself

“Midstream ABL Group’s oil & gas specialists have been at the forefront of offshore midstream development for over 20 years. Our teams of marine and engineering consultants include specialists in subsea pipeline engineering and SURF technology, with project experience covering some of the world’s most high-profile and complex subsea pipeline installation projects.”

Annual report 2024A · The company itself

“World-leaders in marine warranty survey for pipeline installation, we have an in-depth practical and theoretical understanding of key challenges in pipeline projects and we are able to provide comprehensive risk-mitigation strategies. We also offer a range of other marine assurance and risk services, engineering and consulting, to support pipeline work at different project stages, including with removal operations at decommissioning.”

Annual report 2024A · The company itself

“AGR’s services include consultancy in well construction, drilling engineering, procurement, supply chain management, and operational supervision of the drilling.”

Annual report 2024A · The company itself

“ABL Group serves three main industries oil and gas, along with renewables and maritime - industries which experience volatile business cycles.”

Annual report 2024A · The company itself

“Turnover The revenues (based mainly on externally invoiced data) related to “environmentally sustainable economic activities towards climate change mitigation” was deduced to be $3.6m . The projects that constituted this include: Research and evaluation challenges for carbon dioxide flow in pipelines when compared to Oil & Gas Numerous research and development projects in our renewables segment, that were performed, funded by national. international and multinational research funding bodies towards mitigation.”

Annual report 2024A · The company itself

“ABL Group has been providing technical and consultancy services to support every stage of a lifecycle of an oil & gas project since 1979. The market-leader in marine warranty survey, and with a trusted reputation as a world-class provider of engineering and consultancy services to support rigs, wells and reservoirs, the Group’s long track-record covers every type of offshore oil & gas project and asset.”

Annual report 2024A · The company itself

“SUSTAINABILITY, HEALTH AND SAFETY AT AFARAK GROUP Afarak Group extracts, processes, markets and trades specialised metals and is trusted by a highly diversified customer base that covers the aviation, nuclear, oil & gas and automotive industries.”

Annual report 2025A · The company itself

“The upstream petroleum exploration and refining markets use our products to analyze natural gas, crude oil composition, perform intermediate material analysis, verify and improve refining processes and ensure the overall quality of gasoline, fuels, lubricants and other products.”

Annual report 2025A · The company itself

“Market Outlook and Strategy There are considerable changes across Aker Solutions’ global markets, driven by the energy trilemma of balancing the need for energy reliability, affordability and sustainability. The global oil and gas markets continue to be important for Aker Solutions.”

Annual report 2024A · The company itself

“Aker Solutions provides products, systems and services ranging from concept studies and front-end engineering to integrated project execution and services to the global oil and gas industry. Aker Solutions also delivers consultancy and engineering services as well as technical solutions to support energy transition projects within offshore wind, electrification, hydrogen, carbon capture and storage and hydropower.”

Annual report 2024A · The company itself

“Segment Key Figures Renewables and Field Development The Renewables and Field Development segment designs and delivers integrated solutions for oil and gas platforms, onshore facilities, offshore wind developments and carbon capture and storage facilities.”

Annual report 2024A · The company itself

“Life Cycle revenue increased to NOK 13.2 billion in 2024 from NOK 13.1 billion the year before. The EBITDA margin was 6.9 percent versus 5.2 percent a year earlier.”

Annual report 2024A · The company itself

“The main customers are international, national and independent energy companies involved with production of oil and gas, and renewable energy.”

Annual report 2024A · The company itself

“The majority of these projects are being executed under the well-proven ‘Alliance Model’ with Aker BP and our strategic delivery partners.”

Annual report 2024A · The company itself

“During 2024, Aker Solutions has worked on several large oil and gas projects, such as Johan Castberg, Rosebank, Jackdaw and the Aker BP projects Hugin A, Hugin B, Valhall and Fenris.”

Annual report 2024A · The company itself

“Raw Materials and Significant Supply Sources The major raw materials we use in our Ketjen operations include sodium silicate, sodium aluminate, kaolin, aluminum, ethylene, alpha-olefins, isobutylene, toluene and metals, such as lanthanum, molybdenum, nickel and cobalt, most of which are readily available from numerous independent suppliers and are purchased or provided under contracts at prices we believe are competitive.”

Annual report 2025A · The company itself

“Our HPC catalysts are used by petroleum refiners in their processing units to reduce the quantity of sulfur and other impurities in petroleum products. The effectiveness of HPC catalysts diminishes with use, requiring the HPC catalysts to be replaced, on average, once every one to four years. The sales of our HPC catalysts, therefore, are largely dependent on the useful life cycle of the HPC catalysts in the processing units and may vary materially by quarter.”

Annual report 2025A · The company itself

“Many of our customers are in industries, including the electronics, building and construction, oilfield and automotive industries, that are cyclical in nature, or which are subject to secular market downturns or may face adverse effects of evolving regulatory regimes.”

Annual report 2025A · The company itself

“Efterfrågan på dessa lösningar förväntas utvecklas positivt, i och med att industrin är medveten om att alla framtida bränslen kommer att vara dyrare än dagens och att det handlar om ekonomiskt sunt förnuft att implementera energi - effektiviseringsåtgärder.”

Annual report 2024A · The company itself

“Yhtiö ei toimi fossiilisten polttoaineiden, kemikaalien, kiistanalaisten aseiden tai tupakan aloilla.”

Annual report 2025A · The company itself

“In addition, the public holds diverse and often conflicting views on the use of fossil fuels which can subject AEP to adverse publicity in connection with its use of fossil fuels. Criticism or adverse publicity of any nature could render legislatures and other governing bodies, public service commissions and other regulatory authorities, and government officials less likely to view AEP or the applicable regulated utility in a favorable light and could potentially negatively affect legislative or regulatory processes or outcomes, as well as lead to increased regulatory oversight, more stringent legislative or regulatory requirements, or other legislation or regulatory actions that adversely affect the regulated utility businesses.”

Annual report 2025A · The company itself

“Historically, the state regulatory frameworks in the service area of the Vertically Integrated Utilities reflected specified fuel costs as part of bundled (or, more recently, unbundled) rates or incorporated fuel adjustment clauses in a utility’s rates and tariffs. Fuel adjustment clauses permit periodic adjustments to fuel cost recovery from customers and therefore provide protection against exposure to fuel cost changes.”

Annual report 2025A · The company itself

“A downturn in the U.S. or global economy, and, in particular, in the aerospace and defense, oil and gas, process instrumentation or power markets could have an adverse effect on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“•The performance of the investments of the funds we manage in the commodities markets is substantially dependent upon prevailing prices of oil and natural gas. •The investments of the funds we manage in companies in the financial services and finance sectors, including consumer, are subject to government regulations, disclosure requirements, limits on fees, increasing borrowing costs or limits on the terms or availability of credit to such portfolio companies, and other regulatory requirements each of which may impact the conduct of such portfolio companies. •The real estate and infrastructure investments of the funds we manage are exposed to rising mortgage interest rates, increasing consumer debt and a low level of consumer confidence in the economy and/or the residential real estate market.”

Annual report 2025A · The company itself

“Recently, the industry has been subjected to increased pricing pressures, specifically in relation to these commodities, which have experienced significant volatility in price.”

