英國石油 (BP) 2026 Q1 法說會逐字稿

Hello everyone and thanks for your interest in BP's first quarter 2026 results. Today's video features Meg O'Neill, Chief Executive Officer; and Kate Thompson, Chief Financial Officer. Before I hand over to Meg, I'd like to draw your attention to our cautionary statement.

各位好，感謝各位關注 BP 2026 年第一季業績。今天的影片由執行長 Meg O'Neill 與財務長 Kate Thompson 出席。在我把時間交給 Meg 之前，先請各位留意我們的警示聲明。

In this video, we will make forward-looking statements that refer to our estimates, plans, and expectations. Actual results and outcomes could differ materially due to factors we note on this slide and in our UK and SEC filings. Please refer to our annual report, Stock Exchange Announcement, and SEC filings for more details. These documents are available on our website.

在本影片中，我們將作出前瞻性陳述，涉及我們的估計、計畫與預期。實際結果與成果可能因本投影片及我們在英國與美國證券交易委員會（SEC）申報文件中所述因素而出現重大差異。更多細節請參閱我們的年報、證券交易所公告與 SEC 申報文件。上述文件可於我們的網站取得。

With that, over to you Meg.

那麼，交給你了，Meg。

Thanks Craig. It's an honor and a privilege to be here today as BP's CEO. I have a deep respect for BP, its history, global reach, and long-standing partnerships. This is a company with real scale, optionality, and significant opportunity. It has a strong portfolio of assets and a depth of capability across the organization.

謝謝 Craig。今天能以 BP 執行長身分在此，深感榮幸。我對 BP、其歷史、全球布局以及長期合作夥伴關係抱持由衷敬意。這是一家具有真正規模、選擇性與重大機會的公司。公司擁有強健的資產組合，以及遍及全組織的深厚能力。

As for me, I've been in the energy business for 30 years. I love what I do and I'm passionate about our work. Our industry underpins economic growth, human development, and so much of everyday life. We play a vital role in supplying customers across the world with the energy they need to help them thrive.

至於我本人，我在能源產業已經 30 年。我熱愛自己的工作，並對我們所做的事充滿熱情。我們的產業支撐經濟成長、人類發展，以及日常生活中的許多面向。我們在向全球客戶供應其所需能源、協助其蓬勃發展方面，扮演關鍵角色。

Right now, we're operating in an environment of significant complexity, geopolitical tension, supply disruption, rapid technological change, and shifting global energy demand. Energy has rarely been more central to the world's concerns. The teams across BP are playing their part to keep oil, gas, and refined products flowing during an incredibly challenging time, focused on maintaining safe, reliable, cost-efficient operations.

目前我們所處的環境高度複雜，地緣政治緊張、供應中斷、科技快速變化，以及全球能源需求轉移並存。能源很少像現在這樣成為全球關切的核心。BP 各團隊正盡其所能，在極具挑戰的時期維持原油、天然氣與精煉產品的供應流動，並專注於維持安全、可靠且具成本效率的營運。

I'm encouraged by what I've already seen across the business. Strong technical expertise, a deep commitment to safety, and a clear understanding of the need to deliver operational excellence and competitive returns through the cycle.

我對目前在業務各面向所看到的表現感到鼓舞。我們具備強大的技術專業、對安全的深度承諾，並清楚理解必須在景氣循環中交付卓越營運與具競爭力的報酬。

Execution and consistency will be critical in realizing our potential. I see a real opportunity at BP to build on the strong progress made in 2025 and to do so in a focused and disciplined way. I'll come back to that in my closing remarks and give you some thoughts as we look ahead.

要實現我們的潛力，執行力與一致性將至關重要。我看到 BP 有很大的機會，在 2025 年已取得的扎實進展之上，以聚焦且自律的方式持續推進。我會在結語再回到這點，並在展望未來時分享一些想法。

I would also like to offer my personal thanks to Carol for her leadership in ensuring continued momentum in recent months. But first, let me hand over to Kate to talk through the first quarter results.

我也想以個人名義感謝 Carol 在近幾個月確保動能延續所展現的領導力。不過首先，讓我把時間交給 Kate，帶大家回顧第一季業績。

Thank you, Meg. And let me say on behalf of the whole BP team, a very warm welcome to you. I'm very much looking forward to working together with you in the months and years to come. Let me start with some comments on the situation in the Middle East, where the safety and well-being of our people in the region continues to be our main priority.

謝謝你，Meg。我也代表整個 BP 團隊，誠摯歡迎你加入。我非常期待在未來幾個月與幾年與你攜手合作。我先就中東局勢做一些說明；我們在該地區同仁的安全與福祉仍是首要優先。

Our business response teams are supporting our personnel in the region and helping to manage any disruptions to the business and will continue to monitor developments very closely. Reflecting on the price environment, events in the Middle East and the ensuing impacts on key global supply routes drove heightened volatility across crude oil, natural gas and refined products in the last part of the quarter.

我們的業務應變團隊正支援當地人員，協助管理任何對業務的干擾，並將持續密切監控事態發展。就價格環境而言，中東事件及其對全球關鍵供應路線的後續影響，使本季後段原油、天然氣與精煉產品的波動性顯著升高。

Crude oil prices increased sharply in March with average Brent prices up almost 50% versus February. International gas prices also rose sharply, including in Europe and Asia, with March average UK NBP and JKM up around 65% and 70% respectively versus February.

3 月原油價格大幅上升，布蘭特平均價格較 2 月上漲近 50%。國際天然氣價格亦大幅走高，包括歐洲與亞洲；3 月英國 NBP 與 JKM 的月均價分別較 2 月上升約 65% 與 70%。

In the US, other than a price spike during winter storm Fern, Henry Hub prices were much more stable, averaging $3.50 per MMBTU in the quarter. Our refining indicator margin moved significantly higher towards the end of the quarter. These events serve to demonstrate why our integrated model matters. When conditions tighten and flows shift quickly, our ability to act as one system across the value chain helps us to respond promptly to enable energy to flow to our customers. I'll come back to talk through the operational and financial implication of these events shortly.

在美國，除冬季風暴 Fern 期間出現價格飆升外，Henry Hub 價格相對穩定，本季平均為每 MMBTU 3.50 美元。我們的煉油指標利差在季末顯著走高。這些事件顯示我們整合式商業模式的重要性。當市場趨緊、流向快速改變時，我們能在價值鏈上以單一系統運作，協助我們迅速回應，讓能源得以及時供應給客戶。稍後我會再說明這些事件對營運與財務的影響。

Turning then to performance in the first quarter, where we have delivered strong operational and financial results. Reported upstream production was resilient at 2.3 million barrels of oil equivalent per day. This was supported by continued high plant reliability, higher production in the Gulf of America and strong performance in bpx, offsetting disruptions in the Middle East and some divestment impacts.

接著看第一季表現，我們交出強勁的營運與財務成果。申報的上游產量維持韌性，為每日 230 萬桶油當量。這得益於持續的高裝置可靠度、美洲灣（Gulf of America）產量提升，以及 bpx 的強勁表現，抵銷了中東干擾與部分資產剝離影響。

For the fifth consecutive quarter, refining availability was above our target of 96%. Refining throughput was over 1.5 million barrels per day, our highest quarterly figure in four years. We also made progress in simplifying our portfolio with the agreed sale of the Gelsenkirchen refinery announced in March. Once complete, this will further increase our structural cost reduction target to $6.5 billion to $7.5 billion by 2027.

連續第五個季度，煉油可用率高於我們 96% 的目標。煉油加工量超過每日 150 萬桶，為四年來最高單季水準。我們也在簡化資產組合方面取得進展，3 月宣布已同意出售蓋爾森基興（Gelsenkirchen）煉油廠。交易完成後，將進一步把我們的結構性成本削減目標提高至 2027 年達 65 億至 75 億美元。

This all supported delivery of our $3.2 billion of underlying net income, significantly higher than the fourth quarter, and $8.9 billion of operating cash flow before a working capital build of $6 billion. And today we are announcing a dividend per ordinary share of $8.32. Looking at the income statement in detail, group underlying earnings increased quarter on quarter primarily driven by stronger performance in customers and products.

上述因素支撐我們實現 32 億美元的基本淨利，顯著高於第四季；營運現金流為 89 億美元（在營運資金增加 60 億美元之前）。今天我們也宣布普通股每股股利為 8.32 美元。進一步看損益表，集團基本盈餘較上季增加，主要由客戶與產品業務表現更強所帶動。

Turning to the segments in more detail, in Gas and Low Carbon Energy, the underlying result of $1.3 billion compared to $1.4 billion in the fourth quarter. This reflects broadly flat realizations and an average gas marketing and trading results contribution. When compared to our published rules of thumb, we saw an adverse impact of around $200 million from price lags.

更細看各事業部門，在天然氣與低碳能源方面，基本業績為 13 億美元，較第四季的 14 億美元略低。這反映實現價格大致持平，以及天然氣行銷與交易貢獻處於平均水準。與我們公布的經驗法則（rules of thumb）相比，價格落後（price lags）帶來約 2 億美元的不利影響。

In oil production and operations, the underlying result of $2 billion is flat compared to the fourth quarter. This reflects the divestment of Culzean in the North Sea offset by higher realizations. When compared to our published rule of thumb, there is an adverse impact of around $700 million from price lags. Looking ahead, realization of the price lags experienced in the first quarter will be subject to future volume and prices.

在石油生產與營運方面，基本業績為 20 億美元，與第四季持平。這反映北海 Culzean 資產剝離的影響，並由較高的實現價格所抵銷。與我們公布的經驗法則相比，價格落後造成約 7 億美元的不利影響。展望未來，第一季所經歷的價格落後之實現情況，將取決於未來的銷量與價格。

Turning to Customers and Products, the underlying result was around $1.9 billion higher than the previous quarter. At the business level in customers, the underlying result of $1 billion compared to $900 million in the fourth quarter. This reflects seasonally lower volumes and lower retail fuels margins. These were more than offset by a higher midstream performance with our integrated value chain enabling greater flexibility in sourcing and routing volumes to capture value, one-off timing effects and a lower underlying operating expenditure.

再看客戶與產品業務，基本業績較上季高出約 19 億美元。在客戶業務層面，基本業績為 10 億美元，第四季為 9 億美元。這反映季節性較低的銷量與較低的零售燃料利差。上述影響已被更佳的中游表現所大幅抵銷；我們的整合價值鏈使採購與路由配置更具彈性以捕捉價值，加上一些一次性時點因素，以及較低的基本營運支出。

In products, the underlying result of $2.2 billion compared to $500 million in the fourth quarter. The improvement in earnings reflect higher realized refining margins, higher throughput and crude selection timing effects. The oil trading contribution was exceptional. As always, trading results will vary quarter to quarter. Our focus remains on capturing value through the cycle while operating within a clearly defined risk framework.

在產品業務方面，基本業績為 22 億美元，第四季為 5 億美元。盈餘改善反映較高的已實現煉油利差、更高的加工量，以及原油選擇的時點效應。石油交易貢獻表現出色。一如往常，交易結果將隨季度而波動。我們仍聚焦於在景氣循環中捕捉價值，同時在明確界定的風險框架內運作。

Taking all these factors together, group underlying replacement cost profit before interest and tax was $6.3 billion compared to $4.4 billion in the previous quarter. Below the operating segments, underlying finance costs were around $1 billion. The underlying effective tax rate in the first quarter was 32% compared to 43% for the previous quarter, reflecting changes in the geographical mix of profits. And non-controlling interests were around $370 million. This was higher than the fourth quarter, reflecting the business results where we do not own 100%.

綜合考量所有這些因素，集團基本重置成本息稅前利潤為63億美元，較上一季的44億美元增加。在各營運分部之下，基本財務成本約為10億美元。第一季的基本有效稅率為32%，相較上一季的43%下降，反映利潤地理組合的變化。非控股權益約為3.7億美元。這高於第四季，反映我們並非持有100%股權之業務的經營成果。

Group underlying replacement cost profit was $3.2 billion and we recorded around $2.5 billion of adverse adjusting items across the segments, including post-tax net impairments of around $400 million. After inventory holding gains of $3.2 billion, we reported first quarter IFRS profit of $3.8 billion.

