Financial Data and Key Metrics Changes - In 2025, the company generated $28 billion in cash flow from operations, exceeding the anticipated $25 billion [21][24] - The net adjusted income reached $15.6 billion, with a return on equity of 13.6% and a return on average capital employed (ROACE) of 12.6% [24][36] - The company maintained a strong balance sheet with a gearing ratio of 14.7% [25] Business Line Data and Key Metrics Changes - The upstream segment achieved a 4% growth in production, significantly above the guidance of 3% [15][18] - Integrated power production grew by over 20%, contributing to a total electricity net production of approximately 50 terawatt-hours in 2025 [19][20] - LNG sales increased by 10% compared to the previous year, aligning with production growth [19] Market Data and Key Metrics Changes - The company reported a 10% growth in integrated LNG production and sales, despite a low price environment [30][31] - The refining utilization rates were in line with targets after addressing technical incidents earlier in the year [19] Company Strategy and Development Direction - The company is focused on a balanced strategy with two pillars: oil and gas, and integrated power, aiming for sustainable growth and emission reductions [12][38] - Significant investments were made in energy efficiency programs, totaling $1 billion from 2023 to 2025, resulting in a reduction of 2 million tons of CO2 equivalent emissions [10][11] - The company aims to achieve near-zero methane emissions by 2030, having already reduced methane emissions by 65% compared to 2020 [9] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging environment in 2026, prompting the launch of a cash-saving program to enhance resilience [69] - The company expects continued demand for oil and gas, with no peak demand anticipated in the near future [70] - The fundamentals of supply and demand remain stable, with a projected oil price planning at $60 per barrel [72] Other Important Information - The company has entered into a significant agreement in Namibia, establishing a new hub for future developments with substantial discovered resources [42][44] - The listing of ordinary shares on the NYSE aims to attract new investors and enhance liquidity [34] Q&A Session Summary Question: What are the key achievements in Namibia? - The company confirmed substantial discovered resources in Namibia, with projects like Venus and Mopane forming the basis of a new deepwater hub [42][43] Question: How is the company addressing emissions? - The company has exceeded its emission reduction targets, achieving a 65% reduction in methane emissions and a 38% reduction in Scope 1 and 2 greenhouse gas emissions [9][10] Question: What is the outlook for integrated power? - The integrated power segment is expected to generate $3 billion in cash flow, reinforcing the company's resilience against oil and gas market cycles [69]