Annual report 2025A · The company itself

“Crude and partially refined vegetable oils are sold to third parties, including renewable diesel manufacturers, or further processed into salad oils, margarine, shortening, biodiesel, glycols, and other food and industrial products.”

Annual report 2025A · The company itself

“In March, Zahroof Valves Inc., a USA reciprocating compression valve company, was acquired. The company designs, services and assembles reciprocating compression valve technology. The valve technology provided by the company is today mainly used to reduce emissions and increase energy efficiency for customers in the oil and gas and petrochemical industry by avoiding unplanned interruptions.”

Annual report 2024A · The company itself

“Gas and process compressors and expanders are supplied to various process industries, such as carbon capture, hydrogen, air separation plants, power utilities, chemical and petrochemical plants, and LNG applications.”

Annual report 2024A · The company itself

“In August, Danmil A/S, a Danish process filtration company, was acquired. The company designs, manufactures, and distributes high-end process filtration solutions for the pharma as well as the food and beverage sector.”

Annual report 2024A · The company itself

“Main customer segments include general manufacturing, pharmaceutical, food & beverage, chemical, and steel production among others.”

Annual report 2024A · The company itself

“Our business is directly related to LVP in the global market and by our customers, and automotive sales and LVP are the most important drivers for our sales Automotive sales and production are highly cyclical and can be affected by general or regional economic or industry conditions, the level of consumer demand, recalls and other safety issues, labor relations issues, technological changes, fuel prices and availability, vehicle safety regulations and other regulatory requirements, governmental initiatives, trade agreements, political volatility (especially in energy producing countries and growth markets), changes in interest rate levels and credit availability, and other factors.”

Annual report 2024A · The company itself

“Moreover, rising energy prices could impact our merchandise distribution, commercial delivery, utility and product costs.”

Annual report 2025A · The company itself

“Lubrizol uses many specialty and commodity chemical raw materials in its manufacturing processes. Raw materials are primarily feedstocks derived from petroleum and petrochemicals and, generally, are obtainable from several sources.”

Annual report unknown yearA · The company itself

“Kern River transports natural gas for electric and natural gas distribution utilities, major oil and natural gas companies or affiliates of such companies, electric generating companies, energy marketing and trading companies, and financial institutions.”

Annual report unknown yearA · The company itself

“Lubrizol’s customers principally consist of major global and regional oil companies and industrial and consumer products companies.”

Annual report unknown yearA · The company itself

“Union Tank Car Company (“UTLX”) is the largest component of the Rail & Leasing group and is a leading designer, builder and full-service lessor of railroad tank cars and other specialized railcars. Together, with its Canadian affiliate Procor, UTLX owns a fleet of approximately 118,000 railcars for lease to customers in chemical, petrochemical, energy and agricultural/food industries.”

Annual report unknown yearA · The company itself

“EXSIF is a leading international lessor of intermodal tank containers with a fleet of approximately 76,000 units, primarily serving chemical producers and logistics operators.”

Annual report unknown yearA · The company itself

“(“LSPI”), headquartered in Houston, Texas, is a global leader in the science of drag reduction application (“DRA”) technology by maximizing the flow potential of pipelines, increasing operational flexibility and throughput capacity, and efficiencies for customers. LSPI develops innovative flow improver solutions with customers in 27 countries on five continents, treating over 50 million barrels of hydrocarbon liquids per day.”

Annual report unknown yearA · The company itself

“The Group is exposed to changes in energy prices (mainly gas, oil, electricity and environmental taxes) as energy is consumed in the production of aqua feed. Furthermore, the Group is also indirectly exposed as changes in the energy prices are reflected in the transportation costs.”

Annual report 2025A · The company itself

“Demand for our commercial aircraft is further influenced by additional factors including airline profitability, availability of aircraft financing, trade policies, geopolitics, technological advances, price and other competitive factors, fuel prices, inflationary pressures, terrorism, pandemics, epidemics, sustainability-related preferences, environmental regulations, and reputational factors.”

Annual report 2025A · The company itself

“Our customers’ fleet decisions and financial position are also impacted by fuel and other costs, as well as inflationary pressures.”

Annual report 2025A · The company itself

“Bouvet har i løpet av 2024 opplevd økt aktivitet innen sektorene kraftforsyning og olje gass og fornybart. Konsernet forvalter og utvikler samfunnskritiske løsninger for flere av de største virksomhetene i sektorene. For Equinor har Bouvet blant annet fått jobbet med løsninger innen oljeog gassutvinning og innen energiforsyning.”

Annual report 2024A · The company itself

“Oversikten viser sektorene som utgjør den største andelen av omsetningen i konsernet Sektor Jan-Des 2024 Kraftforsyning 20,4 % Helse og sosial 1,4 % Industri 3,7 % Informasjon og kommunikasjon 2,1 % Off. adm. og forsvar 17,8 % Olje, gass og fornybart 40,5 % Tjenesteyting 6,0 % Transport 4,3 % Varehandel Konsernets kunder har store komplekse og gjensidig avhengige behov innen digitalisering og bærekraft.”

Annual report 2024A · The company itself

“In a highly active market supported by high energy prices and a focus on energy security, we continue to selectively engage in new FPSO projects which meet our return criteria.”

Annual report 2024A · The company itself

“OUTLOOK Growing energy demand continues to drive interest in developing new infrastructure-type FPSO projects with long production profiles, low break-even costs and focus on lower emissions.”

Annual report 2024A · The company itself

“In recent years, the number of sanctioned FPSO projects have lagged market expectations. Consequently, there is a growing number of projects at various stages of maturity, reflecting a pent-up demand for FPSOs.”

Annual report 2024A · The company itself

“Our strategy is built on three pillars: extracting maximum value from the conventional business and existing fleet, expanding the core floating production business through investments in new offshore energy infrastructure, and strengthening our position in offshore renewable energy.”

Annual report 2024A · The company itself

“We successfully delivered on our strategic priority of “maximising value from our existing asset base,” significantly strengthening our balance sheet and positioning BW Offshore to pursue new investments and growth.”

Annual report 2024A · The company itself

“Maximising Value from Our Conventional Fleet We completed the planned fleet divestment programme in the first half of 2024 with FPSO Petróleo Nautipa sent for recycling and FPSO Polvo sold to BW Energy. We Growing the core floating production business through new offshore energy infrastructure projects Building a substantial and growing position in offshore renewable energy infrastructure Extracting maximum value from the conventional FPSO fleet Delivering on strategy BW Offshore has defined a set of clear strategic priorities for long-term value creation. similarly generated capital through the gradual divestment of our shares in BW Energy, starting in 2021 and concluding in January 2024.”

Annual report 2024A · The company itself

“In 2020, BW Offshore adjusted our investment criteria for new FPSO projects to reflect stakeholder expectations on safety, emissions, and counterparty risk.”

Annual report 2024A · The company itself

“Significant progress was made on the BW Opal FPSO for the Barossa project in Australia. The unit is near completion and ready for sail-away to the field. There, final preparations will be undertaken before the 15-year fixed-term lease commences.”

Annual report 2024A · The company itself

“BW Offshore’s customer base includes global oil and gas (O&G) majors and national oil companies seeking reliable offshore production capacity.”

