BP - Earnings call transcript Q2 2022

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Craig Marshall

Good morning, everyone, and welcome to BP’s Second Quarter 2022 Results Presentation. I’m here today with Bernard Looney, Chief Executive Officer; and Murray Auchincloss, Chief Financial Officer.

Before we begin today, let me draw your attention to our cautionary statement.

During today’s presentation, we will make forward-looking statements, including those that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to the factors we note on this slide and in our UK and SEC filings. annual details. exchange our filings and to more for refer report, announcement stock SEC Please are on documents These available our website. I’ll now Bernard. hand over to

Bernard Looney

Well, join here thank the to us see good in and the call, to person, results. thanks, of it's everyone, on great trip. good. great and It's you welcome quarter our making you morning have you to those for obviously, and second Very to Craig, who are

our a two to and or, of significantly energy energy And do military Europe since these energy trilemma. a today. some are hope keep the that for coal from Russia's integrated going me contributor ways. And start of action from energy the lives We we and to hard And not for good people's hear to by put has in supplies. an us shareholders. and is our believe never transition. what energy. we and will of absolutely can company, question cost a carbon that help in examples at delivering and can You're we the take we of solve generation pressing see do our results, disrupting -- energy energy we help? performing believe while company costs problem delivering at been let in energy remaining the And purpose to focused context. all time, show the acutely acute and progress And, strategy I living we increased, the today. that, which That's people upwards, you flowing the on big before under to of a focused is today's moment Ukraine, devastating threat, spiraling and for the this we But clearer. And question results power lower role that. is obviously, continuing what that is energy same the That we for BP, security that conflict, for us accelerate need ask people obvious our what we call has set that us Ukraine of follows agree, working are while we stark and to that and trilemma; do transforming. energy with about and is affordability do a I believe context the why the that our owners, energy And against, long-term how its is value become that present company, on investing the an that integrated many

the $XX.X our the uncertainty reach XX% to to increase and the in share unchanged quarter of we all world the billion, further and generated quarterly We is financial $XX ninth cash we're in reduced this $X.X is During owners operating a billion announcing lose the a frame, $XX.X which per doing balance quarter, point. not billion. the barrel to resilient buyback. for per our shareholders, Crucially, discipline. and consecutive time flow ordinary share within debt distributions maintaining a With growing we're by net now cash dividend a

Murray oil our to good in we are in in momentum us transition I making improvements progress over And gas Murray. to how real quarter second the will driving moment, for But I'm you, have going also and update on to growth results. We take our through engines. our you Over transformation. And hand portfolio. now, a to in

Murray Auchincloss

here in nice It's room. the and Bernard, Thanks, to Great. everyone. you good morning, see

macro oil environment. the with price. Let's the begin with Starting

capacity This was and per barrel inventory average. in spare second significantly global the the levels $XXX $XXX from by up averaged the quarter. barrel, below During quarter, first per reduced five-year Brent driven

Looking during ahead, the elevated quarter. third to oil expect we these keep prices factors

gas Turning prices. to

prices high second in European declined the as supported quarter, LNG imports average a During recovery inventories.

the supported limited driven pipeline average Russian on strong power reduced first is from the at rose and and In global outage The However, gas moved Freeport. production in gas XX% supply growth quarter. the to the heavily Hub was dependent This demand. prices prices stages for outlook latter Russian US, quarter, of Henry by the gas flows. sharply by by of higher, an

the during lack We expect supply prices of a Europe. and remain to elevated to to third due volatile quarter,

margins crude and average reflects stocks resilient Moving more product. per This refining due ongoing of to the quarter. the than quarter, supply doubled we disruptions. to to elevated In margins Refining, expect Russian and sanctioning second lower to demand, $XX.XX barrel third in remain

Moving products maintenance a be cargoes operations, margins, oil partially and significant by production increase and Strengthened fuel Despite to higher contribution of businesses. impact convenience oil weaker In replacement strong. these first customers profit we In last factors, reported energy, received. and offset This second $X.X The quarter. compared of the realizations. and of the cost low margins our exceptionally an billion the in $X.X to results. from result from retail benefited to quarter, quarter, products, result higher gas carbon the trading to more billion the and underlying higher realizations. gas in customers' LNG, activity. the to first turnaround following the remains the strong. our products of Freeport marketing average environment exceptional The leading In benefited includes performance challenging in the offset offset in number a the remained higher result estimate quarter. significant the result of in than reduction contribution and in recent best an result at was expected outage reflects from refining inflation trading a impact by the Compared

Operating working the range first the to oil the to billion half This XXXX in spill billion $X capital remaining was cash $XXX of expenditure proceeds $XX to of quarter, billion $XX flow build billion $X.X million billion, bringing Capital $X.X disposal in Turning Mexico XXXX total Guidance to And for flow. of working of $X.X quarter. with second is within in cash guidance $X.X the billion Gulf unchanged. billion. our a a in -- was $X payments, billion. were with billion. of $XX.X included

During to Reflecting billion July announced $X.X on the ninth shares. a billion. cash quarter, debt results XXXX reach underlying flow billion XX. we third program And cash of intend of $XX.X was $X.X $X.X consecutive share results. the to billion first second completed The with quarter flow we to billion, quarter surplus repurchased $X.X prior for with quarter quarter delivery, fell execute of reporting net buyback

disciplined frame, priorities our five to unchanged. and has financial which Moving importantly remains

a remains Our first priority resilient dividend.

in and $X this is we outlined, dividend. announced unchanged cash Crucially, within XXXX $XX an of XX% XXXX $XX in increase enabled and the has all point quarterly per a buybacks have reflects delivering barrel XXXX Brent, share Henry which balance strong Hub and debt cash This business, reduction. real. Bernard underlying barrel around per increase funded the progress the As generation has to RMM, net performance of

is a continue allocate We strengthen credit cash priority intend XX% further balance rating. maintain second of investment-grade to to strong the sheet. Our to surplus flow XXXX to

fifth businesses, carbon investment the disciplined resilient fourth and And priority buybacks. third our to is and to low our of and are share priorities and convenience hydrocarbons. mobility allocation Our

XXXX to Bernard. XXXX the now surplus flow buybacks buybacks, we to to of to and share strong This We have surplus XXXX are through surplus. billion. I'll XX% over And cash of back half share subject XX% returning cash the now from announced of $XX a is credit investment of maintaining committed equivalent first flow rating. cumulative grade hand

