Q1 2025 BP PLC Earnings Results Call
Books today.
Operator: His first quarter 2025 results Today's video presentation features Murray Auchincloss, Chief Executive Officer, and Kate Thompson, Chief Financial Officer.
Morioka, Clos: Today's video presentation features Morioka, Clos, Chief Executive Officer, and Kate Thompson, Chief Financial Officer.
Morioka, Clos: Before I hand over to Maury, let me draw your attention to our cautionary statement.
Operator: Before I hand over to Murray, let me draw your attention to our cautionary statement. In this presentation, we will make forward-looking statements that refer to our estimates, plans, and expectations. Actual results and outcomes could differ materially due to factors we note on this slide and in our UK and SEC filings.
Morioka, Clos: In this presentation, we will make forward looking statements that refer to our estimates plans and expectations.
Morioka, Clos: Actual results and outcomes could differ materially due to factors. We note on this slide and in our UK and SEC filings. Please.
Morioka, Clos: Please refer to our annual report stock exchange announcement, and SEC filings for more details.
Operator: Please refer to our Annual Report, Stock Exchange Announcement and SEC filings for more details. These documents are available on our website.
Morioka, Clos: These documents are available on our website.
Murray: Over to you Murray thanks.
Murray: Thanks, Greg.
Murray Auchincloss: Over to you, Murray. Describe the actions we are taking to grow long-term shareholder value. We are reallocating capital. Investing to grow value in our upstream business. We are driving improved performance in our downstream business as we high grade around our core integrated markets. And we're investing with discipline in the energy transition. And we laid out four primary targets to grow cash flow and returns and reduce net debt and cost. We have strong conviction in this plan and our objective is clear. Remain safe as we execute at pace. In the nine weeks that have passed since the market update, we've made great progress.
Murray: Our capital markets update on the 26th of February marked the start of a new chapter for BP, we laid out a fundamental reset of our strategy.
Murray: Our new direction.
Murray: And describe the actions we are taking to grow long term shareholder value we are reallocating capital.
Murray: Best to grow value in our upstream business, we are driving improved performance in our downstream business as we high grade around our core integrated markets and we're investing with discipline in the energy transition.
Murray: And we laid out for our primary targets to grow cash flow and returns and reduce net debt and costs. We have strong conviction in this plan and our objective is clear <unk>.
Murray: We remain safe as we execute at pace and the nine weeks that have passed since the market update we've made great progress.
Murray: And I'll highlight some examples across our oil and gas business shortly.
Murray Auchincloss: And I'll highlight some examples across our oil and gas business shortly. And as we move through the year, we will provide an update on downstream performance as we look to build on a strong first quarter for operation.
Murray: And as we move through the year, we will provide an update on downstream performance as we look to build on our strong first quarter for operations.
Murray: Before I move on I do want to acknowledge the volatile and changing outlook that we've seen recently.
Murray Auchincloss: Before I move on, I do want to acknowledge the volatile and changing outlook that we've seen recently. Following the introduction of global tariffs and related government responses, there has been increased market volatility, driven by rising concerns around the potential impact of a weaker economic outlook. Commodity prices have softened as the market anticipates a potential reduction in demand for oil and gas driven by economic uncertainty. Volatility and lower price cycles are not new to the sector or to BP, and we are continuing to monitor developments closely. We have extensive experience of managing through many price cycles and know how to navigate a weaker environment should we see a sustained period of lower prices.
Murray: Following the introduction of global tariffs and related government responses. There has been increased market volatility driven by rising concerns around the potential impact of a weaker economic outlook.
Murray: Commodity prices have softened as the market anticipates, a potential reduction in demand for oil and gas driven by economic uncertainty.
Murray: Volatility in lower price cycles are not new to the sector or to BP.
Murray: We are continuing to monitor developments closely.
Murray: We have extensive experience in managing through many price cycles and know how to navigate a weaker environment should we see a sustained period of lower prices.
Murray: We are focused on things within our control delivering our plan and doing so at pace, we delivered strong operational performance in the quarter with above 96% refining availability the.
Murray Auchincloss: We are focused on things within our control, delivering our plan and doing so at pace. We delivered strong operational performance in the quarter with above 96% refining availability. The highest first quarter figure in 24 years. Upstream operating efficiency is at an all time record, supported by plant reliability above 95%. We are moving at pace on our three year divestment program, while remaining focused on transacting for value. Year to date, proceeds from completed or signed agreements already exceeds $1.5 billion. We announce the partnership with Apollo for the TANAP gas pipeline and our progressing intended divestments of the Gelsenkirchen refinery and our mobility and convenience businesses in Austria and the Netherlands.