Annual report 2024A · The company itself

“The wind energy market is influenced by the price and availability of other energy sources, including nuclear, coal, natural gas and oil, as well as other sources of renewable energy. To the extent that renewable energy, and in particular wind energy, becomes less cost-competitive due to reduced government targets, increased costs, new regulations or incentives favoring alternative renewable energy, or the availability of cheaper, more efficient or otherwise more attractive alternatives, demand for wind energy and other forms of renewable energy could decrease.”

Annual report 2025A · The company itself

“For example, the recent conflict in Iran has resulted in increased fuel prices which may lead to increased costs for products that we source, manufacture, or distribute, and may also cause supply chain or manufacturing disruptions, impacting our ability to meet demand.”

Annual report 2026A · The company itself

“Prices of oil and gas also affect our distribution and transportation costs.”

Annual report 2026A · The company itself

“The Resource Industries product portfolio includes the following machines and related parts, services and worktools: · electric rope shovels · large wheel loaders · draglines · off-highway trucks · hydraulic shovels · wide-body trucks · rotary drills · articulated trucks · hard rock vehicles · wheel tractor scrapers · large track-type tractors · wheel dozers · large mining trucks · landfill and soil compactors 2 Table of Contents Power & Energy Our Power & Energy segment supports customers in oil and gas, power generation, marine, rail and industrial applications, including Caterpillar machines.”

Annual report 2025A · The company itself

“These laws and regulations can restrict or impact the Registrants’ business activities in many ways, including, but not limited to: •restricting the way the Registrants can handle or dispose of wastes, including wastewater discharges and air emissions; •limiting or prohibiting construction activities in sensitive areas such as wetlands, coastal regions or areas inhabited by endangered species; •requiring remedial action and monitoring to mitigate environmental conditions caused by the Registrants’ operations or attributable to former operations; •enjoining the operations of facilities with permits issued pursuant to such environmental laws and regulations; and •impacting the demand for the Registrants’ services by directly or indirectly affecting the use or price of fossil fuels, including, but not limited to, natural gas.”

Annual report 2025A · The company itself

“CMS Energy and Consumers have interests in fossil-fuel-fired power plants, other types of power plants, and natural gas systems that emit greenhouse gases.”

Annual report 2025A · The company itself

“The situation may impact consumer sentiment and consumption and category growth rates in the Latin American region, supply chain and logistics, and the availability and cost of raw and packaging materials and commodities, such as oil.”

Annual report 2025A · The company itself

“We may be impacted by increases in global energy prices or reduced supply, particularly for crude oil and natural gas, including as a result of geopolitical events and tensions, wars, and military conflicts, including the conflict in the Middle East.”

Annual report 2026A · The company itself

“We sell a substantial amount of gasoline, the demand for which could be impacted by concerns and regulation about climate change.”

Annual report 2025A · The company itself

“The number of warehouses with gas stations varies significantly by country. We operated 747 gas stations at the end of 2025. Our gasoline business represented approximately 10% of total net sales in 2025.”

Annual report 2025A · The company itself

“Bolaget ska enligt investeringsstrategin undvika förvärv av bolag verksamma inom olja, gas, kol, tobak, alkohol, betting, avancerad bioteknik, gruvor eller företag vars värde till stor del är beroende av råvarupriser eller andra exogena makrofaktorer och inte heller bolag som är utsatta för betydande politisk eller regulatorisk risk.”

Annual report 2024A · The company itself

“•Industrial - We design, manufacture, sell and support diesel and natural gas high-speed, high-horsepower engines up to 4,400 horsepower for a wide variety of equipment in mining, oil and gas, marine, rail and defense applications throughout the world. •Generator technologies - We design, manufacture, sell and support A/C generator/alternator products and components for internal consumption and for external generator set assemblers.”

Annual report 2025A · The company itself

“Prices of oil and gas also affect the Company’s costs for freight and utilities and have an indirect impact on the cost of other purchased materials.”

Annual report 2025A · The company itself

“Store investeringer i olje- og gassektoren har bidratt til å holde aktiviteten oppe og har motvirket fallet i boliginvesteringer.”

Annual report 2024A · The company itself

“Därtill har vikten på Dometics produkter som används i mobila applikationer en indirekt inverkan som är kopplad till den energi som förbrukas när produkterna transpor - batteriladdare, det möjligt för konsumenter att utforska naturen långt borta från det fasta elnätet utan att vara lika beroende av fossil energi.”

Annual report 2024A · The company itself

“•Our Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets. •Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, measurement, inspection, and control technologies, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, wire and cable, food and beverage, semiconductor production and medical applications and other end-markets. •Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets.”

Annual report 2025A · The company itself

“The continued threat of terrorism and the impact of retaliatory military and other action by the U.S. and its allies may lead to increased political, economic or financial market instability or volatility in prices for commodities including natural gas and oil, which may have material adverse effects in ways the Duke Energy Registrants cannot predict at this time.”

Annual report 2025A · The company itself

“Light & Heavy organic sales increased in 2024 reflecting strong growth in downstream and manufacturing. Downstream reported strong sales growth in 2024, driven by strong growth in refining and water management.”

Annual report 2025A · The company itself

“Downstream reported sales growth in North America was partially offset by softer sales in other international regions.”

Annual report 2025A · The company itself

“MARKET RISK EXPOSURES Edison International's and SCE's primary market risks include fluctuations in interest rates, commodity prices and volumes, investment prices, and counterparty credit. Interest Rate Risk Edison International and SCE are exposed to changes in interest rates primarily as a result of financing, investing and borrowing activities used for liquidity purposes, and to fund business operations and capital investments.”

Annual report 2025A · The company itself

“A significant portion of the nation’s oil and gas infrastructure is located in these areas and susceptible to storm damage that could be aggravated by the physical impacts of climate change, which could give rise to fuel supply interruptions and price spikes.”

Annual report 2025A · The company itself

“The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the primary metals, petroleum refining, chlor-alkali, and technology industries.”

Annual report 2025A · The company itself

“Our primary business involves the exploration, production, gathering, transmission and sale of hydrocarbons, and in particular, natural gas. Consequently, our revenue, profitability, future rate of growth, liquidity and financial position depend upon the market prices for natural gas and, to a lesser extent, NGLs and oil.”

Annual report unknown yearA · The company itself

“The following factors may affect fuel supply and could result in shortages and price increases in the future: political disruptions or geopolitical conflicts involving oil-producing countries; economic sanctions imposed against oil-producing countries or specific industry participants; changes in governmental policy concerning fuel production; transportation taxes; weather-related events; natural disasters; changes in refining capacity; sustainability concerns or regulations; -8- Table of Contents cyberattacks; and public and investor sentiment.”

Annual report 2026A · The company itself

“Prices of oil and gas affect our costs for freight and utilities.”

Annual report 2025A · The company itself

“Öljyn hinta pysyi vakaana, kun kysynnän heikko kasvu ja vakaa tarjonta tasapainottivat ajoittaisia geopoliittisia riskipreemioita.”

Annual report 2025A · The company itself

“This presents a very large incremental opportunity for our recently introduced large-megawatt diesel generator offering.”

