BP PLC (NYSE:BP) Q3 2023 Earnings Conference Call October 31, 2023 5:00 AM ET

Company Participants

Murray Auchincloss - Interim CEO & Director

Katherine Thomson - SVP, Finance for Production & Operations and Interim CFO

Craig Marshall - Group Head, IR

Conference Call Participants

Henri Patricot - UBS

Irene Himona - Societe Generale

Oswald Clint - Sanford C. Bernstein & Co.

Henry Tarr - Berenberg

Christopher Kuplent - Bank of America Merrill Lynch

Peter Low - Redburn

Lucas Herrmann - BNP Paribas Exane

Biraj Borkhataria - RBC Capital Markets

Kim Fustier - HSBC

Michele Vigna - Goldman Sachs Group

Lydia Rainforth - Barclays Bank

Christyan Malek - JPMorgan Chase & Co.

Paul Cheng - Scotiabank

Unidentified Company Representative

Good morning, everyone, and welcome to BP's Third Quarter 2023 Results Presentation. I'm here today with Murray Auchincloss, Chief Executive Officer; and Kate Thomson, 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 that refer to estimates, plans and expectations.

Actual results and outcomes could differ materially due to the factors we note on this slide and in our U.K. 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. Let me now hand over to Murray.

Murray Auchincloss

Thanks, Greg. Good morning, everyone. Thanks for joining us. We hosted our investor update in Denver a few weeks ago, focused on our oil, gas and biogas businesses, including a site visit to BPX's Permian operation. We had three core messages that I want to reemphasize today.

First, our strategy, transforming to an integrated energy company is unchanged. Second, we are focused on delivering our strategy safely quarter-on-quarter to meet our 2025 targets and 2030 aims. And third, we are focused on growing long-term shareholder value. We continue to expect to grow EBITDA to 2025, and aim to keep growing to 2030, all while delivering compelling shareholder distributions.

Earlier this month, we said we expect 2030 adjusted EBITDA aims from Brazilian hydrocarbons and group will be around $2 billion higher than BP's previous targets to a range of $41 billion to $44 billion and $53 billion to $58 billion, respectively. Underpinning this increase, we presented what we believe is a high-quality, distinctive oil and gas portfolio and a leading delivery model, enabling efficient execution.