Bernard Looney

you. Murray, thank

BP in to momentum So transforming to an some turning strategic then energy company. integrated

in and underpinned making want how excited I'm our relationships, assets, our progress us the engines that First, the hydrogen, to business. oil to focus and engines brand. going by second, gas capabilities, examples, little update specifically, quarter. a incumbency, provide we're And our two some And which the by EV is give transition I by on where this particularly and highlight we're confidence in over our growth on by by progress our growing last will by I our charging

oil So turning first business. to our gas and

flow, high-grading the resilience time for and maximize lower emissions, on divestments strategy in higher barrels, at to and the through operating and through costs, right margins cash focusing creating and best the is value. oil right and lower and Our returns gas

say me our about and oil portfolio. things gas let three So

it the first growth as our price. show material we Firstly, coming reduce portfolio expect from results to oil portfolio do, And to our decade, shows, EBITDA six price highly the is leveraged to Today's and remain gas to supposed capturing prices. our as just what over EBITDA is doing by leverage chart production. enabled from regions. higher upside This high-grade we and the

represent all incumbency. plan oil investment Through deep focus, the investment from resource around and base, to we expect around XX% in six. gas just allocate middle of EBITDA regions, total leveraging six gas by Underpinned material are oil and those to a we and from XX% XXXX, the our we chart. of XXXX and and focusing grow these from our and Secondly, that comes them

higher margins. Thirdly, unit

actually real in in our high-graded this together regions The EBITDA how XXXX drive to our oil plans, as plans through we XX% third to as we EBITDA portfolio, divestments strategy refining focus update to And expected and demonstrates high we levels confidence four chart aiming over and investment relative XXXX, cost resilient our unit particular. growth at regions. XXXX XXXX. gives margin XXXX plans efficiency Bioenergy, evolving around the through at we're level mix. areas by we to And us the are grade And hydrocarbons higher shared this chart in It's February. making sustaining same our in in from to in lower-margin it as our and with gas progress hold in illustrates grow in execute margin margins by

XXXX, capital And of be -- further First, flexible in in maximize we the allocation. major seven to start By our to seven high-margin a projects. investment. a expect value, end up we'll

billion from we Henry of our of increase investment $X to disciplined BPX $X.X in around XXXX delivering leveraging just a billion returns within Hub. of capable WTI X,XXX and over instance, $X we're For in in And drilling around capital $XX hopper locations Energy plan here, frame, at around XXXX. XX% to

period efficiency. half of unit Second, the XX% reliability the and over fell same reliability costs XXXX, increased production first year. last plant almost and compared In by to XX% to

renewal. exploration Third, and

aiming to explore enhance the continue selectively further We portfolio. to

a du a far to new potential participated a position this the And become the Bay Offshore hub. Offshore interest discovery we our so year, And we acquire in strengthened in And with discovery Offshore discovery. Canada, gas to announced XX% Indonesia. Nord oil an Brazil, agreeing we've

we've we day very and its E&I between in venture optimization. is restructured focused Energy, ourselves, portfolio today, assets. think divest Petro I Azule Angola our for company and with Canadian business created And year, a called China. This our Finally, have sand oil Sunrise joint first We've a our two and Pike to new in agreed Angola companies. for exciting Iraq

So that's hydrocarbons.

now turn two of to charging. transition engines, our me Let EV growth starting with

focusing customers. to they? we What fast with billion on Our offers focusing customer and deliver around our customers. to are around network sites, strategic sources underpin land, X,XXX clear Here, aim fleet With customers of by $X competitive on this. EBITDA XXXX, million advantage charging integrated global XX sites fleets XXX,XXX loyalty at on-the-go and XX,XXX convenience retail of our base around of

the now achieve like organization, own already X reliable charge last and relationships in potential like partnerships And provides XX% from around here, points, of United renewable shipping with help of accelerating BP. other and States. sourcing. like to since Volkswagen with the like we've licenses we're growth be our partners Iberdrola integration up we're electron to is the of trading strategic capacity DiDi, benefits gigawatts time, about net Our Trucks. excited by of Uber, We And We've offshore Over half opportunities rollout And the with like have potential our time almost to and plans. over regions one optimized year. sourcing wind expected business. Volkswagen, the secured which of targeted have our announced Daimler same that And XX,XXX XXXX. electrons

the more Germany, on-the-go what capacity. rapid, Importantly, for on are of XX% resulting rose amount be or context? you UK. at XX sold billion the the same points increasing charging. leading is previous number, first charging in XXXX, utilization EV least the assuming building now XXX had two-fold gigawatts This And kilowatts or And ultrafast. our to No the our through XX growing charge sales, XX around miles of a we that Around this And ultrafast, mileage of driven points provider rapid distinctive the half charge XXX,XXX more that for ultrafast. a seven-kilowatt equivalent of leading have XX% by by compared than And driven. be times around supporting expect billion our if EV rates, rapid XX miles will around per of fast driven to charging network. focus per EV that's than utilization XX on became annum, at kilowatts We XXXX our of just of annum, recently are rapidly electricity we to gigawatts the we is electron ultrafast in we in for chargers installed in more position year. XX% XX that's

Turning then for to low a anticipated We in growth global and the see opportunity given huge demand carbon hydrogen. hydrogen. growing

half, our is Rotterdam, We've Teesside in and cost-advantaged will and Steel And hopper strategic hydrogen global and sources to our in competitive reach Castellón and that X.X integrated projects, carbon collaboration XX demand And you we by all I manufacturing global again. What that, global helping to projects planned value ammonia industrial at and operate think, actively Texas have to of hubs around in read, for and own and clusters, green We're Initially, our markets, our the to building That's of agreed, the decarbonize where now largest of by and green scale scale with in renewable one production risked to up of international refineries. project hold identified existing accelerating record the users. hydrogen Hub, low to million green to more in will decarbonize summarize, hydrogen Australia, distinctive of leverage a competitive tonnes in hydrogen to also track scale. we're Thyssenkrupp you MTPA energy. BP including major the of create to feedstock around show capacity deliver supply at is capability hubs Renewable hydrogen includes of of nine UK. have we're develop in has hubs. business as create customer and ask Lingen, often is Energy hope AREH well to global this to Our million aim and Gelsenkirchen our advantaged focused pools, the This AREH results delivery. Delivering green that Mtpa strategy lead hydrogen annum. is our project establishing partnerships electricity that's generated green BP one our of competitive long-term our that to potential you as one-third the put global context, way, and steel today's our it help world's and that underpinned per stake. that announced decarbonization production hydrogen have tonnes trading development production of market complex operating will on renewables our and Asian of and agree hydrogen experience ammonia blue to major chains, than progressing Australia potential to and production maintaining we the To recently are over and in or demand, supplying a help and progressing are be Australian customer advantage. I scale as they, XX.X% advance gigawatts relationships, two To at production. XXXX. will decarbonize to our target X.X building

doing do. performing We The well said what company to while strengthen. would it's are we transforming, running exactly continuing is and we

real our to an in strategic We have IEC. transformation momentum

believe than scale that what this to capabilities growing the owners. frame delivering are now ever. focused than and remaining financial more has And needed BP And that is do. we address it on value is clarity unchanged help intended acutely is has ever for distributions, and It to is our And long-term the and doing Our energy discipline. we more trilemma.