Annual report 2025A · The company itself

“We have one of the broadest offerings of stationary, portable, and mobile power generators with single-engine outputs ranging between 800W and 3,250kW.”

Annual report 2025A · The company itself

“In 2025, we announced our plan to spend approximately $4.0 billion in capital investments to onshore production at plants in Tennessee, Kansas, and Michigan over the next two years and nearly $1.0 billion to build a new generation of advanced, fuel-efficient V8 engines in New York. These investments in U.S. assembly and propulsion plants will enable us to strengthen domestic manufacturing and ensure flexibility for both ICE and electric vehicles.”

Annual report 2025A · The company itself

“To support strong margins and cash flow, we continue to strengthen our market position in profitable ICE vehicles, such as trucks and SUVs.”

Annual report 2025A · The company itself

“Unntatt fra risikoappetitten er utvinning av gass, olje og kull (brun energi). Med utvinning menes produksjon av brun energi, inkludert raffinering og fremstilling av sekundære fossile energiprodukter (dekningsområder som eiendom, driftstap og ansvar).”

Annual report 2024A · The company itself

“The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and agency obligations, and investment-grade sovereign obligations.”

Annual report 2025A · The company itself

“We make investments in and finance entities that engage in the production, storage and transportation of numerous commodities, including many of the commodities referenced above.”

Annual report 2025A · The company itself

“Tuomme asiantuntemuksemme tilaajien tietoisuuteen ja teemme yhteistyötä toimittajiemme kanssa yhteisten vaatimusten kehittämiseksi. x x x lyhyt ja keskipitkä aikaväli Riski Riippuvuus fossiilisista raakaaineista ja materiaaleista aiheuttaa kustannusriskin markkinan muuttuessa vähähiilisemmäksi.”

Annual report 2025A · The company itself

“Operating results from continuing operations For the full year 2024, Hexagon Group reported revenues of NOK 4 877 (4 526) million, including approximately NOK 81 million of positive FX translation effects. Excluding FX, the underlying revenue growth was 6%, predominantly explained by Hexagon Agility’s Mobile Pipeline distribution business which has delivered consistently high volumes throughout the year as a consequence of strong demand for transportation of oil & gas, helium and renewable natural gas (RNG) in the US. The Fuel Systems business of Hexagon Agility had a rather flat revenue development, but improved its profit margins notably, so did also Hexagon Digital Wave.”

Annual report 2024A · The company itself

“The newly designed TITAN 450 module with 25% greater gas capacity and 20% weight benefit, coupled with strong underlying demand for transportation of oil & gas, helium and renewable natural gas (RNG) were key drivers for the increase in top line performance.”

Annual report 2024A · The company itself

“Howmet sells many products to industries that are cyclical, such as the aerospace and commercial transportation industries, and the demand for our products is sensitive to, and quickly impacted by, demand for the finished goods manufactured by our customers in these industries, which may change as a result of changes in regional or worldwide economies, currency exchange rates, interest rates, inflation, energy prices or other factors beyond our control.”

Annual report 2025A · The company itself

“Geopolitical tensions, conflicts, and wars have impacted, and may in the future impact, global energy markets, leading to high volatility and increasing prices for crude oil, natural gas, and other energy supplies. Energy costs impact operating expenses at our manufacturing facilities, the expense of shipping raw materials to our facilities, and the expense of shipping products to our customers.”

Annual report 2025A · The company itself

“Many of these products are designed such that they can also be used in harsh and hazardous locations where a potential for fire and explosion exists due to the presence of flammable gasses and vapors. Harsh and hazardous products are primarily used in the oil and gas (onshore and offshore) and mining industries.”

Annual report 2025A · The company itself

“Det inkluderar socker, glukos, gelatin, mejeriprodukter, kakao, soja, palmolja, stearin och andra ingredienser.”

Annual report 2024A · The company itself

“Jordbruksprodukter som kakao, palmolja och nötter är känsliga för klimatförändringar. Störningar i produktionen av dessa råvaror, särskilt från högriskländer som Indonesien och Peru, kan leda till brist och prisökningar med negativ påverkan på verksamheten. • Finansiell påverkan.”

Annual report 2024A · The company itself

“Råvaror som kakao, palmolja och nötter odlas ofta i vattenstressade områden med risk för minskad vattentillgång för lokalsamhällen och hotad biodiversitet. • Risk för vattenföroreningar i leverantörskedjan.”

Annual report 2024A · The company itself

“Table of Contents A Significant or Sustained Decline in Commodity Prices, Including Oil, Could Negatively Impact the Levels of Expenditures by Certain of the Company’s Customers. Demand for the Company’s products depends, in part, on the level of new and planned expenditures by certain of its customers. The level of expenditures by the Company’s customers is dependent on, among other factors, general economic conditions, availability of credit, economic conditions within their respective industries and expectations of future market behavior. Volatility in commodity prices, including oil, can negatively affect the level of these activities and can result in postponement of capital spending decisions or the delay or cancellation of existing orders.”

Annual report 2025A · The company itself

“Our vacuum pumps and compressors are used in many power generation, mining, oil and gas refining and processing, chemical processing and general industrial applications including flare gas and vapor recovery, geothermal gas removal, vacuum deaeration, water extraction in mining and paper, and chlorine compression in petrochemical operations.”

Annual report 2025A · The company itself

“Our engineered loading systems and fluid transfer equipment ensure the safe handling and transfer of crude oil, liquefied natural gas, compressed natural gas, chemicals, and bulk materials.”

Annual report 2025A · The company itself

“Additionally, in December 2022, a coalition of various nations set the price of Russian crude oil at or below $60 a barrel, which remains in place and continues to impact our businesses and those of our clients.”

Annual report 2025A · The company itself

“Key asset classes include: •Energy Futures and Options: We offer a range of futures and options products that are designed to enable our customers to manage their risk across global energy markets. Our flagship Brent crude oil contract serves as the cornerstone of a global oil network that today includes over 800 related crude and refined oil products including locational and refined spreads. In addition, as natural gas and Liquefied Natural Gas, or LNG, continue to globalize, we offer one of the broadest footprints of regional and global natural gas benchmarks, which spans North America, Europe and Asia.”

Annual report 2025A · The company itself

“These markets serve issuers, investors and other market participants across five cash equity and two options markets. •OTC and Other: Our over-the-counter, or OTC, markets include bilateral energy markets that offer electronic trading of contracts based on physically-settled natural gas, power and refined oil contracts and other trade confirmation services.”

Annual report 2025A · The company itself

“Our products depend on a wide range of raw materials sourced globally, such as essential or vegetable oils, botanical extracts, animal products, organic and petroleum-based chemicals.”

Annual report 2025A · The company itself

“Transportation costs are also impacted by energy costs since a key component of transportation costs relates to the cost of oil.”

Annual report 2025A · The company itself

“Our extensive experience encompasses various sectors, including banking, insurance, energy & utilities, oil & gas, the public sector, retail, defence and fishing.”

Annual report 2024A · The company itself

“In addition, military action, geopolitical shifts or continued unrest, particularly in Ukraine and the Middle East, could disrupt our operations in the region and elsewhere and may also impact the supply or pricing of oil, increase our security costs and cost of compliance with local laws, and present risks to our reputation.”

