英國石油 (BP) 2025 Q3 法說會逐字稿

Welcome everyone to BP's third quarter 2025 results call, which today we're hosting in Abu Dhabi. We'll be focusing today's call on the third quarter results 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 年第三季業績電話會議，今天我們在阿布達比舉行。今天的電話會議我們將重點討論第三季業績以及視訊內容，希望你們中的許多人現在已經看過這段影片了。

But before we move to Q&A, let me first hand over to Murray for a few brief opening remarks. Murray?

但在進入問答環節之前，請容許我先把麥克風交給莫瑞，讓他做幾個簡短的開場白。默里？

Thanks, Craig, and thanks everyone for joining the call today. We're now 3 quarters into our 12 quarter plan and have delivered another strong quarter of operational performance and strategic progress. Earnings and cash flow generation was good with underlying pre-tax earnings of $5.3 billion and underlying net income of $2.2 billion. And with $7.8 billion of operating cash flow delivered this quarter, we are making good progress in delivering on our growth target for adjusted free cash flow growth of 20% CAGR over '25 to '27.

謝謝克雷格，也謝謝今天參加電話會議的各位。我們的 12 個季度計劃已經進行了 3 個季度，並且在另一個季度取得了強勁的營運業績和策略進展。獲利和現金流狀況良好，稅前基本利潤為 53 億美元，基本淨收入為 22 億美元。本季實現了 78 億美元的營運現金流，我們在實現 2025 年至 2027 年調整後自由現金流複合年增長率 20% 的成長目標方面取得了良好進展。

Our operations teams are doing a great job in running the assets well, with upstream production increasing by around 3% quarter on quarter, supported by upstream plant reliability of around 97%, leading to upgraded full year underlying production guidance and refining availability also close to 97%, the best quarter in 20 years for the current portfolio.

我們的營運團隊在資產運營方面表現出色，上游產量環比增長約 3%，上游工廠可靠性約為 97%，從而提高了全年基本產量預期，煉油廠可用率也接近 97%，這是當前資產組合 20 年來最好的一個季度。

Looking ahead, we're also making strong strategic progress. We've started up six new oil and gas major projects in 2025, four of which were ahead of schedule, and we've had 12 exploration discoveries so far this year, including Bumerangue in Brazil, where the latest analysis and results gives us even further confidence.

展望未來，我們也正在取得強勁的策略進展。2025 年，我們啟動了 6 個新的大型油氣項目，其中 4 個提前完成；今年到目前為止，我們已經取得了 12 項勘探發現，包括巴西的 Bumerangue 油田，最新的分析和結果讓我們更有信心。

This performance is also showing up in the downstream as well. Underlying earnings in the first nine months were around 40% higher than the same period in 2024. In customers, we delivered our highest 3Q end record and we're finding captured a better margin environment.

這種效能提升也體現在下游環節。前九個月的基本收益比 2024 年同期高出約 40%。在客戶方面，我們實現了第三季末的最高紀錄，我們發現我們正處於一個利潤率更高的環境中。

We're making good progress on de-risking our $20 billion divestment proceeds target. Today upgrading our proceeds guidance underpinned by proceeds completed and announced this year that are expected to be around $5 billion. We're seeing disciplined with our capital investment with organic CapEx on track to be below $14 billion. And we remain confident in the momentum we are building in support of the delivery of the cost and net debt targets we have laid out.

我們在降低200億美元資產剝離收益目標的風險方面取得了良好進展。今天，我們上調了收益預期，這主要得益於今年已完成和宣布的收益，預計約為 50 億美元。我們看到公司在資本投資方面保持嚴謹的態度，有機資本支出預計將低於 140 億美元。我們仍然對我們正在累積的勢頭充滿信心，這將有助於實現我們制定的成本和淨債務目標。

In summary, while there remains a lot of volatility, we are staying focused on what we control, underpinned by a laser-like focus on performance across the company. We have world-class assets and capability with operations delivering strongly. We have a deep resource base and are building high-quality options for growth in the future. The focus of our ongoing portfolio review. We're continuing our momentum to drive in our drive to reduce costs.

總而言之，儘管市場波動性仍然很大，但我們仍將專注於我們能夠控制的方面，並以對公司整體業績的精準關注為支撐。我們擁有世界一流的資產和能力，營運表現強勁。我們擁有雄厚的資源基礎，並正在為未來的成長打造高品質的選擇。這是我們持續進行投資組合審查的重點。我們將繼續保持勢頭，推進降低成本的進程。

And we're making good progress in growing cash flow and returns and our plans to strengthen the balance sheet, and of course we have more to do. All of this is in service of growing shareholder value and returns.

我們在增加現金流和回報以及加強資產負債表的計劃方面取得了良好進展，當然，我們還有更多的工作要做。這一切都是為了提升股東價值和回報。

With that, I'll hand over to Craig to take us through the Q&A.

接下來，我會把問答環節交給克雷格。

Thanks, Murray. Okay, we're going to aim to finish the call at around 2 PM UK time, so in just under an hour. (Operator Instructions)

謝謝你，默里。好的，我們的目標是在英國時間下午 2 點左右結束通話，也就是不到一小時的時間。（操作說明）

Alim at City, Al.

Alim 在城市，Al。

Murray, I got a question on Bumerangue. I'm really intrigued by the decision rather to publish the map on slide 9. Clearly there's a lot of market interest in the discovery, but at the same time, it's quite early days to be publishing a map.

Murray，我有個關於迴力鏢的問題。我對將地圖發佈在第 9 張投影片上的決定非常感興趣。顯然，這項發現引起了市場的巨大興趣，但同時，現在就發布地圖還為時過早。

Can you talk about the confidence in that geological map based on the data you've got? And I'm also intrigued to know whether that sort of image looks any different to the pre-drill assessment that you had in the field. Thank you.

根據你掌握的數據，你能談談你對這張地質圖的信心嗎？我也很想知道，這種影像與你在現場進行的演習前評估有何不同。謝謝。

Yeah, great Al, thanks very much. Yeah, we're feeling pretty good about Bumerangue right now. As we disclosed recently 1,000 m column, 100 m at the bottom of oil, 900 m of rich gas condensate. We've evaluated about two-thirds of the samples in the labs and we continue to evaluate them. The map we've produced is off the pre-drill seismic. There's a lot of technology that's changed over time.

是的，太好了，艾爾，非常感謝。是的，我們現在對Bumerangue的前景相當樂觀。正如我們最近所揭露的那樣，1000公尺高的油柱，底部100公尺為油層，900公尺為富含凝析氣的油層。我們已經對實驗室中大約三分之二的樣本進行了評估，我們將繼續評估它們。我們繪製的地圖是根據鑽前地震資料繪製的。隨著時間的推移，許多技術都發生了變化。

And the pre-drill and post drill are pretty close to each other. The guys were able to image the top and bottom of the reservoir within a couple feet based on the quality of the seismic we had. So we're feeling pretty good about it. It's a pretty good aerial view of it, 300 square, at least 300 square kilometers, at least 1,000 m of column height, and we continue with the lab sampling.

訓練前和訓練後的時間非常接近。根據我們掌握的地震資料質量，他們能夠以幾英尺的精度對儲層的頂部和底部進行成像。所以我們感覺還不錯。從空中俯瞰，景色相當不錯，面積至少 300 平方公里，柱高至少 1000 米，我們繼續進行實驗室採樣。

We will update the market in due course once we understand the gas oil ratios fully and once we understand the volumes in place, and we've secured a rig to drill the next appraisal well and do a flow test on it as well, which we expect to happen once the equipment's available near the end of next year. So, good news on Bumerangue. Thanks for the question.

一旦我們完全了解了油氣比和儲量，並且找到了鑽機來鑽探下一口評估井並進行流量測試（我們預計設備將在明年年底左右到位），我們將適時向市場更新資訊。所以，關於Bumerangue有好消息。謝謝你的提問。

Aljandro Vigil, Santander.

阿爾揚德羅·維吉爾，桑坦德。

Alejandro, you may need to check the mute function on your device.

Alejandro，你可能需要檢查一下你裝置的靜音功能。

Hello, thank you for taking my question. The question is about Castro, the process, the strategic review of this asset. If you can give us a call about the, how the process is going. Thank you.

您好，感謝您回答我的問題。問題在於卡斯特羅、這個過程以及對這項資產的策略評估。如果您能給我們打個電話，告訴我們一下流程進展就太好了。謝謝。

Great, thanks, Alijandro. I'll take that one again. First, just a small note of congratulations to Emma and Michelle who run the business. It's nine quarters in a row of increase in earnings, very strong performance out of that business, and it's going very well. It's a commercial process, so I won't talk much about it other than to say there's strong interests.

太好了，謝謝你，阿里漢德羅。我再選一次。首先，謹向經營這家企業的 Emma 和 Michelle 表示一點祝賀。該業務已連續九個季度獲利成長，業績表現非常強勁，目前發展勢頭良好。這是一個商業過程，所以我不會多談，只能說各方利益攸關。

We are moving at pace and we'll update you in due course. You'll remember that any proceeds that come from the strategic review will be dedicated to the balance sheet, but strong interest, we're moving at pace and we'll update the market when we have something to say to the market directly about it. Thanks for the question.

我們正在快速推進，稍後會向您報告最新進展。您應該記得，戰略評估所得的任何收益都將用於改善資產負債表，但由於市場興趣濃厚，我們正在快速推進，一旦有消息要直接向市場公佈，我們將及時向市場更新信息。謝謝你的提問。

Irene Himona, Bernstein.

艾琳希莫娜，伯恩斯坦。

Thank you very much. Good afternoon and congratulations on the numbers. Murray, can you give us an indication of an approximate timing for making concrete announcements to the market on the further portfolio, simplification and restructuring which you referred to in your comments, please. Thank you.

非常感謝。下午好，祝賀你們取得這樣的成績。Murray，您能否告知我們，在您發言中提到的進一步投資組合調整、簡化和重組方面，大概會在何時向市場發布具體公告？謝謝。

Great. Thanks, Irene. Thanks for your kind words. On the portfolio review, Albert, New Chair is on Board now. We're starting to work with him on thinking about the portfolio. Of course this comes about because we've had such tremendous success inside exploration. When we set out our plans in February, we didn't imagine that we'd have 12 exploration discoveries in a year. We certainly didn't imagine we'd have a discovery like Brazil as well. So, that's all good news.

