I am pleased to present our 2025 Sustainability Report. This year, we are offering this important data and commentary in an easy-to-browse online format, as part of our commitment to continually improving the transparency of how we conduct our business.
Our Company has continued to deliver strong operational and financial results, and we see this performance firmly rooted in our commitment to generate value for all stakeholders. The concept of value extends well beyond providing share price appreciation for our shareholders. Our vision includes creating tangible benefits through our strategic partnerships, like our relationship with Thailand’s pre-eminent upstream company, PTTEP, solidified in 2025, while also providing meaningful contributions for host governments as well as our employees, the communities where we operate, and society at large.

We pursue these goals aggressively, while remaining vigilant in our commitment to environmental stewardship. We see our industry, and more broadly, the provision of primary energy, as a societal imperative to facilitate economic growth and societal development. We take this responsibility seriously, and pursue this drive alongside society’s expectation that we will improve our emissions footprint, while continuing to grow our business.
We have increased our production of primary energy, while reducing our greenhouse gas emissions. The result has been a 30% reduction in emissions intensity since we first assumed operatorship of our producing fields in Thailand in 2022 and 2023. At the same time, we have reduced the energy we consume in our business, and have improved our performance on managing waste generated by our operations. These metrics all point to a long-term trend of improving the overall quality of our business delivery.
We also recognise that aspirations and strategy may guide our actions, but it is our people who make it all happen. We continue to prioritise workplace safety, well-being, and people development as the key to our success. Our performance has been strong, but we remain committed to the notion of continuous improvement, striving for zero injuries in everything we do.
Our 2025 Sustainability Report identifies the topics we see as most material to the sustainability of our business, and elaborates on our performance in 2025, measured against both our 2024 outcomes and the baseline data we published in our inaugural sustainability report for the year 2023.
As we raise our sights to the next chapter of our story, it is clear that our business is getting more complex, larger, and more vital for everyone concerned. We hope you find the information presented herein useful, and we welcome your feedback on our approach to ensuring the sustainability of our business and fostering transparency in everything we do.