Annual report 2025A · The company itself

“For example, for those customers that produce commodity products such as oil, gas, batteries or fertilizers, fluctuations in price can have a direct effect on their profitability and cash flow and, therefore, their willingness to continue to invest or make new capital investments. Furthermore, declines in commodity prices can negatively impact our business in regions whose economies are substantially dependent on commodity prices, such as the Middle East.”

Annual report 2025A · The company itself

“Geopoliittinen epävarmuus heijastuu monin tavoin Euroopan maiden markkinoihin, esimerkiksi rahapolitiikkaan, sijoitusmarkkinaan ja inflaatioon, sekä myös energian ja polttoaineiden hintoihin.”

Annual report 2024A · The company itself

“NE Engineering är en specialiserad precisionstillverkare som grundades 2009. De tillverkar komplexa komponenter för krävande miljöer till kunder inom en rad olika sektorer, bland annat undervattenstelekom, olja och gas, förnybar energi och avgasrening, samt flyg- och fordonsindustrin.”

Annual report 2024A · The company itself

“•Overgangsrisiko knyttet til marked. Konsernet må evne å erstatte inntektene fra olje- og gass-virksomheten med nye inntektsstrømmer fra fornybar energi segmentet som kan ha lavere marginer.”

Annual report 2024A · The company itself

“Kundene inkluderer selskaper som opererer i prosessindustrier, som olje og gass og fornybar energi.”

Annual report 2024A · The company itself

“Markedsveksten for Kongsberg Maritime vil være drevet av offshoremarkedet og da først og fremst olje og gass på kort sikt. På mellomlang og lang sikt vil dette være supplert med havvind i tillegg til tankbåter, fritidsreiser og militære fartøy.”

Annual report 2024A · The company itself

“Omsetningen til olje- og gassmarkedet i 2024 representerer en betydelig andel av driftsinntektene til Kongsberg Maritime.”

Annual report 2024A · The company itself

“Total supermarket fuel sales decreased 9.3% in 2025, compared to 2024, primarily due to a decrease in the average retail fuel price of 6.1% and a decrease in fuel gallons sold of 3.4%. The decrease in the average retail fuel price was caused by a decrease in the product cost of fuel.”

Annual report 2026A · The company itself

“Lamorilla on hiilivetyperäisen saastumisen ja ympäristöhaasteiden ratkaisemisesta vahvaa osaamista, jota yhtiö hyödyntää vuosikymmenten aikana rakennetun ainutlaatuisen maailmanlaajuisen verkostonsa kautta.”

Annual report 2024A · The company itself

“Ympäristönsuojelu kattaa ratkaisuja ympäristövahinkojen torjumiseksi ja puhdistamiseksi, keskittyen erityisesti öljyntorjuntaan sekä maalla että merellä.”

Annual report 2024A · The company itself

“The fabrics used to make our products include synthetic fabrics whose raw materials include petroleum-based products. Our products also include silver and natural fibers, including cotton.”

Annual report 2026A · The company itself

“Fossil fuels still comprise approximately 80 percent of the global energy mix.”

Annual report 2024A · The company itself

“Mandatum analysoi sijoitusmahdollisuudet huolellisesti ilmastoon liittyvien kriteerien perusteella. Yhtiön tavoitteena on vähentää altistusta fossiilisia polttoaineita valmistavalle teollisuudelle ja samalla sijoittaa yhtiöihin, jotka tuottavat energiaa uusiutuvista lähteistä tai joilla on selkeä ja uskottava strategia siirtymiseksi fossiilisista polttoaineista kestävämpään liiketoimintamalliin.”

Annual report 2025A · The company itself

“Similarly, energy-sector cyclicality can materially impact construction demand, particularly in Texas and other energy-intensive regions.”

Annual report 2025A · The company itself

“Liquid asphalt and cement serve as key raw materials in the production of hot mix asphalt and ready mixed concrete, respectively. Therefore, fluctuations in prices for these raw materials directly affect the Company’s operating results.”

Annual report 2025A · The company itself

“Similarly, our downstream operations also require a continued supply of liquid asphalt and cement, which serve as key raw materials in the production of hot mix asphalt and ready mixed concrete, respectively. Some of these raw materials we produce internally, but most are purchased from third parties.”

Annual report 2025A · The company itself

“In addition, the prices of crude oil, natural gas, propylene and certain petroleum by-products can impact our costs and results of operations in this segment.”

Annual report 2025A · The company itself

“We use resins, other petroleum-based materials and pulp as raw materials in some of our products, and the prices of oil and gas also significantly affect our costs for freight and utilities.”

Annual report 2026A · The company itself

“Nettoomsättning per land, 2024  Sverige, 82% Danmark, 9% Finland, 4% Norge, 3% Övriga länder, 2% Nettoomsättning per kundsegment, 2024 󰐆 Metall och gruva, 14% Papper och massa, såg, 13% El- och värmeproduktion, 13% Övrig tillverkning, 9% Fordon, 9% Vatten och avlopp, 4% Läkemedel och medicin teknik, 4% Livsmedel, 3% Andra industrisegment, 23% Övriga sektorer, 8% Nettoomsättning per produktområde, 2024 󰍭 Lager, 15% Ventiler, 14% Tekniska tätningar och industrigummi, 10% Hydraulik och pneumatik, 8% Pumpar, elmotorer och växlar, 8% Transmission, 7% Mätteknik, 5% Filter, rengöring och rörsystem, 4% Maskiner och system, 3% Smörjning och kemikalier, 3% Andra komponenter, 9% Reparationer och renovering, 11% Relaterade tjänster, t ex utbildning, installation och kalibrering, 3% Värdeskapande återförsäljare ~75% Service, reparation och underhåll ~15% Lokal tillverkning, montering, egna varumärken ~10% Eftermarknad ~90% OEM ~10% Kundfördelning 1) Momentum Groups erbjudande 1) Tillverkare Värdeskapande återförsäljare Våra kunder Affärsöversikt”

Annual report 2024A · The company itself

“In the Feed business area (including the plant in Norway and the one in Scotland), the intensity of GHG emissions (scope 1 and 2, market-based) increased from 33 to 35 kg CO2e/tonne feed produced (7% increase).”

Annual report 2024A · The company itself

“Disaggregation of fossil source consumption in high climate impact sectors This detailed breakdown below helps us to pinpoint areas where we can make the most significant improvements in reducing our carbon footprint. •Coal and Coal Products: not used as a direct source of energy. •Crude Oil and Petroleum Products: This category includes energy derived from oil and its by-products, and stands for 389 454 MWh.”

Annual report 2024A · The company itself

“The offshore energy industry has been identified as high risk by the Task Force on Climate-Related Financial Disclosures, and the industry is under pressure to reduce its emissions. Although the Ukraine war and associated energy shortage in Europe has resulted in heavy investments in the offshore energy industry in the coming years, there is a long term risk of declining investment in upstream oil and gas.”

Annual report 2024A · The company itself

“However, the software and technologies that Nekkar deliver are capable of significantly reducing drilling time and amount of personnel required offshore, thereby substantially reducing the carbon footprint associated with this type of offshore operations.”

