Increased Cash Flow Amid Challenging Environment
Despite a significant drop in oil prices, the cash flow for the third quarter increased by 4%. New high-margin barrels contributed an additional $400 million year-on-year.
Strong Upstream Production Growth
Upstream production grew over 4% in the third quarter, marking the highest growth quarter so far this year, and is expected to continue growing more than 4% year-on-year in the fourth quarter.
Improved Refining Margins
European refining margin significantly improved to $63 per ton, up close to 80% from the previous quarter, leading to a 30% increase in downstream adjusted net operating income.
Increased Shareholder Returns
The Board of Directors decided to increase the first interim dividend by close to 8% in euro and more than 10% in dollars compared to 2024. The buyback program was authorized up to $1.5 billion for the fourth quarter of 2025.
Strategic Growth in LNG and Power Segments
Continued growth in the U.S. presence with recent FID on Rio Grande LNG Train 4 and successful farm-downs in Integrated Power, generating around $1.5 billion in cash impact.