1Q2 6 Presentation
& Q&A transcript
April 27, 2026
Audio Presentation
Maria João Carioca - Co-CEO & CFO
Welcome everyone and thank you for joining us today.
In what has been yet another period of high volatility, marked by supply disruptions and market
imbalances, Galp delivered a strong set of results, reflecting the quality and resilience of our asset
base.
Let me take you through the key highlights for each segment.
Starting with Upstream, production in the quarter was strong at 129 kboepd, up 14% quarter-onquarter.
This increase was driven not only by the solid performance of our underlying Brazilian assets, but also
by the continued ramp-up of Bacalhau, which contributed approximately 10 kboepd in the quarter
following the connection of a second producer well in February, and more recently, a third producer
well. So far, ramp-up has progressed according to plan, as we continue to test the FPSO’s
responsiveness.
As a result, Upstream Ebitda increased quarter-on-quarter to €685 m, supported by strong production,
particularly in March, allowing Galp to capture the higher oil realizations.
We finished the quarter with 3 cargoes in transit, now valued at reference prices, allowing for Ebitda
to better reflect production during the period.
Moving to Industrial & Midstream, raw materials processed came in at 19 mboe, significantly higher
quarter-on-quarter considering the major planned turnaround at Sines refinery that took place in the
fourth quarter of 2025.
Although storms in Portugal during January and February temporarily constrained the refining process,
in March the system ran at full availability, capturing elevated product’s cracks, particularly as
international diesel and jet prices surged.
In Midstream, gas supply and trading volumes reached 18 TWh, up 3% quarter-on-quarter, supporting
another robust contribution to earnings driven by sound underlying trading performance across
commodities. However, Ebitda also reflects a negative accounting lag effect, arising from mismatches
in internal pricing formulas for oil products.
Overall, following the maintenance heavy fourth quarter, Industrial & Midstream Ebitda increased
quarter-on-quarter to €198 m.
In Commercial, oil products’ sales totalled 1.7 mton in the quarter, up 2% year-on-year, with Ebitda
supported by the continued recovery of the Spanish B2B segment and increased demand in Iberia,
particularly in the retail and aviation segments.
Turning to Renewables, energy sold reached 471 GWh, up 10% quarter-on-quarter, supported by
higher solar resource availability and more efficient voluntary curtailments.
That said, the solar pricing environment in Iberia remained weak, largely due to a surge in hydro
generation within the energy mix, and underscoring the relevance of a more balanced multi‑technology
portfolio.
With the acquisition of a 351 MW portfolio of operational onshore wind assets in Spain, Galp will increase
the share of wind production in its renewable generation mix to c.25%. This enhances captured prices,
adds resilience and improves long‑term strategic optionality.
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The transaction, with an equity value of €320 m, fits comfortably within Galp’s net capex guidance for
2025–26 of “at or below” €0.8 bn per annum on average.
Now, at the Group level, RCA Ebitda reached €943 m, reflecting the robust operational performance
across all businesses. Operating Cash Flow reached €713 m.
As expected, we saw a working capital build during the quarter, driven primarily by the sharp increase
in commodity prices rather than any structural increase in balance sheet usage.
All in all, strong delivery allowed net debt to remain broadly unchanged compared to year-end 2025,
despite the added pressure from higher commodity prices. Net debt to Ebitda was strengthened to 0.4
times.
To summarise: a solid start to 2026 for Galp, supported by a highly resilient asset base, which enabled
us to sustain a strong financial position.
We remain focused on navigating ongoing market volatility and disruptions, while maintaining strict
discipline on execution.
We are taking the necessary steps to commence drilling the next exploration and appraisal campaign
in Namibia later in the year.
In parallel, discussions with Moeve’s shareholders regarding the merger of our downstream positions
continue to progress well, with a potential agreement still expected by mid-year.
As we set in motion several strategic developments to strengthen our portfolio and investment
proposition, 2026 will be an exciting year for execution at Galp.
Thank you for listening!
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1Q2 6 Presentation
& Q&A transcript
April 27, 2026
Q&A Session
João Gonçalves Pereira – Head of Investor Relations
Good morning, everyone, and welcome to Galp’s First Quarter 2026 Q&A session. I’m joined today by
our co-CEOs, Maria João Carioca and João Marques da Silva, as well as the full executive team.