偉大的。謝謝你，艾琳。謝謝你的鼓勵。在投資組合審查中，新任主席 Albert 已就任。我們開始和他一起探討投資組合的問題。當然，這都是因為我們在內部勘探方面取得了巨大的成功。今年二月我們制定計畫時，並沒有想到一年內會取得 12 項勘探發現。我們當然沒想到還會發現像巴西這樣的國家。所以，這都是好消息。

We, of course, as a corporation are very focused on making sure that we drive for value in returns and allocating capital to the highest quality opportunities. And that's what we're commencing now. We plan to update the market as we go along. So if you think about what happened in the third quarter, you saw that we made a sanctioned decision on Tiber in the Gulf of America, which we're very happy with.

當然，作為一家公司，我們非常注重確保獲得有價值的回報，並將資本配置到最優質的投資機會中。這就是我們現在開始做的事情。我們將根據市場情況隨時更新市場資訊。所以，如果你想想第三季發生的事情，你會發現我們對美洲灣的台伯油田做出了製裁決定，我們對此非常滿意。

You saw that we decided to divest the [Killeen] field in the North Sea. We feel that would have more value in other people's hands, and you saw that we stopped the Rotterdam biofuels refinery. It just didn't compete, it didn't compete on a returns basis in our portfolio. So we'll update as we go along, Irene, and you should expect us just to update us as we go along through time and the decisions that we make. Thanks for your question, Irene.

你們也看到了，我們決定剝離北海的基林油田。我們認為，如果落入其他人手中，它會更有價值，你們也看到了，我們已經叫停了鹿特丹生物燃料煉油廠。它根本沒有競爭力，在我們的投資組合中，它的回報率根本無法與其他產品競爭。所以我們會隨時更新情況，艾琳，你也應該期待我們隨著時間的推移和我們所做的決定，隨時向我們報告情況。謝謝你的提問，艾琳。

Lydia Rainforth, Barclays.

莉迪亞·雷恩福斯，巴克萊銀行。

Thanks Craig and good afternoon from Abu Dhabi. So can I just come back to Bumerangue, if I could. Just on -- what I'm getting back is a lot of well, it might not be 300 square comers, you may only be able to access half of that. The CO2 content. And as you're trying to talk it down. So -- just to take a step back just on your earlier answer, Murray, that idea of the commerciality, that was really the main message that you wanted to share with us on that update last week.

謝謝克雷格，阿布達比下午好。所以，如果可以的話，我能回到布梅朗格嗎？就目前而言——我得到的回復是，它可能不是 300 平方英寸的拐角，你可能只能使用其中的一半。二氧化碳含量。當你試圖降低它的語氣。所以——就我們剛才討論的你之前的回答而言，默里，關於商業性的想法，這確實是你上週在更新中想和我們分享的主要信息。

And then secondly, just a very different topic on AI and the cost base. We've seen lots of examples here in Aditech around just Agentic AI, what we've seen there. Can you just walk us through what -- how you think the deployment is going within BP? And you talked about wanting to reduce the complexity of BP, improve the simplicity. So can you just walk us through where you think you are on that journey?

其次，我們來談談人工智慧和成本基礎這個完全不同的議題。我們在 Aditech 上看到了很多關於智慧體人工智慧的例子，我們在那裡看到了這些例子。能否簡單介紹一下您認為BP內部的部署進度？你曾說過想要降低BP的複雜性，提高其簡潔性。那麼，您能否簡單介紹一下您目前在這段旅程中處於什麼階段？

Yeah. Thanks, Lydia. Just on Bumerangue, I think the principal thing to focus on is that there's an awful lot of oil and condensate in the column. It's a large column. We've updated it from 500 meters to 1,000 meters based on the logs and the strong response we've got inside the logs and the samples. We do have the 100 meters of oil. We do have the 900 meters of rich gas condensate. That makes the CO2 manageable.

是的。謝謝你，莉迪亞。就布梅朗格油田而言，我認為最主要的問題是，油氣柱中含有大量的石油和凝析油。這是一根粗大的柱子。根據日誌和我們在日誌和樣本中得到的強烈反饋，我們已將深度從 500 公尺更新為 1000 公尺。我們確實有100米深的石油。我們確實擁有900公尺的富氣凝析油層。這樣一來，二氧化碳排放量就可控了。

Although you might need a little bit more money for metallurgy. Obviously, you're going to get an awful lot better flow with CO2 and an oil condensate column. So we feel comfortable. We continue to think of it as the largest discovery in 25 years.

不過你可能還需要一些錢用於冶金。顯然，使用二氧化碳和油冷凝塔可以獲得更好的流量。所以我們覺得很安心。我們仍然認為這是25年來最重大的發現。

We've obviously secured a rig to go appraise it and test it, and we feel that we're increasing the quality of this with the results that we're seeing out of the lab moving forward, and we'll, of course, update you on gas oil ratios and volumes when we're ready with it, Lydia.

我們顯然已經安排了鑽機去評估和測試它，而且我們覺得隨著實驗室結果的不斷提高，我們的產品品質也在不斷提高。當然，莉迪亞，一旦準備好，我們會及時向您報告柴油比例和體積。

I think on AI, I do think we're making decent progress a couple of quarters ago. I had [Amica] talking to the sell side about what we're doing in AI. And all of you know that we've partnered with Palantir more than a decade ago inside the upstream to really get going on structuring our data and experimenting first with linear programming and then moving into AI more recently as that technology has emerged.

我認為在人工智慧領域，我們幾個季度前確實取得了不錯的進展。我讓[Amica]與賣方談談我們在人工智慧領域正在做的事情。大家都知道，十多年前，我們與 Palantir 在上游建立了合作關係，真正開始建立我們的數據，並先嘗試線性規劃，然後隨著人工智慧技術的出現，最近又轉向了人工智慧。

I think the first thing to say is we feel well progressed on the data foundations, which is critical to making AI work. We've said that we'll have a unified data platform not just across the upstream, but across the downstream, across cost trading across finance, where working with Palantir and Databricks will have an entire unified data structure sometime around the middle of next year that then allows us to use AI and the LLMs against all the data we have. That's quite exciting that we'll be in that position. It's all cloud-based, so accessible everywhere.

我認為首先要說的是，我們在數據基礎方面取得了良好進展，這對於人工智慧的運作至關重要。我們說過，我們將建立一個統一的數據平台，不僅涵蓋上游，還涵蓋下游，涵蓋成本交易和金融領域。透過與 Palantir 和 Databricks 合作，我們將在明年年中左右建立一個完整的統一資料結構，屆時我們將能夠利用人工智慧和 LLM 來處理我們擁有的所有資料。我們能處於那個位置，真是令人興奮。一切都基於雲端，因此可以隨時隨地存取。

And I think that will make us distinctive for having that type of data structure ontology. The actual examples of AI that we've got going around the company, I feel good about as well. Last quarter, I talked to you about kick detection where the teams have worked with the LLMs to be able to predict kicks ahead of meeting them while drilling in wells like Far South in the Gulf of America, and we're at about 98% detection on kicks.

我認為這將使我們因擁有這種類型的資料結構本體而脫穎而出。對於公司內部正在使用的實際人工智慧案例，我也感到很滿意。上個季度，我曾和你們談過井湧檢測，當時團隊與 LLM 合作，能夠在鑽井過程中（例如在美洲灣遠南地區）預測井湧，目前井湧檢測率已達到 98% 左右。

As well, you saw in these results, production is high. We've upgraded our production guidance for the year. Why? Because we're at nearly 97% availability in the upstream. That's the AI helping us predict, helping us predict faults before they occur, repair them before they occur along with all the investment in the hydrocarbon kit we've done. That 7% is a record across since merger time. So outstanding result. And we're also seeing that inside the wells.

此外，從這些結果也可以看出，產量很高。我們上調了今年的生產預期。為什麼？因為上游的可用性接近 97%。這是人工智慧幫助我們進行預測，幫助我們在故障發生之前預測故障，並在故障發生之前修復故障，再加上我們對碳氫化合物設備的所有投資。7% 的增幅是合併以來的最高紀錄。結果非常出色。我們在井裡也看到了這種情況。

Wells are failing at a far less frequency than they were as the AI helps us manage pressure depletion inside our well stock. Another great example is well planning. The AI is enabling us to knock down well planning by 90% and has it catalogs all the data, provide suggestions to the experts, and that's significantly increasing the speed with which we can plan wells, not only safely, but more efficiently.

由於人工智慧幫助我們管理油井內部的壓力下降，油井故障的頻率遠低於以前。另一個很好的例子是周詳的計劃。人工智慧使我們能夠將油井規劃工作量減少 90%，它可以對所有數據進行分類，向專家提供建議，這大大提高了我們規劃油井的速度，不僅安全，而且效率更高。

And then it's not just contained to the upstream. We're working very hard with Palantir and Databricks to work our way through refining and a few of our refineries. And in the customers' business, there's an interesting example of an AI agent that's helping us in our oral service stations in Germany.

而且，問題並不限於上游。我們正與 Palantir 和 Databricks 緊密合作，努力推動精煉工作，並改進我們的一些精煉廠。在客戶業務方面，有一個有趣的例子，那就是人工智慧代理商正在幫助我們在德國的口腔服務站開展工作。

We've trialed it with 20 service stations in Germany. It's been designed to help us manage our stock levels there to make sure that food isn't wasted that we follow customer preferences for what they like to purchase and what they don't like to purchase.

我們已在德國的 20 個加油站進行了試驗。它的設計目的是為了幫助我們管理那裡的庫存水平，確保食物不會被浪費，並遵循顧客的偏好，了解他們喜歡購買什麼和不喜歡購買什麼。

And that after three months, in those 20 locations, they've knocked down waste by 45%. So we can see tremendous examples of improved, uptime improved performance, better capital efficiency through AI, and we're very excited about the opportunity this has as our data foundations get firmly in place.

三個月後，在這 20 個地點，他們減少了 45% 的浪費。因此，我們可以看到人工智慧在提高正常運作時間和效能、提升資本效率方面帶來的巨大進步，隨著我們的資料基礎穩固到位，我們對此感到非常興奮，因為這帶來了巨大的機會。

Thanks for the question, Lydia.

謝謝你的提問，莉迪亞。

Doug Leggate, Wolfe.

道格·萊格特，沃爾夫。

Thanks. It's good, sure, what time it is over there. So good afternoon, I guess. Murray, I guess I've got a couple of parts to this related to your production guidance long term. You're already over 2.3 bpx is knocking it out of the park, frankly, versus it's more than 600 end of decade kind of guidance.