thank should We Murray be you listening. delighted take have. that stop. I to questions So you will any for and And

we? room, the Do So we're in Craig, do. the for with this Great. We okay? you, they room, running or microphones start Gordon. are people we and need So And Oli. over aren't start to let's in

you. would get can great. that microphones So people, Gordon. if be we Thank Thanks,

Gordon Gray

Gordon Gray HSBC. of

With huge. per the somewhere The at the of $XX amount cash excess like of is cash barrel. flow balance moment

that you long over time? unnecessary. imagine would reduction how will where policy, because environment -- be massively delevers anything like quickly. it you to the stays point, with balance take of at sheet going the balance balance to us in been of think sheet. XX% macro some rather or distribution XX% the to you going the sheet you Your think that recent give If Can like you has sense a quarters, would And debt

So just year. beyond frame, a comment this guess, capital longer-term about the I

Bernard Looney

Good the CFO, good. for question I Very think.

Murray Auchincloss

Great. for the Gordon. morning, question. Thanks Good

Just can. That's Point make sure strong of the forward. that the one a newly scale as as to have two Point now we continue a net is back We is what's us. at in our funded to balance $XX you ratings drive What's that when agencies surplus XXXX. credit in we we're A-. then to critical financial about focus investment-grade frame, super dividend and focus for down if debt important. there, the That's affirmed cash debt drive on can move critical We rating. down on right us say. why be to sheet, we we need this, flow us is maintain organization, world we I in of the reduction trading S&P given particular think XX% allocating world. a to That's that $XX

let so world, able we're thumb you hope that investment-grade this we're make market update that price relative I'll investment-grade we'll course, world, that credit that a of agencies. rating. might think I about focuses ensuring be to a our XXXX mean and through when $XX it's the decision But all rules focused rating. maintain strong world use to credit about there. $XX -- might lower in cycle a what And to we the on Of S&P ratings on strong at helps.

Bernard Looney

The that it's I on terms us. framework, is the that on. is a priorities, big that very, the order during therefore, and is hope clear is only thing which proponent in This this, comment is very the very, to I'd we we discipline. important its now priorities made Murray of for tax, it's important add -- financial lose time and which very very so not And of the of execute is

focused that. very we're on So

going. if to want for might Let's And you yourself mind. don't introduce keep people online, you

Martijn Rats

I've Hello. Stanley. business. It's may, say at the about shales Upstream. questions, And US I a few you the the about hoping Martijn Upstream billion Morgan related $X billion sort specifically Rats got about broadly of words both shale, CapEx increase from two could in $X.X US if to but I to CapEx. was Not

evaluate given to Sort of was few of do in read these capital Mexico, And could of your do of oily use of Gulf want I -- regulatory a I with changes, sort about say of for days sort business going words think do is I question I wondering little some sort if ask on, the you you projects? type to but those bit to that. the really say outlook to what's you of the licensing have a found rounds? is, difficult make second CapEx? what And you how types trade-offs what cost the other

Bernard Looney

between think $XX and the business we've good. Very investment decade. billion mean in hydrocarbons on $X to of in generally the Upstream, guided hydrocarbons billion I this I overall,

increasing investment hydrocarbons We at are margin. the into

the next is right to allocating in $X.X process the of we're US. Haynesville in It's Tcf the market. like to The of probably billion Haynesville XX So things the around gas.

lowest of the are investment it's And, more in United gas So allocate make to the business States. our obviously, $XX. very investments, that XX% at allocate, gas will investments strip anything methane emissions of cost, rate and allocating, will it's lowest we over a in probably capital flexible returns returns are The one at that. need significant. return and we're expecting from our like The to oil that oil

second where The to We'll we the probably this can, helped to core be rig that can So me decisions make allocate security It's on returns. a for to capital BP. where focused continues very can we're takes good add energy GOM Gulf business your in where be running Mexico we well. question. making of and year, a which to

is adding now. in intervention in three well. We've vessel to We're XXX We I add the intervention going the are leasing. around all. pages, There second. it. bill something, yet vessel. so add going going the We're had uncertainty proof hasn't inflation an investing it a a to They're fourth. second say The -- or was I've I of a got We've right passed think, rigs can't a what in now, there current GOM. climate one bill some process as read It

it hydrocarbon So of to based missed? EV security the the wait anything same of a energy business, which balance, today, strike which at Gulf will the a is our hydrogen business a delivering to system help provisions, I lot is in obviously, and Mexico. our oil climate that. time, in the Murray, think wind offshore nod United our I've business, think pragmatic US. It which we need on and attempting importance gives the States. to to gas. And of for between a gives a is nod But quite sensible leasing And I

Murray Auchincloss

up very, wouldn't past, opportunities have have strong seen, seismic in there's seismic done, as seen we But that we we'd an very, the new new new lighting Horse the targets so algorithms, that recently there. and example, seven that very exploration didn't think interesting have past. Just in we've Thunder stuff been around

that, opportunities base beyond fantastic. Mexico along would of to we're hope, think very and see Gulf four further maintain of five solid So big the starting through the with a moving us to allow decade I now to be hubs, exploration I maybe

Bernard Looney

please, head in definitely the of a you we'll core of might to is regions, six room, like just and back. as today. and Yes, then and be Lydia. We'll region the one this Certainly imagine, core come will XXXX it side

Chris Kuplent

Bank talk Hub little from a whether Henry outlook can on America. Kuplent of bit your wonder about in I you Chris particular. Thanks.

the a alongside that, in You've comment Hub. strategy terms about fits that of interested how on call already the regarding you longer Europe briefly, to higher your seems exposure America mentioned exciting Henry flows, as And for swap. be strategy your like me at to think for perhaps very have to it's Hub a And you you Energy out, seems Thank in one of or offering would returns I'd takeaway I for that higher a you. price to hedging into What's your but environment Haynesville North excited locking Husky around new region you deal Offshore, I interesting? some a place opening to would it announced Canada, gas how margin. it, laid up financial great wonder How on Haynesville the any into capacity, your and and are it your longer strategy another you Bernard? core price world hear how refer translate East Bernard, potentially high-grading effectively trilemma that view to the let's your view? long be either take don't energy Henry environment. that

Bernard Looney

I'll let uncertain for I the Henry and commodities US. right about all hedging gas. outlook now in with the the as talk Hub largely Very probably markets is commodity in mean US. good. Murray

coal probably low turn particularly a States expect there now. we to the been a to of United globally in is particular, think, in -- are retired. on limited capacity volatility. has is compared to to quite of bit elevated and be There for levels, lot coal Storage think, remain because past the right I I

up down, drawn a today. and has you're the On across which the side, of is so relieving that's heat the wave flip There's hard, Freeport been $X prices US, seeing some at pressure.

market like in depends. all it the being very will the on higher cold a is time winter it bit what come that High-quality, go think Freeport quick needs making to to Murray We very, robust you'd hedging add and today. like those weather. Storage you a But see without with anything in low investments could to than Haynesville, for seems we're Haynesville the being, probably do terms the need payback I it and emissions, be So then question. back. Husky? investments of looks can

Murray Auchincloss

Yes.

