At BNPPE''s flagship Transforming Industrials, Materials and Energy (TIME) Conference last week, we hosted management from major oil and gas companies and oil field services companies. In this note we outline the sector themes and key takeaways for each company. Oil and Gas: BP, Eni, Equinor, GALP Energia, Repsol Investors continue to be concerned about downside risk to the macro environment, especially oil demand and the impact of tariffs. However, more positive for investors is the sense that the Oil Companies'' approach to transition is becoming more cautious, disciplined and pragmatic. A conference highlight was our fireside chat with Murray Auchincloss (bp CEO) who conveyed confidence in the company''s ''fundamental reset.'' However, investor sentiment towards bp (=) remained neutral as the market awaits delivery on the company''s strategic objectives. In our view, GALP (+) and ENI (=) provided the most interesting stories. Maria Joao Carioca (Galp co-CEO and CFO) confirmed that a data room will be opened in late April/ early May with 5-10 interested parties for its 10bnboe Mopane asset (Namibia). Claudio Descalzi (ENI CEO) showcased the strong direction of ENI''s satellite model strategy and confidence on delivery was bolstered by the news of it exceeding its 2025 divestment target on the day of the conference. Oil Field Services: GTT, Saipem, Subsea7, TechnipEnergies A recurring theme was the strength of the offshore market, with Saipem and Subsea7 expressing confidence in their project pipelines. GTT and TechnipEnergies both highlighted a positive outlook for LNG demand, with little concern about potential oversupply given the historically supply-led nature of the market. With balance sheets broadly repaired and increased cash generation, capital allocation is emerging as a key topic, with companies considering growth through inorganic spend - GTT in the digital space and TechnipEnergies in its high margin TPS segment. Overall sentiment towards...