High Operating MarginsSustained high EBIT and EBITDA margins indicate structural operational efficiency and strong cost control in extraction and production. These margins support durable cash generation across cycles, funding reinvestment and dividends even if commodity prices soften, preserving competitive advantage.
Stable Balance SheetManageable leverage and a balanced capital structure provide financial flexibility for capex and asset development. A near-19% ROE reflects efficient capital use, supporting long-term shareholder returns and resilience to commodity cycles without excessive refinancing risk.
Improving Cash GenerationSignificant free cash flow growth and strong operating cash conversion demonstrate improving ability to turn reported earnings into real cash. This underpins sustainable funding for exploration, maintenance capex and distributions, enhancing financial durability over the medium term.