英國石油 (BP) 2024 Q3 法說會逐字稿

Thank you everyone for joining BP's third quarter 2024 results call. As you'll be aware, we published the slides and script and video presentation alongside our stock exchange announcement earlier today.

感謝大家參加 BP 2024 年第三季業績電話會議。如您所知，我們今天早些時候在證券交易所公告中發布了幻燈片、腳本和視訊簡報。

So before we start with Q&A, let me hand over to Murray for a few opening remarks.

因此，在我們開始問答之前，讓我請穆雷做一些開場白。

Thanks Frank and thanks everyone for joining Kate and I on the call today to briefly recap. Today's results operations ran well this quarter year-to-date. Upstream production was around 3% up including liqui liquids production up 5% plant reliability in the upstream was more than 95% and refining availability was more than 96% for the quarter. A really cool statistic in our ev charging business, we've had 80% year on year growth and cumulatively this year, we've now hit one terawatt hour of electrons sold to our customers around the globe. We now have 23 KBD biogas Supply online with eight plants commissioning in four Q. Our performance has supported underlying profit of 2.3 billion in the quarter and on distributions, we announced another $1.75 billion share buyback and a dividend per ordinary share of 8¢.

感謝弗蘭克，也感謝大家今天和我一起參加電話會議，簡單回顧一下。年初至今，本季的業績營運運作良好。本季上游產量成長約 3%，其中液體產量增加 5%，上游工廠可靠性超過 95%，煉油可用性超過 96%。我們的電動車充電業務有一個非常酷的統計數據，我們的同比增長了 80%，今年累計，我們向全球客戶銷售的電子數量已達到 1 太瓦時。我們現在有23 個KBD 沼氣供應在線，八個工廠在第四季度投入運作。股普通股8 美分的股利。

At the same time, we've made massive progress since we've laid out our six priorities at the start of the year. We've stopped or paused 24 projects as we high grade our portfolio, we're divesting assets that won't compete for capital. We've made a lot of progress on Cascadas since F ID in the summer and I expect Tyber to follow next year. We're accessing new resource opportunities including in Iraq, Azerbaijan and Abu Dhabi. We've completed the bunge and lightsource BP transactions and we're in action to deliver over half a billion dollars of cost savings in 2025 on the way to our target of at least 2 billion by end 2026. And if you had the chance to watch the video, you'll note that Kate said we're working options that are nearly twice this target. We are firmly focused on growing cash flow through the decade with significant optionality in our oil and gas resource base. And in transition, we're staying disciplined focusing on ensuring we deliver returns and value for shareholders with that. Let's move over to Q&A and Craig can get us started.

同時，自從我們在年初制定了六項優先事項以來，我們已經取得了巨大進展。當我們對投資組合進行高評級時，我們已經停止或暫停了 24 個項目，我們正在剝離不會爭奪資本的資產。自今年夏天的 F ID 以來，我們在 Cascadas 上取得了很大進展，我預計 Tyber 明年也會跟進。我們正在伊拉克、阿塞拜疆和阿布達比等地獲取新的資源機會。我們已經完成了 Bunge 和 lightsource BP 交易，並且正在採取行動，爭取在 2025 年節省超過 5 億美元的成本，從而實現到 2026 年底至少節省 20 億美元的目標。正在製定幾乎是該目標兩倍的選項。我們堅定地致力於在十年內增加現金流，並在我們的石油和天然氣資源基礎上提供大量的選擇。在轉型過程中，我們將保持紀律，專注於確保為股東帶來回報和價值。讓我們進入問答環節，克雷格可以幫助我們開始。

Hey, thanks Murray. As a usual reminder, we're aiming to finish the call at around 2 p.m. UK time. So please everyone limit yourselves to two questions only. So everybody gets a chance and I think we'll take the first question from Josh Stone at U BS. Josh.

嘿，謝謝穆雷。按照慣例，我們的目標是在下午 2 點左右結束通話。英國時間。所以請大家只問兩個問題。所以每個人都有機會，我想我們將回答瑞銀集團的喬許史東提出的第一個問題。喬許。

Yeah. Thanks afternoon. Thanks Greg and Thanks for the video. Earlier, I have two questions, please. Firstly, starting on the strategy and I appreciate we're going to need to wait until February and you've given us a few teasers already. But I wanted to ask you Murray as you're gathering your thoughts and preparing a slide deck. What, what do you think really needs to change in the current strategy? And is this a change in the identity of BP or, or rather a sort of tweak around the edges?

是的。謝謝下午。感謝格雷格和感謝您的視頻。早些時候，我有兩個問題請教。首先，從策略開始，我很高興我們需要等到二月，而您已經給了我們一些預告片。但我想問你莫瑞，因為你正在收集你的想法並準備幻燈片。您認為目前的策略真正需要改變的是什麼？這是 BP 身份的改變，或者更確切地說是一種邊緣調整？

A little bit of CapEx here, CAPEXS there, but, but overall direction the same. So any commerce that would be helpful. And secondly, you're looking at the quarter, if you could just talk about the, the liquids trading performance, it was particularly weak this quarter and, and blew a hole in the dows remaining. So I know you don't like lifting the lid on all these businesses. But if you just maybe talk a little bit about where the specific weakness is coming from and why it was weak quarter and quarter, is this all market related or whether the particular things that are BP specific and therefore can be, can be addressed rather easily. Thank you.

這裡有一點資本支出，那裡有一點資本支出，但是總體方向是相同的。所以任何有幫助的商業活動。其次，你看的是這個季度，如果你能談談流動性交易的表現，這個季度特別疲軟，並且給道指留下了一個洞。所以我知道你不喜歡揭開所有這些業務的真相。但如果你只是談談具體的弱點來自哪裡以及為什麼每個季度都表現疲軟，這是否與市場有關，或者是否可以相當容易地解決英國石油公司特有的特定問題。謝謝。

Yeah, great. Thanks Josh. On the strategy, look as we've said for the past since February, since I came in the direction of travel towards an IEC remains unchanged, we're a corporation that has an upstream business, a big customers business and obviously a trading business and to durably compete in the long term, we need to follow the patterns of our customers.

是的，太棒了。謝謝喬希。策略上，就像我們從2月以來就說過的那樣，自從我來到IEC的方向就沒有改變，我們是一家有上游業務、大客戶業務、顯然還有貿易業務的公司為了長期持久地競爭，我們需要遵循客戶的模式。

So not only do we need to provide hydrocarbons, but we need to lighten the carbon footprint of those through time, bringing in electricity, biogas, biofuels, et cetera. So the direction of travel for our business remains same. What's different is we will be very, very returns focused, making sure that the new businesses compete on a competitive level with the historic businesses for, for scarce capital. And I think if you look back over the communications over the past few months, we've given you a strong indication of how we're high grading the business.

因此，我們不僅需要提供碳氫化合物，還需要隨著時間的推移減少碳足跡，引入電力、沼氣、生物燃料等。因此，我們業務的發展方向保持不變。不同的是，我們將非常非常注重回報，確保新業務能夠與歷史業務在稀缺資本方面競爭。我認為，如果您回顧過去幾個月的溝通，我們已經向您強烈表明我們如何對業務進行高評價。

We've talked about the renewables will be capital light. We've talked about focusing hydrogen down 5 to 10 projects. We've talked about three biofuels plants instead investing in the upstream and bungay. We focused our ev and convenience down to four material competent countries with our, our scarce capital and continuing to focus on biogas.

我們已經討論過再生能源將成為輕資本。我們已經討論過將氫能重點放在 5 到 10 個項目上。我們已經討論了三個生物燃料工廠，而不是投資上游和邦蓋。我們利用我們稀缺的資本，將我們的電動車和便利設施集中到四個有能力的國家，並繼續關注沼氣。

At the same time today, you'll have seen in the video we provided that based on the success we've had with our existing 18 billion barrels plus the F I Ds making plus the new access we're making. We now see the strong, strong possibility to grow cash flow from the upstream through the decade. And so what you should hear us focused on is you'll hear us focused on cash flow generation and growth through the decade from a balance of the portfolio, a continued commitment to transition. But with quality and returns top of mind as we do that. And capital light models where, where we don't not sure that things can compete for capital.

今天的同一時間，您會在我們提供的影片中看到，基於我們現有 180 億桶石油的成功以及 F I D 的製作以及我們正在製作的新通道。我們現在看到了十年內上游現金流成長的巨大可能性。因此，您應該聽到我們關注的是，您會聽到我們關註十年來現金流的產生和成長，從投資組合的平衡、對轉型的持續承諾。但在我們這樣做時，品質和回報是首要考慮的。資本輕模型在哪裡，在哪裡我們不確定事物是否可以爭取資本。

So that's, that's the direction of travel. We'll obviously update our financial targets. We'll obviously update our aims and we, we call it an update in our plan on purpose. We call it an update on our middle, our midterm plans on purpose. So I hope that helps with the first one, Josh. And then on trading, look, overall trading for the year is on track for an average year.

這就是旅行的方向。我們顯然會更新我們的財務目標。顯然，我們會更新我們的目標，我們故意將其稱為計劃更新。我們特意稱之為中期計劃的更新。所以我希望這對第一個有幫助，喬許。然後在交易方面，看，今年的整體交易處於平均水平。

That's what I'd say. Sometimes profit occurs in the gas side. Sometimes profit occurs in the oil side and it can move around quite a bit based on the volatility we see inside the markets. But overall trading is on track for an average year this year in the oil business which you're particularly talking about. It was a weak quarter, it's the second week quarter in a row. And if you take a look at any of the external measures on Vix for what we've seen in the oil side, you'll see that Vicks risk is way, way down to historically low levels. Right now, there's lots of movement in the prompt but not much movement along the structure.

我就是這麼說的。有時利潤發生在天然氣方面。有時，石油方面會產生利潤，根據我們在市場內部看到的波動性，利潤可能會發生相當大的波動。但今年您特別談論的石油業的整體交易量處於平均水平。這是一個疲軟的季度，這是連續第二週的季度。如果你看看 Vix 的任何外部措施，看看我們在石油方面看到的情況，你會發現 Vicks 風險已經大大降低到歷史低點。現在，提示中有很多移動，但結構上沒有太多移動。

So it's very difficult to find opportunities to trade. And that's why you've seen some of the external publicly traded companies talk about their results in oil trading with pretty dramatic declines. I I'll let you let you dig those out. So there's nothing, there's nothing systemic with oil trading, there's nothing systemic with gas trading. We're having an average year for ourselves and the risk just happens to sit in gas as opposed to oil right now. And let's see that can, that can very quickly change in four Q1 Q2 Q. Thanks for the questions, Josh.

所以找到交易機會非常困難。這就是為什麼你會看到一些外部上市公司談論其石油交易業績大幅下滑的原因。我會讓你把它們挖出來。所以石油交易沒有什麼系統性，天然氣交易也沒有系統性。我們正經歷著平淡的一年，而目前的風險恰好存在於天然氣而不是石油。讓我們看看這可以在四個 Q1 Q2 Q 中快速改變。

Thank you, Josh. We'll take the next question from Giacomo Romeo at jeffries', Jimo.

謝謝你，喬許。我們將回答即墨傑弗里斯的賈科莫·羅密歐提出的下一個問題。

Thank you. First question if I may is again related to some of the comments you have on the on the press release today about your, the update on February 2025. You talked about reviewing expectations related to the buyback in the buyback. Just wanted to understand in the past, you talked about having a billion per quarter floor at $60 oil price. I understand that this was before you updated your distribution guide and increase your distribution guidance in February this year.

謝謝。第一個問題，我是否可以再次涉及您在今天的新聞稿中關於 2025 年 2 月更新的一些評論。只是想了解過去，您談到以 60 美元的油價每季擁有 10 億美元的底線。據我了解，這是在您今年 2 月更新分發指南並增加分發指南之前。

Is this floor in any way still valid? There is still something that we could think of in terms of minimum level of buyback at a lower market prices. And second question, it's I have it on is on divestment. You have increased your divestment guidance for the year. It sounds like you have quite a lot of divestments lined up for 2025 as well. Is, is it possible we're going to see a similar amount of divestments next year and if I may add on the M&A side, are we, are you done in terms of larger M&A deals? You're, you're just focusing on execution going into 2020 five?

這層樓還有效嗎？我們仍然可以考慮以較低的市場價格進行最低迴購水準。第二個問題，我的意思是撤資。您增加了今年的撤資指引。聽起來你們還準備在 2025 年進行大量撤資。明年我們有可能看到類似數量的撤資，如果我可以補充併購方面的內容，我們、你們在更大的併購交易方面完成了嗎？你只是專注於 2020 年第五季的執行？

Great Jack, I'll answer the, I've asked my question first and then I'll pass on to Kate to talk about buybacks in 2025. Look, I think on divestments, we set out a target back in 2020 to do 25 billion across the five years. We're on track for that. I think the math is we've done about 20 So far that's been announced. So we've got five quarters left to go to hit the 25. That should give you a pretty strong indication of what the waiting is between the years.