Before passing the mic for some quick opening remarks, let me start with our usual disclaimer. During
today’s session, we will be making forward-looking statements that are based on our current estimates.
Actual results could differ due to factors outlined in our cautionary statements within the published
materials.
Having said this, João, would you like to say a few words?
João Marques da Silva – Co-CEO and EVP Commercial
Of course. Thank you, João, and good morning, everyone. Galp had a strong start to 2026 in a quarter
marked by higher volatility and geopolitical tensions in the Middle East. Galp has no direct exposure
to the region. Our operations are mainly Atlantic-based. Still, we are closely monitoring developments,
as the impact can be felt globally.
Due to disruptions across parts of the value chain, our Midstream team has actively managed crude
and refined products supply. Well done. This allowed us to so far secure a healthy position for Galp
and for Portugal. In our Commercial business, we have also reinforced campaigns and discount
mechanisms to help our customers to manage the impact of higher fuel prices.
Overall, during the quarter, we have continued to run our operations efficiently. In March, our
Upstream and Industrial assets showed strong availability, allowing us to benefit from higher
commodity prices.
Maria João, over to you.
Maria João Carioca – Co-CEO & CFO
Thank you, João, and good morning, everyone. The quarter’s solid operational performance that João
just highlighted flows through to the P&L and actually further supported Galp’s robust financial position.
I would highlight the fact that net debt remains stable quarter-on-quarter, despite the balance sheet’s
working capital impact from the sharp increase in commodity prices.
We are focused on managing ongoing market volatility and supply disruptions, but this has not at all
hindered our continued execution in the strategic initiatives that are currently underway across our
portfolio. We continue to strive for both pace and discipline in our execution.
In Namibia, procurement activities are progressing, and that allows us to remain on track to start
drilling activities on the next exploration and appraisal campaign by Q4. At the same time, discussions
with Moeve shareholders regarding the merger of our downstream businesses continue to evolve
positively. We continue to have a potential agreement still expected by mid-year.
Overall, 2026 is indeed shaping up to be a challenging but also rather exciting year for Galp.
Operator, we are now ready to take questions.
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1Q2 6 Presentation
& Q&A transcript
April 27, 2026
Matt Smith – Bank of America
I wanted to focus on the Upstream business first. You mentioned Bacalhau contributed 10 kboepd to
performance in the quarter, which maybe underlying Brazil performance look extremely strong versus
recent history. I was just hoping you could give us a bit of colour there and any context how that is
running versus your full year guidance? That would be useful.
I just also wondered, price dislocations have been a hot topic for April. Is there any colour you could
give us in terms of the realisations that you are achieving on your crude post quarter end? Then I
guess on the other side of the same coin, what refining margins have done since the quarter end?
That would be useful.
Maria João Carioca – Co-CEO & CFO
Thanks, Matt. Thanks for the question. Let me try and tee it up with some comments on Bacalhau
and I guess overall on the performance of our Brazil Upstream business.
Overall, rather good performance. It maps out against what we had in terms of the guidance we had
given. We had given 125 - 130 kboepd, and we have delivered at the very top end of that guidance.
Bacalhau has indeed been a part of that upper end guidance. I would nevertheless stress that we are
still ramping up the unit, so it is good indications. We have had two producers already registering
significant flow rates and the third producer is already connected, and that has indeed been delivering
according to our expectations of a good reservoir. But in any case, we are ramping up, so it is still
commissioning. There is still, I would call them maybe hiccups to expect. Plateau is still expected later
in 2026. Overall, very good indications, good performance, but I would nevertheless remain
conservative and remain within the estimated timeframe for plateauing and for the overall ramp-up to
take place.
Other than that, our legacy business in Brazil continues to perform rather well. You know that there
are ongoing works in Tupi to continue to maintain the current good performance of the wells. You know
that this is still ongoing set of partnerships that have been the cornerstone of our performance, so no
major comments there, just general good performance.
On the realisations of our different businesses, but I believe your question refers particularly to equity
crude. As you know, about 70% of our exports flow through to China. We, in any case, normally deliver
on index to dated Brent with like a two months ahead. So the fluctuations that you saw throughout
this period did not necessarily capture the full breadth of the impacts we suffered.
In any case, in equity crudes, we registered a discount of approximately $5/bbl. This just
fundamentally reflected the fact that what we were seeing throughout the period in terms of the costs
underlying our activity, particularly what you saw during the period concerning freight costs was indeed
a lot of fluctuation and a lot of volatility. Thank you.
