英國石油 (BP) 2024 Q3 法說會逐字稿

Okay.

好的。

Thank you, everyone, for joining BP's third quarter 2024 results call.

感謝大家參加 BP 2024 年第三季業績電話會議。

As you'll be aware, we published the slides and script and video presentation alongside our stock exchange announcement earlier today.

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、腳本和視訊演示。

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, Craig, and thanks, everyone, for joining Kate and I on the call today.

謝謝克雷格，謝謝大家今天加入凱特和我的電話會議。

To briefly recap today's results, operations run well this quarter.

簡單回顧一下今天的業績，本季營運狀況良好。

Year-to-date, upstream production was around 3% up, including liquids production up 5%.

今年迄今為止，上游產量增加了 3% 左右，其中液體產量增加了 5%。

Plant reliability in the Upstream was more than 95% and refining availability was more than 96% for the quarter.

本季上游工廠可靠度超過 95%，煉油可用性超過 96%。

Really cool statistic in our EV charging business.

我們的電動車充電業務的統計數據非常酷。

We've had 80% year-on-year growth.

我們的年成長率為 80%。

And cumulatively, this year, we've now hit 1 terawatt hour of electrons sold to our customers around the globe.

今年，我們向全球客戶銷售的電子產品累積量已達 1 太瓦時。

We now have 23 kbd biogas supply online with eight plants commissioning in 4Q.

我們現在有 23 kbd 線上沼氣供應，八個工廠將於第四季度投入運作。

Our performance has supported underlying profit of $2.3 billion in the quarter.

我們的業績支撐了本季 23 億美元的基本利潤。

And on distributions, we announced another $1.75 billion share buyback and a dividend per ordinary share of $0.08.

在分配方面，我們宣布再次回購 17.5 億美元的股票，並發放每股普通股 0.08 美元的股息。

At the same time, we've made massive progress since we've laid out our six priorities at the start of the year.

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。

We've stopped or paused 24 projects as we high grade our portfolio.

當我們對我們的投資組合進行高評級時，我們已經停止或暫停了 24 個項目。

We're divesting assets that won't compete for capital.

我們正在剝離不會與資本競爭的資產。

We've made a lot of progress on Cascada since FID in the summer and I expect Tiber to follow next year.

自從夏季 FID 以來，我們在 Cascada 上取得了很大進展，我預計 Tiber 明年也會跟進。

We're accessing new resource opportunities, including in Iraq, Azerbaijan and Abu Dhabi.

我們正在獲取新的資源機會，包括在伊拉克、亞塞拜然和阿布達比。

We've completed the Bunge and Lightsource BP transactions, and we're in action to deliver over $0.5 billion of cost savings in 2025 on the way to our target of at least $2 billion by 2026.

我們已經完成了 Bunge 和 Lightsource BP 的交易，並且正在採取行動，力求在 2025 年節省超過 5 億美元的成本，從而實現到 2026 年至少節省 20 億美元的目標。

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.

如果您有機會觀看該視頻，您會注意到凱特說我們正在製定幾乎是該目標兩倍的選項。

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.

我們堅定地專注於在過去十年中增加現金流，在我們的石油和天然氣資源基礎上提供大量的選擇權，並且在轉型過程中，我們將保持紀律，專注於確保為股東帶來回報和價值。

With that, let's move over to Q&A, and Craig can get us started.

接下來，讓我們進入問答環節，克雷格可以幫助我們開始。

(Operator Instructions).

（操作員說明）。

Josh Stone, UBS.

喬許‧斯通，瑞銀集團。

Thanks (inaudible) I have two questions, please.

謝謝（聽不清楚）我有兩個問題。

Firstly, starting on the strategy, and I appreciate we're going to need to intercept -- 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 do you think really needs to change in the current strategy?

首先，從策略開始，我很高興我們需要攔截 - 你已經給了我們一些預告片，但我想問你，穆雷，當你收集你的想法並準備幻燈片時甲板上，您認為當前策略真正需要改變的是什麼？

And is this a change in the identity of BP or rather sort of tweak around the edges a little bit CapEx here, CapEx there, but overall direction, the same.

這是 BP 身分的改變，還是在邊緣進行一些調整，這裡有一點資本支出，那裡有一點資本支出，但總體方向是相同的。

So any comments there would be helpful.

所以任何評論都會有幫助。

And then secondly, you're looking at the quarter, if you could just talk about the liquids trading performance.

其次，你正在關注這個季度，如果你能談談流動性交易的表現的話。

It was particularly weak this quarter and blew a hole in the Downstream earnings.

本季尤其疲軟，並導致下游收益出現缺口。

And I know you don't like the lifting the lid on all these businesses, but could you just maybe talk a little bit about where that specific weakness is coming from? Why it was weaker quarter-on-quarter? Is this all market related? Or were there particular things that are BP specific and therefore, can be addressed rather easily. Thank you.

我知道您不喜歡揭開所有這些業務的面紗，但您能否談談具體的弱點來自哪裡？為何環比疲弱？這一切都與市場有關嗎？或是否有 BP 特有的特定問題，因此可以相當容易解決。謝謝。

Yep, Great. Thanks, Josh. On the strategy, look, as we've said for the past -- since February, since I came in, the direction that 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. 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.

是的，太棒了。謝謝，喬許。在戰略上，正如我們過去所說的那樣——自從二月我上任以來，走向 IEC 的方向保持不變。我們是一家擁有上游業務、大客戶業務，當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。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。

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 scarce capital.

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競爭稀缺資本。

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.

我認為，如果您回顧過去幾個月的溝通，我們已經向您明確表明我們如何對業務進行高評級。

We've talked about the renewables will be capital-light.

我們已經討論過再生能源將是輕資本的。

We've talked about focusing hydrogen down 5 to 10 projects.

我們已經討論過將氫能重點放在 5 到 10 個項目上。

We've talked about three biofuels plants instead investing in the upstream in Bunge.

我們討論了三個生物燃料工廠，而不是投資邦吉的上游。

We focused our EV and convenience down to four material countries with our scarce capital, and continuing to focus on biogas.

我們將電動車和便利設施集中到四個資源匱乏的國家，並繼續專注於沼氣。

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 FID is making plus the new access we're making now see the strong possibility to grow cash flow from the upstream through the decade.

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 億桶石油所取得的成功，加上FID 正在實施，再加上我們現在正在實施的新通道，我們看到了很大的可能性十年來來自上游的現金流不斷增加。

And so what you should hear us focus on is you'll hear us focus 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 we don't -- not sure that things can compete for capital.

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增長，從投資組合的平衡、持續致力於轉型，但在我們這樣做時首先考慮的是質量和回報，我們不採用輕資本模式──不確定事物是否可以爭取資本。

So that's the direction of travel.

這就是旅行的方向。

We'll obviously update our financial targets.

我們顯然會更新我們的財務目標。

We'll obviously update our aims, and we call it an update on our plans on purpose.

顯然我們會更新我們的目標，我們稱之為故意更新我們的計劃。

We call it an update on our middle -- our midterm plans on purpose.

我們特意稱之為中期計劃的更新。

So I hope that helps with the first one, Josh.

所以我希望這對第一個有幫助，喬許。

And then on trading.

然後是交易。

Look, overall trading for the year is on track for an average year, that's what I'd say.

看，今年的整體交易符合平均水平，這就是我想說的。

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.

有時利潤發生在天然氣方面，有時利潤發生在石油方面，根據我們在市場內部看到的波動，利潤可能會發生相當大的波動。

But overall, trading is on track for an average year this year.

但總體而言，今年的交易量處於平均水平。

In the oil business, which you're particularly talking about, it was a weak quarter.

在您特別談論的石油業務中，這是一個疲軟的季度。

It's the second week quarter in a row.

這是連續第二週季度。

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 VIX risk is way, way down to historically low levels right now.

如果你看我們在石油方面看到的 VIX 的任何外部指標，你會發現 VIX 風險目前已大幅降至歷史低點。

There's lots of movement in the prompt, but not much movement along the structure.

提示中有很多運動，但結構上沒有太多運動。

So it's very difficult to find opportunities to trade.

所以找到交易機會非常困難。

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.

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。

I'll let you dig those out.

我會讓你把它們挖出來。

So there's nothing systemic with oil trading.

因此，石油交易沒有任何系統性。

There's nothing systemic with gas trading.

天然氣交易沒有任何系統性。

We're having an average year for ourselves and the risk just happens to sit in gas as opposed to oil right now.

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。

And let's see that can very quickly change in 4Q and Q2.

讓我們看看第四季度和第二季度情況會很快發生變化。

Thanks for the question, Josh.

謝謝你的提問，喬許。

Giacomo Romeo, Jefferies.

賈科莫·羅密歐，傑弗里斯。

First question, if I may, is again, related to some of the comments you have on the press release today about your date on February 2025, you talked about reviewing expectations related to the buyback in the -- the buyback.

第一個問題，如果可以的話，再次與您在今天的新聞稿中關於 2025 年 2 月日期的一些評論相關，您談到了審查與回購相關的預期。

I just wanted to understand.

我只是想了解一下。

In the past, you talked about having $1 billion third quarter floor, a $60 oil price I understand that this was before you updated your distribution guidance -- increase your distribution guidance in February this year.

過去，您談到第三季底價為 10 億美元，油價為 60 美元，我知道這是在您更新分配指導之前——今年 2 月增加了分配指導。

Is this floor in any way, still valid, is there still something that we could think of in terms of minimum level of buyback at a lower macro prices?

這個下限是否仍然有效，我們是否仍然可以考慮以較低的宏觀價格回購最低水準？

Second question, it's -- I have is on divestments.

第二個問題是──我的問題是撤資。

You have increased your divestment guidance for the year.

您增加了今年的撤資指引。

It sounds like you have quite a lot of divestments lined up for 2025 as well.

聽起來你們還準備在 2025 年進行大量撤資。

Is it possible we're going to see a similar amount of divestments next year?

明年我們是否有可能看到類似數量的撤資？

And if I may, on the M&A side, are we -- are you done in terms of larger M&A deals you're just focusing on execution going into 2025.

如果可以的話，在併購方面，我們——你們是否已經完成了更大的併購交易，你們只是專注於 2025 年的執行。

Yes.

是的。

Great, Giacomo.

太棒了，賈科莫。

I'll answer the divestment question first, and then I'll pass on to Kate to talk about buybacks in 2025.

我將首先回答撤資問題，然後我將轉而向凱特談論 2025 年的回購問題。

Look, I think on divestments, we set out a target back in 2020 to do $25 billion across the five years.

看，我認為在撤資方面，我們早在 2020 年就制定了五年內撤資 250 億美元的目標。

We're on track for that.

我們正朝著這個目標邁進。

I think the math is about $20 billion so far that's been announced.

我認為到目前為止已宣布的金額約為 200 億美元。

So we've got five quarters left to go to hit the $25 billion.

因此，我們還有五個季度的時間才能達到 250 億美元的目標。

That should give you a pretty strong indication of what the weighting is between the years.

