Adjusted EBIT of USD 6.2bn (+5% vs. cons. & +12% vs. ARCe) - but low quality beat2026 production guidance: +3% y/y (in-line with cons.)2026 capex guidance: USD 13bn (unchanged, as expected), with O&G capex spend reiterated at USD 10bn p.a.Sharp slowdown in renewable spending post 20262026 distributions: ~5% DPS growth and USD 1.5bn buybacks (USD 5.3bn in total vs. cons. USD 5.8bn)Mixed report – we expect a slight underperformance today due to the miss on buybacks
