Operator: Good morning, and welcome to the Harbour Energy 2026 Half Year Results. I will now hand over to Elizabeth Brooks, SVP, Investor Relations. Elizabeth, please go ahead.

Elizabeth Brooks: Thank you, Aiden. Good morning, everyone, and welcome to Harbour Energy's 2026 Half Year Results Call. We have present with us today our CEO, Linda Cook; our CFO, Alexander Krane; and our Chief Operating Officer, Nigel Hearne. Turning to today's agenda. Linda will begin by discussing our strategy and the highlights of another strong period for Harbour. Nigel will cover operational performance, followed by Alexander, who will take you through our financial results, guidance and outlook. We will then return to Linda for some closing remarks before we open up for Q&A. With that, over to you, Linda.

Linda Cook: Good morning, everyone, and thanks for joining the call. For those of you who are new to Harbour, maybe just a bit of a reminder. From the beginning, we've set a vision to build a leading global independent oil and gas company. Following our first acquisition nearly 10 years ago in the U.K., our priority was to build scale and to diversify, which we achieved through acquiring Wintershall Dea in 2024. And now with the recently completed LLOG and Waldorf transactions, we further strengthened the portfolio's resilience and longevity. As a result of our disciplined investment capability and active portfolio management, today, we're producing 0.5 million barrels per day centered on 5 core countries and increasingly weighted towards lower cost and lower tax basins with growth potential. As we look ahead, we remain focused on continuing to execute our strategy, leveraging our scale and diverse portfolio to create value through our 4 strategic priorities: sustaining production at scale, building a competitive portfolio of reserves and resources, maintaining financial resilience and delivering competitive shareholder returns. So now turning to highlights from our results announced earlier today. The first half was another strong period for Harbour operationally, strategically and financially. Excellent operational execution led to record production of more than 500,000 barrels per day with strong contributions from Norway and our new business in the U.S., where we've seen strong results from recently completed wells. This enabled us to improve our full year production guidance for the second time this year. We also made good progress advancing our priority development opportunities, including high-return projects in Norway and the U.S. alongside our longer-term growth prospects in Mexico and Argentina. And we completed 3 significant transactions that further strengthened and simplified the portfolio. Through the acquisition of LLOG Exploration in the U.S., we added a new core country with operated oil-weighted assets and a compelling growth profile in one of the world's most prolific oil and gas basins. We enhanced the resilience of our U.K. business through the Waldorf acquisition, which delivers significant financial and operational synergies. And we divested our high-cost noncore assets in Indonesia following our exit from Vietnam last year, which further improved overall portfolio quality. As a result and supported by elevated prices for both Brent oil and European gas, we generated significant free cash flow during the period. Given this and our outlook for the second half, we've increased our full year free cash flow estimate to $1.8 billion. The performance has enabled us to pay down debt faster following the LLOG acquisition and accelerate delivery of material shareholder distributions, including a new $250 million share buyback program announced today. And now I'm going to turn it over to Nigel, who will take you through our operational performance.

