Russia’s Defense Ministry claimed that its air defenses intercepted and destroyed 223 Ukrainian drones overnight over 19 Russian regions, occupied Crimea, and the Azov Sea.

A large fire was seen emanating from the NS-Oil Refinery in the community of Novospasskoye in Russia’s Ulyanovsk Oblast following a reported Ukrainian drone attack. Related News

Wildberries logistics centers in St. Petersburg were among the facilities struck by Ukrainian drones, Russian Telegram media channels reported, leading to a large fire at one facility. Wildberries, came under fire in the Russian cities of St. Petersburg and Tver, as well as in Russian-occupied Crimea overnight on July 24 in a widespread Ukrainian drone attack.

Residents shared videos on social media documenting thick black smoke rising over part of the city, with the strike reported on the “Utkin Zavod” logistics park, which houses the Wildberries facility immediately south of the city in the village of Novosaratovka… Related News

The IEA is closely monitoring the situation in oil markets following recent developments in the conflict in the Middle East.

The escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increases security of supply concerns and uncertainty over the market outlook. Threats to the Bab el-Mandeb Strait, which has become increasingly important as a route to bypass the Strait of Hormuz, exacerbate these concerns further.

For the moment, crude oil markets continue to benefit from several cushioning factors.

These include significant supplies from Gulf producers – notably through major efforts by Saudi Arabia and the United Arab Emirates – that are continuing to reach global markets via alternative routes to the Strait of Hormuz, as well as volumes still managing to pass through it. We estimate that Gulf exports are below their late-June highs but are still considerably higher than the levels seen between early March and mid-June. Related News

Coal-fired power generation is set to increase in 2026, driven by supply difficulties and soaring natural gas prices linked to the war in the Middle East, the International Energy Agency said Thursday.

The conflict in the Middle East, pitting the United States against Iran, has led since March 2026 to regular blockages of the Strait of Hormuz, through which 20 percent of liquefied natural gas (LNG) transits, pushing some economies back toward coal. Related News

The annual Global Hydrogen Review tracks hydrogen production and demand worldwide and identifies the latest developments relating to policy, infrastructure, trade, investments and innovation.

The conflict in the Middle East is impacting global supplies of hydrogen and hydrogen derivatives such as fertilisers, exposing vulnerabilities in their supply chains. As energy security concerns move higher up the policy agenda, this year’s report considers the potential contributions of low-emissions hydrogen and hydrogen derivatives to enhancing energy security. It takes stock of deployment to date to assess the level of hydrogen uptake that could be achieved by 2030.

The report’s main authors will present and discuss their main findings in two webinar events for different time zones on 29 July, at 9:30-10:30 (CEST) and again at 16:00-17:00 (CEST).. Related News

6th Edition of the Energy Leadership Summit 2026 , taking place on 9–10 September 2026 at Hyatt Regency, Delhi .
About the Summit –
“ Powering India’s Next Energy Economy: Security, Scale, Intelligence and Self-Reliance ,”
The summit will convene key decision-makers from government, PSUs, and the private sector to discuss the future of India’s energy ecosystem.
As India accelerates toward a cleaner, more resilient energy future, this platform will enable meaningful dialogue, strategic insights, and collaboration across sectors.
What to Expect –
• High-impact keynote sessions from policymakers and industry leaders
• Insightful panel discussions on critical energy challenges and opportunities
• Deep dives into emerging technologies shaping the energy transition
• Networking opportunities with senior stakeholders across the value chain
Delegate Registration –
Early Bird Fee : INR 13,500 (Standard Fee: INR 15,000), Per Person | Excluding 18 % GST
Deadline : 31 July 2026
Seats are filling up, and registrations go through an editorial review process. .Related News

VARTA confirmed on Friday that it has filed for preliminary insolvency under self-administration, in a bid to secure its economic future and enable the sustainable continuation of its operations.