集團基本重置成本利潤為32億美元，而我們在各分部錄得約25億美元的不利調整項目，其中包括稅後淨減值約4億美元。在存貨持有收益32億美元之後，我們公布第一季IFRS利潤為38億美元。

Moving to cash flow and the balance sheet, operating cash flow was $2.9 billion compared to $7.6 billion in the fourth quarter after a working capital build of $6 billion. Excluding the impact of working capital movements, our adjusted operating cash flow was $8.9 billion compared to $6.7 billion in the previous quarter, reflecting improved cash conversion quarter on quarter.

轉到現金流與資產負債表，營運現金流為29億美元，較第四季的76億美元下降，原因是在營運資金增加60億美元之後。若排除營運資金變動的影響，我們的調整後營運現金流為89億美元，較上一季的67億美元增加，反映季度間現金轉換率改善。

Given the significant working capital build this quarter, let me comment on the key parts. $4.1 billion reflected seasonal working capital effects, for example, inventory builds across our downstream businesses ahead of the anticipated seasonal increase in demand and higher levels of inventory and transit. It also includes a significant build as a result of the rising price environment.

鑑於本季營運資金大幅增加，讓我說明幾個關鍵部分。其中41億美元反映季節性營運資金效應，例如為因應預期的季節性需求增加，我們下游業務的庫存增加，以及庫存與在途存貨水位較高。其中亦包含因價格上升環境所導致的顯著增加。

We expect around half of this $4.1 billion to unwind over the year, with the majority over the next two quarters. The unwind of the other half will depend on how the Middle East situation evolves. $1.1 billion related to the timing of payments, and these are expected to reverse over the normal course of business through the year. And $800 million of other items, primarily related to the Gulf of America settlement payments, which do not reverse.

我們預期這41億美元約有一半將在今年內回轉，其中大部分會在未來兩個季度回轉。另一半的回轉將取決於中東局勢如何演變。另有11億美元與付款時點相關，預期將在今年內隨正常營運過程回轉。以及8億美元的其他項目，主要與美洲灣和解付款相關，該等款項不會回轉。

With a number of big moving parts, let me share a few words on how our sources and uses of cash have flowed through to net debt this quarter. Operating cash flow was $2.9 billion. CapEx in the quarter was $3.3 billion, and full year CapEx guidance remains in the range of $13 billion to $13.5 billion. Shareholder distributions in the quarter were $1.8 billion, including around $500 million for completing the share buyback programme announced in November 2025. As a reminder, and as announced in February, share buybacks have been suspended. And we made $1 billion of payments related to lease liabilities and hybrid bonds.

由於存在多個重大變動因素，讓我簡要說明本季現金來源與用途如何反映到淨負債。營運現金流為29億美元。本季資本支出（CapEx）為33億美元，全年CapEx指引仍維持在130億至135億美元區間。本季股東分配為18億美元，其中包括約5億美元用於完成於2025年11月宣布的股份回購計畫。提醒一下，如同2月所宣布，股份回購已暫停。此外，我們支付了10億美元，與租賃負債及混合債券相關。

Taken together, our net debt increased by around $3 billion to end the quarter at $25.3 billion. Looking ahead, we have confidence in the plan and our path to reduce net debt through continued strong operational performance across our businesses driving cash flow growth. Proceeds from our divestment programme, including around $6 billion from the announced Castrol transaction, the unwind of working capital and the allocation of all excess cash to the balance sheet.

綜合以上因素，我們的淨負債增加約30億美元，季末達253億美元。展望未來，我們對計畫以及降低淨負債的路徑充滿信心，將透過各業務持續強勁的營運表現帶動現金流成長。資金來源包括我們的資產處分計畫所得款項（其中包含已宣布的Castrol交易約60億美元）、營運資金回轉，以及將所有超額現金配置至資產負債表。

In addition, we've announced today, subject to market conditions, our plan to our hybrid corporate bond financing by around $4.3 billion by the end of 2027. This is from today's balance of $13.3 billion, made up of a core stack of around $12 billion and another $1.3 billion issued as pre-financing. Following completion of these actions, the remaining $9 billion of corporate hybrid bonds is intended to remain a permanent component of BP's capital structure.

此外，我們今天宣布，在符合市場條件下，計畫於2027年底前將我們的混合公司債融資規模減少約43億美元。此係自目前133億美元的餘額降低，該餘額由約120億美元的核心存量，以及另有13億美元作為預先融資所發行的部分所構成。完成這些行動後，剩餘的90億美元公司混合債預計將作為BP資本結構的永久性組成部分。

Including the planned redemption of hybrid bonds, we expect net debt and financial obligations and instruments to reduce in the second half of 2026, and we're confident on delivery of our 2027 net debt target.

包含計畫中的混合債贖回在內，我們預期淨負債以及金融義務與工具將於2026年下半年下降，並且我們對達成2027年淨負債目標充滿信心。

Before moving to guidance, let me come back to the situation in the Middle East and how to think about implications to BP's earnings. Starting with operations, on average, we have exported around 100,000 barrels per day of our Middle East liftings via the Strait of Hormuz, including the barrels from Iraq and a portion of Abu Dhabi onshore. The balance of our Abu Dhabi production entitlement has typically been lifted from the Fujairah terminal.

在進入指引之前，讓我回到中東局勢，以及如何思考其對BP獲利的影響。先從營運面來看，平均而言，我們透過荷姆茲海峽出口的中東提貨量約為每日10萬桶，其中包括來自伊拉克的桶數以及阿布達比陸上產量的一部分。我們其餘的阿布達比產量權益通常自富查伊拉（Fujairah）終端提貨。

For LNG, around 5% to 10% of our portfolio has been sourced from the Middle East region. Our supply trading and shipping team are working with our customers to manage the impacts of the current supply disruptions. In refining, although we have no direct exposure to operations in the Middle East, we are focused on running our North American and European assets safely. Across our fuels businesses, we're working hard to meet customer demand.

就LNG而言，我們投資組合中約有5%至10%來自中東地區。我們的供應交易與航運團隊正與客戶合作，以管理目前供應中斷所帶來的影響。在煉油方面，雖然我們在中東營運並無直接曝險，但我們專注於確保北美與歐洲資產的安全運轉。在我們的燃料業務方面，我們正全力以赴滿足客戶需求。

From a value perspective, in the upstream, the heightened volatility is leading to notable differences between marker prices used in our rules of thumb and realized prices due to price lags, price caps, timing of liftings and contract structures. An example is sales in the Gulf of America, which are priced on a one-month lag. March prices will be captured in second quarter results. There will also be other factors in the second quarter affecting realizations, including the WTI Brent differential.

從價值角度來看，在上游方面，波動性升高導致我們經驗法則所使用的指標價格與實現價格之間出現顯著差異，原因包括價格滯後、價格上限、提貨時點以及合約結構。例如，美洲灣的銷售採用一個月滯後定價。3月價格將反映在第二季業績中。第二季還會有其他影響實現價格的因素，包括WTI與布蘭特（Brent）價差。

In refining, we are seeing margin dislocations driven by three main factors, crude differentials, product yields, and freight costs. Assuming current conditions persist, we could expect the difference between our refining indicator margin and our realized margin to be greater than $5 per barrel, but this is subject to how the situation unfolds. We will continue to monitor developments across commodity markets, work with our partners, and assess implications for our businesses and plan. And as usual, we'll provide an update on our realizations and production through our quarterly trading statement.

在煉油方面，我們看到由三個主要因素驅動的利差錯位：原油價差、產品收率，以及運費成本。若目前狀況持續，我們可能預期煉油指標利潤與實現利潤之間的差異將大於每桶5美元，但仍取決於局勢如何發展。我們將持續監測大宗商品市場的發展、與合作夥伴協作，並評估對我們業務與計畫的影響。並且如往常一樣，我們將透過季度交易聲明更新我們的實現價格與產量。

Looking ahead to the second quarter and compared to the first quarter, we expect reported upstream production to be lower due to seasonal maintenance in the Gulf of America and the effects of disruption in the Middle East. The heightened volatility in the oil and gas prices could also impact PSA contracts.

展望第二季並與第一季相比，我們預期因美洲灣的季節性維修以及中東中斷的影響，所報告的上游產量將較低。油氣價格的高度波動也可能影響PSA合約。

In customers, we expect seasonally higher volumes to be more than offset by a lower midstream result, including the potential reversal of the 1Q timing effects. We also expect volumes and fuels margins to remain sensitive to conditions and developments in the Middle East.

在客戶業務方面，我們預期季節性較高的銷量將被較低的中游業績所抵銷，其中包括第一季時點效應可能回轉。我們也預期銷量與燃料利潤率將持續對中東局勢與相關發展保持敏感。

In products, refining throughput is expected to be impacted by a higher level of planned turnaround. We also expect lower throughput at whiting due to a third-party event this month, which has now been resolved. Refining margins are expected to remain sensitive to the cost of supply and conditions in the Middle East. We now expect to reduce our capital through the redemption without replacement of the EUR2.5 billion perpetual hybrid.

在產品業務方面，煉油加工量預期將受到較高水準的計畫性歲修影響。我們也預期Whiting的加工量將因本月一項第三方事件而降低，該事件目前已解決。煉油利潤率預期將持續對供應成本以及中東局勢保持敏感。我們現在預期將透過贖回且不予替換25億歐元永續混合債來降低我們的資本。

Looking to the full year 2026, we now expect full year reported upstream production to be lower due to the effects of the Middle East disruption. All other full year guidance remains unchanged, and we remain resolute on the importance of maintaining capital discipline. Importantly, as outlined at our full year results in February, excess cash will be fully allocated to accelerate the strengthening of our balance sheet.

就2026年全年而言，我們現在預期全年所報告的上游產量將因中東中斷的影響而較低。其他所有全年指引維持不變，我們仍堅定認為維持資本紀律至關重要。重要的是，如同我們在2月全年業績中所述，超額現金將全數用於加速強化我們的資產負債表。

In summary, and as I reflect on another strong quarter, we are building momentum, we are delivering on our financial plan, all in support of our strategy. Our assets continue to run well, underpinning strong earnings and cash flow delivery. We're continuing to high-grade our portfolio and we're taking action to reduce our cost base, which we'll update on further at our second quarter results. We remain on track to deliver our key targets by the end of 2027.

總結來說，回顧又一個強勁的季度，我們正在累積動能、按計畫交付財務目標，這一切都是為了支持我們的策略。我們的資產持續穩健運行，支撐強勁的獲利與現金流交付。我們持續提升投資組合品質，並採取行動降低成本基礎；我們將在第二季業績發布時進一步更新。我們仍按計畫在 2027 年底前達成關鍵目標。

And with that, I'll hand back to Meg for some closing remarks. Meg.

接下來，我把時間交還給 Meg 做一些結語。Meg。

Thanks Kate. This has been another strong quarter for BP, despite a lot of external volatility. Our operations continue to perform well. We have kept momentum going in our financial performance and are headed in the right direction.

謝謝 Kate。儘管外部波動很大，這對 BP 來說仍是另一個強勁的季度。我們的營運持續表現良好。我們在財務表現上保持動能，並正朝著正確方向前進。

My immediate priority is to accelerate our progress, keeping a tight focus on safety, operational performance, and capital discipline. We need to continue to strengthen the balance sheet and remain disciplined in our spending and our investment, and in doing so, build a more resilient BP. We must also capitalize on the tremendous opportunity that exists across our portfolio to unlock growth and drive improved returns. This includes our world-class upstream assets in some of the best basins in the world.

我眼前的首要任務是加速我們的進展，並緊密聚焦於安全、營運表現與資本紀律。我們需要持續強化資產負債表，並在支出與投資上保持紀律，藉此打造更具韌性的 BP。我們也必須把握整個投資組合中存在的巨大機會，釋放成長並推動回報改善。這包括我們位於全球最佳盆地之一、世界級的上游資產。

We have a high-quality pipeline of major projects that we are developing today, and others that represent untapped potential for the future. This will require discipline to enable us to invest in the highest returning assets that will create durable cash flows, increasing returns, and driving long-term value.