João Marques da Silva – Co-CEO and EVP Commercial
Allow me to complement on the refining margins. Of course, when we compare ourselves with the
highs of March, we are observing an average of between $10 to $12 per barrel [in April]. On the last
couple of days, additional volatility, margins increased up to the $20s. More importantly, what we are
expecting is to operate at full availability during the next couple of quarters. Reminding that Sines
refinery outputs are 45% on mid-distillates. Jet will account for more or less 10%.
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If we look at the downtrend from March, it reflects a bit of margin squeezing by rising input costs, and
I am speaking about utilities, freights, cost inflation. We were also looking at some decrease on the
oil product prices, mainly on diesel and jet, as pricing was reflecting a probable resolution of the
conflict.
Finally, Europe margins declined more than versus other regions, again, representing higher utilities,
gas prices situation. I will stop here. Thank you.
Alejandro Vigil – Santander
Congratulations for the strong results. The first question is about the guidance of 2026. You started
the year with very conservative guidance. If in the current context of higher energy prices, you are
considering Sines increase in this guidance, and particularly more importantly, the implications in
terms of shareholder distributions. If you are expecting some additional cash flow to shareholders
driven by these high energy prices.
The second question is about the Moeve joint ventures in the Iberian downstream. If you are close to
closing these transactions and if you are seeing some re-leverage opportunities in the joint ventures
that you are setting with Moeve. Thank you.
Maria João Carioca – Co-CEO & CFO
Alejandro, Gracias. On the updating of guidance, we acknowledge obviously that the macro that was
underlying our existing guidance is, to a large extent, no longer directly applicable, it no longer holds.
We have seen significant changes in terms of most commodity prices and most underlying adjacent
costs.
In any case, what we are at this stage acknowledging is that the situation continues to be of high
volatility. Way too many moving pieces, so we do not feel that this is the time to pin down a new
guidance. We will be looking, and most likely doing so, as we publish our second quarter results.
Right now, sensitivities are, for us, the tool that is guiding us through the period. What we are looking
is fundamentally approximately numbers that you have seen in the past for Galp, but it is
approximately €160 m for each $5 of Brent impact and if you take each $5 of refining margin, I would
say that the sensitivity is approximately €200 m.
We are navigating the volatility using uncertainties, and we are certainly looking into what are the
underlying large trends in the markets to support this. Then once we see some more firm ground, we
will look to revise the guidance.
The second part of your question on distributions, it follows through from my initial comments. Again,
we will not be revising distributions. It is really early to assess all the full impacts of everything that is
going on. We do see that our distribution policy, the 1/3 OCF in itself already embeds flexibility to
capture part of what is the current circumstance.
This will give a great segue for João to comment next on Moeve, particularly because this business is
in itself rather transformative. Our expectation is that it will be value-accretive, and there will indeed
be elements of re-leveraging that João will comment on. Those, again, speak to us not moving our
distribution policy at this stage. Thank you.
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1Q2 6 Presentation
& Q&A transcript
April 27, 2026
João Marques da Silva – Co-CEO and EVP Commercial
Hello, Alejandro. Just giving you some sequence from Maria João’s words. We have highlighted a
number of times that both companies are to be designed to be self-funded, ring-fenced, industrial
versus retail businesses. At this point, I need to say that we have seen a lot of traction in the [debt]
market. That is what we have been receiving from the financing side.
These companies are to be independently run with financial flexibility. Of course, we will be looking at
the optimal finance structure and leverage. That is what we are expecting. That is the flexibility that
we need to enhance. You are absolutely right. This macro scenario will of course allow re-leverage
opportunities. Thank you.
Biraj Borkhataria – RBC Capital Markets
The first one is just on Bacalhau. Once we get to a full ramp-up phase, how should we think about the
upstream DD&A and Opex per barrel, at the blended rate given the mix of assets there?
Second question is just on the Venture Global offtake that you have. Could you let us know how much
of those volumes you have hedged for 2026 and how much is exposed to the upside and widening
spreads?
Maria João Carioca – Co-CEO & CFO
On Bacalhau, right now the numbers you are seeing are fundamentally numbers that reflect the fact
that we are still ramping up. Now having said this, and going straight to your question, what we are
seeing in terms of DD&A expectations is in the low two digits, of course, once you plateau, and this
should bring us to operating costs that are not too dissimilar to what we have right now, maybe slightly
above what we have right now as we truly perform in the upper twos, lower threes right now.