偉大的傑克，我會回答這個問題，我先問了我的問題，然後我將轉給凱特談論 2025 年的回購。五年內達到億元。我們正朝著這個目標邁進。我認為到目前為止，我們已經完成了大約 20 個項目。因此，我們距離第 25 個季度還剩 5 個季度。

As the price, if the price environment softens divestments is a tool that we can use to bridge cash flow as is CapEx. So that's how we think about it from a divestment perspective. And we continue to have lots of infrastructure positions that people are willing to pay a very strong multiples for. We've got tail assets in the upstream, like in Egypt and Trinidad, that other people would like to like to invest in as well. So we continue to have a strong hopper of opportunities that we're working through and we felt comfortable to bump the guidance in four Q given the completed or given the transactions that we signed and our anticipation of when they complete.

作為價格，如果價格環境軟化，撤資是我們可以用來橋接現金流的工具，就像資本支出一樣。這就是我們從撤資角度思考的問題。我們仍然擁有許多人們願意支付高倍價格的基礎設施職位。我們在上游擁有尾部資產，例如在埃及和特立尼達，其他人也願意投資。因此，我們仍然擁有大量正在努力的機會，考慮到已完成或已簽署的交易以及我們對交易完成時間的預期，我們很樂意在四個季度中提出指導意見。

So we feel good on that side as far as acquisitions go on the transition Growth engines. We're good now, it's time to now bed these transactions in. So we've done quite a few from Edf to G tech to bungay, the light source to Archia to travel centers of America. It's now time to standardize them, drive the synergies into these businesses and start to grow them in line with what we talked about to the market as we did the transactions.

因此，就轉型成長引擎的收購而言，我們在這方面感覺良好。我們現在很好，現在是時候落實這些交易了。 所以我們已經做了很多事情，從 Edf 到 G tech 到 bungay，從光源到 Archia，再到美國的旅遊中心。現在是時候對它們進行標準化，推動這些業務的協同效應，並開始根據我們在進行交易時向市場討論的內容來發展它們。

So that's where we'll be focused on for the next 1,218 months. As we really, really drive that through on the upstream side, we are continuing to look at acquisitions, generally, they're organic. So farm ins and that type of stuff. So we'll continue to actively pursue those things. There's not as much competition internationally as in the past. And so there are tremendous opportunities to do these things and we're looking forward to developing things like the Kaba field in Azerbaijan that we recently agreed with SOCAR and of course the other, the other opportunities, but that'll be, that'll be lower key for now. There won't, there won't be big numbers, they'll be more inside the organic space. So I hope that helps on the divestment and acquisition side and over to Kton buybacks.

這就是我們未來 1,218 個月的重點。由於我們確實在上游方面推動了這一進程，因此我們正在繼續考慮收購，一般來說，它們是有機的。所以農場ins之類的東西。因此，我們將繼續積極追求這些事情。國際上的競爭不像過去那麼激烈。因此，做這些事情有巨大的機會，我們期待著開發像阿塞拜疆的卡巴油田這樣的項目，我們最近與 SOCAR 達成了一致，當然還有其他機會，但那就是，那就是暫時低調一點。不會，不會有很大的數字，他們會更多地在有機空間內。因此，我希望這對撤資和收購以及 Kton 回購方面有所幫助。

Thanks Jack. So look, we today have announced the buyback for three Q175 and, and reconfirmed the fourth quarter share buyback of 1.75. So that's us following through on our commitments when we finished executing that, that will be 7 billion of the total for 2024. And with regard to where we stand today, balance sheet is strong. We are rated A plus by Fitch and A plus by Moody's and we're firmly within all our ratings.

謝謝傑克。所以看，我們今天宣布了 175 年三個季度的回購，並再次確認了第四季度 1.75 的股票回購。因此，當我們完成執行該承諾時，我們將履行我們的承諾，到 2024 年，這一數字將達到 70 億美元。我們被惠譽評為 A + 級，被穆迪評為 A + 級，而且我們的所有評級都符合我們的要求。

And as Murray has already said the business is operating well, we've got operational growth through 2025 with regard to guidance for 25 back in February this year when we guided on 14 billion, we, we said that was around market conditions as they were at February. And we also said that it's at least 80% of surplus if you wish, you can rule of thumb that. And you know, we have flexibility in our capital frame. If prices fall and beyond that, we'll update you in February as we always would alongside a medium term plan update. So we'll come back to you in February.

正如默里已經說過的那樣，業務運作良好，我們在2025 年之前實現了營運成長，就今年2 月的25 家公司的指導而言，當時我們的指導為140 億美元，我們說這是圍繞市場條件的在二月。我們也說過，如果你願意的話，至少80%的盈餘，你可以根據經驗來確定。你知道，我們的資本框架具有靈活性。如果價格下跌或超出此範圍，我們將在二月向您更新最新消息，就像我們一貫的中期計劃更新一樣。所以我們會在二月再次與您聯繫。

Thanks, Jack.

謝謝，傑克。

Super, thanks, Jack Ma will go next to Irene, Harmon, Irene Bernstein.

超級，謝謝，馬雲接下來會是艾琳、哈蒙、艾琳伯恩斯坦。

Thank you very much. Good afternoon. Murray, you reiterate in the press release that in oil and gas, you, you see the potential to grow through the decade with a focus on value over volume. I understand that volume is the result of value driven decisions. My question is looking at your upstream project pipeline. Would you say it is feasible that you may be able to grow volume alongside value?

非常感謝。午安.莫瑞，您在新聞稿中重申，在石油和天然氣領域，您看到了未來十年的成長潛力，重點是價值而不是數量。我知道銷售量是價值驅動決策的結果。我的問題是查看你們的上游專案管道。您認為在增加價值的同時增加數量是否可行？

And then my second question to Kate, I guess for the balance sheet, what would be the maximum level of net debt which you and the credit agencies see as, as compatible with maintaining that a grade credit range, please? Thank you.

然後我要問凱特的第二個問題，我想對於資產負債表來說，您和信用機構認為與維持信用等級範圍相兼容的最大淨債務水平是多少？謝謝。

Great, thanks Irene. I'll do the value versus volume one. And I'll hand over to Kate on the net debt. So look, we've got 18 billion barrels in the hopper that we talked about in last year in, in Denver with you. And we started to do some new access and the new F I Ds as we've talked about, I am completely focused on cash flow and returns inside this, completely focused on that.

太好了，謝謝艾琳。我將做價值與第一卷的比較。我將把淨債務交給凱特。所以看，我們去年在丹佛與你們討論過的漏斗裡有 180 億桶。正如我們所討論的，我們開始做一些新的訪問和新的 FID，我完全專注於其中的現金流和回報，完全專注於此。

And we need to continue to turn our portfolio and focus our capital on the very best things we get. And so I am hesitant to give you a volume number because we continue to think about high grading, high grading the portfolio. Do we have the capacity to grow volume? Yes, we have the capacity to grow volume, but I really don't want to focus on that. I really don't want to focus on that as an example. We've announced the divestment of Egypt and Trinidad that's 75 KBD of production that upon completion will disappear and we continue to work other programs as well. To think about divesting with interesting partnerships, et cetera. So we do have the capacity if that's what you're asking. But I'm much, much more focused on value and driving cash flow growth and returns out of the upstream. That's, that's the focus Irene Kate over.

我們需要繼續調整我們的投資組合，將我們的資本集中在我們得到的最好的東西上。所以我很猶豫是否要給你一個卷數，因為我們繼續考慮高評級、高評級的投資組合。我們有能力增加產量嗎？是的，我們有能力增加銷量，但我真的不想關注這一點。我真的不想把重點放在這個例子。我們已經宣布撤資埃及和特立尼達島的 75 KBD 生產，完成後這些生產將消失，我們也將繼續進行其他項目。考慮與有趣的合作夥伴撤資，等等。所以如果您有這樣的要求，我們確實有能力。但我更關注價值以及推動上游現金流成長和回報。這就是艾琳凱特關注的焦點。

To you. And I, and so I understand why you ask about a maximum level of net debt target. But I'm going to keep going back to the way I think about financial resilience for our company. And it's more than just about net debt, it's about the ratio of your earnings to your level of debt. And, and I do think that's important. It's how, how we run the company with discipline. And I think it also makes sure that we, we take the right investment decisions.

給你。我，所以我理解你為什麼問淨債務目標的最高水準。但我將繼續回到我對公司財務彈性的思考方式。這不僅是淨債務的問題，還涉及您的收入與債務水準的比率。而且，我確實認為這很重要。這就是我們如何以紀律管理公司。我認為這也確保我們做出正確的投資決策。

So if I look at bungay, for example, which we've announced the completion of that brings a level of debt with it, but it also brings earnings and it's actually accretive to my metrics, which is why it's such a great deal. So, I continue to monitor it, monitor this closely as you would expect me to do. And at the moment, we have plenty of headroom, we continue to engage regularly with all of our rating agencies so that they have the opportunity for, for full and open conversations, both with regard to how we're thinking about our financial frame and with regard to the strategy. But I'm not going, I'm not going to give you a maximum net debt number because it's, it's too, too simplistic a way for me to think about resilience. So I hope that helps Irene.

例如，如果我看一下bungay，我們已經宣布它的完成，它帶來了一定程度的債務，但它也帶來了收益，而且它實際上增加了我的指標，這就是為什麼它如此重要。所以，我會繼續監控它，正如你所期望的那樣密切監控。目前，我們有足夠的空間，我們繼續定期與我們所有的評級機構接觸，以便他們有機會進行充分和公開的對話，無論是關於我們如何看待我們的財務框架和關於策略。但我不會，我不會給你最大的淨債務數字，因為對我來說，這是一種過於簡單化的方式來考慮彈性。所以我希望這對艾琳有幫助。

Thanks Irene. Thank you. We're going to take the next question from Biraj Bota at RBC Barrage.

謝謝艾琳。謝謝。我們將回答 RBC Barrage 的 Biraj Bota 提出的下一個問題。

Hi, thanks for taking my questions. I had, I had two on the, the Light Source Deal. One of the comments that caught my eye around that was, it looks like the either all or part of the operating assets were carved out as part of the deal into a new JV. And it wasn't, I didn't see this in the original press release or the or the closing one. So could you just help me understand what's happening there? I assume part of the rationale for this deal is, is a call on interest rates.

您好，感謝您回答我的問題。我有，我有兩個關於光源交易。引起我注意的評論之一是，看起來全部或部分營運資產都被劃分為新合資企業交易的一部分。事實並非如此，我在最初的新聞稿或最後的新聞稿中沒有看到這一點。那麼你能幫我了解那裡發生了什麼事嗎？我認為這筆交易的部分理由是呼籲升息。

So if you're looking to flip those assets at some point, why didn't you buy them all? Because you are taking on that, that debt. And there's not much in terms of earnings contribution. And then the second question just on the financial framework, you did, you gave two net debt numbers around lightsource as part of the release, which suggests that the entity added something like 600 million pounds of net debt in a year. It seems quite aggressive and obviously you're a guarantor of that debt for a small business. So could you just help me understand how the financing costs of that business changes. Now you're taking full control. So any, any numbers around that would be helpful as well? Thank you.

因此，如果你想在某個時候翻轉這些資產，為什麼不把它們全部買下來呢？因為你正在承擔那個債務。而且在獲利貢獻方面也沒有太多。然後是關於財務框架的第二個問題，作為發布的一部分，您給出了圍繞 lightsource 的兩個淨債務數字，這表明該實體在一年內增加了大約 6 億英鎊的淨債務。這看起來相當激進，而且顯然你是小型企業債務的擔保人。那麼您能幫我了解該業務的融資成本如何改變嗎？現在您已完全掌控一切。那麼任何相關的數字也會有幫助嗎？謝謝。

Great. Thanks Bara. I'll start off with a little bit of marketing on Lightsource BP and talk about the car vote and then I'll pass on to Kate for the financial frame for Lightsource. So look, Lightsource is one of the top solar developers and battery deployers globally globally. They brought on 10 gigawatts so far to markets.

偉大的。謝謝巴拉。我將從 Lightsource BP 的一些行銷開始，討論汽車投票，然後我將向 Kate 介紹 Lightsource 的財務架構。看來，Lightsource 是全球頂尖的太陽能開發商和電池部署商之一。到目前為止，他們已向市場提供了 10 吉瓦的裝置容量。

They have a mature pipeline of 40 to 50 gigawatts. You'll see advertising at 60 gigawatts, but the mature pipeline is in the 40 to 50 range and they have three gigawatts of battery pipeline as well. They've, they've set up their first battery farm in Australia and another one coming in the UK. They have the capacity with the 1,300 member team across 19 countries to develop 3 to 5 gigawatts for development and flip and the returns on that looking back in history have been mid 10s and we would not expect that to change.

