“We expect to keep our capital spend within the previously communicated range of $20 billion to $25 billion.”

In context

“I would like to take the opportunity of this call to provide a brief overview of some key planned priorities and objectives. Starting with our operations. In 2020, we delivered industry-leading performance in safety and reliability. Our go-forward plans intend to sustain that leadership position. We also established objectives to significantly reduce emissions intensity by 2025. Our focus in this effort, more than paid off. We now expect to meet our objectives this year and are working to significantly raise the bar and reset our 2025 objectives. We're also ahead of schedule on our work to improve our cost structure, we expect to deliver more than the $6 billion in structural savings by 2023. We continue to find additional synergies and greater efficiency throughout our new organization. We expect to keep our capital spend within the previously communicated range of $20 billion to $25 billion. This represents a significant reduction versus our pre-pandemic plans. Over the changes we've made to our businesses are new project organization, and improved use of technology. We expect to deliver the same growth in earnings and cash flow as our pre-pandemic plans, offsetting the pandemic induced delays. In addition, we can free up funds to grow our low carbon solutions business and further accelerate efforts to reduce emissions. From 2022 to 2027, our cumulative capital investment in emission reduction projects is expected to be $15 billion. This year we made substantial progress in restoring the strength of our balance sheet. By year-end, we expect to be well within the debt-to-capital range of 20% to 25%. On Wednesday, we announced an increase in our dividend, adding to what is al”