英國石油 (BP) 2025 Q2 法說會逐字稿

Welcome, everyone, to BP's second quarter 2025 results call. We'll be focusing today's call on the second quarter and first half performance and the contents of the video that I hope many of you will have seen by now.

歡迎大家參加 BP 2025 年第二季業績電話會議。今天的電話會議我們將重點討論第二季和上半年的表現以及視訊內容，我希望你們中的許多人現在已經看過了。

(Event Instructions) Let me first then hand over to Murray for a few brief opening remarks.

（活動說明）首先，請容許我把時間交給穆雷，讓他發表一些簡短的開場白。

Hi, everyone. This has been another strong quarter for BP operationally and strategically. We're delivering our plan to grow the upstream and focus the downstream with reliability across both greater than 96%. Year-to-date, across the upstream, we've brought five new oil and gas major projects on stream, sanctioned four more and made 10 exploration discoveries, the best year for discoveries in recent memory, including the significant discovery in the Bumerangue Block in Brazil with lots of interest and commentary over the past 24 hours.

大家好。對 BP 而言，這又是一個營運和策略表現強勁的季度。我們正在實施計劃，發展上游業務，並專注於下游業務，使上游和下游業務的可靠性均達到 96% 以上。今年迄今為止，我們在上游領域已啟動 5 個新的大型石油和天然氣項目，批准了另外 4 個項目，並有 10 個勘探發現，這是近年來發現最多的一年，其中包括在巴西 Bumerangue 區塊的重大發現，在過去 24 小時內引起了廣泛關注和評論。

Underlying earnings in our customers' business are up around 50% compared to a year ago and trading has delivered well quarter-on-quarter despite challenging conditions. Expected proceeds from completed or announced divestments have reached around $3 billion for the year, and we now have delivered around $1.7 billion of structural cost reductions since the start of our program in early 2024.

我們客戶業務的基本利潤較去年同期增長了約 50%，儘管面臨嚴峻挑戰，但交易仍環比表現良好。預計今年已完成或宣布的資產剝離收益將達到約 30 億美元，自 2024 年初計劃啟動以來，我們已實現約 17 億美元的結構性成本削減。

We've also announced a dividend per ordinary share of $8.320, an increase of 4% and a further $750 million share buyback for the second quarter. We are two quarters into a 12-quarter plan. And while we're encouraged by our early progress, we know there is much, much more to do.

我們也宣布第二季每股普通股股息為 8.320 美元，成長 4%，並進一步回購 7.5 億美元的股票。我們已經完成了 12 個季度計劃中的兩個季度。雖然我們對早期的進展感到鼓舞，但我們知道還有很多工作要做。

Gordon and Emeka are also here with Kate today. So please feel free to ask any questions with them, both too. There's certainly a lot going on in digital and technology and, of course, across all of the upstream.

戈登 (Gordon) 和埃梅卡 (Emeka) 今天也和凱特 (Kate) 一起來到這裡。因此，請隨時向他們提問。數位和技術領域以及整個上游領域肯定有很多事情發生。

With that, over to Q&A, and Craig can get us started.

接下來，進入問答環節，Craig 可以帶領我們開始。

Michele Della Vigna, Goldman Sachs. (Event Instructions)

米歇爾·德拉·維尼亞，高盛。（活動須知）

Congratulations on not just a strong quarter, but also what has been a very impressive discovery and a set of startups. I wanted to concentrate on those two, if I may. On the Brazilian discovery, just wanted to understand from you how concerning is the CO2 content of the discovery. It's clearly giant, but we've seen in the past discoveries like Jupiter, for instance, with a lot of CO2 content that didn't get ultimately developed in Brazil. Just wanted to understand what was your thinking of that, even though clearly, it's very early in the appraisal of that discovery.

我們不僅祝賀本季業績強勁，還祝賀我們取得了令人印象深刻的發現和一系列創業成果。如果可以的話，我想集中精力於這兩個方面。關於巴西的發現，我只是想向您了解該發現中二氧化碳含量有多令人擔憂。它顯然是巨大的，但我們在過去發現的木星等星球上也發現二氧化碳含量很高的礦藏，但最終巴西並沒有開發這些礦藏。只是想了解您對此有何看法，儘管顯然對該發現的評估還處於早期階段。

And then on the start-ups, again, very exciting in Mexico, Trinidad the Egypt I'm wondering if you could perhaps give us a view of where you think production could be by the end of the year after we go through the potential hurricane season?

然後談到新創企業，墨西哥、特立尼達和埃及的情況再次令人興奮，我想知道您是否可以給我們介紹一下，在我們度過潛在的颶風季節之後，您認為到今年年底產量會達到什麼水平？

Great. Michele, thanks for the kind words. On exploration, we've had a fantastic year, the best in a decade, best really in recent memory, 10 commercial discoveries across the patch, including big discoveries in Namibia now in Brazil. So we're very excited about that. Why don't I hand over to Gordon, who I think will have a lot of attention on this call to talk about Bumerangue and thoughts on production as well.

偉大的。米歇爾，謝謝你的好意。在勘探方面，我們度過了非常棒的一年，是十年來最好的一年，也是近年來最好的一年，我們在全國範圍內發現了 10 個商業油田，包括現在在巴西納米比亞發現的重大油田。所以我們對此感到非常興奮。我為什麼不把時間交給戈登呢，我認為他會非常關注這次電話會議，談論 Bumerangue 以及對生產的想法。

Hi, Michele. And hello, everyone. Good morning, good afternoon wherever you are. Thanks for the question, Michele. As you can imagine, we're pretty excited about this discovery. The petrotechnical community is pretty excited about this discovery. And just to set the scene before I specifically answer your question.

你好，米歇爾。大家好。無論您身在何處，早上好，下午好。謝謝你的提問，米歇爾。你可以想像，我們對這項發現感到非常興奮。石油技術界對這項發現感到非常興奮。在我具體回答你的問題之前，我先介紹一下背景。

So Bumerangue 400 kilometers offshore from Rio -- we -- a large structure, greater than 300 square kilometers. We drilled about 500 meters of Crest to derisk the drilling program. So we're off Crest. We encountered a column of confirmed hydrocarbon and that column is 500 meters. It's high-quality pre-salt carbonate reservoir. So we're pretty excited by that.

布梅蘭格位於裡約熱內盧海岸 400 公里處，是一個大型結構，面積超過 300 平方公里。我們在 Crest 處鑽探了約 500 米，以降低鑽探計劃的風險。所以，我們離開了 Crest。我們遇到了一柱已確認的碳氫化合物，該柱長達 500 公尺。為優質鹽下碳酸鹽岩儲層。所以我們對此感到非常興奮。

There was an elevated measure of CO2, of course, on the measurement we've made on the rig. And I would emphasize that we've sent samples away to a certified lab. We do need full composition analysis to come back. However, we're pretty excited by it. Am I -- are we worried about elevated CO2? Not particularly, we need to find exactly what that level is, but the industry knows how to handle elevated levels of CO2. And we, as a company, have quite a bit of experience through various projects over many years of handling CO2. So of course, we need to understand it before we we get to full resource in place. However, not overly worried by CO2.

當然，我們在鑽孔機上進行的測量顯示二氧化碳含量增加。我想強調的是，我們已經將樣本送到認證實驗室。我們確實需要進行完整的成分分析才能回來。然而，我們對此感到非常興奮。我──我們是否擔心二氧化碳濃度升高？不是特別，我們需要確切地找到這個水平，但業界知道如何處理高濃度的二氧化碳。作為一家公司，我們多年來透過處理二氧化碳的各種專案積累了豐富的經驗。因此，當然，我們需要在獲得全部資源之前了解它。然而，並不太擔心二氧化碳。

If I can move on to your second question. We've now started up -- we promised at Capital Markets Day 10 startups, major project start-ups by 2027. We've now started up five, including Argos Southwest extension, which started on Monday. We've probably got one more this year and then four next year. So of a ramp-up, we brought on roughly, roughly 125,000 barrels per day of production, which, of course, was in our plan full year. So we're on plan with the ramp-up from these major projects.

我可以繼續回答你的第二個問題嗎？我們現在已經啟動——我們在資本市場日承諾到 2027 年啟動 10 家新創公司和主要專案。目前我們已經啟動了五個項目，包括週一啟動的 Argos 西南延伸項目。今年我們可能還會再有一個，明年可能會有四個。因此，隨著產量的增加，我們的日產量增加了約 125,000 桶，這當然也在我們的全年計劃之內。因此，我們正按照計劃推進這些重大項目。

So I think you'll see us sticking on plan maybe slightly ahead of plan through this year. We've had a good start to the year, strong production across the patch. We've got a few turnarounds in the second half of the year and weather, of course, in the Gulf of America. However, we think we're having a strong production year, which we would expect to continue.

所以我認為你會看到我們今年會堅持計劃，甚至可能比計劃提前一點。今年我們有一個良好的開端，整個地區的產量都很強勁。下半年我們遇到了一些轉機，當然還有美國灣的天氣。然而，我們認為今年的生產表現強勁，我們預計這種勢頭將持續下去。

Irene Himona, Bernstein.

艾琳希莫娜，伯恩斯坦。

Congratulations on the numbers. My first question also on the Brazilian discovery, if I may. Can you share the gas to oil ratio and talk around how you see timing for further drilling of this discovery, please?

恭喜你取得這些數字。如果可以的話，我的第一個問題也是關於巴西的發現。您能否分享一下氣油比，並談談您對進一步鑽探這項發現的時機的看法？

And then my second question on TA in Downstream. Murray, you stated somewhere that the results were not what you expect. Obviously, you don't disclose the details. So can you perhaps elaborate on some of the disappointing data points you're seeing and what -- how you're tackling them?

我的第二個問題是關於下游的 TA。穆雷，你在某處說過，結果並不像你所期望的那樣。顯然，你沒有透露細節。那麼您能否詳細說明一下您看到的一些令人失望的數據點以及您如何處理這些數據點？

Great. Thanks, Irene. I'll tackle the first one, and I'll pass over to Gordon to talk about the second -- the first question on Brazil. I think on TravelCenters of America, maybe just to talk about M&C as a whole first. We've had a very good run in M&C now.

偉大的。謝謝，艾琳。我將解決第一個問題，然後交給戈登來討論第二個問題——關於巴西的第一個問題。我認為，在美國旅遊中心，也許首先只是談論 M&C 作為一個整體。目前我們在 M&C 領域已經取得了非常好的成績。

For the first half of 2025 versus the first half of 2024, we're up about 50% in profitability across the two half years. And the second quarter in M&C was the best on record since we started talking about M&C back in 2012. So that's a fantastic result for M and the teams.

與 2024 年上半年相比，2025 年上半年我們的獲利能力在兩個半年內成長了約 50%。自 2012 年我們開始談論製造業和服裝業以來，製造業和服裝業的第二季表現是最好的。這對於 M 和團隊來說是一個非常棒的結果。

The particular challenge that we have in TA is that we're seeing diesel margins across that business quite tight, and not making as much on diesel as we would like. We think we're taking some actions to fix that, but that's a particular area of concentration for the midstream trading and TA business itself to try to drive diesel margins to a better place and to get more customers into the business.

我們在 TA 中面臨的特殊挑戰是，我們發現整個業務的柴油利潤率相當低，而且柴油的利潤沒有達到我們的預期。我們認為我們正在採取一些措施來解決這個問題，但這是中游貿易和 TA 業務本身特別關注的領域，旨在將柴油利潤率推向更高的水平，並吸引更多客戶加入該業務。

So that's really the area of focus we have. But across the rest of M&C, very, very strong performance both capturing customers, capturing margins, driving costs out of the system, and I'm really proud of the result across the retail fleet as well as aviation as well as Castrol, just a tremendous quarter for the team. So congrats to the team.