I and acquisition get think we we're flow ensure ago. on BPX a we a pay that dividend generally, price and few so ensure of trying our cash can back strategy, to hedging years the

So with that, years. CapEx we're we're to still XX the months about dividend of year now, Happy that this right increase along and the getting $X.X with in Bernard out due hedged it's about billion X.X mentioned, a hedges. out BPX,

So with we the that returns, a in that purchase the feel few very ago flow BHP. cash continuing pay pay we that strategy years and sure in we locking dividend, had making of back comfortable back locking original price from

fantastic far we're du Nord, very As Bay excited as yes, Husky, about discovery.

to forward up. Looking opening

because Very Canadian, I'm think excited it. it with I I So no, I? maybe describe get you, a about as I time. operator It's over Chris. we're that, that talk then Mexico say interest in we'll that. a on can't But right the take we to as Equinor. close the say We're as in the now. lovely to about another excited, once reservoir. more extended. hub very you winking at an very and But actually XX% happy extended We're stuff work can away we Gulf And with it can we'll outside. of

Bernard Looney

Good. Great.

Ireland, Canada, to in going we're because would go into But... it exploring add. going Just doesn't mean we're I oil in

Murray Auchincloss

Didn't You rounds in IRC. you? did get the license

Bernard Looney

Yes, true. Close. Lydia?

Lydia Rainforth

Good if could. Thanks. questions, Barclays. It's two from Rainforth I morning. And Lydia

remember idea existing are. assumptions planning I is largest can the where gap to First and that back one, just probably prices macro between coming

risk end to through other a accelerate? that things is to on opportunities to missing does if how then challenges So bit what should the other present up this you that things shareholders. you of I So challenges, you're it you And Do does at appreciate cash as second an talking ExCo things? accelerate or out all? little actually or And on the returns that creates increased one side of can time the this shareholders returns further a umber looking going where n terms of the But that And a around, how dividend Why crisis difficult in cost just question forward, in a this can as context threshold dividend time? of to that for obviously go? billion increases? at -- far of what's cash living to. for X.X You've well. the go also just

Bernard Looney

UK have the very, right across If not question, very about mean for go Murray understand recognize and me. you planning in at difficult living, take we that get think the that. world I for we will he really, just right I We I'll a of correct people, that a have very and something very, I -- that place second terms of the it's That's all cost talked by it. prices, but now. place difficult will in a it's absolutely way, the this, is the to

get the people to want Our They inside help. company, it.

Sea so Britain is we the help? in to what said becomes to for can do to invest development decade. the transition, there's also next the be up is course, do that the hydrocarbons, a in going in that we're and energy with lot going billion The question to UK going we're example. this of taking We of we into going to today be here in in security we're but to the And And, Merloc North majority going as that. the do what one to in stage energy to £XX that's back Britain. continue We're

The second we're create to thing is trying that we jobs. do

in Net-zero we we alone more put which that top taxes this during are do will battery jobs taxes. in we already announced when profits just this we we're operation. are that And even We Britain create energy rightly have we'll in we'll X,XXX for power pay we what planned had think over pay the investment project thing week higher is those research create now so, our through an decade X,XXX center that Pangbourne. higher, what And in So global will we pay means R&D And we prices taxes. do. Teesside of over XX,XXX and that's to construction, Britain, plans. going third on jobs levy,

the dividend ago by a of returns we that to we to decision into remind In to terms dividend and cash take of cut years just it's XX%. cut ourselves two difficult course, shareholders, our that have had

look buybacks us since of the this we've numbers you exactly takes had second cumulative quarter, beginning If the announced the that in for cash today, to the billion at surplus program. that XX% X.X we've that

$XX.X surplus was us exactly I to think XX%. and it of amount takes the billion today

dividend resilient following And you've that plan Therefore, resilient. simply prudent is because is world way to we're want the number increase, say word seen on the that, that on one we priority, wanted the our in we math. that anchored Lydia, to we think what company. $XX be We So dividend.

-- while company the point And the taken of which which debt, down You've our in of of burden. the expense that share count, then all that also means afford can seen reduced has the we thing importantly, is increase, of we dividend the balance interest gross the has all and to Murray dividend and keeping balance balance things point prudent that that constant. down keeping at XX% do. felt a performance reduction taken operating a given that we was look a

haven't I hopefully, explained So that of any incorrectly.

or to move correct me the prices. can planning You

Murray Auchincloss

Bernard. Brilliant answer,

the we'd On to cycle. it's like Lydia, prices, planning look important, through

negative. didn't back changing oil So if We We're things. did was how we you price Price is change now. years not two look higher things. ago,

So those. cycle, We we into hurdles. invest through our we have return look

where change pursue margin, does fast options the On in on payback. margin, faster you'll the planning

you'll the well at So about Gulf work, like well talked Mexico. of look in rigs, adding work doing Bernard

cycle the $XX to through from and at the the a accelerating through a short-cycle business. as inside focus BPX cycle. stuff some to of on But world thing look shape sensible really on well. us overall on We margin relative seems that's You to focus

Bernard Looney

should We on on audio. to is Jason people. told, Zoom, go then we'll Oswald maybe of Kenny online, Clint and get I'm a go couple probably

can Jason, we to room. the So Jason. into bring you if go

you I possible Maybe yet. the Jason. hear see technology. think Can us, with it's Yes. us? Not Not yet. that's

So No Not it. Go you all. for are. let's you There go Please, -- problem. there are. at Jason.

