BP p.l.c.

Thank you, everyone, for joining BP's third quarter 2024 results call. As you'll be aware, we published the slides and script and video presentation alongside our stock exchange announcement earlier today. So before we start with Q&A, let me hand over to Murray for a few opening remarks.

Thanks, Greg, and thanks, everyone, for joining Kate and I on the call today. To briefly recap today's results, operations ran well this quarter. Year-to-date, upstream production was around 3% up, including liquids production up 5%. Plant reliability in the upstream was more than 95%, and refining availability was more than 96% for the quarter. A really cool statistic in our EV charging business, we've had 80% year-on-year growth, And cumulatively this year, we've now hit one terawatt hour of electrons sold to our customers around the globe. We now have 23 KBD of biogas supply online with eight plants commissioning in 4Q. Our performance has supported underlying profit of $2.3 billion in the quarter. And on distributions, we announced another $1.75 billion share buyback and a dividend for ordinary share of $0.08. At the same time, we've made massive progress since we've laid out our six priorities at the start of the year. We've stopped or paused 24 projects as we high-grade our portfolio. We're divesting assets that won't compete for capital. We've made a lot of progress on Cascada since FID in the summer, and I expect Tiber to follow next year. We're accessing new resource opportunities, including in Iraq, Azerbaijan, and Abu Dhabi. We've completed the Bungay and LightSource BP transactions. And we're in action to deliver over half a billion dollars of cost savings in 2025 on the way to our target of at least 2 billion by end 2026. And if you had the chance to watch the video, you'll note that Kate said we're working options that are nearly twice this target. We are firmly focused on growing cash flow through the decade with significant optionality in our oil and gas resource base. And in transition, we're staying disciplined, focusing on ensuring we deliver returns and value for shareholders. With that, let's move over to Q&A and Craig can get us started.

Thanks, Murray. As a usual reminder, we're aiming to finish the call at around 2 p.m. UK time. So please, everyone, limit yourselves to two questions only so everybody gets a chance. And I think we'll take the first question from Josh Stone at UBS. Josh.