所以這確實是我們關注的領域。但在 M&C 的其他業務中，表現非常非常強勁，既吸引了客戶，又獲得了利潤，降低了系統成本，我對零售車隊、航空以及嘉實多的業績感到非常自豪，對於團隊來說這是一個非常棒的季度。祝賀這個團隊。

Gordon, over to you on Brazil.

戈登，關於巴西的問題交給你了。

Yeah. Thanks for the question. I think just too early to be precise on gas oil ratios. We need to have that full composition of analysis back from the labs we took samples right across the column, so we should get the different composition of analysis at different depths in the column, and that will be very, very telling when we get these results back. So I won't speculate on the gas oil ratio.

是的。謝謝你的提問。我認為現在要準確判斷氣油比率還為時過早。我們需要從實驗室獲得完整的分析結果，這些分析數據都是從整個柱子上取樣的，因此我們應該在柱子的不同深度獲得不同的分析結果，當我們得到這些結果時，這將非常非常有說服力。所以我不會對氣油比進行推測。

In terms of timing, we're going to go through an appraisal program with agreement with the regulator, of course, which will probably involve some sort of drill stem test to bring -- to get some dynamic data. It would be great to get some dynamic data from this well as we plan the development scheme. But we will move at pace, Irene. It's -- if this turns out as good as we think it's going to be, we will absolutely move at pace.

就時間安排而言，我們當然會與監管機構達成一致，進行評估計劃，這可能涉及某種鑽桿測試，以獲取一些動態數據。在我們規劃開發方案時，如果能從這口井獲得一些動態數據就太好了。但我們會加快步伐，艾琳。如果結果如我們想像的那麼好，我們絕對會加快腳步。

Lydia Rainforth, Barclays.

巴克萊銀行的 Lydia Rainforth。

Two questions, if I could. Murray, in the stock exchange announcement, you do talk about a thorough review of the portfolio of further cost review. Can you just talk through about where else different to where you were six months ago and what you're seeing that gives you confidence that there is more value to come?

如果可以的話，我有兩個問題。莫瑞，在證券交易所的公告中，你確實談到了對投資組合進行進一步成本審查的徹底審查。您能否簡單談談與六個月前相比還有哪些不同，以及您看到了哪些方面讓您相信未來會有更多價值？

And then, Kate, I mean, I said with, but clearly, you've done really well on the cost side. and perhaps Emeka and Gordon, could you go through some examples of where you're seeing some of those savings in AI side? So it does feel like upstream is really good and probably leading the pack there, but there's more to do downstream and corporate. I don't know if that's a fair analysis for that?

然後，凱特，我的意思是，我說過，但顯然，你在成本方面做得很好。也許埃梅卡和戈登，你能否舉一些例子來說明你在人工智慧方面看到了哪些節省？因此，感覺上游確實很好，並且可能處於領先地位，但下游和企業還有更多工作要做。我不知道這是否是公正的分析？

Super. Thanks, Lydia. Look, I think on the portfolio side first, and then I'll hand to Kate, and I'll ask Emeka to talk about the digital and AI side of things.

極好的。謝謝，莉迪亞。你看，我先考慮投資組合方面，然後我會交給凱特，我會讓艾梅卡談談數位和人工智慧方面的事情。

On the portfolio, look, we've had a tremendous year for access inside the Upstream with Access and Azerbaijan and Iraq and Libya, in Abu Dhabi and India. So very excited about all that.

在投資組合方面，我們在上游領域的准入方面取得了巨大的成功，包括亞塞拜然、伊拉克、利比亞、阿布達比和印度。我對這一切感到非常興奮。

And then you never really plan to have 10 exploration successes that are commercial. You just don't see that in history. And they're pretty big. Maybe it's pretty big. And obviously, Brazil, as Gordon described is pretty big as well.

但你永遠不會真正計劃取得 10 次具有商業價值的勘探成功。你在歷史上是看不到這樣的事的。而且它們相當大。也許它相當大。顯然，正如戈登所描述的，巴西也相當大。

So we constantly think about the portfolio. We're constantly churning the portfolio. We want to drive absolute discipline into this and be driven by value and returns more than anything else. So it's time to take stock as Albert joins as a new chair and work together on this conundrum of lots of great opportunities, but you can only choose so many in life.

所以我們不斷思考投資組合。我們不斷地更新投資組合。我們希望在這過程中推行絕對的紀律，並優先考慮價值和回報。因此，現在是時候評估了，因為艾伯特作為新主席加入，並共同努力解決這個有很多絕佳機會的難題，但你在生活中只能選擇這麼多。

So we're doing it live as we speak. If you look past -- back across the past three to six months, we've dropped three rigs across the portfolio is not competitive inside our capital frame. We have decided to shut down a program in Australia on green hydrogen. We've decided to shut down some programs in the US on blue hydrogen and CCS. So we just constantly challenge ourselves to drive to the highest quality inside the portfolio. And now with the extreme success that we've seen inside the Upstream. It's for the right moment in time to do that as well.

因此，我們一邊講話一邊進行現場直播。如果你回顧過去——回顧過去三到六個月，我們已經放棄了投資組合中的三座鑽孔機，這在我們的資本框架內缺乏競爭力。我們決定關閉澳洲的綠色氫能計畫。我們決定關閉美國的一些藍氫和 CCS 計畫。因此，我們不斷挑戰自己，以推動投資組合達到最高品質。現在，我們看到了 Upstream 內部取得的巨大成功。現在正是做這件事的最佳時機。

Kate, over to you on cost and Emeka?

凱特，你來談談成本和艾梅卡的問題吧？

Yeah. Thank you. Hi, Lydia, good to see you. Your description of our cost progress is doing brilliantly well. I think I might describe it as decent progress. And why do I say that? I say that because there's a lot more to do. We set out the $4 billion to $5 billion target in May last year against the $22.6 million. and delivering $1.7 billion of structural cost reductions to date, I think, is pretty good progress.

是的。謝謝。你好，莉迪亞，很高興見到你。您對我們的成本進展的描述非常出色。我想我可以將其描述為不錯的進步。我為什麼這麼說呢？我這樣說是因為還有很多事情要做。去年 5 月，我們設定了 40 億至 50 億美元的目標，而當時的目標是 2,260 萬美元。到目前為止，我們已經實現了 17 億美元的結構性成本削減，我認為這是相當不錯的進展。

As you look at what we're doing quarter-on-quarter, you can see we do now have some momentum, which is great. I want to keep seeing this driving all the way down to the bottom line. We've reduced absolute costs by about $0.5 billion. So as I say, good progress, more to do.

當您查看我們每個季度的表現時，您會發現我們現在確實有了一些動力，這很好。我希望繼續看到這種推動力一直持續到底線。我們已將絕對成本減少了約 5 億美元。正如我所說，進展良好，但仍有更多工作要做。

As I think about the $4 billion to $5 billion. Internally, we've always held that that's taking ourselves across most of our businesses and functions to top quartile. We have to keep challenging as you've heard me say before, I want to accelerate and exceed that wherever we can. And it's only right that we should be challenging ourselves to see how much further we can go, can we hit best-in-class certain parts of our portfolio and understand what it takes to do that.

我想到的是 40 億到 50 億美元。在內部，我們始終認為這將使我們的大多數業務和職能進入前四分位。我們必須不斷挑戰，正如你之前聽我說過的那樣，我希望盡可能地加速並超越這一點。我們應該挑戰自己，看看我們能走多遠，我們能否在我們的投資組合的某些部分達到最佳水平，並了解要做到這一點需要什麼，這是唯一正確的做法。

So as I say, I'm pleased with the progress to date, but more to do. Emeka?

正如我所說，我對迄今為止的進展感到滿意，但還有很多工作要做。埃梅卡？

Yeah. So I'll just touch on three quick things. So technology, supply chain, and data. So on the technology side, what we have done, and this is inside of the technology organization is we're actually looking at reducing or -- we have been reducing our costs, both through a process of digitization, but also we have reduced the number of contractors, the number of staff that we have in the technology organization.

是的。因此我只想簡單談三件事。所以是技術、供應鏈和數據。因此，在技術方面，我們在技術組織內部所做的就是，我們實際上正在考慮減少或——我們一直在降低成本，不僅透過數位化流程，而且我們還減少了承包商的數量，減少了技術組織中的員工數量。

While we're reducing our own costs, where we've been looking at streamlining applications, streamlining the partners that we work with to a small set now of world-class tech partners. So that's a lot of what we're doing in technology.

在我們降低自身成本的同時，我們也一直在尋求精簡應用程序，將我們的合作夥伴精簡為一小部分世界一流的技術合作夥伴。這就是我們在技術方面所做的許多工作。

For the organization, supply chain is one of the big places that we're focusing in terms of how we can access and leverage savings on costs. So the total resource management project, which Cape Program, which Kate talked about, is that's around our third-party contractors.

對組織而言，供應鏈是我們在如何取得和利用成本節約的重點之一。因此，凱特談到的 Cape 計劃的整體資源管理項目是圍繞著我們的第三方承包商開展的。

So far, we've had 3,200 exit. We've got another 1,200 to exit, and we're continuing to now optimize and focus this using our Palantir system that we're using to track our cost, and we're connecting that to our ERP system and another people tracking system in our offshore platforms. We're looking at invoices, so contract value leakage to make sure the invoices we pay are at the right amount for the pieces of work we do, and AI is all over this. So we're leveraging Palantir and our own AI systems to do this.

到目前為止，我們已經有 3,200 人退出。我們還有另外 1,200 個要退出，我們現在正在繼續使用我們用來追蹤成本的 Palantir 系統來優化和關注這一點，並將其連接到我們的 ERP 系統和離岸平台中的另一個人員追蹤系統。我們正在查看發票，因此合約價值洩漏是為了確保我們支付的發票金額與我們所做的工作相符，而人工智慧就是這一切的根源。因此，我們利用 Palantir 和我們自己的 AI 系統來實現這一點。

And then the last thing I'll touch on is data. So across the company. So we have -- we're currently managing about 100,000 pipelines of data across BP. We see this is costing us money, costing us more than it should do, and it's actually preventing people and the team from being able to use AI in a consistent way across the company, both for growth and for a reduction in costs.

最後我要談的是數據。整個公司都是如此。因此，我們目前正在管理 BP 的大約 100,000 條資料管道。我們發現這正在花費我們的錢，花費超出了應有的數額，而且它實際上阻礙了員工和團隊在整個公司範圍內以一致的方式使用人工智慧，無論是為了成長還是為了降低成本。

We're partnering with Databricks and Palantir to implement a new unified data platform across the whole company that will be both reduced costs and actually provide us a lot better transmission of data across the whole company and reduce that 100,000 pipelines into a single one. This project typically could take up to five years. We're going to be done with it by the middle of next year, so in less than two. So this is -- these are some of the things we're doing to impact costs across the company.

我們正在與 Databricks 和 Palantir 合作，在整個公司實施一個新的統一資料平台，這不僅可以降低成本，還可以為我們提供整個公司更好的資料傳輸，並將 100,000 條管道減少為一條。該項目通常可能需要長達五年的時間。我們將在明年年中完成這項工作，也就是不到兩年的時間。所以這就是——我們正在採取的一些措施來影響整個公司的成本。

Thanks, Emeka. And I think when we talk to our partners about how far we're going on that data management, I think the answer is cutting edge.

謝謝，埃梅卡。我認為，當我們與合作夥伴談論我們在數據管理方面取得的進展時，答案是尖端的。

Cutting edge is right.

切削刃是正確的。

Cutting edge globally. So we're really looking forward to it. And Lydia as we've said in the past, we're looking forward to taking all the hard work we've done with and the upstream into the downstream as well. We can update you on that if anybody wants to ask. Craig, back to you.