我們擁有高品質的大型專案管線，部分正在開發中，另一些則代表未來尚未開發的潛力。這將需要紀律，使我們能投資於回報最高、可創造持久現金流的資產，提升回報並推動長期價值。

We have a critical role to maximize returns for our shareholders and to work safely and responsibly with communities and with partners and customers. I look forward to continuing to meet many of our shareholders and external stakeholders over the coming weeks and months. I will also be out across the business, meeting our operational leaders and frontline teams, understanding our assets, and reinforcing our strategic priorities at every level of the organization.

我們肩負關鍵責任：為股東極大化回報，並與社區、合作夥伴及客戶安全且負責任地合作。未來幾週與幾個月，我期待持續與許多股東及外部利害關係人會面。我也將走訪各業務單位，與營運領導者與第一線團隊交流，了解我們的資產，並在組織各層級強化我們的策略優先事項。

I have announced the intention to organize BP with a defined upstream and downstream. This change will enable us to reset ways of working and ensure that accountability sits in the right place and simplifies decision-making, empowering the BP team. We'll keep you updated as we make progress on this.

我已宣布有意將 BP 組織架構調整為明確的上游與下游。這項變革將使我們得以重設工作方式，確保責任歸屬於正確位置並簡化決策，賦能 BP 團隊。我們在推進過程中會持續向各位更新。

From the frontline to leadership, I want us to be rigorous in our decision-making, clear and consistent in how we communicate, and always learning, always pushing ourselves to be better. That's how we simplify BP and deliver safely and reliably, maximize returns, compete to win, and realize BP's full potential. BP is a great company built on the strength of remarkable people and world-class assets. Our next chapter will be as a simpler, stronger, and more valuable company. And I'm really excited about the opportunity ahead of us.

從第一線到領導層，我希望我們在決策上嚴謹、在溝通上清晰一致，並且持續學習、持續自我要求做得更好。這就是我們如何簡化 BP、以安全可靠的方式交付、極大化回報、競爭致勝，並實現 BP 的全部潛力。BP 是一家偉大的公司，建立在卓越人才與世界級資產的實力之上。我們的下一篇章將是一家更簡單、更強大、更具價值的公司。我對我們面前的機會感到非常振奮。

Thank you.

謝謝。

Welcome, everyone, to BP's First Quarter 2026 Financial Results Call, which we're hosting today from our offices in Washington, D.C. I'm joined by Meg O'Neill, Chief Executive Officer; Carol Howle, Deputy Chief Executive Officer; and Kate Thomson, Chief Financial Officer. I hope many of you will have seen our 1Q video by now, and we look forward to taking questions shortly.

各位好，歡迎參加 BP 2026 年第一季財務業績電話會議；我們今天在華盛頓特區的辦公室舉行。我與執行長 Meg O'Neill、副執行長 Carol Howle，以及財務長 Kate Thomson 一同出席。我希望各位現在已經看過我們的第一季影片，我們也期待稍後回答問題。

Before that, though, let me hand over to Meg for a few brief opening remarks. Meg?

在此之前，先請 Meg 做幾點簡短的開場說明。Meg？

Thanks, Craig, and hello, everyone. It's great to be here. And as I said in the video, it is a privilege to be here as BP CEO, and I'm really excited about the opportunity ahead of us. This has been another strong quarter for BP despite a lot of external volatility and importantly, our underlying operations continue to perform well.

謝謝 Craig，各位好。很高興來到這裡。正如我在影片中所說，能以 BP 執行長的身分在此是一種榮幸，我對我們面前的機會感到非常振奮。儘管外部波動很大，這對 BP 來說仍是另一個強勁的季度；更重要的是，我們的基礎營運持續表現良好。

We produced 2.3 million barrels of oil equivalent per day, supported by continued high plant reliability higher production in the Gulf of America and strong performance in bpx, offsetting disruptions in the Middle East and some divestment impacts. Refining availability was above our target of 96% and throughput was over 1.5 million barrels per day, our highest quarterly figure in four years.

我們的產量為每日 230 萬桶油當量，受惠於持續的高裝置可靠度、美洲灣（Gulf of America）產量提升，以及 bpx 的強勁表現，抵銷了中東的干擾與部分資產剝離的影響。煉油可用率高於我們 96% 的目標，處理量超過每日 150 萬桶，為四年來最高的單季水準。

In trading, our focus remains on capturing value through the cycle while operating within a clearly defined risk framework. This all supported delivery of $3.2 billion of underlying net income significantly higher than the fourth quarter and $8.9 billion of operating cash flow before a working capital build of $6 billion. We also made progress in simplifying our portfolio with the agreed sale of the Gelsenkirchen refinery announced in March, further increasing our structural cost reduction target by end 2027.

在交易方面，我們的重點仍是在明確界定的風險框架內，於景氣循環中捕捉價值。這些因素共同支持我們交付 32 億美元的基礎淨利，顯著高於第四季；以及在營運資金增加 60 億美元之前的 89 億美元營運現金流。我們也在簡化投資組合方面取得進展：3 月宣布已同意出售蓋爾森基興（Gelsenkirchen）煉油廠，並進一步提高我們至 2027 年底的結構性成本削減目標。

And while net debt increased this quarter, this was largely due to a build in working capital. We remain confident in delivery of our net debt target and we also announced today our plan to reduce our corporate hybrid stack by over $4 billion by the end of 2027, subject to market conditions. So continued strong operational and financial delivery and accelerating strategic progress, a lot of really great work by the team. Carol, Kate and I are looking forward to your questions.

雖然本季淨負債上升，但主要是因為營運資金增加。我們仍對達成淨負債目標充滿信心；同時我們今天也宣布，視市場狀況而定，計畫在 2027 年底前將公司混合資本（hybrid）存量降低逾 40 億美元。因此，我們持續交付強勁的營運與財務表現，並加速推進策略進展，團隊做了非常出色的工作。Carol、Kate 和我期待回答各位的問題。

And with that, I'll hand back to Craig to take us through the Q&A.

接下來我把時間交還給 Craig，進入問答環節。

Thanks, Meg. I'm going to take one question per person, please. So everyone gets the chance to ask and William to wrap the call up in about 45 minutes.

謝謝，Meg。請每位提問者只問一個問題。這樣每個人都有機會提問，並讓 William 在大約 45 分鐘後做總結結束本次電話會議。

So on that first question, we'll move to Josh Stone at UBS. Josh, good morning, or good afternoon.

第一個問題，我們請 UBS 的 Josh Stone。Josh，早安，或午安。

Hi, good morning, good afternoon. Thanks, Craig and hi, Meg. Congratulations on the new role. I wanted to touch on something you said in your prepared remarks about going back to the traditional upstream, downstream reporting lines, the review to reduce complexity, increase accountability.

嗨，早安、午安。謝謝 Craig，也向 Meg 問好。恭喜你擔任新職務。我想談談你在事先準備的發言中提到的一點：回到傳統的上游、下游匯報線，並進行降低複雜度、提高問責的檢視。

Can you maybe just expand on what this means in practice of BP, perhaps where you see the biggest benefits coming from there? What needs to change internally? And also, how the organization has responded so far to that announcement? Thank you.

你能否進一步說明，這在 BP 的實務上意味著什麼？也許你認為最大的效益會來自哪些方面？內部需要改變什麼？另外，組織對這項宣布目前的反應如何？謝謝。

Well, thanks for the question, Josh. The decision to move towards upstream downstream model is all about changing ways of working and driving simplification, driving improved accountability and focus and speed and decision-making. And if you think about how the business operates, it's quite a different skill set.

謝謝你的問題，Josh。決定朝上游—下游模式調整，核心在於改變工作方式並推動簡化，提升問責、聚焦與速度，以及決策效率。如果你想想企業的運作方式，這其實需要相當不同的技能組合。

The skill set associated with finding oil and gas resources, developing and producing them is quite different from the way of thinking that's associated with getting customers the products they need, getting refining set up to deliver the product mix, be it gasoline, diesel, jet, I think it's also important to really highlight the value that we see within BP of our trading organization which allows us to maximize value from molecules as they move from refining all the way to those end customers.

與尋找油氣資源、開發並生產相關的技能組合，與讓客戶取得所需產品、讓煉油配置以交付產品組合（無論是汽油、柴油或航空燃油）所需的思維方式截然不同。我也認為很重要的一點是要強調：我們在 BP 內部看到交易組織的價值，它使我們能在分子從煉油一路流向終端客戶的過程中，極大化其價值。

But it's all about driving accountability, driving simplicity and efficiency and decision-making and the initial response from the organization has been very positive.

但總之，這一切都是為了推動問責、推動簡化與效率、以及提升決策；而組織的初步反應非常正面。

Thanks, Josh. Michele Della Vigna, Goldman Sachs.

謝謝，Josh。下一位是高盛的 Michele Della Vigna。

Congratulations on a quarter that really showed the strongest Meg, at your time as CEO of Woodside, you med the size of that company. I'm just wondering how important do you think revamping this oil and gas growth is to the BP investment right?

恭喜這一季的表現，確實展現出最強勁的狀態。Meg，在你擔任 Woodside 執行長期間，你曾提到那家公司規模的問題。我想請教，你認為重振這項油氣成長對 BP 的投資主張有多重要？

Yes, great question. Look, one of the things that I would highlight is some of the exploration success that we've had over the past year and a bit. So we've announced 14 discoveries since the start of 2025. I think it's important, Michele, to highlight that a number of those are what I would call short cycle.

是的，問得很好。你看，我想強調的一點是我們在過去一年多時間裡取得的一些勘探成功。因此，自2025年初以來，我們已宣布14項發現。我認為很重要的是，Michele，要強調其中有不少是我所稱的短週期項目。

So those are discoveries that can quickly be tied back to existing infrastructure. That's -- those are opportunities to bring production online at pace, which helps with mitigating production decline, which is something we, of course, always fight in the base business. We do have other more material longer-term growth options. Bumerangue is probably the most noteworthy. It's not every day as you discover an 8 billion-barrel in place field, obviously, a bit of work to do. We need to do appraisal, but that's a significant part of our longer-term growth story. Complementary to the work that's underway already in the Gulf of America with the Paleogene development and bpx with onshore.

也就是說，這些發現可以很快與既有基礎設施接軌。這——這些都是能夠加速把產量導入上線的機會，有助於緩解產量下滑，而這當然是我們在基礎業務中一直要對抗的問題。我們也確實還有其他更具規模、較長期的成長選項。Bumerangue 可能是最值得一提的。顯然，不是每天都能發現一個原油地質蘊藏量達80億桶的油田，當然還有一些工作要做。我們需要進行評估鑽探，但這是我們長期成長故事中非常重要的一部分。這也與我們在美洲灣已在推進的工作相互補充，包括古近紀（Paleogene）開發以及 bpx 的陸上業務。

So production growth is part of our plan. But I think it's important to go back to some of the points we made in the announcement and points that Kate has been making for a while is we've got to get the balance sheet strengthened. A stronger balance sheet puts us in a position where we can make those investments in production growth through the cycle. That's how we're thinking about the totality. I'm excited about the opportunities we have, but the focus right now is making sure we've got that laser focus on delivery every day and strengthening the balance sheet.

因此，產量成長是我們計畫的一部分。但我認為重要的是回到我們在公告中提到的一些重點，以及 Kate 一段時間以來一直在強調的觀點：我們必須強化資產負債表。更強健的資產負債表，能讓我們在景氣循環中有能力進行那些促進產量成長的投資。這就是我們對整體的思考方式。我對我們擁有的機會感到振奮，但眼下的重點是確保我們每天都以雷射般的專注力把交付做好，並強化資產負債表。

Thank you, Michele. We'll turn next to Doug Leggate at Wolfe Research.

謝謝你，Michele。接下來我們轉到 Wolfe Research 的 Doug Leggate。

Thanks, Craig. Good morning, everyone. Meg, you've inherited the capital structure, which has been getting a lot of attention. And obviously, the hybrids get mentioned now as part of the targeted reduction in debt and equivalents. I'm just curious, from your standpoint, is there an ideal capital structure that you think of?

