Welcome to Thoughts on the Market.

I'm Martin Ratz, Morgan Sandi's global oil strategist, and head of the European Energy

Research Team.

I'm Stephen Bird, head of North American Research for power and utilities and clean energy.

And today on the podcast, we'll be talking about the global energy transition and the

future of energy and power as we move towards a lower carbon world.

It's Monday, April 12th at 3pm in London, in 10am in New York.

So Martin, it is work day this month, and it does seem like an appropriate time to chat

about a big theme right now for both you and me, and that's the transition to a lower

carbon future.

It was heavily discussed at our recent global energy and power conference last month.

I know you released a really interesting sit-down with Ben, Ben, Burden, and a broiled

that shell, which by the way is on Morgan Sandi.com and the firm's YouTube page.

I thought we could start there and talk about some takeaways from that conversation,

and along these lines, conversations you've had with other majors.

And what I'm most interested in is whether or not you see similarity in their strategies

to adapt and reposition their models, or do you see a lot of diversions in approach?

Yeah, thanks, Stephen.

Well, but the standards of this group, actually, we're seeing quite a lot of divergence.

Oil majors have usually in the past done very similar things.

So compared to that, we're actually seeing them on different trajectories at the moment.

Now, of course, there are common denominators.

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