Financial Data and Key Metrics Changes - The company reported a 4% increase in cash flow for Q3 2025 despite a drop in oil prices by more than $10 per barrel year on year [4][13] - Adjusted net income for Q3 2025 remained steady, with a 7% increase in cash flow compared to Q2 2025 and an 11% increase in adjusted net income [13][4] - Return on equity for the 12 months ending September 30th was 14.2%, with ROE close to 12.5% [13] Business Line Data and Key Metrics Changes - Exploration and Production (E&P) segment generated an adjusted net income of $2.2 billion, up 10% quarter over quarter, with cash flow growth of 6% [14] - Integrated LNG sales were flat quarter over quarter at 10.4 million tonnes, with cash flow of $1.1 billion in line with Q2 [16] - Downstream adjusted net operating income increased by more than 30% quarter over quarter to $1.1 billion, with cash flow of $1.7 billion, up 11% [20] Market Data and Key Metrics Changes - Brent averaged $59 per barrel in Q3, down from $68 in Q2, while European refining margins improved significantly to $63 per tonne compared to $35 in Q2 [12][13] - LNG prices decreased slightly, with the average LNG price at $8.9 per million BTU, down 2% from Q2 [12] Company Strategy and Development Direction - The company is focused on strong and secured production growth in oil and gas, capital discipline, and cash flow generation [3] - A roadmap to transform ADRs into ordinary shares is underway, expected to enhance trading and market presence in the U.S. [11] - The company anticipates a 3% annual growth in upstream production through 2030, with over 95% of production already online or under construction [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong cash flow and production growth despite challenging market conditions [4][10] - The company expects to maintain a strong momentum for Q4 2025, with anticipated net investments decreasing and gearing forecasted to decline to 15-16% by year-end [10][23] - Management highlighted the importance of capturing refining margins and adapting to market changes due to sanctions affecting Russian oil [36] Other Important Information - The Board of Directors approved an increase in the third interim dividend by close to 8% in euros and more than 10% in dollars compared to 2024 [9] - The company plans to execute a share buyback program of up to $1.5 billion in Q4 2025 [9] Q&A Session Summary Question: Clarification on tax issues in France and cash flow growth for 2026 - Management addressed concerns about potential tax on share buybacks, emphasizing that the company does not generate significant profits in France and expects reasonable outcomes from the ongoing debate [25][27] - For 2026, management anticipates production growth of over 3% and expects cash flow to grow alongside production, particularly from new projects coming online [29][30] Question: Ability to capture refining margins and impact of Russian sanctions - Management confirmed the ability to capture high refining margins, noting that recent sanctions on Russian oil are affecting market dynamics and refining margins are currently higher than previously guided [33][36] Question: Upstream margin and cash flow allocation - Management indicated that any excess cash flow would be directed towards strengthening the balance sheet rather than increasing buybacks [42][43] Question: Updates on divestments and European competitiveness - Management clarified that the $2 billion in divestments includes several ongoing projects and emphasized the importance of addressing European competitiveness issues with policymakers [48][55] Question: LNG market competitiveness and compliance with EU sustainability rules - Management acknowledged increased competition in the LNG market but emphasized that the company is well-positioned with its asset base and long-term contracts [69][75]