謝謝，Craig。各位早安。Meg，你接手的資本結構一直受到很多關注。而且很明顯，混合證券（hybrids）現在也被提及，作為目標性降低債務及等同債務項目的一部分。我只是好奇，從你的角度來看，你心目中是否有一個理想的資本結構？

I mean, the current environment, for example, one could argue there is a line of sight where the hybrids could be taken out completely, given the weight of the prospective cash flow you have. So I'm just curious how you think about what defines the capital structure and where you see the right balance of debt and equity on the equivalents.

以目前的環境來說，例如，有人可能會認為，考量你們可望產生的現金流規模，其實可以看得到一條路徑，把混合證券完全贖回。所以我想請教你如何看待「資本結構」的定義，以及你認為債務與權益（或等同項目）之間的適當平衡應該在哪裡。

Yeah, thanks, Doug. It's a really good question. So one of the things that I think about, and this is probably a very simplistic way of talking about, and I'll hand to Kate for a bit more detail is when we think about sources and uses of cash, one of the things we're trying to tackle is the amount of cash that is going to liabilities. And so that underpins the work that we're doing, strengthening the balance sheet, tackling net debt, now tackling hybrids. You would be aware of the Deepwater Horizon obligations that we're chipping through, and the end of the obligations is within sight just a few years down the track.

是的，謝謝你，Doug。這是個非常好的問題。我在思考的一件事——這可能是很簡化的說法——我也會請 Kate 補充更細的內容：當我們思考現金的來源與用途時，我們想要處理的一個重點，是有多少現金被用來支付負債。因此，這也支撐了我們正在做的工作：強化資產負債表、處理淨負債，現在也處理混合證券。你也知道我們正在逐步履行「深水地平線」（Deepwater Horizon）的相關義務，而這些義務的終點已經在望，距離現在只剩下幾年。

So it's all about reducing the amount of cash that we generate that's going to these liabilities, which means more cash is available for investing in the future of the business and returning value to shareholders.

所以重點就是降低我們所產生的現金中，用於這些負債的比例，這樣就能有更多現金可用於投資企業的未來，並向股東回饋價值。

But I'll hand to Kate to talk about the stack and more specifics.

不過我先交給 Kate，請她談談資本結構的層級（stack）以及更具體的細節。

Yeah, thank you, Megan. Hello, Doug, good to hear your voice. Back in February, we made the decision as a Board to pause our buybacks, and that was a very deliberate act to accelerate the pace with which we were going to strengthen the balance sheet and deliver on our net debt target. Accelerating the deleverage is incredibly important. And I'm probably going to echo some of Meg's earlier comments because it does two things.

好的，謝謝你，Megan。Doug，你好，很高興聽到你的聲音。回到2月，我們董事會決定暫停股票回購，這是一個非常刻意的行動，目的是加快我們強化資產負債表、並達成淨負債目標的速度。加速去槓桿化非常重要。我可能會呼應 Meg 先前的一些評論，因為這麼做有兩個效果。

It creates the platform for growing our company and it gives us a greater generation of free cash flow, lower financing costs seems that we have confidence in resilient distributions to shareholders and investing for growth through cycles. So those are really important.

它為公司成長建立平台，同時也能提升自由現金流的產生能力、降低融資成本，使我們更有信心能對股東提供具韌性的配息/回饋，並在景氣循環中持續投資成長。所以這些都非常重要。

The level of confidence that we have in the delivery of our net debt target is what has given us the space to be able to make an economic decision around $4 billion of our hybrids, which is very clearly the two tranches that come forward for redemption in '26 and '27.

我們對達成淨負債目標的交付信心，讓我們有空間就約40億美元的混合證券做出符合經濟性的決策；這非常明確就是在2026年與2027年到期可贖回的兩個分批（tranches）。

I'd go back though to the holistic view of our total financial obligations that we shared deliberately in February. We're moving at pace to reduce across that, but we will be making economically driven decisions as we step into that and rebuild the balance sheet. And that's all about how we create our platform for everything that's to come.

不過我會回到我們在2月刻意分享的、對整體財務義務的全盤觀點。我們正以很快的速度在各方面降低這些義務，但在推進並重建資產負債表的過程中，我們會做出以經濟性為驅動的決策。而這一切都關乎我們如何為接下來的一切建立平台。

Thank you, Kate. Thanks, Meg. Thanks, Doug. We will move next to Biraj Borkhataria at RBC.

謝謝你，Kate。謝謝你，Meg。謝謝你，Doug。接下來我們轉到 RBC 的 Biraj Borkhataria。

Hi, thanks for taking my question. Just to follow up on the hybrid stack, it's more of a technical question. So I understand you can't talk about your intention to do more than the 25% you've announced. But in practical terms, there are obviously various call dates for the remaining bonds.

嗨，謝謝讓我提問。我想追問一下混合證券的結構（stack），這比較偏技術性問題。我理解你們不能談論是否有意做超過已宣布的25%。但就實務而言，剩餘債券顯然有不同的可贖回日期（call dates）。

Would you need to wait for those and step through those step by step or is there a scenario where if you had the disposable cash, you could do all the remaining hybrid bonds in one go? Just thoughts on that. Thank you.

你們是否需要等到那些日期，然後一步一步依序處理？還是存在一種情境：如果你們有可動用的現金，可以一次把剩餘的混合證券全部處理掉？想聽聽你們的看法。謝謝。

I'll take that, Biraj. Good to hear your voice. So just in terms of the announcement that we've made today and how to think about that, we expect that S&P will commit the reduction under the methodology on corporate. So -- and remember that is $12 billion, the original hybrid that we issued in June 2020. So we expect to maintain the equity treatment on that.

我來回答，Biraj。很高興聽到你的聲音。就我們今天所做的公告以及該如何理解而言，我們預期標普（S&P）會依其企業評等方法論承認這次的減少。所以——請記得，那是我們在2020年6月發行的原始混合證券，總額120億美元。因此我們預期能維持其權益認列（equity treatment）。

In terms of moving forward, I think it's incredibly important. Two things. One, hybrids remain an important and a permanent part of our capital structure. And also back to what I was saying a minute ago by economically driven decisions, retiring hybrids ahead of reduction periods can be very expensive depending on market conditions.

至於未來的推進，我認為有兩點非常重要。第一，混合證券仍是我們資本結構中重要且長期（永久性）的一部分。第二，回到我剛才提到的「以經濟性為驅動的決策」：在減記期間（reduction periods）之前提前退還混合證券，視市場狀況而定，可能會非常昂貴。因此這是我們會非常審慎評估的事情。

So that's something we would think incredibly carefully about. I think the most economic way to retire hybrids is to allow them to roll off as they hit those periods. And the first one comes towards us now the window opened in March and concludes in the second quarter, hence, our guidance in terms of what we're going to be doing. And don't forget that will be part of a working capital build in the second quarter as a component of our working capital is that rolls off.

所以我們會非常仔細地思考這件事。我認為，退還混合證券最具經濟性的方式，是讓它們在到達那些期間時自然到期/退出（roll off）。第一筆現在正朝我們而來，窗口在3月開啟並於第二季結束，因此我們才會在指引中說明我們將要做的事情。另外別忘了，這也會成為第二季營運資金增加的一部分，因為我們營運資金的其中一個組成項目會隨著其退出而變動。

Thanks, Biraj.

謝謝你，Biraj。

We will take the next question from Lydia Rainforth at Barclays.

下一個問題由 Barclays 的 Lydia Rainforth 提出。

Thank you very much. And Meg, welcome. I just -- I'm going to come back to this idea of talking about simplifying BP. Can you give us some concrete examples of what you actually mean? Because when I think about the upstream, downstream reorg, we're talking about simplification a lot.

非常感謝。Meg，歡迎加入。我想——我想回到你們談到「簡化 BP」這個概念。你能否給我們一些具體例子，說明你們實際上指的是什麼？因為當我想到上游、下游的重組時，我們一直在談簡化。

And then just linked to that, are the targets that BP have already set out the extent of the ambition we should think about? Or should we think about that being more than that over time? I'm not talking short term, but just over time. Thank you.

接著延伸來看，BP 已經設定的目標是否就代表我們應該思考的雄心程度？還是我們應該認為，隨著時間推移，這個雄心會超越目前的目標？我不是在談短期，而是隨著時間推移。謝謝。

Sure. Thanks, Lydia. Look, on the simplifying front, perhaps the clearest example is with the structure right now with production and operations, refining sits under that portfolio, which has been really, I think, incredibly valuable driving performance improvement in refining.

當然。謝謝你，Lydia。你看，在簡化方面，或許最清楚的例子是目前的組織架構：在生產與營運之下，煉油隸屬於該投資組合；我認為這對推動煉油績效改善一直非常、非常有價值。

And if you look at our reliability numbers, upstream, downstream are both in that 96% range. And I think that's a reflection of the value of having brought those parts of the business together. But it adds complexity, if you think about how refining fits in the value chain, getting refining right is about getting the right supply into the plants and getting the right products to customers. So much closer links to the customers and products and the mobility and convenience and aviation businesses.

如果你看我們的可靠度數據，上游、下游都在 96% 左右。我認為這反映了把這些業務部分整合在一起所帶來的價值。但如果你思考煉油在價值鏈中的定位，這也會增加複雜度；把煉油做好，關鍵在於把正確的供應送進工廠，並把正確的產品交付給客戶。因此它與客戶、產品，以及移動與便利（mobility and convenience）和航空業務的連結要緊密得多。

So moving refining into downstream really aligns it with the flow of products and allows the leader of that business to think holistically about how do you maximize value from the front of the refinery all the way to the end customer. So I think that's a good simple example of how the upstream downstream will drive more efficient decision-makings.

因此，把煉油移到下游，能讓它與產品流向更一致，並讓該業務的領導者以整體角度思考：如何從煉廠前端一路到終端客戶，最大化價值。所以我認為這是一個很好的、簡單的例子，說明上游與下游的調整將如何帶來更有效率的決策。

Now the targets that we've announced out to 2027 are still in place and that would represent first quartile performance across the business and in all of our support functions. But obviously, we're going to be relentless in continuing to challenge ourselves, continuing to learn, continuing to benchmark and making sure that wherever we are in the business that we continue to have that chronic drive for cost efficiency for safe, reliable operations and for best-in-class performance. That's our goal.

至於我們已宣布到 2027 年的目標，仍然維持不變；那將代表全公司以及所有支援職能都能達到第一四分位（first quartile）的表現。但很明顯，我們會持續不懈地挑戰自己、持續學習、持續對標，並確保無論我們在業務中的哪個位置，都能保持那種對成本效率、安全且可靠的營運，以及同級最佳（best-in-class）表現的長期驅動力。這就是我們的目標。

Lydia, thank you. We'll take the next question from Chris Kuplent, Bank of America.

Lydia，謝謝你。下一題我們請美國銀行（Bank of America）的 Chris Kuplent。

Thank you. Good afternoon and welcome, Meg. Can I ask a very open question. I'm sure you've been very excited for months now to arrive at BP. Can you look back and say what's been the thing that's getting you most excited about it, perhaps already last year. And since you've actually entered, what's been the most surprising thing you've encountered? And the two may be the same thing. So I hope I get away with asking just this question. Thank you.

謝謝。下午好，也歡迎你，Meg。我想問一個非常開放式的問題。我相信你這幾個月一直很期待加入 BP。你能否回顧一下，讓你最興奮的事情是什麼——也許去年就已經如此？而在你真正加入之後，你遇到最令你意外的事情是什麼？兩者也可能是同一件事。希望我只問這一題也可以。謝謝。

Sure. Thanks, Chris. Look, it's -- there really is an honor to be part of the BP team. I've worked in a large integrated company. I've worked on a pure-play E&P. The thing that excites me about BP is the breadth of the business. So we've got world-class upstream with some really fantastic assets. We've got a very dynamic downstream and some very critical markets for our customers and then a world-class trading organization.