Jason Kenney

of couple get you Return to hydrogen, the soon. years

earnings investment positioning, When phenomenal generate see the of in that? do molecules kind Secondly, obviously, state And of ammonia you particularly toxicity world. line businesses. I is hydrogen, debate new when frame able scale, significant, you parts particularly define So the the looking other transport of if green to outline if I but Australia bottom to solution, to of to is mechanisms. for being get you you're your about solid those you transport also a that? Bernard, and opportunities. need hydrogen the other rising I'm What do is to kind on the of you're going transport money first one, mean, into Australia, third massive Portugal, wondering just There it take? going the What on may, to Spain, contribution expect to kind UK.

cap now well? I fusion something into interested large BP startups? be as in are could of think Is it integrateds that four the invested

Bernard Looney

good. Very

think Okay, collapse Jason, very think I into one. I'll questions hydrogen, on I quickly, both

things So on low energy on we've plans out Anja will that She's one joined real working that of has and there hydrogen what focus got, a a be on offshore in our are us. space. coming focus is what of the and the hard real carbon wind been

will you that see So coming.

solutions, at talk big create wants need that. people teams of When about side, to you're one got arrives There for of run. The long green looking hydrogen. other In hydrogen into the a it and global is to terms lots the will of transport are when we everybody are it's some different Not the right, at recracked market ammonia. challenges the transport be hydrogen, challenges. in

update, sort our in to In then we her of that terms and frame when updated annual look next her do on share of of, update February be we'll on our joining our when Anja things. us financial on at that be will insights will outlook, and year

margin of about is to that be. energy That's get We've do talked In is think trying terms if the opportunity do through there to too the call world is But of out one there's some transition knowledge -- to do at it, of the slow and ways try investing, we five engines. of you very very, transition our much. are where down growth the new We ventures company focused. to needs to of we the may and are the business. one our things businesses, a I

focused growth on need they those So on to and the we're are to five, and us. engines, that those deliver things matter we very those,

where Jason, really on that's focused, those five. So we're

question. for thank your So you

Oswald Clint we of to please, Oswald. can Bernstein. hear go if Let's

Oswald Clint

Yes.

If me? you can hear

Bernard Looney

Oswald. ahead, go Yes,

Oswald Clint

much. you Good very Thank morning. Yes.

customers Firstly, products. on and just

purchasing think and called margins in inflation I and you the out behavior. release impacting customer actual the costs

You year-over-year. sites XXX do more have strategic convenience

to wanted So of a is. changing get behavior I purchasing that's what sense

business business would flesh know carving If billion it's here? know week. don't position interesting a around times I eight That gasoline you first additional in affecting guidance. pieces $XX it believe India you slide. to or not, your North mean, strategy trading It number one be on your And times is could I XXXX BP the business, this secondly, That that little around of X.X a would have on bit it billion, more. out in combining Is the then closer EBITDA. EBITDA, interesting China But -- growth $XX to if put for looks like you and on India. America,

comes when the DPS transactions, So let Thank I'm in you. thinking and your just buyback over or evolve out together, curious, through does should assume it the just we all we time? you any way line see line such come

Bernard Looney

Castrol Great. question. Murray, you the let I'll take

various have. complex that terms reality, you across picture relatively as the the we behavior, Oswald, In a look customer pools it's is customer of that

to Is price? down relative people we're a I what on that? customer of gasoline about it worried driving it seeing and hard down relative of today? sense that very Is behaviors recession So true it's changing So inflation and sales get to is Is XXXX. gasoline. to pre-COVIDM patterns? a And think of impact course, the are it

side, other X% the up United sales States. diesel in are On

So is than more actually side. be the refining say, diesel is numbers a that you is the seen and in Diesel we towards to some reasons shall others. recession-proof, system which our bit will refining have of diesel, one quite strong today resilient, biased tends

United sales XX% is States diesel quarter-on-quarter. the quarter-on-quarter. Aviation up are It's fuel up. up in over way So

convenience aviation strategic doing It's is actually rebounding, said, The levels. well. but actually relatively still added really So well. doing not we've pre-pandemic you back it's to And is business sites. relatively as

for adjusted strongest ForEx, of you that it's If quarters we've the had. one

and now, number more come the are back more I have May loyalty that ever and transactions the basket million had, of app customers. had we customers greatest think, and those BPme XX We sizes The up. seeing it's on in

a mixed think value Castrol This value early can a and talk in and very down draw very maybe business see very, integrated this up remains business, and important the where other picture, to than Murray it's I shifting So that part. about integrated that many too question. will conclusions we the it's chain

customer Castrol? So a Murray, side. hopefully, that gives on you the sense little

Murray Auchincloss

Yeah.

to nice hear Os, voice. think, I your

way. go You Castrol we now. is has more manufacturing that side That emerge, particular, we as of that to lots you and know we have the each including think the know create way with value of with as Fluids integration right AV that businesses well. sits integration value those the in

customers lagged. got Additionally, oil to Castrol because of is huge right us. shortage on price has It's tremendous additive on now base move behind The oil, the price headwinds passing upside. starting has out of the

We the world. high-grade around the the have warehouses to opportunity

that COVID, market massively opportunity back should We decrease we'll efficiency more markets advertising, to from we as will and getting to especially in rebound, SKUs the share. have Asia drive get business. into the start And

a And see built value about. by that's we create tremendous into that we the we numbers opportunity think Castrol in we'll it growth BP. with talk together So for having profit

the question buybacks. so yes, And share you'll is, dividends answer yes, that to see your through and

Bernard Looney

think number. Interestingly, and I it's extraordinary an Murray,

the Because in the we're which done, EV Oswald. source says that space. lot on I into of and Castrol team number, charging that I And think of to market between you, vehicle the batteries. XX% are recommending on growth. Thank in why space is the a XX% seeing doubling filling what it to business. we're manufacturers in this a the extraordinary and XX% XX% obviously, and EV of day R&D new system it's has one, coolants for pretty the emerging think . It's in coolants down

think Lucas and Irene then we'll great. Irene. Go keep we'll Yes. -- here to and I going, for go Amy room, and it, the in Great.

Irene Himona

cost Russia. Freeport this Himona, Societe estimated And numbers? And Thank first the was actually to these what just morning. of Generale. question please? year you. can outage Irene UK My your provision if was a is What Good numbers. of my windfall It's relating tax, the on clarify question, couple in second then LNG I the

and Russian and mass exit You've to unplug trying the exited is worst on energy.

what As we're and in you financing? can oil of trying producer, this Just the gravity and to facing be not challenges to are us that explain or major Thank try what here. you. understand whether you're gas logistical operational a or and try the do to situation,

Bernard Looney

Very good, Irene.

question, go I you could on that. full you but have for Russia, Murray, do put at a get only maybe think and can but marks windfall tax together. one in Freeport ingenuity it we

is the we're a we the best of are estimate not Freeport that LNG, accounts. is providing what management's number. impact of outage today's full the Freeport in -- But on best seeing Just