這應該可以讓您清楚地了解各年份之間的權重。

As the -- if the price environment softens, divestments is a tool that we can use to bridge cash flow as is CapEx.

如果價格環境疲軟，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。

So that's how we think about it from a divestment perspective.

這就是我們從撤資角度思考的問題。

And we continue to have lots of infrastructure positions that people are willing to pay very strong multiples for.

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。

We've got tail assets in the Upstream Egypt and Trinidad that other people would like to invest in as well.

我們在埃及上游和特立尼達擁有尾部資產，其他人也願意投資。

So we continue to have a strong hopper of opportunities that we're working through, and we felt comfortable to bump the guidance in 4Q giving the complete -- or given the transactions that we signed and our anticipation of when they complete.

因此，我們仍然擁有大量正在努力的機會，我們很樂意在第四季度給予完整的指引，或者考慮到我們簽署的交易以及我們對交易完成時間的預期。

So we feel good on that side.

所以我們在這方面感覺很好。

As far as acquisitions go, on the transition growth engines were good now.

就收購而言，轉型成長引擎目前狀況良好。

It's time to now bed these transactions in.

現在是時候整理這些交易了。

So we've done quite a few from EDF to G-Tech to Bunge, Lightsource to Arkea to TravelCenters of America.

因此，我們已經做了很多工作，從 EDF 到 G-Tech 到 Bunge，從 Lightsource 到 Arkea，再到 TravelCenters 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.

現在是時候將它們標準化，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 12, 18 months as we really, really drive that through.

因此，這就是我們在未來 12、18 個月內將重點關注的領域，我們將真正推動這一目標的實現。

On the upstream side, we are continuing to look at acquisitions.

在上游方面，我們正在繼續考慮收購。

Generally, they're organic farm-ins and that type of stuff.

一般來說，它們是有機農場之類的。

So we'll continue to actively pursue those things there's not as much competition internationally as in the past.

因此，我們將繼續積極追求那些國際競爭不像過去那麼激烈的事情。

And so there are tremendous opportunities to do these things, and we're looking forward to developing things like the Kariba field in Azerbaijan that we recently agreed with Socar and of course, the other opportunities.

因此，做這些事情有巨大的機會，我們期待開發像阿塞拜疆的卡里巴油田這樣的項目，我們最近與 Socar 達成了一致，當然還有其他機會。

But that will be lower key for now.

但目前這將是低調的。

There won't be big numbers.

不會有大數字。

They'll be more inside the organic space.

他們將更多地進入有機空間。

So I hope that helps on the divestment and acquisition side and over Kate on buybacks.

因此，我希望這對撤資和收購方面以及凱特的回購方面有所幫助。

Yes.

是的。

Thanks, Murray.

謝謝，穆雷。

Jacamo, so look, we today have announced the buyback for 3Q [1.75] 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.

Jacamo，所以看，我們今天宣布了第三季的回購[1.75]，並再次確認了第四季度的股票回購1.75。因此，當我們完成執行後，我們將兌現我們的承諾，到 2024 年，總額將達到 70 億美元。

With regard to where we stand today, balance sheet is strong.

就我們今天的情況而言，資產負債表強勁。

We are rated [A+ by fetch and A+ by Moody's], and we're firmly within all our ratings.

我們的評級為 [fetch 評級為 A+，穆迪評級為 A+]，而且我們的評級完全符合我們的要求。

And as Murray has already said, the business is operating well.

正如穆雷已經說過的那樣，該業務運作良好。

We've got operational growth through 2025.

到 2025 年，我們的營運將實現成長。

With regard to guidance for '25, back in February this year when we guided on $14 billion, we said that was around market conditions as they were at February.

關於 25 年的指導，早在今年 2 月，當我們指導為 140 億美元時，我們就表示這是與 2 月的市場狀況有關的。

And we also said that it's at least 80% of surplus.

我們也說至少有80%是盈餘。

So if you wish, you can rule of thumb that we have flexibility in our capital frame if prices fall.

因此，如果您願意，您可以根據經驗判斷，如果價格下跌，我們的資本框架具有靈活性。

And beyond that, we'll update you in February as we always alongside a medium-term plan update.

除此之外，我們將在二月向您通報最新情況，就像我們一貫伴隨的中期計畫更新一樣。

So we'll come back to you in February.

所以我們會在二月再次與您聯繫。

Irene Himona, Bernstein.

艾琳希莫納，伯恩斯坦。

Thank you so much.

太感謝了。

Good afternoon.

午安.

Murray, you reiterated in the press release that in oil and gas, you see the potential to grow through the decade with a focus on value over volume.

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。

I understand that volume is the result of value-driven decisions.

我知道銷售量是價值驅動決策的結果。

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?

我的問題是，看看您的上游專案管道，您是否認為您可以在增加價值的同時增加數量？

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 compatible with maintaining that A-grade credit range, please?

然後我想問凱特的第二個問題，對於資產負債表，淨債務的最大水平是多少，您和信貸機構認為與維持 A 級信貸範圍相一致，好嗎？

Thank you.

謝謝。

Great.

偉大的。

Thanks, Irene.

謝謝，艾琳。

I'll do the value versus volume one, and I'll hand over to Kate on the net debt.

我將進行價值與第一卷的比較，並將淨債務交給凱特。

So look, we've got 18 billion barrels in the hopper that we talked about in last year in Denver with you.

所以看，我們去年在丹佛與你們討論過的漏斗裡有 180 億桶。

And we started to do some new access and the new FIDs as we've talked about.

正如我們所討論的，我們開始進行一些新的訪問和新的 FID。

I'm completely focused on cash flow and returns inside that's completely focused on that.

我完全專注於現金流和內部回報，完全專注於此。

And we need to continue to churn our portfolio and focus our capital on the very best things we get.

我們需要繼續調整我們的投資組合，並將我們的資本集中在我們得到的最好的東西上。

And so I'm hesitant to give you a volume number because we continue to think about high grading the portfolio.

因此，我猶豫是否要給您一個卷數，因為我們仍在考慮對投資組合進行高評級。

Do we have the capacity to grow volume?

我們有能力增加產量嗎？

Yes, we have the capacity to grow volume.

是的，我們有能力增加產量。

But I really don't want to focus on that.

但我真的不想把注意力集中在這一點上。

I really don't want to focus on that.

我真的不想把注意力集中在這個上面。

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.

舉個例子，我們已經宣布撤資埃及和特立尼達，這 75 kbd 的產量在完成後將消失，我們還將繼續開展其他項目，並考慮與有趣的合作夥伴撤資，等等。

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.

所以我們確實有能力，如果這就是你所要求的，但我更專注於價值並推動上游的現金流成長和回報。

That's the focus Irene.

這就是艾琳的焦點。

Kate, over to you.

凱特，交給你了。

Yeah.

是的。

So I understand why you asked 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.

所以我理解為什麼你問淨債務目標的最高水平，但我將繼續回到我對我們公司財務彈性的看法，這不僅僅是淨債務。

It's about the ratio of your earnings to your level of debt.

這是關於你的收入與債務水準的比率。

And I do think that's important.

我確實認為這很重要。

It's how we run the company with discipline.

這就是我們如何有紀律地經營公司。

And I think it also makes sure that we take the right investment decision.

我認為這也確保我們做出正確的投資決策。

So if I look at Bunge, 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.

例如，如果我看一下 Bunge，我們已經宣布完成該項目，這會帶來一定程度的債務，但它也會帶來收益，而且實際上增加了我的指標，這就是為什麼它如此重要。

So I continue to monitor this closely, as you would expect me to do.

因此，正如您所期望的那樣，我將繼續密切關注此事。

And at the moment, we have plenty of headroom.

目前，我們有足夠的空間。

We continue to engage regularly with all of our rating agencies so that they have the opportunity for full and open conversations both with regard to how we're thinking about our financial frame and with regard to the strategy.

我們繼續定期與所有評級機構接觸，以便他們有機會就我們如何看待我們的財務框架和策略進行充分和公開的對話。

But I'm not going to give you a maximum net debt number because it's too simplistic a way for me to think about resilience.

但我不會給你一個最大的淨債務數字，因為這對我來說考慮彈性的方式太簡單了。

So I hope that helps, Irene.

所以我希望這會有所幫助，艾琳。

Biraj Borkhataria, RBC.

比拉傑‧博哈塔里亞 (Biraj Borkhataria)，加拿大皇家銀行。

Hi, thanks for taking my questions.

您好，感謝您回答我的問題。

I had two on the Lightsource deals.

我在 Lightsource 交易中有兩份。

One of the comments that call around that was, it looks like either all or part of the operating assets were carved out as part of the deal into a new JV.

對此的評論之一是，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。

And it wasn't -- I didn't see this in the original press release or the closing one.

但事實並非如此——我在最初的新聞稿或最後的新聞稿中沒有看到這一點。

So could you just help me understand what's happening there?

那麼你能幫我了解那裡發生了什麼事嗎？

I assume part of the rationale for this deal is a call on interest rates.

我認為這筆交易的部分原因是提高利率。

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 debt, and there's not much in terms of earnings contribution?

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，因為你正在承擔債務，而且在盈利貢獻方面並沒有多少？

And then the second question, just on the financial framework.

然後是第二個問題，關於財務框架。

You did get -- you gave two net debt numbers around Lightsource as part of the release, which suggests that the entity added something like GBP600 million of net debt in a year.

作為發布的一部分，您確實提供了有關 Lightsource 的兩個淨債務數字，這表明該實體在一年內增加了約 6 億英鎊的淨債務。

It seems quite aggressive and obviously, you are a guarantor of that debt for a small business.

這看起來相當激進，而且顯然，您是一家小型企業債務的擔保人。

So could you just help me understand how the financing costs of that business changes now you're taking full control any numbers around that would be helpful as well.

那麼，您能否幫助我了解該業務的融資成本如何變化，現在您正在完全控制周圍的任何數字也會有所幫助。

Thanks you.

感謝您。

Great.

偉大的。

Thanks, Biraj.

謝謝，比拉傑。

I'll start off with a little bit of marketing on Lightsource BP and talk about the carve out, and then I'll pass on to Kate for the financial frame for Lightsource.

我將從 Lightsource BP 的一些行銷開始，並討論分拆，然後我將向 Kate 介紹 Lightsource 的財務架構。

So look, Lightsource is one of the top solar developers and battery deployers globally.

看來，Lightsource 是全球頂尖的太陽能開發商和電池部署商之一。

Globally, they brought on 10 gigawatts so far to markets.

迄今為止，他們在全球範圍內向市場帶來了 10 吉瓦的裝置容量。

They have a mature pipeline of 40 to 50 gigawatts.

他們擁有40至50吉瓦的成熟管道。

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.

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。

They've set up their first battery farm in Australia and another one coming in the UK.

他們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。

They have the capacity with the 1,300 member team across 19 countries to develop 3 to 5 gigawatts for development flip.

他們擁有來自 19 個國家的 1,300 名成員團隊，有能力開發 3 至 5 吉瓦的電力以進行開發翻轉。

And the returns on that, looking back in history have been mid-teens, and we would not expect that to change moving forward.