What we expect for Bacalhau is to be fundamentally in the $3-4/bbl Opex figures. I will let João
comment on the hedging numbers for LNG.
João Marques da Silva – Co-CEO and EVP Commercial
Biraj, really quick one, consider between 70% to 75% hedged on the Venture contract in 2026.
Josh Stone – UBS
Just building on the last question, I want to ask about the Midstream and the outlook there, just given
the widening of gas spreads and your ability to capture that. Just talk about: one, how the business
actually performed if you adjust out the time lag; and two, what you are thinking about the outlook?
Secondly, I want to ask on refining, because you spoke about some refining margin trends. I presume
that is based on an indicator. I am curious as to how those indicators match with what you are seeing
on the ground in terms of refining profitability? With the extreme backwardation we have seen, has
that created any disconnect between like on the ground profitability versus the indicators you are
looking at? Maybe as part of that, you could talk about the role of hedges and your hedging position
in refining?
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1Q2 6 Presentation
& Q&A transcript
April 27, 2026
João Marques da Silva – Co-CEO and EVP Commercial
Thank you, Josh. You should consider on our latest guidance to our Midstream above €500 m into
2026. We still see some support but narrower gas spreads. Considering that the trading gas is
contributing around 70% of our total performance and, as I have just mentioned, a large portion of
that is already locked for 2026, around 70%.
Of course, we have some flexibility on the portfolio, and we have an increased footprint in Brazil.
On the refining side, our crude procurement is based on the physical products. You know that we
mainly sell products at the market conditions in the Iberian Peninsula. Of course, we are long on the
gasoline side. That is one of the products that we are long in. But namely we are counting on a fully
operational refinery to capture the market conditions. I will stop here. Thank you.
Guilherme Levy – Morgan Stanley
The first one, thinking about the recent deal on onshore wind, I was keen to hear more about the
rationale to increase exposure in Renewables at the moment, how to think about the long-term
positioning in this division, and if we should be expecting more opportunistic deals like this one over
the coming quarters?
Then secondly, going to your Commercial segment. I know that in your opening remarks you
commented about campaigns and discount mechanisms to smooth the impact of higher prices to
consumers. I was keen to see if you are seeing some slowdown in sales, even though you have
implemented those measures or not so far?
João Marques da Silva – Co-CEO and EVP Commercial
Thank you, Guilherme. Maybe I will start on your second one. It is true, we are observing different
behaviours on the Spanish side and on the Portuguese side. Of course, the different framework that
the Spanish market has, changing prices on a daily basis, influences demand and pricing in a different
way.
On the Portuguese side, namely on the retail, we have weekly prices, and those discounts and those
campaigns are reflecting an additional help that we think our customers need today. That is why we
have launched the recent campaign on the Mundo Galp [app]. But more than that, since early this
year, we have started a more broader campaign cross-selling oil, gas and power also in the retail side.
We have observed, namely in March, an increase on the volumes, and it was like a push before the
prices were going up on the Portuguese side, and that is something very normal that will be, of course,
neutralised on the April volumes. It was more on the Spanish side if we compare the two markets.
The Spanish market, namely on the March volumes, had a more substantial increase than the
Portuguese one.
Of course, we are operating in a high prices context, and that is something that will affect the average
ticket volumes that we have. Substantial contribution from the non-fuel business also, around 22% of
the overall Commercial business.
Going back to your first question and on the wind [acquisition] rationale and thinking ahead. I will need
to tell you that, of course, this recent acquisition allows us to have a much more balanced portfolio.
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Wind now represents around 25% of our generation mix. Of course, if we think further, it will enhance
eventual long-term strategic optionality and partnerships that we may have.
I need to remind you all that almost every day we challenge ourselves if we are the best owners of
this business, and of course, if we have the best structure to manage this business. All in all, we are
trying to diversify and to optimise our Renewables business, and that is where we stand today, and
that is where we will be standing in the next couple of months. Thank you.
Sasikanth Chilukuru – Jefferies
I had two, please. The first was in refining and getting back to the hedges. I was just wondering if you
could further elaborate on your hedging strategy in refining? It would be helpful to understand the
rationale, the hedge profile for the current year and into 2027 and the type of hedging structures you
are using there.