Annual report 2024A · The company itself

“Investments in the oil and gas industry is currently at a high level and is expected to remain high in the coming years. This, coupled with a demand to reduce emissions from oil and gas developments and production, could result in increased demand for Intellilift’s products and technologies.”

Annual report 2024A · The company itself

“Intellilift continues to play important roles in developing Syncrolift’s and Techano Oceanlift’s digital platforms. Further, Intellilift’s new solutions were installed on drilling rigs and operated successfully in 2024.”

Annual report 2024A · The company itself

“Techano Techano Oceanlift specializes in advanced load handling and lifting equipment for the aquaculture and Oceanliftoffshore energy industry, with products such as cranes, gangways, and fish transfer systems.”

Annual report 2024A · The company itself

“Intellilift delivers industrial software solutions focused on digitalising workflows through automation and remotely-controlled systems for drilling and offshore load handling.”

Annual report 2024A · The company itself

“Intellilift has proven commercialised technology and the products have been sold to both oil and gas related business and the wind industry, while Techano Oceanlift’s products are commercialised and have been sold to customers in the offshore renewables, offshore oil and gas, aquaculture and marine industries.”

Annual report 2024A · The company itself

“Table of Contents Benchmark Regulation In connection with Dow Jones Energy’s OPIS business, the Company has established its own benchmark administrator, OPIS Benchmark Administration B.V. (the “Administrator”), organized in the Netherlands and authorized under the EU Benchmarks Regulation (EU) 2016/1011 (the “EU BMR”) by the Netherlands Authority for Financial Markets (the “AFM”).”

Annual report 2026A · The company itself

“•Dow Jones Energy. Dow Jones Energy provides pricing data, news, analysis, consulting, software and events relating to energy commodities, including crude oil, refined products, petrochemicals, natural gas liquids, coal, metals, renewables, Renewable Identification Numbers and carbon credits, as well as electric vehicle charging station data and pricing data, insights, analysis and forecasting for key base chemicals. •Factiva.”

Annual report 2026A · The company itself

“NEE invests in natural gas and oil production assets which are exposed to fluctuating market prices of natural gas, natural gas liquids, oil and other energy commodities. A prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NEER’s natural gas and oil production operations and cause NEER to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired, which could materially adversely affect NEE's business, financial condition, results of operations and prospects.”

Annual report 2025A · The company itself

“Natural gas and oil prices are affected by supply and demand, both globally and regionally. Factors that influence supply and demand include operational issues, natural disasters, weather, political instability, conflicts, new discoveries, technological advances, economic conditions and actions by major oil-producing countries.”

Annual report 2025A · The company itself

“In addition, NEER participates in natural gas, natural gas liquids and oil production through operating and non-operating ownership interests. NEER hedges the expected output from its natural gas and oil production assets to protect against price movements.”

Annual report 2025A · The company itself

“Table of Contents Other Operations Customer Supply – NEER provides commodities-related products to customers, including municipal utilities and cooperatives, engages in energy-related commodity marketing and trading activities and includes the operations of a retail electricity provider and ownership interests in natural gas and oil shale formations located primarily in the South region of the U.S.”

Annual report 2025A · The company itself

“Through NextEra Energy Resources' subsidiary, NextEra Energy Marketing, LLC, NEER: •manages risk associated with fluctuating commodity prices and optimizes the value of NEER's power generation and natural gas and oil production assets through the use of swaps, options, futures and forwards; •sells output from NEER's plants that is not sold under long-term contracts and procures fuel for use by NEER's generation fleet; •provides full energy and capacity requirements to customers; and •markets and trades energy-related commodity products, including power and fuel, as well as marketing and trading services to customers.”

Annual report 2025A · The company itself

“The cost of oil is a significant component in manufacturing and transportation costs, so increases in the price of petroleum products can adversely affect our profit margins.”

Annual report 2026A · The company itself

“In particular, sales to large industrial customers, such as those in the steel, oil refining, industrial gas and related industries, are impacted by economic downturns and recession; geographic or technological shifts in production or production methods; and other changes in consumer demand, including due to a preference for environmentally friendly products and practices.”

Annual report 2025A · The company itself

“Additionally, geopolitical tensions and trade disruptions, particularly in commodities like oil, created uncertainties and volatility in global markets.”

Annual report 2024A · The company itself

“we enabled a customer to become the largest ethanol producer in Latin America”

Annual report 2025A · The company itself

“Revenue by Industry Revenue by industry sector: Year Ended December 31, 2025 2024 2023 Pharmaceuticals and Healthcare 15 % 16 % 16 % Food and Beverage 15 % 15 % 15 % Auto 12 % 12 % 12 % Consumer Products 9 % 10 % 8 % Financial Services 8 % 7 % 8 % Retail 8 % 6 % 6 % Technology 8 % 8 % 8 % Travel and Entertainment 7 % 7 % 7 % Government 3 % 4 % 4 % Telecommunications 3 % 3 % 4 % Services 3 % 3 % 2 % Oil, Gas and Utilities 2 % 2 % 2 % Not-for-Profit 1 % 1 % 1 % Education 1 % 1 % 1 % Other 5 % 5 % 6 % Total 100 % 100 % 100 % 25 Operating Expenses The year-over-year change in operating expenses:”

Annual report 2025A · The company itself

“Fuel consumption from coal and coal products (MWh) Fuel consumption from crude oil and petroleum products (MWh) 1,421 1,476 Fuel consumption from natural gas (MWh) 17,540 19,150 Fuel consumption from other fossil sources (MWh) Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources (MWh) 17,948 17,600 Total fossil energy consumption (MWh) 36,909 38,226 Share of fossil sources in total energy consumption (%) 25% 24% Consumption from nuclear sources (MWh) 79,927 78,586 Share of consumption from nuclear sources in total energy consumption (%) 54% 50% Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biofuels, biogas, renewable hydrogen, etc.)”

Annual report 2025A · The company itself

“The core therapy areas of Orion’s pharmaceutical R&D are oncology and pain.”

Annual report 2025A · The company itself

“Utviklingen i markedsprisene på viktige råvarer og emballasje var divergerende i 2024. Markedsprisene falt for flere råvarer og innsatsfaktorer, blant annet prisene på vegetabilsk olje, tilsetningsstoffer, sukker og energi. Samtidig økte markedsprisene på andre råvarer, for eksempel kakao, tomatprodukter, fiskeolje og smør.”

Annual report 2024A · The company itself

“In advanced materials and alloys, Outokumpu provides industrial tailored stainless and nickel-based alloy solutions for demanding environments in the process industry, oil and gas, and electric vehicles, for example.”

Annual report 2025A · The company itself

“Its largest customer segments are automotive and transport, consumer appliances, oil and gas, chemical and petrochemical industries, food and beverage processing, as well as building and construction industry.”

Annual report 2025A · The company itself

“The Energy division focuses primarily on exploration for and production of oil and gas.”

Annual report 2024A · The company itself

“Petrolia is the largest shareholder (49.9%) of Petrolia NOCO AS ("PNO"), an independent E&P company on the Norwegian Continental Shelf ("NCS"). The company is a Licence Partner and Operator and is registered on NOTC. PNO has various licence shares and has made one commercial discovery.”

