BP p.l.c.

Welcome everybody to BP's fourth quarter and full year results call. We'll be focusing today's call on the fourth quarter and 2024 performance and the contents of the video that I hope many of you will have seen by now. I also understand there is significant interest in our capital markets update in a couple of weeks time. However, I'm sure you'll also appreciate that we can't comment on any issues relating to that today. So please focus your questions accordingly. With that, let me hand over to

Murray. Thanks, Greg. Thanks everyone for joining Kate and I on the call today. When I look back at 2024, we've achieved a lot. We've made significant strategic progress, taking decisive action and reshaping our portfolio and laying the foundations for growth, including 10 new FIDs, including Cascada and Tangoo, new access in Iraq and India, divesting tail assets in Trinidad, exiting the Empire wind in the US offshore, decapitalizing our offshore wind business by agreeing to form a joint venture Jarenx BP, focusing our EV charging business and our hydrogen pipeline, acquiring full ownership of BP bioenergy and light source BP, and recently announcing our intention to sell the Gelsenkirchen refinery. In two weeks time, we will build on the actions taken in the last 12 months and provide a comprehensive update at our capital markets event. It will be a fundamental reset of our strategy. It will demonstrate our focus on actions to drive performance, and it will enable us to grow cash flow and returns and shareholder value. With that said, let me focus on today and briefly recap our highlights for this year. Many of our businesses performed well during 2024. Upstream production was around 2.36 million barrels per day, up 2% this year, with plant reliability above 95%. It was a good year for trading, and its track record for delivering an average 4% uplift to group Hroachi now extends to the past five years, despite the lack of volatility. But we have had a difficult year in refining, with a whiting outage in 1Q and the challenging margin and environment, and we were also impacted by the weaker biofuels margins and trucking recession impact on TA. We remain firmly focused on taking action to improve our performance across refining and on the work to integrate our recently acquired businesses into BP, driving the synergies and underlying performance that we expect. Finally, on distributions, we grew our dividend per share by 10% and announced $7 billion of share buybacks, including a $1.75 billion announced today. With that summary, let's go to Q&A. Over to you to get us started, Craig.

Thanks, Murray. Given my earlier remarks, I am going to ask you to each limit yourselves to one question so we can let everyone get a chance. We'll look to close the call by 1.45 p.m. time. There's obviously plenty of time in two weeks time for more questions, and of course the IR team is available to follow up. So with that, let's get started. I think we will take the first question from Josh Stone at UBS, please. Josh.