回顧歷史，其回報率一直在十幾歲左右，我們預計這種情況不會改變。

Moving forward, it will be a development foot model with some retained equity.

展望未來，這將是一個帶有一些保留股權的開發腳模型。

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.

正如我上個季度所說，在某個時候，我們可能會在接下來的 12 到 18 個月內引入合作夥伴。

We have an awful lot of inbound attention to coming in, Barag to the entity itself.

我們有大量的入站關注進來，Barag 對實體本身的關注。

It's probably one of the more prized assets that we find across pension funds and strategic asset managers.

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。

So as we prepare ourselves for that, I think we'll do just fine on it.

因此，當我們為此做好準備時，我認為我們會做得很好。

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.

就 Lightsource BP 本身的發展和分拆而言，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 bid-ask difference between us, Biraj.

這是一個有目的的決定，因為我們在利率如此之高的情況下經歷了這個過程，我們之間很難就買賣差價達成一致，Biraj。

They were saying you need to pay us for a real decline.

他們說你需要為真正的下降付錢給我們。

We're saying, no, that doesn't make any sense.

我們說，不，這沒有任何意義。

So we just went ahead and decided that we'd carve it out.

所以我們決定繼續前進並決定把它解決掉。

And as interest rates come down in the US, as you say, they're very sensitive to interest rates.

正如你所說，隨著美國利率下降，他們對利率非常敏感。

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-owners.

隨著美國利率下降，我們可以將其轉入未來，其中 50% 的資金將透過 Lightsource BP 返還給我們，50% 將歸其他共同所有者所有。

So that was the decision making -- that was the reason we went into the entity.

這就是決策——這就是我們進入該實體的原因。

We now see it as a tremendous vehicle for us. to provide us with green electrons into Carol's business, our Head of Trading business as well as our own portfolio as well as our marketing businesses.

我們現在認為它對我們來說是一個巨大的工具。為我們的卡羅爾業務、我們的貿易業務主管以及我們自己的投資組合和行銷業務提供綠色電子。

So we see it as a tremendous asset that we can repackage and help us an awful lot with in the future and the carve-out just made sense in the commercial negotiation, and that's where we ended up with it.

因此，我們將其視為一項巨大的資產，我們可以重新包裝並在未來為我們提供很多幫助，並且在商業談判中進行剝離是有意義的，這就是我們最終得到的。

Kate, over to you on balance sheet.

凱特，資產負債表交給你了。

Yes.

是的。

And hello, Biraj.

你好，比拉吉。

Nice to talk to you.

很高興和你說話。

So in terms of 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 light source recycles its capital and sales down at FID.

因此，就債務而言，是的，過去幾個季度債務有所增加，因為Lightsource 確實為一些新項目的開發提供了資金，隨著Lightsource 回收其資本並按最終投資決定(FID) 降低銷售額，這些項目將在未來幾年內實現盈利。

In terms of the financing for Lightsource post control, what we did in the third quarter was build up a level of cash inside BP to make sure that we were in a position to refinance their external debt.

就 Lightsource 後控制的融資而言，我們在第三季所做的就是在 BP 內部累積了一定的現金水平，以確保我們能夠為其外債進行再融資。

It's a much more cost-effective way financing going forward.

這是一種更具成本效益的未來融資方式。

And once we have Lightsource completely within our control, it will largely be self-financing going forward through its development flip model.

一旦我們完全掌控 Lightsource，它將透過其開發翻轉模式在很大程度上實現自籌資金。

I expect we will use project finance at the Asset Co level, and there'll be a base level of working capital that goes in at the start.

我預計我們將在資產公司層級使用專案融資，一開始就會有基本的營運資金水準。

But beyond that, it's largely self-financing.

但除此之外，它基本上是自籌資金的。

And maybe one other point to make, while I'm talking about Lightsource and debt with regard to the acquired debt of circa three at the date of completion.

也許還有一點要說，當我談論 Lightsource 和債務時，大約有 3 個債務在完成之日獲得。

The way we think about this is that it is largely transitory.

我們對此的看法是，它在很大程度上是暫時的。

As I think Mary just said, there's plenty of inbound interest in this space.

正如我認為瑪麗剛才所說，這個領域有很多興趣。

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.

我認為，當我們選擇引入策略合作夥伴以獲得價值時，我們將在適當的時候在時機和合作夥伴的選擇方面有很多選擇。

And at that point in time, a significant proportion of that $3 billion will be removed as a consequence of that transaction.

到那時，這 30 億美元中的很大一部分將因該交易而被消除。

So that's how to think about it.

所以這就是如何思考它。

Doug Leggate, Wolf.

道格·萊格特，沃爾夫。

Good morning, everyone.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

Murray, Kate, I wonder if I could beat up on a topic that 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.

莫瑞、凱特，我想知道我是否可以對你們在這次電話會議上已經聽過幾次的話題進行反駁。這是資產負債表，但我想問的問題略有不同。

You're going to take in $3.7 billion of consolidated debt.

您將承擔 37 億美元的合併債務。

And although the credit industries don't care about it, the equity market does you have an additional $13-plus billion of hybrid bonds.

儘管信貸業並不關心這一點，但股票市場確實還有超過 13 億美元的混合債券。

So when you look at your capital structure of $50 billion of pro forma net debt equivalents and $83 billion of equity value, I want to understand why when you think about the capital allocation going forward and your strategic review, where does capital structure fit in the priority for use of free cash because buybacks clearly haven't helped.

因此，當您查看 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，我想了解為什麼當您考慮未來的資本配置和戰略審查時，資本結構在哪裡適合優先使用自由現金，因為回購顯然沒有幫助。

My follow-up is a quick one on hybrid bond cost.

我的後續行動是關於混合債券成本的快速行動。

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 that equivalent interest charge?

因此，隨著資產負債表上 340 億美元現金的利率下降，混合債券的實際成本是多少？

Great.

偉大的。

Thanks, Doug.

謝謝，道格。

It looks like you're going to make Kate work for her money.

看起來你要讓凱特為她的錢工作。

So I'll pass these questions on to Kate to give you some thoughts.

所以我會把這些問題轉達給凱特，讓她給你一些想法。

Yes.

是的。

So look, I appreciate the feedback and probably doesn't come as a surprise given the previous conversations we've had.

所以看，我很欣賞你們的回饋，考慮到我們之前的對話，我可能並不感到驚訝。

And yeah, I have heard your point, and Murray and I have spoken to an awful lot of our shareholders over the last few months.

是的，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。

I think we've talked to the vast majority of our long own lease.

我想我們已經與絕大多數自己的長期租約進行了交談。

And the perspective that we get back from our shareholders is that they are supportive of the way we're balancing the financial frame at the moment.

我們從股東那裡得到的看法是，他們支持我們目前平衡財務框架的方式。

So I hear your push on the balance sheet, but I think that the balance that we have struck at the moment feels right.

所以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感覺是正確的。

With regard to the hybrid, I do view it as a permanent part of our capital structure.

關於混合動力，我確實將其視為我們資本結構的永久組成部分。

I'm very well aware of the limits that S&P put on potential refinancing versus roll-offs year-on-year and cumulative.

我非常清楚標準普爾對潛在再融資與年比和累積遞減的限制。

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.

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。

I'm not intending to breach the 10% per annum or the cumulative 25% retiring of hybrid debt because 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 agencies perspective.

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評級機構的會計方式上產生變化看法。

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.

最後，關於成本，我要指出的一點是，我們的混合債務中約有 50 億美元目前是固定的，其中大部分是以非常有競爭力的利率固定的。

So in terms of current financing, the numbers actually stack up for me.

因此，就目前的融資而言，這些數字對我來說實際上是堆積如山的。

We'll 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 refinance them externally or whether we choose to use cash to refinance those.

我們將按照您所期望的那樣逐步邁向每個到期日，無論我們是從外部再融資還是選擇使用現金為這些到期日再融資，我們都會深思熟慮並謹慎考慮如何為任何到期日提供融資。

So I understand your points.

所以我理解你的觀點。

They are listened to, and we are stepping through each of them carefully and thoughtfully as you would fully expect us to.

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。

Lydia Rainforth, Barclays.

莉迪亞·雷恩福斯，巴克萊銀行。

Thanks and good afternoon.

謝謝，下午好。

Three questions, if I could.

三個問題，如果可以的話。

First, if I could just come back to the products business.

首先，我是否可以回到產品業務。

So I think when you talked about the trading side actually having so it might not be much of a profit, but you talked about oil trading profit in that.

所以我認為當你談到貿易方面實際上有可能沒有太多利潤時，但你談到了石油貿易利潤。

But the loss was still close to $0.5 billion.

但損失仍接近5億美元。

And I'm just confused as to why it's quite so big.

我只是很困惑為什麼它這麼大。

And is that representative of Sundial refining will deliver in this sort of environment.

而日晷精煉的代表就是會在這種環境下表現出來的。

So if you can just help me clear that one up.

所以如果你能幫我解決這個問題的話。

And then the second one, I wish I'd love to ask about costs.

然後是第二個問題，我希望我願意詢問費用。

I do want to come back to the cash flow side.

我確實想回到現金流方面。

Can I think about kind of cash (inaudible), If I look at the cash flow for the quarter was $5.4 billion ex the working cap side.

我能否考慮一下現金類型（聽不清楚），如果我看看本季的現金流（不計工作上限）為 54 億美元。

And then CapEx, even adjusting for the for the offshore wind payments are really about $4 billion each covering the dividend, but if they're not covering the buyback side.

然後，資本支出，即使對離岸風電付款進行調整，每項支付股息的金額實際上也約為 40 億美元，但如果它們不包括回購方面的話。

So I get [can't] annualize one quarter cash flow and one quarter CapEx.

因此，我[無法]將四分之一的現金流和四分之一的資本支出年化。

But I think that's where -- when I think about 2025, I can understand where the assets consume more, but is essentially, I guess, what I'm getting to is, is the business delivering the cash flow that you think it should be at this point?

但我認為，當我想到 2025 年時，我可以理解資產消耗更多的地方，但我想，從本質上講，我要實現的是，業務是否能提供您認為應該的現金流在此刻？

And that probably does link to cost a little bit.

這可能確實與成本有關。

Thank you.

謝謝。

Yes.

是的。

Thanks, Lydia.

謝謝，莉迪亞。

Let me try to answer these and then Kate can clean up anything that I mess.

讓我嘗試回答這些問題，然後凱特可以清理我弄亂的任何東西。

I think overall cash flow for the business, we're quite happy with it. for the vast majority of the business.

我認為我們對業務的整體現金流感到非常滿意。對於絕大多數企業來說。

So the upstream is performing very well.

所以上游表現非常好。

The cash conversion inside the Upstream is strong.

上游內部的現金轉換強勁。

We're obviously highly levered to oil price.

我們顯然對油價的槓桿率很高。

So there's nothing inside the Upstream that I'm particularly concerned about.

所以上游內部沒有什麼是我特別關心的。

On the product side, as you say, it was a tough quarter in Europe for refining.