全球領先。所以我們真的很期待它。正如我們過去所說的那樣，莉迪亞，我們期待著將我們所做的所有努力以及上游的努力帶到下游。如果有人想問的話，我們可以向您通報最新情況。克雷格，回到你身邊。

We're going to jump to the phones for a couple of questions now. Gui Levy, Morgan Stanley.

我們現在要透過電話回答幾個問題。摩根士丹利的 Gui Levy。

The first one, just going back to Bumerangue. The agency a couple of years ago at the time of the bid round, they published some studies pinching out to a potential of 2 billion BOE of oil in place. Do you recognize this number? Is that sort of the level that you have in mind at the moment? And then the second one, just if you can provide us an update on the disposal process of Castrol, at what stage, are we at the moment? Any specific expectations in terms of timing and anything that you can possibly share with us in terms of valuation at this point? That would be great.

第一個，回到 Bumerangue。該機構在幾年前招標時發表了一些研究報告，指出石油儲量潛力高達 20 億桶油當量。你認得這個號碼嗎？這就是您現在所想的水平嗎？然後第二個問題，您能否向我們提供有關嘉實多處置過程的最新信息，目前我們處於哪個階段？在時間方面您有什麼具體的預期嗎？在估值方面您能與我們分享什麼嗎？那太好了。

Just to clarify your first question on Brazil. Is there a number that you're referencing? We couldn't understand what number you said.

只是想澄清一下你關於巴西的第一個問題。有您引用的數字嗎？我們不明白您說的數字是什麼。

Yes. There was a number in a specific report of agency of 2 billion BOE of oil in place. But admittedly, I'm not sure if that number has been updated or if that's something that you have in mind at the moment.

是的。該機構的具體報告中提到，石油地質儲量為20億桶油當量。但不可否認的是，我不確定這個數字是否已經更新，或者這是否是你目前所想的。

Thanks, Kate. Gordon, why don't you take the first one, and I'll take the second one.

謝謝，凱特。戈登，你為什麼不選擇第一個，而我選擇第二個呢？

Yeah. Thanks, Gui. I don't recognize the 2 billion barrels. And again, I would just emphasize the scale of the structure, 300 kilometers square with a 500-meter column, and that's off Crest. So that 2 billion doesn't resonate with me to be specific.

是的。謝謝，桂。我不認識這20億桶。再次強調，我只想強調建築物的規模，300 平方公里，500 公尺高的柱子，而且就在山頂之外。所以具體來說，20億這個數字對我來說沒有共鳴。

And we've declared that it's the largest discovery in 25 years dating back to Kashagan and Shafag, I think were the analogies that we put together. So that should help you understand it a little bit.

我們宣布這是自卡沙甘油醚和沙法格以來 25 年來最大的發現，我想這是我們進行的類比。這應該可以幫助你稍微理解。

I think on cash flow, look, I'm not going to say much. It's a commercial process. There's a lot of interest in it, and we're moving at pace. It's a complicated business operates in 120 countries, but there's a lot of interest in it, and we will update you when we can. We will transact for value. Craig, back to you.

我認為關於現金流，我不會說太多。這是一個商業過程。人們對此很感興趣，我們正在快速前進。這是一項在 120 個國家開展的複雜業務，但人們對它很感興趣，我們會盡快向您通報最新情況。我們將進行有價值的交易。克雷格，回到你身邊。

We'll stay on the phones and take the next question from Matt Lofting, JPMorgan.

我們將繼續透過電話回答摩根大通的馬特洛夫廷 (Matt Lofting) 提出的下一個問題。

Two, if I could, please. First, I just wanted to follow up on the earlier comments you made around the further cost review specifically, I think you referred in the press release this morning to targeting best-in-class. I wondered if you could just expand on how you think about defining best-in-class in the context of the moving parts in the industry, technology, and the evolution there and also the fact that cost and fiscal regimes tend to vary across geographies?

如果可以的話，請給我兩份。首先，我只是想跟進您先前關於進一步成本審查的評論，具體來說，我認為您在今天早上的新聞稿中提到了以一流為目標。我想知道您是否可以詳細說明一下，在行業動態、技術及其演變的背景下，以及成本和財政制度在不同地區存在差異的情況下，您如何定義一流？

And then second, I just wanted to ask you about trading performance seemed good in the second quarter versus wider industry comps. What's your outlook from here regarding the broader conditions for trading and optimization when you look through to the sort of second half of the year? And if you were to continue to see let's say, a moderated baseline, as we've seen at times in the first half of the year is Q2 seen within the company as a good approximate baseline?

其次，我想問一下，與整個行業相比，第二季的交易表現似乎不錯。展望今年下半年，您對更廣泛的交易和優化條件有何展望？如果您繼續觀察，比如說，一個適度的基線，正如我們在上半年所看到的那樣，公司內部是否將第二季視為一個良好的近似基線？

Super. I'll take trading, Kate, if you want to talk about best-in-class, please. Look, I think on trading, first, an average quarter for the gas business and a strong quarter for the oil trading business. As we look out to conditions moving forward, I think the things I'd say on the oil RPT side is that inventories from a physical basis are quite tight. So there's likely to be a fair bit of volatility in the event that there are outages occurring. That's probably true through the third quarter and into the start of the fourth quarter.

極好的。凱特，如果你想談一流的話，我來談談交易吧。就交易而言，我認為首先，天然氣業務表現平平，而石油交易業務表現強勁。當我們展望未來的情況時，我認為就石油 RPT 方面而言，從實體基礎來看庫存相當緊張。因此，一旦發生停電，很可能會出現相當大的波動。這可能在整個第三季和第四季初都是如此。

In the fourth quarter on the oil side, we see more production coming online from outside of OPEC and trading conditions will highly depend upon what OPEC+ does, what happens with sanctions on Russia, what happens with sanctions on Iran. So I would expect continuing volatility in that space on diesel and gasoline, we move into a heavy tower season in October as well. So that should provide conditions for volatility.

在石油方面，第四季我們看到來自 OPEC 以外的產油國的產量增加，而貿易條件將高度依賴 OPEC+ 的行動、對俄羅斯的製裁情況、對伊朗的製裁情況。因此，我預期柴油和汽油市場將持續波動，10 月我們也將進入重塔季。因此這應該為波動提供條件。

I think on the gas side, from our perspective, we trade optionality. That's how we've designed the gas books. So we don't necessarily try to link to a particular index. We don't try to do point-to-point sales. Instead, we look for opportunities to arbitrage between price differences on the spot or across time. And it feels in a market where natural gas becomes oversupplied as you move into late '26, '27 that we're well positioned to be able to arbitrage between these things.

我認為，從我們的角度來看，在天然氣方面，我們進行的是選擇性交易。這就是我們設計瓦斯書籍的方式。所以我們不一定要嘗試連結到特定的索引。我們不嘗試進行點對點銷售。相反，我們尋找在現貨或跨時間價格差異之間進行套利的機會。並且，隨著 26 年末和 27 年天然氣市場供應過剩，我們感覺我們完全有能力在這些產品之間進行套利。

I think what you should expect moving forward is as we've guided in the past, which is 4% to returns of the corporation from trading assume it's half oil, assume it's half gas and assume it's ratable across each quarter. It won't be right in any one quarter, but it durably is what we have done over the past 4.5 years.

我認為您應該預期未來的發展就像我們過去所指導的那樣，即公司交易的回報率為 4%，假設一半是石油，一半是天然氣，並且假設每個季度都是可評估的。雖然這在任何一個季度都不會是正確的，但這是我們過去四年半以來一直在做的事情。

So thank you for that question, Matt, over to you, Kate, on the cost and best-in-class.

所以謝謝你提出這個問題，馬特，接下來輪到你了，凱特，關於成本和一流的問題。

I'll maybe start with the areas of the group that are slightly easy to benchmark and understand and I would put into that category, the central functions like finance, like people and culture like technology. I think we've got a pretty good sense of where we probably stack up against our peer group with regard to that. Customers is similar. I think it's fairly straightforward to benchmark.

我可能會從集團中比較容易進行基準測試和理解的領域開始，並將財務、人員和文化（如技術）等核心職能歸入這一類別。我認為，我們很清楚自己在這方面與同行相比處於什麼位置。顧客也類似。我認為基準測試相當簡單。

As we step through the refining and the upstream part of the portfolio, that is where it is -- it gets more complicated. With refining, we have been using the Solomon benchmarking very regularly. And as I said, we're waiting for the updated benchmarks to come in over the summer to get a sense of where we stack up across our refining portfolio versus our peer group.

當我們逐步完成投資組合的煉油和上游部分時，情況就變得更加複雜了。透過改進，我們一直在非常規律地使用所羅門基準測試。正如我所說，我們正在等待夏季更新的基準，以了解我們的煉油產品組合與同行相比處於什麼位置。

And with the upstream, we go basin by basin because to your point, you need to understand the construct of the businesses inside your basin and you can't just look at the the unit production cost and that takes into consideration various component parts, whether it's PSAs or tax and royalties, it's going down to a basin level so that you can understand within that basin, how you're tracking against your peer group. So that's the piece of work that we're going to get into at pace as we get these data points in over the summer.

對於上游，我們會逐個流域地進行分析，因為正如您所說，您需要了解流域內企業的結構，而不能只看單位生產成本，這需要考慮各種組成部分，無論是 PSA 還是稅收和特許權使用費，它都會深入到流域級別，這樣您就可以了解該流域內您與同行相比的情況。因此，當我們在夏季獲得這些數據點時，我們將快速進行這項工作。

And as we get a sense of where there are gaps versus what we consider to be best in class, we'll update you as we go. And I guess the only other thing I would say that is worth remembering is we've been pretty explicit that the $4 billion to $5 billion of structural cost reductions, doesn't take into into consideration any transactions with regard to Castrol and glaz and Kirkuk. So as and when we reach a conclusion on those two transactions, we'll update the market on those two elements and how that would impact the $4 billion to $5 billion cost target as well.

當我們了解到與我們所認為的最佳水平之間存在差距時，我們會隨時向您更新。我想說的另一件值得記住的事情是，我們已經非常明確地表示，40億至50億美元的結構性成本削減，並沒有考慮到與嘉實多、格拉茲和基爾庫克有關的任何交易。因此，當我們就這兩筆交易得出結論時，我們將向市場更新這兩個因素以及它們將如何影響 40 億至 50 億美元的成本目標。

We'll come back to teams, and I'll let it do my hard work. Josh Stone, Josh at UBS.

我們將回到團隊，我會讓它完成我的艱苦工作。喬許史東 (Josh Stone)，瑞銀的喬希。

Yeah. Two questions, please. If I could follow up on trading, clearly, a very good performance of oil trading this quarter, and it goes against some of the trends we've seen elsewhere in the market. You made some comments in the press around shortening the duration of trades. So I was hoping if you could just elaborate on this and speak to if there's any other drivers that are resulting in this the relative strength you're seeing versus some others whether that's going to be access to data or appetite to take on risk? Or any comments there would be helpful.

是的。請問兩個問題。如果我可以跟進交易，顯然，本季石油交易表現非常好，而且與我們在其他市場看到的一些趨勢相反。您在媒體上發表了一些關於縮短交易期限的評論。所以我希望您能詳細說明一下這一點，並談談是否還有其他驅動因素導致了您所看到的相對於其他因素的相對強勢，無論是獲取數據還是承擔風險的意願？或任何評論都會有幫助。

And then secondly, on impairments, there were another lump of an impairment this quarter, about $1.2 billion. You've given us the divisions, but are you able to elaborate on which assets are actually driving these impairments?