當然。謝謝你，Chris。你看——能成為 BP 團隊的一員，確實是一種榮幸。我曾在大型一體化公司工作過。也曾在純上游勘探與生產（E&P）的公司工作過。讓我對 BP 感到興奮的是業務的廣度。我們擁有世界級的上游，且有一些非常出色的資產。我們也有非常動態的下游，以及一些對客戶而言非常關鍵的市場，另外還有世界級的交易組織。

And I think we've got all of the ingredients to be a really phenomenal company. And kudos to the team. We've been on a journey for the last couple of years trying to make sure that we are delivering on the potential of the organization. So I think there's opportunity to continue that journey to bring a bit more momentum to the decisions and the progress that the team has been making over the past year.

我認為我們具備成為一家非常卓越公司的所有要素。也要稱讚團隊。過去幾年我們一直在推進一段旅程，確保能把組織的潛力真正轉化為交付成果。因此我認為仍有機會延續這段旅程，讓團隊在過去一年所做的決策與進展上，帶來更多動能。

In terms of most surprising, look, I'd say it's been really a warm welcome, which is surprising. I think BP's culture of care is well known. But seeing the kind of commercial capability up close and personal, which I'd only ever seen across the table as a joint venture partner, and we've got some really, really capable people here. And I think we've got all the raw ingredients between the assets and the talent to deliver on the full potential of the corporation.

至於最令我意外的部分，我會說是非常溫暖的歡迎，這點讓我驚訝。我想 BP 的關懷文化是眾所周知的。但近距離、親身看到這種商業能力——我過去只曾在談判桌對面、以合資夥伴的身分見識過——我們這裡確實有一些非常、非常能幹的人。我認為在資產與人才之間，我們具備所有原始要素，能把公司的全部潛力發揮出來。

Thank you, Chris. We'll take the next question from Henry Tarr at Berenberg.

謝謝你，Chris。下一題我們請 Berenberg 的 Henry Tarr。

Hi, and thanks for taking my question. I suppose to come back to something that was asked earlier, I think you sort of referenced a stronger and simpler BP. As you look at the business, are there particular sort of core regions or assets that you think are very strong.

嗨，謝謝讓我提問。我想回到先前有人問過的一點，我記得你提到一個更強大、更簡化的 BP。當你審視這個業務時，是否有一些特定的核心區域或資產，你認為非常強？

And then perhaps others which might seem even after the divestment program that aren't quite as core, and then within that, how do you view sort of BPX as part of the portfolio? Thank you.

然後也許還有一些，即使在資產剝離計畫之後，看起來仍不那麼核心；在此之中，你如何看待 BPX 在投資組合中的定位？謝謝。

Sure. Thanks, Henry. Look, you sort of spotlighted one of the core assets. Our Americas position really is world-class. If you look across the breadth of the business the US, and as Craig said, we're doing this call from DC. The US is incredibly important. All parts of the business are present here from upstream, onshore, offshore, downstream, trading, so we've got a very significant footprint here in the US and a lot of our future growth is coming from the US between the Paleogene and BPX.

當然。謝謝你，Henry。你其實點出了其中一項核心資產。我們在美洲的布局確實是世界級的。如果你看整個業務版圖——美國，而且如 Craig 所說，我們這通電話是在華盛頓特區進行——美國極其重要。我們在這裡涵蓋業務的各個部分：上游、陸上、海上、下游、交易；因此我們在美國有非常顯著的據點，而我們未來的成長有很大一部分也將來自美國，包括 Paleogene 與 BPX。

Going south from here, Bumerangues, again, a very significant discovery, 8 billion barrels in place. So that will be an important part of the business as we move forward in time. And then some of our core areas, the Middle East and AGT, we've got some real high-quality assets there.

再往南看，Bumerangues——同樣是一項非常重大的發現，地層原油量（barrels in place）達 80 億桶。因此，隨著時間推進，這也將成為業務的重要組成部分。另外在我們的一些核心區域——中東與 AGT——我們在那裡也擁有一些真正高品質的資產。

So I think there's a lot of strength in the business as it stands today. Now the team has been doing tremendous work already looking at assets in parts of the business that might not be core to our long-term journey and kudos to the organization for getting the Castrol deal across the line late last year, you would have seen the announcement of the Gelsenkirchen refinery divestment.

所以我認為，以目前的狀態來看，這個業務有很多優勢。而團隊也已經做了大量工作，檢視業務中某些部分的資產——這些資產可能不是我們長期旅程的核心；也要稱讚組織在去年年底順利完成 Castrol 交易，你們也看到我們宣布了蓋爾森基興（Gelsenkirchen）煉油廠的剝離。

So every business needs to chronically be asking ourselves what are the assets that are with us for the long term and what are things that might be of greater value in some else's hands. And that's a good chunk of the work that Carol is going to be doing as Deputy CEO.

因此，每一個業務都需要長期、持續地問自己：哪些資產會長期與我們同行？哪些資產在別人手上可能更有價值？而這也是 Carol 以副執行長身分將要推進的一大部分工作。

Thanks, Meg. Thanks, Henry. We'll take the next question from Martijn Rats at Morgan Stanley.

謝謝你，Meg。謝謝你，Henry。下一題我們請摩根士丹利（Morgan Stanley）的 Martijn Rats。

Yeah, thank you. Also welcome from my part. I wanted to ask you two things. It feels like a bit of a missed opportunity not to ask you about Iraq. BP is such a large operator there with the Rumaila field. I was wondering if you could give us your thoughts on sort of if the Strait of Hormuz were to be opened, what are we looking at in terms of the steps that need to be taken to kind of ramp up production? What does that operationally require the logistics of the supply chain? How much time would that take? I'd be really interested in your thoughts.

好的，謝謝。我這邊也表示歡迎。我想問你兩件事。感覺如果不問你伊拉克的問題，會有點錯失機會。BP 在那裡是非常大的營運商，負責魯邁拉（Rumaila）油田。我想請你談談：如果荷姆茲海峽（Strait of Hormuz）要重新開放，我們在提高產量方面需要採取哪些步驟？在營運上，供應鏈物流需要什麼配合？這大概需要多少時間？我很想聽聽你的看法。

And the second thing I wanted to ask has some longer-term sort of strategy sort of implications. There's real earnings on a quarterly basis from BP's trading business. And of course, if you have physical assets trading, sometimes trading opportunities sort of naturally sort of a rise and a company like BP should take advantage of that.

第二件我想問的，則牽涉到較長期的策略意涵。BP 的交易業務在季度層面確實帶來實質獲利。當然，如果你同時擁有實體資產與交易能力，有時候交易機會會自然浮現，而像 BP 這樣的公司應該把握這些機會。

But it -- but if the trading business grows over time, there was also a point where it sort of tried to change the nature of the company a bit. I mean, from an asset company with some trading, it can become a trading company with assets, if you see what I mean. And I was wondering if, given that you've taken a fresh look at BP, what do you think is the natural size of the trading business within the company? At what point does it become too large perhaps?

但是——但如果交易業務隨時間成長，曾經也有一個時點，它某種程度上試圖稍微改變公司的本質。我的意思是，從一家以資產為主、兼有一些交易的公司，可能會變成一家以交易為主、擁有資產的公司，如果你明白我的意思。我想問的是，鑑於你已重新審視 BP，你認為公司內部交易業務的自然規模應該是多少？到什麼程度它可能會變得過大？

Martijn, there's definitely more than one question in there. So what I am going to be pretty deliberate. We'll take your first question on Iraq. And then I'm sure the question on trading may come back up. I do want to make sure we get through everybody. So maybe Meg on Iraq, and I'm sure somebody can ask about trading and ask Carol.

Martijn，這裡面確實不只一個問題。所以我會相當有意識地來處理。我們先回答你第一個關於伊拉克的問題。然後我相信關於交易的問題可能會再被提起。我也想確保我們能讓每個人都問到。所以也許先請 Meg 談伊拉克，而我相信之後也有人可以再問交易並請 Carol 回答。

Sure. Well, thanks for the question, Martijn. So I think we put it in the presentation. Our total production from the Middle East is around 400,000 oil equivalent barrels per day. We have historically exported about 100,000 barrels per day through the Strait of Hormuz, which includes barrels from Iraq and some barrels from Abu Dhabi. It's worth noting that we've also been able to lift some Abu Dhabi production from the Fujairah terminal.

當然。嗯，謝謝你的問題，Martijn。我想我們在簡報裡有提到。我們來自中東的總產量約為每日 40 萬桶油當量。歷史上我們大約每天透過荷姆茲海峽出口 10 萬桶，其中包括來自伊拉克的桶數以及部分來自阿布達比的桶數。值得注意的是，我們也能夠從富查伊拉（Fujairah）終端提運部分阿布達比的產量。

Look, the Rumaila field is operated by the Rumaila operating organization. We have involvement as a technical services contractor. So questions on what it's going to take to get that back online are probably best directed the operator. But we stand by ready to work closely with the Iraqi government and with the operator to provide the advice and insights we can on getting the field back online as soon as possible. once the shipping restrictions are lifted.

你看，Rumaila 油田是由 Rumaila 營運組織負責操作。我們以技術服務承包商的身分參與其中。因此，關於要如何讓它重新上線的問題，可能最好直接向營運方詢問。但我們隨時準備好與伊拉克政府及營運方密切合作，在航運限制解除後，盡快就如何讓油田重新上線提供我們能提供的建議與洞見。

Thanks, Meg. We'll turn next to Lucas Herrmann at BNP.

謝謝你，Meg。接下來我們轉到 BNP 的 Lucas Herrmann。

Yeah, thanks very much, Craig and Meg and the team actually best of success with everything. I want to ask a question on LNG, LNG trading, probably directed at Carol. So if I go back to 2022, the company very proudly talked about the redirection of 200 or so cargoes.

是的，非常感謝，Craig、Meg，以及整個團隊，也祝你們一切順利。我想問一個關於 LNG、LNG 交易的問題，可能想請 Carol 回答。如果我回到 2022 年，公司曾非常自豪地談到重新導向約 200 船貨物。

And one of the features I understand of your contracts is 90% are written with redirection clauses. If I think about the -- if I think about the environment we're in now, the volatility, the spreads that one can see today, how do I think about your ability to maximize that? To what extent is there length in the portfolio? To what extent are you starting to enact those clauses on the basis that my initial presumption was correct? Thanks very much, Carol, any guidance would help.

而據我了解，你們合約的一個特點是有 90% 都寫有重新導向條款。如果我想想——如果我想想我們現在所處的環境、波動性，以及今天可以看到的價差，我該如何看待你們將其最大化的能力？投資組合中有多少是長倉（length）？在我最初的假設是正確的前提下，你們在多大程度上開始啟用這些條款？非常感謝，Carol，任何指引都會有幫助。

Lucas. You know we don't give guidance. So -- but no, good to hear from you. And so with regards to the LNG portfolio, you're right. So we can redirect our cargoes, more than 90% of our cargoes are reoptimized prior to final delivery. What I would say is we're still growing our LNG portfolio.

Lucas。你知道我們不提供指引。所以——不過，很高興聽到你的聲音。至於 LNG 投資組合，你說得沒錯。我們可以重新導向我們的貨物，超過 90% 的貨物在最終交付前都會重新優化。我想說的是，我們的 LNG 投資組合仍在成長。

So last year, we had just under 27 million tonnes per annum in terms of the strategic portfolio, which is up year-on-year and around 15 million tonnes of what we call the sort of incremental merchant volumes. So there's growth in that portfolio. There's also great diversification in the portfolio. So if I look at it in terms of our ability to rewire and think about where we can get supply into, as you say, these demand centers, particularly with the disruptions that we're seeing, we have supply from Trinidad, from Mauritania, Senegal from the US and also from Coral in Mozambique, all of which we can look to optimize to make sure that we get LNG to customers.