Okay? So impact. full

so in that you forth. windfall accounts. is valuation tax today's judgment in accounts is the is And the around seen taxes cost best that Our tax, in deferred not have our and issue accounting secondly, on the the on of estimated windfall changes and a will an number so and

and will end report second year. half our the year, You'll is at the the seen estimate we increase of provide the have what the of tax for we our taxes of when number

and then about talk expert, tax me correct can a Russia. you You're that, on

Murray Auchincloss

one challenges systems, about just obviously, leave back oil where is to I'll alone. was Russia energy to provision. prior conflict. the that Products lower. in Russian it Great. the remain

for challenge with So gas at, really XX% the impacts market I flows Nordstream, biggest on out levels that's those Europe of of down the think, supplies. gas and world. obviously, a low just inside of products are volatility coming the And then the with diesel, natural natural of -- especially Russia, being historic rest creating that's and are

so principal that, impact products the portfolio There's the like our ore, now. cetera. see really in bit not across really world right diversified and us. We're et of of other of sources really impacting that's well we So that's a loss iron our that

at think I it's gas So we key stage. principally this the and natural impacts see products are that

Bernard Looney

We'll and you, Lucas Irene. to you, go Thank Murray. Amy. Thank

Lucas Herrmann

give about to Murray. six capital just -- if in Thanks Murray. very us add consequence very ask wanted has you Can very a talk BNP I obviously a you what actually volatility about we of might just pretty staying trading moment, you trading. trading much Could result. Exane, a and had and rate elected good congrats a an And extreme. on last take how months. as take might, I Ben Back Typically, X% with Herrmann Lucas of looked Trading, down to from as to impacted return see degree. strong to first trading been you numbers? end the if some half to within that some example, down idea business trading has year at income and for it's be run LNG, volumes,

Just the how about you And is opportunity not business volatility us substantial think only because is large, Dog. Mad as are give just projects? moment a risks impacting trading pretty the you well? secondly, wrap mention at the way Bernard, but the could then obviously, You on the didn't

-- progress? than take in from with where on I rather of terms Coral? we rather else, are to you Tangguh. or when emission oversight just an mention presume an first are but And cargoes expecting didn't that than anything projects, You

Bernard Looney

Great. good. trading. Murray, Very

Murray Auchincloss

you not exceptional I'm course, and double on And, to We'll our them. going gas. Lucas, quarter Yeah. average of for rate. give run exceptional oil guide in had you and

energy think let challenge about decide markets like those big you'd And way don't I'll particularly through isn't hedge that, inside the provide we that right model and it The is to you are about. above really that, now. sustainable you're X% the you this. natural to foremost, with our impact The as trading job gas guide cargoes how first make is specifically. Obviously, flows, you right to into we've XXX liquidity Europe high the sure you cargoes right go it's that help. your the but talked traded half, obviously, is that profits that Apologies. do as volatility Volatility, first now. we to

from You're press see seeing you of in many the announcements that other companies.

to high difficult liquidity see that through sure risk are we and price levels market. through liquidity really manage why principal this our risk So winter. the through as we the making liquidity have so time volatile that you That's that we is a to cash enough move move manage

particular Bernard, volatile, like system. a projects. on company work that's our is through Over that So it and you, that can demands why ourselves to way And liquidity.

Bernard Looney

go intent the wasn't said XXXX. all Lucas. the through by seven projects, projects, projects On to We

as a to has next It's at people today last talked having medical time a I an think, But is and back any them. facilities asked somebody very Dog. can of over not on perspective, for and at could on we're challenging with Having XX,XXX hurt, but I an update very, you give Tangguh couple getting you or been for might facilities imagine, the years. site on think, you I it the The will actually demand to -- well. ramp as medical we from site with pandemic imagine about doing, on back workers number team Tangguh And in accident that COVID up. site XX,XXX have of Mad and then going job, Tangguh. location. a Dog topsides That's has year. we that X, to looking up Argus, well. gone Phase end and the all of fantastic done. good. commissioning on by Mad It's start would hope the you

The soon we have Amy. it's Lots know on Argus. joints lifting. in On I as the two Tortu, before guidance the projects, this goes riser, risers issues We guidance. update. flex Great. the some we more, ACE, other And the moment. on encountered think We're as first with year-end those of remains Coral, the at as two around evaluating will year, of end list right on. for

Amy Wong

from Suisse. Two Wong please. Amy me, Credit It's morning. from Good questions

is now, change to on you tax you've rate, effective due which guided is one a the in said mix first of and geographical The profit. your is it the down

carbon when second I a market. geographies? elaborate guided those of then And core moment, first in changed for are those nonetheless, offset what's the think, relative It's you on effective but very new in the that, important area And a could the is it's on topic, at moving industry. the you but not what Apologies So parts but rate? -- and some unrelated. fairly to question tax

that's during article prices response in recently evolving. about all Thank I'd to that, that Mexico, hear your some about compensation you. love your So more about -- and appeared an talk practices and how to

Bernard Looney

and tax one, our one. the first take will to second happy the I'm expert take Great.

tax. start did You in

Murray Auchincloss

Can't on sit I? can't down that,

Bernard Looney

a did grant the get -- on, carbon to and article true. don't time markets and we created Mexico, and think offset carbon answer have all here to whatever, We offset but On sort making the We're established. That's a was. We in article contract the at that Mexico share that details, a created the price contract fair did adhering at principles the market so get around into obviously the of is is went I of No. market the frank misleading. or we the market communities all and sure and that. actually

of all ours. a that the expect like you from company should things So

went grant based thing think I the make not being had market that is a the which that everyone realized and more equitable the a Prior did in a recognized we maybe made there we the are on that recognized we -- to renegotiating time. article in it. outcome increased price would that and had to market on market establish not realized, published, fair but that at process So based of contracts prices, We to are is that today's doing. do, the sure

a do believe, And overall, tone think levels company somewhat integrity you would like of is carbon offsets. from expect I what should high that And particular ours situation, is in the I say, misleading. So we we and no exception. in

gives It me rates. clarify our position. the to asking Effective question. tax for thanks opportunity So the

Murray Auchincloss

Yes, Amy.