其次，關於減值，本季又出現了一大筆減值，約 12 億美元。您已向我們提供了分類，但您能否詳細說明哪些資產實際上導致了這些損害？

Great. Thanks, Josh. I think on trading, without giving away commercial advantage, I'd just say on the oil trading side, they shorten the duration. Normally, you trade three, six, nine months in duration for time spreads, et cetera, but there's a lot of path risk around that when there's macro volatility and headline volatility. So you move to shorter duration trades to manage that risk, and that's what the teams were doing through April and May. I think I'll stop there for giving up any commercial advantage beyond that and pass it over to Kate on the question on impairments.

偉大的。謝謝，喬希。我認為在交易方面，在不放棄商業優勢的情況下，我只想說在石油交易方面，他們縮短了持續時間。通常，你會以三、六、九個月的期限來交易時間價差等等，但當出現宏觀波動和整體波動時，就會存在很大的路徑風險。因此，您可以轉向較短期限的交易來管理風險，而這正是團隊在四月和五月所做的事情。我想我會就此打住，放棄除此之外的任何商業優勢，並將有關損害的問題交給凱特。

Yeah. Thanks for the question. Yeah, we have taken a number of impairments across the businesses this quarter. And I think the first thing I'd say is that we're never happy to impair assets, it was capital one. And we're very cognizant of that, which is why Murray and I are driving so hard on improving and increasing our capital productivity in every part of the business.

是的。謝謝你的提問。是的，本季我們的各項業務都遭受了一些損失。我想說的第一件事是，我們從來都不願意損害資產，這是資本第一。我們非常清楚這一點，這就是為什麼 Murray 和我如此努力地改善和提高我們業務各個部分的資本生產力。

Maybe a couple to call out, which may be helpful in the customer and products space. We impair assets where we are working through a sales process. There's an accounting approach that we have to take based on the value that we expect to see versus the value at which we hold those assets.

也許需要提醒一下大家，這可能對客戶和產品領域有所幫助。我們在銷售過程中損害了正在處理的資產。我們必須根據我們預期看到的價值與我們持有這些資產的價值採取一種會計方法。

And we took decisions, as Murray referenced a little bit earlier on the call with regard to hydrogen and biofuels down in Australia. And as a consequence, we've taken an impairment on that. That's all about quality of choice and making the right decisions for us as a company moving forward as we execute on our strategy.

正如穆雷早些時候在電話會議上提到的那樣，我們已經做出了有關澳洲氫能和生物燃料的決定。因此，我們對此產生了損害。這一切都與選擇的品質有關，並為我們作為一家公司在執行策略的過程中向前發展做出正確的決定。

And maybe the only other one that's probably worth highlighting is in the gas and low carbon space, where we've taken a further impairment with regard to M&S. We're now lifting cargoes into our trading organization from that business, and that's where we see significant future value coming. We've now loaded finished loading our seventh cargo so far this year as it continues to ramp up.

也許唯一值得強調的是天然氣和低碳領域，我們在 M&S 方面進一步受到了損害。我們現在正將貨物從該業務運送到我們的貿易組織，我們看到了未來巨大的價值。隨著貨物數量的不斷增加，我們今年已經完成了第七批貨物的裝載。

So M&S is performing well now. It started up and it's ramping up. And that's probably as much as it's worth sharing with you, with regard to impairments, but it remains an area of focus for us, Josh, please be clear on that.

所以瑪莎百貨現在表現良好。它已啟動並且正在加速。關於損傷，也許這就是值得與您分享的全部內容，但這仍然是我們關注的領域，喬希，請明確這一點。

I am going to just jump quickly to the web. We've got a question from I think, Alejandro Vigil at Santander. Alejandro, you've got three questions. I think two of them have been covered, but I'll take maybe the last question, read it out, probably one for you, Kate. What are our expectations of net debt by the end of the year? That's from Alejandro.

我將快速跳到網頁。我認為我們收到了來自桑坦德銀行的亞歷杭德羅·維吉爾 (Alejandro Vigil) 的一個問題。亞歷杭德羅，你有三個問題。我認為其中兩個問題已經涵蓋了，但我可能會回答最後一個問題，讀出來，可能是給你的一個，凱特。我們對年底淨債務的預期是多少？這是亞歷杭德羅說的。

Yeah. Thank you, Alejandro. Fair question. Net debt was down $1 billion this quarter versus 1Q, which is good to see, quite a lot of moving parts. You can see there's been a pretty sizable working capital build through the first half. We end the first half at total working capital build of $4.7 billion.

是的。謝謝你，亞歷杭德羅。公平的問題。本季淨債務與第一季相比下降了 10 億美元，這是好事，有很多變動因素。您可以看到，上半年已經累積了相當可觀的營運資金。截至上半年，我們的總營運資本已達 47 億美元。

If you think back to -- excuse me, 1Q, we had $3.4 billion of working capital build. And I said the majority of that we should expect to reverse through the remainder of the year. We saw about $600 million of that reverse in 2Q, but it was more than offset by other moving parts. You'll recall the Deepwater Horizon payment we make every 2Q, there's also in the first half in payments with regard to assets held for sale. If they were not held for sale, let be accounted for us capital, we are forced to account for them as working capital because of accounting rules and there's been about $200 million of decommissioning payments as well in the first half.

如果你回想一下——對不起，第一季度，我們建立了 34 億美元的營運資金。我說過，我們預計今年剩餘時間內大部分情況都會扭轉。我們在第二季度看到了約 6 億美元的逆轉，但其他活動因素抵消了這一影響。您會記得我們每個第二季都會支付「深水地平線」款項，上半年還會支付與持有待售資產相關的款項。如果它們沒有被持有待售，那就算是我們的資本，根據會計規則，我們被迫將它們算作營運資本，而且上半年還有大約 2 億美元的退役付款。

So as I look at all of that, the reason I'm stepping you through that is I think there's about $2 billion of permanent working capital build to date with regard to the group. As I look forward, my best estimate of the level of reversal still to come through the third and fourth quarter is between $1.5 billion and $2 billion.

因此，當我審視所有這些時，我向您介紹這些內容的原因是，我認為迄今為止該集團已積累了約 20 億美元的永久營運資金。展望未來，我對第三季和第四季逆轉水準的最佳估計是在 15 億美元至 20 億美元之間。

Other moving parts that we've been clear around is the $1.2 billion of redemption of hybrid that we will redeem in 3Q. And then you've got, of course, operational price, which will move around. So I would say if you are seeing flat price, all these other moving parts and the level of working capital unwind I've just stepped through, my expectation is we should see net debt continue to slightly trend down towards the back end of the year. I hope that's helpful.

我們已經明確的其他活動部分是，我們將在第三季贖回 12 億美元的混合債券。當然，你還會得到營運價格，它會變動。所以我想說，如果你看到價格持平，所有這些其他活動部件以及我剛剛經歷的營運資本釋放水平，我的預期是我們應該看到淨債務在年底繼續略微下降。我希望這會有幫助。

Okay, back to Teams, and we'll take the next question from Ryan Todd, Piper Sandler. Ryan?

好的，回到 Teams，我們將回答 Ryan Todd、Piper Sandler 的下一個問題。瑞安？

Maybe on one more on exploration. I mean, congratulations on the great results year-to-date to discoveries. Maybe you can talk about how does the approach -- has your approach to exploration changed at all? Or is it just increased allocation of resources, good luck? And outside of Brazil, what have you seen that excites you the most?

也許再進行一次探索。我的意思是，祝賀今年迄今為止取得的巨大成果。也許您可以談談方法—您的探索方法有改變嗎？還是只是增加了資源配置，祝你好運？在巴西以外，您看到什麼最讓您感到興奮？

And then maybe a second question on much better refining performance this quarter operationally and in terms of margins. Can you maybe talk through what's gone well and how you think about the refining environment into the back half of this year and then to 2026?

然後也許第二個問題是關於本季煉油業務在營運和利潤方面的表現是否好得多。您能否談談哪些方面進展順利，以及您如何看待今年下半年甚至 2026 年的煉油環境？

Great. Let's see. I think on refining environment, I'll take that refining performance over to Gordon and then you guys transition on exploration and technology. Gordon and Emeka trade that off.

偉大的。讓我們來看看。我認為在煉油環境方面，我會將煉油性能交給戈登，然後你們再轉向探索和技術。戈登 (Gordon) 和艾梅卡 (Emeka) 互相交換。

So on refining, environment, Ryan, I think relatively tight is what I'd say right now, diesel margins, gasoline margins -- sorry, diesel gasoline jet stocks are quite low relative to history. As well, all of the additions we've seen in Daspocas and Dangote have now been offset by refinery closures around the world from the announcements you saw at cracks, the California refinery shutting down and other ones that have shut down.

因此，關於煉油、環境，瑞安，我認為現在我認為柴油利潤率、汽油利潤率相對較緊——抱歉，柴油汽油噴射機的庫存相對於歷史而言相當低。此外，我們在達斯波卡斯和丹格特看到的所有增產現在都被世界各地的煉油廠關閉所抵消，從你在裂縫處看到的公告來看，加州煉油廠關閉以及其他煉油廠關閉。

So instead of adding capacity to the non-Chinese refining fleet were basically flat, while overall demand for energy continues to grow at 1%. So fairly tight as our sense. We expect to build as we move through the driving season as all the refineries are working. And then we expect it to become quite tight again as we move into tar season.

因此，中國以外煉油廠的產能非但沒有增加，反而基本持平，而整體能源需求則持續以 1% 的速度成長。因此，我們的意識相當敏銳。隨著駕駛季節的到來，所有煉油廠都在開工，我們預計產量會不斷增加。然後我們預計，隨著進入焦油季節，它會再次變得相當緊張。

I think the -- I think I would say that extends into '26 as well, where if we do see the increasing demand we see for product, and we're not getting refinery expansions that we expect it to be tight as we work our way through the -- into the early days of '26. I won't really forecast anything beyond the early days of '26. So I think that would be the structure of the refining markets as we see it today.

我認為 - 我想說這種情況也會延續到 26 年，如果我們確實看到對產品的需求不斷增加，而我們沒有進行煉油廠擴建，那麼我們預計在 26 年初，情況會很緊張。我不會真正預測 26 年初之後的任何事情。所以我認為這就是我們今天看到的煉油市場的結構。

Gordon, over to you on refining performance.

戈登，關於改進性能的問題交給你了。

Yeah. Thank you for the question, Ryan. I'm very pleased with the refining availability. We've just delivered the quarter at 96.4% availability, which is the best quarter we've had since 2006. We've just delivered the first half of the year at 96.3%, which is the best first half since we started recording on this metric. So the refineries are actually running really well right now. And what's gone well.

是的。謝謝你的提問，瑞安。我對精煉可用性感到非常滿意。我們剛剛完成了本季的 96.4% 可用性，這是自 2006 年以來最好的季度。我們剛剛完成了 96.3% 的上半年業績，這是我們開始記錄這項指標以來最好的上半年業績。因此，煉油廠目前實際上運作良好。以及哪些事情進展順利。

I think the vulnerability management, we've taken a process that we've run in the upstream for many years and implementing -- it's not finished implementing it in refining. So we manage our vulnerabilities, which basically means we intervene before a piece of kit falls over before it trips to prevent it tripping, just keeps it online longer.

我認為，對於漏洞管理，我們已經採取了在上游運行多年並正在實施的流程——它在精煉過程中尚未完成實施。因此，我們要管理我們的漏洞，這基本上意味著我們在設備掉落之前進行幹預，以防止它絆倒，只是讓它在線更長時間。

We've got centralized maintenance, centralized towers where common processes being deployed. So -- and of course, we're starting the process of digitization in refinery. All that adds up to a more systematic and control refining portfolio, which shows up as better availability.

