BP p.l.c.

Welcome to the BP presentation to the Financial Community webcast and conference call. I now hand over to Craig Marshall, Head of Investor Relations.

Good morning, everyone, and welcome to BP's first 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. Please refer to our annual report, stock exchange announcement, and SEC filings for more details. These documents are available on our website. I'll now hand over to Bernard.

Thanks, Craig. Good morning and welcome, everyone. It's great to have you join us today. As ever, I hope everyone is staying safe and in what continues to be the most challenging of times. Today, we report our first quarter results, and it has been a strong quarter. We're making great progress right across the business, underpinned by our continued focus on what we call performing while transforming. And this starts with safety, our core value. As part of our strategy, we have harmonized our safety leadership principles, which define our safety culture and how we expect everyone to lead with care and with trust and speak up at its foundation. This has my personal oversight at our group operating risk committee, which I chair. We're seeing good progress. Staff in essential roles are beginning to return to the office in the field. Our maintenance activity levels are broadly back to pre-pandemic levels. And we have focused our assurance activities on our biggest risks during this time of change. And we continue to support our staff, our frontline workers, as well as those who continue to work remotely, remaining focused on their health and well-being during this unprecedented period. This supports our operational performance, which continues to be resilient and is an underpin to strong financial delivery. As we like to say, a safe business is a good business. In the first quarter, cash flow was strong, with an inflow of around $11 billion, including the accelerated disposal proceeds. As a result, net debt reduced by $5.6 billion, and we achieved our target of $35 billion during the quarter, around one year earlier than expected. We are commencing share buybacks during the second quarter, starting with the intent to offset the full-year dilution from employee share schemes. And Murray will talk later. More about this shortly. At the same time, we continue to make disciplined progress executing on our strategy, including continuing the rollout of our single operating model to drive efficiency throughout our organization, strengthening our position in offshore wind here in the UK, and accelerating the development of our electrification agenda in Europe. So overall, we're in good shape. and I'm encouraged by the progress we are making in support of our proposition to deliver long-term shareholder value. I'll come back in a little while to share some more about how we are advancing our strategy, but let me first hand you over to Murray to take you through our results and provide more detail on our financial frame. Murray. Thanks, Bernard.