We had a strong 2025 trading overall. Q4 typically softer. Trading differentiation remains a strength. Beyond trading, strong operational year: delivered $43B CFO despite $10 oil price drop, took out $5B+ structural costs, disciplined capital spend, high-graded portfolio.

There is indeed a bit of oversupply, but balanced with significant geopolitical uncertainty from Venezuela, Iran, Russia-Ukraine. There is a premium with that uncertainty and volatility. We focus on fundamentals, cost structures, capital allocation, and performance culture.

We are not dogmatic. Preferentially allocating capital to buybacks because we see a very attractive buyback in Shell, attractive free cash flow yield, line of sight to 10% FCF per share growth annually to 2030. Buying back Shell is a very good investment. We also look at M&A bolt-ons for growth.