Annual report 2024A · The company itself

“Reserves as at 31 December 2024 were 1.38 million barrels of oil equivalent ("boe") net to PNO. Net production to PNO in Q4 2024 was 2,183 boe per day.”

Annual report 2024A · The company itself

“The Energy Service division has since 2007 primarily focused on well services for oil and gas drilling, mainly through the global Independent Oil Tools AS Group ("IOT"). Well services are also provided for thermo and salt drilling.”

Annual report 2024A · The company itself

“The Group owns one landrig, drills and performs workover on land wells as a drilling contractor with this rig and hired in rigs whenever drilling contracts are secured.”

Annual report 2024A · The company itself

“Prices for certain of our raw materials typically fluctuate with energy prices and global supply and demand changes; however, pricing may be impacted by the fact that the manufacture of our raw materials is several steps downstream from crude oil, natural gas, and other key feedstocks.”

Annual report unknown yearA · The company itself

“The conflict in the Middle East could also adversely impact our financial results and operations due to, for example, volatility in global energy markets, supply chain disruptions, inflationary pressures or trade restrictions.”

Annual report 2026A · The company itself

“Actual results and forecasts of revenue growth and margins for the Sensia reporting unit may be impacted by its concentration within the Oil & Gas industry and with its customer base. Demand for Sensia hardware and software products, solutions, and services is sensitive to industry volatility and risks, including those related to commodity prices, supply and demand dynamics, production costs, geological activity, and political activities.”

Annual report 2025A · The company itself

“I Vallviks Bruk ersattes det befintliga hartskokeriet, där den värdefulla biprodukten tallolja tas fram, med ett nytt.”

Annual report 2024A · The company itself

“Energy Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets. Energy provides essential price data, analytics, industry insights and software & services, enabling the energy and commodity markets to perform with greater transparency and efficiency.”

Annual report 2025A · The company itself

“Energy’s revenue is generated primarily through the following sources: •Subscription revenue — primarily from subscriptions to our market data and market insights (price assessments, market reports and commentary and analytics) along with other information products and software term licenses; 8 Table of Contents •Sales usage-based royalties — primarily from licensing our proprietary market price data and price assessments to commodity exchanges; and •Non-subscription revenue — conference sponsorship, consulting engagements, events, and perpetual software licenses.”

Annual report 2025A · The company itself

“7SCANA ASA | ANNUAL REPORT 2024 During 2024 we have seen high activity in both our divisions, and we are experiencing strong business cycles across all companies. As we approached the end of the year however, signs of softening business momentum appeared. Projects were postponed, customers delayed new orders and so on. From our perspective this seems more as a general economic condition and may be an effect of softening oil-price, cost reduction programs and temporarily lower capex among our customers.”

Annual report 2024A · The company itself

“The maintenance, repair and refurbishment of well and drilling equipment has historically been driven by drilling activities on the Norwegian continental shelf (NCS), and as such has seen a decline in the home market.”

Annual report 2024A · The company itself

“The Offshore division delivered an EBITDA of NOK 226 million representing a margin of 19%.”

Annual report 2024A · The company itself

“We deliver a variety of technological solutions to the global oil and gas sector as well as other offshore industries.The Group’s companies offer a wide range of products and services, from the design and manufacturing of riser applications and specialized subsea equipment to rig servicing, ISS, mooring systems, and IMR lifecycle solutions for rigs and vessels.We help ensure the efficient and reliable operation of installations, playing a central role in reducing risks and optimizing our customers’ maintenance work.”

Annual report 2024A · The company itself

“The division delivered NOK 1.2 billion in revenue, representing a growth of 14% compared to last year of which organic growth was 7%, and 7% was represented by the acquisition of Mongstad Industrier.”

Annual report 2024A · The company itself

“• Elimination of “Single-Asset” Risk: The merger diversifies our revenue streams and operational focus, mitigating the risks associated with a reliance on a single asset or market segment. This derisking provides a more balanced and resilient business model. • Enhanced Consolidation of Niche Markets: Continued consolidation of our respective niche market positions allows us to capture a high market share in small, attractive oil service segments.”

Annual report 2024A · The company itself

“SEB har etablerat strategiska mått för att följa utvecklingen av det viktigaste hållbarhetsarbetet. fossilexponering Index för hållbarhets - aktiviteter Målet är att minska fossil kreditexponering med 45–60 procent till 2030 jämfört med basåret 2019.”

Annual report 2024A · The company itself

“We use various energy sources to transport, produce and distribute products, and some of our products have components that are petroleum based. Petroleum and energy prices have periodically increased significantly over short periods of time; future volatility and changes may be caused by market fluctuations, supply and demand imbalances (including due to the proliferation of AI data centers), currency variabilities, production and transportation disruptions, climate change regulations, world events, including armed conflicts, and governmental actions.”

Annual report 2026A · The company itself

“Our vision, supported by our strategic ambition towards 2030, remains clear: to become net-zero in our own operations, phase out the use of fossil fuels, convert to 100% renewable electricity, and reduce emissions in our value chain by 25%.”

Annual report 2025A · The company itself

“Solventum depends on various components, compounds, raw materials and energy (including oil and natural gas and their derivatives) supplied by others for the manufacturing of its products.”

Annual report 2025A · The company itself

“Det er for eksempel økt risiko i engasjementer knyttet til fossile brensler eller lave energiklasser, fordi disse ikke er tilpasset overgangen til et lavutslippssamfunn.”

Annual report 2024A · The company itself

“Videre skal Sparebanken Vest utelukkende finansiere fornybar energiproduksjon, og banken finansierer ikke selskaper som er involvert i kraftproduksjon som er drevet av fossilt brennstoff, kull eller kullgruvedrift.”

Annual report 2024A · The company itself

“Ytterligare en drivkraft är miljöaspekten för regummerade däck, som kräver en bråkdel av energi i produktionen, bl.a. olja, jämfört med produktion av nya däck.”

Annual report 2024A · The company itself

“Vi ekskluderer selskaper som bidrar vesentlig til miljøskader og klimaendringer. Vi ekskluderer også investeringer i selskaper innen enkelte enkeltproduktkategorier eller bransjer som har betydelige risikoer fra samfunnsmessige, miljømessige eller helserelaterte skader.”

Annual report 2024A · The company itself

“We have six key differentiators that support our strategy: SUBSEA7 AT A GLANCE Continuous evolution of lowercarbon oil and gas We design and install subsea systems that leverage enabling products, digitalisation and lower-carbon-intensity solutions. We create value for our clients by accelerating field developments and optimising field economics.”

Annual report 2024A · The company itself

“Subsea7 reports financial results for three business units: Subsea and Conventional – focused on lower-carbon oil and gas and CCS, operating under the Subsea7 brand Renewables – focused on fixed offshore wind and including our early stage strategy in floating wind.”

Annual report 2024A · The company itself

“En nyckelfaktor för Handelsbanken Fonders motståndskraft mot omställningsrisker är exkluderingsstrategin avseende fossila bränslen. Handelsbanken Fonder exkluderar företag som är involverade i prospektering, produktion och raffinering av fossila bränslen, med en övre gräns på fem procent av intäkterna för sådan verksamhet.”