他們擁有40至50吉瓦的成熟管道。你會看到廣告上的容量為 60 吉瓦，但成熟的管道在 40 到 50 範圍內，而且他們也有 3 吉瓦的電池管道。他們已經在澳洲建立了第一個電池農場，並在英國建立了另一個電池農場。他們擁有遍布 19 個國家的 1,300 名成員團隊，有能力開發 3 至 5 吉瓦的電力，用於開發和翻轉，回顧歷史，回報率為 10 多億美元，我們預計這種情況不會改變。

Moving forward, moving forward, it will be a development fli model with some retained equity and at some moment in time, we'll bring a partner in here, as I said, last quarter, probably within the next 12 to 18 months, we have an awful lot of inbound attention to coming in barrage to the entity itself. It's probably one of the more prized assets that we find across pension funds and strategic asset managers. So, as we prepare ourselves for that, I think we'll do just fine on it as far as Lightsource BP itself goes and the carve out, we decided with our existing co owners to carve out the 2.5 gigawatts in the US.

向前邁進，向前邁進，這將是一個帶有一些保留股權的開發FLI 模式，在某個時候，我們將在這裡引入合作夥伴，正如我上個季度所說，可能在接下來的12 到18 個月內，我們有大量的入站注意力湧入實體本身。它可能是我們在退休基金和策略資產管理公司中發現的最有價值的資產之一。因此，當我們為此做好準備時，我認為就 Lightsource BP 本身的發展和分拆而言，我們會做得很好，我們決定與現有的共同所有者在美國分拆 2.5 吉瓦。

That was a purposeful decision as we went through this process. With interest rates so high, it was hard to agree a bit as difference between a forage. They were saying you need to pay us for, for a real decline. We were saying no, that doesn't make any sense. So we just went ahead and decided that we'd carve it out and as interest rates come down in the US, as you say, they're very sensitive to interest rates, as those interest rates come down in the US, then we can flip it down the road and that 50% of that money will come back to us through Lightsource BP and 50% will go to the other co-owner.

當我們經歷這個過程時，這是一個有目的的決定。由於利率如此之高，人們很難就飼料之間的差異達成一致。他們說你需要付錢給我們，才能真正下降。我們說不，那沒有任何意義。因此，我們繼續前進並決定將其解決，隨著美國利率下降，正如你所說，他們對利率非常敏感，隨著美國利率下降，然後我們可以將來，50% 的資金將透過Lightsource BP 退還給我們，50% 將歸其他共同所有者所有。

So that, that was the decision making. That was the reason that we went into the entity. We now see it as a tremendous vehicle for us to provide us with green electrons to Carol's business, our head of trading business, as well as our own portfolio, as well as our marketing businesses. So we see it as a tremendous asset that we can repackage and help us an awful lot with in the future. And the car vote. Just made sense in the commercial negotiation and that's where we ended up with it, Kate over to you on balance sheet.

這就是決策。這就是我們進入該實體的原因。現在，我們認為它是一個巨大的工具，可以為卡羅爾的業務、我們的貿易業務主管、我們自己的投資組合以及我們的行銷業務提供綠色電子。因此，我們將其視為一項巨大的資產，我們可以重新包裝它，並在未來為我們提供許多幫助。還有汽車投票。這在商業談判中是有意義的，這就是我們最終的結果，凱特，資產負債表上的事情交給你了。

Yes and hello, Barrage. Nice to, nice to talk to you. So in terms of the the debt, yeah, there was an increase over the last few quarters as Lightsource really funded the development of some new projects which will monetize through the next couple of years as Lightsource recycles its capital and sells down at F ID in terms of the financing for Lightsource post control. What we did in the third quarter was build up a level of cash inside inside BP to make sure that we were in a position to, to refinance their external debt. It's a much more cost effective way of financing going forward.

是的，你好，彈幕。很高興，很高興與你交談。因此，就債務而言，是的，過去幾季債務有所增加，因為Lightsource 確實資助了一些新項目的開發，隨著Lightsource 回收其資本並在FID 上出售，這些項目將在未來幾年內貨幣化。我們在第三季所做的就是在英國石油公司內部累積一定程度的現金，以確保我們能夠為其外債進行再融資。這是一種更具成本效益的未來融資方式。

And once we have light source completely within our control, it will largely be self financing going forward through its development and flip model. I expect we will use project finance at the asset Cole and there'll be a base level of working capital that goes in at the start. But beyond that, it's largely self financing. And maybe one other point to make while I'm talking about light source and debt with regard to the acquired debt of circa three at the date of completion.

一旦我們完全掌控了光源，它將透過其開發和翻轉模式在很大程度上實現自籌資金。我預計我們將在 Cole 資產上使用專案融資，一開始就會有基本的營運資金水準。但除此之外，它基本上是自籌資金。當我談論光源和債務時，也許還需要指出一點，即關於在完成之日獲得的大約三筆債務。

And the way we think about this is that it is largely transitory. As I think, where we just said, there's, there's plenty of inbound interest in this space. And I think we're going to have a lot of choice around timing and selection of partner in due course, as we choose to bring in a strategic partner for value. And at that point in time, a significant, a significant proportion of that 3 billion will be removed as a consequence of that transaction. So that's how to think about it.

我們對此的看法是，它在很大程度上是暫時的。我認為，我們剛才說過，這個領域有很多入境興趣。我認為，在適當的時候，我們將在時機和合作夥伴的選擇方面有很多選擇，因為我們選擇引入策略合作夥伴是為了獲得價值。到那時，這 30 億美元中的很大一部分將因該交易而被刪除。所以這就是如何思考它。

Great. Thank you, Biraj. Right. We'll go to Doug Leggett at Wolf Doug. Good morning, early morning.

偉大的。謝謝你，比拉吉。正確的。我們將去找 Wolf Doug 的 Doug Leggett。早安，清晨。

Well, good morning, everyone. Thanks for taking my questions. Murray Kate, I wonder if I could beat up on a topic that you, you know, you've heard a couple of times on this call already, which is the balance sheet. But I want to ask the question slightly differently. You're going to take in 3.7 billion of consolidated debt and although the credit agencies don't care about it, the equity market does you have an additional 13 plus billion of hybrid bonds?

嗯，大家早安。感謝您回答我的問題。凱特（Murray Kate），我想知道我是否可以談談您已經在這次電話會議上聽過幾次的話題，即資產負債表。但我想以稍微不同的方式提出這個問題。你將承擔37億美元的綜合債務，儘管信貸機構不關心它，但股市上還有額外的13億美元的混合債券嗎？

So when you look at your capital structure of $50 billion of pro forma net debt equivalent and 83 billion of equity value, I want to understand why when you think about the capital allocation going forward and you know your strategic review, where does capital structure fit in the priority for use of free cash? Because buybacks clearly haven't helped my my follow up is, is a, is a quick one on hybrid bond cost. So as interest rates come down for the cash that you have on the balance sheet? 34 billion. What is the actual cost of your hybrid bonds? And why would you maintain those as part of your capital structure given the elevated cost of of of that equivalent interest charge?

因此，當你查看 500 億美元預計淨債務等值和 830 億美元股權價值的資本結構時，我想了解為什麼當你考慮未來的資本配置並且你知道你的戰略審查時，資本結構適合哪裡是否優先使用免費現金？因為回購顯然對我沒有幫助，所以我的後續行動是，是，是關於混合債券成本的快速行動。那麼隨著資產負債表上現金的利率下降呢？ 340億。您的混合債券的實際成本是多少？考慮到同等利息費用的成本較高，您為什麼要將這些作為您資本結構的一部分？

Great, great, thanks Doug. It looks like you're going to make Kate work for our money. So I'll pass, I'll pass these questions on to Kate to give you some thoughts. Yes.

太好了，太好了，謝謝道格。看起來你要讓凱特為我們的錢工作。所以我就過去了，我會把這些問題轉告給凱特，讓你給我一些想法。是的。

So look, I appreciate, I appreciate the feedback and probably doesn't come as a surprise given the, the previous conversations we've had. And yeah, yeah, I, I have heard your point and Murray and I have spoken to an awful lot of our shareholders over the last few months. I think we've talked to the vast majority of our long only and the, the per the perspective that we get back from our shareholders is that they're supportive of the, of the way we're balancing the financial frame at the moment.

所以看，我很感激，我很感激大家的回饋，考慮到我們之前的對話，這可能並不令人意外。是的，是的，我，我已經聽到了你的觀點，莫瑞和我在過去的幾個月裡與我們的許多股東進行了交談。我認為我們已經與絕大多數長期投資者進行了交談，根據我們從股東那裡得到的觀點，他們支持我們目前平衡財務框架的方式。

So I, I hear your, your push on the balance sheet, but I think that the balance that we have struck at the moment feels right with regard to the hybrid. I do view it as a permanent part of our capital structure. I'm very well aware of the limits that S&P put on potential refinancing versus rolloffs year on year and cumulative. And what I would say is we will step towards each maturity thoughtfully and with regard to the hybrid market and what refinancing looks like. I'm not intending to breach the 10% per annum or the cumulative 25% retiring of hybrid debt because of the, of the change that that will create in terms of the way they're accounted for both on the balance sheet and from the rating agency's perspective.

所以我，我聽到你對資產負債表的推動，但我認為我們目前所達到的平衡對於混合動力是正確的。我確實將其視為我們資本結構的永久組成部分。我非常清楚標準普爾對潛在再融資與逐年和累積遞減的限制。我想說的是，我們將深思熟慮地邁向每一個成熟期，考慮到混合市場和再融資的情況。我不打算違反混合債務每年 10% 或累積 25% 的退休規定，因為這將在資產負債表和財務報表中的記帳方式方面產生變化。

And then just finally, one point I would make on cost is around 5 billion of our hybrid debt is currently fixed. And most of that is fixed at a very competitive rate. So in terms of current financing that the numbers actually stack up for me, we will step towards each maturity as you would expect us to with thought and care with regard to how we might finance any maturities, whether we, we refinance them externally or whether we choose to use cash to refinance those. So I understand your points. They are listened to and we are stepping through each of them carefully and thoughtfully as you would fully expect us to.

最後，關於成本，我要指出的一點是，我們的混合債務目前大約有 50 億美元是固定的。其中大部分都是以非常有競爭力的價格固定的。因此，就目前的融資而言，這些數字實際上對我來說是堆積起來的，我們將按照您所期望的那樣邁向每個到期日，我們會認真考慮如何為任何到期日提供融資，無論我們是從外部再融資還是是否我們選擇使用現金為這些再融資。所以我理解你的觀點。他們的意見得到傾聽，我們正在仔細、深思熟慮地處理每一個問題，正如您所期望的那樣。

Thanks. Thanks Doug. We'll take the next question from Lydia Rainforth at Barclays, Lydia.

謝謝。謝謝道格。我們將回答巴克萊銀行的 Lydia Rainforth 提出的下一個問題，莉迪亞。

Thanks and good afternoon. Two questions if I could first, if I could just come back to the products business, because I think you talk about the the trading side actually having it might not be much of a profit, but you talked about oil trading, profit and that but the loss was still close to half a billion dollars. And I'm just confused as to why it's quite so big. And is that representative of underlying what refining will deliver in this sort of environment?

謝謝，下午好。首先我可以問兩個問題，如果我可以回到產品業務，因為我認為你談論的貿易方面實際上可能沒有太多利潤，但你談論了石油貿易、利潤等等，但是損失仍接近十億美元。我只是很困惑為什麼它這麼大。這是否代表了在這種環境下精煉將帶來的潛在結果？

So if you just help me clear that one up and then the second one, as much as I'd love to ask about cost, I do, I do want to come back to the cash flow side and I think about kind of cash draws. If I look at the cash flow for the quarter was 5.4 billion extra working cap side. And then CapEx even adjusting for the for the with the offshore wind payments of about 4 billion, it's covering the dividend, but it's then not covering the buyback side.

因此，如果你幫我弄清楚第一個，然後是第二個，儘管我很想詢問成本，但我確實想回到現金流方面，我會考慮現金提取的類型。如果我看一下本季的現金流，額外工作上限為 54 億美元。然後資本支出甚至對離岸風電支付的約 40 億美元進行調整，它涵蓋了股息，但不涵蓋回購方面。

So I get, I can't annualize one quarter cash flow and CapEx. But I think that's where when I think about 2025 I'm I can understand where the assets can do more, but I guess what I'm getting to is the business delivering the cash flow that you think it should be at this point. And that probably does link to cost a little bit. But thank.

所以我知道，我無法將一個季度的現金流量和資本支出年化。但我認為，當我想到 2025 年時，我可以理解資產可以在哪些方面發揮更多作用，但我想我要做的是業務提供您認為此時應有的現金流。這可能確實與成本有關。不過謝謝。

You. Thanks. Thanks Lydia. Let me, let me try to answer these and then Kate can clean up anything that I miss. I think overall cash flow for the business, we're quite happy with it for the vast majority of the business. So the upstream is performing very well, the cash conversion inside the upstream is strong, we're obviously highly leverage to oil price. So there's nothing inside the upstream that I'm particularly concerned about on the product side.

