BP p.l.c. (BP) 3 Nov 212021 Q3 Earnings call transcript

Good morning, everyone, and welcome to bp's Third Quarter 2021 results presentation. I'm here today with Bernard Looney, Chief Executive Officer, and Murray Auchincloss, Chief Financial Officer.

Before we begin today, let me draw your attention to our cautionary statement.

During today's presentation, we will make forward-looking statements that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to factors we note on this slide and in our UK and SEC filings. Annual details. Exchange our filings and to more for refer Report, announcement Stock SEC Please are on documents These available our website. I'll now Bernard. hand over to

strong, and another results and then Today, then before share is financial we It takes you us. will start welcome operational quarter underlying detail. have are strategic Murray a progress. we Craig I'll the with our join delivery to I'm questions. and great of take summary some of your through you and reporting going Thanks, to everyone. strategic highlights

Our businesses maintaining their safe on focus operations. are running well, and reliable

portfolio the strategic transforming balance transformation. same distributions, while our continued And Our our shareholders delivering the time capturing how on sheet, growing investing focus is our benefit our is strong commodity our strengthening the show in results of at value environment. discipline while with performing for overall today,

of billion, debt quarter was underlying $XX a working For cash Operating the billion. to profits build flow billion billion. quarter, was sixth which consecutive includes for $X.X the $X.X replacement and $X reach cost capital fell net

to declared Next, $X.XXXX ordinary within on And announced increase distributions, share quarter the frame. second following this results. continue BP first A deliver is of we where shareholders. financial our commitment priority quarter, third the X% for a resilient dividend dividend to has to our unchanged per with our

later the over share hand billion to back plans XXXX time I'll half let expect now, first and the strategic our the continued presentation. surplus and focus from results. which these completed But, of $X.XX you And in each for highlights about buyback quarter talk to seen our Murray. announced of We've also buyback other billion to have by to flow come momentum have today across me $X.X of areas. We complete fourth we cash shares,

Thanks, Bernard.

in recent quarter, prices increases with as COVID $XX oil weeks. eases Brent as the in of average to a strong well to the have in third environment. in increase, begin reflects continued moving as Let's rebound $XX supply. with macro Oil demand the impact OPEC+ above X% rising the This measured

inventories pre-pandemic levels. back result, a have As towards reduced

rose we of potential gas be additional average gas limit supply led imports. the and Hub gas up oil JKM inventory end Hurricane of markets by strong to drawdown LNG expect as growth, production for switching. prices prices XX% driven storage continued by reflects compared depleted supported pipeline quarter outages, to second in a production the second As NBP and the to as by Ida the Russian market, in Gas Henry to international tight strong continued $X.XX demand LNG well. uncertainty and Asian to to demand ahead year, In growth This around markets capital with were oil look the US discipline we from $X.XX averaged European curtailments. the quarter, from very quarter.

markets expect gas tight during demand. remain We period peak winter of the will

the by margins Ida seasonal be to also oil benefited quarter, seasonal margins XX% are refining fourth early demand. This increase the demand mainly wider North disruptions the third rose bp's average September. Realized compared In expected differentials. rebound. American the heavy lower crude industry to by quarter from to driven third refining in was quarter, In refining, to related Hurricane due to by supported Looking in RMM margins industry $XX.XX. is

the billion, gas billion, $X.X in primarily exceptional compared of the last results. loss of items to to end third bp to adjusting to and how risk themselves. billion. of an of expected delivered. consistent portfolio. physical prices used prices an Adjusting the accounting quarter items underlying $X.X cost end manages the due decline but underlying not reported After This unwind third mark-to-market the we cargoes $X.X to The at include mismatch risk billion, LNG quarter, IFRS is earnings LNG included mismatch Under we billion replacement forward removes IFRS, its hedges contracts with increase this as LNG profit of the $X.X are Moving effects quarter. if In fair of reported of contracts, quarter. reported the towards value manage $X.X the result

impacted in Turning marketing gas to the of from strong and customers and liquids In Gulf to the the on higher and performance reflects oil business the carbon Hurricane to quarter. business compared trading and capture result higher the a production products, from trading. from volumes, the contribution quarter. gas higher costs was availability of group aviation the result. energy, driven oil and and gas partly the The was by low retail enabling and And And of result effect higher and a by realizations, operations, benefited gas our realizations, and In by increased result investment. supported marketing returned but by second benefited the Mexico result Ida higher digital in increased and environment, refining customers refining energy throughput, fuel wage products margin also stronger prices. by profit management, offset offset convenience strong a production higher

debt the to holding build $XXX expenditure third of quarter, $X announced quarter. a billion end flow inventory disposal billion was value dividend receipts XXXX. end in after and gains fourth flow $X.X of delivery, This balance half the billion $X.X cash after now of by intention and shares cash factors, the year-to-date was sheet. accounting million. been We to $X.X the of to bp $X by billion This million, and $XX disposal program realize the of included bp buy third expect surplus has and the bringing results, year. the end announced $X.X has of the movements, around reach the during capital of of was underlying adjusting by to at of flow completed quarter were back fair billion this proceeds the in the fell cash Reflecting $X quarter executed Capital third to start second strong quarter. the quarter billion, the sixth With billion consecutive million proceeds XXXX. $X.XXXX third $XXX from has billion working since now effects. in Turn billion $XXX capital Recognizing cash flow quarter. reduced quarter, the working with share into payable the generated been first $X for for Operating a quarter. flow surplus per For ordinary third third net these and cash

Our a of our financial has and first our priorities These a dividend of established resilient capital. clear principles set with uses remain priority. unchanged for frame

prices, cash strengthen third we the focused with credit flow discipline, sheet. and of debt our reduction. higher remain backdrop on priority we we've pleased Despite rating. further to allocate fourth Our made to a commodity on continue the remained maintain is progress XXXX and priorities investment for capital second strong the plan capital of to And to unchanged. surplus grade balance expenditure I'm XX%

spend We expect $XX continue XXXX. to in billion to around

annual from quarter our buybacks Based billion Finally, to for in for current cash surplus subject on per expect average, the plans per and tranche with flow quarter to cash maintaining of buybacks. committed further increase a X% $XX on the surplus rating results. Board's of XXXX we dividend be Board surplus flow, the to around a and buyback flow $X to considering forecasts level strong of of with have XXXX. remains And prior final of deliver cash outline fourth expect an credit we quarter barrel, higher at investment subject the $X.XX discretion to a billion around able bp our to confidence outlook reflecting for execute quarter each to around flow an and Brent million quarter, for fourth prices cash through of to to and third the outlook, bp's cumulative of capacity surplus intends buyback XXXX to results. upside $XXX at Recognizing share continue XX% grade using

Taken on growth proposition strong Bernard, for to delivering you. Thanks to consistent shareholders. together, we back much focused with listening, our per very remain share

Thanks, Murray.

make laid and year. the out continue highlights, progress to underpinning look last and at our strategic now turning operational in we we So targets confidence to disciplined

will of third delivering XXX high quarter and Horse grade momentum, schedule as and billion have at growth at real we South X XX online example below the high is Thunder barrels XXX,XXX around than high first reducing to expenditure this capital emissions. and a to budget. hours barrels grow on projects one we these XX% an production all outlined bp plan same expect average, to expanding major around infrastructure. we and a per EBITDA a start footprint up margin you resilient and Looking And smaller, great net of growing portfolio. as is returns there Mexico, two achievement First, Phase and day projects. existing Matapal, in drive XX And doing, with prioritizing higher coming more we price will in of higher margin fantastic more EBITDA of hydrocarbons, equivalent Why Executing agree, leverage, margin margin and building we're is the plan Dog from further high with Mad projects a and new from In million margin XXXX, further executed come. our Expansion of in importantly, This, ambitious by strategy our target say. price important? to time over substantial so hope whilst us portfolio, major countries on help first we building we Project core quality in hit Phase I more In our business, Gulf oil XXXX, our by the leveraged drive the XXXX. to our and regions X projects of with now $XX

across some to single And quarter, these X%. to XX.X% as new project improved emissions, and world improving operating is reliability, strong resilience leverage Second, by by newer around our Raven also operating our it the in Compared maximizing up before, helping into class to Refining was value. upstream allowing as reach existing in reliability we've projects also X% plant areas. drive Egypt. is business across higher, performance execution underpinned model such lowering us our availability capabilities assets, major discussed and second

as attractive And to to progress strategy, we across operations, the returns improve XXXX EBITDA continue our XX% XXXX. of yielding by helping from $X to and while also our double XXXX sustainability mobility, cut over around These flaring expect investments assets, reliability in further quarter for of X% target since availability, and acquiring focused has XX% Take the and our Through the BPX by to XX% improvement than less continue We intensity are end example. by generate third an three actions of strong key the team and XX%. focus both are make towards nearly XXXX BPX returns. aim In methane Permian convenience to reducing the our action emissions. to billion of in we we areas.