謝謝。那邊現在的時間確實不錯。午安.Murray，我想我有一些關於你長期生產指導的問題需要解答。坦白說，你已經超過了 2.3 個基點，這簡直太棒了，而此前十年末的指導目標可是超過 600 個基點。

And now you've got multiple discoveries and potentially an early production system from Bumerangue. So my question is, how do you see the risk to your production guidance, maybe I can part b to that, with Bumerangue early production system be included in the CapEx guidance that you've given us over the current plan as well?

現在，你們已經有了多項發現，而且有可能從布梅朗格島獲得早期生產系統。所以我的問題是，您如何看待生產指導的風險？或許我可以補充一點，將 Bumerangue 早期生產系統也納入您目前計畫中給出的資本支出指引中？

Yeah. Thanks, Doug. I'll hesitate to give a ton of guidance forward. We've set out our plans to 2027 as principal guidance and then we gave an indicator of volumes at the end of the decade as well. I think it's probably premature until we work our way through more of the portfolio review to understand where we'll be headed. We do have choices on short term versus long term.

是的。謝謝你，道格。我不太願意給太多指導。我們已製定了到 2027 年的計劃作為主要指導方針，並給出了十年末的銷售指標。我認為現在下結論可能為時過早，我們需要進一步檢視投資組合，才能了解未來的發展方向。我們確實可以選擇短期目標還是長期目標。

So of course, we can pivot more capital into bpx and drive production near term or we can pivot more to things like the Paleogene and Brazil to drive longer-term resource production. I think, if I step back from it, I think the thing I'd say is that I feel we now have the potential to grow long-term organic oil volumes for long duration.

所以，我們當然可以將更多資金投入bpx，以推動近期生產，或者我們可以將更多資金投入古近紀和巴西等地區，以推動更長期的資源生產。我覺得，如果我退後一步來看，我想說的是，我們現在有潛力在很長一段時間內實現有機油產量的長期成長。

And I'm not sure I've been able to say that over the past 25 years with BP that we've been in a resource position like that. It's a nice problem to have. And what we're tightly, tightly focused on is staying within our capital frame and deciding what the right thing is to do to grow shareholder returns and value on behalf of the shareholders.

我不確定在過去 25 年與 BP 的合作中，我們是否曾經處於像現在這樣的資源優勢。這是個甜蜜的煩惱。我們始終專注於保持在資本框架內，並決定如何代表股東增加股東回報和價值。

So I think where I'd wrap that question is, I'm very pleased to have been able to improve the guidance for 2025 after only three quarters, tremendous performance from the teams, as I said earlier. We'll update you on 2026. In February with what our viewpoint is of production then. And I would say we have more potential to grow, especially in oil now, and I feel we're in a better place than we've been in my career with BP, which is a nice thing to have. Hope that helps.

所以，我想就此問題作結：我非常高興能夠在短短三個季度後就提高 2025 年的業績預期，正如我之前所說，各團隊表現出色。2026年我們將向您報告最新情況。二月我們對生產的看法是什麼？而且我認為我們還有更大的發展潛力，尤其是在石油領域。我覺得我們現在的處境比我在BP工作期間任何時候都要好，這是一件令人欣慰的事。希望對您有幫助。

It does. Thank you.

確實如此。謝謝。

Lucas Herrmann, BNP.

Lucas Herrmann，法國巴黎銀行。

Yeah, Murray, Craig, thanks very much and a couple of, well, a couple if I might, Just going back or staying with bpx Murray. Just trying to understand the CapEx profile. I mean I appreciate the growth is very good. But the rig count is going to hold, and I guess my understanding was always that as you came to complete on the processing facilities, bingo, so on and so forth. That we see a step down in spend, which doesn't really seem as though it's happening. So some explanation as to the developments there.

是的，莫瑞，克雷格，非常感謝，還有幾個，嗯，如果可以的話，就幾個，回去或留在bpx默里。我只是想了解一下資本支出狀況。我的意思是，我很欣賞這種良好的成長勢頭。但鑽井平台的數量將會保持不變，而且我一直以來的理解是，隨著加工設施的完工，一切都會好起來的。我們看到支出有所下降，但這種情況似乎並沒有真正發生。所以，需要對那裡的事態發展做一些解釋。

And then if I can, just a simple one for Kate on the pension fund, if that's ever simple. Can you just talk around the buy-in that you've arranged with legal in general? And why you -- why it's sort of stopped where it has at this point? Should we be expecting you to sell down or to allow Legal & General to buy in a great proportion of the UK fund into the future? Thank you.

然後，如果可以的話，就給凱特簡單提一個關於退休基金的問題，如果這能很簡單的話。您能不能就您與法務部門達成的協議談談這件事本身？為什麼──為什麼事情會發展到現在這個地步？我們是否應該預期您會減持股份，或允許 Legal & General 在未來購入英國基金的大部分股份？謝謝。

Thanks, Lucas. I'll let Kate talk and then I'll come back on bpx.

謝謝你，盧卡斯。我先讓凱特說完，然後我再用bpx回覆你。

Yeah. Hi, Lucas, thanks for the question. So yes, I mean, it's been a conversation inside the pension trustee board for a while in terms of derisking. You can see a number of other companies have stepped into this in similar ways, some to a bigger degree than we have.

是的。嗨，盧卡斯，謝謝你的提問。是的，我的意思是，關於降低風險，退休金受託人委員會內部已經討論這個問題一段時間了。你可以看到，許多其他公司也以類似的方式涉足這一領域，有些公司的涉足程度甚至比我們更大。

I think the transaction that's been executed is a good one to date. But of course, it's not our decision as a sponsor as the company. It rests with the pension trustee board. And I think they will continue to evaluate how they feel with regard to further derisking as we go through the coming months, but I have nothing further to be able to say in terms of guidance on that at the moment, Lucas.

我認為迄今為止執行的這筆交易是一筆不錯的交易。當然，這並非我們作為贊助商或公司所能決定的。最終決定權在於退休金受託人委員會。我認為，在接下來的幾個月裡，他們會繼續評估他們對進一步降低風險的看法，但目前我在這方面沒有什麼可以進一步指導的，盧卡斯。

Great. Thanks, Kate. On bpx, Lucas, the way that we think about bpx is about $2.5 billion a year into it. Of course, we have the opportunity to flex that up and down. So this year, we'll spend around $2.5 billion in bpx. And as guidance, I think we guided around 2.5% through the next couple of years as well as we talked about the shape out to over 650 kbd in 2030.

偉大的。謝謝你，凱特。關於 bpx，盧卡斯，我們認為 bpx 每年投入約 25 億美元。當然，我們有機會根據需要進行調整。所以今年，我們將花費約 25 億美元購買 bpx。作為指導，我認為我們預計未來幾年成長率將保持在 2.5% 左右，我們也討論了到 2030 年產量將超過 65 萬桶/日的趨勢。

I think a few things I'd say about bpx, the productivity improvement we've seen from the team is very high. They've had 30% productivity improvement in completions and 15% in drilling over the past 12 months. They're now at top quartile in each of the basins we operate from a drilling days per 10-K and their top quartile and NPV per dollar spend, which are fantastic metrics to continue to push, and congratulations to the team on doing that.

關於 bpx，我想說幾點，我們看到團隊的生產力提升非常顯著。過去 12 個月，他們的完井生產力提高了 30%，鑽井生產力提高了 15%。現在，在我們經營的每個盆地中，他們的每 10-K 鑽井天數都處於前四分之一，而且每美元支出的淨現值也處於前四分之一，這些都是值得繼續努力的優秀指標，祝賀團隊取得這樣的成績。

Another little advertisement for them would be they've drilled the best well in the Haynesville now ever for mile lateral, completed and now producing 80 million standard cubic feet a day, which is a record for the Haynesville. So congrats to the team for doing that.

再給他們做個小小的宣傳：他們已經在海恩斯維爾鑽了一口有史以來最好的井，水平延伸一英里，現在已經完工，每天生產 8000 萬標準立方英尺的石油，這是海恩斯維爾的紀錄。所以，恭喜團隊取得了這樣的成績。

As far as where do we go from here with bpx, we see continuous drilling inside the oil windows. You'll notice quite a large liquid growth, 2Q-on-2Q, '24 and '25. That's as we fill up the Permian, and we're doing an awful lot in the Eagle Ford as well. There's strong growth in the Eagle Ford from the infill spacing. The down spacing I've talked about before. And from the refracs I've talked about before, so very strong liquids growth across that business.

至於接下來我們該如何利用bpx，我們預期會在油窗內持續鑽探。你會注意到，2024 年和 2025 年的第二個季度，液體成長相當大。這就是我們開採二疊紀盆地油氣資源的過程，同時我們在鷹灘頁岩油氣田也進行了大量開採。Eagle Ford地區因填充式開發而實現了強勁增長。我之前已經提到向下間距的問題。從我之前提到的折射數據來看，該業務的液體產品成長非常強勁。

And the natural gas, the drilling and natural gas. We're running eight rigs across. We'll have a conversation as we head into 2026, about do we keep running at eight rigs? Do we move it up to nine rigs inside the gas window? But the productivity improvements are so strong that they've actually drilled 13 wells basically for free this year relative to what our plans were.

還有天然氣，天然氣的鑽探和開採。我們正在運行八台鑽孔機。展望 2026 年，我們將討論是否繼續維持 8 座鑽井平台的運作？我們是否應該將天然氣窗口內的鑽井平台數量增加到九個？但生產力提升如此顯著，以至於今年他們實際上已經免費鑽了 13 口井，遠遠超過我們的原計劃。

So I think count on 2.5 until we give you additional guidance, obviously, more drilling than infrastructure as we finished off the infrastructure -- the major infrastructure program, as you mentioned. And we see the chance for a strong growth moving in bpx moving forward, and we're happy to support the US in growing production. Thanks, Lucas.

所以我認為，在給出進一步指導之前，預計鑽探量將達到 2.5 億噸，顯然，由於我們已經完成了基礎設施建設——正如您所提到的，主要的基礎設施項目——所以鑽探量將比基礎設施建設更多。我們看到bpx產業未來發展前景廣闊，我們很高興能夠支持美國擴大生產。謝謝你，盧卡斯。

Chris Kuplent, Bank of America.

克里斯‧庫普倫特，美國銀行。

Yeah, thank you very much. Trying to stick to the one question rule, but a wider one beyond Castrol, Murray, could you maybe let us know where you're at on Gelsenkirchen on Lightsource and if I may just ask, you've done the TANAP stake disposal now in bpx how many of those midstream opportunities do you still see when you look across your portfolio for potentially more noncontrolling interest takes? Thank you.