According to the company, the filing affects not only VARAT group’s parent company headquartered in southern Germany, but also its operating subsidiaries. The company cited significantly deteriorating market conditions, weaker demand, negative currency exchange rate effects and, most recently, the decision by a key anchor customer to end its partnership with VARTA as the main causes of the renewed crisis.. Related News

Joby Aviation, Inc. and Virgin Atlantic signed a definitive agreement at the Farnborough International Airshow, formalizing the partnership the companies first announced in 2025 to bring Joby’s air taxi service to the UK. The agreement converts the partnership announced in 2025 into a binding, multi-year commercial framework, establishing Virgin Atlantic as Joby’s exclusive airline partner for air taxi services in the UK. The collaboration builds on Joby’s existing partnership with Delta Air Lines, which holds a 49 percent stake in Virgin Atlantic, bringing together three brands focused on faster, more convenient travel across the UK. Related News

Elim Yeoh, B.Sc. (Chem. Eng.), eMBA, has been appointed President, Renewable Products, North America and a member of the Neste Leadership Team as of 1 September 2026. She will be responsible for all Neste’s renewable products business in North America, including regional commercial operations and feedstock sourcing. She will also be the lead Neste representative in the Board of the Martinez joint venture. Elim Yeoh will report to President and CEO Heikki Malinen.

Elim Yeoh is a seasoned energy executive with more than 20 years of leadership across the downstream, midstream and renewable fuels sectors. . Related News

Electric air taxis have moved steadily toward commercial service, but charging infrastructure remains one of the industry’s biggest missing pieces. A new U.S. initiative aims to close that gap by building a shared network of up to 250 charging sites for next-generation aircraft over the next decade. Archer Aviation, BETA Technologies, and Macquarie Capital are behind the effort, called America’s Consortium for Electric Skyways (ACES). The partners plan to electrify up to 250 aviation sites across the United States, focusing on airports and future vertiports in major metropolitan areas where commercial electric vertical takeoff and landing (eVTOL) operations are expected to emerge…Related News

Vestas announced the following order as part of our Q3 order intake:

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OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.

Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases

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Formula E is a key pillar of Nissan’s global electrification strategy, making success in the championship an important part of the company’s long-term ambitions. As one of Formula E’s longest-standing competitors, Andretti Formula E has consistently competed at the front of the field, securing the 2023 FIA Formula E Drivers’ World Championship with Jake Dennis. Working alongside such an experienced and competitive customer team further strengthens Nissan’s position in the sport and commitment to the series as it enters its next chapter.

Beyond supplying powertrains, Nissan and Andretti Formula E will work closely throughout the GEN4 era, combining technical expertise, engineering knowledge and sporting experience. With four Nissan-powered cars competing in the series, the collaboration will create valuable opportunities for technical exchange and continuous development, helping both organizations maximize performance in one of world motorsport’s most competitive championships.

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While recent disruptions to global natural gas markets due to the war in the Middle East have pushed up electricity generation costs in many regions, strong underlying demand from industry, appliances, cooling, electric vehicles and data centres is expected to keep global electricity consumption on a firm upward trajectory.

Published today, the IEA’s latest Electricity Mid-Year Update forecasts that global electricity demand will grow by 3.6% in 2026 and by a further 3.8% in 2027 – up from 3% growth in 2025. Global electricity consumption is projected to reach 30,700 terawatt-hours (TWh) in 2027, compared with 28,600 TWh in 2025.

The disruptions to liquified natural gas (LNG) flows through the Strait of Hormuz have tested electricity markets around the world, driving natural gas prices in Asia and Europe to their highest levels since the 2022-23 energy crisis and prompting emergency measures to curb energy use in some regions. Power systems have for the most part weathered the impacts of the crisis so far, with additional LNG supplies – particularly from North America – helping to ease market tightness. Nevertheless, spikes in gas prices have prompted fuel switching from natural gas to coal in several Asian and European countries. At the same time, rising power generation from renewable sources has contributed to the diversification of electricity supplies in many countries, supporting energy security and helping cushion the impacts of the shock.

Renewables are on track to become the world’s largest source of electricity generation in 2026, overtaking coal after reaching near parity in 2025. Renewable generation is set to grow by more than 8% in 2026, and it is poised to increase its share of global electricity generation from 33% in 2025 to 37% by 2027.