Compared have First, offer. are quarter increased last number of X%. the redefining strategic we year, our by convenience we the to sites same convenience

around users, who BPme spend much by XXXX, as value twice Our basket customers, have non-app XX%. is higher our since in And key typically as markets. increased

in underpinned our US have the by example at XX%. Together and record year-to-date margin more has than the delivery. factors For grown UK, gross Thorntons, these in it convenience

in of are charging mobility, EV ultra-fast. or our Next nearly either points next-gen half now rapid

mobility rates to our with Our Europe Digital network Group connect XX% drive in points, partnership This charging our to Wild of And utilization is were up Jio-bp, footfall are our distinctive And The and fuel by electron across XXXX year-to-date completed stores. our BMW in Daimler drivers first of strength increasing Charging the expected a quarter. high brand, fully weeks, October. utilization with customer station be Jio-bp sales higher further and expand products network charging to an underlying Bean unmatched to Solutions last of last EV of continue than to EV in coming BP venture And Cafe providing our Indian on markets. existing In Brand the increase open will and and and growth and our convenience Castrol at finally, Jio-bp well-established convenience with integrated the Reliance including and our fuels combining offer fuels, their in driven experience. China, mobility few we Reliance joint businesses. earnings convenience the customer expertise builds services. Castrol Industries stations mobility and and Reliance points, record in months. and India, rebranded a knowledge, quality offers, rates tailored partnership The experience create including our

XX build returns. scale ability we we gigawatts on focus where in continue with develop discipline capability XXXX. to carbon, to by and have capital FID and confidence net a In bp growing our renewables, low to to Finally,

has Australia its XX%, scalable Council early And to now range the distinctive a UAE, X projects to the and Net in projects operate hydrogen Last on with low examples XX have two markets These growth also First, has compared several develop in share portfolio. second XX% in continued partnerships, our by demonstrate the with elsewhere. In and week, Teesside we of XXXX. selected to was announced and Alongside FID recent energy a bp by pipeline particular create global and we energy and hydrogen Aberdeen by the projects key City second, reach green mutually first gigawatts announcements UK projects the bp-lead projects a a Cluster grown Endurance successful production plan taking are Lightsource bp's to also Partnership, Government driven the in long BP strategy. position, The that the XX and Teesside power we focus deep quarter, Northern build integrated as aiming Cluster and growth are operates to was core bp in target standing and made Coast CCUS. the first planning in the develop, October, has in bid Europe, which a business the we And by the experience, Scotland. and gigawatts East in steps Zero gigawatts country. we bp HX will and low develop UK how infrastructure. UAE, sector a ADNOC build UK. CCUS hydrogen action Coast by XXXX. CCUS relationship. to leveraging we by with Lightsource for where further selected the partnership strategic our across hydrogen carbon. substantial hydrogen a In increased Together, by presence CCUS, two East to developed in September, were in And are earlier for carbon and scale hub Masdar one beneficial of project managed the the to

that continued So a performance tell results to and today's briefly of summarize, I progress. hope strategic financial you'll underlying story agree strong

stronger value We driving hydrocarbons price environment. are portfolio from more focused the to and resilient a leveraged

long We what returns in performance and to is resilient market focused I And we our what the tomorrow. generate driven, carbon, long established and cycles a low is is that but course, term. and and investing business pleased that transforming and in questions Murray, foundation near continue can for and be a stable we great investor compelling financial of momentum you purpose is we any proposition. team term mobility led And for days, the that to that transforms doing to early grow are still are Craig by laying take with returns. performing the to material we this on. is term, and expected delivery businesses shareholders today of mean grow that delivers the the is with believe One a discipline combination job. convenience laser is bp and and strategic have. presents while It will sustainable And for This value

Instructions] [Operator

Well, this everybody thanks for quarter. us joining again,

your few I please, you just over after we get so to follow remind up any can to And restrict available to IR ask the questions questions minutes. is on call if next their the more to usual, detail. two everybody obviously coming As

So first on Jason? me let to the question. Kenney note, of Santander Jason that turn for

Hey, much. Murray. Thanks very Bernard,

in particularly of ones the number smaller I So and bp there of Blueprint years. are mean, some the last the collaborations I developed by am BluSmart. strategic struck couple like

and the one ones mean, everything's things the and bp. all the then Lightsource coming ADNOC, I like got like Jio-bp DiDi You've obvious then in. And and there's Mazda big

to of business and operations? being and BP, will is just the for which the comment you value may on move with And technologies, best on right the is you're independent other like look BP positions So of right that Iraq, directly specifically correct dependent by how any an much chains? what kind being be be how and the Angola Thanks. players could positioned energy looking the positions scalable thoughts hydrocarbon would of supportive just of maybe future hydrocarbon appreciated. I'm new in and much like driven the new much that the outside alignment the on BP wondering then on So or right

terms and to really a of stab in partnerships at a the things he joint hydrocarbons little Good wishes, on. little there. good, your I'll we're add and and think of ventures Murray Very and morning take voice. Jason. I'll talk the a hear let it's and I good Maybe if about can partnerships and what so Murray couple Look, bit doing

more need is lends local to Reliance needs it's it the future like sometimes China, Jio-bp The it together the those have energy And solve with complex, the of more different come that in first itself DiDi diversified. local. problems. we is skills in help have It's to more with system we partners for like And to with India.

encourage energy is one the part think relationships of are I thing say of is that would and future So our the us partnership, partner. And second system I the to will DNA.

but joint eight-fold in quarter. Digital China. months would charging wish is to I XXXXs Europe in customers to that a China, In do in took up do quarter of XX not charge And able the the let Daimler this but we build sign that our in And what in UK it as think that's marketplace, of China, the Germany, in EV of that companies partner bp. sign necessarily and go in the venture a up that so we them out can took it in I it's Jason, terms bp. company software only Solutions to that stations are wouldn't just doing. we're you cases see some them not of other a I is our opens in a long partner and to And to incredible We're for the in we you years to to customers number thing to of us In to the us, seven as Charging opened X% be with some we X% XXXth and encouraging site go points want be strength, as to that need EVs charging mentioned in getting seen and partner China of to hundreds our in BMW, year-on-year we with strength weakness. think have of here. from partnerships And of with pointed know investment XX%.