A. Hearne: Good morning, and thank you, Linda. We've had a strong start to the year, benefiting from a more focused, competitive and resilient portfolio, excellent operational execution and our continued commitment to driving performance across the business. In times of volatility, how we operate is where we can have the greatest influence on outcomes, and we remain aligned on delivering against 3 operational priorities: operating safely and reliably, delivering margin expansion through cost and capital efficiency and converting our resources into reserves and into production profitably and competitively. Our portfolio is focused on 5 core countries, which together account for around 85% to 90% of our production, reserves and resources. I'll shortly take you through the role each plays within Harbour, but as always, let's start with safety. Nothing is more important than keeping our people, contractors and communities safe. Most assets performed well during the period with notable safety improvements in the U.K. and Germany. However, our total recordable injury rate has increased, driven primarily by a number of minor incidents in Norway. Process safety performance was impacted by events at our onshore facilities in Mexico and now divested Indonesian assets. The issues are understood and are being actively addressed with learnings shared across the portfolio as we continue to strengthen barrier integrity, reinforce critical controls and standardize how we work across the business. During the period, we further reduced our greenhouse gas intensity driven by continued portfolio high grading, including the divestment of our more emissions-intensive assets in Indonesia and Vietnam. Turning to production. As Linda said, we had a record first half, averaging 509,000 barrels per day. This was driven by the addition of high-margin LLOG assets in the U.S. and outperformance from Norway, more than offsetting decline from the U.K. and our Indonesia and Vietnam exits. Production was also supported by strong reliability across the portfolio and new wells on stream, including in Argentina, the U.S. and Norway. This momentum has continued into July with production averaging 510,000 barrels per day, benefiting from the addition of the Waldorf assets and high rates from recent new wells online in the U.S. Cost and capital discipline also remains strong, and we are leveraging our scale to help manage inflationary pressures and foreign exchange headwinds. Looking at our core businesses more closely, starting with Norway, our largest producing business and Europe's largest supplier of gas. Norway is a cornerstone of our long-term cash flow, underpinned by a pipeline of high-value, short-cycle infrastructure-led developments. Execution remains strong. We delivered first gas from our operated Dvalin North project ahead of schedule and under budget, thanks to strong drilling performance, while accelerated project delivery has increased the number of developments expected on stream this year from 3 to 5. We also made good progress maturing our next set of projects with the Gjøa Subsea project approved during the period and 5 further projects targeted for FID this year. Together, these have the potential to deliver 100% reserves replacement in Norway. To support this activity, we've extended our partnership with the Transocean Norway rig, providing continuity and helping protect capital efficiency in a tightened market. At the same time, we're continuing to replenish the portfolio through exploration. The Omega Sør discovery is being fast tracked for first gas in 2027 and 2 further exploration wells are expected to spud later this year. And we were awarded 9 new licenses in the recent licensing round. All of this is against the backdrop of the European gas market. The TTF gas price, a benchmark for our Norwegian gas, averaged circa $15 per million standard cubic feet during the first half and is at elevated levels today as Europe is struggling to replenish storage in advance of the onset of winter. Moving to the U.K. While the fiscal backdrop remains challenging, strong delivery by the team and portfolio actions have improved the resilience and free cash flow outlook of the business. Our high degree of operational control has enabled us to drive performance and maintain our position as a low-cost operator in the basin, supporting competitive margins and cash flow. Well intervention activity remains a key focus, targeting additional low-cost, short-cycle barrels with around 10,000 barrels a day of our 2026 production generated through such activities. Other highlights of the first half included the