Murray: The highest first quarter figure in 24 years.
Murray: Upstream operating efficiency is at an all time record supported by plant reliability above 95%.
Murray: We're moving at pace on our three year divestment program, while remaining focused on transacting for value.
Murray: Year to date proceeds from completed or signed agreements already exceeds $1 5 billion.
Murray: We announced the partnership with Apollo for the Tennessee gas pipeline.
Murray: And are progressing intended divestments of the Gelson, Kirk and refinery and our mobility and convenience businesses in Austria and the Netherlands.
Murray: The strategic review of Castrol is now underway with the business continuing to perform strongly.
Murray Auchincloss: Strategic Review of Castrol is now underway with the business continuing to perform strongly. We also benefit from a portfolio that is resilient and balanced across production mix, geography, and operating models. Our integrated business model across upstream and downstream enables us to capture margin up and down the value chain as the market evolves, underpinned by our distinctive supply, trading, and shipping business. In upstream around a quarter of production is on a production sharing agreement or equivalent basis. which is less impacted by price changes. Our resources to be developed are competitive with an average point forward development cost of around $10 per barrel of oil equivalent.
Murray: We also benefit from our portfolio that is resilient and balanced across production mix geography and operating models.
Murray: Our integrated business model across upstream and downstream enables us to capture margin up and down the value chain as the market evolves underpinned by our distinctive supply trading and shipping business.
Murray: In upstream around a quarter of production is on a production sharing agreement or equivalent basis, which.
Murray: Which is less impacted by price changes.
Murray: And our resources to be developed or competitive with.
Murray: With an average point for a development cost of around $10 per barrel of oil equivalent.
Murray: On a unit production cost of around $6 per barrel to 2027.
Murray Auchincloss: and the unit production cost of around $6 per barrel to 2027. And we are investing with discipline with CapEx balanced across near-term and longer-term growth opportunities in our portfolio and investments evaluated against a set of balanced criteria, including lower price and margin scenarios. As we continue to optimize our investment plans, and in light of market volatility, we now expect full-year 2025 CapEx to be around $14.5 billion, around $500 million lower than previously guided. Within this, organic CapEx is expected to be below $14 billion, excluding the BP Bungay acquisition pay. We continue to see this as the optimal level of spending that enables us to maintain and grow the scale and value of the company.
Murray: And we are investing with discipline with capex balanced across near term and longer term growth opportunities in our portfolio.
Murray: And investments evaluated against a set of balanced criteria.
Murray: Including lower price and margin scenarios.
Murray: As we continue to optimize our investment plans and in light of market volatility. We now expect full year 2025, capex to be around $14 5 billion.
Murray: Around $500 million lower than previously guided.
Murray: Within this organic capex is expected to be below $14 billion, excluding the BP Bungay acquisition payment.
Murray: We continue to see this is the optimal level of spending that enables us to maintain and grow the scale and value of the company.
Murray: However, in the event a sustainably lower prices.
Murray Auchincloss: However, in the event of sustainably lower prices, we would expect deflation to become evident across our capital plans, and we see around $2.5 billion of further capital flexibility should we require it. This is equivalent to around $10 per barrel of oil price sensitivity. Finally, safely driving costs lower is a key area of focus across the organization. We continue to make good progress towards our $4 to $5 billion structural cost reduction target. In summary, we have strong conviction in our plan, and we are delivering at pace.
Murray: We would expect deflation to become evident across our capital plans and we see around $2 5 billion of further capital flexibility should we require it this is equivalent to around $10 per barrel of oil price sensitivity.
Murray: Finally safely driving costs lower because a key area of focus across the organization.
Murray: We continue to make good progress towards our four to 5 billion structural cost reduction target.
Murray: In summary, we have strong conviction in our plan and we are delivering at pace.
Murray: Turning then to first quarter results, where we delivered resilient financial performance.
Murray Auchincloss: Turning then to first quarter results, where we delivered resilient financial performance. Underlying pre-tax earnings were higher quarter-on-quarter at $4.5 billion. while underlying net income increased to $1.4 billion.
Murray: Underlying pre tax earnings were higher quarter on quarter at $4 $5 billion, while underlying net income increased to $1 4 billion.
Murray: Today, we are announcing a dividend per ordinary share of eight cents a share buyback of $750 million.