在產品方面，正如您所說，這是歐洲煉油行業艱難的一個季度。

It was a tough quarter, and refining was in a loss and it was especially in Europe, very, very difficult market as product got flooded in from multiple geographies into Europe.

這是一個艱難的季度，煉油業陷入虧損，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。

So that's what's unusual on the margin side relative to the RRM is very, very depressed margins inside the continent, especially in Germany.

因此，相對於 RRM 而言，利潤率方面的不尋常之處在於，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 sizable tars in that time period as well.

煉油廠都運作良好，但我們在那段時間也有兩個相當大的焦油。

So it's not really an enduring level of cash flow that you can think about given the tars that were ongoing, we started at arming as an example in the quarter.

因此，考慮到持續存在的焦油，這並不是一個真正持久的現金流水平，我們在本季開始以武裝為例。

So I don't think I'd view 3Q 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.

因此，我認為我不會認為第三季度是持久的，因為我們在產品方面展望 2024 年，您會預期煉油業將扭虧為盈，因為我們預計這是一個較低的焦油季節。

You would expect it back to a profit as we hopefully don't have any outages like we had in the first quarter.

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。

We continue to work our business improvement plans to drive cost out of the business safely.

我們將繼續制定業務改進計劃，以安全地降低業務成本。

We are reconfiguring Gelson Kirkland that we've announced previously to the market, which will improve cost over time.

我們正在重新配置先前向市場宣布的 Gelson Kirkland，隨著時間的推移，這將提高成本。

And excitingly, we're starting to make some headway on digital now with Palantir and Infosys will help the refining system over time.

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，Infosys 將隨著時間的推移為煉油系統提供幫助。

They've done their ontology and Palantir and Infosys can get into action quite quickly.

他們已經完成了本體論，Palantir 和 Infosys 可以很快採取行動。

So I think you'll see the products business improve as we move through to next year.

因此，我認為隨著明年的到來，您會看到產品業務有所改善。

But it was a particularly hard time on refining margins in Continental Europe and especially in Germany in the quarter.

但本季歐洲大陸（尤其是德國）的煉油利潤率尤其困難。

As far as enduring cash flow, as you look from '24 to '25.

就持久的現金流而言，從 24 世紀到 25 世紀都是如此。

I think I'd go back to my opening points.

我想我會回到我的開場白。

We're performing relatively well in the year.

我們今年的表現相對較好。

As we look forward, we have strong growth coming.

展望未來，我們將迎來強勁的成長。

We have five new major projects in the Upstream to come online.

我們上游有五個新的重大項目即將上線。

We have more LNG contracts coming online.

我們有更多液化天然氣合約上線。

We have the refineries getting back to more normal conditions in the lighter tar season.

我們讓煉油廠在焦油淡季恢復到更正常的狀態。

We have the start of the cost program starting to come through and you had confidence from Kate on that.

我們已經開始實施成本計劃，凱特對此充滿信心。

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 deliver durably deliver cash flow through the years.

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，以確保我們多年來持久地交付現金流。

So 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.

這就是我們對 25 年強勁潛在成長的看法，這與我們所說的 3% 到 4% 非常一致，我們將靈活調整資本和收益，因為我們需要確保我們擁有持久的成長股東的現金流。

Lydia, thank you.

莉迪亞，謝謝你。

Peter Low, Redburn.

彼得洛，雷德伯恩。

Yeah.

是的。

Thanks.

謝謝。

The first was just a clarification on the CapEx guidance for this year.

第一個只是對今年資本支出指引的澄清。

You left it at around $16 billion but I think you've done about 12.5% year-to-date.

你把它留在了大約 160 億美元，但我認為你今年迄今為止已經完成了大約 12.5%。

And then you have a couple of acquisitions completing in the fourth quarter, which I think have combined consideration of about $1.3 billion.

第四季完成了幾項收購，我認為這些收購的總代價約為 13 億美元。

Given the organic run rate, it feels like perhaps going to be above the $16 billion.

考慮到有機運行率，感覺可能會超過 160 億美元。

Is there anything I'm missing there in that analysis.

在該分析中我遺漏了什麼嗎？

And then secondly, at 2Q, you suggested that a mark-to-market at current commodity forward curves would have around $4 billion negative impact on your 2025 EBITDA guidance.

其次，在第二季度，您建議以當前大宗商品遠期曲線按市值計價將對您的 2025 年 EBITDA 指引產生約 40 億美元的負面影響。

Given how commodity prices have developed since then, would that now be a bigger number?

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？

Or could you give any update on that?

或者你能提供任何更新嗎？

Thanks.

謝謝。

Yes, Peter, I'm not going to confuse the market by putting another set of numbers out on your second question.

是的，彼得，我不會在你的第二個問題上提供另一組數字來混淆市場。

You've got our 46% to 49% and the price conditions prevailing in 2023.

您已獲得我們的 46% 至 49% 以及 2023 年的現行價格條件。

You've got what we said last quarter and you've got our rules of thumb.

您已經了解了我們上季度所說的內容以及我們的經驗法則。

So I'll just allow you guys to use our rules of thumb, which work pretty well to determine the cash flows next year.

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。

And then I think, Kate, on CapEx for 2024, please?

然後我想，凱特，請談談 2024 年的資本支出？

Yes.

是的。

Peter, as you'd expect, we test it quite hard at the end of the third quarter to check we're comfortable with our full year guidance.

彼得，正如您所料，我們在第三季末進行了非常嚴格的測試，以檢查我們對全年指導是否滿意。

We are going to be around about $16 billion.

我們的規模約為 160 億美元。

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.

與某些正在完成的交易相關的延遲考慮程度可能是您拼圖中缺少的部分。

But yeah, we will be around about $16 billion for the full year.

但是，是的，我們全年的收入約為 160 億美元。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Recognizing the 2025 outlook is coming, but just as a way to think about some of the questions here, I think a lot of people are focused on the balance sheet your comments about value over volume and ultimately, it's about cash flow generation.

認識到 2025 年的前景即將到來，但正如思考這裡的一些問題的一種方式一樣，我認為很多人都關注資產負債表上的價值而非數量的評論，最終，這是關於現金流的產生。

If we look at BP's, call it, ongoing CapEx level versus either a look back on cash from operations or earnings power and we compare that to some of the peers, BP looks a little more capital intensive.

如果我們看看英國石油公司（BP）的持續資本支出水準與營運現金或獲利能力的回顧，並將其與一些同行進行比較，英國石油公司看起來資本密集度更高一些。

So my question to you Murray, is there a cost issue that you think is inherent in BP?

所以我問你穆雷的問題，你認為英國石油公司是否有固有的成本問題？

Is it that as you've laid out, 12 to 18 months focusing on some of these energy transition and renewables areas integrating them and getting them to work right, generating more cash?

是否正如您所規劃的那樣，用 12 到 18 個月的時間重點關注其中一些能源轉型和可再生能源領域，將它們整合起來，讓它們正常工作，從而產生更多現金？

Like how do you look at that particular item within the company and relative to peers?

例如你如何看待公司內部以及相對於同業的特定專案？

Yeah.

是的。

Great, Roger.

太棒了，羅傑。

I always find it hard to compare to the American peers.

我總是覺得很難與美國同行進行比較。

They've done $50 billion and $60 billion acquisitions using stock.

他們利用股票完成了 500 億美元和 600 億美元的收購。

And if you normalize that, we're way below them on capital investment.

如果你將其正常化，我們的資本投資就遠低於他們。

So I find it very difficult to compare 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.

因此，我發現很難在公司之間比較該指標，因為有時人們會使用股票來做事。相反，我只關注我們自己，思考我們的投資組合以及我們如何推動成長。

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 questions.

我認為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。

That's something that we're thinking about as we particularly think about the renewables and the hydrogen CCS space.

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.

使用其他人的錢來推動這一點可能是有意義的，這樣我們就能獲得承購權，等等。

So that's a constant consideration in our mind on a relative basis.

因此，這是我們在相對基礎上不斷考慮的問題。

And then the only other thing is the nature of the portfolio we have in the upstream business.

然後唯一的另一件事是我們在上游業務中的投資組合的性質。

We have an awful lot of great deepwater positions, especially in the Gulf of Mexico.

我們有很多很棒的深水位置，特別是在墨西哥灣。

They might be a little bit higher development cost than some of the competitors.

他們的開發成本可能比一些競爭對手高一點。

But boy, do they throw off margin.

但是天哪，他們會放棄利潤嗎？

And I think if you attenuate for that, you get back to a similar position on the upstream businesses.

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。

So I think it's -- I understand the question.

所以我認為——我理解這個問題。

We are a bit heavier than some, maybe the Europeans who haven't done the big stock transactions.

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。

It's a little bit of portfolio mix, and it's a little bit of thinking about how we structure in the renewable space as well.

這是一個投資組合的一點點，也是對我們如何在再生能源領域進行結構的一點思考。

And we're updating you on that in February.

我們將在二月向您通報最新情況。

Lucas Herrmann, Exane.

盧卡斯·赫爾曼，Exane。

Yeah.

是的。

Thanks very much Craig and thanks for the opportunity.

非常感謝克雷格並感謝給我這個機會。

Just a couple if I might.

如果可以的話，就幾個。

I just wondered if you could talk around the transition growth engines more broadly in terms of momentum, how things are progressing, I mean the build-out in Archaea seems relatively modest or certainly lower than the expectations you initially said, Murray.

我只是想知道你是否可以更廣泛地談論轉型成長引擎的動力，事情進展如何，我的意思是古菌的建設似乎相對溫和，或者肯定低於你最初所說的預期，默里。

Similarly, I hear the comment about a gigawatt or a terawatt rather of sales in EV charging.

同樣，我聽到有關電動車充電銷量的評論是千兆瓦或太瓦。

But again, that seems relatively -- it doesn't suggest the utilization rates moving dramatically.

但同樣，這似乎是相對的——它並不表明利用率發生顯著變化。

And obviously, we're conscious of the lower -- the lower rate of building in EVs more broadly.

顯然，我們意識到更廣泛的電動車建設率較低。

So just some comments there.

所以只是一些評論。

And then secondly, if I could, just a reminder, the company offered its employees very kindly a large -- or I think it was GBP25,000 worth of equity for the [GBP60,000] or so employees back in 2000, 2001, which was going to vest or much of it was going to vest in 2025.

其次，如果可以的話，我想提醒一下，該公司非常友善地為員工提供了一大筆股權——或者我認為，在2000 年、2001 年，為[60,000 英鎊]左右的員工提供了價值25,000 英鎊的股權，其中大部分將於 2025 年歸屬。

Where are we in terms of that process, obviously, hasn't vested as yet.

顯然，我們目前的進程還沒有確定。

But if you think about the equity that's associated with that, where would it stand.

但如果你考慮一下與之相關的股權，它會處於什麼位置。

Those are the two.

就是這兩個人。

Great, Lucas.

太棒了，盧卡斯。

I'll let Kate talk about the SAP.

我會讓 Kate 談談 SAP。

On transition growth engines and progress we're making, I'll talk to the two that you asked about.