renegotiation of a lower rate for the Catcher FPSO contract and our farming at Fotla, a high-return tieback opportunity to our operated Britannia hub with final investment decision targeted by year-end. We're also getting after decommissioning, looking to drive efficiencies through scale, collaboration, engagement with government and new technologies. And post period, we completed the Waldorf acquisition, which added production and reserves, increased our interest in our operated Catcher field and delivered significant financial synergies. Turning now to Argentina. Production averaged 74,000 barrels per day in the first half, underpinned by stable low-cost gas production from our offshore conventional CMA-1 license. We also hold more than 700 million barrels of oil equivalent of 2C resource, primarily in the Vaca Muerta shale play. At San Roque, we continue to advance the unconventional license application, supporting plans for a potential 16-well black oil development beginning in 2027. At Aguada, which is in the gas window, 9 new wells came online in the first half with ongoing drilling and completion efficiencies continuing to drive lower well costs. We've also seen good momentum on Southern Energy LNG, a 6 million tonne per annum LNG export project, which is on track to start up at the end of 2027 and will provide our Vaca Muerta gas with access to global markets. Overall, Argentina represents a significant platform for capital-efficient reserves and production growth over the long term for Harbour. The U.S. Gulf of America is our newest business unit. It's a fully operated oil-weighted portfolio centered around 3 deepwater hubs at Who Dat, Buckskin and Leon-Castile. Production was 33,000 barrels per day in the first half and is on track to increase to 65,000 to 70,000 barrels per day by 2028. Combined with the attractive fiscal terms, we're adding high-margin barrels, which underpin material free cash flow growth through to the end of the decade. Year-to-date, we have delivered the Leon 1 well, a fifth well at Buckskin that has outperformed expectations and a sidetrack at Who Dat with initial production rates above plan. We're also on track to approve the Who Dat East development this month. And looking ahead, activity will accelerate through the remainder of the year with further drilling across our key hubs with the arrival of the second rig, which will support continued production growth beyond 2028. We also see significant infrastructure-led exploration upside with the Kingsroad well expected to spud later this year and recently acquired ocean bottom node seismic data, leveraging the LLOG team's strong exploration track record to unlock further prospectivity. In addition, we secured 12 operated leases near existing infrastructure in the recent Gulf lease rounds, adding further running room in this prolific oil and gas basin. These results reinforce our confidence in both the quality of the assets and the growth potential of the portfolio. And finally, Mexico. Mexico represents one of our most material long-term growth opportunities with our operated Zama and Kan projects capable of adding reserves equivalent to almost 2 years of harvest production. During the first half, we continue to optimize both developments to improve returns and reduce risk. Invitations to tender for the major Zama feed packages are expected to be issued shortly, and we also expect to sign the preliminary agreement to secure the FPSO for the Zama development by the end of this month, marking important steps in maturing this nationally significant project. In addition, partner alignment has been strengthened through Grupo Carso's increased participation across both projects. In summary, we remain on track to achieve FID readiness of Zama and Kan by the end of 2027. My final slide sets out our CapEx and production outlook and highlights how the portfolio has shifted, becoming more operated and focused on lower cost, lower tax basins with significant running room. From 2027, we expect to spend $2 billion to $2.3 billion per year, which will allow us to sustain production between 475,000 and 500,000 barrels per day through the end of the decade, while driving further high-grading the portfolio as we focus on our most competitive projects. Importantly, while overall production remains stable, the underlying quality of that production continues to improve. with declining higher cost U.K. volumes increasingly being replaced with higher margin growth in the U.S., new volumes in Norway and Argentina and over time, Mexico. And with that, I'll now hand over to Alexander to cover the financial review.

