So I hope that gave you enough hints, Henry, to think about, and due course, you’ll see or you won’t see announcements last year.
Craig Marshall: I think, Henry, just to reiterate, obviously, we’ve laid out our CapEx guidance and that’s organic and inorganic in totality. So there’s not any leakage.
Murray Auchincloss: CEO doesn’t get to spend more than $16 that was a code from Craig.
Craig Marshall: So IR, sorry. Thank you, Boss. And then the last question, sorry, I thought there was two, but the last question from Giacomo Romeo at Jefferies. Giacomo, thanks for being patient.
Giacomo Romeo: Yeah. I know, thank you. And sorry, actually slipped off the list and had to go back on. The first question, if I can just ask again about this countercyclical. Just wanted to check with you, Murray. I think that on the Q4 call, you talked about the fact that you’ve done a lot of acquisitions in the previous years and you were sort of focusing more on integration. As somehow this message changes or what kind of size of acquisition countercyclical deal we could expect. The second is on the Namibia farming. Just trying to understand, when Azule was set up in ’22, was always the — was your thinking always about making it your West Africa and West Africa venture, or has this somewhat evolved over time? And just on the deal in Namibia specifically, the PEL 85 is on shallower waters versus where other discoveries that may have been made. Just trying to understand what gives you confidence that the play will extend onto shallower waters. Thank you.
Murray Auchincloss: Yeah. Let’s see on countercyclical, what I’d say is, we have a tight capital frame at $16 billion in ’24 and $16 billion in ’25. Last time I communicated with you, I said we’ve done an awful lot on acquisitions from TA to Arkea to LightSource to EDF, and it’s time to bring — now bring the synergies out of these. And I gave you a caveat saying, however, we will consider one or two more of these things moving forward. So I’m not out of line with what I said in February and what I said in the previous quarter, I’m in line with that. It’s one or two opportunities that we see over the next couple of years. And I guess the point was more, I’m not going pro-cyclical and oil, I’ll think countercyclical and transition while prices are low. And let’s see, if we can actually prosecute anything. Kate, do you want to talk about origins of Azule? I can tackle the geology question.
Kate Thomson: Yeah. Sure. So I mean when Azule was set up with D&I, it was a great marriage of assets. Ours were later life and generating significant cash and E&Is were earlier life. So it was a very nice symbiotic relationship, very similar to the one we created with Aker BP. And since we formed it, we’ve taken just over $5 billion of distributions. A couple of points I’d say on the finances with regard to Azule and Namibia is it’s been set up to be a self-funded vehicle and to continue to distribute back to its shareholders. And for the first part of Namibia, it’s two exploration wells. Let’s see what happens with that. Don’t expect a material impact on the distributions back to us or E&I, but let’s see what happens with those.
Murray Auchincloss: If I channel my inner explorer, really water depth doesn’t matter, it’s what’s happening subsurface. I think the interesting bit about these ones, Galp has had some discoveries, you’ve seen what their announcements are. When you look at the seismic on the block that we picked up from Rhino, it’s a direct extension of the four or five structures that are in the Galp blocks at the same geologic depth. So, who knows what happens with exploration, sometimes it works, sometimes it doesn’t, but there are very clear structures in the Galp block. There are very clear structures in the Rhino block. They lay in a pattern. They should have the same charge, they should have the same origin. Of course, there’s geologic risk around it, but water depth really doesn’t play into it.
So let’s see, let’s see, Giacomo. Let’s see what happens. You have to drill the wells to find out what’s actually down there. I think with that, Craig, shall we close? So thanks everybody for listening to us. Another decent quarter-out of BP. I’m really pleased about bringing growth to the market. So ACE getting up online in Azerbaijan, BPX expanding their operations with the third operation — third plant in the Lower 48 in the Permian. Archaea expanding one big plant, five more in commissioning and we’ve got great momentum around cost as well. So I’m very optimistic about growth for BP as we look through the next couple of years and hitting our targets and in due course, updating you about what’s beyond that. So thanks very much for listening and look forward to chatting with you next quarter.
