BP p.l.c.

welcome everyone to BP's third quarter 2025 results call, which today we're hosting in Abu Dhabi. We'll be focusing today's call on the third quarter results and the contents of the video that I hope many of you will have seen by now. But before we move to Q&A, let me first hand over to Murray for a few brief opening remarks.

Murray. Thanks, Greg, and thanks, everyone, for joining the call today. We're now three quarters into our 12-quarter plan and have delivered another strong quarter of operational performance and strategic progress. Earnings and cash flow generation was good, with underlying pre-tax earnings of $5.3 billion and underlying net income of $2.2 billion. And with $7.8 billion of operating cash flow delivered this quarter, we are making good progress in delivering on our growth target for adjusted free cash flow growth of 20% TAGR over 2025 to 2027. Our operations teams are doing a great job in running the assets well, with upstream production increasing by around 3% quarter-on-quarter, supported by upstream plant reliability at around 97%, leading to upgraded full-year underlying production guidance and refining availability, also close to 97%, the best quarter in 20 years for the current portfolio. Looking ahead, we're also making strong strategic progress. We've started up six new oil and gas major projects in 2025, four of which were ahead of schedule, and we've had 12 exploration discoveries so far this year. including Boomerang Day in Brazil, where the latest analysis and results gives us even further confidence. This performance is also showing up in the downstream as well. Underlying earnings in the first nine months were around 40% higher than the same period in 2024. In customers, we delivered our highest 3Q on record and refining capture to better margin environment. We're making good progress on de-risking our $20 billion divestment proceeds target, today upgrading our proceeds guidance, underpinned by proceeds completed and announced this year that are expected to be around $5 billion. We're staying disciplined with our capital investment, with organic CapEx on track to be below $14 billion. and we remain confident in the momentum we are building in support of the delivery of the cost and net debt targets we have laid out. In summary, while there remains a lot of volatility, we are staying focused on what we control, underpinned by a laser-like focus on performance across the company. We have world-class assets and capability, with operations delivering strongly. We have a deep resource base and are building high-quality options for growth in the future, the focus of our ongoing portfolio review, We're continuing our momentum in our drive to reduce costs, and we're making good progress in growing cash flow and returns and our plans to strengthen the balance sheet. And, of course, we have more to do. All of this is in service of growing shareholder value and returns. With that, I'll hand over to Craig to take us through the Q&A.

Thanks, Murray. Okay, we're going to aim to finish the call at around 2pm UK time, so in just under an hour. To start with, I'm going to take one question per person, so everybody gets a chance. And if we have time, we can cycle back to those that want to repoll for a follow-up question. So I think we'll start there with taking the first question from Al Syme at City. Al?