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 2022 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, including those that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to the 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. Hello everyone and thanks for joining us. As everyone is aware, we are reporting today against the backdrop of Russia's attack on Ukraine and the terrible consequences it is having for people in the country and in the region. At BP we have been supporting the humanitarian response through a financial contribution to the relief efforts, matching of employee donations by the BP Foundation and paid leave for BP staff who wish to volunteer to support the relief effort. And as we know, the war is also having an impact globally on energy markets and the cost of living, creating a terrible situation for many people around the world. We are looking at what we can do to provide support while also remaining fully focused on the day job, which at its core is about keeping the energy flowing where it is needed. To that end, we are in close contact with governments in Europe, working hard to provide the energy that customers and economies need. On 27 February, we took the decision to exit our 19.75% shareholding in Rosneft. In addition, we plan to exit all our other businesses in Russia. The Board undertook a thorough process, concluding that Russia's military action represented a fundamental change, and that BP's involvement with Rosneft, a state-owned enterprise, simply could not continue. This decision impacts our people. Before the conflict, we had around 200 employees in Russia, the majority Russian nationals. We are doing all we can to look after them, including continuing to pay their wages until at least the end of 2022 and looking at options for redeployment. And of course, this decision has a financial impact. With today's first quarter results, we have taken a material non-cash charge and as a result have reported a significant headline loss this quarter. Murray will talk to this shortly. However, the underlying business continues to perform. Importantly, we have accommodated the loss of future Rosneft dividends within our resilient financial frame, which remains unchanged, as does our strategy. Now turning to BP's strategy. Current events emphasize that the world faces an energy trilemma. We need energy that is not only cleaner, but also reliable and affordable. And in our view, these are not mutually exclusive. This is exactly why we outlined our strategy in 2020 to become an integrated energy company, to deliver resilient hydrocarbons to provide energy security today, while at the same time investing at scale to accelerate the energy system of the future. We have been delivering step by step ever since. And as you can see from the slide, we have made a strong start to 2022 in each of our strategic focus areas. In resilient hydrocarbons, we have started up the high margin Herschel expansion major project in the Gulf of Mexico. We signed an innovative deal to combine our Angolan assets with those of ENI through the creation of Azul Energy, bringing the potential for more efficient operations and increased investment. we partnered in an oil discovery in brazil where evaluation is ongoing signed an 18-year agreement with cogas to supply around 1.6 million tons of lng per year from 2025 and advanced our strategic ambitions in biofuels starting production of saf at our lingen refinery in convenience and mobility we are making rapid progress executing our strategy Here we have advanced our EV charging strategy, launching a strategic partnership with Volkswagen Group to roll out an EV fast charging network in Europe and the UK, and announcing plans to invest £1 billion over the next decade to support the rollout of fast, convenient charging infrastructure across the United Kingdom. We signed a strategic collaboration agreement with DHL Express to supply SAF and signed a global strategic convenience partnership with Uber, aiming to make more than 3,000 retail locations available on Uber Eats by 2025. In low-carbon energy, we are excited to welcome our new EVP, Anja Dotsenrath, as we continue to focus on building scale with capital discipline. Since the start of the year, we have increased our position in offshore wind with the Scott Wind Lease Option Award of around 1.5 gigawatts net. We've announced an agreement to form an offshore wind partnership with Marabini in Japan, announced plans for a 250 megawatt green hydrogen project in Rotterdam, and signed an agreement to form a joint venture with Aberdeen City Council to develop a hydrogen hub. As you can see, we have real momentum. We are executing our strategy, delivering real progress across our five transition growth engines, EV charging, convenience, bioenergy, renewables, and hydrogen, as we transform to an integrated energy company. Let me now hand over to Murray, who will run through our first quarter results. Murray.