Solar power continues to lead growth in electricity supply worldwide. Solar PV generation is set to expand strongly over the next two years, overtaking wind power in 2026 to become the world’s second-largest source of renewable electricity generation after hydropower. Solar PV’s global electricity output is forecast to increase by around 600 TWh in 2026, matching the record annual growth achieved in 2025, with similarly robust expansion expected in 2027.

The world’s largest economies are set to see strong rises in electricity consumption. In China, demand growth is expected to accelerate to 5.5% in 2026, pushed higher by manufacturing activity and expanding electric vehicle charging. In India, demand growth is forecast to rebound strongly to 7% following weather-related weakness in 2025. Among advanced economies, growth remains robust at close to 2% in the United States and in the European Union. By contrast, sharply higher fuel costs and supply disruptions are weighing on electricity consumption in more price-sensitive LNG-importing markets in Asia, including Pakistan and Bangladesh.

The report cautions that weather-related developments may affect electricity demand trends significantly, adding uncertainty to the outlook.

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The company has launched a dedicated plan to ensure the city’s electricity infrastructure is fully prepared to meet the demands of an international event that will bring together thousands of athletes, technical teams, support staff and spectators.

As part of this initiative, SP Energy Networks is testing its Mobile Asset Assessment Vehicle (MAAV) on the streets of Glasgow. Using an electrical scanning system, the vehicle can detect hidden faults in the underground network that cannot be identified through traditional inspections, allowing potential issues to be addressed before they affect electricity distribution and supply.

The initiative forms part of a wider network preparedness programme covering Glasgow’s more than 8,000 kilometres of overhead lines and underground cables, as well as nearly 4,000 substations.

In addition to using real-time data to identify and resolve potential anomalies, the company is deploying additional monitoring equipment, automated controls, thermal imaging technology and on-call engineering teams to ensure the highest levels of network reliability throughout the Commonwealth Games.

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Adjusted gross operating profit (EBITDA) grew by 7% to €8,050 million
Networks EBITDA increases +13%, supported by contributions from the UK (RIIO-T3), the interconnection project NECEC in the US and the rate improvements across all markets.
Power & Customer EBITDA increases +1%, with production up in UK, US and the other countries in continental Europe and Australia.

Dividends paid for the 2025 financial year reach €4.5 billion, an increase of 12%. The dividend per share stands at 0.685 euros, of which 0.427 euros will be paid on 27 July.

H1 investments up +25% to €7 billion, with more than 70% of investment focused on UK, US and Brazil
Networks investment up +42% to nearly €4.4 billion, representing close to two-thirds of overall investment:
Regulated Asset Base (RAB) increases 11% to €55 billion, mainly in UK (+11%), US (+12%) and Brazil (+18%).
Of that total, €40 billion relates to distribution (+6%) and €15 billion to transmission, with growth of 30% over the past year.

Investment in Generation exceeds €2.2 billion, more than 70% in onshore and offshore wind: More than 1.6 GW installed during the period.

Accelerating new projects in response to rising demand and the positive outlook in the PPA market:
Additional 2,100 MW is expected to be commissioned by December.

The company has mature projects to add up to 15,500 MW between 2025 and 2030, compared with the 9,500 MW in the 2025–28 plan.

Financial strength: Ratios remain in line with the BBB+ credit rating, and liquidity stands at 21,500 million, sufficient to cover 22 months’ financing requirements Process improvements linked to AI and increased operational efficiency.

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Group comparable EBITDA was EUR 2,064 (551) million. Renewable Products’ January-June comparable EBITDA was EUR 1,292 (246) million, impacted by higher sales margins and positive regulatory tailwind that drove demand. Oil Products’ comparable EBITDA was EUR 707 (256) million, driven by exceptionally wide middle distillate cracks margin. Marketing & Services comparable EBITDA was EUR 72 (49) million. Other’s comparable EBITDA was EUR -7 (0) million.

Group EBITDA was EUR 2,047 (446) million, impacted by inventory valuation gains of EUR 54 (losses -67) million and changes in the fair value of open commodity and currency derivatives totaling EUR -67 (-8) million. Profit before income taxes was EUR 1,614 (-108) million, and net profit was EUR 1,298 (loss -76) million. Earnings per share were EUR 1.69 (-0.10).