Annual report 2024A · The company itself

“Handelsbanken Fonder utesluter också företag där mer än 50 procent av intäkterna kommer från tjänster relaterade till fossila bränslen.”

Annual report 2024A · The company itself

“Handelsbanken Fonder tillämpar utökade exkluderingskriterier på 99,4 procent av fondbolagets förvaltade kapital, vilket begränsar investeringar i företag som är involverade i utvinning, produktion eller distribution av fossila bränslen, inklusive kol, olja och naturgas.”

Annual report 2024A · The company itself

“The ongoing tensions in the Middle East may result in higher oil prices and increased transportation costs. In the event that the conflict turns into a regional war involving oil producing countries like Iran, it may contribute to renewed economic slowdown.”

Annual report 2024A · The company itself

“Telenor Maritime offers mobile maritime communication, serving cruise and ferry segments, fisheries, and the oil & gas industry.”

Annual report 2024A · The company itself

“An increase in the price of oil increases our transportation costs for distribution, utility costs for our retail stores and costs to purchase our products from vendors.”

Annual report 2026A · The company itself

“Siirtymäriskit Siirtymäriskejä ja -mahdollisuuksia koskevassa arvioinnissa tarkasteltiin riskejä, jotka syntyvät talouden siirtyessä pois fossiilisten polttoaineiden käytöstä, kohti nettonollataloutta Pariisin ilmastosopimuksen tavoitteiden mukaisesti.”

Annual report 2025A · The company itself

“We are subject to market risk with respect to the pricing of certain products and services, which include, among other items, grain, corn, steel, petroleum, cotton, and other commodities, as well as duties, tariffs, diesel fuel, and transportation services.”

Annual report 2025A · The company itself

“We transport hazardous materials – We transport certain hazardous materials and other materials, including crude oil, ethanol, and toxic inhalation hazard (TIH) materials, such as chlorine, that pose certain risks in the event of a release or combustion. Additionally, U.S. laws impose common carrier obligations on railroads that require us to transport certain hazardous materials regardless of risk or potential exposure to loss.”

Annual report 2025A · The company itself

“QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK COMMODITY PRICE RISK We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn), the products we produce, and natural gas used in our operations.”

Annual report 2025A · The company itself

“Table of Contents Most of our petroleum refineries are located in areas that offer favorable operating costs and other strategic advantages, as described below under “OUR OPERATIONS—Refining,” and we believe our refineries are positioned to meet the strong global demand for petroleum-based products.”

Annual report 2025A · The company itself

“We are a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and we sell our products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America.”

Annual report 2025A · The company itself

“We own 15 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day (BPD).”

Annual report 2025A · The company itself

“Materials Veralto’s manufacturing operations employ a wide variety of raw materials, including metallic-based components, electronic components, chemistries, OEM products, plastics and other petroleum-based products. Prices of oil and gas affect Veralto’s costs for freight and utilities and also have an indirect impact on the cost of other purchased materials.”

Annual report 2025A · The company itself

“Volatile fossil fuel prices and geopolitical risks have further underscored the need for energy solutions that are not only clean but also affordable and secure.”

Annual report 2025A · The company itself

“Science-based decarbonisation of our operations and supply chain by 2030 Every day, Vestas wind turbines harness wind energy to generate renewable electricity, providing an alternative to fossil fuels and serving as a key driver in the decarbonisation of global energy systems.”

Annual report 2025A · The company itself

“Our solid reputation and good position in the oil and gas sector is an important driver for our revenue. While there is continued high activity in the energy space, we see many customers in other industries being more reluctant with regards to investments in IT.”

Annual report 2024A · The company itself

“Lower wholesale market prices for electricity may adversely affect the financial results for certain of our renewable projects, depending on the structure of the related PPA.”

Annual report 2025A · The company itself

“Commodity Costs In the normal course of providing energy, we are subject to market fluctuations in the costs of coal, natural gas, purchased power, and fuel oil used in the delivery of coal. We manage our fuel and natural gas supply costs through a portfolio of short and long-term procurement contracts with various suppliers for the purchase of coal, natural gas, and fuel oil.”

Annual report 2025A · The company itself

“This supports a continued high activity level in 2025 at the offshore fields serviced by NorSea and other Wilhelmsen operations.”

Annual report 2024A · The company itself

“Offshore-segmentissä energian hinnat tukivat öljyja kaasumarkkinoita.”

Annual report 2024A · The company itself

“Allt material framställs från råolja, som blir omvandlad i era steg för att bli granulat. Granulatpriser har enlåg korrelation med råoljepriset.”

Annual report 2024A · The company itself

“Härutöver exkluderar vi bolag med betydande intäkter från utvinning eller produktion av fossila bränslen för samtliga Artikel 8- och Artikel 9-fonder.”

Annual report 2024A · The company itself

“Consumer demand for the products and services that we offer could be, or could continue to be, affected by a number of factors, including: real GDP growth, inflation, recession, consumer confidence, employment levels, effects of government closures, cost of living, uncertainty over the availability of government benefits, tax rates, availability of consumer financing, interest rates, housing market conditions, foreign currency exchange rates, the price of oil, gas and other commodities and other macroeconomic trends.”

Annual report 2026A · The company itself

“Under 2024 växte Norges BNP med 2,4%, stöttad av en expansiv finanspolitik och styrkan i olje- och gassektorn.”

Annual report 2024A · The company itself

“We also expect that pricing volatility will continue as carriers adapt to changes in demand, changing fuel prices, available capacity, security risks and react to governmental trade policies and other regulations.”

Annual report 2025A · The company itself

“Fossildrevne firmabiler udskiftes med elbiler frem mod 2029/30”

Annual report 2025A · The company itself

“These have resulted in a 20% decrease in fuel consumption from crude oil and petroleum products.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, the 3-year forward price of WTI crude oil decreased approximately 7.6%, and the 3-year forward price of natural gas decreased from approximately $4.62 per MMBtu as of December 31, 2024 to $4.51 per MMBtu as of December 31, 2025.”

Annual report 2025A · The company itself

“The escalation of the Middle East conflict could cause oil and natural gas prices to rise.”

Annual report 2025A · The company itself

“Increases in the cost of commodities used in our manufacturing operations and any difficulty in obtaining any of the aforementioned resources could negatively affect our financial results.”

Annual report 2025A · The company itself

“Our portfolio includes properties leased to operators of convenience stores that sell petroleum-based fuels, operators of oil change and tune-up facilities and operators that use chemicals and other waste products. These facilities and some of our other properties use, or may have used in the past, underground lifts or storage tanks for the storage of petroleum-based or waste products, which could create a potential for the release of hazardous substances.”

Annual report 2025A · The company itself

“Høsten 2024 ble det startet en LEAP-prosess, der Veidekkes påvirkninger, avhengigheter, risikoer og muligheter vedrørende biologisk mangfold og økosystemer er kartlagt. Prosessen har involvert virksomhetsområdene gjennom workshops og innhenting av data.”

Annual report 2024A · The company itself

“These factors include, but are not limited to, changes in temperature, wind conditions, wake and blockage effects, precipitation levels, the development in power, coal, carbon, gas, oil, currency, inflation rates, and interest rate markets, the ability to uphold hedge accounting, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions.”

Annual report 2025A · The company itself