是的，非常感謝。盡量堅持一個問題的原則，但問題範圍要超出嘉實多（Castrol）的範疇。莫瑞，您能否告訴我們您對 Lightsource 的 Gelsenkirchen 專案的看法？另外，如果您不介意的話，您已經出售了在 bpx 的 TANAP 股份，那麼在您審視整個投資組合時，您還看到了多少中游投資機會，可以考慮收購更多非控制權益？謝謝。

Yeah. Great, Chris. Thanks very much. We laid out a program of $20 billion. Pleased to report that we've announced nine now. I think, $1.7 billion of proceeds in the door case and obviously, another $3.5 billion to come in the door to help the balance sheet as we complete these transactions as we get completion and approval.

是的。太好了，克里斯。非常感謝。我們制定了200億美元的計畫。很高興地宣布，我們現在已經公佈了九項成果。我認為，這筆交易將帶來 17 億美元的收益，而且顯然，隨著我們完成這些交易並獲得批准，還將有另外 35 億美元流入，以改善資產負債表。

I think -- what I would say is there's strong interest in Castrol, and we continue to move forward with that. We'll update you. Same for Gelsenkirchen and strong interest, and we'll update you. And in Lightsource, we started strategic conversations with counterparts, and we're at an earlier stage on that than we are on both Gelsenkirchen, Castrol. So you should expect something that takes a bit longer to disclose on Lightsource.

我認為——我想說的是，大家對嘉實多很感興趣，我們將繼續推進這項工作。我們會及時通知您。蓋爾森基興的情況也一樣，各方都非常關注，我們會及時向您報告最新進展。在 Lightsource 專案上，我們已經開始與同行進行策略對話，而且我們目前所處的階段比 Gelsenkirchen 和 Castrol 專案都要早。所以你應該預料到，在 Lightsource 上揭露某些資訊需要更長的時間。

But we're making strong progress on all three of those things, and we'll update you. As their commercial processes, I don't want to say much more than that. We'll update you when we have news to tell you.

但我們在這三方面都取得了顯著進展，我們會及時向您報告最新情況。至於他們的商業流程，我不想多說。如有消息，我們會及時通知您。

I think on the infrastructure stuff, Kate, why don't you take that bit, please?

凱特，關於基礎建設方面的事情，我覺得你來負責那部分比較好。

Yeah, hi Chris. So as we look out in terms of the delivery of the rest of the $20 billion program, we don't see any other significant infrastructure deals in the pipeline. So in terms of how you should think about NCI, the way I would suggest you hold it is it's not going to increase beyond this.

嗨，克里斯。因此，展望剩餘的 200 億美元計劃的交付情況，我們沒有看到任何其他重要的基礎設施交易正在籌備中。所以，關於你應該如何看待 NCI，我的建議是，它不會再增加到這個程度了。

And actually, next year, as we redeem the hybrid that we prefinanced, there's about $1.4 billion left of the 2026 maturity that we prefinanced, and if you remember, then that will start to bring NCI down. And then should we choose to take advantage of the 25% of the hybrids that we could taper under the S&P rules, should we choose to step into that space then you'd see reduce further. So the way I would just to hold it is it's where it is. And from here, it will go down.

事實上，明年當我們贖回預先融資的混合債券時，我們預先融資的 2026 年到期債券還剩下約 14 億美元，如果你還記得的話，這將開始降低 NCI。然後，如果我們選擇利用標普規則允許我們逐步減少的 25% 混合型債券的持有量，如果我們選擇進入這個領域，那麼你會看到持有量進一步減少。所以我拿它的方式就是，它就放在那裡。然後，它會從這裡開始向下移動。

Thank you, Chris.

謝謝你，克里斯。

Understood. Thank you.

明白了。謝謝。

Ryan Todd, Piper Sandler.

瑞安·托德，派珀·桑德勒。

Good, thanks. Bumerangue is rightfully getting the bulk of the attention right now, but you've had quite a bit of success across the portfolio. Can you talk about, what are some of the other discoveries or opportunities this year that have been particularly exciting and maybe in particular, Namibia, what you've seen so far, how it's comparing to expectations and time line of next steps.

好的，謝謝。Bumerangue 目前理所當然地獲得了大部分關注，但你的整個投資組合都取得了相當大的成功。您能否談談今年還有哪些其他發現或機會特別令人興奮？特別是關於納米比亞，您目前看到了什麼？與預期相比如何？下一步的時間表是什麼？

Yeah. Thanks, Ryan. Let's see. I think maybe -- so I think we're 12 out of 14 right now, if my math is right, on discoveries. Congrats to the explorers for such a great year. It's probably the best year in our history. Particularly interesting has been the convergence of seismic technology with big -- with new chips from companies like NVIDIA and the emergence of AI.

是的。謝謝你，瑞恩。讓我們來看看。我想也許——所以如果我的計算沒錯的話，我們現在在發現方面已經完成了 14 項中的 12 項。恭喜探險隊員們度過瞭如此輝煌的一年。這可能是我們歷史上最好的一年。尤其引人注目的是地震技術與大型技術的融合——例如英偉達等公司推出的新晶片以及人工智慧的出現。

It's allowing us in places like Egypt, Trinidad, Brazil to see below salt much better than we ever have. And I can remember looking at the seismic on Egypt, where you could actually see the channels. So there's -- we're seeing a change in technology that has helped exploration this year. I don't want to say it will necessarily do that next year as well, but that's been part of the story of the exploration we've had.

它讓我們這些身處埃及、特立尼達、巴西等地的人，能夠比以往任何時候都更清楚地看到鹽層之下的景象。還記得看過埃及的地震圖，圖上甚至可以看到那些溝壑。所以，我們看到技術上的改變對今年的勘探工作有所幫助。我不想說明年也一定會這樣，但這正是我們探索歷程的一部分。

I think Trinidad offers up two good discoveries for development. Egypt offers up two good discoveries for development. Brazil, we've talked about. And if I then move to Namibia. Again, we're very excited. That's been done through Azule, our joint venture with ENI. We've had effectively three discoveries.

我認為特立尼達有兩個值得開發的好地方。埃及擁有兩項有利於開發的寶貴資源。我們已經討論過巴西了。如果我之後搬到納米比亞。我們再次感到非常興奮。這是透過我們與埃尼集團的合資企業 Azule 實現的。我們實際上已經有了三項發現。

The third one, Volans came this -- in the third quarter. We've got a nice reservoir in Capricorn, the second one, 38 meters, very high darcy rock. Good oil properties. And then we have Volans discovery, 28 meters if memory serves, rich gas condensate, only 14 kilometers away from Capricornes.

第三場，Volans，在第三節上演。我們在摩羯座有一個很棒的水庫，第二個水庫，38 公尺深，達西岩很高。良好的油品特性。然後是 Volans 的發現，如果我沒記錯的話，它深 28 米，富含凝析氣，距離 Capricornes 只有 14 公里。

So Namibia is looking like very good block. We continue to test the samples in the lab through the operator of the exploration phase Rhino. And we're quite optimistic about it. I think Namibia an energy minister called it the best block in the nation. So we're really pleased with that and looking forward to further appraisal and an update from the operator, Rhino, in due course about how we take the development of this block moving forward. But thanks for recognizing it. A very good year for exploration, and we're proud of the team for what they've delivered. Thanks, Ryan.

所以納米比亞看起來是一個非常不錯的區塊。我們繼續透過勘探階段營運商 Rhino 在實驗室對樣品進行測試。我們對此相當樂觀。我認為納米比亞的一位能源部長稱其為該國最好的油田。因此我們對此感到非常滿意，並期待營運商 Rhino 在適當的時候提供進一步的評估和最新進展，以便我們了解該區塊的後續開發。不過，謝謝你的認可。今年是勘探工作取得巨大成功的一年，我們為團隊的成就感到自豪。謝謝你，瑞恩。

Paul Cheng, Scotia.

Paul Cheng，斯科細亞省。

Thank you. Good morning. Oh, good afternoon, your time, I suppose. Murray, I want to go back into exploration. You guys definitely have a very good year. In addition to the maybe that combining AI and seismic to allow you to be able to see through the walk better. Is there any processes or the personnel changes that lead to this great success and how repeatable are they? From that standpoint, going forward, if you do believe that you have better success way, should you deploy more capital into the exploration going forward to be able to use it and maybe a larger source of replacing your resource going forward? Thank you.

謝謝。早安.哦，下午好，應該是您的時間。莫瑞，我想重返探險界。你們今年一定會過得很順利。此外，或許將人工智慧和地震技術結合起來，可以讓你更能看清路面狀況。促成這巨大成功的流程或人事變動有哪些？這些流程或變動具有可重複性嗎？從這個角度來看，展望未來，如果您相信您有更好的成功方法，是否應該投入更多資金進行勘探，以便能夠利用它，並可能找到更大的資源來源來取代您未來的資源？謝謝。

Thanks, Paul. I guess -- I guess there are a few things happening, first of all, inside exploration. We have a great experienced team who have been high-graded over time, and they've built on the, they built on the track record of their predecessors and built up a very good base of knowledge around the world. So we have great people with great deep knowledge, I would say, of the basins in which we operate.

謝謝你，保羅。我想——我想有幾件事正在發生，首先是內部探索。我們擁有一支經驗豐富的優秀團隊，他們經過多年的磨練，不斷提升自身能力，並在前人的基礎上，在全球範圍內積累了非常紮實的知識基礎。所以，我們擁有非常優秀的人才，他們對我們作業的盆地有著非常深刻的了解。

I think the second thing is technology is changing. The NVIDIA chips that we're now using inside our supercomputing are just incredibly fast and allow incredible iterations of theories. I'm kind of dumbing it down all the geologists on the call, please forgive me for dumbing this down. But it enables much faster interpretation ideas, thinking about how one can think about the subsurface.

我認為第二點是技術正在改變。我們現在在超級電腦中使用的英偉達晶片速度非常快，可以進行令人難以置信的理論迭代。我可能用淺顯易懂的方式向在場的各位地質學家解釋得不太清楚，請原諒我這樣做。但這能讓人更快產生解讀想法，思考如何看待地下世界。

And that, of course, is converged with wide seismic full-waveform inversion algorithms. So you've got this real thing of very good experienced people with incredible horsepower in compute much better than anything in history along with dramatic technology steps from the service providers.