你。謝謝。謝謝莉迪亞。讓我，讓我嘗試回答這些問題，然後凱特可以清理我錯過的任何東西。我認為公司的整體現金流，我們對絕大多數業務都非常滿意。所以上游表現非常好，上游內部現金轉換強勁，我們對油價的槓桿作用明顯很高。因此，在產品方面，上游內部沒有什麼是我特別關心的。

As you say, it, it was a tough quarter in Europe for refining. It was a tough quarter and refining wasn't a loss and it was especially in Europe, very, very difficult market as product got flooded in from multiple geographies into Europe. So that's what's unusual on the margin side relative to the RMM is very, very depressed margins inside the continent, especially in Germany.

正如你所說，這是歐洲煉油業艱難的一個季度。這是一個艱難的季度，煉油並不是損失，尤其是在歐洲，市場非常非常困難，因為產品從多個地區湧入歐洲。因此，相對於 RMM 而言，利潤率方面的不同尋常之處在於，歐洲大陸內部的利潤率非常非常低，尤其是在德國。

The refineries were all operating well, but we also had two pretty two pretty sizable tars in that in that time period as well. So it's not really an enduring level of cash flow that you can think about, given, given the tars that were ongoing. You know, we had, we started a tar and whiting as an example in the quarter. So I don't think I'd view three Q as enduring. I think as we look forward to 2024 on the product side, you would expect refining to turn back to a profit as we expect it to be a lower tar season.

煉油廠都運作良好，但在那段時間我們也有兩個相當大的焦油。因此，考慮到持續存在的焦油問題，這並不是你可以考慮的真正持久的現金流水平。你知道，我們在本季開始了焦油和鱈魚的生產。所以我認為我不會認為三問是持久的。我認為，當我們在產品方面展望 2024 年時，您會預期煉油廠將扭虧為盈，因為我們預計這是一個焦油較低的季節。

You would expect it back to a profit as we hopefully don't have any outages like we had in the first quarter. We continue to work our business improvement plans to drive cost out of the business safely. We are reconfiguring Gelsenkirchen that we've announced previously to the market which will improve cost over time. And excitingly, we're starting to make some headway on digital now with Palantir and emphasis that will help the refining system over time. They've done their ontology and par and emphasis can get into action quite quickly.

您會期望它能恢復盈利，因為我們希望不會出現像第一季那樣的任何中斷。我們將繼續制定業務改進計劃，以安全地降低業務成本。我們正在重新配置蓋爾森基興，這是我們之前向市場宣布的，這將隨著時間的推移而提高成本。令人興奮的是，我們現在開始在 Palantir 的幫助下在數位化方面取得一些進展，並強調隨著時間的推移將有助於煉油系統。他們已經完成了本體論、標準和重點，可以很快地付諸行動。

So I think you'll see the products business improve as we move through to next year. But it was a particularly hard time on refining margins in continental Europe and especially in Germany in the quarter. As far as enduring cash flow as you look from 24 to 25 I think I go back to my opening points were performing relatively well in, in the year as we look forward, we have strong growth coming. We have five new major projects in the upstream to come online. We have more L&G contracts coming online. We have the refineries getting back to more normal conditions in a lighter tar season. We have the start of the cost program starting to come through.

因此，我認為隨著明年的到來，您會看到產品業務有所改善。但本季歐洲大陸、尤其是德國的煉油利潤率正經歷特別困難的時期。就持久的現金流而言，從 24 歲到 25 歲，我認為我回到了我的開局點，在我們期待的一年中，我們的表現相對較好，我們將迎來強勁的增長。我們上游有五個新的重大項目上線。我們有更多 L&G 合約上線。我們讓煉油廠在焦油淡季恢復到更正常的狀態。我們已經開始實施成本計劃。

And you heard the confidence from Kate on that and of course, as we look at cash flow, we will of course be thinking about what's an appropriate capital level and what's an appropriate proceeds level to ensure that we durably durably deliver, Durably deliver cash flow through the years. So that's, that's how we're thinking about 25 strong underlying growth. Well, in line with the 3 to 4% we're talking about and we will flex capital and we will flex proceeds as we need to ensure that we've got enduring cash flow for shareholders.

你聽到了凱特對此的信心，當然，當我們考慮現金流時，我們當然會考慮什麼是適當的資本水平以及什麼是適當的收益水平，以確保我們持久地交付現金流多年來。這就是我們對 25 個強勁的潛在成長的看法。嗯，根據我們正在討論的 3% 到 4%，我們將靈活調整資本和收益，因為我們需要確保為股東提供持久的現金流。

Thank you.

謝謝。

Okay, thank you, Lydia. We'll take the next question from Peter low at Redburn, Peter.

好的，謝謝你，莉迪亞。我們將回答 Redburn 的 Peter Low 提出的下一個問題，Peter。

Yeah, thanks.

是的，謝謝。

The, the first was just a clarification on the CapEx guidance for this year. You left it at around $16 billion but I think you've done about 12.5 year-to-date and then you have a couple of acquisitions completing in the fourth quarter, which I think have combined consideration of about $1.3 billion given the organic run rate, it feels like you're perhaps going to be above the 16 billion. Is there anything I'm missing there in, in, in, in, in that analysis?

第一個只是對今年資本支出指引的澄清。你把它留在了大約160 億美元，但我認為你今年迄今已經完成了大約12.5 年，然後你在第四季度完成了幾項收購，考慮到有機運行率，我認為這些收購的綜合考慮約為13 億美元，感覺你可能會超過 160 億。在那個分析中，我遺漏了什麼嗎？

And then secondly, at two Q, you suggested that a mark to market at current commodity forward curves would have around a 4 billion negative impact on your 2025 Abida guidance. Given how commodity prices have developed since then, Would that now be a bigger number or could you give any update on that? Thanks.

其次，在第二個季度，您提出當前大宗商品遠期曲線的市價計價將對您的 2025 年 Abida 指引產生約 40 億美元的負面影響。考慮到大宗商品價格自那時以來的發展情況，現在這個數字會更大嗎？謝謝。

Yeah, Peter, I'm not going to confuse the market by putting another set of numbers out on, on your second question. You've got our 46 to 49 and the price conditions prevailing in 2023. You've got what we said last quarter and you've got our rules of thumb. So I'll just allow you guys to use our rules of thumb which work pretty well to determine the cash flows next year. And then I think Kton CapEx for, for 2024 please.

是的，彼得，關於你的第二個問題，我不會透過提供另一組數據來混淆市場。您已經了解了我們的 46 至 49 以及 2023 年的現行價格條件。因此，我將允許你們使用我們的經驗法則，這些法則可以很好地確定明年的現金流。然後我想請考慮 2024 年的 Kton 資本支出。

Yeah. Hi Peter. As you'd expect we, we test it quite hard at the end of the third quarter to check. We're comfortable with our full year guidance. We are going to be around about 16. There's a level of deferred consideration associated with some of the transactions that are completing, that might be the missing piece in your jigsaw. But yeah, we will be around about 16 billion for the full year.

是的。嗨彼得。正如您所期望的那樣，我們在第三季末進行了非常嚴格的測試以進行檢查。我們對全年指導感到滿意。我們大約會在 16 點左右完成。但是，是的，我們全年的銷售額約為 160 億美元。

Okay, thanks Peter. We will take the next question back to the US from Roger Reid at Wells Fargo Roger.

好的，謝謝彼得。我們將把富國銀行的羅傑·里德 (Roger Reid) 的下一個問題帶回美國。

Yeah, thanks. Good morning. Recognizing, you know, the 2025 outlook is coming, but just as a way to think about some of the questions here that I think a lot of people focused on on the balance sheet, your comments about, you know, value over volume and, and ultimately, it's about cash flow generation. If we look at bp's call it, you know, ongoing CapEx level versus either a look back on cash from operations or earnings power. And we compare that to some of the peers.

是的，謝謝。早安.認識到，你知道，2025 年的前景即將到來，但作為思考這裡的一些問題的一種方式，我認為很多人都關注資產負債表，你對價值超過數量的評論，最終，這與現金流的產生有關。如果我們看看英國石油公司的說法，你知道，持續的資本支出水準與對營運現金或獲利能力的回顧。我們將其與一些同行進行比較。

BP looks a little more capital intensive. So my question to you Murray is, is there a, you know, a cost issue that you think is inherent in BP? Is it that you know, as you've laid out 12 to 18 months, focusing on some of these, you know, energy transition and renewables areas, you know, integrating them and getting them to work, right. You know, generating more cash. Like how do you look at, at that particular item within the company and, and relative to peers?

BP 看起來資本密集度更高一些。所以，默里，我向您提出的問題是，您認為 BP 是否存在固有的成本問題？你知道嗎？ 正如你所安排的 12 到 18 個月，重點關注其中一些，你知道，能源轉型和可再生能源領域，你知道，整合它們並讓它們發揮作用，對嗎？你知道，產生更多現金。例如，您如何看待公司內部的特定專案以及相對於同業的情況？

Yeah. Great Roger. I always find it hard to compare to the American peers. You know, they've done 50 $60 billion acquisitions using stock. And if you normalize that we're way below them on capital investment. So I find it very difficult to compare that, that, that metric across companies. Given sometimes people use stock to do things instead, then I just look at ourselves and I think about our portfolio and how we drive growth. I think I think what I'd say is in the transition space starting to put more leveraged off balance sheet makes sense to drive these things forward, which starts to address some of your, some of your question. That's something that we're thinking about as we particularly think about the renewables and the hydrogen CCS space.

是的。偉大的羅傑。我總是覺得很難與美國同行進行比較。你知道，他們已經用股票完成了 50 筆價值 600 億美元的收購。如果你正常化的話，我們在資本投資方面遠低於他們。所以我發現很難在公司之間比較這個指標。考慮到有時人們會用股票來做事，那麼我就會審視自己，思考我們的投資組合以及我們如何推動成長。我想我想說的是，在過渡空間中，開始在資產負債表外增加更多槓桿對於推動這些事情向前發展是有意義的，這開始解決你的一些問題。這是我們在特別考慮再生能源和氫 CCS 領域時正在考慮的事情。

It might make sense to use other people's money to drive that to allow us to then get the offtake, et cetera. So that's, that's a constant consideration in our mind on a relative basis. And then the only other thing is the nature of the nature of the portfolio we have in the upstream business. You know, we have, we have an awful lot of great deep water positions, especially in the Gulf of Mexico. They might be a little bit higher development costs than some of the, some of the competitors. But boy do they throw off margin.

使用其他人的錢來推動這一點可能是有意義的，這樣我們就可以獲得承購權，等等。所以，這是我們在相對基礎上不斷考慮的問題。然後唯一的另一件事是我們在上游業務中擁有的投資組合的性質。你知道，我們有很多很棒的深水陣地，特別是在墨西哥灣。他們的開發成本可能比某些競爭對手高一點。但天哪，他們確實放棄了利潤。

And I think if you, if you attenuate for that, you get back to a similar position on the, the upstream businesses. So I think it's, I, I understand the question. We are a bit heavier than some, maybe the Europeans who haven't done the big stock transactions. It's a little bit of portfolio mix and it's a little bit of thinking about how we structure in the, in the renewable space as well. And we'll be, we'll updating you on that in February. Thanks for the question.

我認為，如果你削弱這一點，你就會回到上游業務的類似位置。所以我認為我理解這個問題。我們比一些人重一點，也許是那些沒有做過大額股票交易的歐洲人。這是一些投資組合的組合，也是對我們如何在再生能源領域進行建構的一些思考。我們將在二月向您通報最新情況。謝謝你的提問。

Thanks Roger and we'll go next to Lucas Herman, Exan Lucas.

謝謝羅傑，我們接下來請盧卡斯·赫爾曼，埃克桑·盧卡斯。

Yeah, thanks very much Craig and thanks for the opportunity to drop in just a couple if I might. I just wondered if you could talk around, you know, the transition growth engines, you know, more broadly in terms of momentum, how things are progressing. I mean, the buildout in Arcia seems relatively modest or certainly lower than the expectations you initially set Murray.

是的，非常感謝克雷格，也感謝給我這個機會，如果可以的話，順便去拜訪幾個人。我只是想知道您是否可以談談轉型成長引擎，更廣泛地說，就動力而言，事情進展如何。我的意思是，阿西亞的擴建似乎相對溫和，或者肯定低於您最初為默里設定的期望。

Yeah, similarly, I mean, I hear the comment about, you know, a, a gigawatt or a terawatt rather of sales in ev charging. But again, that seems relatively, it doesn't suggest the utilization rates are moving dramatically and obviously one's conscious of the lower pen or the lower of build in ev more broadly.

是的，同樣，我的意思是，我聽到關於電動車充電銷量的評論，你知道，一千兆瓦或一太瓦。但同樣，這似乎是相對的，它並不表明利用率正在急劇變化，並且顯然人們意識到更廣泛的電動車中的較低水平或較低水平。

So just some comments there and then secondly, if I could just a reminder, you know, the company offered its employees very kindly, you know, a, a large or I think it was 25,000 pounds worth of equity per for the 60,000 or so employees back in 2000, 2001, which was going to vest or much of it was going to vest in 2025. Where are we in terms of, you know, that process obviously hasn't vested as yet. But if you think about the equity that's associated with that, where would it stand?