我們擁有集中維護和集中塔，可以部署常見的流程。所以——當然，我們正在開始煉油廠的數位化進程。所有這些加在一起，就形成了一個更系統化和控制性的煉油組合，從而顯示出更好的可用性。

If I could transition in into exploration, the success, I think a couple of things I would highlight. One were data-led. So it's not it's not just luck. And working with Emeka's team, the quality of seismic and the lighting up of the subsurface on seismic images we get now is quite remarkable and that derisks drilling -- exploration drilling.

如果我可以轉向探索和成功，我想我會強調幾件事。其中一個是數據主導的。所以這不僅僅是運氣的問題。與 Emeka 團隊合作後，我們現在獲得的地震影像的地震品質和地下照明非常出色，並且降低了鑽探（勘探鑽探）的風險。

To some degree, I'll never -- you'll never completely derisk exploration drilling, but to some degree, data-led using good quality seismic using AI algorithms to light up the rock in a way we never could before, has made a difference. I think the exploration team have a mission. Their mission is to fill up or hopper with great resource that we can then bring forward to invest in as major projects.

在某種程度上，我永遠無法完全消除勘探鑽探的風險，但在某種程度上，以數據為主導，使用高品質地震數據，使用人工智慧演算法，以我們以前從未有過的方式照亮岩石，已經產生了影響。我認為探險隊有一個使命。他們的任務是填滿或運送大量資源，然後我們可以將其作為重大項目進行投資。

The one thing we're not doing is just throwing money at it. It's quality through choice. We actually haven't increased our exploration budget very much in the last 12 months. So we're forcing the teams to select the very, very best opportunities that we have, the most material and those that we think are going to come in.

我們沒有做的一件事就是只投入金錢。這是透過選擇實現的品質。事實上，在過去的 12 個月中，我們的勘探預算並沒有增加太多。因此，我們強迫團隊選擇我們擁有的最好的機會、最有價值的東西以及我們認為會成功的機會。

There are many, many things that excite me outside Brazil in the exploration world a bit I could just highlight West Africa and particularly Angola and Namibia, where, of course, we invest under the Azule joint venture with Eni. And we've recently had a discovery in Namibia with Capricornus well and there's more to come there.

在巴西以外的勘探領域，有很多事情令我興奮，我可以重點介紹西非，特別是安哥拉和納米比亞，當然，我們與埃尼公司在 Azule 合資企業下進行了投資。我們最近在納米比亞發現了摩羯座油井，那裡還會有更多油氣資源。

We've just studied the next well called Volans in Namibia. And then again, under the Azule brand, we had a discovery in Gajajeira in Block 114, pretty close to shore, very developable. So West Africa remains an exciting area for us in terms of exploration.

我們剛剛研究了位於納米比亞的下一口名為 Volans 的井。然後，在 Azule 品牌下，我們在 114 區塊的 Gajajeira 發現了一個油田，距離海岸很近，非常適合開發。因此，就勘探而言，西非對我們來說仍然是一個令人興奮的地區。

Okay. And so what I'll add is, in seismic, we are one of the leaders in seismic technology. So we have been for a number of years, and we're continuing to invest to build on that lead. Some of the investments that we're looking at are both investments in compute and investments in the seismic algorithms. And these two things go together.

好的。我想補充的是，在地震領域，我們是地震科技的領導者之一。我們已經這樣做了很多年，我們將繼續投資以鞏固領先地位。我們正在考慮的一些投資包括計算方面的投資和地震演算法的投資。這兩件事是相輔相成的。

On the compute side, what we have done is we have quadrupled this capacity of our high-performance computing center. This has allowed us to increase the speed at which we can do our processing by about 5 times to 10 times and some steps actually are increased by 50 times.

在運算方面，我們所做的是將高效能運算中心的容量提高了四倍。這使得我們的處理速度提高了大約 5 倍到 10 倍，有些步驟實際上提高了 50 倍。

What all of this does put together is it actually helps the subsurface teams to increase the speed at which they can build a hopper, it helps to better exploit the resources that we have right now. It helps the teams to actually build quality through choice as Gordon is talking about.

所有這些加在一起實際上有助於地下團隊提高建造漏斗的速度，有助於更好地利用我們現在擁有的資源。正如戈登所說的，它可以幫助團隊透過選擇真正建立品質。

And we're using a lot of this we're doing both in partnership with NVIDIA and with the deep technical expertise our teams have built over time. So that's a some of the contribution, I think, I would add from seismic from the technology perspective.

我們大量使用這種技術，既與 NVIDIA 合作，也利用了我們團隊長期以來累積的深厚技術專長。所以我認為，這是我從地震技術角度補充的一些貢獻。

Super. Guy is a bit of a long answer to a complicated question, but I'd round it off, Todd, by saying we got fantastic petrotechnical capability. It has always been strong and remains strong, and we're really proud of the results. So all on guys. Craig?

極好的。蓋伊對這個複雜問題的回答有點長，但托德，我想總結一下，我們擁有出色的石油技術能力。它一直很強大並且仍然強大，我們對所取得的成果感到非常自豪。所以大家加油。克雷格？

Peter Low, Redburn

彼得洛，雷德伯恩

Perhaps just on BPX, there was a step-up in production this quarter, and you've now brought online your fourth and final delivery center in the Permian. What should we expect for the production trajectory from here for that business?

也許僅在 BPX 上，本季的產量就有所提高，而且您現在已經在二疊紀盆地啟用了第四個也是最後一個交付中心。我們應該對該業務未來的生產軌跡有何期待？

And then the second question was just to go back to convenience mobility. As you say, it's particularly strong results. I think it was strongest for quite some time. It sounds like that's not coming from TA. So can you perhaps elaborate where that improvement is coming from?

第二個問題就是回到便利移動性的問題。正如您所說，這是特別強勁的結果。我認為它是相當長一段時間以來最強的。聽起來這不是來自 TA 的。那麼你能詳細解釋一下這種改善從何而來嗎？

Yeah. Great. I'll let Gordon think about BPX while I answer C&M. C&M's performance is very broad based. We've seen exceptionally strong results across C&M Americas, C&M Europe, C&M Asia. So it's coming from all the convenience and mobility businesses there. That's tight cost control management of product and managing margin effectively. We're near record levels of profitability in aviation. And of course, you can see the eight great quarters in a row for Castrol.

是的。偉大的。我會讓 Gordon 思考 BPX，同時我回答 C&M。C&M 的表現基礎非常廣泛。我們在 C&M 美洲、C&M 歐洲和 C&M 亞洲都看到了異常強勁的表現。所以它來自那裡的所有便利和移動業務。那就是對產品進行嚴格的成本控制管理，並且有效地管理利潤。我們的航空獲利水準已接近歷史最高水準。當然，你可以看到嘉實多連續八個季度的出色表現。

I think the last thing to say is the midstream and supply teams are really looking hard at optimizing our value chains, and we're pushing further down value chains to try to optimize margin, bringing trading midstream closer and closer together as we work together to drive real outcomes. And that's another source of brilliant performance from the teams. And I look forward for continuing strength in this space, especially. So I hope that helps, Peter. And Gordon, over to you on BPX production trajectory.

我認為最後要說的是，中游和供應團隊正在努力優化我們的價值鏈，我們正在進一步推動價值鏈的下游，以優化利潤率，使中游貿易越來越緊密地聯繫在一起，共同努力實現真正的成果。這也是球隊表現優異的另一個原因。我尤其期待在這個領域繼續保持強勁勢頭。所以我希望這會有所幫助，彼得。戈登，請您介紹一下 BPX 的生產軌跡。

Yeah. Peter, BPX production, our strategy laid out during Capital Markets Day remains the same, which is a 7% CAGR through to 2030, growing the business to 650,000 barrels per day by 2030. And that stays on plan. Of course, it won't be a perfectly straight line through to 2030, but overall strategy remains the same. 1Q to 2Q production was particularly strong, 16% quarter-to-quarter growth, 1Q to 2Q and really strong production efficiency is coming through strongly.

是的。Peter，BPX 生產，我們在資本市場日期間制定的策略保持不變，即到 2030 年實現 7% 的複合年增長率，到 2030 年將業務增長到每天 650,000 桶。一切都按照計劃進行。當然，到 2030 年，這不會是一條完美的直線，但整體策略保持不變。第一季至第二季的生產尤為強勁，季增 16%，第一季至第二季真正強勁的生產效率正在強勁顯現。

That's what I observed in BPX under the leadership of Kyle Kunz and his team. Some of the capital productivity metrics continue just to improve on the NPV per section metric, we're one, two or three across the three basins that we operate in on a reserves per foot drilled. We're top quartile across our three basins that we drill in and we're number one in the Black Hawk and the Haynesville.

這就是我在 Kyle Kunz 和他的團隊領導下的 BPX 所觀察到的。一些資本生產力指標繼續改善每節 NPV 指標，在我們營運的三個盆地中，以每英尺鑽探儲量計算，我們排名第一、第二或第三。我們在三個鑽探盆地中都名列前茅，在黑鷹盆地和海恩斯維爾盆地更是排名第一。

So -- and these metrics just keep improving as the team focus on them. So production is strong, and we expect it to continue to be strong through this year.

因此——隨著團隊對這些指標的關注，它們會不斷改進。因此生產表現強勁，我們預計今年生產表現將持續強勁。

Doug Leggett, Wolfe in the US.

道格‧萊格特 (Doug Leggett)，美國的沃爾夫。

I actually have a follow-up on BPX. Maybe I'll direct it to Gordon given the answer to the last one. Gordon, you had the reorientation of the partnership with Devon Energy. And my understanding is you got a disproportionate share of wells in progress that probably helped your volume in Q2.

我實際上對 BPX 有一個跟進。鑑於最後一個問題的答案，也許我會把它交給 Gordon。戈登，您重新調整了與 Devon Energy 的合作關係。我的理解是，你們正在建造的油井份額不成比例，這可能有助於你們第二季的產量。

So I'm just wondering if that was a one-off or if you expect that to be the new baseline to grow off -- we didn't have a chance to talk to Kyle about this, and it seemed to us that there was some upside risk to that longer-term growth target. That's my first one.

所以我只是想知道這是否是一次性事件，或者您是否預計這將成為新的成長基準——我們沒有機會與凱爾談論此事，而且在我們看來，這個長期成長目標存在一些上行風險。這是我的第一個。

And my second one is for Murray. Murray or maybe, Kate, if I look at slide 15 in your deck, when you're talking about the structural cost cutting, the cost savings, you've got $900 million this year to date, but an offset is $800 million of the growth in the organic -- the acquisition piece. So my question is how much of the $4 billion to $5 billion over the 2027 time line, would you expect to also have offsets in other words, how much would actually flow through to the bottom line?

我的第二個獎項是頒給穆雷的。莫瑞，或凱特，如果我看一下你的第 15 張幻燈片，當你談到結構性成本削減、成本節約時，今年到目前為止你已經獲得了 9 億美元，但抵消的是 8 億美元的有機增長——收購部分。所以我的問題是，在 2027 年的時間範圍內，40 億到 50 億美元中有多少會被抵消，換句話說，有多少會真正流入底線？

Super. I'll let Kate take the structural cost conversation and then Gordon to take Devon. Go ahead, Kate.

極好的。我會讓凱特 (Kate) 負責結構成本對話，然後讓戈登 (Gordon) 負責德文 (Devon)。繼續吧，凱特。

Yeah. Yeah, with regard to the structural cost reductions, so $1.7 billion so far since we announced the $4 billion to $5 billion of structural cost reductions. As I look through the first half in particular this year, you can see the bricks that we're trying to be as explicit as we can in terms of what are the costs that are going up in our organization versus how is the structural cost reduction offsetting those.