Murray Auchincloss: Today we are announcing a dividend per ordinary share of $0.08, and a share buyback of $750 million.
Before I hand over to Kate for more on results and the financial frame I'd like to focus on some recent milestones in our upstream business, which provides me with confidence in our ability to execute and in our growth outlook.
Murray Auchincloss: Before I hand over to Kate for more on results and the financial frame, I'd like to focus on some recent milestones in our upstream business, which provides me with confidence in our ability to execute and in our growth outlook. As part of our plan to grow the upstream, we expect to start up 10 major projects between 2025 and 2027. I'm pleased to say that 2025 is off to a great start, with three of these projects now safely started up, delivering production and generating cash loan returns. The first phase of SEAP, before well subsea development in Trinidad is complete.
Speaker Change: As part of our plan to grow the upstream we expect to start up 10 major projects between 2025 and 2027.
Speaker Change: I'm pleased to say that 2025 is off to a great start with three of these projects now safely started up delivering production and generating cash flow and returns the first phase of sleep before well subsea development in Trinidad is complete.
Speaker Change: The second phase later this year, we'll add a further three wells.
Murray Auchincloss: The second phase, later this year, will add a further three wells. We started up in the Raven infills project in Egypt, which came online ahead of schedule. Both projects tie back to existing infrastructure, enabling us to optimize capital efficiently. We also recently exported the first LNG shipment from the GTA Phase One project in Mauritania and Senegal. This establishes a new LNG hub and, once fully commissioned, is expected to ramp up to around 2.4 million tons of LNG per year. The combined peak net production of these three projects is around 100,000 barrels of oil equivalent per day, with a 2025 contribution of over 50,000.
Speaker Change: We started up and the Raven infill project in Egypt, which came online ahead of schedule.
Speaker Change: Both projects tie back to existing infrastructure, enabling us to optimize capital efficiently.
Speaker Change: We also recently exported the first LNG shipment from the GTA Phase one project in Mauritania and Senegal.
Speaker Change: This establishes a new LNG hub and once fully commissioned is expected to ramp up to around 2.4 million tons of LNG per year.
Speaker Change: The combined peak net production of these three projects is around 100000 barrels of oil equivalent per day with a 2025 contribution of over 50000.
Speaker Change: We've also been busy this quarter as we lay the foundations for future upstream growth, we plan to drill around 40 wells as part of our exploration program over the next three years.
Murray Auchincloss: We've also been busy this quarter as we lay the foundations for future upstream growth. We plan to drill around 40 wells as part of our exploration program over the next three years. This is off to an exceptional start with six discoveries so far this year, including in the Gulf of America, Trinidad and Egypt, our best quarter for exploration in a very long time. Many of these can be tied back to fail existing infrastructure, making cycle time to start up much shorter. And we're excited about the recent announcement regarding a significant discovery in Namibia's Oranji Basin through our joint venture Azul Energy.
Speaker Change: This is off to an exceptional start with six discoveries so far this year, including in the Gulf of America, Trinidad in Egypt, our best quarter for exploration and a very long time.
Speaker Change: Many of these can be tied back to fill existing infrastructure, making cycle time to start up much shorter.
Speaker Change: And we're excited about the recent announcement regarding a significant discovery and Namibia's Orangey basin through our joint venture <unk> energy.
Speaker Change: We have also made good progress in Iraq, and India. This quarter I recently traveled to Baghdad to meet with Iraq Prime Minister or the Kirker contract was finalized and ratified our teams are already mobilized to begin planning early activities and in India. A recently signed 10 year contract as technical services.
Murray Auchincloss: We have also made good progress in Iraq and India this quarter. I recently traveled to Baghdad to meet with Iraq's prime minister where the Kirkuk contract was finalized and ratified. Our teams are already mobilized to begin planning early activities. And in India, I recently signed tenure contract as technical services provider to ONGC's Mumbai High offshore oil field is off to a rapid start. With a new team stood up and in action within 60 days of signing the contract. We have already identified early opportunities to mitigate decline and increase production with ONGC, where we will share in the incremental value.
Speaker Change: Provider two O N G CS Mumbai high offshore oilfield is off to a rapid start.
Speaker Change: With a new team set up and in action within 60 days of signing the contract.
Speaker Change: We have already identified early opportunities to mitigate decline and increased production with O N D C, where we will share and the incremental value.
Speaker Change: We also recently sanctioned ginger and Trinidad a four well tieback with first gas expected in 2027.
