BP p.l.c.

Thanks everyone for joining BP's first quarter 2024 results call today. As you'll be aware, we introduced our quarterly trading statement this quarter, and this morning also published the slides and script along with a video presentation in conjunction with our SOC exchange announcement. Alongside this, the results call has moved to early afternoon UK time, and we hope together these updates around our process and disclosures has been helpful to everyone, and you've had a chance to review everything this morning and this afternoon. So we're going to aim to finish the call at 2pm UK time, as some of you will be aware. We understand our counterparts at Saudi Aramco start their call around that time, and we want to give you a chance to join that as required. So maybe let me start there, and on that note, hand over to Murray for a few brief opening remarks.

Good, thanks Craig, and thanks everyone for joining Kate and I on the call today. To recap today's results, we delivered resilient financial performance despite the unplanned outage at our Whiting refinery. First quarter adjusted EBITDA was $10.3 billion, and underlying earnings were $2.7 billion. Adjusting for the expected seasonal working capital build operating cash flow was $7.4 billion in the quarter. We continue to make good strategic progress, and this quarter saw the safe start-up of the Azeri Central East project in the Caspian Sea. BPX also brought online Checkmate, our third central processing facility, and in Biogas, Arkea brought online its largest modular RNG plant to date, and has five in commissioning. Last week, our JV Azul announced a .5% firm end into an exploration block in the Oranji Basin offshore Namibia. You've also heard about how we are simplifying removing complexity across the company, and today we have announced a target to deliver at least $2 billion of cash cost savings by the end of 2026. Craig, back to you.

Super, thanks Murray. So we'll go straight to questions now, and we'll take the first question from Josh Stone at UBS. Josh.