關於轉型成長引擎和我們正在取得的進展，我將與您詢問的兩位進行討論。

EV, despite many news articles you hear about EV adoption slowing, they're still growing 20% across the core markets that we operate in.

電動車，儘管您聽到許多有關電動車採用速度放緩的新聞文章，但在我們營運的核心市場中，電動車的成長仍達到 20%。

So it may not be 30% that people were seeing in previous years, but we still see across all of those basins, 20% year-on-year increase in EV adoption.

因此，人們在前幾年看到的可能不是 30%，但我們仍然看到在所有這些盆地中，電動車採用率比去年同期增加了 20%。

So it's very strong.

所以它非常強。

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.

請記住，在我們營運的 1 太瓦級汽車市場中，我們已經從 12 個國家——對不起，12 個國家減少到了 4 個國家，真正透過高等級盧卡斯來集中我們的資本支出。

So that's an awful lot of energy sales, 80% growth year-on-year.

所以這是一個巨大的能源銷售量，年增 80%。

And our charging time as a function of power.

我們的充電時間是功率的函數。

So the amount there in residents is way higher than we thought.

所以居民的數量比我們想像的還要高很多。

We're at 10% now.

我們現在是 10%。

We did not think we'd be at that level until '26, '27 on a weighted basis.

我們認為直到 26 年、27 年加權後我們才會達到這個水準。

So we're seeing lots of cars, and we're seeing lots of adoption and we're seeing very high charge levels.

所以我們看到了很多汽車，我們看到了很多汽車的採用，而且我們看到了非常高的收費水平。

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.

這是因為團隊開發出了出色的產品，因為他們建立了良好的合作關係。

The latest one to look at was Prime in the United States with a fantastic thing today to bring Prime customers to the fast charging that I'm sure will continue to improve.

最新的一個重點是美國的 Prime，今天推出了一件很棒的事情，為 Prime 客戶帶來快速充電，我相信這一點將繼續改進。

So I feel pretty good for EV and that we're on track for our targets that we set out for 2025.

因此，我對電動車感覺非常好，我們正在朝著 2025 年設定的目標邁進。

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.

在古生菌方面，我們今年討論了 15 座工廠，其中 7 座已建成並上線運行，8 座正在透過它們輸送天然氣。並與他們流入的中游提供者制定管道規範。

So they're up and they're operating.

所以他們已經起來並開始運作。

We just need to get -- we just need to adapt to the separation to make sure the separation is working effectively to get the molecules to flow.

我們只需要適應分離，以確保分離有效地發揮作用，使分子流動。

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.

我們可能會達到 15 個，盧卡斯，令人震驚的是，該行業其他任何人上線的工廠數量最多只有兩到三個。

So we're a standout inside the sector that I think creates the case for an awful lot more business moving forward.

因此，我們是該行業中的佼佼者，我認為這為更多業務的發展創造了條件。

So I feel quite good actually about Archaea as well.

所以我其實對古細菌也感覺很好。

I think on the biofuel side, margins remain suppressed in Europe.

我認為在生物燃料方面，歐洲的利潤率仍然受到抑制。

I don't think that's a surprise to anyone.

我認為這對任何人來說都不奇怪。

They are good in Brazil, very good in Brazil.

他們在巴西很好，在巴西非常好。

They're okay is in the US, but suppressed in Europe would be the other thing that I'd call out right now.

他們在美國還好，但在歐洲受到壓制將是我現在要指出的另一件事。

So I think pretty decent progress, Lucas to be honest.

所以說實話，我認為盧卡斯取得了相當不錯的進步。

Yes.

是的。

Okay.

好的。

On to ESOPs, Lucas.

關於員工持股計劃，盧卡斯。

So you're right that there was a mixture of options and shares granted a number of years ago, and they invest in the middle of March next year.

所以你是對的，幾年前授予了期權和股票的混合體，他們在明年三月中旬進行投資。

And the cost of it is going to vary depending on share price, really plus employee behavior.

它的成本將根據股價以及員工行為而變化。

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.

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。

But it's very much going to depend, I imagine on environment and that behavior pattern in terms of what the impact is on us.

但我想這在很大程度上取決於環境和行為模式對我們的影響。

We're still a couple of quarters away from seeing actualized.

我們距離實現還有幾個季度的時間。

So I suggest we will give you greater clarity in due course.

因此，我建議我們會在適當的時候向您提供更清晰的資訊。

We'll offset dilution associated with that over time, as we have said a number of times before.

正如我們之前多次說過的那樣，我們將隨著時間的推移抵消與此相關的稀釋。

And the last comment I would make is that the accounting is pretty unusual with regard to these options and shares.

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。

So if you're super interested we can take you through that offline at some point in the early part of 2025.

因此，如果您非常感興趣，我們可以在 2025 年初的某個時候帶您線下進行該操作。

Chris Kuplent, Bank of America.

克里斯‧庫普倫特，美國銀行。

Yeah.

是的。

Thanks very much, Craig.

非常感謝，克雷格。

And two quick questions for me, please.

請問我兩個簡單的問題。

We're hearing (inaudible) talk about having a task force to look at a way to be listed in the US and be included in the indices.

我們聽到（聽不清楚）談論成立一個特別工作小組來研究在美國上市並納入指數的方法。

I just want to ask again whether you have such a task force in-house.

我想再問一下你們內部是否有這樣的工作小組。

It seems like your asset footprint seems a more natural candidate for such a task force to at least look into?

看來您的資產足跡似乎更適合這樣一個工作小組至少進行調查？

And the second question goes back to a question that's been asked a number of times.

第二個問題又回到了一個被問過很多次的問題。

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.

凱特，抱歉，你在 2 月的 70 億美元回購是基於當時的宏觀狀況，而且還基於 80% 的支付率。

We've now got nine months into the year.

現在距離今年還有九個月了。

My numbers suggest that surplus cash flow that it's based on is below $2 billion, nine months in.

我的數據顯示，九個月後，其所依據的剩餘現金流量低於 20 億美元。

Can you confirm that number roughly at least given that you're not disclosing it?

在您沒有透露的情況下，您能否大致確認這個數字？

And why continue with $175 million 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 held.

為什麼要在第四季繼續保持 1.75 億美元，因為即使處置收益略有回升，你也不太可能接近 90 億美元，我想這是按年度計算的，你需要保留 80% 的付款。

Thank you.

謝謝。

Great.

偉大的。

Thanks, Chris.

謝謝，克里斯。

I'll let Kate mold the math on that one.

我會讓凱特對此進行數學計算。

I'm not sure we're following the math that we might need to do that one offline, but we'll let her answer you. on US, no, we're not focused on the US staying that is not on our agenda.

我不確定我們是否遵循了離線時可能需要做的數學計算，但我們會讓她回答你。關於美國，不，我們不關注美國的留下，這不在我們的議程上。

Thanks for the question, Chris.

謝謝你的提問，克里斯。

And Kate, over to you on the surplus calc.

凱特，剩餘的計算交給你了。

Yes.

是的。

So I don't really want to start guiding forward on what our surplus is at the end of 2024.

因此，我真的不想開始指導 2024 年底我們的盈餘狀況。

We've said 80% of surplus over time.

我們說過隨著時間的推移，80%的盈餘。

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 quarter calculation at a time on surplus numbers in that quarter.

我們也說過，在我們看來，資產負債表足夠強大，可以承受季度環比的變動，這就是為什麼我們特意不再按季度計算該季度的盈餘數據。

It was creating an awful lot of volatility.

它造成了巨大的波動。

With regard to why continue with the $7 billion, in our view, the $3.5 billion that we said we were committed to announcing back in July is exactly that.

至於為什麼要繼續70億美元，我們認為，我們在7月承諾宣布的35億美元正是如此。

It's a commitment, and we're confident that the balance sheet can tolerate those payments.

這是一項承諾，我們相信資產負債表能夠承受這些付款。

And as a consequence, we did not want to do anything about that commitment.

因此，我們不想對這項承諾做任何事。

We're following through on it, and that's how we think about it.

我們正在跟進它，這就是我們的想法。

Ryan Todd, Piper.

瑞恩·托德，派珀。

Okay, thanks.

好的，謝謝。

Maybe the first one on natural gas.

也許是第一個關於天然氣的。

I guess, specifically US natural gas prices tinker some earlier excitement in the earlier part of this year.

我想，特別是美國天然氣價格，會削弱今年稍早的一些興奮。

Natural gas prices remain pretty weak, both at the headline Henry Hub, but particularly in most basis differential.

天然氣價格仍然相當疲軟，無論是在亨利中心，還是在大多數基差方面尤其如此。

So for specific to -- I guess, a couple of -- how do you think about US nat gas prices and specific to a couple of your operations here in the US, what does it mean for how do you think about where the Haynesville fits from an activity level point of view in there?

因此，具體來說，我想，您如何看待美國天然氣價格，以及您在美國的一些業務，這對於您如何看待海恩斯維爾適合的地方意味著什麼？

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?

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？

And then the second question is on the exploration front, can you maybe talk about -- are you still spending the right amount of money in the exploration program right now?

第二個問題是關於勘探方面的，您能否談談—您現在還在勘探計劃上花費適當的資金嗎？

And is there anything that excites you on the horizon as you look at future opportunities?

當您展望未來的機會時，有什麼讓您興奮的事情嗎？

Yep.

是的。

Great, Ryan.

太棒了，瑞安。

I'll take both of those.

我會接受這兩個。

On exploration, we're drilling about 30 wells a year right now.

在勘探方面，我們目前每年鑽探約 30 口井。

I don't know, should it be 32 or 33 or 26 or 27, I don't know.

我不知道，應該是32還是33還是26還是27，我不知道。

Should it be vastly different than that?

它應該與此有很大不同嗎？

Probably not.

可能不會。

Lease bonuses are very small these days as opposed to past history, drilling efficiencies much, much better than it has been.

與過去的歷史相比，現在的租賃紅利非常小，鑽井效率比以前好得多。

So I think we're I think we're in the realm of stuff that's fine from an activity level perspective.

所以我認為從活動水準的角度來看，我們處於一個很好的領域。

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.

作為父親與探險家一起進行探索有什麼有趣的，我無法決定是樂觀還是悲觀。

But what I -- what my father would want me to say on optimism for exploration.

但我——我父親希望我對探索的樂觀態度說些什麼。

We've got some interesting stuff, obviously going down in the Rhino block in Namibia that will start up soon.

我們有一些有趣的東西，顯然是在納米比亞的犀牛區塊中，很快就會啟動。

I think Claudio has talked about that with ENI as well our partner in Azul, who's drilling with us.

我認為 Claudio 已經與 ENI 以及我們在 Azul 的合作夥伴討論過這個問題，他們正在與我們一起鑽探。

Now that looks interesting.

現在看起來很有趣。

That's -- we think it's on the right trend, but let's see.

我們認為這是正確的趨勢，但讓我們看看。

We've got a couple of more wells going down in Brazil that are in pretty hot basin.

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。

Let's see.

讓我們來看看。

It's in the right post code.

