A jump in year-on-year adjusted quarterly net profits beat market expectations. Surging cash flow also flowed through to net debt reduction. The E&P business outperformed as it increasingly benefits from the ramp-up of higher margin production. Quarterly production growth was stunted by lower gas demand in key markets. Full-year production guidance is revised down from 4% to 3%. G&P continued its recovery but R&M and Chemicals had a tough quarter.