所以只是一些評論，然後第二，如果我可以提醒一下，你知道，公司非常友善地為員工提供了很大的股權，或者我認為對於 60,000 名左右的員工來說，每人價值 25,000 英鎊的股權早在2000 年、2001 年就授予了員工，這些股份將在2025 年歸屬，或大部分將在2025 年歸屬。但如果你考慮一下與之相關的股權，它會處於什麼位置？

Those were the two Great.

那是兩位偉大的人。

Lucas, I'll let, I'll let Kate talk about the esop on Transition Growth Engines and progress we're making. I'll, I'll talk to the two that you asked about ev despite many news articles you hear about ev adoption flowing, they're still growing 20% across the core markets that we operate in. So it may not be 30% that people were seeing in previous years, but we still see across all of those across all of those basins, 20% year on year increase in ev adoption.

盧卡斯，我會讓凱特談談關於轉型成長引擎的員工持股計畫以及我們正在取得的進展。我會，我會和你問到電動車的兩個人談談，儘管你聽到很多關於電動車採用的新聞文章，但他們在我們經營的核心市場中仍然增長了 20%。人們在前幾年就看到了這一點，但我們仍然看到，在所有這些流域的所有地區，電動車的採用率比去年同期成長了20%。

So it's very strong in the four car markets that we're operating in the one Terawatt. Remember we've gone from 12, excuse me, 12 countries down to four with real concentration for our CapEx through high grading Lucas. So that's an awful lot of energy sales, 80% growth year on year. And our charging time as a function of power. So the amount there there in residence is way higher than we thought we're at 10%. Now, we did not think we'd be at that level until 2,627 on a weighted basis. So we're seeing lots of cars and we're seeing lots of adoption and we're seeing very high charge levels and it's because of the great product that the team have put together. It's because of the great partnerships that they've established.

因此，我們在 1 太瓦級營運的四個汽車市場中表現非常強勁。請記住，我們已經從 12 個國家（對不起，12 個國家）減少到了 4 個國家，透過高評級盧卡斯真正專注於我們的資本支出。因此，能源銷售量非常大，年增 80%。我們的充電時間是功率的函數。因此，居住人口的比例遠高於我們想像的 10%。現在，我們認為加權後直到 2,627 點才會達到這個水準。因此，我們看到了很多汽車，我們看到了很多採用，我們看到了非常高的充電水平，這是因為團隊整合了出色的產品。這是因為他們建立了良好的合作關係。

You know, the latest one to look at was prime in the United States. What a fantastic thing to do to bring prime customers to the to the fast charging that I'm sure will continue to improve. So I feel pretty good for EV and that we're on track for our targets that we set out for 2025. And on Archaea, we talked about 15 plants this year seven are up and online and operating eight are flowing natural gas through them and working out pipeline spec with the midstream providers that they flow into.

你知道，最新的一期是在美國上映的。讓主要客戶接受快速充電是多麼美妙的事情，我相信它會繼續改進。因此，我對電動車感覺非常好，我們正在實現 2025 年設定的目標。他們流入的中游提供者制定管道規範。

So, you know, they're up and they're operating. We just need to get, we just need to adapt the separation to make sure the separation is working effectively to get the molecules to flow. You know, we'll probably hit the 15 and the stunning bit about this Lucas is the largest number of plants that anybody else in the sector has brought online is two or three. So we're a standout inside the sector at this 15 that I think creates the case for an awful lot more business moving forward.

所以，你知道，它們已經啟動並正在運行。我們只需要調整分離，以確保分離有效地發揮作用，使分子流動。你知道，我們可能會達到 15 個，而 Lucas 令人驚嘆的是，該行業其他任何人上線的工廠數量最多，只有兩到三個。因此，我們在這 15 年裡是該行業中的佼佼者，我認為這為更多的業務向前發展創造了理由。

So I feel quite good actually about ar as well. I think on the biofuel side margins remain suppressed in, in Europe. I don't think that's a surprise to anyone. They're good in Brazil. Very good in Brazil. They're okay in the US, but suppressed in Europe would be the other thing that I'd call out right now. So I think pretty decent progress, Lucas, to be H1st.

所以我實際上對 ar 也感覺很好。我認為在歐洲，生物燃料方面的利潤率仍然受到抑制。我認為這對任何人來說都不奇怪。他們在巴西表現很好。在巴西非常好。他們在美國沒問題，但在歐洲受到壓制是我現在要指出的另一件事。所以我認為盧卡斯取得了相當不錯的進步，成為第一名。

Yeah. Okay. And onto Eops Lucas. So you're right that there was a mixture of options and shares granted a number of years ago and they vest in the middle of March next year and the cost of it's going to vary depending on share price really plus employee behavior. So history would tell us that around about 15% of employees would exercise options as they vest in the first couple of weeks or so. But it's very much going to depend, I imagine on the environment and, and, and that behavior pattern in terms of what the impact is on us and we're still a couple of quarters away from seeing it actualized.

是的。好的。還有埃普斯·盧卡斯。所以你是對的，幾年前授予了多種期權和股票，它們在明年三月中旬歸屬，其成本將根據股價和員工行為而變化。因此，歷史告訴我們，大約 15% 的員工會在最初幾週左右的時間內行使選擇權。但這在很大程度上取決於環境和行為模式對我們的影響，我們距離看到它的實現還有幾個季度的時間。

So I suggest we will give you greater clarity in due course, we'll offset dilution associated with that over time, as we have said, a number of times before. And the last comment I would make is that the accounting is pretty unusual with regard to these, these options and shares. So, if you're super interested, we can take you through that offline at some point in the early part of 2025.

因此，我建議我們將在適當的時候向您提供更清晰的信息，隨著時間的推移，我們將抵消與此相關的稀釋，正如我們之前多次說過的那樣。我要說的最後一點是，這些選擇權和股票的會計處理非常不尋常。因此，如果您非常感興趣，我們可以在 2025 年初的某個時間帶您在線下完成流程。

Thanks Lucas.

謝謝盧卡斯。

Yeah, thanks Lucas. We'll take the next question from Chris Copeland at Bank of America. Chris.

是的，謝謝盧卡斯。我們將回答美國銀行克里斯·科普蘭的下一個問題。克里斯.

Yeah, thanks very much, Craig. Two quick quick questions from me, please. We, we we're hearing total, you talk about having a task force to look at a way to be listed in the US and be included in indices. I was just going to ask again whether you have such a task force inhouse seems like your asset footprint seems a more natural candidate for such a task force to at least look into.

是的，非常感謝，克雷格。請我問兩個簡單的問題。我們，我們聽到大家都在談論成立一個特別工作小組來尋找在美國上市並納入指數的方法。我只是想再問一下，你們內部是否有這樣一個工作小組，看來你們的資產足跡似乎是這樣一個工作組的更自然的候選者，至少可以進行調查。

And the second question goes back to a question that's been asked a number of times and Kate apologies, but you've based your 7 billion buyback in February on I get it macro conditions at the time, but also on an 80% payout ratio and we've now got nine months into the year. My numbers suggest that surplus cash flow that it's based on is below 2,000,000,009 months in.

第二個問題又回到了一個被問過很多次的問題，凱特表示歉意，但你在 2 月份回購 70 億美元是基於我了解當時的宏觀條件，也是基於 80% 的支付率和今年已經過去九個月了。我的數據顯示，其所依據的剩餘現金流量低於 2,000,000,009 個月。

Can you confirm that number roughly at least given that you're not disclosing it and why continue with 175 in the fourth quarter when it doesn't look very likely even with a slight pickup in disposal proceeds that you're going to get closer to 9 billion, which I guess is on an annual basis. What you would require for that 80% payout to be to be held. Thank you.

您能否大致確認一下這個數字，至少考慮到您沒有披露這一數字，以及為什麼在第四季度繼續採用175 個數字，因為即使處置收益略有回升，這個數字看起來也不太可能達到您將接近的數字90億，我猜是每年。您需要什麼才能持有 80% 的付款。謝謝。

Great. Thanks Chris. I'll let, I'll let Kate Mall the math on that one. I'm not sure we're following the math we might do to do that one offline. But we'll let, we'll let her answer you on on us. No, we're not focused on the US. That is not on our agenda. Thanks for the question, Chris and Kate over to you on the the surplus CALC.

偉大的。謝謝克里斯。我會讓，我會讓凱特·馬爾（Kate Mall）計算一下這個問題。我不確定我們是否遵循了離線時可能做的數學計算。但我們會讓，我們會讓她在我們身上回答你。不，我們的重點不是美國。這不在我們的議程上。感謝您提出問題，克里斯和凱特向您介紹了盈餘 CALC。

Yes. So I don't really want to start guiding forward on what our surplus is. At the end of 2024 we've said 80% of surplus over time. We've also said that in our view, the balance sheet is strong enough to tolerate quarter on quarter movements, which is why we very deliberately moved away from a, a quarter calculation at a time on, on surplus numbers in that quarter. It was creating an awful lot of volatility with regard to why continue with the seven.

是的。所以我真的不想開始指導我們的盈餘是多少。我們說過，到 2024 年底，隨著時間的推移，盈餘將達到 80%。我們也說過，在我們看來，資產負債表足夠強大，可以承受季度間的變動，這就是為什麼我們非常有意地不再按季度計算該季度的盈餘數字。關於為什麼要繼續七人制，這引起了很大的波動。

In our view. The 3.5 that we said we were committed to announcing back in July is exactly that it's a commitment and we're confident that the balance sheet can tolerate those payments. And as a consequence, we did not want to do anything about that. Commitment we're following through on it and that's how we think about it.

在我們看來。我們在 7 月承諾宣布的 3.5 正是一個承諾，我們相信資產負債表能夠承受這些付款。因此，我們不想對此採取任何行動。我們正在兌現承諾，這就是我們的想法。

Thank you, Kate.

謝謝你，凱特。

Yeah, thanks Chris. We'll take the next question back in the US from Ryan Todd at Piper Ryan.

是的，謝謝克里斯。我們將在美國回答 Piper Ryan 的 Ryan Todd 提出的下一個問題。

I think. Maybe the, the first one on natural gas, I guess specifically us natural gas prices, I think, you know, after some earlier excitement in the earlier part of this year, natural gas prices in the US remain pretty weak both at the headline Henry hub, but particularly in most basis differential. So for specific to, I guess a couple of how do you think about us snack as prices and specific to a couple of your operations here in the US? What does it mean for?

我認為。也許，第一個關於天然氣的問題，我想特別是我們的天然氣價格，我認為，你知道，在今年早些時候的一些早期興奮之後，美國的天然氣價格在標題亨利的標題中仍然相當疲軟輪轂，但特別是在大多數基礎差速器中。因此，具體而言，我想您如何看待我們的零食價格以及您在美國的一些業務？這意味著什麼？

How do you think about where the Hainesville fits from an activity level point of view in there? And is there anything you can do in places like the Permian to specifically improve what feels like perpetually weak dynamics there on a pricing point of view? And the second question is on the exploration front, can you maybe talk about? Are you, are you still spending the right amount of money in the exploration program right now? And is there anything that, that excites you on the horizon as you look at a future opportunity? Yeah.

從活動水平的角度來看，您如何看待海恩斯維爾在那裡的位置？在像二疊紀這樣的地方，你能做些什麼來專門改善從定價角度來看永遠疲軟的動態嗎？第二個問題是關於探索方面的，您能談談嗎？你，你現在還在探索計畫上花適當的錢嗎？當您展望未來的機會時，有什麼事情讓您興奮不已？是的。

Great Ryan, I'll take both of those on exploration. We're drilling about 30 wells a year right now. I don't, you know, I don't, I don't know. Should it be 32 or 33 or 26 or 27? I don't know. Should it be vastly different than that? Probably not lease bonuses are very small these days. As opposed to past history, drilling efficiencies is much, much better than it has been. So, I think, I think we're, I think we're in the realm of stuff that's fine from an activity level perspective. What's interesting coming up on exploration with an explorer as a father, I can't decide if I go optimistic or if I do my pessimistic thing.But you know what I'm, what I, what my father would want me to say on optimism for exploration. We've got some interesting stuff obviously going down in the Rhino block in Namibia. That'll start up soon. I think Claudio has talked about that with E&I as well. Our partner Azul who's drilling with us. That looks interesting. Let's say we think it's on the right trend. But let's see, we've got a couple more wells going down in Brazil that are in pretty hot, hot basin. Let's see. It's in the right, it's in the right postcode. We had a very good discover on Cabo Frio a while ago that we'll be appraising. That'll be interesting. And let's see how Patar goes, which is the next big, big well in, in Brazil as well.