So in XX% DiDi partner with hope India's an natural us his team, next excellent on Reliance to be side, gas between is there. several and of XX% over for Ambani years. doing providing Mukesh what gas India, we we're the and natural the

important that and our time at to opening that's Jio-bp first Something massively same country's the station. transition,

are love. So that something partnerships we

I are We record Argentina, have part something that great in see it's hydrocarbons? Aker into. the partners, think want just a energy anything guess, leaning encouraging relationship And going need. and not I want to PAE to do them. in as but just it's BP we people I it's us. and on part of what in is to Murray, alone of Norway, said, future. add we need a partner that the It's And with track to system

building. together in I upstream I have similar type companies with only and and XXXXs historic phase thing Yeah. seeing back the we're bp both other guess the of morning and back XXXXs, been Thanks, good develop downstream, the you'd to downstream. just is, announcements add working I'd if that of a of think you the upstream look the in Jason.

we're is the nature And cycle is of so that that the in.

very etc., what created value. past back with a Bernard Alaska, NorthStar If transactions, the transactions Hilcorp, always Endicott did a over partners think to create driven. done suppose. I decade, value as we've was They're we I to far As I and partnership. and couple and

substantially think that BP up Aker it's with ago, price over we five on period. is Aker I share the time years BP created the quite partnership and

Fourfold.

see next it it? Eni, obviously, one's XX And not next, is we looking difficult years, Angola. value think for so with these do we the you they're align. like very partnerships. that's great just that difficult looks bad industrial can we two the to synergy of Fourfold, do think partner, know, of opportunity Working and there they're I a our a lot So, very We're can constantly for every things. these create things, to

future we're value about for So And years. create like going our it hit looking rate ways shareholders. to XX ones. always hit But I'm rates is not any to forecast here looks - every for two

So let's see, Jason

is value, unlocking about it? all It isn't

about let's continue two bit to And unlocking we're that's the you us can laser expect is but I better every And on focused to it. trying portfolio. be and should It years do all a value to XX than what think we do with see.

Thanks, So day-by-day. Jason.

performance think my I I just got Jason. contract,

of feedback. was That a bit little

Yeah.

Jason. Christyan thanks, great, take That's at the Christyan? next JPMorgan. Malek We'll from question

good if Hi, it's Bernard to Thanks, voices hear Craig and and may. I Murray, questions, hi, too. morning. good Two

in activism the US gas, space it logic carbon now. renewables the on rise, thoughts the be business. First, carve the be for the regarding the want in on sort to and low of your appears know breakup out I case or of to Europe

I continue but industrial understand in hear in business on just sort and love of to to JV a of UK? what within Jason's sort you that. can partner, wonder to bp logic of I your question, and so extent that partnership, following sit the And that and thoughts separate So

your extent the The confidence? second in your hearing you. future worth as be question operational just price guide driving latter outlook you point belief years oil To the Thank next interesting, based is few It'd you of versus see [super if well, in your TSR the how execution on terms ultimately firmer increased the that on in is of It's TSR benchmark macro the prices? what's that your is guide. what your outlook, on on four]. thoughts

thanks this the so I matter hearing our investors. for Murray, And of I question I'll let your not on if would question. second call first And your is I voice, can question and the the I good. tackle breakup take that being around think on, first call. see Very also say TSR. hear around from in good that thing Christyan we're the that Look, to

from think thing. not I investors the our is clear. think We're Why? think, that today. I that's So hearing strategy, first I and foremost

I think it's increasingly clear.

- I financial clear. it, people with get framework think as we more is As our comfortable

I think say, it's is if And investor think I I think, may working. our proposition clear. I actually

good in down, a quarter row quarter of strengthening, debt strong the cash. in sheet results, of Third balance six row we're generating coming net a

I think, I at the have in like and a seen, I we're what these prices. hope we're we're machine of And shareholders you'll what types from increasingly think we investing cash transition Christyan, doing. with discipline, step-by-step see,

if So of our the name not to importantly, world because last the name, businesses in Number there, an we're need we an that billion them I at growth. their see it integrated look that can what reason capital, take flow, capture Kingdom, facility other energy second we're a energy generate and take and back one, struggling for the existing a hydrogen other infrastructure the into fund and help create working the invest chose renewable flow company being we better is company at When put value network a problem hydrogen twofold. we not that way I potential alone the in and cash carbon, companies Aberdeen from to build but chose store country take energy at take Adjusting on transport, do. plan in explore of math than that can a build integrated thing time to I largest reliable being offshore customers take deal like to operating cash that into and some in is business company integrated electricity company the enormous that some same company problem offshore, to a have. transition. for of sources and not And public And as that have That's the UK, in hydrogen the same of done and that, hedge with will time, the I close gas, of build say sign have cash And it called a for transition. the I out would look can our the trucking predictable sign for have And $X wind, to station, quarter. What United this the Christyan, a guys it's Daimler natural you Britain transition, to premise is have help a before it year the reason, power underground. encouraged. We charging deal of it, it's deeply a that at we energy. we company. a strategy these the conversations, believe an the trading and say

and So the I as minds, by clearer bp think energy I like people's clearer think for clearly company in the transition becomes complex, more roles becomes the a day.

as quarter, we as while is Christyan, be we us. every and predictable and hear we and want from and transforming, every believe, and what deliver pretty reliable we So continue think deliver to I boring, each each and long story short, day that are performing better to And we you'll together.

I think that proposition will continue strengthen. to

at it leave that. just me let Murray? So

Yeah, Christyan, you're I think our on frame. about asking financial the TSR question,

has priority, to capacity X% what by the annum, first assuming $XX per dividend said, XXXX. through So grow we've

is priority reduce net our to Second debt.

sustaining the surplus protect XX% on our in reduction transition debt CapEx business. Third priority, sheet. buybacks, to through XXXX, share XX% historic cash, And invest we've for balance the hydrocarbons And obviously, and buybacks. at XX% then least said

was. of we As oil. we we buybacks, an said price assumption at That's oil at that the guided oil XXXX And $XX, not the future billion that's do forecast share said on a a just to $XX just around $X of could price. what we the more quarter

the our the belief our what guideline just for helpful our on be. you, is. it's a shareholders, capacity So price what and to oil will not understand It's for sell-side

pre-COVID with higher. what announcement a - Of potential I think got to of quarter price managing oil $XXX We $X.XX that's can And a or day. price. outlook buybacks. that, the be course, balance. you're increase, itself, we Demand's levels. up of our year, if higher we'll obviously, third pre-COVID next happen we'll is On oil back and constructive oil above job to - lower oil levels. think than prices good there Again, the if And million OPEC+ around somewhere be doing back we've a seeing the not that prices on we're somewhere results think those buyback of billion course,

So doesn't model price. useful business. just to really And for you. a we oil the that's constructive assumption on it Thank to remain $XX, you relate our

Thanks, from Michele take Goldman question Michele? Vigna next Christyan. We'll Sachs. at Della the

questions, very Two your you Thank time. if may. I much for

wind, you. and has key bottlenecks, looking my really I And about of industry The better the then cost business. is that do are points your cost last percentage first for in if question in the it seems business? your a competitors to able rising there offshore and risk, which in utilization EV rising inflation to charging was in can from decade? you at mobility. are achieve wondering time and delays wondering growing to what The you this some there you're tremendous second is key be of profitability or penetration electric first effectively And was overruns, metrics manage one this about experience of oil terms be carry gas Thank you and into differently new to offshore on in I wind. with delays,

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decent quite overlap. this there's pretty a to the in know that do all of at we inflation. We're So things We space. manage bit managing this capital

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think bit with So But we've I I of our in supply to gas everything be use think inflation yes, learned little we'll that we're seeing from the this a to leverage space. manage able risk. upstream chain oil and in

Thanks, Murray.

fact years let took EV zero XX to It Just X% to from Michele electrification took penetration. seven we them X% from XX% It it's EV months to China go go. incredible. one penetration, on go before to

And someone just electrons said in the that quarter-on-quarter. Germany, we sold doubled

well this And So is business. a positioned. fast moving we're

return, make stat measure a to wanted general is, the you'll fast utilization you if if we XX% we themselves. just electrons the pure on returns, And XX% get a hold charger, that's

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is above Hammersmith definitely at utilization And XX%.

