Robust long-term investment fundamentals Oil supply and demand1 MBDOE Decline without investment EM outlook demand New supply required Low demand based on Assessed 2oC Scenarios Average demand based on assessed 2oC scenarios3 High…
IEA estimates approximately 21 trillion of oil and natural gas investment needed by 2040 With flat demand, full replacement of existing oil and gas production levels required in 15 and 20 years, respectively With expected growth in…
Competitive advantages deliver attractive investment portfolio Develop lowest cost of supply production Evaluate investments on: Advantages vs. competition Attractiveness across range of prices Value vs. available alternatives…
Attractive portfolio generates shareholder value At 80/bbl At 60/bbl2 At 40/bbl ROCE1 7% ROCE2 15% ROCE2 10% Growing earnings and ROCE Billion USD 1 Actuals Growing cash flow from operations Billion USD At 80/bbl At 40/bbl Source:…