Financial Data and Key Metrics Changes - Underlying pre-tax earnings reached EUR 5.3 billion, with underlying net income at EUR 2.2 billion, indicating strong operational performance [3] - Operating cash flow for the quarter was EUR 7.8 billion, contributing to a target of 20% CAGR for adjusted free cash flow growth from 2025 to 2027 [3][4] - Upstream production increased by approximately 3% quarter on quarter, with upstream plant reliability at around 97% [3][4] Business Line Data and Key Metrics Changes - Underlying earnings in the first nine months were approximately 40% higher than the same period in 2024, with record performance in customer segments [4] - Refining availability was close to 97%, marking the best quarter in 20 years for the current portfolio [3][4] Market Data and Key Metrics Changes - The company has made significant progress in de-risking its EUR 20 billion divestment proceeds target, with expected proceeds around EUR 5 billion from completed and announced divestments [4] - The refining margin environment improved, contributing to better earnings in the downstream segment [4][96] Company Strategy and Development Direction - The company is focused on delivering cost and net debt targets while maintaining a disciplined approach to capital investment, with organic CapEx projected to be below EUR 14 billion [4][5] - Strategic progress includes starting six new oil and gas major projects in 2025, with four ahead of schedule and 12 exploration discoveries made so far this year [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum built towards achieving cost and net debt targets, despite ongoing volatility in the market [5] - The company is optimistic about the potential for long-term organic oil volume growth, supported by a strong resource position [34] Other Important Information - The company is undergoing a strategic review of its Castrol asset, with strong interest and progress reported [15] - The company has secured a rig to drill the next appraisal well at the Bumerangue discovery, with expectations for a flow test by the end of next year [9][24] Q&A Session Summary Question: Confidence in Bumerangue geological map - Management expressed confidence in the geological map based on extensive data and analysis, indicating a significant oil and gas column [8][9] Question: Update on Castrol strategic review - Management confirmed strong interest in Castrol and is moving forward with the review process, with proceeds dedicated to strengthening the balance sheet [15] Question: Timing for portfolio simplification announcements - Management indicated that updates on portfolio simplification will be provided as decisions are made, with a focus on driving value and returns [20] Question: Insights on AI deployment within BP - Management highlighted progress in AI deployment, including improved well planning and fault prediction, contributing to operational efficiency [25][27] Question: Production guidance and BPX performance - Management noted that while production guidance remains cautious, there is potential for growth, particularly in BPX, with strong productivity improvements [34][40] Question: Economic details on Iraq contract - Management refrained from discussing specific economic terms but confirmed progress in production testing and initial operations in Kirkuk [71][72] Question: Update on Venture Global LNG arbitration case - Management expressed satisfaction with the arbitration outcome and is awaiting further updates on damages [76][78] Question: Balance sheet and gearing ratio considerations - Management emphasized a focus on net debt reduction rather than gearing ratios, with a target to reduce net debt significantly by 2027 [81][83]