是的。是的，關於結構性成本削減，自從我們宣布削減 40 億至 50 億美元的結構性成本以來，迄今已削減了 17 億美元。當我回顧今年上半年時，你可以看到，我們正試圖盡可能明確地說明我們組織的成本上升以及結構性成本削減如何抵消這些成本。

We said we were going to grow the upstream. That's a key part of our strategy, and we're doing that. That brings costs with it. So as you can see from the first half results, we've added about $200 million of costs associated with higher production in BPX Energy and bringing major projects online. The other thing that's gone on with regard to growing the organization is the acquisition cost associated with Lightsource bp and BP Bioenergy.

我們說過我們要發展上游。這是我們策略的關鍵部分，我們正在這樣做。這會帶來成本。因此，正如您從上半年業績中看到的那樣，我們增加了約 2 億美元的成本，用於提高 BPX Energy 的產量並上線主要項目。與組織發展相關的另一件事是與 Lightsource bp 和 BP Bioenergy 相關的收購成本。

We also have environment, so inflation around $400 million, $300 million of that was inflation in the first half of the year. And then more than offsetting that is the $900 million of reductions going the other way to deliver the absolute cost reduction. As I look forward of the $4 billion to $5 billion, I want to see material cost reductions flowing all the way down to the bottom line. That's good for us. It's good for our shareholders.

我們還有環境問題，通貨膨脹率約 4 億美元，其中 3 億美元是上半年的通貨膨脹。然後，除了抵消這一成本之外，還有 9 億美元的削減用於實現絕對成本削減。當我展望 40 億至 50 億美元時，我希望看到材料成本的降低能夠持續到底線。這對我們有好處。這對我們的股東有利。

In terms of quantification, it's very hard to call it, Doug, because it's very hard to see what's going to go on with regard to inflation in the environment. We've seen wicked inflation in the last three or four years. I don't want to box myself in by predicting what that's going to become. But you can hear, I think, from the tone of what we're saying today, but we are relentless in our drive to get as competitive and as lean as we can within the boundaries of safe operations and growing our organization for long-term shareholder value.

從量化的角度來說，道格，這很難說，因為很難看出環境中的通貨膨脹會發生什麼。過去三、四年來，我們經歷了嚴重的通貨膨脹。我不想透過預測事情會變成什麼樣而限制自己。但我想，從我們今天講話的語氣中，你可以聽出來，我們堅持不懈地努力在安全運營的範圍內盡可能提高競爭力和精簡，並為股東創造長期價值而發展我們的組織。

The first thing I would say is we're very happy with the value uplift from the Devon transaction. Devon has been a tremendous partner for many years. We worked well with them in that part of the Lower 48, but it was time to simplify and do our own thing. So we're very pleased with the value uplift. We're very pleased with the transaction. To be specific on your question, the amount of production that came with the transaction was very, very small. Now, it will grow as we bring some of the drilled uncompleted wells online but it doesn't represent a massive new baseline for our growth. It's a relatively small wedge.

我想說的第一件事是，我們對 Devon 交易的價值提升感到非常滿意。多年來，德文 (Devon) 一直是我們出色的合作夥伴。我們在美國本土 48 個州的那部分地區與他們合作得很好，但現在是時候簡化並做我們自己的事情了。因此，我們對價值的提升感到非常滿意。我們對這筆交易非常滿意。具體回答你的問題，這筆交易產生的產量非常非常小。現在，隨著一些已鑽未完工井的投入使用，這個數字還會成長，但這並不代表我們成長的龐大新基準。這是一個相對較小的楔子。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

I wanted to go back to the comments around the strategic review or thorough review of the portfolio because you obviously did a thorough review ahead of the CMD. So does this mean you start with a blank sheet of paper again and start over? Or should investors assume this review is for things over and above what you've already announced. And the question relates to Castro because if you're doing a thorough review of capital allocation, would it make sense to do a big transaction like that? Or would you wait for it to kind of finish the process?

我想回到有關策略審查或投資組合徹底審查的評論，因為您顯然在 CMD 之前進行了徹底的審查。那麼這是否意味著你要從一張白紙重新開始？或者投資者是否應該認為這次審查是針對您已經宣布的內容之外的事情。這個問題與卡斯特羅有關，因為如果你正在徹底審查資本配置，那麼進行這樣的大交易是否有意義？還是你會等待它完成這個過程？

And then the second question, just on the financial frame and net debt. I see reported net debt going down, but the lease stack is going up and also the lease costs are creeping higher again. Could you just talk about from here, whether you'd expect total leases to be stable from here or move up or down? Or what exactly is driving that?

第二個問題是關於財務框架和淨債務。我看到報告的淨債務正在下降，但租賃費用卻在上升，而且租賃成本也再次攀升。您能否談談從現在開始，您是否預期總租賃量將保持穩定還是會上升或下降？或者究竟是什麼在推動這現象？

Biraj on the first one, we obviously are starting our portfolio review from where we stand now. So we've made a bunch of decisions back in February. And we've had a whole bunch of additions to the portfolio from the upstream that I talked about. And within a $13 billion to $15 billion frame, we now need to think what's the right priority driving for value, and returns on behalf of shareholders.

Biraj，首先，我們顯然是從現在的立場開始我們的投資組合審查。因此我們在二月就做出了一系列決定。正如我之前提到的，我們的產品組合中已經增加了大量的上游產品。在 130 億至 150 億美元的框架內，我們現在需要考慮什麼是推動價值和為股東帶來回報的正確優先事項。

There's no change to the divestment program. We continue to have a $20 billion divestment program, and we continue pushing Castrol forward. So rest assured, this is all about trying to stay within the strategy, accelerate the delivery of it, but of course, continuing to drive quality through choice, which we live and breathe each and every day.

撤資計劃沒有變更。我們繼續實施 200 億美元的撤資計劃，並繼續推動嘉實多向前發展。所以請放心，這一切都是為了努力堅持戰略，加快戰略的實施，但當然，還要繼續通過選擇來推動質量，這是我們每天都在生活和呼吸的。

Kate, over to you on the other question?

凱特，另一個問題交給你回答吧？

Biraj, just on leases. So the way that we think about leases is pretty different from the way that we think about debt. At the end of the day, we're incurring leases directly to drive value in terms of production, et cetera. And as you look at what's happened year-on-year, our lease liability has grown by about $4 billion from this time last year, just over $2 billion of that is the accounting for the floating LNG in Mauritania and Senegal.

Biraj，僅租賃。因此，我們對租賃的看法與對債務的看法截然不同。歸根究底，我們直接透過租賃來推動生產等方面的價值。從年比情況來看，我們的租約負債比去年同期增加了約 40 億美元，其中 20 多億美元是茅利塔尼亞和塞內加爾浮動液化天然氣的負債。

To my point, it's about driving production. Offsetting that is about $900 million of recoverable which we'll receive from our partners in respect of those lease costs.

就我的觀點而言，這是為了推動生產。抵銷這一損失的是，我們將從合作夥伴收回約 9 億美元的租賃成本。

There are a couple of other moving parts. We brought on to our books about $600 million of leases associated with the BP Bioenergy acquisition. There was a lease renewal of about $400 million in one of our refineries in the US and then there's some trading around lease opportunities, which I won't disclose because that's commercially sensitive.

還有一些其他活動部件。我們將與 BP 生物能源收購相關的約 6 億美元租賃收入記入帳簿。我們在美國的煉油廠續租了約 4 億美元，並且圍繞租賃機會進行了一些交易，我不會透露，因為這涉及商業敏感性。

So leases are an area that we step into deliberately to drive value for shareholders, and I think they're appropriate. We, of course, are testing them to make sure they are of value to us.

因此，租賃是我們有意涉足的一個領域，旨在為股東創造價值，我認為這是合適的。當然，我們正在對它們進行測試，以確保它們對我們有價值。

But with regard to the forward shape of it, I mean it will depend on very specifically on some of the big moving parts, particularly in our upstream portfolio. We've been talking a lot about Brazil and Bumerangue on this call.

但就其未來形態而言，我的意思是它將非常具體地取決於一些重大活動部分，特別是我們的上游投資組合。我們在這次通話中談論了很多關於巴西和布梅蘭格的事情。

Now if that moves at pace, I can foresee a number of lease situations potentially around FPSOs over in Brazil that will be added to that and rightly so with regard to our lease liability on our balance sheet. So it's very difficult to guide going forward. It depends on the resource allocation decisions that we step through as we get to each final investment decision.

現在，如果這一進程順利的話，我可以預見巴西各地 FPSO 周圍的大量租賃情況將被添加到其中，這對於我們資產負債表上的租賃負債來說是正確的。因此，指導未來的工作非常困難。這取決於我們在做出每個最終投資決策時所採取的資源分配決策。

I'm going to jump back on to the telephones now for two questions. Paul Cheng, Scotiabank. Paul?

我現在要重新拿起電話回答兩個問題。加拿大豐業銀行的 Paul Cheng。保羅？

Gordon, I want to go back into the BPX. The second quarter, the production increase is quite impressive. Is it all coming from Permian? And also, can you give us some idea that how is the Haynesville your drilling and development plan is going to look like for the remainder of the year into next year. Are you adding any rig over there?

戈登，我想回到 BPX。第二季度，產量增幅相當可觀。這一切都來自二疊紀嗎？另外，您能否告訴我們，今年剩餘時間到明年，海恩斯維爾的鑽探和開發計畫是什麼樣的？您在那裡添加任何鑽孔機嗎？

The second question, I want to go back into pursue. Can you give us some kind of idea, let's assume that you're going to take multiple boats for the development because the reset is very big. And from a cost recovery standpoint, is all the cases in one pool or that is individual project basis. And can you give us some idea that the time line, I will assume to fully in line that you may need at least, say, three or four as well. So is that the goal say, according to 10, maybe a late 2027 or early 2028 FID?

第二個問題，我想回過頭來探討。您能給我們一些想法嗎，讓我們假設您要乘坐多艘船進行開發，因為重置非常大。從成本回收的角度來看，所有案例都是在一個池中還是以單一項目為基礎。您能否提供我們一些時間軸的概念，我認為完全符合您可能需要至少三到四個的時間線。那麼，根據 10 的說法，這個目標可能是 2027 年末或 2028 年初的 FID 嗎？

Gordon, I'll let you do Brazil and I'll answer BPX to give you a bit of relief. Why don't you start off with Brazil.

戈登，我讓你去巴西，我會回答 BPX 讓你輕鬆一點。為什麼不從巴西開始呢？

Yeah. Thank you. Paul, thanks for the question. I'll answer the easy one first. The terms of the lease that we have in Brazil, our public knowledge and it's one cost pool. So everything is funded through a single cost recovery pool. And then I would expect we need to get the results back from the lab on the full composition analysis, which will inform the hydrocarbon that we have in the column, and that will then inform the detail of the appraisal program. So we have more work to do to plan it.

是的。謝謝。保羅，謝謝你的提問。我先回答簡單的問題。我們在巴西的租賃條款、我們的公眾知識以及它是一個成本池。因此，所有資金均由單一成本回收池提供。然後我希望我們需要從實驗室獲得完整的成分分析結果，這將告知我們在柱子中所擁有的碳氫化合物，然後告知評估計劃的細節。因此，我們還有許多工作要做，以進行規劃。

But I would expect, as you say, a three or four well appraisal program to allow us then to move to a full field development. I wouldn't speculate exactly when we would have that appraisal program done. But we will move at pace as soon as we get these results back.

但正如您所說，我希望透過三到四個油井的評估計劃，我們能夠全面開展油田開發。我無法推測我們何時會完成該評估計劃。但一旦我們得到這些結果，我們就會迅速採取行動。

And in fact, of course, we -- we've done some predrill work already on an appraisal program would be. We're not starting from scratch, but we'll move at pace on appraisal.