Second quarter in brief:

● Comparable EBITDA totaled EUR 1,203 (341) million
● EBITDA totaled EUR 1,144 (246) million
● Renewable Products’ comparable sales margin was USD 1,223 (361)/ton
● Oil Products’ total refining margin was USD 25.8 (10.0)/bbl
● Cash flow before financing activities was EUR 164 (226) million

Neste’s revenue in the second quarter totaled EUR 5,987 (4,511) million. Higher end product prices boosted revenue by EUR 2.4 billion year-over-year. Total sales volumes had a negative impact of EUR -0.7 billion, as a result of lower sales volumes of Oil Products due to preparations for the upcoming turnaround. Currency exchange rates as well as lower Oil Products’ trading volumes had an approximately EUR -0.2 billion negative impact on the revenue.

Group comparable EBITDA increased to EUR 1,203 (341) million. Renewable Products’ comparable EBITDA rose to EUR 859 (174) million, thanks to record high sales margins and elevated diesel prices. Oil Products’ comparable EBITDA reached EUR 334 (135) million, driven by exceptionally wide diesel cracks. Marketing & Services’ comparable EBITDA was EUR 23 (32) million.

Group EBITDA was EUR 1,144 (246) million, impacted by inventory valuation losses of EUR -87 (-111) million, while changes in the fair value of open commodity and currency derivatives were EUR 32 (22) million. Profit before income taxes was EUR 948 (-52) million, and after an effective tax rate of 19%, net profit was EUR 765 (-36) million. Earnings per share were EUR 1.00 (-0.05).

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The execution of the Capital Reduction is expected before the end of October 2026. Read More

Repsol posted a net income of €2.201 billion between January and June, 2026
· Net income for the first half of 2026 stood at €2.201 billion, due to the revaluation of inventories (+€823 million). Adjusted net income, which specifically measures the performance of the businesses, was €2.711
billion in the first half of the year. Specifically, adjusted net income in the Exploration and Production (Upstream) business reached €673 million, 6.7% more than in the first half of last year.

Adjusted net income in the Industrial business stood at €1.683 billion, driven mainly by higher refining margins, compared with €235 million in the same period in 2025, which was negatively impacted by the power outages last year. The Customer area maintained its growth trend, with a year-over-year increase of 5.1% to €369 million in the first half of the year. Low Carbon Generation recorded an adjusted net income of €6 million.

· These results come against a backdrop of significant volatility in energy markets, particularly since the start of the conflict in Iran, which has increased price fluctuations and restricted supply.

· Repsol – which has no assets in the Middle East – has concentrated its efforts on ensuring the continuity of energy supply and has allocated €2.4 billion in the first half of the year to build up its inventories of crude oil and refined products.

· The company has also helped mitigate the impact of fuel price volatility on its customers by applying additional discounts at its service stations.

· Repsol has proposed improvements to employee conditions through a preliminary agreement with employee representatives, which will serve as basis for the XI Framework Agreement.

· Josu Jon Imaz, CEO of Repsol: “The conflict in Iran has highlighted the importance of security of
supply and the essential role of oil and gas in meeting global demand. Repsol maintains its commitment to meet the needs of society, reinforcing fuel production and applying additional discounts for its customers at a key time of the year for Spanish tourism.”

The United States accounts for 37% of total volumes, more than 200,000 boe/d. One of Repsol’s
strategic projects in the country is Pikka, in Alaska, whose first phase began producing oil in May.
Current production is around 20,000 gross boe/d and will increase to 80,000 barrels of crude per
day in the third quarter of the year.

In Brazil, the company is making progress on Raia, in the Campos basin, which could become one of
the country’s main sources of natural gas when it starts operations in 2028, with expected net
production for Repsol of between 40,000 and 50,000 boe/d.

In Libya, the company has been awarded two new exploration blocks in the country’s first licensing
round in two decades.

In Venezuela, production remained in line with the previous year, at 71,000 boe/d. Neither the
company’s assets nor its employees were affected by the earthquake that has devastated the
country. In response, the company has mobilized several aircraft to deliver humanitarian aid and
coordinated the shipment of containers by sea carrying a range of essential supplies.