Michele. it have of thanks, future, the sign we I Now, Great, think. don't but is everywhere, a Hammersmith's

Clint thanks, at the next We'll Oz from question Bernstein. Oz? take Super, Michele.

within much, that, new I have saw a saw, active admit, I mentioned Thank oil read free saw to everyone. etc., couple morning. I you word good Hi, of when you free, lot change, free this the I India which Jio-bp, the a the station, etc. I morning. very fuel, fuel standard times of

battery to are basically just it it - or how EV what's I'm this out what's comes things Is Is wanted all what You please where is is the just or the revenue just expectations, charging? like it's model cross great and Thank charging. are low margins year, to, place? decline So But this about Is me rate but please. the actually sure your any out flesh India, markets write-offs still margin? about to just you. fuel? please? not the to could refreshments retail talk it's standard subsidization And pretty that's or the there it mean, the the at in bulk tell I together? talked It'd I be how taking about concern - some exploration see secondly, there's your And how amazing shrinking zero. in upstream. point your year comparing your this base in you

seeing margin XX%. XX%, so XX% have we're here fuel, in We don't Reliance basket The great the on a me or consumer and I'll only, I UK we This in in UK XX% here will retail risen UK. risen very XXXX decline that then the mean, here so and number used margin over sorry. to now the on the climbing over The I visit buy that pre-pandemic. speak. look, see think margin fuel strategy, on our rebranded XX% any charging. sizes at site. in existing site That Murray is a is with think, it are the months. margin And Basket help India, crosses to be rates, say are sites I has and I And way complete between the margin early numbers the bp think on increasing all Oz, habits something a to from that think buy maybe Jio-bp to climbing. I days. are sizes is convenience we're will UK, fuel capture the coming on first say the of And customers to changing. customer

terms if as have free is I word. that on made XXX it in People users offer, their mobile it think Today, think phones. lot an free, may So of integrated million a they platform. customer of use capture. Jio I And of issuing

Jio that do that it's mobile we in to venture did the their invest fantastic, this in want footprint mobile India to reputation and that given and Jio-bp, for And network. attract with And actually, incredibly we has. be as customers, we'll secure matter, successfully customers. network called customers So

of is as is our a I I things XX%, this XQ our and make and the the more February, drive the not know, margin portfolio. barrel terms or pure. despite would and in production earnings through in that we're shrinking XX% all pure decade. cash we to us a cost strategy, up, barrels, about We you'll optimization grow that unit the of grading per of a think This intend anything. We say sure reduction on to at does value about focused decade, couple this by flow a see highest of you to the talk we XX%. take through in volumes our high middle margin reduction XX% results a In continue out, equate, do But we'll this

you thing our absolutely think strategy a do think on infrastructure out, our exploration be from focused existing as assets the of optimizing allows I those allows us focused that's we is is focus It how us value to XXX% think, pointed is we these I I all near that's is assets. as value value things increasingly to It to and that It's really this understood on focused that capital. need create on that strategy, on that hydrocarbon sure we the maximum have. make focused doing.

anything So, add? to Murray,

decline. decline quarter. suspect base year-to-date as Gordon report a well. base think, below and the range, The holding decline Trinidad, rest year of to base very investment team that capital can base and on which at forms XX.X%, create the it. facilities of on is we'll and of decline performance end, up we've some And the very reliability, then the is that good Just the stuff, is So so had see of reliability, be that, we end plant not is when themselves, of I the I as basins, a annual good type guide, lower But know, We well. slightly we've some to another XX to have we if business the Oz, as you at places don't better number, you, X% super yet, usual, part back my BPX had where last lack suspect, decline guess. The because year, gas you an have we'll I go. days X% base. got do of We still than to

Oz. So X% good remains X% to

you. thank Super,

at the Oz. take question Thank next from Irene We'll Generale. you, Himona Societe

barrels of those of with Is ago. figure which provided X/X about which question, set much. Thank five said the barrels, described please? environment, had how new on that ROCE million. trading, you congratulations before, quarter margins still a superior which $XX b/d today's realistic projects, XXXK you these you at trading first had Thank new on $XX my At it? gas Bernard, of enhancement or that how you, morning. Brent, second very mentioned $XX, barrels Is new higher as compared give In strong. $XXX years from think question this Good My you recently press that time, environment? or Brent, had should you. X% are the And we sense $XX in the well us delivering The Group on legacy, to valid this margin.

And really will budget of This Thanks, Irene, outcomes. speaks them the has to to incredible of course, the is listening trading one, hope under done for go schedule, $XX countries you and I question job. who hope good XX% morning. goes have extraordinary major moment. And pretty for it an I bp set net we me the them congratulations And of about on Thank But that's things, achievement. a a projects is delivered XX an what across and extraordinary I the boasting a it that couple and been separate they billion don't let question do for XX I of on take gas say. mind you like are XXX,XXX. Murray this to our acknowledging we that. organization to it take to some don't me,

we boundary. So management building a project on intend oil and is And And management And as a secondly, building to deliver applicable doesn't that when hydrogen management. as oil is it facility, offshore project by project you to and something, know or a facility. it. gas an gas capability as tell I wind we what that is facility is building an to mean

it terms So acknowledging in thanks for of margins.

be as would to that XX% what portfolio. margin the that say we existing these would than prices XX% prices, about would delta I well. Irene, it that the at think these think is And I I margin XX% say at today, higher

quality grow production And EBITDA can reasons one we uplift reducing So is those we of the course, barrels. why margin while of that remains as high focus intact. cash grow on flow,

is in of So is flows trading? coming the phase of the And that much next - that on X Gulf coming into XXX,XXX, Mad on, gas year frankly, company. will oil incredibly Mexico, you on quite it online of cash much of strong environment. Dog the Murray, price in an see it comes

Yeah. nice hear voice. Irene, to your Hi

different And on so guidance, Year the third No press the It thoughts any X% to we returns when around enhances talk update just New quarter, number. those but was no speculation perspective, a in gas of around we we quarter We you there change that change we'll the X%. for don't thinking by about back trading. said on a so to numbers. that trading, year with don't speculation trading and far. bp was guided last strong that In disclose yes, to some

the that the production can must gas realizations But were very low was say see in You strong well in I as quarter and carbon. and as strong very well.

team low not press a was a numbers a the we're carbon quarter provide gas on. think had comment trading I as numbers don't well. great strong and quarter to in going for for So inside for the it production, we quarter gas the But And obviously. great realizations,

Thanks much. so

Irene. Thanks,

I Irene. Thanks, US think. for questions, of to the couple tend next We'll the

Paul from one First at Cheng Scotia.

what have Permian in your that? lack or you. one peers impact Mexico their your And least say what that's also one, production question, over the that to you the the to also, share? point? of couple EBITDA the Thank region this quarter see business? view you have in guys utilization. us the you. with rate you you morning. one is is economies And years? of your in is can you earning Good a in sold business, major operating you what number estimate, either of Thank second at BPX for EV all your at Can about related is Gulf of do an target how because of in asset Bernard, the The question next about what is the business and mentioned share contribution And that, the reason, of scale, and charging that utilization of you want - the do so

thank Paul, you.

probably and his utilization per on the amongst giving on GoM favorite, to by many. rates not And in two favorite think terms ask - we're I and utilization I'll comment BPX, region subjects Murray of yet. - rates,

fleet And average - below I three on and reality that EU, one and will the on-the-go. is combination a key majority today that, we're and it they're they're of Europe concentrating is about margin story. we one is say. XX% the where There doubt in I Utilization US. only markets XX%. average, going exists. on-the-go think with US probably more charging, mind. on the being fleet time, over which would come be markets on direction. And But two are The China, the rates markets think the of below probably be today three today there's gross a pool key no sitting probably China of will to our

see example. one is just you that world. the of some just pace And I of China But all of throughout growth numbers penetration have about EV the given it in the