它位於正確的郵政編碼中。

We had a very good discovery on Cabo Frio a while ago. that will be appraising.

不久前我們在卡波弗里奧有一個非常好的發現。這將被評估。

That will be interesting.

那會很有趣。

And let's see how Potiguar goes, which is the next big well in Brazil as well.

讓我們看看 Potiguar 的進展如何，這也是巴西的下一個大井。

And then the Paleogene is really interesting to you guys.

你們對古近紀真的很有興趣。

We'll appraise the West bump, and then there are some really, really big bright spots.

我們將評估西部的凸起，然後有一些非常非常大的亮點。

We've got our new seismic that we've done, cutting-edge seismic below salt that we've done that look really, really big.

我們已經完成了新的地震，我們已經完成了尖端的鹽下地震，看起來非常非常大。

So let's let the drill bit do that.

那麼就讓我們讓鑽頭來做這件事吧。

That's a little bit further out.

那有點遠了。

That's 26 when we'll get after those ones.

到了 26 歲，我們就會追上那些人了。

So I think Namibia, Brazil and (inaudible) pretty interesting, but I'm happy with the overall level of activity, Ryan.

所以我認為納米比亞、巴西和（聽不清楚）非常有趣，但我對整體活動水平感到滿意，瑞安。

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.

關於美國天然氣，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 is producing about 100 Bcf a day right now.

該國目前每天生產約 100 Bcf。

Obviously, 15 Bcf a day of capacity needs to come on to fill the liquefaction plants.

顯然，每天需要 15 Bcf 的產能來填充液化廠。

And then the hyperscalers are driving crazy demand into natural gas right now.

然後，超大規模企業正在推動對天然氣的瘋狂需求。

Could -- we could see something like another 10 Bcf a day of demand by the end of the decade, hard to predict right now, but crazy, crazy demand coming out for baseload.

到本世紀末，我們可能會看到每天另外 10 Bcf 的需求，目前很難預測，但對基本負載的需求非常非常瘋狂。

So we see very high demand for natural gas as we move through the decade, which makes us incredibly optimistic about our 22 Tcf of natural gas that just sits there waiting for a price response.

因此，隨著這十年的發展，我們看到對天然氣的需求非常高，這讓我們對我們的 22 Tcf 天然氣非常樂觀，這些天然氣只是坐在那裡等待價格反應。

For now, we have low levels of activity in Haynesville and the Eagle Ford on the dry gas side as we wait for a pop in price.

目前，在等待價格上漲的過程中，海恩斯維爾和伊格爾福特的乾氣方面的活動量較低。

If that price pop comes, we'll structure something and start to drill into those basins.

如果價格上漲，我們將建造一些東西並開始鑽探這些盆地。

But for now, that hasn't happened.

但就目前而言，這種情況還沒有發生。

We think price response will come as the LNG becomes more real.

我們認為，隨著液化天然氣變得更加真實，價格反應將會出現。

And then on basis differentials, Haynesville and Eagle Ford are okay.

然後從基礎差異來看，海恩斯維爾和伊格爾福特還不錯。

We're direct to market there, our trading organization make sure that we have lots of capacity in that space.

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.

所以沒關係。

Obviously, the Permian is a challenge for everybody.

顯然，二疊紀對每個人來說都是一個挑戰。

We've got the new pipeline that's coming online, Matterhorn, I think that we'll put 2.5 Bcf a day of capacity.

我們已經有了即將上線的新管道，Matterhorn，我認為我們每天將投入 2.5 Bcf 的產能。

We think that helps for a while, but it probably fills up after a while.

我們認為這會在一段時間內有所幫助，但一段時間後可能就會填滿。

So I think the -- I think we feel okay about the Eagle Ford and Haynesville and Hawkville, where we've got 22 Ts, which is great.

所以我認為——我認為我們對 Eagle Ford、Haynesville 和 Hawkville 感覺還不錯，我們在那裡有 22 個 T，這很棒。

The Permian will remain a challenge, which I think was your point, Ryan.

二疊紀仍然是一個挑戰，我認為這就是你的觀點，瑞安。

I hope that helps.

我希望這有幫助。

Alastair Syme, Citi.

阿拉斯泰爾·賽姆，花旗銀行。

Thanks, Craig.

謝謝，克雷格。

Two quick ones.

兩個快的。

On cash taxes for Kate, we're running quite a bit ahead of P&L tax this year.

就凱特的現金稅而言，我們今年的損益稅遠遠領先。

Can you maybe just explain what's going on and how you would seek to guide us going forward.

您能否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。

And then Murray, on one of the arguments of the IC model was you could have the sort of strong corporate-level relationships and transactions.

然後 Murray，關於 IC 模型的論點之一是，你可以擁有某種強大的公司層面的關係和交易。

You just mentioned the hyperscalers there.

您剛剛提到了那裡的超大規模。

I mean, we've seen some pretty high prices that people are willing to pay for nuclear and other capacity.

我的意思是，我們已經看到人們願意為核電和其他發電能力支付相當高的價格。

I mean, are you seeing the same disconnect or the sort of deals you're able to put together with customers?

我的意思是，您是否也看到了相同的脫節或您能夠與客戶達成的交易類型？

Yep.

是的。

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

我將讓凱特先討論現金稅，然後我將討論超大規模的問題。

Yes.

是的。

Alistair, 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 on prices, which are lower this year than they were last year.

阿利斯泰爾，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價格，今年的價格比去年低。

So that's probably flowing through.

所以這可能正在流動。

You're always going to get a level of movement in geographical mix things move around with regard to deferred tax asset recognition quarter-on-quarter as well.

在遞延稅資產確認方面，地域組合的變化總是會出現一定程度的變化。

So that's basically it in terms of moving parts.

就移動部件而言，這基本上就是這樣。

There's nothing anything more to call out there.

那裡沒有什麼好說的了。

So high prices last year.

去年的物價這麼高。

High prices last year.

去年物價高。

High prices last year.

去年物價高。

You pay the high prices a year later.

一年後你支付高價。

Yeah.

是的。

(multiple speakers) And the third quarter as well was installment payments.

（多個發言者）第三季也是分期付款。

So it's typically higher

所以通常會更高

--

--

3Q is always higher.

第三季總是更高。

(multiple speakers)

（多個發言者）

Great. two -- at least two people with tax history in their life answering tax questions.

偉大的。兩個——至少兩個有納稅歷史的人來回答稅務問題。

Kate (inaudible) dangerous, isn't it?

凱特（聽不清楚）很危險，不是嗎？

Back to the hyperscaler conversation, Look, we're in conversations with all of them.

回到超大規模的對話，看，我們正在與他們所有人進行對話。

They are obviously looking for energy.

他們顯然是在尋找能量。

They would like it to be as decarbonized as possible.

他們希望它盡可能脫碳。

We're working with that.

我們正在努力解決這個問題。

We're working with them on that. the lead place in the world right now is the United States, where they're moving fast.

我們正在與他們合作。目前世界領先的是美國，他們的發展速度很快。

Other places aren't moving as fast.

其他地方的發展速度沒有那麼快。

I think that's a yet observation.

我認為這還只是一個觀察結果。

So I think we'll start to see the hyperscalers really start to move in the U.K. and Europe and other parts of the world a little bit later than the United States.

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。

If you want to main competitive in AI, you'll have to do that.

如果你想在人工智慧領域保持主要競爭力，你就必須這樣做。

And I think everyone wants to maintain competition in the AI space.

我認為每個人都希望保持人工智慧領域的競爭。

So I think if you're an integrated energy company, this is the right time for you.

因此，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。

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.

如果您有能力將天然氣、太陽能和風能捆綁在一起，如果您能夠為它們創建對沖形狀等等，那麼您就是理想的商店。

So there will be some companies that go to that can't provide the lower carbon stuff because they can't do it.

因此，會有一些公司無法提供低碳產品，因為他們做不到。

There'll be many companies that can't do global reach.

將會有許多公司無法實現全球影響力。

So that's why 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 hyperscalers are going to be one of the bigger customers moving forward for energy, need baseload reliable energy that will decarbonize over time.

因此，這就是為什麼我對業務的未來感到非常興奮，以及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發展的更大客戶之一，需要基本負載可靠的能源隨著時間的推移脫碳。

That's how it seems like it's arising.

它看起來就是這樣產生的。

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.

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。

So we've done some deals that are quiet.

所以我們做了一些安靜的交易。

And over time, we may publicize some of these.

隨著時間的推移，我們可能會公開其中的一些內容。

But it's a very, very interesting space, Alistair.

但這是一個非常非常有趣的空間，阿利斯泰爾。

So thanks for asking about it.

所以感謝您詢問此事。

Kim Fustier, HSBC.

金‧福斯蒂爾，匯豐銀行。

Firstly, I wanted to ask about CapEx.

首先，我想問一下資本支出。

I know you'll guide on 2025 CapEx in February, but I think you mentioned earlier that CapEx is a tool that you can select.

我知道您將在 2 月指導 2025 年資本支出，但我認為您之前提到資本支出是您可以選擇的工具。

I was wondering in $70 oil price environment.

我想知道在 70 美元的油價環境下。

Could you say whether anything changes in your capital program relative to, let's say, an $80 brent price environment?

您能否說一下，相對於 80 美元的布蘭特原油價格環境，您的資本計劃是否發生了任何變化？

And if so, where that flexibility would come from.

如果是這樣，這種靈活性從何而來。

Would you lean more on short cycle and reduce that bid?

您會更傾向於短週期並降低出價嗎？

Or are there any projects that wouldn't make the cut?

或有哪些項目無法晉級？

Secondly, on divestments, if I may.

其次，如果可以的話，關於撤資。

It seems to be the majority of the assets sold are up for sale are in midstream and renewables.

出售的大部分資產似乎都是中游和再生能源。

So the TAP pipeline, for down like Source BP, wind assets.

TAP 管道，用於像 Source BP、風能資產這樣的下游專案。

Is it fair to say that there's more focus on midstream and renewable asset sales rather than in upstream.

公平地說，人們更關注中游和可再生資產銷售而不是上游。

And if so, where do -- where does that leave your target of 200,000 barrels a day of Upstream divestments.

如果是這樣，那你的上游撤資目標是每天 20 萬桶，那該怎麼做呢？

Yep.

是的。

Great.

偉大的。

Kim, thanks very much for the questions.

金，非常感謝您的提問。

I don't think you'd flex anything between $70, $80 on the Upstream.

我認為你不會在上游上調整 70 美元到 80 美元之間的價格。

We don't run our hurdle rates at $80, that's just upside for us.

我們的最低門檻利率不是 80 美元，這對我們來說只是有利的。

I think as you think about '25 then and capital flexibility, if you need capital flexibility, you've obviously got the option to do things lighter capital by bringing in partners.

我認為，當你考慮 25 世紀和資本靈活性時，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。

That's an option that you always have.

這是您始終擁有的選擇。

We'll continue to push the pipelines for decapitalization.

我們將繼續推動剝離資本的管道。

That's something that was quite hard in '21, '22, '23, companies just weren't willing to do that.