很棒的瑞安，我將帶他們去探索。我們現在每年鑽大約 30 口井。我不知道，你知道，我不知道，我不知道。應該是 32 或 33 或 26 或 27 ？我不知道。它應該與此有很大不同嗎？也許現在的租賃獎金非常少。與過去的歷史相反，鑽井效率比以往好得多。所以，我認為，我認為，從活動水平的角度來看，我們處於一個很好的領域。身為父親，與探險家一起探索有什麼有趣的，我無法決定是樂觀還是悲觀。我們在納米比亞的犀牛區塊中顯然發現了一些有趣的東西。那很快就會開始。我想 Claudio 也曾與 E&I 討論過這個問題。我們的合作夥伴 Azul 正在和我們一起鑽探。看起來很有趣。假設我們認為趨勢是正確的。但讓我們看看，我們在巴西還有幾口井正在開採，這些井位於非常炎熱的盆地中。讓我們來看看。它在右邊，在正確的郵遞區號。不久前我們在卡波弗里烏有一個非常好的發現，我們將對其進行評估。那會很有趣。讓我們看看帕塔爾的進展如何，這也是巴西的下一個大井。

And then the paley jeans really interesting too, guys, we appraise the West bump and then there are some really, really big bright spots we've got on new seismic that we've done cutting edge seismic below salt that we've done that look really, really big. So let's, let's let the drill bit do that. That's a little bit further out. That's 26 when we'll, we'll get after those ones. So I think, Namibia Brazil and go look pretty interesting, but I'm happy with the overall level of activity. Ryan on us natural gas. Yeah, I think if I start at a high level, I'm pretty optimistic on natural gas prices through the decade.

然後佩利牛仔褲也很有趣，夥計們，我們評估了西部的凹凸，然後我們在新的地震上有一些非常非常大的亮點，我們已經完成了鹽下的尖端地震，我們已經做到了看起來真的很大。那麼就讓我們讓鑽頭來做這件事吧。那有點遠了。那是26，我們會追趕那些人的。所以我認為，納米比亞和巴西去看起來很有趣，但我對整體活動水平感到滿意。瑞安對美國天然氣。是的，我認為如果我從高水準開始，我對未來十年的天然氣價格非常樂觀。

The nation's producing about 100 BC fa day right now, obviously, 15 BC fa day of capacity needs to come on to fill the liquefaction plants and then the hyperscaler are driving crazy demand into natural gas right now. Could you know, we, we could see something like another 10 BC fa day of demand by the end of the decade. Hard to hard to predict right now, but crazy, crazy demand coming out for baseload. So we see very high demand for natural gas as we've moved through the decade, which makes us incredibly optimistic about our 22 TCF of natural gas that just sits there waiting for, for a price response for now.

該國目前的產量約為 100 BC fa day，顯然，需要 15 BC fa day 的產能來填充液化工廠，然後超大規模企業正在推動對天然氣的瘋狂需求。你知道嗎，到本世紀末，我們可能會看到類似公元前 10 年法日的需求。現在很難預測，但對基本負載的需求非常非常瘋狂。因此，隨著這十年的發展，我們看到對天然氣的需求非常高，這讓我們對目前等待價格反應的 22 TCF 天然氣非常樂觀。

We have low levels of activity in Hainesville and the Eagle Ford on the dry gas side as we wait for a pop in price. If that, if that price pop comes, we'll, we'll structure something and start to drill into those basins. But for now that hasn't happened. We think price response will come as, as the L&G becomes more real and then on basis differentials, Hainesville and ego were okay. We're direct to market there. Our trading organization make sure that we have lots of capacity in that space.

當我們等待價格上漲時，海恩斯維爾和伊格爾福特的干氣方面的活動水平較低。如果那樣的話，如果價格出現上漲，我們將建造一些東西並開始鑽探這些盆地。但目前這種情況還沒有發生。我們認為，隨著 L&G 變得更加真實，然後根據基差，Hainesville 和 ego 還可以，價格反應將會出現。我們直接進入那裡的市場。我們的貿易組織確保我們在該領域擁有大量產能。

So that's okay. Obviously, the permanent is a challenge for everybody. We've got the new pipeline that's coming online. Matterhorn. I think that will put 2.5 B CAD capacity. We think that helps for a while, but it probably, it probably fills up after a while. So I think the, I think we feel okay about the Ilford and Hans and Hawk where we've got 22 Ts which is great. The, the Permian will remain a challenge, which I think was your point, Ryan. I hope that helps.

所以沒關係。顯然，永久對每個人來說都是一個挑戰。我們的新管道即將上線。馬特宏峰。我認為這將投入 2.5 B CAD 容量。我們認為這會在一段時間內有所幫助，但很可能，它可能會在一段時間後被填滿。所以我認為，我認為我們對伊爾福德和漢斯和霍克感覺還不錯，我們有 22 個 T，這很棒。二疊紀仍然是一個挑戰，我認為這就是你的觀點，瑞安。我希望這有幫助。

Okay. Thanks Ryan. We'll turn next to Alistair Sim at City Alistair.

好的。謝謝瑞安。我們將轉向阿利斯泰爾市的阿利斯泰爾·西姆。

Thanks Craig. Two quick ones on cash taxes for Kate. We're running quite a bit ahead of P&L tax this year. I can maybe just explain what's going on and how you would seek to guide us going forward. And.

謝謝克雷格。凱特的兩個關於現金稅的快速建議。今年我們的損益稅遠遠超前。我也許可以解釋一下正在發生的事情以及您將如何尋求指導我們前進。和。

Then

然後

You know, Murray on, on, you know, one of the.

你知道，穆雷在，在，你知道，其中之一。

Arguments of the IEC model was you could have these sort of strong corporate level relationships and transactions and you just mentioned the hyperscales there. I mean, we've seen some pretty high prices that, you know, people are willing to pay for nuclear and other capacity. I mean, are you using the same disconnect and the sort of deals you're able to put together with, with customers?

IEC 模型的論點是，你可以擁有這種強大的企業級關係和交易，而且你剛剛提到了那裡的超大規模。我的意思是，我們已經看到了一些相當高的價格，人們願意為核電和其他發電能力支付費用。我的意思是，您是否使用相同的脫節方式以及您能夠與客戶進行的交易類型？

Yeah, I'll let Kate hit the cash tax first and then I'll come to the hyperscaler question.

是的，我會讓凱特先繳現金稅，然後我再討論超大規模的問題。

Alastair. So, yeah, I think the main reason you're seeing cash taxes run a little bit ahead of where you might have expected is the ETR is on prices which are lower this year than they were last year. So that's probably flowing through. You're always going to get a level of movement in geographical mix and things move around with regard to deferred tax, asset recognition quarter on quarter as well. So that, that's basically it, in terms of moving parts, there's nothing anything more to call out there.

阿拉斯泰爾。所以，是的，我認為你看到現金稅比你預期的要高一些的主要原因是今年 ETR 的價格比去年低。所以這可能正在流動。地理組合總是會發生一定程度的變化，遞延稅、資產確認方面的情況也會按季度變化。所以，基本上就是這樣，就移動部件而言，沒有什麼好說的了。

So high prices last year, last year, you pay, you pay the high prices a year later.

所以去年物價高，去年你付錢，一年後你付高價。

And the third quarter as well was installment payments. So it's typically higher.

第三季也是分期付款。所以它通常會更高。

Third quarter and we flagged that.

第三季度，我們標記了這一點。

Yeah, great to at least two people with tax history in their life, answering questions.

是的，對於至少兩個有納稅歷史的人來說，回答問題真是太棒了。

Dangerous, isn't it?

很危險，不是嗎？

The back to the hyperscaler conversation?

回到超大規模的對話？

Look, we're in conversations with all of them.

看，我們正在與他們所有人交談。

They are obviously looking for energy.

他們顯然是在尋找能量。

They would like it to be as decarbon as possible. We're working with that. We're working with them on that the lead place in the world right now is the United States where they're moving fast. Other places aren't moving as fast. I think that's a yet observation. So I think we'll start to see the hyperscaler really start to move in the UK and Europe and other parts of the world a little bit later than the United States. If you want to remain competitive in A I, you'll have to do that. And I think everyone wants to maintain competition in the A I space.

他們希望它盡可能脫碳。我們正在努力解決這個問題。我們正在與他們合作，目前世界領先的國家是美國，他們正在快速行動。其他地方的發展速度沒有那麼快。我認為這還只是一個觀察結果。因此，我認為我們將開始看到超大規模企業真正開始在英國、歐洲和世界其他地區發展，比美國晚一點。如果你想在 A I 中保持競爭力，你就必須這樣做。我認為每個人都希望在人工智慧領域保持競爭。

So I think if you're a integrated energy company, this is the right time for you. If you've got the ability to bundle natural gas with solar, with wind, if you're able to create hedging shapes for them, et cetera. You're an ideal shop. So there will be some companies that will go to that can't provide the lower carbon stuff because they can't do it. There'll be many companies that can't do global reach.

所以我認為，如果您是一家綜合能源公司，現在正是您的最佳時機。如果你有能力將天然氣與太陽能、風能捆綁在一起，如果你能夠為它們創建對沖形狀，等等。你是一家理想的商店。因此，會有一些公司會去那些無法提供低碳產品的公司，因為他們做不到。將會有許多公司無法實現全球影響力。

So that's why, you know, I am quite excited about the future for the business and why I'm committed to continuing to transition it because our customers and clearly hyperscaler are going to be one of the bigger customers moving forward for energy need, baseload, reliable, reliable energy that will decarbonize over time. That's how it seems like it's arising. And I think there are only two or three companies in the world that will actually be able to provide that at scale across multiple countries. So we've done some deals that are quiet and over time we may publicize some of these, but it's a very, very interesting space Alistair. So thanks for asking about it.

所以，你知道，我對業務的未來感到非常興奮，也是為什麼我致力於繼續轉型，因為我們的客戶和顯然的超大規模企業將成為能源需求、基本負載方面向前發展的更大客戶之一，可靠、可靠的能源，隨著時間的推移會脫碳。它看起來就是這樣產生的。我認為世界上只有兩三家公司實際上能夠在多個國家大規模提供這種服務。因此，我們已經完成了一些安靜的交易，隨著時間的推移，我們可能會公開其中的一些交易，但這是一個非常非常有趣的空間，阿利斯泰爾。所以感謝您詢問此事。

Okay, thanks Alistair. Next question from Kim Fustier, HS BC. K

好的，謝謝阿利斯泰爾。下一個問題來自 BC HS 的 Kim Fustier。 K

Hi, good afternoon. Thanks for taking my questions. Firstly, I wanted to ask about CapEx. I know you'll guide on 2025 CapEx in February. But I think you mentioned earlier that CapEx is a tool that you can flex. I was wondering in a $70 oil price environment, could you say whether anything changes in your capital program relative to, let's say an $80 brand price environment? And if so where that flexibility would come from, Would you, would you lean more on short cycle and reduce that bid or are there any projects that wouldn't make the cut?

嗨，下午好。感謝您回答我的問題。首先，我想問一下資本支出。我知道您將在 2 月就 2025 年資本支出提供指導。但我認為您之前提到過資本支出是一個可以靈活運用的工具。我想知道在 70 美元的油價環境中，您能否說一下，相對於 80 美元的品牌價格環境，您的資本計劃是否發生了任何變化？如果是這樣的話，這種靈活性從何而來，您會更依賴短週期並降低出價嗎？

Secondly, on, on divestment, if I may, it seems to be the majority of the assets sold are up for sale are in midstream and renewables. So the tap pipeline formerly down Light Source BP Wind assets, is it fair to say that there's more focus on midstream and renewabless asset sales rather than in upstream? And if so, where does that, where does that leave your target of 200,000 barrels a day of upstream divestments?

其次，關於撤資，如果可以的話，似乎大部分待售資產都位於中游和再生能源領域。那麼，以前是 Light Source BP Wind 資產的自來水管道，可以公平地說，更專注於中游和再生能源資產銷售而不是上游嗎？如果是這樣，那麼您每天 20 萬桶上游資產撤資的目標又將如何呢？

Yes. Great Kim. Thanks very much for thanks very much for the questions. I don't think you'd flex anything between 7,080 on the upstream. We don't, we don't run our hurdle rates at $80. That's just upside for us. I think, as you think about 25 then and, and capital flexibility if you need capital flexibility, you've, you've obviously got the option to do things, lighter capital by bringing in partners. That's, that's an option that you always have. We'll continue to push the pipelines for decapitalization. That's something that was quite hard in 2122 23 companies just weren't willing to do that.

是的。偉大的金。非常感謝您的提問。我不認為你會在上游 7,080 之間調整任何東西。我們沒有，我們的最低門檻利率不是 80 美元。這對我們來說只是好處。我認為，當你考慮 25 和資本靈活性時，如果你需要資本靈活性，你顯然可以選擇透過引入合作夥伴來減少資本。也就是說，這是您始終擁有的選擇。我們將繼續推動剝離資本的管道。這在 2122 年是一件相當困難的事情，23 家公司只是不願意這麼做。

They're back at it now. Infra Funds are back at it and looking for those types of assets. So that gives us an opportunity to decapitalize an awful lot of pipelines that we have inside the business. Some of them are quite aggressive. They're, you know, they're saying, can we decapitalize your compressors for you? Can we decapitalize your wells for you? That's not something we'll do, but it shows you a sign of the scale of capital that's available to decapitalize the portfolio. So it's something that gives you confidence that if you need to and you want to and you see the right multiples, you can start to flex that asset base as well. We have had divestments that, that we've announced recently.