事實上，當然，我們已經在評估計劃上做了一些預先演練工作。我們不是從零開始，而是會按照評估的步伐前進。

Fantastic. Thanks, Gordon. And then on BPX, just to step into Gordon space a bit. The growth between 1Q and 2Q, principally the Permian with the ramp-up of Crossroads as well as an awful lot of work on refracs and infill drilling in the Eagle Ford.

極好的。謝謝，戈登。然後在 BPX 上，稍微進入戈登空間。第一季和第二季之間的成長主要是二疊紀盆地的 Crossroads 計畫的增加，以及 Eagle Ford 的大量重複壓裂和加密鑽探工作。

Just to remind you, the refracs are working fabulously. And the infill program on wells drilled a decade ago are twice as productive as the original wells. That's just the changing technology on frac over time. So we're seeing a lot of growth out of the Eagle Ford.

只要提醒您，重複壓裂工作進行得非常順利。而十年前鑽探的井的加密計畫的產量是原始井的兩倍。這只是壓裂技術隨著時間的推移而發生的變化。因此，我們看到 Eagle Ford 取得了長足的發展。

You should expect liquids, assuming prices stay relatively stable, you should expect liquids production out of BPX to continue to grow through the decade. Of course, if price moves up or down, we may change that capital allocation, but that's our sense right now.

您應該預期液體，假設價格保持相對穩定，您應該預期 BPX 的液體產量將在未來十年繼續增長。當然，如果價格上漲或下跌，我們可能會改變資本配置，但這是我們目前的感覺。

As far as the gas basins, I think the first thing I'd say is capital productivity is really improving. We're about 10% year-on-year improvement in capital productivity right now. In the Haynesville, they just drilled their first EU well.

就天然氣盆地而言，我認為首先要說的是資本生產力確實在提高。目前，我們的資本生產力年增了約 10%。在海恩斯維爾，他們剛鑽了第一口歐盟井。

So that's a vertical well than a big with fracs on the straight sides of the. Obviously, you don't frac into the EU, and we were getting tremendous productivity out of that. We're seeing from three well pads, 160 million scuffs a day out of three well pads and with the capacity to get up to 180 if we can solve some metallurgy issues.

因此，這是一個垂直井，而不是直邊上有壓裂的大井。顯然，你不會進入歐盟，而我們從中獲得了巨大的生產力。我們從三個井場看到，每天有三個井場產生 1.6 億個磨損，如果我們能解決一些冶金問題​​，生產能力可以達到 1.8 億個。

So I think productivity is fantastic. And the business is actually holding gas production relatively flat around 2 to three rigs. That's across the Permian, the Haynesville, the Eagle Ford, the Hawkville, et cetera. So the team is doing a very, very good job in that space. As far as what we'll do with '26 and '27 ramp-up, that's still something that we're thinking about.

所以我認為生產力非常棒。該業務的天然氣產量實際上保持在 2 至 3 個鑽井平台左右，相對穩定。那是穿過二疊紀、海恩斯維爾、鷹福特、霍克維爾等等的地方。因此，該團隊在該領域做得非常非常出色。至於我們將如何應對 26 年和 27 年的成長，這仍然是我們正在考慮的事情。

We're watching gas prices. We have started hedging out '26 and '27, and that will determine how much we lean into that space by adding rigs. That's a decision we'll make in the fall as we head towards our 2026 capital allocation. So ask me again next quarter, and we can answer that question. Thank you, Paul.

我們正在關注汽油價格。我們已經開始對沖 26 年和 27 年，這將決定我們透過增加鑽機在該領域的投入程度。這是我們在今年秋天為 2026 年資本配置做出的決定。所以下個季度再問我吧，我們就可以回答這個問題。謝謝你，保羅。

We'll go to stay on the phone and go to Chris Kuplent, Bank of America. Chris?

我們將透過電話聯繫美國銀行的克里斯·庫普倫特 (Chris Kuplent)。克里斯？

Hope you can hear me okay. Two quick questions for me remaining. First one to UK. Can you square the circle for us a little bit on disposal proceeds and your net debt guidance for the end of the year. I noticed TANAP has been structured as an equity raise. How does that relate eventually to a net debt reduction in the way you consolidate it? And are there other legal for us to be aware of in terms of how you structure some of these disposals that have been announced?

希望您能聽到我的聲音。我還剩下兩個簡短的問題。第一個去英國的。您能否為我們稍微解釋一下有關處置收益和年底淨債務指引的問題？我注意到 TANAP 已被建構為股權融資。這最終與您合併債務的方式中的淨債務減少有何關係？關於你們如何建構已宣布的一些處置方案，是否還有其他法律規定需要我們注意？

And then the second one, back to Murray, perhaps Gordon. On the topic of strategic review and what else you might think of around your portfolio, one of the last super majors was UK. North Sea assets, not in some sort of new JV. You've pioneered the structure you've kicked off with Aker BP in Norway. Are there -- is the UK a particular focus for yourself as you review potential portfolio changes. Maybe you can comment on the value of that in your portfolio?

然後第二個，回到穆雷，也許是戈登。關於策略評估以及您對投資組合的其他看法，最後的超級大國之一是英國。北海資產，而不是某種新的合資企業。您率先在挪威的 Aker BP 公司建立了這個架構。當您審查潛在的投資組合變化時，英國是否是您特別關注的焦點？也許您可以評論一下它在您的投資組合中的價值？

Great. Thanks, Chris. Gordon, why don't you tackle North Sea? And then I'll hand over to Kate on divestment process.

偉大的。謝謝，克里斯。戈登，為什麼不去挑戰北海呢？然後我將把撤資流程交給凱特。

Yes. Thanks, Chris. The North Sea, we have a proud history, and we're proud of the team up there producing for over 60 years now, and it's been a tremendous piece of business. The reason we haven't jumped into a joint venture is we believe we've got the best portfolio up there, and that's been our view for quite a while. However, we're also monitoring any potential changes to the fiscal situation in the North Sea, which we expect to get some clarity on this at some point this year.

是的。謝謝，克里斯。北海有著令人驕傲的歷史，我們為在那裡生產了 60 多年的團隊感到自豪，這是一筆巨大的業務。我們沒有進行合資的原因是我們相信我們擁有最好的投資組合，這也是我們長期以來的觀點。不過，我們也在監測北海財政狀況的任何潛在變化，我們預計今年某個時候會對此有所了解。

And then I think once we have clarity on the fiscal situation, we'll then make decisions. So it's just too early. We've got to get a little bit more information in the North Sea. I would say North Sea performance this year in terms of safety, production, cost has been tremendous.

我認為，一旦我們清楚了財務狀況，我們就會做出決定。所以現在還太早。我們必須在北海獲取更多資訊。我想說北海今年在安全、生產和成本方面的表現非常出色。

And so they really have stepped up and the plant has been -- the production facilities have been much more reliable than they were the last couple of years. So kudos to team up there, but we stay and we watch and we see what happens with the review of the fiscal.

因此，他們確實已經加強了力度，工廠的生產設施也比過去幾年更加可靠。因此，我們為團隊的合作感到自豪，但我們會留下來觀察，看看財務審查會發生什麼。

Yeah. So Chris, in terms of net debt guidance, firstly, I'd say that we are expecting some strong operations to continue. Gordon is doing a great job of the kit staying up and available. So we plan on that continuing. I've talked you through a level of working cap release through the second half of the year that we expect to come through. And then the other major moving part is around divestment proceeds. So we've signed three. We've had divestment proceeds in the door of 1.7.

是的。因此，克里斯，就淨債務指引而言，首先，我想說，我們預計一些強勁的營運將會繼續。戈登在保持裝備完好和可用方面做得非常出色。所以我們計劃繼續這樣做。我已經向你們介紹了我們預計今年下半年將實現的工作上限釋放水準。另一個主要的變動部分是圍繞撤資收益。所以我們簽了三份。我們的撤資收益已達 1.7。

And your specific question with regard to TANAP, this decapitalization of pipelines, I think, is a sensible way to approach our infrastructure. We don't need to own them, but we do need to have control over the ability to move our equity production to market.

至於您關於 TANAP 的具體問題，我認為，管道非資本化是解決我們基礎設施問題的明智方法。我們不需要擁有它們，但我們確實需要控制將我們的股權生產轉移到市場的能力。

So the way we account for it is proceeds, we receive the cash. But then it's accounted for through noncontrolling interest. So you see that line going through the balance sheet, and you'll see it going through the income statement as well each quarter.

因此，我們核算的方式是收益，我們收到現金。但隨後它就透過非控制性權益來計算。因此，您可以看到這條線貫穿資產負債表，並且您還會看到它貫穿每個季度的損益表。

We'll come back to teams and take the next question from Kim Fustier, HSBC. Kim?

我們將回到團隊並回答匯豐銀行的 Kim Fustier 提出的下一個問題。金？

I had two, please. Firstly, I wanted to ask about the strength in underlying cash flow, ex working capital, over $7.5 billion, which was quite impressive. I noticed that the quarter-on-quarter increase was sort of $0.5 billion more than the increase in net income this quarter. So could you maybe talk about the moving parts there? Was there anything unusually strong about this quarter? Any larger dividends from associates, for instance, or lower cash tax payments?

我有兩份。首先，我想問一下扣除營運資本後的基礎現金流實力，超過 75 億美元，相當令人印象深刻。我注意到，季度環比增幅比本季淨收入增幅高出約 5 億美元。那麼你能談談那裡的活動部件嗎？本季有什麼異常強勁的現象嗎？例如，是否有來自聯營公司的更大股息，或更低的現金稅款？

And then my second question is on the Gulf of America. I believe you're now in a farm down process. on your Paleogene assets cascade hyper, what's the level of interest from industry? And what do you think would be the best time to farm down? Would it be at the point of FID, for Tiber and when might that be? Or would it be later during the development phase?

我的第二個問題是關於美國灣的。我相信您現在正處於農場縮減過程中。對於您的古近紀資產級聯超級，業界的興趣程度如何？您認為什麼時候是耕種的最佳時機？對 Tiber 來說，這會是 FID 的時間點嗎？什麼時候？還是在開發階段的後期？

I'll take Gulf America to give Gordon break, and I'll pass over to Kate on underlying, I think tax is the answer. As far as Gulf of America goes, we're in conversations with counterparts on Kaskida, we will continue doing that and see what's possible if we can get value for shareholders. If we can, great, if we can't, then we're happy to carry on for 100%.

我將選擇海灣美國公司來給戈登喘息的機會，而我將把基礎問題交給凱特，我認為稅收就是答案。就美國灣而言，我們正在與卡斯基達的同行進行對話，我們將繼續這樣做，看看我們能否為股東創造價值。如果可以，那就太好了，如果不能，我們也很樂意全力以赴。

And then Tiber, we expect to bring two sanction this year, just waiting for that to be brought up to the Resource Committee and to the Board, and clearly, we won't do anything until we've I did that, but that we can consider, given that we have 100% in both that we bring in a partner. And the only question is, at what time do we think we can maximize value for shareholders.

然後是 Tiber，我們預計今年將帶來兩項制裁，只是在等待將其提交給資源委員會和董事會，顯然，在我們做到這一點之前我們不會採取任何行動，但我們可以考慮，因為我們在兩方面都 100% 投入，所以我們會引入合作夥伴。唯一的問題是，我們認為什麼時候才能達到股東價值最大化。

And we're in conversations with counterparts. There's, of course, lots of interest for premium assets such as this, and we just need to make sure we get the right value for shareholders as we move through that conversation.

我們正在與同行進行對話。當然，人們對這樣的優質資產很感興趣，我們只需要確保在進行這項對話時為股東獲得正確的價值。

Kate, underlying EBITDA and earnings, I guess.