所以去年，就策略性投資組合而言，我們的規模略低於每年 2,700 萬噸，較前一年增加；另外還有約 1,500 萬噸我們所稱的增量商業（merchant）量。因此該投資組合在成長。投資組合也具有很高的多元化。所以如果我從我們重新配置並思考供應可以流向哪裡的能力來看，正如你所說，這些需求中心，特別是在我們看到的擾動之下，我們的供應來源包括千里達、茅利塔尼亞、塞內加爾、美國，以及莫三比克的 Coral；對於所有這些，我們都可以尋求最佳化，以確保把 LNG 交付給客戶。

So we still run the portfolio in that way. We are still looking to make sure that we optimize BP's assets as well as support customer flows and deliveries. So on that basis, we continue to work through that. I think 2022, just to finish off was a little bit different in terms of we did see prices, TTF prices surged about 300%. And last quarter, it was around 100%. So slightly different levels of volatility, but the fundamentals of the business is still the same.

所以我們仍以這種方式來運作該投資組合。我們仍在努力確保最佳化 BP 的資產，同時也支援客戶的流量與交付。因此在這個基礎上，我們會持續推進相關工作。我想 2022 年——最後補充一下——在某種程度上有點不同，因為我們確實看到價格，TTF 價格飆升約 300%。而上一季大約是 100%。所以波動程度略有不同，但業務的基本面仍然相同。

Thanks, Lucas. We'll move next to Alejandro at Santander.

謝謝你，Lucas。接下來我們轉到 Santander 的 Alejandro。

Hello, thank you for taking my questions and best of luck, Meg, with your new challenges. My question is about when looking at the market expectations of your role making in the company that could provide a boost in terms of the strategic delivery of the company. In which area of the -- which of the key targets of the company in terms of divestments, in terms of cost cutting, in terms of a stronger balance sheet, you see more upside in the company today? Thank you.

你好，謝謝讓我提問，也祝 Meg 在新的挑戰上一切順利。我的問題是，當市場期待你在公司中所扮演的角色，可能在公司策略執行上帶來提振時，在公司的關鍵目標中——不論是資產處分、成本削減、或是更強健的資產負債表——你認為目前公司在哪個領域有更大的上行空間？謝謝。

Yeah. Thanks, Alejandro. I appreciate the question. Look, I think there's opportunity, and the team is focused across the breadth of the business. And one of the things that I'm very focused on is ensuring that we're capturing maximum value from all of the assets we have in our portfolio today.

是的。謝謝你，Alejandro。我很感謝這個問題。你看，我認為機會是存在的，而團隊正聚焦於業務的各個面向。而我非常關注的一件事，是確保我們能從目前投資組合中的所有資產捕捉到最大價值。

And you talk about -- and one of the things I like to frame is there's some big rocks, things like the Castrol transaction that has a material positive impact on the balance sheet, but there's lots of work that the teams can do every single day to increase value to BP shareholders. That's working on reliability. It's things like well optimization, making sure we've got the right slates running through the refineries to get the products that the customers need and that offer the best value for BP shareholders.

你提到——我喜歡用一種方式來框定：有一些「大石頭」，像是 Castrol 交易，對資產負債表有實質的正面影響；但團隊每天也能做很多工作，來為 BP 股東提升價值。那包括提升可靠度。也包括像是油井最佳化，確保我們在煉油廠採用正確的原油配方（slates），以生產客戶需要、同時也能為 BP 股東帶來最佳價值的產品。

So I think there's a tremendous amount of work to do to continue that focus on safe, reliable, cost-efficient operations to relentlessly drive to be cost efficient across the business, and that includes the above field or staff functions.

所以我認為還有大量工作要做，持續聚焦於安全、可靠、具成本效率的營運，並在整個業務中不懈地推動成本效率，而這也包括上游現場或後勤／支援（staff）職能。

The trading business really is world class, and I think you're seeing the positive impact of that part of the business and the results today. And so I'm focused on -- it's a bit of all of the above. The balance sheet repair is critical. And again, it's about trying to make sure that we have more of the cash that we generate available for investing in growth and value to shareholders. So that, at the end of the day is something that's going to be a critical focus for the leadership team for the coming couple of years.

交易業務確實是世界級的，我想你也看到這部分業務對當前成果所帶來的正面影響。因此我所聚焦的——基本上是以上全部。修復資產負債表至關重要。同樣地，這是要確保我們所產生的現金中，有更多可以用於投資成長並回饋股東價值。所以歸根結底，這將是領導團隊在未來幾年裡的一個關鍵聚焦點。

Thanks, Meg. Thank you, Alejandro. We'll take the next question from Matt Lofting at JPMorgan.

謝謝你，Meg。謝謝你，Alejandro。我們接下一個問題，來自 JPMorgan 的 Matt Lofting。

Thanks, everybody. And Meg, welcome to BP, wishing you the very best of luck. I think you spoke earlier in the video released earlier today on creating durable cash flows. I wondered if you could just unpack that a little bit in terms of how you and the team are thinking about that over and above baseline returns and some of the metrics that perhaps go into thinking about that? Thank you.

謝謝各位。Meg，歡迎加入 BP，祝你一切順利。我想你稍早在今天發布的影片中提到要創造具持久性的現金流。我想請你再多拆解一下：你和團隊如何在基準回報之上來思考這件事，以及在思考時可能會用到哪些衡量指標？謝謝。

Yeah. Thanks, Matt. Great question. So one of the things that I think we're all quite aware of is the fact that we are in a very cyclical industry. We produce a commodity that if you look at that over the last six years has had a pretty extreme price volatility. So we need to make sure that the decisions we're making on the portfolio, and the business allow us to be profitable through the cycle and to be able to have that same disciplined approach to investment through the cycle.

是的。謝謝你，Matt。問得很好。我想我們大家都很清楚的一點是，我們身處一個高度循環性的產業。我們生產的是一種大宗商品，如果你看過去六年，它的價格波動相當劇烈。因此我們必須確保在投資組合與業務上所做的決策，能讓我們在景氣循環中都保持獲利，並且能在循環中以同樣嚴謹自律的方式進行投資。

So it means when prices are high, we remain disciplined. We continue to have our belt tight on operating expenditure and capital expenditure. And that is the sort of thing that will serve us well when there's a lower price environment. It means stress testing, the investment decisions we make, stress testing, the portfolio, making sure that, again, we have that resilience to a low price environment.

這表示當價格高的時候，我們仍然要保持紀律。我們會持續在營運支出與資本支出上勒緊腰帶。而這類作法在價格較低的環境下會對我們很有幫助。這也意味著要做壓力測試：對我們所做的投資決策做壓力測試、對投資組合做壓力測試，確保我們同樣具備承受低價環境的韌性。

Kate, could you elaborate on that?

Kate，你可以再多說明一下嗎？

I guess maybe I think the portfolio gives us quite a degree of diversification in a number of dimensions, based in terms of product geographical exposure fiscal exposure. And I think that is part and parcel of being resilient. In terms of further upside, I think one area of focus that we've been working hard on as well is around the capital frame. So I think it's incredibly important at moments like this that we keep tight control on CapEx. And then the focus is on excellent execution against the dollars that have been put to work in the various parts of the business.

我想投資組合在多個面向上提供了相當程度的分散化，包括產品、地理曝險、財政／稅務曝險等。而我認為這正是韌性的一部分。至於進一步的上行空間，我認為我們也一直在努力的一個重點是資本框架。所以我認為在這樣的時點，對資本支出（CapEx）保持嚴格控管極其重要。接著重點就是：對於在業務各部分投入的資金，做到卓越的執行。

Thanks, Kate. Thank you, Meg. We'll take the next question from Jason Gabelman at TD Cowen.

謝謝你，Kate。謝謝你，Meg。下一題我們請 TD Cowen 的 Jason Gabelman。

Yeah. Hey, thanks for taking my question. I wanted to go back to the capital structure. And it seems like the balance sheet things are moving can not only meet the target, but potentially exceed the $14 billion debt target when you account for the cash row sale. So how do you think about the right size for the balance sheet?

是的。嗨，謝謝讓我提問。我想回到資本結構的問題。看起來資產負債表的變化不僅能達成目標，甚至在把現金與資產出售（cash row sale）納入考量後，可能還能超過 140 億美元的負債目標。所以你們如何看待資產負債表的適當規模？

Do you think that $14 billion is the floor? Can you kind of go below that as you think about developing some of these high-quality assets that you have in the hopper? And more broadly, should we expect larger capital framework update now that Meg has taken over?

你們認為 140 億美元是下限嗎？在你們思考開發這些已在儲備中的高品質資產時，是否可能低於這個水準？更廣泛地說，Meg 接任之後，我們是否應該預期會有更大幅度的資本框架更新？

Shall I take that? Jason, so in terms of capital and the $14 million to $18 million, look, that's our primary focus right now, the delivery of that, and there are various components that will deliver on that, not least the closing of the Castrol transaction, which we've said will likely close towards the back end of 2026.

我來回答可以嗎？Jason，關於資本以及 1,400 萬到 1,800 萬美元（的區間），你看，這是我們目前的首要重點，就是把它交付達成；而能促成達標的有多個組成要素，其中很重要的一項就是 Castrol 交易的完成交割；我們也說過，該交易很可能會在 2026 年底前後完成。

I think it's incredibly important. We remain focused on delivery of that's the primary target. But as you can see from what we've said today, we are also reducing our hybrid stack, which drives lower financing costs in that dimension. So we'll continue to optimize on that.

我認為這非常重要。我們會持續專注於交付，這是首要目標。但如同你今天從我們的說法中看到的，我們也在降低混合資本（hybrid）存量，這會在那個面向帶來更低的融資成本。所以我們會持續在這方面做最佳化。

On CapEx, we have set a frame of 13 million to 15 million for the next two years. I think that feels right. I think it's the right capital structure to maintain and grow the company. And right now, as I've just said a minute ago, I think keeping tight control on that space is very, very important.

在資本支出（CapEx）方面，我們為未來兩年設定了 1,300 萬到 1,500 萬美元的框架。我覺得這樣的水準是合適的。我認為這是維持並成長公司所需的正確資本結構。而且就像我剛才說的，現在對這一塊保持嚴格控管非常、非常重要。

And this year, we've tightened it further to 13 to 13.5 that feels good. It's the right balance around investing in the core parts of the business as well as focusing on and growing some of our future production that you can see coming online. And Meg referenced some of the short-cycle stuff. We're also investing in some of the longer stuff, but that's about creating the right balance.

而今年我們又進一步收緊到 1,300 萬到 1,350 萬，這感覺很好。這是在投資核心業務與聚焦並擴大未來即將上線的產量之間取得適當平衡。Meg 提到了部分短週期的項目。我們也在投資一些較長週期的項目，但重點是建立正確的平衡。

Thank you, Kate. We will take the next question from Fergus Neve at Rothschild.

謝謝你，Kate。下一題我們請 Rothschild 的 Fergus Neve。

Hi, everyone, and thank you very much for taking my question. I just wanted to go back to exploration, which you touched on briefly earlier in the call and is a real interest at the moment in the industry, even announced discoveries in Egypt and Angola this year.

各位好，非常感謝讓我提問。我想回到勘探（exploration），你們稍早在電話會議中有簡單提到；而這也是目前產業非常關注的議題，甚至今年在埃及與安哥拉也宣布了發現。

And I think the solar well offshore Libya was being drilled when we all met for the 4Q results, which was a well, you were quite excited about I wonder whether you could give us an update on your exploration activity so far this year and a look ahead of any other wells we should be looking out for as the year goes on.

我記得我們在公布第四季（4Q）業績時見面，那時利比亞外海的 solar well 正在鑽探，那口井是你們相當期待的一口井。我想請問你們能否更新一下今年迄今的勘探活動進展，以及展望接下來一年還有哪些井值得我們關注？

All right. Well, thanks, Fergus, and I appreciate the interest in exploration. It is one of the key engines to get new opportunities into the front end of the business. So I'm very pleased with the success that the team has had over the past, call it, year and a quarter. As we said, two discoveries, so good progress in Egypt and Angola.