他們現在又回來了。 Infra Funds 重新開始尋找這些類型的資產。因此，這給了我們一個機會，將我們在企業內部擁有的大量管道去資本化。其中一些非常具有攻擊性。他們是，你知道，他們說，我們可以為您取消壓縮機的資本嗎？我們可以為您取消油井資本嗎？這不是我們會做的事情，但它向您展示了可用於對投資組合進行去資本化的資本規模。因此，這讓您有信心，如果您需要並且願意並且看到正確的倍數，您也可以開始調整該資產基礎。我們最近宣布了撤資。

So we've got Egypt and Trinidad and those take 75 KBD out of that 200 we continue to work a couple more options that I'd like to high grade out in time as well. They're either entities that don't earn much money for the production or they're not an efficient use of capital for us. So we'll continue to think about doing that. So, you know, the 200 is kind of okay for now. 75 done, maybe even a little bit more if I think about some other ones that we've done in the past. So I feel on track for that. So lots of flexibility in CapEx depending on what happens with the environment.

因此，我們有埃及和特立尼達島，這 200 個國家中的 75 個 KBD 我們將繼續研究更多選項，我也希望及時對這些選項進行高評級。它們要不是無法從生產中賺到太多錢的實體，就是無法有效利用我們的資本。所以我們會繼續考慮這樣做。所以，你知道，目前 200 還可以。已經完成了 75 個，如果我想想我們過去做過的其他一些事情，可能還會多一點。所以我覺得這已經步入正軌了。資本支出具有很大的靈活性，取決於環境發生的情況。

Flexibility in the upstream is very, very high. We're at a period where we're finishing off major projects. We're only starting up new ones. So the vast majority of capital is going into drilling and you can, we have all kinds of flexibilities in those contracts if we needed to use them. So I hope, I hope Kim that helps with that range of questions.

上游的靈活性非常非常高。我們正處於完成重大專案的時期。我們只是開始新的。因此，絕大多數資本都投入了鑽探，如果我們需要使用這些合同，我們可以在這些合約中擁有各種靈活性。所以我希望 Kim 能幫忙解決這些問題。

Thanks, Kim. We'll go next to Martin Rats at Morgan Stanley Martin.

謝謝，金。接下來我們將去摩根士丹利馬丁公司的馬丁老鼠。

Yeah. Hi. Hello. I also have two F ma. First of all, I wanted to ask if you could elaborate a bit about the project you mentioned in Kirkuk as in Iraqi projects have a long history of being famously low margin. But look at the same time, you know, that is some from some time ago. And I'm and I was wondering where you see the sort of the level of profitability in the project that you, that you sort of recently mentioned where that could sort of is that sort of a different level of margin.

是的。你好。你好。我也有兩個F媽。首先，我想問你是否可以詳細說明一下你提到的基爾庫克項目，因為伊拉克項目長期以來一直以低利潤著稱。但同時看看，你知道，那是很久以前的事了。我想知道你在哪裡看到你最近提到的項目的盈利水平，這可能是一種不同的利潤水平。

And then the other one I wanted to ask, goes back to the balance sheet financial framework and also looking forward to what might be the buyback in 2025 remains a sort of key issue for all of us, of course. And that is this if we add back the debt that you will be consolidating from bunge and light source, and then look at the level of gearing that that implies that takes the gearing back to the level of say early 2021.

然後我想問的另一個問題，回到資產負債表財務框架，並期待 2025 年的回購，這對我們所有人來說仍然是一個關鍵問題。如果我們加回您將從邦吉和光源合併的債務，然後看看這意味著負債水平將回到 2021 年初的水平，那就是這樣。

And in early 2021 the guy for the buy works was 60% of surplus cash flow, which at the time, at least I interpreted as being in recognition that the other 40% was needed for balance sheet gearing. And so I was kind of wondering if 80% of surplus cash flow is indeed the, the the the sort of indication that we should assume for the buybacks in next year or with where you know, given where the balance sheet is once the additional debt is consolidated, whether we may actually need to start thinking about sort of a payout out of surplus cash flow. That is a bit more reminiscent from a few years ago.

在 2021 年初，購買工程的人是剩餘現金流的 60%，當時至少我將其解釋為認識到另外 40% 用於資產負債表負債。所以我有點想知道 80% 的盈餘現金流是否確實是我們應該為明年的回購假設的那種跡象，或者考慮到額外債務後資產負債表的位置，或者你知道的情況合併後，我們是否真的需要開始考慮從剩餘現金流進行某種支出。這更讓人想起幾年前的事。

Great Martin. I'll let I'll let Kate Kate answer that one on thin frame, which of course remains consistent since 2020 will remain. So in the meantime, I'll, I'll talk about Kirkuk. Very exciting opportunity for us. Five domes, five domes full of oil, 20 billion barrels yet to produce. That's not in place that's yet to produce 20 billion plus saturated rock nearby. That offers a tremendous opportunity for oil and natural gas. The Iraqi terms have changed magnificently since 1,718 years ago.

偉大的馬丁。我會讓我讓凱特凱特（Kate Kate）回答那個關於薄框架的問題，這當然從 2020 年以來一直保持不變。所以同時，我會談論基爾庫克。對我們來說非常令人興奮的機會。五個圓頂，五個圓頂裝滿了石油，還有 200 億桶尚未生產。附近還沒有生產出超過 200 億顆飽和岩石。這為石油和天然氣提供了巨大的機會。自1718年前以來，伊拉克的術語已經發生了巨大的變化。

That, that you might be remembering Martin, I think you can go on Wood Mac and see the latest rounds. It's called round eight and you can see what those terms look like and they are, they are competitive with most of the other countries in which we operate now in PS A structure. So they're there. We're, we're happy to move forward with that and we see it as a tremendous opportunity to grow short cycle oil in the Middle East in some of the lowest cost supply in the world over the UK time balance sheet.

那，你可能還記得馬丁，我想你可以去伍德麥克看看最新的比賽。這被稱為第八輪，您可以看到這些條款的樣子，它們確實與我們現在在 PSA 結構中開展業務的大多數其他國家/地區具有競爭力。所以他們就在那裡。我們很高興能夠推進這項計劃，我們認為這是在中東地區生產短週期石油的巨大機會，這些地區是英國時間資產負債表上世界上成本最低的地區。

Thanks. Thanks Marion and hi Martin. Yes. So look if I go back to February of this year when we updated our guidance to 80% of surplus and, and to be clear, our guidance is unchanged. Currently, we went there because of the degree of progress we've made in reducing our level of debt in the balance sheet through 22 and 23. And if you just bear with me just for a minute, I'm just going to step you through exactly why I'm comfortable with the balance sheet today.

謝謝。謝謝馬里昂和嗨馬丁。是的。因此，讓我回顧一下今年 2 月，當時我們將盈餘指引更新為 80%，需要明確的是，我們的指引沒有改變。目前，我們之所以這麼做，是因為我們在 22 和 23 年期間在降低資產負債表債務水平方面取得了一定程度的進展。的資產負債表感到滿意。

So it was at the end of the third quarter, we've got about net debt of 20 let's say 24.5. We, we've said around a billion dollars of divestment proceeds were delayed by four days. So I take that off and if you look at our cumulative working capital build on our balance sheet since 2019, it's around about 13 nine of that is Deepwater Horizon two of that is Decommissioning and that leaves me with around about 2 billion of build that is left to reverse over time.

所以到了第三季末，我們的淨債務約為 20 比方說 24.5。我們說過，大約十億美元的撤資收益被延後了四天。所以我把它去掉，如果你看看我們自2019 年以來資產負債表上的累積營運資本，就會發現，其中大約有13 九是深水地平線，其中二是退役，這給我留下了大約20億的建設資金隨著時間的推移，留下來逆轉。

So when I take all of that into consideration and I think about my net debt at the end of two Q, it's probably permanently around about the 21.5 level. Yes, we will be consolidating debt from Lightsource BP. But as we've already said, the majority of that is transitory as we bring in that strategic partner at the right time and for the right value that will be removed. So I just wanted to step you through how I'm thinking about the balance sheet and why I feel comfortable saying that it's strong and we're comfortable with where it sits right now. So I hope that's helpful.

因此，當我考慮到所有這些因素並考慮到兩個季度末我的淨債務時，它可能會永久保持在 21.5 左右的水平。是的，我們將合併 Lightsource BP 的債務。但正如我們已經說過的，其中大部分都是暫時的，因為我們在正確的時間引入了該戰略合作夥伴，並獲得了將被刪除的正確價值。因此，我只是想向您介紹一下我對資產負債表的看法，以及為什麼我可以放心地說它很強勁，而且我們對它目前的狀況感到滿意。所以我希望這有幫助。

Thanks Martin. Getting close to time here, we've got three remaining questioners. So the first one, Matt Lofting at JP Morgan.

謝謝馬丁。時間已將近，我們還剩下三位提問者。第一個是摩根大通的馬特‧洛夫廷(Matt Lofting)。

Yeah. Thanks for squeezing in the questions. Two quick ones, please. First, if we just come back to the other comments around cash flow generation. Obviously cffo can be phased and lumpy quarter by quarter. I just wonder if you take a step back and look at nine month delivery compared to B P's internal expectations at the beginning of this year, how you see underlying cash generation year-to-date and how you'd sort of grade it firsts the start of the year and then second Murray, I think you talked earlier about trading year-to-date being on track to be average assuming that that corresponds broadly therefore to the 4% return contribution that you've talked about in the past. Can you share a sense of how that compares to the contribution that business was making in 2,223? And how confident you are, you can sustain this year's levels 25 plus on four tripp commissions. Thanks.

是的。感謝您提出問題。請快點來兩份。首先，我們回到有關現金流產生的其他評論。顯然，cffo 可以分階段、逐季度地進行。我只是想知道您是否退後一步，看看與英國石油公司今年年初的內部預期相比，九個月的交付情況，您如何看待今年迄今為止的潛在現金生成以及您如何首先對其進行評級今年年初，然後是第二個穆雷，我認為您之前談到今年迄今為止的交易處於平均水平，假設這大致相當於您過去談到的4% 的回報貢獻。您能否分享一下這與企業在 2,223 年所做的貢獻相比如何？您有多大信心，您可以透過四次 Tripp 佣金維持今年 25 以上的水平。謝謝。

Yes. Thank you, Matt. I think on trading. Yes, we, we've had an average of 4% over time since 2020 2020. Sorry, I'm I'm I was having an elder moment there. This year we're on track for the 4%. I feel very comfortable with that. We were up around 6% in the heights. So we're 2% below that, but 4% as we're delivering now and you know, you may be wondering, is 4% durable especially if the world were to turn to lower volatility. And my answer to that is absolutely.

是的。謝謝你，馬特。我認為關於交易。是的，自 2020 年以來，我們的平均成長率為 4%。今年我們有望達到 4%。我對此感到很舒服。我們的高度上升了大約 6%。因此，我們比這個數字低 2%，但我們現在提供的 4%，你知道，你可能想知道，4% 是否持久，特別是如果世界轉向更低的波動性。我對此的回答是絕對的。

And the reason that I say absolutely is we're building a series of businesses around our historic trading business which give us much more optionality and flow. And trading businesses make money from equity, optionality, merchant optionality and flow. That's where they make their money. So building out power businesses through the Edf and G tech acquisition, building a biogas from Archia, building out a biofuels position in bunge that will allow us to arbitrage bioethanol to the west coast of the US. And Europe. These steps we're taking to build out these peripheral businesses where customers want lower carbon energy allow us to durably make this 4%.

我之所以這麼說，是因為我們正在圍繞我們歷史悠久的貿易業務建立一系列業務，這為我們提供了更多的選擇和流動性。交易業務透過股權、選擇性、商家選擇性和流量來賺錢。那就是他們賺錢的地方。因此，透過收購 Edf 和 G tech 來建立電力業務，從 Archia 生產沼氣，在 Bunge 建立生物燃料地位，這將使我們能夠向美國西海岸套利生物乙醇。還有歐洲。我們正在採取這些步驟來建立客戶需要低碳能源的外圍業務，使我們能夠持久地實現這 4%。

And you know, if Carol's listening, I'd probably say grow over time as well, even without, even without volatility. So maybe a way to think about it is that extreme volatility that you saw the past couple of years gave us 200 basis points, but we feel very confident in the 4% durability of trading moving forward, given that we're building out the businesses as far as the, as far as the grading goes for my leadership team performance this year, I'd say the upstreams performing exactly as we'd hoped production is about on plan. Costs are coming in on plan, projects are coming in on plan.