So and providing they're just going go the a profitable. not basis yet. as becomes go to business on more We're up EBITDA they up, charging

I transparency. lot think we're providing of a

time, talking GoM, material would many say becomes you as material - But can more Hurricanes that but over that the to as business for that's today. expect Murray, doubt not too people no that Some start metrics. us and BPX? about

in early the apologies for that. morning you, Paul, and Hey, great. for Yeah, bright

about On calculations in GoM, on is. mbd, the you I'll what that the quarter XX impact do the was your let

royalty I costs the the sub-$X operating think rates XX% US are low there's in pretty a in about offshore and a barrel.

on ahead BPX we anticipated And well than to, hadn't with very efficiency on are much what doing calculations the in rather hoped we do that of gets ahead acquired better we're when you BPX, reservoirs and the it. then our Springs a let provide I'll happy expected. number. we at what the Costs we time. up Permian So is position. well Drilling Bone what that It's showing of are we expected, than that

things So we're operationally, all very very, with. happy I think

the this the the as that's $X drilling as website, year drilling And the $X.X only back that's going Permian. no time billion making least get The more building growth think at billion back will the and We'll well. out disclosure the up to business. business growing we take inside into this extremely out get assets. in to gradually year. we As and from anticipate dividend now infrastructure next also grow a in paid take but We'll or same flaring $X we that of big we're pays gradually a important sure by dividend them, of there's is Ford the for back year that we profitability. And that Permian to can they're we make ramping the super but into can on up we what's us price a focus from as the year. atmosphere you probably Haynesville CapEx, up a at the we'll to from dividend the we important it that for the basis, not We in take we're the next out billion for continuing about time dividends and ramp probably ramp on sure our to program probably through this the on invest and of go methane capital Eagle into environment leg obviously, see

profitability So driving cash flow reducing for with emissions, methane, the it, core flaring, very and reducing portfolio, driving bit from shareholders. reducing and a remains both of happy

Thanks Paul.

you. Thank

from take the Thanks, Gabelman Cowen. Jason question We'll at Paul. next

I and convenience ask the first the business. one Hey, mobility good on questions. taking my afternoon. Thanks want for to

kind down You've this forward seemingly kind help that planned. was and but highlighted strategy. and progress within can't that a year-over-year, of notice quarter-over-quarter growth initiatives moving of going your EV/convenience despite that as store business of EBITDA and I are lot strategic all on adjusted

those So to Could ramp something Is opportunities looking up and spend? XXXX? just going CapEx, a second you to little you and ramp can talk your given the does spend other cycle there's bit if you what's portfolio the in CapEx up periods? what in understand on versus other prices, that next that And my just short us for gas you're moving about help rise forward, Thanks, you're BPX year. within outlook to mentioned, on do then going oil just question,

two of capital, capital in Jason, And them much. the to I'll market voice thanks hit for update Good me. well. our in Murray fourth the jump and to and our your help results. as very quickly hear we'll just On XXXX February quarter guidance at

be quarter. we that within period in exactly right running is year-to-date. we over would record guidance that $XX you're you'll had update quite third have billion. can $XX this On said, our We it billion that $XX know the that that, you prices issued. in What be You guidance I year. on very remind convenience a will This will very, is but day. I for this be remain capital will particular around capital our has $XX people mobility, will will billion to not business and where disciplined we quite be know February we're come unchanged tell to as disciplined, to framework. And you won't $XX billion that overreacting to on changing point of from out February. that that And billion the that the I on guidance we about

the onto obviously lag a consumers. we the those thing much by Castrol, prices as So there's record. covers of both and pass will has Base over months some has year-to-date been business. have of a one nine through Castrol price And there. a hit There's time convenience been being couple things. oil that And usually higher. that flow

we've Asia convenience lockdowns a business. an the staff advertising, of investing thing across and some costs and bit is, that's more in in Castrol the that's clearly So impact. little seen and in Castrol of a We're convenience common bit had few increases have the a

the just and there we're to Murray, year-to-date focused add attention record that's either structural months nine nothing to on. draw and So what people's anything subject? on

No, perfect. Thanks.

you. much, me, will Thanks, which I feedback from Murray, Thank take. Okay. Jason. That very was for Thanks. Murray.

Okay, Jon thanks, Jason. We'll UBS, question the take please. at next from Rigby

Hi, guys. Craig. Thanks,

questions. so two And

from, I is returns, in interested But or seems measure gas Because activity hedging of that risk. low and to you you're it we to merchant your and a the power the to wisdom you this or point, hedging an is and gas look move slightly renewable if there gas is and volatility five is to it but risk so or at look the volumes markets, equity it don't speak that? just that you markets, of just low stable as true activity, that not has around be witness First this through and higher underlying? of just that the movements Thanks. me, little your guess, your like price the What gas lower next to that transition renewable comments at structure your troughs Because for market second, I just you on of go of phase? power The it me, strictly power years question, energy leverage also are in transition you've is that in whether is but particularly doesn't if is see markets, or hedges? you or four sort moment, produce the are seeing doing able peaks likely is return supposedly gas activity second about the a sort a more about activity volumes? sort return it you're you of true is, production your guess of if to and as oil step risk know this conventional back I talked sort the on impact

Very good, Jon.

from gas Yes, business in believe said, building is and be chain just to oil we've whatever I a actually go more at very bp next to in question decade doing energy part a in Number the volume cases, always value see the in on So let and things. energy speak me all hedging renewables most it you is sense, the I case. over renewables volume of are of say actually so a Yes, business of more but with and that on the the a sense. intelligently probably building for a asked. probably your some into media that that second good And do And to of renewable. or are from and terms also into you have one, Murray value, gas importantly, just hydrogen business or characterization integrated that will wish That's a oil we mean, We're pile question. I'd our but transition not goes couple some way we one, people's in we we're in cars it. little he'll the renewables electrons, On moving portfolio that's will to a renewables. not into, building focusing question. that of an we're a create production

energy first this EV an an including not which oil to not It's charging low the the So, doubling investment of renewables point important, sake, it's of renewables it's and a to investing for billion $X billion chain. but is story. $XX convenience, carbon renewables is focusing is value in into just oil, renewable

things. our think your return. them high In in investments are terms exactly of profitable. in that And of have would is, One hydrocarbons of others course, of returns, I characterization just I couple of of not traditionally, some all a would say industry, like been very

hydrocarbon therefore, I a will we are they correct, are less to. prices we to vagaries volatile. businesses from this the three, Two, company as valuing but of they investors less the transition volatile some some of the that. ways having flows, diversified as company, say to this used And more cash - some I And you're as only of those they think the and just last think happening in still we way over would flows saw cash and while that's And are I with environment, transition volatility, course, the less. and So open those happen from in decade, year. that do negative a

I therefore they investors. I by more think in it a think better proposition. many investor ways And valued are that creates

make you of renewable hedging? and to oil that are chain, is is number you'd correct. doubling latter a renewables new that one, story. compelling low And a not that of is of focusing points. two, investor energy anything Murray, returns two hydrocarbons. attributes cash amplify convenience can businesses It I these we from it's new number proposition. an And as there we on a It of It's in big But think what believe and flows this a business, So part mobility. a characterize that for carbon part. some add and gas

I add on to the thing the, think Bernard the only of returns. on volatility

and a invest etc. for wind program cash underpinned a PPA of nation, contract you difference by a in or or set a hydrogen flows. you're If by fairly that's a plant, stable

than gas. you're much and natural more risk If that's merchant, volatile you're merchant obviously, power, on taking

windows all the trading about Jon. know You

can the think can the off really that well who and win generally in people and that basis. the future priced are risk same gas to counterbalance companies that manage They natural I system, the be electricity. tend inside

we States, in really of with So gas, here in electricity do as course, saw that can do as And the of we years XX quarter in what quarter the that's in particular third first Europe, really our we're history United business. well in the manage seeing well. can interchange companies this

can is volatile, well, this in year. So our results day-by-day that risk you but it more see and we manage

got on enjoy hedge something principle. our on it upsides a gas. downsides. etc., as the We That's and that our you've that hedging, Jon, I gas equity hedge we shareholders LNG don't think don't

