Katherine Thomson

“We covered our fourth quarter and full year results in the video released earlier today at 7:00 a.m. U.K. time. So I'll do a quick recap of the headlines here. We generated underlying replacement cost profit or net income of $7.5 billion in 2025 against the backdrop of a weaker price environment.”

“So yes, I mean, it's been a conversation inside the Pension Trustee Board for a while in terms of derisking. You can see a number of other companies have stepped into this in similar ways, some to a bigger degree than we have.”

“Biraj, thank you for the comment with regard to our cost disclosure. We have tried to help people by giving, I think, quite a lot more granularity and specificity than we have done previously.”

“As I said back in April at our 1Q results, we're aiming to deliver $2 billion, and I said then, I'd like to exceed it, I'd like to be able to do it quicker. So since April, as you'd imagine, we've been in action right across the company in every business, in every function, underpinning that.”

“Look, it's incredibly hard under the current accounting standards to really try and compare like-for-like, line-by-line the P&L account. There's a level of interpretation, let's say, on how companies can actually account for their costs through the income statements.”