Alexander Krane: Great. Thank you so much, Nigel, and good morning to everyone dialing in. We have delivered another strong set of financial results, reflecting excellent operational performance, the benefits of recent portfolio actions and strict capital discipline. Record production, coupled with our increased exposure to higher oil and gas and European gas prices drove increased earnings, significant free cash flow generation and rapid deleveraging post completion of LLOG, a clear priority for us. As a result of the strong first half and higher assumed commodity prices for the second half, we've increased our full year free cash flow outlook to $1.8 billion from $1.4 billion previously. And in line with our distribution policy, the higher free cash flow is translating directly into material additional shareholder returns, starting with the $250 million share buyback announced today. Together with our interim dividend of $150 million, this represents a 22% increase in shareholder distributions compared to the same period last year. The first half of this year was marked by elevated and volatile oil and European gas prices, largely driven by events in the Middle East. Against this backdrop, Harbour is well positioned. We have a large-scale diverse portfolio with 40% of our production exposed to dated Brent WTI and 40% to European gas benchmarks. We also benefited from a competitive cost base and investment-grade credit ratings supported by a prudent financial policy. Oil realizations for the period increased to $90 per barrel pre-hedge and $84 per barrel post hedge, supported by higher benchmark prices and strong sales differentials, particularly for our North Sea crude. Our European gas production also benefited from higher benchmark prices, further enhanced by our ability to direct volumes, particularly from Norway to the highest netback markets. This delivered pre-hedge European gas realizations of $15 per Mcf and $14.4 per Mcf post hedge. And as you can see, European gas prices continue to trade significantly above Henry Hub. Let's turn to the income statement on Slide 19. Higher realized oil and gas prices and strong production combined to drive revenue up more than 20% and adjusted EBITDAX up by 15% compared to the first half of 2025. Unit operating costs for the period of $13.3 per BOE were up slightly from first half last year with higher volumes offset by FX headwinds, higher fuel costs and the addition of the LLOG portfolio, which carries higher unit operating costs near term as production ramps up. Other operating costs include a $200 million net overlift position, while adjusted net financial items were higher period-on-period, driven by multiple smaller items, including increased interest costs. Now as usual, there are a number of offsetting items relating to derivative gains, losses and FX movements. Note 6 to the financial statements provides more detail on these for those interested. After taking all of these elements into account, our adjusted after-tax profit increased 37% to $562 million with a lower effective tax rate of 77%. Adjusted earnings per share came in at $0.28 per share, up 27% compared to first half of 2025. Overall, these results demonstrate improved profitability and, more importantly, that profitability is translating into strong cash generation. During the period, we generated $4.5 billion of operating cash flow. We invested $1 billion of total CapEx, and we paid $1.5 billion in taxes. This resulted in strong free cash flow generation of $1.8 billion, materially derisking our full year free cash flow outlook. It's important to highlight that the first half free cash flow benefited from timing of tax payments with $1.5 billion of cash taxes paid in the first half relates to 2025 tax liabilities. In contrast, second half cash taxes are expected to be 60% higher at approximately $2.4 billion, reflecting our 2026 tax liabilities. After M&A transactions and funding, cash balances doubled over the first half to $1.6 billion, resulting in increased liquidity of $4.1 billion. Strong EBITDAX and free cash flow generation over the period helped us materially accelerate debt reduction and reduce leverage following completion of the LLOG acquisition. As a result, we ended the period with net debt of $5.4 billion, only $1 billion higher than the start of the year despite the $3.2 billion LLOG acquisition and leverage broadly unchanged at 0.7x and below our through-cycle target of less than 1x. Post period end, in July, we completed the Waldorf acquisition for $163 million, immediately unlocking more than $400 million of cash and further strengthening our balance sheet. Also in July, we refinanced our $3 billion revolving credit facility, extending its maturity to 2031 and securing improved commercial terms, including a 30% reduction in margin. This is thanks to continued strong support from our banks and demonstrates the financial benefits of our portfolio transformation, enhanced scale and stronger business profile. Moving to our free cash flow outlook and shareholder distributions. We've increased our full year free cash flow outlook to $1.8 billion. That's 3x higher than the $600 million expected at the start of the year. This reflects a strong first half, upgraded production guidance and assumed second half commodity prices of $80 per barrel dated Brent and $16 per Mcf for European gas. Partially offsetting the FX headwinds, primarily the stronger NOK, which increases the U.S. dollar value of our Norwegian tax payments and a modest working capital outflow. So what does this mean for shareholders? Well, in March, we introduced a new distribution policy to return between 45% and 75% of free cash flow to shareholders, including a minimum annual dividend of $0.1610 per share, equating to approximately $300 million. This allows our shareholders to benefit from periods of strong free cash flow like we're seeing today, while enabling us to continue to reinvest in the business, delever and pay competitive shareholder returns through the commodity price cycle. Based on our updated free cash flow outlook of $1.8 billion, we expect to return a minimum of $800 million to shareholders. This includes at least $500 million of additional returns above our annual dividend, leading up to $1 billion to go towards the balance sheet. Consistent with this approach, we've announced today an interim dividend of $150 million and a new $250 million share buyback, accelerating additional returns into 2026, reflecting our confidence in the 2026 free cash flow outlook. So turning now to guidance and outlook. We've lifted the lower end of production guidance for the second time this year, now set at between 490 and 500 KBOE per day. Full year 2026 unit OpEx and CapEx guidance is unchanged, while we've increased our free cash flow outlook to $1.8 billion, assuming Brent and European gas average $85 per barrel and $15 per Mcf for the year. Our free cash flow sensitivity is unchanged with a $5 per barrel change in Brent impacting full year free cash flow by $170 million, while a $1 per Mcf change in European gas impacts free cash flow by $150 million. Forward curves, especially for oil remain volatile. But if I use today's curves where gas prices are higher, we would expect free cash flow to be closer to $2 billion. My final slide here is a reminder of our 3 capital allocation priorities, which we have continued to deliver against. First, we remain committed to maintaining an investment-grade balance sheet. Following major transactions, we have consistently prioritized debt reduction and higher commodity prices, combined with strong operating performance means we have made some good progress here. Second, we aim to maintain a robust and diverse portfolio. By investing around $2 billion to $2.3 billion annually from 2027 in high-return growth projects increasingly in low tax, lower-cost basins, we expect to sustain high-margin, cash-generative production at scale well into the next decade. And finally, we will continue to deliver competitive shareholder returns through the cycle. As you've heard today, our distribution policy enables shareholders to benefit from our strong free cash flow generation with 2026 cash returns to be significantly above the annual dividend. Based on our free cash flow outlook of $1.8 billion, we expect to deliver a minimum of $800 million of shareholder returns. That's $500 million above the base dividend. The $250 million share buyback announced today is therefore just the start with at least a further $250 million still to be allocated. So with that, thank you for your attention. I will now hand you back to Linda for some closing remarks.

