Strong Operational Performance: BP reported a strong operational quarter with underlying earnings in its customers' business up approximately 50% YOY. Year-to-date, BP has brought five new oil and gas major projects online and sanctioned four more, alongside achieving ten exploration discoveries, marking the best year for discoveries in recent memory. Notably, the significant Brazilian discovery in the Bumerangue Block was emphasized as a major achievement, although concerns regarding CO2 content were raised, which the company is actively assessing.

Upstream Growth Outlook: BP expects to grow upstream production with a target of a 7% CAGR through to 2030, aiming for a production level of 650,000 barrels per day. This growth trajectory is supported by strong capital productivity metrics and successful well progress, especially following the reorientation of the partnership with Devon Energy.

Cost Reduction Initiatives: The company has achieved $1.7 billion in structural cost reductions to date, on track with its previous targets of $4 billion to $5 billion. However, there¡¯s still an $800 million offset related to increased acquisitions, suggesting that further cost efficiency improvements are necessary to reach net targets.