當然，這與寬地震全波形反演演算法相吻合。所以，現在的情況是，擁有非常優秀的經驗豐富的人才，以及比歷史上任何時代都更強大的運算能力，再加上服務提供者在技術方面的巨大進步。

And then I think the magic we have right now is the team is very engaged on the digital side and very engaged with using the technology in the AI to test new theories and see what else is there. So that's a little bit about the magic. Is it repeatable? I'm never going to say that with exploration. My father was a geologist and I know you curse yourself if you say that.

我認為我們現在的優勢在於，團隊非常積極地投入數位化方面，積極地利用人工智慧技術來測試新理論，看看還有什麼其他可能性。以上就是關於魔法的一些介紹。是否可以重複驗證？我永遠不會對探索做出那樣的評價。我父親是位地質學家，我知道如果你這麼說你會後悔的。

So I don't think I'd necessarily bank on that, but we've certainly had a good year. We have some very good prospects next year. And as far as increasing capital in the space, the lesson for life from us is always quality through choice. Create as many opportunities you can, high-grade down to the very best ones and that gives you a higher chance of success than you otherwise would.

所以我覺得沒必要對此抱太大希望，但我們今年的確過得很好。我們明年有一些非常好的前景。至於如何增加該領域的資本，我們從中得到的啟示始終是透過選擇來獲得品質。盡可能創造機會，篩選出最好的機會，這樣你成功的幾率會比你其他方式更高。

So that to me is what's so important is you keep quality through choice. I think we're spending around $600 million a year right now in exploration. I would not want to push that up despite the success because it forces quality. So thanks for the question. Congrats to the explorers for a great year. And we just need to remain capitally disciplined and make sure that we're pursuing only the very best opportunities. Thanks, Paul.

所以對我來說，最重要的是透過選擇來保持品質。我認為我們目前每年在勘探方面的支出約為 6 億美元。即使取得了成功，我也不想提高標準，因為這會迫使品質提升。謝謝你的提問。恭喜探險隊員們度過了精彩的一年。我們只需要保持嚴格的資本紀律，確保我們只追求最好的投資機會。謝謝你，保羅。

Michelle, Goldman Sachs.

米歇爾，高盛。

Thank you and congratulations again on the strong delivery this quarter. I wanted to come back to the CapEx budget. So you reiterated the guidance for this year, and you've got a relatively wide range for '26, '27 or 13% to 15%. I was wondering, in an uncertain macro environment, if you were forced or decided to go to the low end of that range. Where would you find the levers of flexibility to lower the budget effectively from 14.5% of this year? It's an interesting time of year to start to think about some of those moving parts Thank you.

再次感謝並祝賀你們本季取得如此優異的業績。我想再談談資本支出預算。所以你重申了今年的指導方針，並且對 2026 年、2027 年的預期範圍相對較寬，為 13% 到 15%。我想知道，在宏觀環境不確定的情況下，您是否被迫或決定將目標價位定在該範圍的下限。您將如何找到靈活的手段，有效地將預算從今年的 14.5% 降低？現在正是思考這些動態因素的好時機。謝謝。

Kate, why don't you take that one?

凱特，你為什麼不接那通電話？

Yeah. I will. Thank you. Hi, Michele. So we have got a decent range around the frame for the next couple of years. So that gives us plenty of space to maneuver, I think, in different price environments. As you look at this year, we've guided to around 14.5%. If you take out of that the final bullet on our BP Bioenergy and organic, then you're actually sub-14 on an organic basis.

是的。我會。謝謝。嗨，米歇爾。因此，未來幾年內，我們在車架方面會有相當不錯的選擇。我認為，這給了我們足夠的迴旋餘地，以便在不同的價格環境下進行操作。展望今年，我們預期成長率約為 14.5%。如果去掉我們 BP 生物能源和有機產品的最後一點，那麼實際上，以有機產品計算，你的產量低於 14。

If prices were to dip, we've got plenty of opportunity to take ourselves down to the bottom of that frame. And we'll continue to be very careful as we deploy every dollar if prices are strong, and we choose that we actually want to drift up towards the top of that frame, I don't see any need for us to let go of the tight discipline that Murray and I have put around capital. I think it forces the right conversations in terms of the value and returns focus that we're pushing into every investment decision that we are now stepping through.

如果價格下跌，我們就有很多機會將自己拉低到該框架的底部。如果價格走強，我們將繼續謹慎地使用每一美元，並且我們選擇繼續向價格上限靠攏，我認為我們沒有必要放鬆我和默里對資本所實行的嚴格紀律。我認為，這促使我們圍繞價值和回報展開正確的對話，而我們也正將這種理念融入我們現在所做的每項投資決策中。

And you can -- you've heard us talk about this on previous calls that, that discipline and that approach to our capital investment is so critical to us as we seek to drive improvement in the and the operating cash flow going forward and making sure that we're choosing the very, very best of the opportunities at our disposal.

而且，你們也聽我們在之前的電話會議上談過，這種紀律和這種資本投資方法對我們至關重要，因為我們尋求改善未來的營運現金流，並確保我們選擇我們所掌握的最佳機會。

We've got probably one of the richest sources of opportunities to consider that we've had for a very long time right now, which is a great position to be in, and I'm very comfortable with the range and the flexibility that we've got.

我們現在可能擁有很長一段時間以來最豐富的機會來源之一，這是一個很好的局面，我對我們所擁有的範圍和靈活性感到非常滿意。

And we've talked before where we would go if we needed to take ourselves down to the bottom of that range, and there's plenty of opportunities around some of the onshore drilling, which we could choose to slow down. There's a little bit around the exploration playing at the edges depending on how much of our rigs are committed over the next 12 months. But we have space and we have flexibility within that 13% to 15%.

我們之前也討論過，如果需要將成本降至該範圍的底部，我們會去哪裡。在陸上鑽井領域有很多機會，我們可以選擇放慢鑽井速度。未來 12 個月內，我們將投入多少鑽井平台，這決定了我們在探索領域邊緣地帶的投入程度。但我們還有空間，並且在 13% 到 15% 的範圍內有彈性。

Thanks, Michele.

謝謝你，米歇爾。

Thank you.

謝謝。

Henry Tarr, Berenberg.

亨利·塔，貝倫貝格。

Thanks for taking my question. I wanted to ask about Iraq. Can you give us any more detail on the sort of economics for BP of the contract in Kirkuk. And then, obviously, others have entered into the country. And there's a sort of large program planned. How material or from a macro perspective, do you think the overall impact could be for production growth in Iraq if we look out sort of three to five years? Thanks.

謝謝您回答我的問題。我想問關於伊拉克的情況。您能否詳細介紹一下BP在基爾庫克簽訂的合約的經濟效益？然後，很顯然，其他人也進入了這個國家。而且還有一個大型計畫正在籌劃中。從宏觀角度來看，展望未來三到五年，您認為這對伊拉克的生產成長會產生多大的實際影響？謝謝。

Thanks, Henry. I have to be careful on economics. The nation has not yet published the production sharing agreement. And until they do that, it's very difficult for me to say anything under the restrictions that we have. What I will say is, progress since I last talked to you, we've done the initial production test and agreed that with the nation.

謝謝你，亨利。我在經濟方面必須謹慎。該國尚未公佈生產分成協議。在他們這樣做之前，在目前的限制下，我很難發表任何意見。我想說的是，自從我上次和你談話以來，我們取得了進展，我們已經進行了初步的生產測試，並與全國人民達成了一致。

That's 328 kbd of black oil is being produced. And the teams on the ground now, 45 people on the ground in Kirkuk starting to work on well work jobs, acid jobs, compressor re wheels, getting procurement contracts in place, et cetera. And we look forward to helping the nation ramp up that field over time.

這意味著每天將生產 328 千桶黑油。現在，基爾庫克現場有 45 人，他們開始進行油井作業、酸液作業、壓縮機換輪作業、採購合約等工作。我們期待隨著時間的推移，幫助國家逐步發展壯大這一領域。

I think the stuff that I can say on the terms are they're obviously better than the first round terms. We're on round eight, and each round has been incremental is my understanding across time based on what's been published publicly. And we do have price upside in this one.

我認為就條款而言，我可以肯定地說，它們顯然比第一輪的條款更好。現在已經是第八輪了，根據已公開的資訊來看，我的理解是每一輪都是逐步推進的。而且這檔股票還有上漲空間。

We do have the ability to take price on gas as well, which has not happened in previous rounds. We have exploration rights on the acreage as well. both surrounding and deeper. So it's a much better enhanced contract than we saw in the Phase 1 terms of Rumaila kind of cash, how many years on is that now almost 20 years on.

我們也有能力對汽油價格進行定價，這在前幾輪還沒有發生過。我們也擁有該地塊的勘探權，包括週邊地區和更深處的地塊。所以，這是一份比我們在第一階段看到的魯邁拉現金條款要好得多的增強型合同，多少年過去了，現在已經快20年了。

So that's probably all I can say about the commercial terms of Kirkuk, but we're very happy with it. And in due course, when we're allowed, we'll happily share the details. with the marketplace. I think on the overall capacity for Iraq, there is a lot of oil there. And obviously, we've seen a few other deals being signed recently. And I guess my response is it's what the world needs.

關於基爾庫克的商業條款，我大概只能說這麼多了，但我們對此非常滿意。時機成熟時，我們會很樂意與市場分享詳情。我認為就伊拉克的整體潛力而言，那裡有很多石油。顯然，我們最近也看到其他一些交易達成。我想我的回答是，這正是世界所需要的。

We continue to see oil demand moving forward strongly. We see strong demand for that oil. We perceive that some of the non-OPEC Plus is pretty much tapped out after February, March, April next year, and then we see flat to declining production outside of OPEC Plus. So it's going to be dependent on places like Iraq to help fill the demand that's coming forward.

我們預計石油需求將持續保持強勁成長動能。我們看到對這種石油的需求強勁。我們認為，明年二月、三月、四月之後，一些非歐佩克+國家的產量將基本耗盡，之後歐佩克+以外的國家產量將趨於平穩甚至下降。因此，這將取決於像伊拉克這樣的國家能否幫助滿足即將到來的需求。

So I think the world is going to need it. But it wouldn't be right for me to talk into a rack production capacity. That's something that the nation will have to talk about as opposed to myself. I hope that helps, Henry.

所以我認為世界需要它。但我不方便去談論機架的生產能力。那是全國人民需要討論的事情，而不是我個人的事情。希望這對你有幫助，亨利。

Many thanks.

非常感謝。

Kim Fustier, HSBC.