Linda Cook: Thanks, Alexander and Nigel. I think, in summary, we've had an excellent first half operationally, financially and strategically. And with strong production in July and the Waldorf transaction now completed, we're carrying that momentum into the second half of the year. Our portfolio actions over the past 3 years have transformed the outlook for Harbour, delivering greater scale and resilience with production increasingly weighted towards lower cost, lower tax basins with significant running room. At the outset of this year, we expected 2026 to be somewhat of a transition year for free cash flow as we completed the 3 announced transactions, integrated the LLOG portfolio and started shifting investment towards higher return opportunities. However, higher oil and European gas prices, together with our continued excellent execution, have brought forward the benefits of this transformation as reflected in today's strong results. This includes a significant step-up in free cash flow that has enabled the acceleration of debt reduction and also the delivery of additional cash returns to our shareholders as demonstrated by the new $250 million buyback announced today. Looking ahead, I'm confident that the quality of our portfolio and the capability of our team both position us well to continue delivering against our strategic priorities, sustaining production at scale, strengthening our position in our core countries, maintaining financial resilience and delivering competitive shareholder returns. And with that, I'm going to hand it back to our operator, Aidan, who's going to open the call for questions.

Operator: [Operator Instructions] Our first question comes from Alejandra Magana from JPMorgan.

Alejandra Magana: My first one is on production. Can you help us bridge from the 509 in the first half and 510 in July to your full year guidance range? Is the implied stepdown predominantly planned maintenance? Or are there any other moving pieces we should consider?

Linda Cook: Yes. Thanks, Alejandra. I'm going to let Nigel take that question, if you don't mind. Nigel?

A. Hearne: Yes, Alejandra. So normally, for Harbour, second half of our year is typically back-end loaded with more maintenance activity. So that's what you see a little bit in the production forecast. We've got some large shutdowns to work through. You also see that in production and in some of the OpEx impact actually. And we're also holding a placeholder for potential hurricane impact in the Gulf of America. So hopefully, we don't see that, but we're holding a placeholder for both the turnaround getting through the turnarounds and hopefully, we get through with very little storm impact in the Gulf. So that's primarily where our production is slightly lower for the second half of the year. This is all planned activity. It also includes some of the deferment of -- proactively deferring some of the activity that we had planned in the first half of the year. Given the high margin, the high price environment we saw, we took the decision to push some of that into the second half of the year.

Alejandra Magana: Very clear. My second question is on capital allocation. Given the very strong cash generation in the first half and essentially neutral free cash flow implied in the second half, along with the tax lag into 2027, how are you thinking about balancing incremental shareholder returns with further deleveraging within your existing framework?

Linda Cook: Thanks. Alexander?

Alexander Krane: Yes. Thanks for the question, Alejandra. Yes, I mean, first, as you pointed to, and we talked a bit about it in the presentation, and you'll see it from some of the materials, the cash tax payments are clearly weighted towards the second half of the year. So that is a key driver for the split between free cash flow in the first and the second half of the year. Yes, as Nigel talked about, excellent execution in the beginning part of the year, and that translates into the strong cash flow you're seeing in the first half of the year as well. And then depending on how quick we do all the maintenance and whether there's any hurricanes or anything in the second half, that, of course, will impact free cash flow from operations in the second half of the year as well. Now when it comes to allocating that capital to reinvesting in the portfolio to repaying debt to shareholder -- return to shareholders, again, we're trying to be predictable and in line with what you've seen from us in the past, but also living within the policy here. So repaying debt after the LLOG acquisition, a clear priority, probably doesn't surprise anyone. And then on shareholder returns, I mean, we are happy and very pleased to be accelerating the first buyback now into early August already. So that is a good start, we think. And hopefully, that demonstrates some of the confidence and we're seeing in operations and in cash flow. So that is the starting point. And then we'll just have to see going through the second half of the year and seeing how we deliver and how markets develop in terms of pricing too, and we'll come back then with more details on further returns, Alejandra.

Linda Cook: Yes. Maybe just to add to that, I think the one thing that we're not doing is increasing investment. So we have generated more cash flow than we originally expected for this year. And of our 3 priorities, that cash is going to paying down debt and cash distributions to shareholders, and we're holding our CapEx levels flat this year with that guidance being unchanged. And we feel like that's the right thing to do.

Operator: The next question comes from Mark Wilson of Jefferies.