The second one was on Bacalhau and the ramp-up. I was just wondering if you could comment on the
cash taxes paid there and the impact that this field has at the Group cash tax rate this year and for
2027?
Maria João Carioca – Co-CEO & CFO
Hi, Sasi. Thank you for your question. Let me maybe complement what João has already shared with
us on our hedging strategy.
We have hedging strategies in place for both refining and Midstream. I would highlight the fact that
there is no hedging in place for Upstream. But on refining in particular, which I believe was your
question, the policy we have, and again, this is a hedging policy that is been syndicated with the Board
oversight. It goes through all of our risk management and internal control processes. It is under strict
limits and triggers.
Now, the limits we have on board right now, the ones we are acting against are for refining, c.1/3 of
our throughput. If you look at what we have in place right now for 2026, and that is fundamentally flat
throughout 2026, what we have in place is about 28 mboe barrels. That is locked at approximately at
$8/boe, again, flat throughout the year.
Into 2027, we do not have any significant positions. We do not have any hedging into 2027 for refining
again.
Now, on Bacalhau, the regime under which Bacalhau is, is still a shared regime, so it is 50-50 between
concession and PSC. That gives us a relatively benevolent tax regime vis-à-vis the remaining assets
we have in Brazil. We acknowledge that this is overall a lower SPT rate than what we have, for instance,
in Tupi. That is going to be obviously a part of what we believe will be the approximately €400 m of
OCF that Bacalhau will be delivering once it plateaus. Thank you.
Michele Della Vigna – Goldman Sachs
Congratulations again for the strong performance. Two questions, if I may. First, on exploration. It is
going to be very exciting in Q4 in Namibia. I was also wondering if you could update us on your thinking
about São Tomé and the attractiveness of that basin.
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Secondly, I wanted to come back to the carry that you are getting in Namibia for both exploration and
then the Mopane development and how that is likely to be accounted, effectively whether your capex
will be net of that or whether that will be considered as a financing and the gross capex will reflect the
full spend on Mopane?
Maria João Carioca – Co-CEO & CFO
Thank you, Michele. On exploration, I know that exploration is all that the industry is talking about
these days, quite a change from a few years ago. On exploration in particular, we are very focused on
Namibia right now, as you well put it. We are trying to make sure that all the conditions are in place
and everything is going according to plan to a large extent. We do expect to have news towards the
end of the year.
On São Tomé, as you know, that is a much earlier stage basin, so nothing too significant going on
here. It is still in our forward-looking plans, and there are no major developments in recent days or
recent times that I would highlight at this stage.
As for Mopane carry, how we reflect it, I am afraid at this stage that is still being fully assessed with
our auditors and our accounting. Of course, we will be looking for a very clean disclosure. Ideally, we
would be reporting capex just for the component that reflects our responsibilities once the deal is
closed. Once that is closed and confirmed, we actually hold 25% of full responsibilities, and that will
be what we will be trying to show as explicitly as possible in our financial statements.
The exact way in which we will be doing that is still under discussion while the deal is not fully closed
yet. We are still waiting for the Namibian authorities to close that component and then for the JOA
(Joint Operating Agreement) to be fully detailed. We will get back to you on that, of course, but for
now it is the 25% financial responsibilities, and we will be showing that through our accounts.
Matt Lofting – JP Morgan
Most of mine have been asked. I will just ask a couple of follow-ups downstream related. I think you
mentioned earlier a near 10% jet fuel yield that Galp can generate at Sines. That is high or high-end
relative to industry averages. I wondered if you could just talk about, what enables Galp to generate
that jet yield from Sines and whether you see any additional upward flex in the context of almost
inevitable tightening in jet supplies in Europe now over the coming weeks.
Secondly, when you think forward, uncertain backdrop, but if we do see a prolonged knock-on effect
from Middle East conflict for middle distillate supplies in Europe over the coming months. To what
degree could the combination with Moeve enhance Galp’s ability to produce and source middle distillate
supply for Iberia and Europe as a whole?
João Marques da Silva – Co-CEO and EVP Commercial
Thank you, Matt. We need to go back in history to understand that we have made a couple of
investments that allow us to be today as we are producing such a yield. I will go back to 2012, where
we have done a couple of investments on the hydrocracker. That is why we are getting such a yield
on the jet side.