金·富斯蒂爾，匯豐銀行。

Hi, good afternoon. Thanks for taking my question. I wanted to ask about the Venture Global case. You've won the LNG arbitration case, unlike one of your peers. Why do you think your case was successful? And when do you think you might receive the $1 billion of damages that you've asked for? Thank you.

您好，下午好。謝謝您回答我的問題。我想諮詢一下 Venture Global 的案例。與你的一位同行不同，你贏得了液化天然氣仲裁案。你認為你的案子成功的原因是什麼？你認為你何時才能收到你所要求的10億美元賠償金？謝謝。

Yeah, Kim. I'm obviously not going to comment on any other cases. I'm not familiar with them, and it would be inappropriate for me to comment on that. As far as our case goes, we're very pleased. We're very pleased with the results. Congratulations to our lawyers and our traders who are having achieved this.

是的，金。我顯然不會對其他任何案件發表評論。我並不了解他們，所以不宜對此發表評論。就我們這個案子而言，我們非常滿意。我們對結果非常滿意。祝賀我們的律師和交易員們取得這項成就。

The next phase on damages is being organized with the arbitration panel, a date has not yet been set. I'm sure there'll be an update when that occurs. And as far as the damages themselves, that's not a number that is our number. That's -- we don't recognize that number. So all I'd say is we're pleased. We look forward to the next stage. We'll update you when we're aware when that's happening. And I'm very pleased with the results from the arbitration, congrats to the team.

損害賠償的下一階段工作正在與仲裁小組協商安排，具體日期尚未確定。我相信到時候一定會有更新通知。至於損失本身，那不是我們能決定的數字。那是——我們不認識這個號碼。所以，我只能說我們很滿意。我們期待下一階段的到來。一旦我們得知此事，會立即通知您。我對仲裁結果非常滿意，祝賀團隊。

Josh Stone, UBS.

瑞銀集團的喬許史東。

Thanks, Craig, and good afternoon. Question to Kate on the balance sheet. I'm curious as to how much attention you're paying to your gearing ratio on either a net debt to capital or equity basis? Because the reason I ask is, as you get more of these cash proceeds in from asset sales, you will -- you're effectively selling parts of BP, your asset base will be coming lower and that's also before the impact of impairment. So maybe just talk about how you're thinking about these ratios because I appreciate you've got like an absolute net debt target. But the gearing ratio is also relevant here. So maybe some comments on that would be helpful. Thanks.

謝謝你，克雷格，下午好。向凱特提問有關資產負債表的問題。我很好奇您對淨債務資本比率或淨權益比率的關注程度如何？我這麼問的原因是，隨著你從資產出售中獲得的現金收益越來越多，你實際上是在出售BP的部分資產，你的資產基礎將會下降，而且這還不包括減值的影響。所以，或許可以談談你是如何考慮這些比率的，因為我知道你有一個絕對的淨債務目標。但齒輪比在這裡也很重要。所以，或許有些評論會很有幫助。謝謝。

Yeah, hi, Josh, thank you for the question. Let me step through how we think about our balance sheet. Because I think, if you just bear with me, and I'll take you through my thinking because I think it's quite important context. So financial resilience is really important to us as an organization as we move forward. It allows us to execute on the opportunities that we have as they present themselves. And it's comprised of a number of things.

嗨，喬希，謝謝你的提問。讓我逐步解釋一下我們是如何看待資產負債表的。因為我覺得，如果你能耐心聽我說完，我會帶你了解我的想法，因為我認為這是非常重要的背景資訊。因此，對於我們這個組織而言，財務韌性在未來的發展中至關重要。它使我們能夠抓住機遇，並在機會出現時立即採取行動。它由許多部分組成。

And the first thing that everyone can measure us against is net debt. And we've now put a target against a material reduction in net debt by the end of 2027, and we've put the $14 billion to $18 billion, which we will deliver. If you think about where we stand today at '26, that would be a $10 billion reduction in terms of the net debt stack.

而所有人衡量我們水準的第一個標準就是淨債務。我們現在設定了到 2027 年底大幅減少淨債務的目標，目標是減少 140 億至 180 億美元，我們將實現這一目標。如果以我們目前的狀況來看（2026 年），淨債務總額將減少 100 億美元。

But of course, I think if you remember some of the slides that I used to talk about balance sheet and financial resilience at the Capital Markets Day in February, I was trying to be pretty transparent that we understand our total liabilities and the drain on our operating cash flow, those type of commitments is not just around debt.

當然，我想如果你還記得我在二月份資本市場日上用來談論資產負債表和財務韌性的幻燈片，我當時試圖非常透明地表明，我們了解我們的總負債以及對我們經營現金流的消耗，這類承諾不僅僅是債務問題。

If I think about some of the other big components, we have over $1 billion a year going out on Deepwater Horizon. So then another two of those will go before the end of 2027. So that's $2.2 billion. We've got a level of prefinancing of the '26 hybrid I referred to earlier. That's $1.4 billion. So even if we do nothing else, where we stand right now, our liability stack will reduce over the next two and a bit years by $13 billion to $14 billion.

如果我考慮其他一些主要組成部分，我們每年在深水地平線項目上的支出超過 10 億美元。那麼，到 2027 年底前，又將有兩座城市建成。所以就是22億美元。我們已經為我之前提到的 2026 年混合動力車提供了一定程度的預融資。那是14億美元。因此，即使我們不做任何其他事情，就我們目前的情況而言，未來兩年多時間裡，我們的負債總額將減少 130 億至 140 億美元。

And that's how we think about it as opposed to contemplating a gearing. We haven't got a gearing target. We've got a target on net debt. That's the first priority. That's what we will deliver. But I hope you can hear from my language that we think about the totality of our liabilities, and we're cognizant on the total cost of all of those.

我們就是這樣思考的，而不是去考慮齒輪比。我們沒有設定齒輪比目標。我們設定了淨債務目標。這是首要任務。這就是我們將要實現的。但我希望你們能從我的言論中感受到，我們考慮的是我們所有的負債，並且我們清楚所有這些負債的總成本。

Thanks.

謝謝。

Jeff, TPH.

Jeff，TPH。

Hey, good afternoon, and thanks for taking my question. We're hoping to also ask about the structural cost improvements. It's just to be progressing quite well, especially based on the supplement disclosure, the roughly $400 million improvement quarter-on-quarter there. But I'll actually gear my loan question here to follow up on bpx. If you could dig into basin specific plans a bit more and maybe give us a sense for how you plan to pace activity adds in the Haynesville specifically over the next 12 to 18 months or so? And maybe how the Eagle Ford may play a role, if at all, as part of that. Thanks.

嗨，下午好，謝謝你回答我的問題。我們也希望詢問一下結構性成本改進方面的情況。進展相當順利，特別是根據補充披露的信息，季度環比增長約 4 億美元。但我在這裡提出貸款問題，實際上是想跟進 bpx 的相關事宜。如果您能更深入地了解流域的具體計劃，並讓我們了解一下您計劃在未來 12 到 18 個月左右的時間裡如何安排海恩斯維爾地區的新增活動？或許，鷹福特頁岩油田在這其中會扮演怎樣的角色，如果有的話。謝謝。

Yeah. Great. Thanks, Jeff. Thanks for the kind words on cost progress. I'm sure Kate would like to update somebody if I want to ask a question on that one. As far as bpx, our plans in the Permian as we built out the infrastructure, we, of course, want to keep that full now that we've built that out. So two to three rigs to continue to keep that full for time.

是的。偉大的。謝謝你，傑夫。感謝您對成本控制進度的肯定。我相信如果我想問關於那件事的問題，凱特會很樂意向相關人員報告情況。至於bpx，我們在二疊紀盆地建設基礎設施的計劃，當然，既然我們已經建成了基礎設施，我們就希望保持其滿載運作。所以需要兩到三台鑽機來維持一段時間的滿載運轉。

In the Eagle Ford, we continue to be very excited with the down spacing inside the oil window, so the Black Hawk and the refrac programs. The down spacing wells are doing better than the other or than the original wells. Simply because fracking technology has moved on so much from when they were drilled a decade ago. And the refracs similarly, we're seeing much higher production on refracs than we did in the original wells from a decade ago that Petrohawk would have drilled.

在 Eagle Ford 油田，我們對油窗內的井距縮小感到非常興奮，因此 Black Hawk 和壓裂計劃也取得了進展。間距縮小的井比其他井或原井的情況好。原因很簡單，因為水力壓裂技術與十年前鑽探時相比已經有了很大的進展。同樣，我們看到，與十年前 Petrohawk 鑽探的原始油井相比，重壓裂油井的產量要高得多。

So those are places that we'll continue to push and push the liquids side over time. And then on the gassier window, of course, we've got the associated gas from the Permian. But equally, we have a fantastic Hawkville gas, which is in the Eagle Ford, and we have fantastic Haynesville positions as well, the core.

所以，我們會繼續在這些領域加大力度，逐步推動液體產品方面的發展。當然，在含氣量較高的區域，我們還有來自二疊紀盆地的伴生氣。但同樣地，我們在鷹灘頁岩油氣田擁有絕佳的霍克維爾天然氣田，在核心地帶的海恩斯維爾天然氣田也擁有絕佳的地理位置。

On the Haynesville itself, we'll follow the infrastructure is the way to think about it. As I said earlier, the teams have been doing a fantastic job on driving capital efficiency inside that basin. Setting record after record on production capacity from the wells now up to 80 million a day on this latest 4-mile horizontal.

關於海恩斯維爾本身，我們將從基礎設施的角度來思考這個問題。正如我之前所說，各團隊在提高該盆地內的資本效率方面做得非常出色。該井的產能不斷刷新紀錄，目前這條最新的 4 英里水平井的日產量已高達 8,000 萬桶。

And what we -- through our trading and marketing organization, we've been busy establishing offtake points. So we'll just gradually continue to grow the Haynesville in line with the infrastructure build-out, really infield gathering rather than any main export issues.

而我們——透過我們的貿易和行銷機構，一直在忙於建立銷售點。因此，我們將隨著基礎設施的建設逐步擴大海恩斯維爾的規模，主要關注田間集結，而不是任何主要的出口問題。

And we'll be contemplating two versus three rigs as we head into 2020 -- into the fourth quarter -- until the end of the fourth quarter and into 2026, and we'll update you from there. But tremendous resource, tremendous performance by the team and good gas prices obviously as well that we hedge out, and we look forward to growing that part of the business. I hope that helps.