Mark Wilson: Very impressive results. I mean, your U.K. production, in particular, is remarkable. And you mentioned the fiscal backdrop is challenging, but that production resilience right now suggests it could obviously grow if the shackles are removed. I think that's the truth for the global industry. You also speak, Linda, to migration to higher growth, lower-cost jurisdictions as a continued strategy. So very simple question, can we rule out any material U.K. North Sea deals to grow that because, obviously, there are some things in the market?

Linda Cook: Mark, thanks for the question. Glad you got the Star 6 this time and you're able to get through to us. Yes. The question about the bp announcement recently is one, of course, we expected might come up. But we don't comment on specific portfolio matters or future M&A prospects. But I think reflecting on it, what bp have said makes sense. It's the same reason why Harbour has decreased investment in the U.K. in favor of acquisitions and investments elsewhere, such as the U.S., even Mexico, Norway. The existing fiscal environment here in the U.K. means that projects -- investments in the U.K. just struggle to compete with international opportunities. And that's because of the fiscal environment. So for now, I would say our focus is on integrating the Waldorf assets. We just completed that acquisition less than a month ago and continuing to maximize the value of our existing U.K. business as best we can, and thanks for calling that out. The team continues to do a really top-notch job, both operationally, also with respect to safety, doing just that, strengthening our cash returns and production as best we can under the somewhat difficult circumstances.

Mark Wilson: Okay. Very clear. The second point, Alex mentioned the returns and the variables in the second half, not least operational hurricanes and how the market prices pan out. But at the same time, your leverage is below 1x. Your $800 million as a minimum return is 45% of that free cash flow guidance. And so one suggests there is clear upside to the upper end or further in that 45% to 75% range, depending how the year pans out. Would that be fair?

Alexander Krane: Yes. I mean we -- thanks for that, Mark. Again, we put some thought into the distribution policy when we announced it in the beginning of the year. And we tried to be clear and link this to free cash flow generation. And we did set that range because, as you know, we're keeping one eye on the balance sheet as well and wanting to strengthen and delever. So we are working hard, not just operationally and doing what we can in U.K. and in other places, but also financially thinking how to optimize that balance. Yes, we obviously derisked the full year estimate quite a bit by sitting at $1.8 billion of free cash flow generation already at the halfway mark, but it is at the half year mark. So we're pleased and feeling confident about progress so far, and that's why we're accelerating buybacks into August already. But there is still a few months to go this year with the items you just mentioned and commodity prices, somewhat volatile as well. So yes, where we'll end up in that range, we'll have good discussions with our Board and others on that as the year progresses. And that full year free cash flow is being derisked by the payer.

Operator: Our next question comes from Teodor Sveen-Nilsen of SB1.

Teodor Nilsen: Also congrats on strong results. Two questions from me. First, on the increased guidance for free cash flow up to $1.8 billion per year. How much of that is driven by higher-than-expected prices for first half and how much is driven by other factors? So that's the first question. Second question, that is on the buybacks, the increased buybacks you announced today. Why don't you pay that as cash dividend? Or what's the considerations between cash dividend versus buybacks on the increased distributions?

Alexander Krane: Yes. Thanks for the questions, Teodor. On the $1.8 billion outlook for the year, this is obviously a mix of having delivered production at elevated levels, I would say, a bit higher than what we expected. So that accounts for a bit of that. And then, of course, it's the increased oil and gas prices. They probably account for closer to $500 million or so. So if I would break it down, it would be probably up with $0.5 billion of oil and gas prices. The performance Nigel and the team have had adds another $100 million. But then there are some adjusting items just on FX, working capital that takes just a tad down as well. And you've probably seen the strong local currency in Norway, which is somewhat of a headwind for that free cash flow. How to return this free cash flow to shareholders? Well, there are a couple of tools in our toolbox for that as well. Again, we're trying to find the right balance here of having a steady minimum dividend, and then we can top it up with, well, even more dividends or buybacks or participating in any blocks for major shareholders as we've seen in the past 3 to 4 months. So yes, trying to find that balance. We think it's wise to be in the market, supplying extra liquidity and buying back our stock, especially when we've seen some larger blocks from some of our shareholders coming out. And we think that is the most value accretive right now for our shareholders to be consistently in the market there with the bid. So that's the thinking behind that, Teodor.

Teodor Nilsen: Okay. Understood. That's clear. And if I may, just one final question here. You discussed Zama. Could you confirm that first oil on Zama still is planned for 2029?

