BP p.l.c. (NYSE:BP) Q4 2022 Earnings Call Transcript

Lydia Rainforth: One last one for me. Just given the amount of cash flow and EBITDA that you now have, where do you want net 0 debt to actually go to, Murray, just in terms of to help us think about long term? Because I mean, if I look at the 2025 numbers, you’re essentially trading on 2x the EBITDA. So assuming you’ve got no that point. So where do you want to?

Murray Auchincloss: Yes. I think — look, we give this guidance year by year is what we give you. We’ve firmed up the guidance a little bit this time instead of just strong investment-grade credit rating. We’ve said further progress in the A range. So we’ll be working with the rating agencies to try to achieve that. We think with the growth we’re seeing that we should be able to progress through the A range with that continued debt reduction, but it’s a little bit about how our interaction with the ratings agencies go. So fingers crossed, but we provide this guidance 1 year at a time. We don’t look beyond that, the macro environment is just too volatile to do anything else, leave. So 40% of surplus to debt reduction and continued focus on growing EBITDA so that we can get that cash flow from operations over expanded debt down.

Bernard Looney: Great. Thank you, and thanks for listening. I hope. I hope you’ve got a bit of a sense of the business, the strategy and I hope, importantly, the team sort of I think we’re in our stride 3 years in now, and I hope you can see the confidence that we have in what we’re trying to do. We have no more time for questions. For those of you in the room, thank you for coming here. For those of you on the phone, thank you for joining us. It is an important day for us as we transform ourselves. And I hope you’ve heard 3 clear points they’re short. Don’t worry. First, we’re delivering — BP is delivering. We are performing while transforming. Second, we’re leaning further into the strategy, and we’re doing that with increasing confidence.

And third, crucially, we remain focused on delivering for our owners, our shareholders. And I and the team look forward to seeing many of you this week when we’re out on the road, we’re headed to the U.K. or we’re in the U.K., we’re headed to Europe. We’re headed to the United States as well. And for those of you who made the journey here in person, we’ve got some refreshments outside, and the team will hang around to spend time and chat with you if you’d like. So thanks, everybody. Really appreciate it.