BP p.l.c.

Good morning, everyone, and welcome to today's presentation. This morning we're going to cover BP's fourth quarter and full year 22 results. We'll also provide an update on strategic progress. Before we begin today, let me draw your attention to our usual cautionary statement. During today's presentation, we'll 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. On that, let me now hand over to Bernard.

Well, thanks, Craig, and good morning, everyone. It's great to have those of you on the call join us, and obviously it's great to see people here in London this morning. Before we begin, after yesterday's terrible earthquakes in Turkey and Syria, our thoughts obviously go out to colleagues and everyone with friends and family in the region. All our colleagues are accounted for and we have a team set up to support them. But of course, many, many, many more people were affected. Thousands of people have died and we'll do what we can to support. There'll be operational matters to attend to in time. But in our in the first instance, our focus is obviously on I'm here today with Murray, who is standing ready to take over here in a few minutes, poised. And I'll be joined in a bit for Q&A by Carl Howell, Gordon Burrell, Emma Delaney and Anya Dotson-Rath. The rest of the BP leadership team are also around. Julia Kierkegaard, Kerry Dryborough, Eric Knitcher, Leanne Russell. So you'll get a chance to meet them as well. Three years ago, we announced a significant strategic change for BP, pivoting from, at that time, 110-year history of being an international oil company, or IOC, to becoming an integrated energy company, or IEC. I'm personally in awe of what the BP team has delivered since then, and all during the most volatile and the most uncertain times that many of us, I think, have ever experienced. When we updated the market this time last year, I said to you all that our direction was set, Our change was done and we were now 100% focused on delivery. And that is exactly what we have been doing. With that backdrop, there are three things that you'll hear from us today. The first and important is that BP is performing. Our businesses are running well. Our costs are being controlled. We are reducing emissions. We are growing value. We feel and believe our strategy is working and we are more confident than ever that what we laid out in 2020 as a strategy is the right one. And as we've said, and you're bored of it consistently, that we are performing while we are transforming. Second, we are leaning further into our strategy. We're planning to invest more into our transition growth engines and, not or, and at the same time investing more into today's oil and gas system. A plan that we expect will materially increase EBITDA by 2025 and by 2030. And third, crucially, we are delivering for shareholders. In 2022, we have grown distributions through an increase in our resilient dividend and delivery of a material share buyback program. So let's start it off, if it's okay, with a little video that shows, it's two to three minutes, so it won't be too long, that shows some of the delivery by the team at BP over the last three years. So we're going to play the video. This is a big moment in BP's history. Our strategy at its core speaks to performing while transforming.

This is really a moment where governments, investors and companies can come together to try and shape the future of tomorrow.