你知道，如果卡羅爾在聽，我可能會說隨著時間的推移也會增長，即使沒有波動。因此，也許一種思考方式是，過去幾年的極端波動為我們帶來了 200 個基點，但考慮到我們正在拓展業務，我們對未來 4% 的交易持久性非常有信心就今年我的領導團隊表現的評分而言，我想說上游的表現完全符合我們希望的生產按計劃進行。成本正在按計劃進行，項目正在按計劃進行。

So I feel very good about that. Refinery is operating very, very well except for the first quarter where we had a, we had a problem in Whiting and that's not entirely their fault given external circumstances. But the whiting outage in one Q would probably be the 1.1 point for the year that, that scores us down the rest of the rest of the year. We've been doing just fine and we're on track for, I feel on track for the 3 to 4% underlying growth we talked about and look forward to beating that as we move into 25. I hope that helps Matt.

所以我對此感覺很好。煉油廠運作得非常非常好，除了第一季我們在懷廷遇到了問題，考慮到外部環境，這並不完全是他們的錯。但是，一個季度的鱈魚停電可能會導致今年的 1.1 個百分點，這會讓我們在今年剩餘的時間下降。我們一直做得很好，我們正在朝著我們談到的 3% 到 4% 的基本成長邁進，並期待在進入 25 年後超越這一目標。

Okay, thanks Matt. We'll take the next question from Paul Cheng at Scotia. Paul.

好的，謝謝馬特。我們將回答 Scotia 的 Paul Cheng 提出的下一個問題。保羅.

Thank you. Two quick question. First, Mary, can you give an update about GT A phase one? The LNG project? Are we still on schedule for the, at the end of the year or early first quarter? Start up on the first G? And secondly, that I think it's for K on the $2 billion cost reduction by the end of 2026. Can you give us an idea that how is the breakdown between the organic cost reduction and the cost reduction related to asset sales? Thank you.

謝謝。兩個簡單的問題。首先，瑪麗，您能介紹一下 GT A 第一階段的最新情況嗎？液化天然氣專案？我們是否仍按計劃在年底或第一季初進行？從第一個G開始？其次，我認為 K 應該在 2026 年底前削減 20 億美元的成本。謝謝。

Great, Paul. Fantastic. On GT A, we continue to make good progress, all the equipments in the field. Now during the quarter, we brought in an LNG vessel to unload LNG into the actual LNG facility itself and that's allowed us to precommission the LNG that's gone very well. So congratulations to the team for delivering on that. Not a not a straightforward operation. The next milestone, we continue through punch lists, et cetera. But the next big milestone is we'll be introducing natural gas from the well heads into the floating FPSO offshore and then into the pipelines that go to that go to the LNG plant.

太棒了，保羅。極好的。在GT A上，我們繼續取得良好的進展，所有的設備都在現場。在本季度，我們引入了一艘液化天然氣船，將液化天然氣卸載到實際的液化天然氣設施中，這使我們能夠對進展順利的液化天然氣進行預先調試。祝賀團隊實現了這個目標。這不是一個不簡單的操作。下一個里程碑，我們繼續完成遺留問題清單等等。但下一個重大里程碑是，我們將把天然氣從井口引入海上浮式 FPSO，然後引入通往液化天然氣工廠的管道。

I'm happy with progress. I don't want to put any pressure on the teams. What they need to focus on is safely starting this up. That will be what is remembered in time as a safe startup. But I feel like we're making good progress, Paul and we'll, we'll update you, update you next time. We talk to you Kate over to over to the cost savings and how much is organic versus inorganic.

我對進步感到高興。我不想給球隊帶來任何壓力。他們需要關注的是安全地啟動它。這將是被及時記住的安全啟動。但我覺得我們正在取得良好進展，保羅，我們會向您通報最新情況，下次向您通報最新情況。我們與凱特詳細討論了成本節省以及有機與無機的成本節省量。

Yeah. Thanks Marie. When we first set out the cost efficiency back in February, we talked about four areas, four levers where we would be driving cost cost efficiency through one of those was our portfolio. So as a rule of thumb, that's probably not a bad, a bad guide sort of 25% but we'll, we'll give you a better idea of delivery as we get to the fourth quarter. And my, my, my expectation in February will be to explain business by business, how we're doing and what we're actually delivering. So the other thing I would like to say today is that hopefully you've seen that we've we've got line of sight now to in excess of 500 million in 2025 if you remember what I've said on previous calls is that I firstly want them underpinned, then I want to do what we can to accelerate and exceed. And then thirdly, how do we sustain this? And, but that continues to be the lens through which we're driving this whole area of work and the teams are making tremendous progress. As you can see, we're working a lot of options, track record at every other company that tries to do this would say you need a hopper of options that are significantly in excess of your delivery. So right now, we feel very comfortable about our 2 billion in 2026.

是的。謝謝瑪麗。當我們在二月首次提出成本效率時，我們談到了四個領域、四個槓桿，我們將透過其中一個領域、四個槓桿來推動成本效率，其中一個就是我們的投資組合。因此，根據經驗，這可能不是一個糟糕的指導，大約是 25%，但我們會在第四季度為您提供更好的交付想法。我、我、我二月的期望是逐一解釋業務、我們正在做的事情以及我們實際交付的內容。因此，我今天想說的另一件事是，希望您已經看到，我們現在的目標是到 2025 年，人口將超過 5 億（如果您還記得我在之前的電話會議中說過的話）我首先希望它們得到支撐，然後我想盡我們所能加速和超越。第三，我們如何維持這一點？而且，這仍然是我們推動整個工作領域的透鏡，團隊正在取得巨大進展。正如您所看到的，我們正在研究許多選項，而其他嘗試這樣做的公司的追蹤記錄表明您需要大量遠遠超過您交付量的選項。所以現在我們對 2026 年的 20 億感到非常滿意。

Okay. Thanks very much, Paul. I'm afraid due to time, we're going to take our final question and that's from Bertrand at Kepler and for anybody remaining on the call with questions, we will follow up with you. Thank you, Bertrand.

好的。非常感謝，保羅。恐怕由於時間原因，我們將接受開普勒的 Bertrand 提出的最後一個問題，對於任何留在電話中提出問題的人，我們將與您聯繫。謝謝你，伯特蘭。

Yes, thanks Greg. Two questions. If I may, the first one is on your paleogene opportunities. So if you sanction KDA this year, you will sanction you want to sanction thr next year. And and I've seen a third project popping up called Guadalupe. I remember it was a discovery announce a few years back. How should we think about Guadalupe is a, it's a potential new hub or is is it a, is it a tieback opportunities to Cascada or th and the second question is on the corporate division.

是的，謝謝格雷格。兩個問題。如果可以的話，第一個是關於你的古近紀機會。因此，如果你今年制裁 KDA，你明年就會制裁你想要製裁的人。我還看到了第三個項目的出現，名為 Guadalupe。我記得這是幾年前的一個發現公告。我們應該如何看待瓜達盧佩，它是一個潛在的新樞紐，還是它是一個通往卡斯卡達的回接機會還是第二個問題是關於公司部門的。

It was a bit of awkward number in Q3 with a positive contribution from OB and C. Can you, can you just explain the rationale behind it?

第三季這個數字有點尷尬，OB 和 C 做出了正面的貢獻。

Yeah. Great Bertrand. I'll let I'll let Kate describe that one on the Paleo Gene have. Thank you for your memory. That's fantastic. You remember Guadalupe? You might remember Hela as well if you were, if you were really stretching back back in time, we have the Guadalupe discovery it's there. We have not made a decision yet on it. To be H1st, if it's a tie back to Tyber or it's a stand alone, we have a couple of wells going down across 25 and 26 that will help us decide what we do first.

是的。偉大的伯特蘭。我會讓我請凱特描述一下古基因上的那個。謝謝你的記憶。太棒了。你還記得瓜達露佩嗎？如果你真的回溯到過去，你可能還記得海拉，我們有瓜達露佩的發現，它就在那裡。我們還沒有就此做出決定。為了成為 H1st，如果它是與 Tyber 並列或是獨立的，我們有幾口井穿過 25 和 26，這將幫助我們決定我們首先要做什麼。

We have the appraisal well, on the West Bump on Cascada. So when we say we're sanctioning Cascada, we mean the East Bump of Cascada with six wells and then the West West bump will drill an appraisal well, and that will determine what we do with that one in our minds right now. It's a tieback. But, you know, it depends on how that goes. Certainly it will be a tie back. I don't think it'll be standalone, but let's see how the appraisal well goes. We then have the big exploration prospect that I talk about that is to the west of that, that will be drilled and that will really determine what we do with the region. If that comes in with a similar size to Tyber to Cascada, you'll have to think about a standalone there.

我們在卡斯卡達西凹凸處有評估井。因此，當我們說我們正在批准卡斯卡達時，我們指的是卡斯卡達的東凸塊有六口井，然後西凸塊將鑽一口評價井，這將決定我們現在對這口井的處理方式。這是一個回扣。但是，你知道，這取決於事情如何發展。當然，這將是一個平局。我不認為它會是獨立的，但讓我們看看評估進展如何。然後我們就有了我所說的大勘探前景，那就是在該地區的西部，將進行鑽探，這將真正決定我們對該地區的行動。如果它的大小與 Tyber 和 Cascada 類似，那麼您必須考慮在那裡建立一個獨立的系統。

If it's dry, which is possible, then we'll have to make this decision on, on, on Guadalupe as well. So I think, I think the roundabout answer to that is we're cleared Cascada and we're underway, getting the construction now. It looks like we'll sanction. Tyber. I feel very confident about that. Guadalupe is an option. Appraisal is an option and the, the next exploration well is an option. We've also shot seismic and we're seeing other bright spots but there's just a lot of resource there. We've made two, we're, we're on the verge of making two infrastructure decisions with two vessels. I hope there's a third one there but it's a bit too early to say we need to do more appraisal and, and some exploration drilling. I hope that hope that helps share thoughts Beran and over to you Kate.

如果天氣乾燥（這是可能的），那麼我們也必須在瓜達盧佩島做出這個決定。所以我認為，我認為這個問題的迂迴答案是我們已經清理了卡斯卡達，我們正在進行施工，現在就開始施工。看來我們會制裁。泰伯.我對此非常有信心。瓜達盧佩是一個選擇。評估是一種選擇，下一個勘探井也是一種選擇。我們也拍攝了地震，我們看到了其他亮點，但那裡有很多資源。我們已經做出了兩項，我們即將用兩艘船做出兩項基礎設施決策。我希望那裡有第三個，但現在說我們需要進行更多評估和一些勘探鑽探還為時過早。我希望這有助於分享貝蘭和凱特的想法。

Yeah, thank you. Thanks Marisa. Let me just quickly clear up on other business and corporate. It's a, it's an area of the results that can move around quite a lot quarter on quarter. In terms of three Q, you may remember earlier in the call, I talked about us deliberately building cash through the third quarter, getting ready to repay the financing for light source, light source BP so that we could finance it internally. It's a it's a lot more efficient way of doing it. So we had a greater level of interest income in the third quarter as a consequence of that. And then the other big component was favorable FX movement on a weaker dollar. That's really all that's going on, but it does move around a bit. I know it's tricky.

是的，謝謝。謝謝瑪麗莎。讓我快速澄清一下其他業務和公司的情況。這是一個結果領域，每個季度都會有很大的變化。就三個問題而言，你可能還記得早些時候在電話會議中，我談到我們在第三季度有意積累現金，準備償還光源、光源BP的融資，以便我們可以進行內部融資。這是一種更有效的方法。因此，我們在第三季的利息收入水準較高。另一個重要部分是美元疲軟帶來的有利外匯走勢。這確實是所有正在發生的事情，但它確實發生了一些變化。我知道這很棘手。

Great. Thanks Kate. I think Craig with that, we'll call it to an end and I'll just make a few closing statements. Thank you for all of your questions and for listening. Another quarter of resilient operations and I hope you'll agree significant process in driving focus and efficiencies into the business. The actions we are taking, create real change in BP. And we're staying focused on what we control growing the underlying performance of the business. We have great assets, a great team and great opportunities to grow returns and value.

偉大的。謝謝凱特。我想克雷格說完，我們就結束了，我將做一些總結發言。感謝您提出的所有問題和聆聽。又一個季度的彈性運營，我希望您會同意在推動業務重點和效率方面的重要流程。我們正在採取的行動將為 BP 帶來真正的改變。我們將繼續專注於我們所控制的業務，以提高業務的基本績效。我們擁有豐富的資產、優秀的團隊以及成長回報和價值的絕佳機會。

I firmly believe we are only one of the few companies that can deliver unique integrated energy solutions for countries, companies and customers alike. And I have deep conviction that the actions we're taking will grow the value of BP. We're very much looking forward to providing an update on our medium term plans when we broadcast from New York in February. Thanks everyone for your questions and for joining the call. Byebye.

我堅信，我們是少數能夠為國家、公司和客戶提供獨特的綜合能源解決方案的公司之一。我堅信，我們正在採取的行動將提升 BP 的價值。我們非常期待二月份在紐約播出時提供中期計劃的最新資訊。感謝大家提出問題並加入通話。再見。