Martin Ratz

Martin Ratz from Morgan Stanley inquired if maintaining the 4%+ dividend growth guidance, despite suspending share buybacks, signals an underlying upgrade in the total dividend burden outlook and confidence in the long run.

Answer

Kate Thomson, Chief Financial Officer, confirmed BP's commitment to a progressive dividend with a 4% annual increase as the first financial priority. She acknowledged the mathematical implication of maintaining this growth without buybacks, indicating the board's comfort and the importance of a progressive dividend. She noted that the new CEO and CFO would contemplate the optimal balance sheet to support future growth options.

Martin Ratz from Morgan Stanley asked if maintaining the 4%+ dividend growth guidance, despite suspending share buybacks, signals an underlying upgrade in the total dividend burden and confidence in BP's long-term outlook.

Answer

Kate Thomson, Chief Financial Officer, confirmed that BP aims to maintain a progressive dividend with a 4% annual increase as the first financial priority. She acknowledged the mathematical implication of the buyback suspension but emphasized the need for the new leadership team to assess the balance sheet required to support future growth options before making further changes.