好的。謝謝你，Fergus，也感謝你對勘探的關注。勘探是把新機會導入業務前端的關鍵引擎之一。因此我對團隊在過去大約一年又四分之一的時間裡取得的成功感到非常高興。如我們所說，已有兩項發現，所以在埃及與安哥拉都取得了良好進展。

Egypt is a great example of discovery that's very close to existing infrastructure, so something that has that ability to be commercialized at pace. Matsola, you may have heard from our partner in that. It was a noncommercial discovery, but it is in a very big and diverse basin with a number of prospects, and we have further exploration opportunities in Libya that we will be pursuing over the course of the coming years.

埃及是一個很好的例子：該發現非常接近既有基礎設施，因此具備快速商業化的能力。至於 Matsola，你可能已經從我們在那個項目的合作夥伴那裡聽到消息。那是一項不具商業性的發現，但它位於一個非常大且多樣化的盆地，擁有多個前景區；而我們在利比亞也還有進一步的勘探機會，未來幾年會持續推進。

Perhaps another one to watch is we'll be drilling another well in Brazil on an exploration prospect there ahead of doing the appraisal drilling on Bumerangue. So those are probably some of the ones to be watching out for over the course of 2026.

另外一個可能值得關注的是：在對 Bumerangue 進行評估鑽探（appraisal drilling）之前，我們將在巴西的一個勘探前景區再鑽一口井。所以這些大概是 2026 年期間值得留意的幾個項目。

Thanks, Fergus. And we'll take the next question from Kim Fustier at HSBC.

謝謝你，Fergus。下一題我們請 HSBC 的 Kim Fustier。

Hi. Thank you for taking my question. Kate, you flagged that the difference between the refining indicator margin and the realized margin could be greater than $5 a barrel if current conditions persist, driven by crude differentials, product yields and freight costs. Are you able to give any more color on those three components?

嗨。謝謝讓我提問。Kate，你提到如果目前狀況持續，煉油指標利潤（refining indicator margin）與實現利潤（realized margin）之間的差距可能會大於每桶 5 美元，主要由原油價差、產品收率以及運費成本所驅動。你能否就這三個組成因素再多提供一些說明？

And I guess, is there anything you can do to capture more of the margin and mitigate the headwinds? Can you do things like tweak refinery product yield towards more jet and diesel?

另外，我想問是否有任何方法可以捕捉更多利潤、並減輕逆風？例如你們能否調整煉廠產品收率，增加航煤與柴油的比重？

Yeah. So I'll take that, Kim. Thank you for the question. What we're trying to do here is give as much help as we can to the market in terms of how to think about rules of thumb in what are pretty unusual circumstance regarding our basket of commodities. We've described the fact that the rim is a little bit dislocated from realized margins right now in terms of realized margins being below the refining indicator margin.

好的。Kim，我來回答。謝謝你的問題。我們在這裡想做的是：在我們這一籃子大宗商品出現相當不尋常的情況下，盡可能協助市場用一些經驗法則來思考。我們已說明，目前 RIM 與實現利潤之間有些脫節，也就是實現利潤低於煉油指標利潤。

And I've said three things that contributing to that. One is feedstock availability. One is product yields. It's volatile. We are producing output that I would describe as different from standard, and that's very much about trying as much as we can to create products that our customers need around the world and then ship it to those destinations.

我提到有三個因素造成這種情況。第一是原料供應（feedstock availability）。第二是產品收率（product yields）。這些都很波動。我們產出的產品組合，我會形容為不同於標準配置；這很大程度上是因為我們盡可能生產全球客戶所需要的產品，並把它運送到那些目的地。

And then of course, we've got higher freight costs. In terms of where we're seeing it the most, so it's -- at the moment, we're seeing it more in Europe than anywhere else. But as you would appreciate, this remains an incredibly volatile situation. I'm not going to predict how the next couple of months will unfold. We will give as much color as we can once we get to the trading statement for the second quarter, to try and describe how it's actually manifested.

然後當然，我們也面臨更高的運費成本。就我們看到影響最明顯的地區而言——目前我們在歐洲看到的情況比其他任何地方都更明顯。但如你所理解，這仍然是一個極度波動的局勢。我不會去預測接下來幾個月會如何發展。等到我們發布第二季交易聲明時，我們會在力所能及的範圍內提供更多說明，嘗試描述它實際上是如何呈現的。

Super thanks, Kim. And this is the last question. I'll make the offer, given we have time to come back to Martijn for his follow-up after this question. But Mark Wilson at Jefferies.

非常感謝，Kim。這也是最後一個問題。我先提議一下，因為我們還有時間，在這個問題之後可以再回到 Martijn 讓他追問。不過先請 Jefferies 的 Mark Wilson。

Okay, thank you. BP has seen very strong exploration success in recent years and conversion of that discovered contingent resource into reserves is what changes reserve life in years, which has been a focus for various companies in the sector.

好的，謝謝。BP 近年來在勘探方面取得非常強勁的成功，而將已發現的或有資源轉換為儲量，才是改變以年計的儲量壽命的關鍵，這也是該產業中多家公司關注的重點。

I would say less of a focus for BP, but BP's reserve life is lower than the average. Could I ask you there for Meg, what's your view of a healthy reserve life number for modern IOC? Should it -- does it have to be double digit? Or does technology cycle time improvements, et cetera have changed that number fundamentally. Thank you.

我會說這對 BP 來講可能不是那麼核心的焦點，但 BP 的儲量壽命低於平均水準。我想請教 Meg，你認為對於現代的國際石油公司（IOC）而言，健康的儲量壽命應該是多少？它——是否必須是兩位數？還是技術、週期時間改善等等，已從根本上改變了這個數字？謝謝。

Well, thanks for the question, Mark. Look, I think we've been pretty upfront about the journey we've been on. We went through a period in the early 2020s, where we were not exploring as actively. And we've made some adjustments in the last couple of years to refocus on this core approach to bringing new opportunities into the business. We've also signaled that we want to be getting our reserve bookings up. Good progress was made last year.

Mark，謝謝你的問題。我想我們一直相當坦率地談到我們走過的歷程。在 2020 年代初期，我們曾經有一段時間勘探並不那麼積極。而在過去幾年，我們做了一些調整，重新聚焦於這個把新機會帶入業務的核心方法。我們也已表明希望提高儲量入帳（reserve bookings）。去年已取得不錯的進展。

Kate will remind me of the number?

Kate 會提醒我那個數字是？

90%, of which about 15% was due to price. So if you back out price, it was about 76%. That was a material improvement.

90%，其中約 15% 來自價格因素。所以如果把價格因素扣除，大約是 76%。那是相當實質的改善。

Yeah. So we are making good headway in replacing produced reserves, and we've set ourselves a target of 100% reserve replacement by 2027. So the team is very focused. As I said, this is a core method for growing the upstream and continuing to refill those opportunities and something we're laser-like focused on.

是的。所以我們在補回已生產儲量方面進展良好，並且我們設定了到 2027 年達成 100% 儲量替代率（reserve replacement）的目標。因此團隊非常專注。如我所說，這是擴大上游並持續補充機會的一個核心方法，也是我們高度聚焦的事項。

Thanks, Mark. Okay. We have 8 minutes before the end of the call, and I'm going to turn back to Martijn for his question, which will be pointed at Carol. And then we do have two follow-ups that I think will take us to the end. So maybe, Martijn, you first, and then we'll get to Lydia and Alastair for the follow-ups.

謝謝，Mark。好的。距離電話會議結束還有 8 分鐘，我會把問題交回給 Martijn，他的問題會指向 Carol。接著我們還有兩個追問，我想應該會剛好到結束。所以也許 Martijn 你先，然後我們再讓 Lydia 和 Alastair 進行追問。

Yeah. Thanks, Greg. Look, the question is simply what you think is the -- broadly the right size of the trading business within BP. It's large enough to capture the opportunities that there are, but not so large that it starts to dominate other things. Yes, that was the question.

好的。謝謝，Greg。我的問題很簡單：你認為在 BP 內部，交易業務的——大致上合適的規模應該是多少？要大到足以掌握現有的機會，但又不至於大到開始壓過其他業務。是的，這就是問題。

Yes. No. And thank you. And what I would go back to is the main or the sort of core objective of the supply trading and shipping business is to support BP's assets. So we're there to make sure from a production perspective, we keep our molecules flowing and we improve netbacks were there to make sure that we keep the refinery supplied with the best feedstocks.

是的。不。謝謝。我想回到一點：供應、交易與航運業務的主要、或說核心目標，是支援 BP 的資產。所以我們的角色是確保從生產角度來看，我們的分子（molecules）能持續流動，並提升淨回收（netbacks）；同時也要確保我們的煉油廠能以最佳原料獲得供應。

We're there to make sure that we can also help deliver those products to the market, whether that's wholesale or into the retail businesses or into the aviation businesses. So that's the core objective that we have. Then it's around building a merchant portfolio on top of that, that optimizes all of those flows or allows us very sort of as we've talked about before, capital-light opportunity to access growth markets where, again, we can look to improve the returns on our refined products or indeed our upstream production.

我們也要確保能協助把這些產品交付到市場，不論是批發、零售業務，或航空業務。這就是我們的核心目標。接著是在此之上建立一個商業（merchant）投資組合，用以最佳化所有這些流向；或者如我們之前談過的，以相對輕資本（capital-light）的方式進入成長市場，在那裡我們同樣可以提升成品油的回報，甚至是上游產量的回報。

Then the trading piece, the pure trading piece is the sort of the icing on the cake, I would say. And that is subject to volatility. It's obviously subject to us managing that very closely and from a risk perspective, from a disciplined perspective. But really, Martijn, I mean, we're here to serve the BP assets. So we're not there to be trading for trading's sake. Our primary goal is to serve BP.

然後交易這一塊，純交易的部分，我會說有點像是錦上添花。而這會受到波動性的影響。顯然也取決於我們是否能非常緊密地管理——從風險角度、從紀律角度來看。但 Martijn，重點是，我們在這裡是為了服務 BP 的資產。所以我們不是為了交易而交易。我們的首要目標是服務 BP。

Thanks, Martin. I will go next to Alastair who hasn't asked a question first. So Alastair at Citi.

謝謝，Martin。接下來我會請尚未先提問的 Alastair。Citi 的 Alastair。

Thanks, Craig. I was actually going to ask another trading question to Carol, I guess, within the boundaries of what you're prepared to talk about commercially. But can you sort of explain to me why the oil trading result in the quarter was exceptional and the gas trading on average? I mean I was kind of under the impression that both commodities moved directionally in the same manner and on pretty much the same external events. So why they relative?

謝謝，Craig。我其實也想再問 Carol 一個交易相關的問題，我想會在你願意在商業上談論的範圍內。但你能否跟我解釋一下，為什麼本季石油交易的結果非常突出，而天然氣交易則大致平均？我的印象是，這兩種商品在方向上大致同向變動，而且幾乎受到相同的外部事件影響。那為什麼它們的表現會有相對差異？

I mean, so the first thing I'd say is that as we've all seen, in a significant structural tightness due to the conflict and also due to the closure of Strait of Hormuz, and what we've seen is -- on the oil side, we've seen the disruption come through on crude, and we've seen it also come through on refined products, both in terms of impact to the Middle East, but also a reduction in refinery runs in Asia. So that's meant we've seen a shortage of supply in Asia, which has been also gradually rolled through into the West.

我的意思是，我首先會說，正如我們都看到的，由於衝突以及荷姆茲海峽的關閉，市場出現了顯著的結構性緊俏；而我們看到的是——在石油端，干擾首先反映在原油上，也反映在成品油上，既包括對中東的影響，也包括亞洲煉油廠開工率下降。因此我們看到亞洲供應短缺，而這也逐步傳導到西方市場。

Now what we've been doing on the oil side is really very much, as I said, focused around making sure that we keep our production flowing. We keep our refineries wet. We keep our refineries producing a maximum yield with regard to where we're seeing the shortage of products for our customers, which would be across jet and diesel.

而我們在石油端所做的，正如我所說，主要是聚焦於確保我們的產量能持續流動。確保我們的煉油廠維持運轉（wet）。並在我們看到客戶產品短缺的領域——也就是航空燃油與柴油——讓煉油廠以最大收率生產。

So we've been doing that. We've got a global scale and a diverse portfolio across a number of different geographies that we've been able to rewire supply and demand across. And that's where you've seen that value coming through on the trading side.