And trying do XX that. we'll margin to to a Remember price occur from a disruptions XX do really and merchant what cargo, the the cargo, then and cargoes. growing can we principle make hedge On in and margins and equity margins, we XX price over lock redirect sales time, make when of in it's business, that that the LNG superior sell to yes, is those we're very That's mtpa. buy contracts. on lock our ratable

Jon? very which do and it's we risk contracts that sales those up and hedge showing what is ratable saying So in a [FEA]. business you're helps, Hope

three Yeah, quarters? you'd next to to quarters? two that to reverse One and to confirm, just over expect two the

those It's it next well. months, could And wants reverse prices - over cargoes to sorry, Bernard will and of get the And the delivered. who delivered get it it. Yeah, as if X gas reverse answer is were months. I course, lot months, a fall X as of FEA X looking

towards and dependent with happy delivery timing we're on on happy of it's of we're direction price of dependent - So the with business. direction of now. And travel nothing on right cargoes, but

Thank you.

I favored accuracy.

on Jon. this with point. So Murray I thought go I'd Thanks

Thanks.

Bank Chris Chris? We'll Thank you, question the next Kuplent at America. of from Jon. take

out you. understand terms Yeah, thank paying you. buybacks. you're for in Murray, applying better one to just wanted I “formula” of the

And XQ into nine for free cash months not sure the I'm can the to billion announcement published your square I circle You've here and results definition $X.XX of flow. put context. surplus

you've Bernard. than own does question I a the outlook still embedded be I what financial Thank million but are thinking Bernard, a this dividend QX to obviously bought as So from you've wanted well growing without it me, dividend purely referred how during to And Aker your At a or And confused. $XXX or back on. first say, understand, there little helpful, let's whether please investment or would call getting the yield. towards of a year-to-date the help half? a Aker dividends just rather as there the you're earlier to BP BP So price one? you. strategic is become your, much return below is stage share performance that you're second with if confidence I'm about here may,

it Aker you strategic I investment. surprised. hope former but Good confused, Murray investment On let which it's good, a take I may question morning. - BP, will well Chris. Very the being as positively financial as be a is

very and bp and would Aker Kate doing that because be well, company we helpful. are are a bringing much can, on in from better we Board frankly, think involved fantastic stuff, make I some both BP actively that and what front. doing learning involved. that Murray digital as capability sits we the as to from the quite might in bp stronger, does as are And Aker and on when argue is strong they're particularly very partnership, helping

We much. that formula? question very on that Chris's investment. expect in from you a buyback financial that's strong more and business future So it what see forward. investment than the is should We going like that investment

Yep. Good morning, Chris.

when level also So future. the the not set only just outlook buybacks, to-date, of look we We've a said look grounding few we we've accumulated for principles the will surplus that we at here. at but will

be guided able to XXXX. we've at do a quarter $X $XX, to that out we Additionally, should billion around

these a two things. principles the should we principal are those So It's not you just formula. as think do about guiding

we've accelerated projects coming from of If we've We're you got buyback up saw confidence, to $XXX $X.XX Mexico. cash surplus flow, surplus more Argos, the formula facility third our is confidence especially you're maybe a the of in done ramping we've X thinking efficiently. would XX% billion. you the reason cash million $XXX coming in operating we've that obviously go and got more the 'XX, quarter, plants in new done to up, flow, you that Dog the in, the more inside into XX%, lot 'XX to about, they've applied a that versus if The million projects 'XX and Gulf math be Mad

a had higher big We strong. much coming in from over much working the Rosneft And environment in The and environment a has time. very course, had dividend in pricing that we past. the it is future gas the capital earnings reverse will natural that oil has of have than through build higher

feel performance through rest is signaled divestments strong of and the of we supportive also The additional in lot a overall, of year. underlying confidence business. the So macro and the the we've

final you we quarter what fourth the will And be of and said we'll with reduction. So be for we do we where in in of should helps, that things X.XX additional buybacks. that results update for a buybacks will bit, Chris. have the those we'll XX% lean all XX% hope installment debt for think I little billion $ share do for mean that XXXX

Great, thank you.

less Cheers. So, confused.

And we're said, think said to Very that's some that from we've of us. down. here. good, people well, a we ratable would I sure little trying what think a great. buyback to focus like quarter to to I continue it And hugely why And always we important debt which reason, shouldn't net that that it be relatively the are within there be driving our course, balance in also questions, And of a sheet making program. row bigger? Chris, is And achieve on bit sixth we're also

pretty for place, a to I for it's your question. strong think But So, thanks us be.

Thank you. Cheers.

take Thanks, next We'll at Lydia? Chris. Lydia from Rainforth question Barclays. the

what looking service, day-by-day. questions case on as returns at side. I as good partnership How way how And And Bernard, opposed come different about going to a maybe if the the And energy management, this as being to those? being about I back said Thanks, could. - it's two me, clearer, very am think to just carbon make liked you based morning. analysis. strategic I a investment asset And seem but just you it does do to And we it great.

billion it I of to CapEx point, if So of or customers, got seem of the renewable, this clear you've does short sort At returns the what valuing thought quite do about me idea that might whether that $XX to it one goes carbon into CapEx? the particularly of isn't how low And so there that? still this judge then idea stage. it's the make cycle effectively and a opportunities on think on we and really have business? billion on normalizes the you at the into $XX you and But good that lot Thanks. level. it's second a upstream

he'll chain hydrocarbon done of ways a value molecule I'll at past But question. his and that low to let chain, almost the thanks a chain go value how, a here, as value own have in describing question. based based have Lydia. of shift for a is chain think return many the a Thanks. I job value And carbon, sort in opposed And answer which Murray he's recreating the electron around. we're in way. good

on think short get But you. and I'm I short to the through without just it's relatively Christmas Feb CapEx, that. and got convenience only few on until I'll do but to carbon in evasive, side opportunity and the side. I think, of I on because away. not be afraid leave a we're just just on months don't February, want meantime that to hydrocarbon answer on a indeed let's wanting But give wait low mobility it an as We both and you the update early the we'll with

will electrification, be that But should be see if I'll acquisitions, means seen, have very so, than our doing to stuff. to you only great we the to And it it's okay. speculate Murray? in update, to best that's it's give you, because have you great as right And with As mislead disciplined, now you great an and it rather continue leave Thorntons have choice. saw to options, it's to February

Yeah.

for that these way the to like integrated create the I the is trying this in about Lydia, So chains did think gas future we're we energy past. natural with

will we've the if plants, the that, in now, future, with go for you something return ourselves, assume, will picture into wind electrons just into So wind then will or That hydrogen offshore, we're X% went of saying XX% government merchant those offshore a we announced the be that like and risk put of levered. a contract to make or the hopefully in the charging. UK, Aberdeen that that electrons difference positions Teesside to go into take they'll mixture painted pulse an whether be announced we probably things on will and I green one and fast

wind. clear, the feel pretty it's get comfortable, we'll So we offshore levered X% to XX% in

for bit we with now. the the that Some people is feel may will comfortable doubt be suspect that, but risk quite fine, I hydrogen, In higher, higher. returns a

risk So operational the tougher. is

so it. history our with time returns it probably that hard XX% was So that on than higher we fast long that. site charging, be fuel to But at fast to that at you much see The that returns, amount similar same charging make reason do in will reason least we've be those fast higher convenience And it's on said be. is why And the always at the expect forecast will fuel, then with we unlevered what anticipate returns on electrons would charging don't any fuel. be the I you'll residence charging And early, that's I in get fuel. XX% from it's will space. would

on convenience So make probably there. more money you'll

those power won't capital a our the North service to business years employed. think we that that tried experience that in to X% of to overall the the added history past. reason see is any the in in we to and billion United that fourth built natural States. that gas make bp, trading to this can't business, future the a etc., feels X% energy that XX% or up of I the money we've in return we whether returns include be that amount gas well between three space largest think the good. I American power in to North to where I as fleets, And XX of Lydia, magic And XX% trader with of paint two have third then points trader our percentage And the with returns that and has thing So as in America $XXX largest as in that's as

future can see won't why And, has That's range. the can't be Lydia. as best place. And now. it melt have as XX% we somewhere this in look history I together, So that you strong that the to business it in see that I you returns think the in that, been get to the helps, in a I right Hope the and case at you'll past. XX%

at Exxon. question We'll take from Herman the Okay, Lucas? Lydia. next thanks, Lucas