XX%, First or give effective rate. half of take, the year, tax

tax results. a guidance we the plan for refining the year I for the year Hence, stronger to did exceptional XX% plan normal half beginning what for suppose rate. didn't that was at Second back plan we of didn't XX. much full year, the trading we of nor market

So the seem effective possibly never lower. the trying that's is XX% if account year. It think hardest guide on things, really is it at back get you effective to do what to an for we thing we'll guide the those right. rate But full We be drives rate. take of to on

Bernard Looney

Thank you, Amy.

and in to Jason on Zoom. Jason go see at Paul we Gabelman, can, to we if get we'll go if then And Scotiabank. Cheng can Let's

morning. good Jason, So

Jason Gabelman

you. thank a few. have I Hey,

refining on business. the First,

you wondering minimized output peers Can helpful. inflation, and would well of margin our absolutely on That that is yield and I'm and But you you have that out the then assuming peers your cost. side natural but produced, side? on discuss your all And discussing NGLs given intake Europe, you're think be an have planning more through the in inflationary managing how within gas managing established the less cost capture? how impacts as were refineries the lower I the being just be does been CapEx relationships third-party portfolio. that to heard seem they suppliers. that we've power oil renewable business, with secondly, build I'm just from our environment gas just impact

Bernard Looney

surprised Jason. Thanks, to natural usage I I'll must which gas when the I'll Murray refining. second let reduce our On saw the gas take I Europe, managed number. almost by XX%, we've one. say refining. take In me --

gas, different the to I doing on hard trying and to try natural think optimizing been been working they help to as teams and the system ways refining use and very that the have their find facilities own countries. power they've

any hasn't in Thus in Spain refineries far, way. it have and We Holland. output Germany impacted and in

is if exceptionally and some compared others, you over at refineries for is that which the some to In look utilization, time. Jason, fact, one utilization, of XX% at quite our Running highest high.

to strong managing we're utilization. maintain So

at inflation output on refining stage system. strongest usage, impact I Some around, the think reducing the but gas renewable Murray, on this natural of the of no power.

Murray Auchincloss

us X% in agreements really different purchase price in especially see seen renewable of inflation relatively amount, cost same prices. steel seeing the rules watch And Year-on-year, locking power rounds, all That's the That's in wind, It's ore the measure changed indices increase around overall steel so recessionary in returns last aren't kind US. That's commensurate now. rise stable. not what the wind iron talk. United starting power The so you XX% well, that in reflected are prices, prices, by in you're et course, from mainly is going that to deflate the changed. Yeah. a a of contract latest in and stay XXXX. doing thanks that theoretical we're a But offshore answer Jason, iron theoretical. joining for are States. and But, because the world. difference a returns up we've the right thing commensurate And On programs. then last gave ore for offsets offshore those to to we've so quarter. probably can cetera, with the the due as of in power, are seen quarter. solar since And I early Nothing's panels

So deflation we'll XXXX. flows be these capture sure of and that types enter trying to some make as through that we into businesses, that we of

Bernard Looney

Jason. Thanks, Great.

Cheng Let's Scotiabank. of go to Paul

Paul Cheng

good morning. hear Hi, you Can me okay?

Bernard Looney

ahead. well. go as for early Paul, Yes. It's you

So you joining thank for early. us

Paul Cheng

Thank you. questions, Two please.

of guys stock. the about XXXX, you annually X% but through still talking are also you on a First, buying increase, dividend back lot

than with so the since more you to shift phase X% shrink, because would afford than like able And be more X%. public back to going buy

first increase, So the the of pace consideration looking when increase? that we're the question. at should how take potential That's we into

refining us of this big you -- how much between to US Thank disadvantage. but higher prices to US, go system is that that the that's versus natural into much Can reduced the in consumption again, advantage a your cost European the the difference you you. high over quantify caused your gas natural for by Europe in want The second Even weighing higher the though there? refining XX%, question, back your price with I Europe. gas gas system, and due

Bernard Looney

Thank bit. you, on me Mary, second maybe the Paul. little a help one

the that a really the to for we right think anchor want a -- company. it's to dividend, The here we're is $XX the isn't run our with to think it? maintain It's that price. fundamental balance it's on earlier, guidance oil way We at I $XX. we We On dealing factor want point. X% is strong what said

for As We've you pointed lot we've debt that, a quite interest in by down. so oil expense brought XX%, also of are down. repaid the while raise that well maintaining fact and count out, rightly the That given brought the shares company do outlook environment, a gross and $XX quarter, a the share of sense, price dividend debt the our to purchased this lot the is has running we able that means a that's breakeven.

the guidance our is. guidance what So remains

we've current and to dividend. at achieve that resilient I meaning capital, X% and on Resilient, $XX call breakeven environment, the First at today $XX. seen leave should what And you've Great. that. in managed

Murray Auchincloss

refining, mentioning natural European On the you're is in than is United I think, Paul, gas States. what Europe that higher the price of much

And European that the so does refineries. impact

are profitable. course, But nations. them much nations different taxes it carbon Demand different is as well. makes between less Of between

primarily refining profits suppressed time that. I though. focused difficult Europe it's complicated for a society. probably on more But we're should So would all than that's and are period, I quite we say. It's flow say inside think

Bernard Looney

how the we minutes done with time? Excellent. then and great. are Okay. the in online. we're on Mallik Great. XX Craig, Okay, everybody are phone, There room. doing Christian on

So Christian, over you, to please.

Unidentified Analyst

Hey, good morning.

balance around and in-person. feel and accompany becoming to of assumption. guess The gets exacerbated sword a sense periods it didn't discipline have my was of conservative relatively by into pointing from for long-term disbelief lower demand it areas just me extent In of high This of there that what sort be planning volatility where a also I to slightly does sort for strategic. during on. a heightened towards recession Most But been is sort point we visibility questions So of answered. is fairly more so that of degree great going you see $XX ultimately view, double-edge the the longer a demand, concerns industry now? to

to anticipate question to ask because I So is, beyond I raise that it this people -- cash my of can't you point? focus if of to or does you of give managing the you then the environment degree the that? is, what good take take question on around questions, to So process breakeven a guess to balance decline? from pace then the medium next that you. efficacy always going for term your wondering to sustainable to Thank sort oil an believe key the there's two And guess would it macro you're it. one sort for is what just the that do flow. need volumes does years, to of corollary But market are cash what that thinking consider I opposed as but about sort maintaining and thought know of of over determinants just want interim your more

Bernard Looney

you. Yes, Christian, thank

just of say So I on things a think this. to couple

think history when First industry, value all know of our is a of the lot which So we price. that not was all, I'm we of created sure I chased

is feel, lose was purpose a I, script discipline. in And at that lesson meant and feel So the in that to the Murray not BP, we mind, which is learned. with now time we have like today is the comment that

anxious thing this that new to into history. the world to not we're cognizant get this and that's world that drawn industry's the first into say So believing are will new is this of forever, be we

given So cut it that's call two, that want point first which years on capital ago. in our it means one. having to number to we a that Point dividend, protect we talk the number financial our about And just our dividend being resilient is that is framework dividend. of experience two

in very fact it to on. on that and that we sure terms that $XX dividend. to prudent that, and that on that making believe the of so are in focused prices production higher maintain So a price thing remains believe much light investors our But And, much, breakeven we're the right do can today. our of is owners we rely therefore,

good potentially where towards will talking the that for feel in about Haynesville. returns about You've to heard continue capital the the gas returns which where are adjustments that our we energy at particular, relatively billion, flexible. make those owners $X.X is us and we more, today, today allocating about security natural can get is margin in we And hydrocarbons,

to the very, the very So and anything I And is add? Murray, right but to thing this way do we to have concluded. question we right what believe the well, the run that's company. understand