Alexander Krane: Yes. Thanks, Teodor. First oil on Zama, why don't we let Nigel comment on that one, please?

A. Hearne: Teodor, thanks for the question. Our current focus is getting into FEED here before year-end, decision gate and then into FID, we'll be targeting depending on development concepts and early phase production, which per our schedule should be towards the end of 2029. So a lot of work to do ahead of us, but we're doing what we can to make sure we have the most capital-efficient development of that project that we can.

Operator: [Operator Instructions] Our next question comes from James Carmichael of Berenberg.

James Carmichael: Just coming back to the U.K., you obviously touched on the bp situation. I'm just wondering if you've had any further discussions with the new Energy Minister and whether there's any sort of further thoughts on how U.K.'s view on the sector might have changed. I appreciate it's early days, but just any sort of thoughts you've got around that. Then also just the noncore parts of the portfolio, I guess you talked about sort of North Africa and others previously, just what the market is like for selling assets, which might be less of a priority for the business is like today. And then just lastly, so if I can, on the distributions again. That $800 million minimum, should we expect that to be sort of GBP 800 million cash paid in 2026? Or will some of it sort of fall over into next year?

Linda Cook: James, I'll take the first couple of questions and then let Alexander talk a bit about what we might expect in terms of timing of distributions. Let me take your divestment question or noncore question first. We do have 5 core countries. It doesn't mean the others aren't important. They just are smaller in scale, less impactful, and we don't necessarily see the sort of competitive investment opportunities that we do in the others. How is the market for divestments? I think we always turn to commodity prices first and foremost. The first thing I'd say is we try to avoid buying assets when commodity prices are really high, and I wouldn't put it all just to luck, but we're pleased with the timing of our LLOG exploration acquisition, which we announced late last year. I think when everyone was predicting oil prices to be in the 50s as we speak and since we've completed that transaction, I think we've averaged closer to $90 for the production there. So that timing we got good. But as you're right, the opposite is this would be a good time to sell. And we will just -- I would just say that portfolio management remains a very active part of our strategy. And if interesting offers come along for assets, we would always reasonably consider what's in the best interest of our shareholders for the longer term. Your first question, I think, was about the U.K. government. You're right, it's early days. So you wouldn't necessarily expect we've had a lot of time to engage with the new Energy Minister or DESNZ, Secretary of State for DESNZ or the Prime Minister yet. But I think what we have done is, through industry associations and otherwise, try to get the message across that the North Sea continues to have a vital role and can play an even bigger role when it comes to U.K. energy security. And of course, it means even more than that. It also means investment and jobs. The key to realizing that is going to continue to be the fact that we need a more supportive fiscal framework. That's just essential, as I've already said, if U.K. projects are to compete for capital within companies that have opportunities outside the country. And it's that capital that's going to drive jobs and secure value for the U.K. from its domestic resources. So we're encouraged by some of the language we hear from the government about willing to be pragmatic. We're hoping that it recognizes the role the sector can play, including not just energy security, but in its wider reindustrialization agenda. So we'll continue to do what we can to influence the situation. And then the last question was that timing of distribution.

Alexander Krane: Yes. Thanks for that, James. Well, as a starting point, we were planning to see more of the 2027 payout relating to a full year in 2026. However, due to the strong performance we've seen so far and the derisking that we've already done, we are very pleased to be accelerating this now into August of 2026 already. And like I said, the $250 million buyback today, well, that's just the start. And if you keep these assumptions related to free cash flow generation for the year, it would be another $500 million coming back to shareholder then as a minimum. So we will continue to do the buyback now this year, whether some of it will end up being returned in 2027, yes, that probably will. It's a full year estimate with a full year cash flow for the year, but I think it's a really strong start. It's really pleased to be out accelerating and doing this buyback now already, and we'll take it from there.

Linda Cook: Yes. And it's just a real signal, I think, as Alexander already said, and the confidence we have in our ability to deliver really strong free cash flow. Thanks, James.

Operator: Thank you. I will now hand back to Linda for closing remarks.

Linda Cook: Okay. Great. Thanks to everyone for joining the call today. Again, we're really pleased with the strength of our first half performance and looking forward to carrying that into the second half and continuing to deliver for our shareholders. So thanks again for joining the call today.