Murray Auchincloss: We also recently sanctioned Ginger in Trinidad, a four-whale tieback with first gas expected in 2027. At its peak, the development is expected to add around 50,000 barrels of oil equivalent per day net production. These are great examples of how we are in action to strengthen our upstream portfolio. We're starting up projects that provide cashflow and returns today while paving the way to grow our business in the future.
Speaker Change: At its peak the development is expected to add around 50000 barrels of oil equivalent per day net production.
Speaker Change: These are great. Examples of how we are in action to strengthen our upstream portfolio. We're starting our projects to provide cash flow and returns today, while paving the way to grow our business in the future.
Speaker Change: I'll now hand over to Kate to take you through our one Q2 thousand 25 financial results. Thank.
Kate Thompson: I'll now hand over to Kate to take you through our 1Q 2025 financial results. Thank you, Murray. And hello, everyone.
Kate: Thank you Mary Anne Hello, everyone.
Kate: Let's start with segment performance in the first quarter.
Kate Thompson: Let's start with segment performance in the first quarter. The gas and low carbon energy underlying financial result was $1 billion lower than the previous quarter. That largely reflects a weak gas marketing and trading result, lower production, including the impact of divestments, and higher costs, which were mainly non-cash costs. But in addition, there was a level of ramp up costs related to starting up major projects. In oil production and operations, the underlying result was broadly flat compared to the previous quarter, reflecting higher realisations and production and lower exploration write-off. These factors were offset by lower income from equity accounted entities and the absence of the benefit of several one-off items in the fourth quarter 2020.
Kate: The gas and low carbon energy underlying financial result was $1 billion lower than the previous quarter that largely reflects a weak gas marketing and trading result, lower production, including the impact of divestments and higher costs, which were mainly noncash costs. But in addition, there was a level of ramp up costs.
Kate: Related to starting up major projects.
Kate: And oil production operations. The underlying result was broadly flat compared to the previous quarter, reflecting higher realization than production and lower exploration write offs.
Kate: These factors were offset by lower income from equity accounted entities and the answers that the benefit of several one off items in the fourth quarter 2024.
Kate: And customers and products. The underlying result was around $1 billion higher than the previous quarter. So looking at the businesses and customers. The underlying profit was around $100 million higher than the previous quarter.
Kate Thompson: In customers and products, the underlying result was around $1 billion higher than the previous quarter. So looking at the businesses in customers, the underlying profit was around $100 million higher than the previous quarter, reflecting the benefits of lower costs and stronger midstream performance, partly offset by seasonally lower volumes. In products, the underlying profit was around $800 million higher than the previous quarter, reflecting a lower level of turnaround activity and stronger realized refining margins. The Oil Trading Contribution with Average The group underlying replacement cost profit before interest and tax was $4.5 billion, and after interest and taxes, we reported group underlying replacement cost profit of $1.4 billion.
Tim: Tim the benefits of lower costs, and stronger midstream performance, partly offset by seasonally lower volumes.
Tim: In products, the underlying profit was around $800 million higher than the previous quarter, reflecting a lower level of turnaround activity and stronger realized refining margins.
Tim: The oil trading contribution was average.
Tim: The group underlying replacement cost profit before interest and tax was $4 $5 billion and after interest and taxes, we reportage growth underlying replacement cost profit of $1 $4 billion.
Tim: Our underlying effective tax rate increased in the first quarter to 50% that's higher than the 43% effective tax rate reported a year ago and mainly reflects the change in geographical mix of profits.
Kate Thompson: Our underlying effective tax rate increased in the first quarter to 50%. That's higher than the 43% effective tax rate reported a year ago and mainly reflects the change in geographical mix of profits. For the full year, we continue to expect the underlying effective tax rate to be around 40%.
Tim: For the full year, we continue to expect the underlying effective tax rate to be around 40%.
Tim: And finally on costs I'm pleased to say the progress towards delivering on our cost reduction program, which is one of our full primary targets delivering $4 billion to $5 billion of structural cost reductions by 2027.
Kate Thompson: And finally, on costs, I'm pleased to see the progress towards delivering on our cost reduction programme, which is one of our four primary targets, delivering four to five billion dollars of structural cost reductions by 2027, would at the midpoint represent around 20% of the 2023 baseline underlying operating expenditure. This is a robust target and we are moving at pace to deliver the reductions and drive higher operating cash flow. We've reset our culture and our mindset on costs and are focused on safely lowering our cost base whilst continuing to grow the company and seeking to accelerate and exceed wherever we can and make these reductions sustainable as we execute.