Of course, we will be trying eventually to reduce additionally the jet volumes blended into the diesel
pool. We are of course also increasing the average inventories, but that is a different thing, managing
the whole context that we have from the Middle East.
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On the Moeve combination, of course, we’ll have additional scale. We are getting complementary
assets also, but it is still very early for us to speak about that. Of course, we were thinking about the
SAF production units that we have been building through the last years ourselves, and that is a very
important asset to look at.
On the synergies, it is still very early to say that, complementary optimised logistics, supply chains,
that is what we are looking at. Turnaround efficiencies, higher trading firepower. That is where we are
when we look at the transaction. Thank you.
Paul Redman – Exane BNP Paribas
I had two questions. Firstly, I just wanted to ask about Namibia. Is there any update on the drilling
campaign? I wanted to ask about timing of FIDs and development. Is there any opportunity to
accelerate Mopane? The previous plan had been Venus first, then Mopane second. Could there be a
world in which that changes and Mopane could be brought forward?
Secondly, I know it is early, you clearly have a lot of strategic moving parts at the moment, but this
quarter you kept net debt flat despite a €200 m working capital build, a €160 m out for Tupi. If I ran
this forward on the 1Q scenario, your balance sheet is going to materially deliver through 2026. That
is even before we get to the world of if Rovuma LNG gets sanctioned, you get cash in from that. I
wanted to ask how you are thinking about the balance sheet at the moment?
Then how you are thinking about allocating capital going forward. Could you see more M&A? Is it all
about the shareholder? Just kind of get your early thoughts on how to think about it.
Maria João Carioca – Co-CEO & CFO
Hi, Paul. Thank you for your questions. Let us start with Namibia. Maybe just an overall status and
next steps. It is relevant to say that, at this stage, where we are concerning the partnership is moving
forward at a good pace. One of the critical steps was concerning the pre-emption rights, that timeline
has expired. No pre-emption rights were exercised. Right now we are just looking to the local
authorities to make sure that government approval comes as swiftly as authorities find it viable to
come through.
The tone continues to be a very positive one. If you are looking into Namibia just recently the
discussions on the basin, the conference that took place are all very positive and very mindful of the
current context and the implications that has for a new location such as Namibia.
Once we get that approval, we then will be in a condition where we will be able to discuss the more
operational aspects. The details on the JOA, the operatorship transfer. All in all, what we are expecting
for Mopane in particular is still that we will be able to initiate the next campaign in 2026. If the first
drills are positive, we will then look into the DSTs. I remind you that the work that we will be doing
now in this stage will fundamentally work towards making sure that we have the optimal development
concept.
Without that development concept mature, that is clearly too early stage to be discussing any
significant changes in what were the underlying timelines, both for Mopane, but also for Venus, of
course. I will remind you that for Venus, until the operation is closed, we are not yet in the consortium,
so I am not going to comment extensively. I think it is public, and we have visibility over the fact that
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everything is moving and we are working clearly towards having an FID in mid-2026. That is, of course,
well in advance of the current stage that we have for Mopane.
I will again remind you that Venus has always been at least two years ahead of Mopane. These
timelines, we may be able to work through some aspects, but to have a fundamental turnaround and
shift would be a significant departure. Yes, we will be looking to accelerate. Yes, once we get everything
closed and Total comes in full steam, that is hopefully fast-tracked towards Mopane. At this stage,
does not fundamentally change the sequential timeline that we had.
On the second part of your question, jumping from Namibia and Upstream to the overall portfolio, as
I understand your question was overall how do we see the portfolio moving forward?
Again, Paul, we have a distribution policy that has been pretty stable and that we cherish as such
fundamentally because we believe that our financial strength has been very value accretive in what we
have been doing with the portfolio. We have demonstrated extensively that we are not sitting on the
portfolio, we are actively managing it, both upstream, downstream, and even in the way we are
delivering on renewables. That speaks of a portfolio that leverages on our current financial strength,
leverages on our balance sheet, and fundamentally has allowed us to do what we believe to be a unique
case in the sector.
We are delivering growth with a very clear line of sight, and we intend to stay that way. We have a
very strong engine in upstream, and that engine is being upholstered as we speak, and strengthened.
That is where we want to be. It is if we continue to deliver on this investment case, this is a unique
investment case and that is going drive us forward and that’s what we are going to be looking at in
terms of capital allocation. Thank you.
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