Great, gentlemen. much. thanks morning, Good very

I if two, might. Just

customers? or enough business net and it, I to see fourth first, peers bit year? which have, is at is, a you And must benefit the perform indication divestment define trading I likely and take businesses the have of said make on therefore what LNG effect just you as at, as billion, your you the the a the comments and year $X quarter, improvement? good present is the around I next billion The not on on Thanks, opportunity $X driven on your of that, could $X wondered and to then the portfolio you whether process first into the billion secondly, prices some of time? $X as you'd visibility continue to very return give annual the Murray, that your And volume that we'll any Thanks biggest given consequence, to an can that LNG to trading extend to are if extent higher volume And on committed where business, portfolio, a quarter? well the can quarter of indication associated deliver lost give us your trading of target, billion the what in And been. quarterly the just wanted at to to you exposure if where the we profitability. know now. be you'd with Can And fourth started little you into from actually some of Angola as that this the kind come I is how basis? just to on have any that clearly to the Murray. what to least us I to and on second What's Bernard. quarter,

our billion telling we we is $XXX Craig morning. just of answers right. which think to did Good speed to on proceeds will $X I guided third $X.X year-to-date, I us million up very Lucas. at billion. in We've $X the need do quarter, done divestments billion here, is we Hey, quickly.

on have tell working obviously place. high to of billion. you I can't we number between specifically will confidence are to billion are they $X that push relatively stuff that that We we'll some to but degree $X what that get

improve support And sees excited it. up from get running. will that good And natural that so government in to positions and we closed as well close Angola, so actually infrastructure without country, of we're Strong all the we year. good. in two a and sector needs strong we'll support think have a year And So next good getting strong Angola and to efficiency that's very this up improve I getting it's running Murray, about machine specifics, - on to combining trading. next into thing and on far, in the and operators, - so thing, and which and going that. a do country, two and that early need that

so long merchant. of On mtpa term now. Lucas, trading, we're XX of the equity X Under contract, mtpa long saying XX that's term portfolio, and about mtpa right

nothing before changed and disclosed we've think there. that I

LNG volumes decision far be. we what day, of positive on it are average with quarter the trading you As on quarter to and Obviously, what on mean, remain undo just anything to And gains And continue of that or an pricing. team unwinding place unwinding or I'm would Carol manage there's well. like year. like I that's That's you've I each the natural a safe losses turns the every volatility I to by I as a this up track assume every and otherwise can't that. a nothing keep on just hesitate record update to a had managing but we'll Lucas, seen guide organization strong would be. we've we gas out sure will expect actually And and day. that, average. And

There JV obviously itself? Angola are out about think transaction when I'm from restrictions this the taking nature to sorry, no there. a Bernard need you beyond finance of the cash

mean, and I well business raised debt that do is this that joint to may that is any - debt the entities partners. that's raise some as like No, ventures, is cash available and would

No restrictions, no Lucas. covenants,

he So got the CFO the same as does. but same Eni you're questions, asking answers the we've

Thankfully.

Lucas. Thanks,

you. Thank

Thanks, take Stanley. at the Morgan question Martin? Rats Lucas. We'll next Martijn from

statement I've two, topic morning. huge And shortages the if may. Castrol. short good a additive got The are I Hi, supply across about And chain economy. sort bottlenecks comment supply a in Yeah. of mentioned,

of here? was was So bit about can little I play the talk could for long fact is question exactly it sort And of that means Or of terms bit if Lucas's what could little how just what it, what therefore, just you of is sort replied to probably exactly and mentioned you you means fourth interesting. sort quite elaborate has And that like, a the a just in this some materiality And second last? the this I wondering ask question. that you on quarter. to, thought I wanted

particularly sense already partnership Angola, have the right. company under attractions its of to a pure read well, an bank looks structure own that, for some the me sort like of in that, I broadly like with terms you on be lending a some Eni one degree strain. it or the could would in that of wondering raise banks is And to in if experience is was entity of In that of like that play as some the to lend like, well to appetite companies debt

So I wondering already an of with indication is there that. some that is was like sort playing out if how entity

will Castrol. Good take question on morning, the Martijn. Murray financing

going fourth quarter. why as a in highlighting I we're in too third think it this to into quarter I and read is the be issue wouldn't that's much

bit I that chains general a supply think issues of we're in in and there no around world seeing little of surprise are Castrol. the in that terms

Castrol improvement a have I think plan. very the we very, thing strong in broader is that

what business. better. of focused on that real seen demand run can that's the that's is supply, business but We Castrol focus much of and bit that Texas around refinery storm dislocation in we're around think cuts, I and on. the in do that's improving think we've Yes, a the

coming that. And it We coming and the you to particularly have years, a quarters, over do the that. of plan watch as see you'll couple over

let's effect. third And think fourth third that until we that But the the quarter. just the highlighted be probably the effects quarter we in see in wait on raising and Hopefully debt? of quarter that helps. the will that So specific peak

the you Raising no are States. debt BP absolutely have attractive, in Aker United plays, and very their Europe if rates ratings in like. They their both could raising pure And look debt, you are at attractive. problem

entity. entity, have we a obviously is experience in public So which that

you So go can what in Angola, early looks like. it's the see On that process.

the deal yet. completed haven't We

haven't this course can got we are agreement of But I in Eni. happen externally then think that proof to we to final ratify. it's talking with That going. straightforward raise is BP funds. has about that. they hopefully early But the about Aker to will meantime, too that's year the banks In talk So the relatively how government and to

wonderful. Okay, you. Thank

We'll next take Martin. Biraj? Borkhataria from Thanks, Biraj question RBC. at the

and one relating One specific for taking a specific thematic. $XXX and about your was. going on a and my forward. quite we involving In definition charge going flow forward? LNG LNG the - context million towards portfolio liquefaction transactions inference of there's high then your new question, Thanks question. to that, moving which you. LNG are in X X Scope your obviously, portfolio? production, the second just question, the wondering growth one to and expect Thank should there activity equity absolute cash more to metrics targets, in step that back And versus add the capacity interests. what be surplus the usually emission thinking you I'm taking reduction can But Because from non-controlling the off-take

take question. thank reduction Biraj, new a hydrocarbon LNG non-controlling emissions and morning. On the Murray, projects. investments we and good should you, general, no proxy emissions interest in not use will as into for

you including LNG portfolio high company So we this new value will continue in a ones, as invest projects in to hydrocarbon see grade projects, sanction the sense.

mean production that be So West reducing today. will not will investment LNG in there does that our including but we us deliver seeing won't you are - of targets we as with new on as in Africa

non-controlling there. that helps of interests So $XXX million? hopefully Murray,

purchase catch interest, buying stuff partner Good, XXX% our Biraj. too. primarily in It's the Yeah. out Thorntons of other good there's there some They're ArcLight.