Tim: The mid point represent around 20% of the 2023 baseline underlying operating expenditure.
Tim: This is a robust target and we are moving at pace to deliver the reductions and drive higher operating cash flow.
Tim: We've reset our culture and our mindset around costs and are focused on safely lowering our cost base, whilst continuing to grow the company and seeking to accelerate and exceed wherever we can and make these reductions sustainable as we execute well.
Tim: We will provide a half year update on structural cost reductions at our second quarter results.
Kate Thompson: We'll provide a half year update on structural cost reductions at our second quarter results.
Tim: Turning to cash flow and the balance sheet.
Kate Thompson: Turning to cash flow and the balance sheet. Operating cash flow of $2.8 billion was around $4.6 billion lower than the previous quarter, largely reflecting a working capital build of $3.4 billion in the first quarter, compared to a release in the fourth quarter. The working capital build was driven by seasonal inventory effects, timing of payments, including the annual bonus payments to employees, and also payments related to low carbon assets held for sale. In a similar price environment, we expect around three-quarters of the working capital bill to reverse through the remainder of the year. The build in working capital contributed to a $4 billion increase in net debt to $27 billion at the end of the first quarter.
Tim: Operating cash flow of $2 $8 billion was around $4 6 billion lower than the previous quarter, largely reflecting a working capital build of $3 $4 billion in the first quarter compared to a release in the fourth quarter. The working capital build was driven by seasonal inventory effects.
Tim: <unk> of payments, including the annual bonus payments to employees.
Tim: And also payments related to low carbon assets held for sale.
Tim: And a similar price environment, we expect around three quarters of the working capital build to reverse through the remainder of the year.
Tim: The build in working capital contributed to a $4 billion increase in net debt to 27 billion at the end of the first quarter.
Tim: Divestment proceeds in the quarter were around $300 million and capital expenditure in the quarter was around $3 6 billion.
Kate Thompson: Divestment proceeds in the quarter were around $300 million and capital expenditure in the quarter was around $3.6 billion.
Tim: The $1 75 billion share buyback program announced with our fourth quarter results was completed on the 26th of April 2025.
Kate Thompson: The 1.75 billion share buyback programme announced with our fourth quarter results was completed on the 25th of April 2025.
Tim: Now turning to our financial frame that we laid out in February which we believe provides us with flexibility through cycle. Let me walk you through what this means in practice in February we set a capital frame of $13 billion to $15 billion per year to 2027, including in organics and this remains unchanged.
Kate Thompson: Now turning to our financial frame that we laid out in February, which we believe provides us with flexibility through cycle. Let me walk you through what this means in practice. In February, we set a capital frame of $13 to $15 billion per year to 2027, including in organics, and this remains unchanged. As Murray mentioned, we now expect full year 2025 CAPEX to be around $14.5 billion, down from our previous guidance of around $15 billion. We have a clear view on capital flexibility on a line by line basis should we need it and if market conditions evolve.
Tim: As Larry mentioned, we now expect full year 2025, capex to be around $14 $5 billion down from our previous guidance of around $15 billion.
Tim: We have a clear view on capital flexibility on a line by line basis should we need it and if market conditions evolve.
Tim: Turning to net debt, we remain committed to our target of $14 billion to $18 billion to be achieved by the end of 2027.
Kate Thompson: Turning to net debt, we remain committed to our target of $14 to $18 billion to be achieved by the end of 2027. As you heard from Murray, we're making good progress on our three-year divestment programme, including moving at pace on the strategic review of Castrol. For 2025, we now expect divestment proceeds of $3 to $4 billion, which is higher than our prior guidance of around $3 billion, with proceeds still weighted to the second half. As previously mentioned, we also expect the majority of the working capital build in the first quarter to reverse.
Speaker Change: As you heard from Murray, we're making good progress on our three year divestment program, including moving at pace on the strategic review of Castro.
Speaker Change: The 2025, we now expect divestment proceeds of $3 billion to $4 billion, which is higher than our prior guidance of around $3 billion with proceeds still weighted to the second half.
Speaker Change: As previously mentioned, we also expect the majority of the working capital build in the first quarter to reverse.
Speaker Change: Now moving on to shareholder distributions.
