Our purpose and strategy

Ensure safe, reliable and responsible operations

Progress in 2025

• Slight uptick in personal safety incident rate as we expanded our operations materially, while reducing the number of serious (Tier 1 and 2) process safety events

• A material improvement in GHG intensity reflecting the addition of new assets

• Increased production and reduced operating costs, underpinned by excellent operational execution and cost discipline while benefitting from increased scale and resilience

Priorities for 2026

• Continuous improvement in our safety performance; ensuring process safety fundamentals are established across newly acquired assets

• Sharing best practices from around the Group and leveraging experienced leadership and technology

• Maintain a competitive cost base, with a focus on reliability, costs and capital discipline through simplification and efficiency improvements

• Maintain strong, positive and influential relationships with our joint venture partners and suppliers

• Continued progress towards our commitment to reduce operated GHG emissions by 50 per cent by 2030 (versus a 2018 baseline)

Strategy in action

Embedding a strong safety culture throughout our portfolio

40% improvement versus 2024 in total recordable injury rate (TRIR) in our Germany Business Unit following the launch of a comprehensive change campaign to improve safety performance and strengthen the safety culture

Maintain a high quality portfolio of reserves and resources

Progress in 2025

• Increased scale and resilience of production and cash flow underpinned by 18 years’ reserves and resource life

• Progressed projects near existing infrastructure, including completion of Fenix in Argentina and Maria Phase 2 in Norway

• Reserve additions in Argentina at Aguada Pichana Este (APE) and at CMA-1, and in the UK at Harbour-operated J-Area hub

• Successfully appraised our Kan oil discovery in Mexico, increasing estimated resources by 50 per cent to 150 mmboe (gross, Harbour 70 per cent)

• New discoveries in and around our key hubs including in Norway and Egypt adding to our 2C resources

Priorities for 2026

• Execution of the capital programme, including successful production start-up from Dvalin North in Norway and delivery of multi-pad drilling campaign at APE in Argentina

• Mature high-quality, infrastructure-led investment opportunities, including delivery of three exploration wells in Norway and one in Egypt, and secure San Roque unconventional licence in Argentina

• High grade our reserves and resource portfolio to ensure a healthy pipeline of longer-term organic investment options

Strategy in action

Increased scale and diversification

>80% Year-on-year production growth reflecting a full year’s contribution from the Wintershall Dea assets

Leverage our full cycle capability to strengthen our portfolio

Progress in 2025

• Significant momentum in Mexico with Harbour appointed operator of the 750 mmboe (gross) Zama oil field and a more capitalefficient phased development plan submitted to the regulator

• Final investment decision taken on Southern Energy LNG (Argentina), a two-vessel c.6mtpa project. Environmental licences, export permits and local financial incentives (RIGI) secured for both vessels and construction now underway

• Active portfolio management and disciplined M&A. This includes our exit from Vietnam and the announced divestment of assets in Indonesia. In addition, agreements were reached to acquire Waldorf in the UK and LLOG Exploration in the Gulf of America

Priorities for 2026

• Advance the Zama and Kan investment opportunities in Mexico

• Progress CCS projects in Denmark including development of Greensand Future and pre-FID activities at Greenstore

• Complete the Indonesian divestment and Waldorf and LLOG Exploration acquisitions (LLOG completed post-period end in February)

Strategy in action

Active portfolio management

$3.2bn Acquisition of LLOG Exploration (US) announced on 22 December. $170m Waldorf (UK) acquisition and $215m Indonesia divestment also announced in December

Ensure financial strength through the commodity price cycle

Progress in 2025

• Stronger than forecast free cash flow generation of $1.1 billion, despite softer commodity prices, driven by excellent operational delivery, strict capital discipline and successful integration of new assets

• We returned $545 million to shareholders through a mix of dividends and share buybacks, whilst also reducing year end net debt

• Successful issuance of c.$1.9 billion of senior and subordinated notes, including our inaugural US investment grade bond offering, pre-funding all maturities to 2028 as at year end

• Investment grade credit rating profile confirmed

Priorities for 2026

• Continued execution of our hedging strategy to ensure predictable and resilient cash flow through the commodity price cycle

• Protect investment grade credit ratings, including by maturing investment opportunities which improve reserve life and reducing absolute net debt levels

• Deliver on our commitment to competitive shareholder returns and improving the balance sheet through the implementation of a free cash flow payout ratio-based distributions policy

Strategy in action

Strengthened financial position

$0.5bn Upgrade in underlying 2025 free cash flow driven by excellent operational execution and capital discipline