we blending Just the allows in all and much marketer have. Midwest. over advertised as we offers plants logistics and to back trading. the ampm XXX as transport well product on call. stores that systems. office It we that It can with supply, us as And us the this streamline Thorntons, leading integrate convenience one take haven't established for employees, We the now, fully very XXXX on

super, is It growth it XXXX to talked States. the United take expand but has year tremendous XX% it per from a we're For those, been excited business XXX% inside it about and to XXXX, Thorntons. super much over really we in and EBITDA haven't

a is It growth machine.

there agreed else that is a that already on point, similar impact of that's Just the anything vein would XQ number? been

terms of In acquisitions?

up. pop Yeah, things Yeah. that yeah, the

No.

you. Thank Okay.

the at Bertrand? next take Kepler. We'll Bertrand Biraj. from Hodee Thanks, question

Yes. Thanks for question. Hello, thanks. my taking

flowing is because Europe obviously evolution gas include but not how your In realization Because disclosure, X. is at Can on just that the left. price gas Deniz, much but realization? realization, price I not gas about the natural lot when does thinking one guess, your we based LNG Europe about the a - Deniz I'm origin a should and Phase pipe. not fact, and gas of about gas talked and Shah to natural the price update you there the I've how your We've And on about look are think Shah destination. I lot on

gas So think to European about price strong how especially you. forward through Shah going should Deniz? natural we your exposure Thank

and top is Very good. this But one first tail of tail let one. very, all, Murray well. I or doing Shah think this very I'll Deniz

So in another we of just startup cluster we third gas had business. the of that call what gas,

Europe, think of And about quarter, coming we're what exports doing had think Deniz bcma from I I into I we a XX into good with gas Europe. understand. Shah

I Europe. think the to gas Shah of Deniz XX% flows

So strong it's think business. a I

it past a Of business always Henry course, of Hub that the a as split, said we've is our hub about more a type in of third business gas business.

third it of it like an a domestic type is have of LNG Third business. is in business Oman. we And

more you portfolio. on is a wish Bertrand's Murray, question? it balanced anything So to add

Yeah, Betrand.

XX% [indiscernible] power Deniz straight Europe to And Europe. the about interestingly, provides to Turkish domestically through with XX% Shah we as back well. are the prices natural and about So into into netback XX% With Europe, netback about Azerbaijan, get from gas Azerbaijan. in Turkey

project. the optionality. we of tons So you And ever that profits forecast nice They upside in it's than would we that's second these infrastructure sanction like quarter, much when why we projects. big have third enjoying give pretty higher

with Europe providing also needed gas. While much

so. well, As

Good. Yeah. Thanks Betrand.

much. very you Thank

from We'll James question Hubbard Deutsche Bank. at next James? Betrand. the take Thanks

that think ago? get level sign-in Yeah. and and of Hi. questions that about comes is how all the when year ultra-fast finding attractive to in the that half energy think benefit charging answered. graduates. all? charging to see do a it questions, you top are or and at a producing so One oil, for the announced attracting aid industry of the what high charging, now a benefit funding would are to that manage the green theme that terms A-road the I Good motorway you're the to on how you be government you rollout of going, in ultra-fast to and is a where UK, I for from going that I bonus a my I earmarked is talents and to are the see the And oil all they billion can come? very funds or from to a morning. graduates. able year I detailed very you But it years guess secondly, Thank you. exciting superfast all Two remain strategy undertaking there's talent or business to for on website large your want at

wondering, you Thank Is I'm particular facing or at all an how you not? that challenge? are it issue So

on need projects. much Thank the systems upgrade is the UK, the done for the lot the think mean And that are transmission for connections. we very to a majority you the infrastructure what the I and by the funding And and question. that of grid be of to charging going infrastructure government there is, things in broader

you're that's is if put you and get I depots, government of one high. the We own quite that's or a of tend in our lot where a So where points provider, a near near the fleet to funding able own be investments your factory think basis. want charging And do to number to on our your focused. can costs of

would to sign-on did get And what that's you I graduate? so a On as graduates, when joined bonus, say that. a you Murray,

graduate? a As

Yeah.

Yeah.

reality business that did to role also career It's think has in question. a struggling was want that You good see they join Okay, think hydrocarbon work to the so have. they overtime, all join that about a great I more and that think if people still a for a broader obviously, it's they actually, there career a I hydrocarbon I want they they don't and attract company to people the evolving they it. who (a) worth has that we Murray's business but want a they is not right. we're But did? And the choices. have bigger to in very strategy their than a and and (b) transition that can that company has more strategy. And that can think are

the struggling of that of not us of XX have attract to into executives almost I now, joined business. kept would of would strategy. had is about the company. senior last managed, more noise hydrocarbon company only but one in terms most hear over And generally, recruitment, guarantee and the a bring anything pleased inside months them we we've I So things the today, the if into in our don't graduates certainly I'm any can I one number to of XX that hydrocarbon say

So want have is to people come to a great place bp, her to to for being joining come from company renewable she any see worked in chose to And probably that. the us live for our attracting which to that work could Dotzenrath incredibly grateful talent us in Anja And by RWE. I'm and work world. as She evidenced and job for. and now up

back you, So to Craig.

Thanks, Bernard.

will questions. We And thanks being take patient. last the two for

of from Peter Peter? burn. all Low at First Red

Oh, thanks. hi,

looking renewables route? there at and in on sort that There structure, would is you are that corporate Is going on your other transactions more of peers down look value are you unlock Or some drawbacks Thanks. of minority to try stake listed one breakup. a Just the to that are at? see ever businesses. something

morning. Peter, and you thank good

delivery, of in terms you And in tomorrow. being what personally coming we flows believe think just evidence new We in of gets bp back keep integration, And we on. together. the believe cash I as energy in that's I today's for every better focused investing as integrated business. quarter the give stronger, the That's delivery that the and think story passes, we're in I businesses we that's in delivery to think company.

are of one that do. there there loads So loads things could and out

I hope of today's see in you'll in Peter plan you're got, seeing on quarters on execution every Our that that. job the to and to focus focus is come. we've I that And and on that it results, it, hope, showing what we've

Thank you.

Thanks, Peter. final Berenberg. question Henry Tarr the And at from

squeezing hear I there, good very guess are in there the Thanks LNG. question me And been voices. to have issues on your guys just for a quick project, some on the and at Tanzania the then prospects, slightly of at Tortue? are temporary they future more phases you. or and how structural? in thinking and you moment And growth Qatar terms about Thank Trinidad the then further

Nothing in and and good, Murray, structural Peter. future Tortue? Qatar Tanzania Trinidad. Very in

participate don't Qatar. in We Tanzania or

trying Tortue, right And - own a going we're on to partners, we need Phase that's taking not what's and You'll to and something with at in. our well that engineers government X to the X come thing look do. with participate agreement to Phase we're and

tuned. stay So

Thanks Peter. for else? Thanks, anything Craig, patience. your

Bernard. you, to Over

very agree, we're team Very And hope Thanks, sort been the BP everybody. I good. Executing to Murray. you Thanks Thanks, all and it's quarter, a you quarter-by-quarter it's and day-by-day, strategy day a of what we the for the Thanks, week-by-week, job, on job. thank would another good, good the Craig. focused questions. control.

there's if the for our a through a it saying, the the cash these And committed track an absolutely doing and we coming is me confident bp, At don't machine. XXXX. think to cash of record think really at here We're prices, mind you team generation remain company. of awesome I job. bit I is guidance in And now. our buybacks

job feel in sticking as we is. of and each we're we we're look, deliver, boring transforming. our the quarter, just think continue We We that course good that what long that to and you're that our shape. is mantra with hopefully our works And sort to which pretty way in us. So, passing feel staying investors, do. day for and we're seeing as of it we said, performing for while a feel We it works as I

I'm have don't even in meantime, talk in a you, we'll everybody. care. holidays. time. in we thanks sure the touch the And the over Take for to in we'll XXXX, So be talk great the Thanks, meantime. And break though if