The announcement from Centcom marked the 12th night in a row of US strikes on Iran.

Earlier on Wednesday, the Commander-in-Chief said: “From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by missile, rocket, drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the capital city of Tehran.”

Maersk is temporarily suspending its service through the Chornomorsk Fishing Port due to the current security situation in the Black Sea, according to an official statement from Maersk. According to Maersk, the decision was driven by the current security situation affecting operations, as risks in the Black Sea have increased in recent weeks amid intensified Russian attacks.

“As a result, our service through Chornomorsk Fishing Port is temporarily suspended until further notice,” the company said. Related News

A.P. Moller – Maersk (Maersk) is strengthening its integrated logistics network in Latin America with expanded distribution and warehousing capabilities in Suape, Pernambuco, supporting customers seeking greater supply chain efficiency, visibility and resilience across Brazil.

Located in Cabo de Santo Agostinho, approximately 20 kilometres from the Port of Suape and Recife International Airport, the facility enhances Maersk’s ability to connect ocean, cabotage, inland transportation, warehousing and distribution services through a single, integrated logistics offering.

The investment comes as Northeastern Brazil continues to experience strong growth in trade and logistics activity. According to data from Brazil’s Ministry of Ports and Airports based on statistics from the Brazilian National Waterway Transportation Agency (ANTAQ), the region handled 329.7 million tonnes of cargo through maritime and inland waterways in 2025, while container volumes reached 21.2 million tonnes, representing year-on-year growth of 9%, the strongest increase recorded in the past five years.

As consumption, industrial activity and international trade expand across the region, companies are increasingly looking for logistics solutions that improve inventory positioning, accelerate market access and provide greater control across supply chains. Related News

Maersk announced the opening in late August of a new fulfillment hub in Hopedale, Massachusetts, a $100 million investment that will create approximately 1,000 jobs and expand the company’s logistics footprint in the Northeast. The 617,000-square-foot facility will support a major e-commerce customer and enhance Maersk’s ability to deliver faster, more reliable fulfillment services to consumers across the region.

The facility will begin operations in late August and serves as a major addition to Maersk’s North American Contract Logistics network. Designed to support high-volume fulfillment operations, the site expands Maersk’s ability to help customers meet growing consumer expectations for faster, more reliable delivery. Related News

Baker Street Generation Limited has entered a creditor’s voluntary liquidation, ending the company’s operations after being incorporated in 2018. The Scottish-registered business was linked to the Protos Gas Generation Plant in Cheshire, according to official records.

The liquidation process began on 16 July 2026 after written resolutions were passed to wind up the company voluntarily. The move means an appointed insolvency practitioner will oversee the company’s assets and deal with outstanding creditor claims.. Related News

Turkey’s competition authority has approved the merger between Italian energy contractor Saipem and Subsea7, an update published on the authority’s website showed. Both Saipem and Subsea7 are present in Turkey where they have won separate contracts for the development of the Sakarya field in the Black Sea, the largest offshore gas discovery in the country. Related News

Chris O’Shea, Group Chief Executive of Centrica, comments on the UK Government’s announcement to remove VAT from household electricity bills from 1 October.

“It’s encouraging to see the new Prime Minister move quickly to help households with the cost of energy. Any reduction in bills will be welcome news for customers and it’s good to see affordability being made a priority from day one. We will, of course, be passing this reduction on to our customers.

“We’ve been clear for a long time that help should be targeted at those who most need it. We continue to believe that the most sustainable solution would be a targeted social tariff to support vulnerable households, and we look forward to helping the government deliver that at the earliest possible opportunity.”.. Related News

Centrica confirmed further life extensions for the Heysham 1 and Hartlepool nuclear power stations, in which it has a 20% share, extending their expected closure dates by a further two years to March 2030.

Together, Heysham 1 and Hartlepool produce enough electricity to power more than 4 million homes a year, reducing the UK’s reliance on imported fossil fuels and supporting the transition to a cleaner energy system. These extensions add approximately 6TWh of incremental generation for the Company, helping to strengthen the UK’s energy security with further reliable, low-carbon electricity. There is no material upfront capital investment required as part of these extensions. Related News

More Energy, Oil & Gas Stories !!! �News straight from the source �

OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com

OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.

Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases

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TRATON Financial Services increased sales revenue by 17% due to further portfolio expansion. The Vehicle Services business accounted for 20% of total sales revenue, unchanged from the prior-year period (H1 2025: 20%). Adjusted operating result rose by 12% to €1.5 billion (H1 2025: €1.4 billion), while the Group’s adjusted operating return on sales improved by 0.7 percentage points to 7.0% (H1 2025: 6.3%). Profitability was also supported by additional tariff-related receivables recognized by the US brand International Motors in the second quarter.

Incoming orders were 30% higher than in the prior-year period, at 181,900 (H1 2025: 139,600) vehicles. In Europe (EU27+3), the truck business saw a 10% increase year-over-year, with particularly strong momentum in the second quarter. In the German market, however, truck order intake declined by 8%. In North America, truck order intake increased by 141%, driven by a significant improvement in demand for heavy-duty trucks (Class 8). In addition, pent-up demand supported order intake, as orders had been postponed in the previous year due to high uncertainty. In South America, incoming orders for trucks were up 22%.

This was primarily due to Brazil’s government subsidized “Move Brasil” credit program. In the Asia-Pacific region, incoming orders for trucks rose by 63%. Here, Scania had launched the NEXT ERA product line tailored to the Asian market. Demand for buses also increased significantly across the Group, with order intake up 14%. Overall, the significant increase in incoming orders indicates that demand in key markets is recovering noticeably and that the TRATON GROUP is entering into the second half of the year with good momentum.

Developments at the TRATON GROUP brands

Scania Vehicles & Services improved its adjusted operating return on sales by 0.9 percentage points to 11.3% (H1 2026: 10.4%) in the first half of 2026. Lower overhead and product costs, as well as positive product mix effects, more than offset the increase in research and development costs.

MAN Truck & Bus increased its adjusted operating return on sales to 7.0% (H1 2025: 6.1%) in the first half of 2026. In addition to the increase in sales revenue, the main drivers were positive product mix/pricing effects and better fixed cost absorption.

At International Motors, adjusted operating return on sales declined to 1.1% (H1 2025: 1.9%) in the first half of 2026. In addition to the volume-related decline in sales revenue, high tariff costs were the main factor weighing on this figure. On the other hand, lower fixed costs and currency effects had a positive impact.

Volkswagen Truck & Bus (VWTB) reported an operating return on sales (adjusted) of 10.5% (H1 2025: 12.9%) in the first half of 2026, down 2.3 percentage points due to negative currency effects.

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Exploration & Production posted adjusted net operating income of $3.2 billion and cash flow of $5.8 billion, up by more than 25% over the quarter, capturing the increase in the average selling price of liquids (+$17.9/b compared to the first quarter 2026). The Company also kept its Upstream operating costs at $5/b.

The Integrated LNG segment achieved adjusted net operating income and cash flow of $0.8 billion in the second quarter of 2026, decreasing significantly due to the underperformance of gas trading in a broadly flat to declining market in Europe, whereas it had outperformed in the first quarter. The ECA LNG project, located on the Pacific coast of Mexico, started-up early July, strengthening the diversification of the LNG portfolio of the Company towards the Asian market. Moreover, the Company pursued its strategy of signing long term oil-indexed LNG contracts with Chugoku in Japan and Hangzhou Gas in China.

Integrated Power generated adjusted cash flow of $700 million, up strongly, by 25%, supported by the contribution, in line with expectations, of EPH assets since early May, net operating income is stable quarter-to-quarter.

Downstream posted cash flow of $2.9 billion, up sharply by 35% and adjusted net operating income of $2.3 billion, up 24% in the quarter, driven by the ability of the Refining & Chemicals segment to fully capture the increase in refining and petrochemical margins and the strong performance of crude oil and petroleum products trading activities, at the same level as in the first quarter of 2026. Downstream results also benefited from the outstanding results and cash flow of Marketing & Services activities.

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