這在 21 年、22 年、23 年是相當困難的事情，公司只是不願意這麼做。

They're back at it now.

他們現在又回來了。

Infrafunds are back at it and looking for those types of assets.

基礎設施基金重新開始尋找這些類型的資產。

So that gives us an opportunity to decapitalize an awful lot of pipelines that we have inside the business.

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。

Some of them are quite aggressive.

其中一些非常具有攻擊性。

They're saying, Can we decapitalize your compressors for you?

他們說，我們可以為您取消壓縮機的資本嗎？

Can we decapitalize your wells for you.

我們可以為您取消您的油井資本嗎？

That's not something we'll do.

那不是我們會做的事情。

But it shows you a sign of the scale of capital that's available to decapitalize the portfolio.

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。

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.

因此，這讓您有信心，如果您需要並且願意，並且您看到正確的市盈率，您也可以開始調整該資產基礎。

We have had divestments that we've announced recently.

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 kbd, and we continue to work a couple more options that I'd like to high grade out in time as well.

因此，我們有埃及和特立尼達島，這 200 kbd 中佔了 75 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。

They're either entities don't earn much money for the production or they're not an efficient use of capital for us.

它們要不是實體在生產中賺不到多少錢，就是我們不能有效利用資本。

So we'll continue to think about doing that.

所以我們會繼續考慮這樣做。

So the 200 kbd is kind of okay for now, 75 kbd done even a little bit more if I think about some other ones that we've done in the past.

所以現在 200 kbd 還可以，如果我考慮一下我們過去做過的其他一些事情，75 kbd 甚至可以做得更多。

So I feel on track for that.

所以我覺得這已經步入正軌了。

So lots of flexibility in CapEx depending on what happens with the environment.

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.

上游的靈活性非常非常高。

We're in a period where we're finishing off major projects.

我們正處於完成重大專案的時期。

We're only starting up new ones.

我們只是開始新的。

So the vast majority of capital is going into drilling.

因此，絕大多數資金都投入了鑽探。

And you can -- we have all kinds of flexibilities in those contracts if we needed to use them.

如果我們需要使用這些合同，我們可以提供各種靈活性。

So I hope Kim, that helps with that range of questions.

所以我希望 Kim 這對解決一系列問題有所幫助。

Martijn Rats, Morgan Stanley.

馬丁‧拉茨，摩根士丹利。

Yeah.

是的。

Hi, hello.

嗨，你好。

I also have two, if I may.

如果可以的話，我也有兩個。

First of all, I wanted to ask if you could elaborate a bit about the project you mentioned in Kirkuk.

首先，我想問你能否詳細說明一下你提到的基爾庫克計畫。

As in Iraqi projects have a long history of being famously low margin.

伊拉克計畫長期以來一直以利潤率低著稱。

But look, at the same time, that is from some time ago, and I was wondering where you see the sort of the level of profitability in the projects that you sort of recently mentioned, where that could sort of -- yet is that sort of a different level of margin.

但同時，那是從前一段時間開始的，我想知道你在哪裡看到你最近提到的項目的盈利水平，這可能是什麼——但就是這樣不同水平的保證金。

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.

當然，我想問的另一個問題又回到了資產負債表、財務框架，以及對 2025 年回購的期待，這對我們所有人來說仍然是一個關鍵問題。

And that is this.

就是這樣。

If we add back the debt that you will be consolidating from Bunge and Lightsource and then I look at the level of gearing that, that implies.

如果我們加回您將從 Bunge 和 Lightsource 合併的債務，然後我會看看這意味著的負債水準。

That takes the gearing back to the level of, say, early 2021.

這使得負債比率回到 2021 年初的水平。

And in early 2021, the guidance 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 kind of needed for balance sheet gearing.

2021 年初，購買工程的指導是剩餘現金流的 60%，當時至少我將其解釋為認識到另外 40% 是資產負債表槓桿所需要的。

And so I was kind of wondering if 80% of surplus cash flow is indeed the sort of indication that we should assume for the buybacks in next year?

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？

Or with -- 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.

或者考慮到一旦額外的債務被合併，資產負債表的位置，我們是否真的需要開始考慮從盈餘現金流中進行某種支付，這更讓人想起幾年前的情況。

Great.

偉大的。

Martin, I'll let Kate answer that one thinner frame which, of course, remains consistent since 2020 and will remain.

馬丁，我會讓凱特回答，一個更薄的框架，當然，自 2020 年以來一直保持不變，並將繼續保留。

So in the meantime, I'll talk about Kirkuk, very exciting opportunity for us.

因此，與此同時，我將談論基爾庫克，這對我們來說是非常令人興奮的機會。

Five domes full of oil, 20 billion barrels yet to produce.

五個圓頂裝滿了石油，尚未生產 200 億桶。

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.

附近尚未生產超過 200 億顆飽和岩石，為石油和天然氣提供了巨大的機會。

The Iraqi terms have changed magnificently since 17, 18 years ago that you might be remembering, Martin, I think you can go on WoodMac and see the latest rounds, it's called Round 8 and you can see what those terms look like, and they are competitive with most of the other countries in which we operate now in PSA structure.

自17、18 年前以來，伊拉克的術語已經發生了巨大的變化，馬丁，我想你可以去WoodMac 看看最新的輪次，它被稱為第8 輪，你可以看到這些術語是什麼樣子的，它們是與我們目前在 PSA 結構中開展業務的大多數其他國家相比，我們具有競爭力。

So they'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 and some of the lowest cost supply in the world.

因此，我們很高興能夠推進這項計劃，我們認為這是在中東和世界上一些成本最低的供應地區種植短週期石油的巨大機會。

Over to you Kate on balance sheet.

資產負債表上的凱特。

Thanks, Murray.

謝謝，穆雷。

Martin, yeah, so Look, if I go back to February of this year, when we updated our guidance to 80% of surplus, and to be clear, our guidance is unchanged currently.

馬丁，是的，所以看，如果我回到今年 2 月，當時我們將指導方針更新為盈餘的 80%，需要明確的是，我們的指導方針目前沒有變化。

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.

我們這樣做是因為我們在 22 年和 23 年期間在降低資產負債表債務水準方面取得了一定程度的進展。

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.

如果您耐心聽我說一分鐘，我將向您詳細解釋為什麼我對今天的資產負債表感到滿意。

So as at the end of the third quarter, we've got about net debt of, let's say, $24.5 million.

截至第三季末，我們的淨債務約為 2,450 萬美元。

We've said around a billion dollars of divestment proceeds were delayed by four days.

我們已經說過，大約 10 億美元的撤資收益被推遲了四天。

So I take that off.

所以我把它脫掉了。

And if you look at our cumulative working capital build on our balance sheet since 2019, it's around about $13 billion. $9 billion of that is Deepwater Horizon, two of that is decommissioning.

如果你看看我們自 2019 年以來資產負債表上的累計營運資本，就會發現約 130 億美元。其中 90 億美元用於「深水地平線」項目，其中兩項用於退役。

And that leaves me with around about $2 billion of build that is left to reverse over time.

這讓我留下了大約 20 億美元的建設資金，隨著時間的推移，這些資金將會被逆轉。

So when I take all of that into consideration, and I think about my net debt at the end of 2Q, it's probably permanently around about the $21.5 billion level.

因此，當我考慮到所有這些因素，並考慮第二季末的淨債務時，它可能會永久保持在 215 億美元左右的水平。

Yes, we will be consolidating debt from Lightsource BP.

是的，我們將合併 Lightsource BP 的債務。

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.

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正確的價值，這將被刪除。

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.

所以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。

So I hope that's helpful.

所以我希望這有幫助。

Matt Lofting, JPMorgan.

馬特‧洛夫廷，摩根大通。

Two quick ones, please.

請快點來兩份。

First, if we just come back to the other comments around cash flow generation.

首先，我們回到有關現金流產生的其他評論。

Obviously, CFFO can be phased and lumpy quarter-by-quarter.

顯然，CFFO可以分階段、按季度分階段進行。

I just wonder, if you take a step back and look at nine month delivery compared to BP'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 versus the start of the year?

我只是想知道，如果您退後一步，與今年年初 BP 的內部預期相比，看看九個月的交付情況，您如何看待今年迄今為止的潛在現金生成，以及您如何對其進行評級今年的開始？

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.

其次，默里，我認為您之前談到今年迄今為止的交易正處於平均水平，假設這大致相當於您過去談到的 4% 的回報率貢獻。

Can you share a sense of how that compares to the contribution that business was making in '22, '23 and how confident you are you can sustain this year's level is 25%-plus under forward strip commissions?

您能否分享一下與 22 年、23 年業務貢獻相比如何？

Yep.

是的。

Thank you, Matt.

謝謝你，馬特。

I think on trading, yes, we've had an average of 4% over time since 2020.

我認為在交易方面，是的，自 2020 年以來，我們的平均成長率為 4%。

Sorry, I was having an elder moment there.

抱歉，我在那裡度過了一段老年時光。

This year, we're on track for the 4%.

今年，我們預計達到 4%。

I feel very comfortable with that.

我對此感到很舒服。

We were up around 6% in Heights.

我們在 Heights 的股價上漲了約 6%。

So we're 2% below that, but 4% as we're delivering now.

所以我們比這個數字低了 2%，但我們現在的交貨量是 4%。

And you may be wondering, is 4% durable, especially if the world were to turn to lower volatility.

您可能想知道 4% 是否持久，特別是如果世界轉向更低的波動。

And my answer to that is absolutely.

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 gives us much more optionality and flow.

我說絕對的原因是我們正在圍繞我們歷史悠久的貿易業務建立一系列業務，這給了我們更多的選擇和流動性。

And trading businesses make money from equity optionality, merchant optionality and flow.

而交易業務則透過股權選擇性、商家選擇性和流量來賺錢。

That's where they make their money.

那就是他們賺錢的地方。

So building out power businesses through the EDF and GTECH acquisition, building out biogas from Arkea, building out a biofuels position in Bunge that will allow us to arbitrage bioethanol to the West Coast of the US and Europe.

因此，透過收購 EDF 和 GTECH 來建立電力業務，從 Arkea 生產沼氣，在 Bunge 建立生物燃料地位，這將使我們能夠向美國和歐洲西海岸套利生物乙醇。

These steps we're taking to build out these peripheral businesses where customers want lower carbon energy, allow us to durably make this 4%.

我們正在採取這些措施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 if Carol is listening, I'd probably say grow over time as well even without volatility.

如果卡羅爾在聽，我可能會說，即使沒有波動，也會隨著時間的推移而增長。

So maybe a way to think about it is that extreme volatility that you saw in 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.

因此，也許一種思考方式是，過去幾年你看到的極端波動給我們帶來了 200 個基點，但我們對未來 4% 的交易持久性非常有信心，因為我們正在建立企業。

As far as the grading goes from my leadership team performance this year.

至於評分是根據我今年領導團隊的表現來定的。

I'd say the upstream is performing exactly as we'd hoped.