進入 2020 年第四季度，我們將考慮採用兩台鑽機還是三台鑽機，一直持續到 2026 年第四季末，屆時我們將向您報告最新情況。但巨大的資源、團隊的出色表現以及良好的天然氣價格（我們對此進行了對沖），我們期待著發展這部分業務。希望對您有幫助。

Thank you.

謝謝。

Alice, Morgan Stanley.

愛麗絲，摩根士丹利。

Yeah, thank you. I have a question about downstream. So you printed a pretty strong result sequentially, but also with a number of moving parts. So of course, there was the successful delivery of the cost reductions, but also supportive macro for refining and then on the other hand, weak trading. So could you please give some insight into the contribution of each of those elements? And then on balance, what could we expect the run rate to look like? Thank you.

是啊，謝謝。我有一個關於下游的問題。所以你按順序列印出了一個相當不錯的結果，但同時也涉及許多移動部件。因此，一方面成本削減措施成功實施，另一方面宏觀經濟對煉油業有利，但另一方面，貿易卻疲軟。那麼，您能否詳細闡述這些因素各自的作用呢？那麼總的來說，我們預期運行率會是什麼樣的呢？謝謝。

Kate, over to you.

凱特，該你了。

Yeah, thank you. Hi Alice, Let me try and break out the components of the improvement in the downstream. I would say it's been a nine-month period of really good performance across -- pretty much all of the business actually in terms of the way that we've seen the organic improvement coming through, firstly, on the customer side, a number of things we've seen improvements, I would say, in almost every area of the customer side, whether it's aviation, Castrol is up 21%, I think, now year-on-year for the nine months.

是啊，謝謝。嗨，愛麗絲，讓我試著把下游改進的各個組成部分分解出來。我認為過去九個月以來，公司各方面都取得了非常好的業績——實際上，就我們看到的有機成長而言，幾乎所有業務都取得了成長。首先，在客戶方面，我們看到很多方面都有所改善，我認為，在客戶方面的幾乎所有領域，無論是航空領域，嘉實多在過去九個月的同比增長率都達到了 21%。

We've got stronger performance coming through the tight integration that we've got between fuels and midstream. That's something we've been working really hard on that's coming through. And we've got really good cost reductions. So structural cost reductions delivered for the nine months so far, inside customers is about $0.5 billion.

透過燃料和中游環節的緊密整合，我們獲得了更強勁的業績。這是我們一直努力的方向，現在終於有了成果。而且我們確實大幅降低了成本。因此，在迄今為止的九個月裡，為內部客戶實現的結構性成本削減約為 5 億美元。

And then the other component of the improvement in the downstream operating cash flow from customers is around the BP Bioenergy. So as you recall, we consolidate that now. So you're seeing an improvement in terms of the consolidated earnings versus just rail curve about $300 million.

下游客戶營運現金流改善的另一個組成部分與 BP 生物能源有關。所以，正如你所記得的，我們現在要整合這些資訊。因此，與僅鐵路收益相比，綜合收益有所改善，增加了約 3 億美元。

And then if I look at the product side of it, the refining portfolio is delivering superbly now, and we've got refining availability year-to-date at 96.4%. That compares to the 96% that we set ourselves as a target back in February. That's a result of conscious investment and systematic improvement in the maintenance and integrity of our kit.

然後，從產品方面來看，煉油產品組合目前表現非常出色，今年迄今的煉油產能利用率達到了 96.4%。這與我們在二月設定的 96% 的目標相比，差距甚遠。這是我們有意識地投入資金，並有系統地改善設備維護和完整性的結果。

And as a consequence, it's running well. And as the refining margin improves, as it has done in the last quarter, we were able to capture the maximum of that. I would also say that refining have done pretty well on the business improvement program as well in terms of reducing their costs. They've reduced their cost by about $200 million. for the nine months.

因此，它運行良好。隨著煉油利潤率的提高（就像上個季度那樣），我們能夠最大限度地從中獲利。我還想說，煉油業在業務改進計畫方面也做得相當不錯，尤其是在降低成本方面。在過去的九個月裡，他們節省了約 2 億美元的成本。

And then finally, perhaps on trading. Trading had a weaker quarter this quarter, but they had a very strong quarter in 2Q compared to others. We are very pleased with that. But as I look at the nine months year-to-date trading is pretty much in line with where it was last year. So very comfortable with where trading is. So that's a long answer. Hopefully, that's broken it down to enough detail for you to be able to follow the various component parts, Alice.

最後，或許可以談談交易。本季交易業務表現疲軟，但與其它公司相比，第二季表現非常強勁。我們對此非常滿意。但從今年前九個月的交易情況來看，與去年同期大致持平。我對目前的交易環境非常滿意。所以，答案很長。希望這樣的解釋夠詳細，讓你能理解各個組成部分，愛麗絲。

Thanks, Alice.

謝謝你，愛麗絲。

Peter Low, Redburn.

彼得洛，雷德本。

Hey, thanks. Maybe one just on the Gulf of America. Now that you've taken FID on the Tiber Guadalupe project, does that put the door to potential farm down of your Paleogene positions? Or what's your current thinking on the optimum time to do that kind of within the development of those assets? Thanks.

嘿，謝謝。或許就在美國灣沿岸有一個。既然您已經對 Tiber Guadalupe 專案做出了最終投資決定，這是否意味著您可以將 Paleogene 板塊的股份轉讓出去？或者，您目前認為在這些資產開發過程中，進行這類操作的最佳時機是什麼？謝謝。

Yes, thanks, Peter. Yeah, very, very happy to have taken a sanction on Tiber. It's obviously the second sanction inside the Paleogene Cascade a year ago and now Tiber to 80 kbd boats. We own them 100% with tremendous resource recovery potential sanctioned and potential moving forward. And I was really pleased with the projects team. They're able to knock $3 a barrel off the development cost on Tiber by effectively photocopying what we've done on Cascada.

是的，謝謝你，彼得。是的，非常非常高興對Tiber採取制裁措施。顯然，這是繼一年前古近紀喀斯喀特河之後，第二次對台伯河實施制裁，限制船隻數量為 80 kbd。我們擁有這些資產的100%所有權，它們具有巨大的資源回收潛力，目前已獲批准，未來將有很大的發展空間。我對專案團隊非常滿意。他們透過有效地複製我們在Cascada油田所做的工作，使Tiber油田的開發成本每桶降低了3美元。

So build one -- or design one, build many. So that's all very good. We are in conversations with counterparts about the potential farm down in the Paleogene. And we'll do this for value. That's all that we have in our minds is how do we do this for value.

所以，要嘛建造一個——要嘛設計一個，然後再建造多個。那就太好了。我們正在與同行洽談在古近紀地層中建造潛在農場的事宜。我們會為了價值而做這件事。我們滿腦子想的都是如何創造價值。

And we want to make sure that it's accretive and that it's in the shareholders' interest to do that. But we continue the conversations and like all other divestments, we'll update you when we have something to tell you. Thanks for the question, Peter.

我們希望確保這樣做能夠增加收益，並且符合股東的利益。但我們會繼續進行討論，就像其他所有資產剝離一樣，一旦有任何消息要告訴大家，我們會及時通知大家。謝謝你的提問，彼得。

Mark Wilson, Jefferies.

馬克威爾遜，傑富瑞集團。

Oh, thank you for taking my question. I will bring it back to Bumerangue, you gain still got a lot of data you mentioned and that appraisal will take a flow test. The release a few days ago, I spoke to an early production system, it sounds to me like a flow test would have to be for a prolonged period of time to test multiple areas of a large column and fully understand the CO2 mix.

哦，謝謝你回答我的問題。我會把它帶回布梅朗格，你提到的還有很多數據，評估將進行流程測試。在幾天前發布的版本中，我與一個早期生產系統進行了交談，在我看來，流量測試必須持續很長時間，才能測試大型色譜柱的多個區域並充分了解 CO2 混合物。

That also sounds quite costly within a $600 million exploration budget, if that includes appraisal. So first, I'd like to ask if I'm visualizing that work scope correct for, say, 2027 in terms of what flow testing is needed. And would you appraise that at 100%? Or would you expect overall exploration costs to go higher to accommodate the Bumerangue appraisal? Thank you.

如果勘探預算為 6 億美元，其中包括評估費用，那麼這聽起來也是一筆相當昂貴的開支。首先，我想問一下，就流程測試而言，我設想的工作範圍是否正確，比如說，到 2027 年是否正確。你認為它的估價是100%嗎？或者，您是否預期整體勘探成本會因布梅朗格評估而上漲？謝謝。

Yeah. Great. Great question. It's a pretty good reservoir. So we think the flow test, where we're drilling the second appraisal well will give us a pretty strong indication of what the rest of the reservoir will perform like. We, of course, could be surprised as we go through that. But given the strength of the seismic, what we're seeing on the logs, we think that is the case. As far as -- so we'll do that somewhere around 4Q '26, early 2027. We do have a team working in early production scheme.

是的。偉大的。問得好。這是一個相當不錯的水庫。因此，我們認為，在鑽探第二口評估井時進行的流量測試，將給我們一個相當有力的指示，顯示油藏其餘部分的性能如何。當然，在這個過程中，我們可能會感到驚訝。但根據地震的強度以及我們在測井資料中看到的情況來看，我們認為情況確實如此。至於——所以我們會在 2026 年第四季左右，也就是 2027 年初左右做這件事。我們確實有一個團隊正在進行早期生產方案的研究工作。

Of course, it will depend on how the flow test goes. The flow test is really focused on productivity of the wells, to be honest, and how many wells we're going to need to drill. That's the primary focus that we'll have on that as we've done all the sampling and the sidewall core already from the initial appraisal well.

當然，這取決於流量測試的結果。說實話，流量測試的重點在於油井的產能，以及我們需要鑽多少口井。我們將主要關注這一點，因為我們已經從最初的評估井中完成了所有的取樣和側壁岩芯。

So it's mainly about how many wells might we need to produce the reservoir over time. As far as timing of partnership, that's something in time we will bring in a partner for sure. you probably don't want to do it until you're through the appraisal well in the flow test because that will have an awful lot more information that's de-risked, but that's, of course, a decision that we'll think about with the Board as we move forward.

所以主要問題是，隨著時間的推移，我們需要多少口井才能開採出這個油藏的產量。至於何時引入合夥人，我們肯定會在適當的時候引入。不過，在完成估值和流程測試之前最好不要這麼做，因為那時會掌握更多風險降低的資訊。當然，這是我們和董事會一起考慮後的決定。

And the exploration, I'm not quoting an exploration number including appraisal at this stage. We're somewhere around $500 million or $600 million exploration. We're drilling about 15 wells a year right now, and we'll update you as our way through this as we enter '26 and '27. But we will say inside that $13 billion to $15 billion capital frame that Kate talked about. That's very important. So hope that helps, Mark.