Kate Thompson: Now moving on to shareholder distributions. Firstly, our policies to maintain a resilient dividend and for the first quarter, we have announced a dividend of eight cents per ordinary share unchanged from the previous quarter. Secondly, we remain committed to sharing excess cash through buybacks over time. It's a policy that enables us to share the upside in cash generation when the price environment is stronger, whilst ensuring the balance sheet remains resilient in a low price environment.
Speaker Change: Firstly, our policy is to maintain a resilient dividend until the first quarter, we have announced a dividend of eight <unk> per ordinary share unchanged from the previous quarter.
Speaker Change: Secondly, we remain committed to sharing excess cash through buybacks over time, it's a policy that enables us to share the upside and cash generation when the price environment is stronger whilst ensuring our balance sheet remains resilient in a low price environment and as Mary said earlier today, we announced seven.
Kate Thompson: And as Murray said earlier, today we announced 750 million dollars of share buybacks to be executed by the 2Q results. Looking ahead, we continue to expect to announce buyback decisions at the time of quarterly results. We will, of course, be mindful of both short-term macro volatility and the medium-term outlook for prices across the basket of commodities that drive our cash flow. We have been clear on the importance of our four targets, and we have the flexibility within our financial frame as needed to deliver on these.
Speaker Change: <unk> hundred $50 million of share buybacks to be executed by the <unk> results.
Speaker Change: Looking ahead, we continue to expect to announced buyback decisions at the time of quarterly results.
Speaker Change: We will of course, they mindful of both short term macro volatility and the medium term outlook for prices across the basket of commodities that drive our cash flow.
Speaker Change: We have been clear on the importance of our four targets and we have the flexibility within our financial frame as needed to deliver on these.
Speaker Change: Turning to guidance in the second quarter, we expect upstream production to be broadly flat compared to the first quarter.
Kate Thompson: Turning to guidance on the second quarter, we expect upstream production to be broadly flat compared to the first quarter. In customers we expect seasonally higher volumes compared to the first quarter and fuel margins to remain sensitive to movements and the cost of supply. In products, we expect a significantly higher level of planned refinery turnaround activity compared to the first quarter and refining margins to remain sensitive to the economic outlook.
Speaker Change: And customers, we expect seasonally higher volumes compared to the first quarter and fuel margins to remain sensitive to movements in the cost of supply.
Speaker Change: And products, they expect a significantly higher level of planned refinery turnaround activity compared to the first quarter and refining margins to remain sensitive to the economic outlook.
Speaker Change: Regarding the full year 2025 guidance, except for the reduction to full year Capex to 14 $5 billion and the change to our full year divestment proceeds of $3 billion to $4 billion. We've made no changes to that as laid out in February.
Kate Thompson: Regarding the full year 2025 guidance, except for the reduction to full year capex of $14.5 billion and the change to our full year divestment proceeds of $3 to $4 billion, we've made no changes to those laid out in February.
Kate: With that I'll hand, you back tomorrow. Thanks Kate.
Murray Auchincloss: With that, I'll hand you back to Murray. Thanks, Kate.
Speaker Change: To summarize the key points to leave you with today.
Murray Auchincloss: To summarize the key points to leave you with today. 1Q delivery was strong, with great quarterly operational performance across the business. We have conviction in the plan laid out at our capital markets update in February and in delivering on our four primary financial targets. Our focus on growing cash flow and returns and reducing net debt and costs will drive increased resilience in the face of market volatility and uncertainty. We have a balanced and resilient portfolio and additional interventions available to us should we need to adapt to the environment as we progress. Meanwhile, the team is focused on what we can control safe, reliable and strong operations.
Speaker Change: One key delivery was strong with great quarterly operational performance across the businesses.
Speaker Change: We have conviction in the plan laid out at our capital markets update in February.
Speaker Change: And in delivering on our four primary financial targets.
Speaker Change: Our focus on growing cash flow and returns and reducing net debt and costs will drive increased resilience in the face of market volatility and uncertainty.
Speaker Change: We have a balanced and resilient portfolio.
Speaker Change: Additional interventions available to us should we need to adapt to the environment as we progress.
Speaker Change: Meanwhile, the team is focus on what we can control safe reliable and strong operations, we have an ambitious growth plan and make no mistake. We are focused on delivery and doing so at pace all in service of sustainably delivering long term shareholder value. Thank you for listening.
Murray Auchincloss: We have an ambitious growth plan. And make no mistake, we are focused on delivery and doing so at pace, all in service of sustainably delivering long term shareholder value.
Speaker Change: Okay.
Murray Auchincloss: Thank you for listening.
Speaker Change: [music].