BP p.l.c.

Welcome everyone to BP's third quarter 2026 financial results call. I'm joined by Meg O'Neill, Chief Executive Officer, and Kate Thomson, Chief Financial Officer. We'll be focusing today's call on the third quarter performance and our disclosures and video that I hope many of you will have seen by now. Before we start with questions, let me hand over to Meg for a few opening remarks. Meg.

Thanks, Craig, and thank you to everyone joining the call. I'll keep my opening remarks brief so we can get to your questions. This quarter, we maintained upstream production at around 2.2 million barrels oil equivalent per day, with improved upstream plant reliability compared to the second quarter. Underpinned by good refining utilization, our refining business delivered a very strong result, which alongside the higher trading contribution highlights the value of our integrated oil and gas business. The improved operational performance across the business enabled us to effectively capture the higher commodity price environment. Strong earnings and cash flow resulted in a significant reduction in our net debt, which is now below our targeted range. structural cost reductions delivered are now within our target range and we have line of sight to delivering the remaining two of the four primary targets ahead of the end of 2027. While this is good progress, our financial obligations remain too high and strengthening the balance sheet further continues to be our number one priority. Last week, we announced an important step with the agreement with the state of Louisiana to accelerate the delivery of our Deepwater Horizon settlement commitments. Our intention now is to prioritize the use of excess cash flow to address our remaining Deepwater Horizon liabilities in full. Deepwater Horizon was a tragedy. Eleven men lost their lives, and communities and the environment across the Gulf Coast were impacted. We will never forget. It changed BP. Its legacy guides us in how we operate today, with safety at the heart of everything we do. We are also moving at speed to simplify BP's portfolio, focusing on assets that best fit our integrated model and deliver the most competitive cash and returns. In the quarter, we agreed the sale of our Austrian mobility and convenience business, we completed the sale of the Gelsenkirchen refinery, and announced plans to market our North Sea and Arkea businesses. We expect the Castrol transaction to close imminently. We've also de-risked exploration and production prospects in Brazil, the Gulf of America, and Iraq by bringing in partners. And in Venezuela, we signed agreements to advance an offshore gas development. As we move forward, we will continue working with urgency to turn this strong set of results into strong performance quarter after quarter. We have much more to do on the five priorities we have set out to deliver a step change in performance and realize the full potential of BP. The strategy and outlook update in December is an important milestone in updating the market on our next steps to deliver a simpler, stronger, and more valuable BP. Back to you, Craig.

Thanks, Meg. So we have around an hour for Q&A. As usual, I'm going to ask everybody to poll for one question, please, per person so that everyone gets a chance to ask. And then with the time remaining, I'm sure we can cycle back to follow-up questions. So with that, let me turn to Alejandro Vigil at Santander for the first question. Alejandro.