至於勘探方面，我目前不打算提供包含評估在內的勘探資料。我們的勘探投入大約在 5 億到 6 億美元之間。我們現在每年大約鑽15口井，進入2026年和2027年後，我們會隨時向您報告進度。但我們會把預算控制在凱特所說的 130 億至 150 億美元的框架內。這非常重要。希望這對你有幫助，馬克。

Bertrand, Kepler.

伯特蘭，開普勒。

Yes. Coming back on the Venture Global arbitration, Murray, you just mentioned that the $1 billion plus in damages that were in the press was not your numbers. Can you elaborate a bit? Or are you seeking a higher number?

是的。回到 Venture Global 仲裁案，莫瑞，你剛才提到媒體報道的 10 億美元以上的賠償金額並不是你統計的數字。能詳細說說嗎？或者您想要更高的數字？

Bertrand, thank you for the question. Look, this is -- you're quoting a number that was in a press release from Venture Global. We have not disclosed anything to the public markets around our viewpoint on this. And as it's a commercial process, I cannot disclose anything because it could impact the arbitration process, and I'm not going to do that. So I'm afraid I'm just going to have to say that, that was our number, not ours.

伯特蘭，謝謝你的提問。你看，這是——你引用的是 Venture Global 新聞稿中的一個數字。我們尚未就此問題向公開市場披露任何觀點。由於這是一個商業程序，我不能透露任何訊息，因為這可能會影響仲裁程序，我不會這樣做。所以恐怕我只能說，那是我們的號碼，不是我們的號碼。

And in due course, we'll file our claims with the arbitration panel. And when the arbitration panel decides, they can make their views public. But I have to be very careful in the process, and I can't talk about anything commercially. Sorry, Bertrand.

之後，我們將向仲裁小組提交索賠申請。仲裁小組作出裁決後，可以公開其裁決結果。但我必須非常謹慎，不能談論任何商業方面的事情。抱歉了，伯特蘭。

No, but I appreciate. Thank you.

不，但我很感激。謝謝。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Yeah, hey, thanks for taking my questions. I wanted to ask just on the equity affiliate portion given you have quite a few of them at this point. And as you think about what the overall net contribution of those affiliates to your cash flow is, I'm wondering if that's changed at all given the JERA Nex bp joint venture and Beacon Wind within that joint venture being canceled and perhaps less cash infusions into that joint venture, but conversely, success at Azule with the Namibia explorations resulting in perhaps less cash distributions from that entity in the near term? And just how that kind of rolls up into your overall views on distributions moving forward. Thanks.

好的，謝謝你回答我的問題。我想問一下股權附屬公司部分的問題，因為你們目前有很多股權附屬公司。當您考慮這些關聯公司對您的現金流的整體淨貢獻時，我想知道鑑於 JERA Nex bp 合資企業和該合資企業內的 Beacon Wind 項目已被取消，以及可能減少對該合資企業的現金注入，這種情況是否發生了變化；但反過來，Azule 在納米比亞勘探方面的成功可能會導致該實體在短期內減少現金分配？以及這最終將如何影響你對未來分配的整體看法。謝謝。

Yeah. So shall I'll take that, if you like. In terms of JERA Nex, the way to think about that is it's about creating for us and the future optionality, but in a very, very capital-light way. So JERA Nex will make their own decisions in terms of the projects that they execute and the sort of hurdles that they're testing against. But from our perspective, it will be very capital light and capital that we -- if we were required to put capital and it's going to have to compete with the other calls on capital in our portfolio, which is a pretty high hurdle.

是的。如果你願意的話，我就收下了。就 JERA Nex 而言，思考的方式是，它旨在為我們創造未來的可能性，但以非常、非常輕資本的方式進行。因此，JERA Nex 將自行決定執行哪些專案以及要測試哪些類型的障礙。但從我們的角度來看，這將是一個非常輕資本的項目，如果我們被要求投入資本，那麼它將不得不與我們投資組合中的其他資本需求競爭，這是一個相當高的門檻。

In terms of Azule, a very different type of joint venture. It's been a very good quality joint venture for us so far. I think we've got about $7 billion of distributions from it year-to-date -- sorry, in total since inception. It's now self-funded. It's got a PXF and it's also issued its first bonds externally.

就 Azule 而言，這是一種非常不同的合資企業類型。到目前為止，對我們來說，這是一個非常高品質的合資企業。我認為我們今年迄今為止已經從中獲得了大約 70 億美元的分配——抱歉，是自成立以來總共獲得了大約 70 億美元。現在它已實現自籌資金。它擁有PXF，並且已經發行了第一批對外債券。

So in terms of it being able to finance itself going forward and its growth, that's how we think about it right now. It has the ability to do more with regard to external financing. So we're not expecting it to be a drain on our capital.

所以，就其未來能否實現自我融資和發展而言，這就是我們目前的想法。它在外部融資方面有能力做得更多。因此，我們預計它不會消耗我們的資金。

Of course, to the extent that it is recycling its own cash flow to invest in opportunities like Namibia then you would see a slight reduction in terms of the dividends that we received from that organization. But it's too early to be able to scale that for you.

當然，如果它將自己的現金流用於投資像納米比亞這樣的機會，那麼我們從該組織收到的股息就會略有減少。但現在就為你提供這種規模化的服務還為時過早。

Yeah. And if I just added a few things on Azule, we don't often talk about it, but it's had tremendous success, Jason. Agogo came online earlier this year, 8 months ahead of schedule. So congratulations to the team for doing that. NGC is the next major project that's going to come online shortly.

是的。傑森，如果我在 Azule 上添加一些東西，我們雖然不常談論它，但它取得了巨大的成功。Agogo 於今年稍早上線，比原計劃提前了 8 個月。所以，恭喜團隊取得了這樣的成績。NGC是下一個即將上線的大型專案。

And they, of course, had the exploration discovery near the LNG plant of TCF and a couple of hundred million barrels of associated condensate. So in Angola, it's doing fantastic. I was down there recently to celebrate the Agogo start-up and Gordon was offshore on it. So just a tremendous joint venture with (inaudible) very, very well for us, and we're very pleased to have expanded that into Namibia and the success we're seeing in Namibia.

當然，他們在 TCF 液化天然氣工廠附近發現了油氣田，以及數億桶相關的凝析油。所以在安哥拉，情況非常好。我最近去那裡慶祝 Agogo 的成立，當時 Gordon 正在海上作業。所以，與（聽不清楚）的合資企業對我們來說非常非常好，我們很高興能將這種模式擴展到納米比亞，我們在納米比亞也看到了成功。

Craig, so I hope that helps, Jason.

克雷格，希望這對你有幫助，傑森。

Thanks.

謝謝。

[Maurizio Culli, Quilter at Maurizio].

[Maurizio Culli，Maurizio 的 Quilter]。

Good afternoon, Mary and Kate and well done for the positive results. Can you add a bit more of color on the 20% increase in Castrol earnings? And what has driven it? And also, if I may squeeze in an additional question. Is it possible to have more detail on your recent strategic investment in the electronic cooling solutions. Thank you.

下午好，瑪麗和凱特，祝賀你們取得了積極的結果。能否詳細解釋一下嘉實多收益成長 20% 的原因？是什麼因素促成了這現象？另外，如果可以的話，我想再問一個問題。能否提供更多關於貴公司近期在電子冷卻解決方案方面的策略性投資的詳細資訊？謝謝。

(multiple speakers) So this is the consequence of very deliberate progress that Michelle has been executing now for -- I think this is a ninth quarter where we've seen quarter-on-quarter progress. They have a strategy of onward up put forward, and it's deliberately seeking to make the their organization is cost competitive as it can be and grow volumes, which have managed to do systematically over the last couple of years in almost every part of the business.

（多人發言）所以這是米歇爾一直以來精心推進的成果——我認為這是第九個季度以來我們看到的季度環比進步。他們提出了一種不斷向上發展的策略，並有意地尋求使他們的組織盡可能地具有成本競爭力並提高銷量，而過去幾年，他們在業務的幾乎所有方面都成功地實現了這一目標。

The other part of the improved delivery in Castrol, of course, is as a consequence of the fluctuations that we've seen in base oil and additives, and they hit a high post-COVID those have tapered off a little bit. So that's also coming through, which is helping. But it's about very deliberately growing volumes driving costs down to improve their overall operating cash flow delivery inside the organization. So that's doing really well.

當然，嘉實多性能提升的另一部分原因是基礎油和添加劑價格的波動，這些價格在新冠疫情後達到了高峰，之後有所回落。所以這一點也起到了作用，這很有幫助。但其核心在於有意識地提高銷量，降低成本，進而改善公司內部的整體營運現金流。所以這方面做得非常好。

Do you want to talk about the liquid?

你想談談液體嗎？

Yeah. The liquid cooling for data centers is an interesting opportunity. They've signed a couple of deals with counterparts that's commercially sensitive, so I can't name the names, and they're in trial on that with a few companies. It's a long-term growth potential for the business that looks quite interesting. It's quite a competitive space. And we're hopeful that, that starts to develop and at a faster pace moving forward. But thanks very much for the question. Maurizio, nice to hear your voice.

是的。資料中心液冷技術是一個很有前景的機會。他們與一些同行簽署了一些商業機密協議，所以我不能透露他們的名字，目前他們正就此與幾家公司進行訴訟。從長遠來看，這家企業的成長潛力相當可觀。這是一個競爭相當激烈的領域。我們希望這種情況能夠開始發展，並且在未來以更快的速度發展。非常感謝你的提問。毛里齊奧，很高興聽到你的聲音。

Okay, great. Thank you, Maurizio. We are going to finish promptly on the hour. Irene, Chris, I know you were still pulling, maybe please follow up with the IR team in London, Happy to do so. A big thanks on behalf of Murray, Kate, myself. Thank you for listening. Thank you for the continued interest in BP's results today, and we'll stop the call there. Thank you again.

好的，太好了。謝謝你，毛里齊奧。我們將準時在整點結束。艾琳，克里斯，我知道你們還在努力爭取，或許可以請你們跟倫敦的投資者關係團隊跟進一下，我很樂意這樣做。我謹代表莫瑞、凱特和我本人，向你們致以衷心的感謝。謝謝聆聽。感謝大家今天繼續關注BP的業績，我們的電話會議就到此結束。再次感謝。