凱特，我猜是基礎 EBITDA 和收益。

Yeah. So Kim, excluding working capital, cash effectively grew by $1.5 billion quarter-on-quarter. Around $1 billion of that is due to underlying earnings and in particular, I'd call out better trading, better gas trading and better oil trading, and the other major component is lower cash taxes, over $200 million quarter-on-quarter. And then there's another slew of various smaller drivers but nothing worth calling out.

是的。因此，金正恩認為，除去營運資金，現金實際上比上一季增加了 15 億美元。其中約 10 億美元來自基礎收益，特別是交易更好、天然氣交易更好和石油交易更好，另一個主要因素是現金稅降低，環比下降超過 2 億美元。然後還有另外一批各種規模較小的司機，但沒有什麼值得一提的。

Strong underlying performance that in, I think, is the core message really strong underlying performance, and well the teams for delivering it.

我認為，強勁的潛在表現是核心訊息，真正強勁的潛在表現以及實現這一目標的團隊。

Lucas Herrmann, BNP Exane.

法國巴黎銀行證券部 (BNP Exane) 的盧卡斯‧赫爾曼 (Lucas Herrmann)。

Nice to see some momentum returning to the business. A couple if I might, Kate, Murray, one big beautiful bill fiscal implications for you, corporate tax in particular, a start there. And then second really just probably to Gordon. But I mean going back to refining, the last two, three years, we have seen a lot of five-year turnaround, a lot of downtime, production the run rates, as you highlighted, have been very good, but they've been very good on -- you see we say, muted available capacity. As we look forward over the next year or two, how should we think about availability within that business, let alone uptime?

很高興看到業務恢復了一些勢頭。如果可以的話，凱特、莫瑞，我可以舉幾個例子，一個很大的、美麗的法案對你們的財務影響，特別是公司稅，就從這裡開始。排名第二的很可能是戈登。但我的意思是回到煉油業，過去兩三年，我們看到了很多五年的轉變，很多停機時間，生產運行率，正如你所強調的，一直很好，但它們一直很好 - 你看我們說，可用產能低。展望未來一兩年，我們應該如何看待該業務的可用性，更不用說正常運行時間了？

Gordon, do you want to lead off on refining, I'll tackle the tax?

戈登，你想先談煉油問題，我來處理稅務問題嗎？

Yeah, absolutely. Lucas, thanks for the question. Just as a reminder, the '22, '23 time frame we were catching up on towers from the backlog during COVID. I'd say '24, '25 a more normal period of turnaround. However, 2Q '25 was particularly high, and we've guided through to be slightly -- to be lower power -- for lowest power outages for the balance of '25. And then as we go forward into 2026, '27, we should see lower turnaround relative to '24,'25, Lucas. So we'll be on the ramp down on tar days relative to '24, '25 as we go into '26, '27. And I hope -- I believe we can hold on to the availability that we've been delivering this half as we go through '26, '27, that's the mission.

是的，絕對是如此。盧卡斯，謝謝你的提問。提醒一下，在 2022 年和 2023 年這段時間裡，我們正在趕上 COVID 期間積壓的塔樓建設。我認為 24、25 年是更正常的轉變期。然而，2025 年第二季的停電情況特別高，我們已指導將電力稍微降低一點，以在 2025 年的剩餘時間內將停電次數降至最低。然後，當我們進入 2026 年、2027 年時，我們應該會看到相對於 2024 年、2025 年而言更低的周轉率，盧卡斯。因此，當我們進入 2026 年和 2027 年時，我們的焦油天數相對於 2024 年和 2025 年會逐漸減少。我希望——我相信我們可以在 26、27 年期間保持這一上半年的交付能力，這就是我們的使命。

And then I think on the US legislation, we're very positive on it. The US is a very big operation for us. 60% of our profitability and cash flow comes from the United States. We invest 50% to 60% of our capital there as well. So it's a massive business for us. We're very proud to support the United States and growing their energy production. We look forward to growing production out of both the Gulf of America and BPX by, I think it's 10% per annum out through the end of the decade.

我認為，對於美國立法，我們非常積極。美國對我們來說是一個非常大的業務。我們60%的獲利和現金流來自美國。我們也在那裡投資了50%到60%的資本。所以這對我們來說是一筆巨大的生意。我們非常自豪能夠支持美國並提高其能源生產。我們期待美國灣和 BPX 的產量能夠成長，我認為到本世紀末每年的產量成長率將達到 10%。

So we're pleased with that. The tax bill that came through was very favorable to us. Obviously, it sustained the corporate tax rate at 21%, and the immediate expensing really helps offset any pressure from tariffs as well. So there wasn't -- it was very (technical difficulty)

所以我們對此感到高興。通過的稅收法案對我們非常有利。顯然，它將企業稅率維持在 21%，而立即費用化確實有助於抵消關稅帶來的壓力。所以沒有——這是非常（技術難度）

(technical difficulty) One of your peers pointing for some different reasons, perhaps, but just slightly lighter outlook as we look into 2026, so how you see that business?

（技術難題）您的一位同行可能出於不同的原因，但展望 2026 年，前景稍微樂觀一些，那麼您如何看待這項業務？

And then the second question, in your sort of early interactions with the new Chairman, what have the discussions mainly been focused on? So clearly, this is the change around the portfolio and looking into that. But which areas do you think he might have the most impact on in the organization?

第二個問題，在您與新任主席的早期互動中，討論主要集中在哪些方面？顯然，這是圍繞投資組合的變化，並正在對此進行調查。但是您認為他可能對組織中的哪些領域產生最大影響？

Super Henry. Look, first, I'm really excited for Albert to come on board. He's got a tremendous track record at CRH. 10 years of fantastic delivery, experiencing many of the industrial challenges that we face in an oil and gas company as well. So it will be fantastic to have Albert on board full time. We've been in conversations early on.

超級亨利。首先，我非常高興阿爾伯特能夠加入我們。他在 CRH 有著輝煌的業績，10 年的出色交付，經歷了我們在石油和天然氣公司面臨的許多工業挑戰。因此，如果阿爾伯特能夠全職加入我們的團隊，那將是一件非常棒的事情。我們很早就開始對話了。

And the question is how do you drive shareholder value as much as you can? How do you get really, really disciplined with capital, investing for returns to value as much as you can and how do you drive real competitive cost tension into the business to make sure that we challenge ourself day in and day out to be the very best in the basins which we operate, which Kate unpacked a little bit earlier.

問題是，您如何盡可能提高股東價值？您如何真正嚴格控制資本，盡可能多地進行投資以獲得價值回報，以及如何將真正的競爭成本張力帶入業務，以確保我們日復一日地挑戰自己，成為我們運營的盆地中的佼佼者，凱特早些時候對此進行了闡述。

So it's a hard performance drive. I think from a portfolio perspective, too early to judge anything we just need to go through this, and work together to see what makes the most sense for us across the portfolio, given the richness of the opportunity set that sits with us. So we look forward to updating you in due course in that space. I think on gas and low carbon, maybe you were asking a gas trading question. Maybe that's what that was. I'm not sure, Henry, if that's what you were really asking.

所以這是一次艱難的性能驅動。我認為從投資組合的角度來看，現在判斷任何事情都為時過早，我們只需要經歷這個過程，並共同努力，看看什麼對我們整個投資組合最有意義，因為我們擁有豐富的機會。因此，我們期待在該領域及時向您更新最新情況。我認為關於天然氣和低碳，也許您問的是天然氣交易問題。也許事實就是這樣。亨利，我不確定這是否是你真正想問的。

Partly gas trading, yes.

是的，部分是天然氣交易。

Partly gas trading. Yes, I think it's mostly gas trading. No change of assumptions for us. We run our business differently than other corporations do. We run our gas trading business for optionality. And whether the market is oversupplied or undersupplied, what we look for is volatility where we can redirect. As Carol talked about in February, 50% of our LNG business is redirectable in '25, growing to 60% in 2026. So if you have a geographic arbitrage, if you have a time arbitrage, we don't really slave ourselves to a percentage point of some slope. We don't do point to point. We tried to get this optionality.

部分天然氣交易。是的，我認為主要是天然氣交易。對我們來說，假設沒有改變。我們的業務運作方式與其他公司不同。我們經營天然氣交易業務是為了實現選擇性。無論市場供應過剩或供應不足，我們所尋求的都是可以重新調整的波動性。正如卡羅爾 (Carol) 在二月談到的那樣，我們的 50% 的液化天然氣業務在 2025 年可以重新定向，到 2026 年這一比例將增長到 60%。因此，如果你有地理套利，如果你有時間套利，我們其實不會把自己束縛在某個斜率的百分點上。我們不做點對點。我們嘗試獲得這種可選性。

So there shouldn't be any change in what our assumptions are for trading. In the past, we have delivered 4% across the past five years, and we would expect that to continue in the future. So no change to our viewpoint on how our gas trading business will do. And of course, we've got exciting new things that have been brought online recently.

因此，我們的交易假設不應該發生任何改變。過去五年，我們的成長率達到了 4%，我們預計未來這一水準將繼續保持。因此，我們對天然氣交易業務前景的看法並沒有改變。當然，我們最近也推出了一些令人興奮的新事物。

Obviously, ventures following to us now, Martina Senegal is flowing to us now and something that doesn't get many headlines is we started up G&A Phase 2 in Brazil, where we've got a 3 gigawatt power plant in Brazil with a 1 million to 3 million -- one to three MTPA short into Brazil. that we have exclusive access to. So an interesting new addition to the leg of trading moving forward. So hopefully, that answers your question on gas and carbon, Henry.

顯然，現在有很多企業都在關注我們，Martina Senegal 也正在向我們投資，而沒有引起太多關注的是，我們在巴西啟動了 G&A 第二階段項目，我們在巴西擁有一座 3 千兆瓦的發電廠，向巴西輸送 100 萬到 300 萬桶/年（1 到 3 百萬噸/年）的天然氣。我們擁有獨家使用權。因此，對於未來交易而言，這是一個有趣的新補充。所以希望這能回答你關於氣體和碳的問題，亨利。

Super, Henry, we are five minutes over time. So I appreciate -- I think there's a couple of questions pulling for a second time. Please relay those questions back to Investor Relations. We'll certainly get answers back my thanks to everybody on the panel and maybe I can just hand back over to Murray to close the call.

太好了，亨利，我們超時五分鐘了。所以我很感激——我認為有幾個問題值得再次提出。請將這些問題轉達給投資人關係部。我們一定會得到答复，感謝小組裡的每一個人，也許我可以將時間交還給穆雷來結束通話。

Super. Well, thanks to Gordon and Kate, and thanks the entire BP team for delivery. It was another strong quarter for BP operationally and strategically and encouraging progress. But as I've said, this is two quarters in of a 12-quarter program, and there's a lot more to do across the next trend in quarters.

極好的。好吧，感謝 Gordon 和 Kate，也感謝整個 BP 團隊的交付。對 BP 而言，這又是一個營運和策略表現強勁且令人鼓舞的季度。但正如我所說，這只是 12 個季度計劃中的兩個季度，在接下來的幾個季度中還有很多工作要做。

We are fully focused on delivering safely, reliably, investing with discipline and driving performance improvements across all parts of the business, all in service of delivering our four key targets and in maximizing long-term shareholder value, we can and will do better. Thanks for listening and for those taking vacation, I wish you a peaceful and relaxing break. And we look forward to talking with you soon. Thank you. Bye-bye.

我們全心全意致力於安全可靠地交付，嚴格投資，推動所有業務部門的績效改進，所有這些都是為了實現我們的四個關鍵目標，並最大化長期股東價值，我們能夠而且將會做得更好。感謝您的聆聽，對於那些正在度假的人，我祝您度過一個平靜而輕鬆的假期。我們期待很快與您交談。謝謝。再見。

Portion of this transcript marked (technical difficulty) indicate an audio problem. The missing text will be supplied if a replay becomes available.

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