我想說上游的表現完全符合我們的希望。

Production is about on plan, costs are coming in on plan, projects are coming in on plan.

生產按計劃進行，成本按計劃進行，項目按計劃進行。

So I feel very good about that.

所以我對此感覺很好。

Refinery is operating very, very well except for the first quarter, where we had a problem in Whiting, and that's not entirely their fault, given external circumstances, but the Whiting outage in 1Q probably be the one point for the year that scores us down.

煉油廠運作得非常非常好，除了第一季度，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，但第一季度的懷廷停電可能是今年讓我們得分下降的一個點。

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.

在今年剩下的時間裡，我們一直表現得很好，而且我們正在步入正軌——我感覺我們正在實現我們談到的3% 到4% 的基本增長，並期待在進入25 世紀時超越這一目標。

I hope that helps, Matt.

我希望這有幫助，馬特。

Paul Cheng, Scotia.

保羅鄭，斯科細亞省。

Thanjk you.

謝謝你。

Two quick questions.

兩個簡單的問題。

First, Murray, can you give an update about GTA Phase 1 LNG project?

首先，Murray，您能介紹一下 GTA 一期液化天然氣專案的最新情況嗎？

Are we still on schedule for the -- at the end of the year or early first quarter start-up on the first gas?

我們是否仍按計劃在今年年底或第一季初啟動第一批天然氣？

And secondly, that I think is [4K] on the $2 billion cost reduction by the end of 2023.

其次，我認為 [4K] 到 2023 年底將成本削減 20 億美元。

Can you give us an idea that how is the breakdown between the organic cost reduction and the cost reduction related to asset sales.

您能為我們介紹一下有機成本削減和與資產銷售相關的成本削減之間的細分情況嗎？

Great, Paul.

太棒了，保羅。

Fantastic.

極好的。

On GTA, we continue to make good progress.

在 GTA 方面，我們持續取得良好進展。

All the equipments in the field now.

目前現場設備齊全。

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.

在本季度，我們引進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。

So congratulations to the team for delivering on that. not a straightforward operation.

祝賀團隊實現了這個目標。這不是一個簡單的操作。

The next milestone, we continue through punch lists, et cetera, but the next big milestone is we'll be introducing natural gas from the wellhead into the floating FPSO offshore and then into the pipelines that go to the LNG plant.

下一個里程碑，我們繼續完成待辦事項清單等，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動 FPSO，然後引入通往液化天然氣工廠的管道。

I'm happy with progress.

我對進步感到高興。

I don't want to put any pressure on the teams what they need to focus on is safely starting this up.

我不想給團隊施加任何壓力，他們需要關注的是安全地啟動這項工作。

That will be what is remember, didn't time as a safe start-up, but I feel like we're making good progress, Paul, and we'll update you next time we talk to you.

請記住，這並不是一個安全的新創企業，但我覺得我們正在取得良好的進展，保羅，我們會在下次與您交談時向您通報最新情況。

Kate over to the cost savings and how much is organic versus inorganic?

凱特談到了成本節約，有機與無機的成本是多少？

Yeah.

是的。

Thanks, Murray.

謝謝，穆雷。

When we first set out the cost efficiency back in February, we talked about four areas, four levers where we would be driving cost efficiency through one of those was our portfolio.

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、四個槓桿來提高成本效率，其中一個就是我們的投資組合。

So as a rule of thumb, that's probably not a bad a bad guide sort of 25%, but we'll give you a better idea of delivery as we get to the fourth quarter and my expectation in February will be to explain business by business, how we're doing and what we're actually delivering.

因此，根據經驗，25% 的指導值可能還不錯，但是當我們進入第四季度時，我們將為您提供更好的交付想法，我在 2 月份的期望將是逐項解釋業務，我們正在做什麼以及我們實際交付了什麼。

So the other thing I would like to say today is that, hopefully, you've seen that we've got line of sight now to in excess of $500 million in 2025.

所以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 年超過 5 億美元。

If you remember what I've said on previous calls is that I firstly want them underpin, then I want to do what we can to accelerate and exceed and then thirdly, how do we sustain this?

如果你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來加速和超越，然後第三，我們如何維持這一點？

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.

而且 - 但這仍然是我們推動整個工作領域的鏡頭，團隊正在取得巨大進展。

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.

正如您所看到的，我們正在研究許多選項，而其他所有嘗試這樣做的公司的追蹤記錄都會表明您需要大量遠遠超過您交付量的選項。

So right now, we feel very comfortable about our $2 billion in 2026.

所以現在我們對 2026 年達到 20 億美元感到非常滿意。

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

恐怕由於時間原因，我們將接受最後一個問題，這是開普勒的 Bertrand Hodee 提出的，對於任何留在電話中提出問題的人，我們將與您聯繫。

Yes.

是的。

Thanks, Craig.

謝謝，克雷格。

Two questions, if I may.

如果可以的話，有兩個問題。

The first one is on your Paleogene opportunities.

第一個是關於古近紀的機會。

So you sanction Kaskida, this year, you will sanction -- you want to sanction Tiber next year.

所以你今年會制裁卡斯基達，明年你會制裁泰伯。

And I've seen a third project popping up called Guadalupe.

我還看到了第三個項目的出現，名為 Guadalupe。

I remember it was a discovery announced a few years back.

我記得這是幾年前宣布的一項發現。

How should we think about Guadalupe is a potential new hub?

我們該如何看待瓜達露佩是一個潛在的新樞紐？

Or is it a tieback opportunities to Kaskida or Tiber?

還是與 Kaskida 或 Tiber 的回接機會？

And the second question is on the Corporate division.

第二個問題是關於公司部門的。

It was a bit of award number in Q3 with a positive contribution from OB&C.

這是第三季的一個小獎項，OB&C 做出了積極貢獻。

Can you just explain the rationale behind it?

您能解釋一下背後的原理嗎？

Yeah.

是的。

Great.

偉大的。

Bertrand, I'll let Kate describe that one.

伯特蘭，我會讓凱特描述一下。

On the Paleogene, have that, thank you for your memory.

在古近紀，有這個，謝謝你的記憶。

That's fantastic, you remember Guadalupe.

太棒了，你還記得瓜達露佩。

You might remember (inaudible) as well if you're really stretching back in time.

如果你真的能及時回溯的話，你也可能會記得（聽不清楚）。

We have the Guadalupe discovery.

我們有瓜達露佩發現。

It's there.

它就在那裡。

We have not made the decision yet on it. to be honest, if it's a tieback to Tiber or it's a stand-alone.

我們還沒有就此做出決定。老實說，無論它是與 Tiber 的捆綁還是獨立。

We have a couple of wells going down across '25 and '26 that will help us decide what we do.

我們在 25 年和 26 年打了幾口井，這將幫助我們決定我們要做什麼。

First we have the appraisal well on the West bump on Kaskida.

首先，我們對卡斯基達西隆起的井進行了評價。

So when we say we're sanctioning Kaskida, we mean the east bump of Kaskida with six wells, and then the West bump will drill an appraisal well. and that will determine what we do with that one in our minds right now.

因此，當我們說我們批准卡斯基達油田時，我們指的是卡斯基達東凸塊有六口井，然後西凸塊將鑽一口評估井。這將決定我們現在如何處理我們心中的那個人。

It's a tieback.

這是一個回扣。

But it depends on how that goes.

但這取決於事情進展如何。

Certainly, it will be a tieback I don't think it will be stand-alone, but let's see how the appraisal well goes.

當然，這將是一個回扣，我不認為它會是獨立的，但讓我們看看評估進展如何。

We then have the big exploration prospect that I talked about that is to the west of that.

然後我們就有了我談到的大勘探前景，那就是在它的西邊。

That will be drilled and that will really determine what we do with the region.

這將被鑽探，這將真正決定我們對該地區的行動。

If that comes in with a similar size to Tiber, to Kaskida, you'll have to think about a stand-alone there.

如果它的大小與 Tiber、Kaskida 類似，那麼你就必須考慮在那裡建立一個獨立的平台。

If it's dry, which is possible, then we'll have to make this decision on Guadalupe as well.

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。

So I think the roundabout answer to that is we're clear Kaskida and we're underway getting to construction now.

因此，我認為對此問題的迂迴回答是，我們已經明確了 Kaskida，並且我們現在正在著手建造。

It looks like we'll sanction Tiber.

看來我們要製裁台伯了。

I feel very confident about that.

我對此非常有信心。

Guadalupe is an option, appraisal is an option.

瓜達露佩是一種選擇，評估也是一種選擇。

And the next exploration well is an option.

下一個勘探井是一個選擇。

We've also shot seismic and we're seeing other bright spots.

我們還拍攝了地震，並且看到了其他亮點。

But there's just a lot of resource there.

但那裡有很多資源。

We've made two -- we're on the verge of making two infrastructure decisions with two vessels.

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。

I hope there's a third one there, but it's a bit too early to say we need to do more appraisal and some exploration drilling.

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。

Hope that helps share thoughts Bertrand and over to you, Kate.

希望這有助於與伯特蘭和你分享想法，凱特。

Yeah.

是的。

Thank, Murray.

謝謝，穆雷。

Let me just quickly clear up on other business in corporate.

讓我快速清理一下公司的其他事務。

It's an area of the results that can move around quite a lot quarter-on-quarter.

這是一個季度環比變動很大的領域。

In terms of 3Q, 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 Lightsource BP so that we could finance it internally.

就第三季而言，您可能還記得在電話會議的早些時候，我談到了我們有意在第三季累積現金。準備償還 Lightsource BP 的融資，以便我們可以內部融資。

It's a lot more efficient way of doing it.

這是更有效的方法。

So we had a greater level of interest income in the third quarter as a consequence of that.

因此，我們在第三季的利息收入水準較高。

And then the other big component was favorable FX movement on a weaker dollar.

另一個重要部分是美元疲軟帶來的有利外匯走勢。

That's really all that's going on.

這就是真正發生的一切。

But it does move around a bit.

但它確實有點移動。

I know it's tricky.

我知道這很棘手。

Yeah.

是的。

Great.

偉大的。

Thanks, Kate.

謝謝，凱特。

I think, Craig, with that, we'll call it to an end, and I'll just make a few closing statements.

克雷格，我想我們就到此結束，我將做一些總結發言。

Thank you for all of your questions and for listening.

感謝您提出的所有問題和聆聽。

Another quarter of resilient operations, and I hope you'll agree significant process in driving focus and efficiencies into the business.

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。

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.

我們正在採取的行動為英國石油公司帶來了真正的變化，我們將繼續專注於我們所控制的事情，並提高業務的基本績效。

We have great assets, a great team and great opportunities to grow returns and value.

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.

我堅信，我們是少數能夠為各國公司和客戶提供獨特的綜合能源解決方案的公司之一。

And I have deep conviction that the actions we're taking will grow the value of BP.

我堅信，我們正在採取的行動將提升 BP 的價值。

We're very much looking forward to providing an update on our medium-term plans when we broadcast from New York in February.

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。

Thanks everyone, for your questions and for joining the call.

感謝大家提出問題並加入通話。

Bye-bye.

再見。