Murray Auchincloss

our yes. is focus, Discipline

Bernard Looney

here. question in Yeah? focus. back I room We'll guess, the go discipline Christian, is you. thank our

Peter Low

underpinned from that had of do the exposure are Hi. to one of need just Thanks to that? to feels especially so existing merchant, not linked what thinking between renewables increasingly what PPAs about perhaps still financing? gigawatts environment, or of XXXX. pipeline, opportunities that, your for taking split then where Peter volatile Thanks. more for Redburn. I advantage that and target, It question. PPAs on already Yes, perhaps acquire develop reliant And is deliver merchant Low you're how now by XX existing you're like extent to having kind the To on renewables by showing price the an your you business? It's within you in energy extent

Bernard Looney

from our shows an will wind lost merchant and thing. hope gigawatts connection Peter, capacity being of the real also, wasn't versus benefits of we there. the about own have the network a charging EV the it our I'll And offshore that take there five I Murray integrated But demand the of being company because gigawatts let point XX on PPA

very expectation On very development I'm at a buy the solar to a that that that It's something gigawatts, We're I go going reach to well existing machine. underpinned. therefore, XXXX mean gigawatts X.X be solar. by XX that it our and is we have to XX there. pipeline XX BP returns will get to we're And, Lightsource continues way think, satisfies underpinned will The doesn't and gigawatts. either comfortable in that effective XX% our over by gigawatts largely be today.

that. So Murray, merchant. say PPA's that's what I would on

Murray Auchincloss

about think different we about we that start think sales portfolio that way we that and the a The what it electrons anchor in can we have is sense, are into. to

has think corporate demand parts gigawatts like We'll you've own on-the-go We'll et will with big fleet marketing potential Bernard with done seen have already publicized. deals have of So the that of number teams Royal that different inside their aren't about customers if you Microsoft, cetera charging fast that mentioned the Mail. the our that business, have XX the demand. that have

net-zero have green sinks Teesside, if put You'll all a hydrogen That will globally. across there, green be such will. other which We'll think we plant natural natural hydrogen our as refineries opportunities in have of sync. I we a

with arbitrage. for on large we and natural have natural gas, decades. that into through these four natural and then gas very, trading plow sink done trade, can electrons natural We which our is what things a we then untraded we've very So to established we for

very, make don't as do? that as integration you very can high. do the are enhanced do But create of the projects. see, to percentage We'll we can optionality returns something I decisions inside we the close is get to these we're That's what Lucas' that those each on this when you the evaluate. So know. sanction And importance continuing you question, portfolio. to of certainly, given

having years type plays, ahead, a returns, as we'll very what in do the programs you pure you'll versus offshore volatility. is And of into fixed I So returns where I'd the big we'll each be and company, think that that space. they'll investment having different -- take think, update play in say be the returns see I wind these of we ourselves

Bernard Looney

more Peter, thank question room, last you. questions in And sir. Maybe No we the if the yes, can. online.

Henri Patricot

Patricot UBS. Henri Yes. from Thank for you presentation. the

changing Just wondering by of a decade, follow terms the half drivers terms point is second it evolution an one $X I charging XXXX provide inflection number in of in or in does of charging stations. target a the the was target, over points, of here? EV left expand EBITDA you course EBITDA billion And on closely the kind on there of the and was XXXX. your

Bernard Looney

Yes.

have an you we of for EBITDA what we shown have target don't I but number XXXX. EBITDA today for think XXXX, -- so -- we number do the is have a

will I Henri. to you see in second think already sites the positive, that start late will the say I it second would kick EBIT the being early half. actually some half say of the decade. We're I seeing half, our in, second wouldn't of

in a is double-digit question this today at And are already. utilization. So XX Britain of power utilization top driving sites our

of over tipping representing now, terms sites on see top to a I And point XX%. that XX in being Our coming about beginning EV are we're X% real think I we're tipping sales a real history. in China globally, based starting and to point see the think,

It you start-up, to a people a is say, if have Very million live is actually wanted should site. you EV we land. very minutes to do doing. be the issue start access optimistic. what I tomorrow, optimistic always if this business. biggest of XX exactly in charging, So wanted do would company XXX within a to BP to you

there right enormous incumbent and So this advantage. have we then,

brand. a have We

convenience a have offer. We

loyalty have We a scheme.

we'll maybe is on and are focused we're about company and When time, all service. that ultrafast these which the next Amply charging, come crucial, and fleets. have management a talk in or doing we America, that the focused what recently back team we and hardware on We things fast focused as software a in service, charging we're is as bought there, on

possible more what's So even huge attractive. of are EVs of this quite And energy about price today, frankly, course, space. in the look excitement, with

on So Uber, with we exciting shall very see. a expanding in It's that Hertz in We're We're continuing here it United all space. growth Royal the open. now States. Mail UK, we're just the business in to with

and prototype. on for course, would or it buying and sale truck, And close, weeks huge is a not have sale, you of was showed an at In I four extraordinary unthinkable truck ago, is of fact, this that was for are quantities Not I years Stuttgart in it's an of picture been it available people That's and truck, yet, which truck, today. but that's ago. XX-tonne buying battery and said a couple was a I which it. a electric. they're a It's electric three I a

to in and scale size down nowhere. Stuttgart, of going are here he Dom shutting yet that they're building because trucks was fact, and XXXX pace [ph] felt incredible those XXXX we acceleration this Martin in it talked about program and space. in In in And

charging. as sense earnings excited, not we're it's growth can the but about to decade. this our that's the It's you So one ones five an up going engines. certainly in one tell, It's EV only show one, of of

Bernard Looney

So I okay. think it there, -- let that's me if leave

day. you imagine. with that and enormously our how strengthen, who are Let company with, teams me main Murray session, the just and I might which the always But and each close do grateful is to our to close the the that overall, as overall, I around world every is I things think company well. running deal continues ones to It are

that's thing. So first the

thing progress. needs is do, that a that to about good mainly is want is second We're energy we which hydrocarbon system. providing it strategic the doing are the making the The world, today, we things which

and real making at time, accelerate While the progress. we're the on same investing that progress energy to transition,

Thirdly, frame. the financial

growing fourth BP results do, leads of it's obviously all think it's it's to is hope is can consistent, are that unchanged. say clear, it's we owners point, think we the And what seen supposed that the to to our also that that it's doing of I it me I things which one today. and you about which the is distributions you've

you for I thank the had trying company what keeping We're So And and interest going. as to We're we're doing do. in break, a over you our if our hope haven't ever, a best. get break you holidays. your

So thanks Thanks very here. for being much.

BP p.l.c. (BP) 2 Aug 222022 Q2 Earnings call transcript