所以我們一直在做這些。我們具備全球規模與跨多個地理區域的多元投資組合，使我們能在不同地區之間重新配置供需。這就是你在交易端看到價值體現的地方。

With regards to the gas side, I think I mentioned earlier on the call, we haven't seen the extent of volatility because I think sometimes people sort of equate this to 2022. We haven't seen the extent of volatility in those gas markets as we saw previously. Now what we are watching though and monitoring very carefully are things like the EU stock levels. we're looking at where they should be against the five-year average. It is injection season. So we're watching that very carefully.

至於天然氣端，我想我在電話會議較早時提過，我們並沒有看到像之前那樣的波動幅度，因為我認為有時候人們會把這次情況等同於 2022 年。我們在天然氣市場並沒有看到先前那種程度的波動。不過我們正在觀察並非常謹慎地監控一些因素，例如歐盟庫存水位；我們在看它們相對於五年平均應該處於什麼位置。目前是注氣季（injection season）。所以我們非常密切地關注。

Obviously, continued disruptions to Strait of Hormuz has the potential to increase the shortages that we're seeing in the market. But again, as I said, I think, in answer to Lucas' question, the portfolio that we've got across BP and merchant does have the diversification in it to make sure that we work very closely to meet our supplier commitments.

顯然，荷姆茲海峽若持續受干擾，可能會加劇我們在市場上看到的短缺。但同樣地，如我所說，回應 Lucas 的問題，我們在 BP 與商業（merchant）層面的投資組合確實具備分散性，能確保我們緊密協作，以履行我們對供應方的承諾。

Thank you, Al. We'll come back to Lydia at Barclays.

謝謝你，Al。我們會回到巴克萊的Lydia。

Thanks, Craig. I appreciate the second chance. And I was just going to come back to Kate and Carol, if I could. I mean just obviously, there's been a lot of changes over a number of years. Can you just talk about through now how you work together as a management team?

謝謝，Craig。我很感謝第二次機會。如果可以的話，我也想回到Kate和Carol的問題。我的意思是，很明顯，這些年來有很多變化。你們能否談談截至目前，作為管理團隊你們是如何一起合作的？

And partly linked to that, Kate, I mean, just given another restructuring side of upstream, downstream, are there going to be more restructuring charges that we should think about having to put in? Or is this generally additive from where we are?

另外部分相關的是，Kate，我是說，考量到上游、下游又一次重組，你們是否還會有更多我們需要納入考量的重組費用？還是說，這基本上是在我們目前基礎上的增量？

So look, Lydia, we do provide updates on restructuring charges. We'll do a deep dive into costs generally at the second quarter. I think one comment I would make is I'll take the opportunity with the mic to say that we've continued to make good progress on our structural reductions, we have now delivered another $300 million.

所以你看，Lydia，我們確實會就重組費用提供更新。我們會在第二季對成本整體做一次深入解析。我想我可以藉著麥克風補充一句：我們在結構性降本方面持續取得良好進展，現在又實現了額外3億美元。

So we're 70% delivered against the 4% to 5% that we originally set out. In terms of restructuring costs, I think it's really important that right now, we get the organization of the team inside the company right, and we will step through that at pace, but in the right way. And we'll obviously be engaging with our people, first and foremost, before we pay anything else externally. Everything else will flow out of the consequence of how we structure the company and how we run our teams.

所以相較於我們最初設定的4%到5%，我們已經完成了70%。就重組成本而言，我認為眼下最重要的是把公司內部團隊的組織架構調整到位；我們會以適當的速度推進，但要用正確的方式。而且很明顯，在對外公布任何事情之前，我們會首先、最優先地與員工溝通。其他一切都將取決於我們如何架構公司以及如何運作團隊所帶來的結果。

And then I think from the sort of leadership perspective, as Kate and I talked about earlier in the year, we very much have been working as the management team around sort of turnaround of BP and you've seen that delivery coming through on the performance side, on the operational excellence side and obviously from the financial perspective and the progress against our core targets.

然後從領導層的角度來看，正如Kate和我今年稍早談到的，我們作為管理團隊一直圍繞BP的扭轉（turnaround）在合作；你們也看到在績效、營運卓越，以及當然在財務面與核心目標進展方面的交付成果。

I do think and Meg will probably be embarrassed for us saying this, but she's a fantastic leader. And I do think actually having her in the organization and bringing in that external perspective, both challenging us where we could be better because I do think BP has more upside but also supporting us and engaging us in, I think, a very different way. And one of the webcasts from a staff perspective, the feedback at the end was very much around confidence, pride in the organization and clarity. And I think that's what you'll see from the management team going forward.

我確實認為——Meg可能會因為我們這麼說而有點不好意思——但她是一位非常出色的領導者。我也認為，讓她加入組織並帶來外部視角，既能在我們可以做得更好的地方挑戰我們（因為我認為BP還有更大的上行空間），也能以我認為非常不同的方式支持並促進我們的投入。而且從員工角度來看，其中一次網路直播結束後的回饋，主要集中在信心、對組織的自豪感以及清晰度。我想這就是你們未來將從管理團隊看到的。

Okay. Well, I'm going to sneak in two more and then we'll aim to finish pretty promptly. So Jason Gabelman's re-polled at TD Cowen, Jason.

好的。那我再插入兩個問題，然後我們會力求準時結束。TD Cowen的Jason Gabelman再次被點到，Jason。

Yeah, hey, thanks for squeezing me in. Maybe two quick clarifying questions. Is there any risk to your European refineries access to crude? Or do you feel like those are well supplied? And can you just talk about how you think about Middle East investments and if you need a higher return given the higher risk we're seeing in the market?

是的，嗨，謝謝讓我插隊。也許兩個快速釐清的問題。你們歐洲煉油廠取得原油供應是否有任何風險？還是你們覺得供應很充足？另外能否談談你們如何看待中東投資，以及在我們看到市場風險更高的情況下，你們是否需要更高的報酬率？

I mean on crude supply, I mean, we're working very hard to keep our refineries supplied. We have a wide range of both upstream positions but also merchant positions. And so we're able to diversify the slate into our refineries. So we're not seeing an issue there. But as I say, the team are working very hard to do that and to make sure that we're then supplying our customers.

就原油供應而言，我的意思是，我們正非常努力地確保煉油廠有原油供應。我們既有廣泛的上游部位，也有貿易（merchant）部位。因此我們能夠為煉油廠的原油組合做多元化配置。所以我們目前沒有看到那方面的問題。但如我所說，團隊正非常努力地做到這點，並確保我們能進一步供應客戶。

On the Middle East question, BP has been in the Middle East for 100-plus years. It's a core part of the company's footprint and everywhere we go around the world, we're always looking at opportunities and risks. It's in the DNA of what we do is managing a wide variety of risks as we make our investment decisions.

關於中東的問題，BP在中東已經有100多年。那是公司版圖的核心部分；而且無論我們在全球哪裡營運，我們都會一直評估機會與風險。在做投資決策時管理各式各樣的風險，是我們所做之事的DNA。

Hey, thanks, Jason. And then final quick question from Doug back at Wolfe.

嘿，謝謝你，Jason。接著最後一個快速問題，來自Wolfe的Doug。

Well, thanks for letting me double dip. And Meg, I inadvertently forgot to say my words of welcome as well. We're very much looking forward to working with you and good luck. However, I have a very specific question. As a lifelong upstream professional coming into an organization that has just announced 8 billion barrels of oil in place with one well, I think, as Ariel described it in an area the size of London. Are you concerned about market perceptions? Is there any scenario in your mind where there is not a development at Bumerangue?

嗯，謝謝讓我再問一次。Meg，我也不小心忘了說歡迎詞。我們非常期待與你合作，祝你順利。不過我有一個非常具體的問題。作為一名終身的上游專業人士，加入一個剛宣布在一個我想Ariel形容為「面積相當於倫敦」的區域內，僅用一口井就發現了80億桶原油地質蘊藏量（oil in place）的組織。你是否擔心市場觀感？在你心中是否存在任何情境，會導致Bumerangue不進行開發？

Look, I saw the Bumerangue announcement, of course, when I was on the outside and thought, okay, this sounds big, but you always need to dig in with some -- with a critical eye. I've had the opportunity to sit down with the Bumerangue team, see the seismic data, see the well logs, understand what they're doing in terms of the appraisal plan and the development concepts that we're maturing.

你看，我在外部時當然就看到了Bumerangue的公告，並想：好吧，聽起來很大，但你總是需要用批判性的眼光深入研究。我已經有機會與Bumerangue團隊坐下來，查看地震資料、查看測井曲線，並了解他們在評估（appraisal）計畫以及我們正在成熟化的開發概念方面所做的工作。

So obviously, a bit of work to do given the size and complexity of resource. So the appraisal plan will be really critical to firming up our understanding of not just fluids in place, but how fluids will move through the reservoir and how we might commercialize it. But very impressed with the quality of the team that we've put on this opportunity.

所以很明顯，鑑於資源的規模與複雜性，還有一些工作要做。因此，評估計畫將非常關鍵，用以鞏固我們不僅對地層流體原始蘊藏量（fluids in place）的理解，也包括流體如何在儲層中流動，以及我們可能如何將其商業化。但我對我們投入在這個機會上的團隊品質印象非常深刻。

The leadership moves at pace to get some of our best folks on to this so that we can move the opportunity forward with an appropriate amount of pace.

領導層迅速採取行動，把我們一些最優秀的人才投入其中，讓我們能以適當的速度推進這個機會。

So I'm -- look, I'd say I'm excited. It's not every day that you discover a field of this size and quality. So great opportunity for us and great -- pleased with the commercial terms that we have for the opportunity as well. So we've got all the right ingredients.

所以我——你看，我會說我很興奮。不是每天都能發現這種規模與品質的油氣田。因此這對我們是很好的機會，而且——我們也對這個機會所具備的商業條款感到滿意。所以我們具備所有正確的要素。

That's great. Thanks, Doug. Thank you, Meg, Carol, and Kate. That's the end of the questions. We'll wrap up the call, but maybe if I can just hand over to Meg for some closing remarks.

太好了。謝謝你，Doug。謝謝你，Meg、Carol和Kate。問答到此結束。我們將結束這通電話會議，不過如果可以的話，我想把時間交給Meg做一些結語。

Excellent. Well, thanks, Craig, and thanks to everyone for joining us on the call. It's been great to have a first chat with you, and I look forward to getting to know you over the coming weeks, months and years.

很好。謝謝你，Craig，也謝謝各位加入這通電話會議。很高興能與各位首次交流，我也期待在接下來的幾週、幾個月與未來幾年逐步更了解各位。

I'm really pleased, again, with the strong quarter operationally and financially and the good work we're making on delivering on our strategic goals. The priority we have across the management team and the organization is to accelerate progress. with that really tight focus on safe, reliable operations and capital discipline.

我再次對本季在營運與財務上的強勁表現，以及我們在實現策略目標方面所取得的良好進展感到非常滿意。管理團隊與整個組織的優先事項，是在對安全、可靠營運與資本紀律保持高度聚焦的前提下，加速推進進展。

As you've heard, I think, quite consistently, and Kate's been leading this since before I arrived. We need to have that really rigorous focus on strengthening the balance sheet. And that means we need to stay disciplined in our spending and our investments, and that will allow us to build a more resilient VP.

正如你們所聽到的，我想相當一致地，而且在我到來之前Kate就一直在推動這件事。我們需要以非常嚴謹的態度聚焦於強化資產負債表。這意味著我們必須在支出與投資上保持紀律，而這將使我們能打造更具韌性的BP。

So just closing, and I know it's a month in. This really is a great company. We've got remarkable people, world-class assets, and I'm super excited about the opportunity ahead. So thank you all.

最後做個結語，我知道我才來一個月。這確實是一家很棒的公司。我們擁有傑出的人才、世界級的資產，我對前方的機會感到非常振奮。謝謝大家。