BP p.l.c.

Welcome everybody to BP's first quarter 2025 results call. We'll be focusing today's call on the first quarter performance and the contents of the video that I hope many of you will have seen by now. Let me first, though, hand over to Murray for a few brief opening remarks.

Thanks, Craig. Today marks the first quarter since we laid out a reset strategy and we are delivering on our priorities at pace. We delivered strong operational performance in one queue, with over 96% refining availability and more than 95% upstream plant reliability, supporting record operating efficiency. In upstream, we have successfully started up three major projects, SEEP in Trinidad, Raven Infill in Egypt, and GTA in Mauritania and Senegal. That adds 100 MBD of capacity on our target of 250 MBD by 2027. We made six exploration discoveries, including in the Gulf of America, Trinidad, Egypt, and a significant discovery in Namibia. And our customers' business delivered a strong quarter, with the best first quarter since 2020 on an underlying R-COP basis. Underlying pre-tax earnings met consensus. Gas and low carbon missed, primarily due to a weak gas trading result, but we saw strong performance from customers and products, which beat consensus. We recognize and continue to monitor market volatility and are focused on what we can control. We have taken a $1.5 billion intervention around cash flow for 2025. We continue to optimize our investment plans and have reduced capex by half a billion dollars in 2025 down to $14.5 billion. Excluding the inorganic payment for BP Bungay, organic capex is now below $14 billion in 2025. And with $1.5 billion of completed or signed divestment agreements year-to-date, we now expect $3 to $4 billion in divestments for 2025, with proceeds weighted to the second half. We're also making strong progress with the strategic review of Castrol, with significant interest in the business. And we have made good progress in costs, with underlying operating expenditure down $500 million quarter-on-quarter. We'll provide more color on cost reductions at two key results. Finally, and as we got it in our trading statement, net debt rose in the quarter, primarily due to the working capital build. However, we expect the majority of that to unwind through the year in a flat price environment. In summary, operations are running well, creating a strong foundation with our financial results resilient. We have an ambitious growth plan that we're focused on delivering at pace. That is what we need to keep building on quarter in and quarter out. Back to you, Craig.

Thanks, Marie. And as usual, for everybody on the call for Q&A, I'm going to ask you again, please limit yourself to two questions. We've got a number of people on the call today to get through. We will look to close the call by 2pm. And of course, the IR team is available for any follow up. So with that, let's get started. I'm going to go to the States to start off this morning, this afternoon, and we'll take the first question from Steve Richardson. Steve, good morning. Maybe we don't have Steve. So in which case, we'll stay in the States and we'll go to Doug Leggett at Wolf. Doug, good morning. Doug, we can't hear you either. Maybe the connection... Looks like we've got a bit of audio problems. What I'm going to try and do then, maybe there's a connection problem with the US. We'll maybe come back to the UK. Let's try Josh Stone at UBS. Okay, we seem to be having some audio problems on the Q&A. If everybody on the line can hear me, if you can just hold as we try and rectify the problems. Just bear with us, please. so we're using the time efficiently. Buybacks. Can you walk through the bridge here and how much of it relates to reinvent BP share option plans? I do understand sound may have come back as well. I do understand sound may be back as well. So maybe if we deal with those first two questions.