“We’re continuing to drive that down even more, expecting to average $35 per barrel between now and 2027.”

In context

“ts during the year. Our actions are yielding strong results and, as I said, positioned us to benefit from demand recovery. We grew earnings to $23 billion and drove nearly $2 billion of structural efficiencies in 2021 on top of the $3 billion the year before. This puts us in a good position to significantly exceed our goal of $6 billion of structural cost savings per year by 2023 relative to 2019. We maintained our disciplined approach to investments, focused on competitively advantaged low cost of supply opportunities and on growing our portfolio of high-value products. CapEx was $16.6 billion for the year, which was near the low end of our guidance. As a result of our cost reductions, improved efficiency, and capital discipline, we’ve lowered our Brent breakeven price to $41 per barrel. We’re continuing to drive that down even more, expecting to average $35 per barrel between now and 2027. Cash flow from operating activities increased to $48 billion, the highest since 2012. We used the available cash to restore our balance sheet, essentially paying back what we borrowed in 2020, reducing our debt-to-capital ratio to about 21%. As a result of our restored financial strength, we increased the annual dividend for the 39th consecutive year and announced a $10 billion share repurchase program that started last month. Overall, a strong list of accomplishments. Now looking ahead to this year. Our plan is robust and progresses our strategic objectives. I’ll highlight a few key items on this page. First, we will increase our competitively advantaged, low cost of supply production with the start-up of Liza Phase 2 in Guyana and the Coral LNG development in Mozambique. The same is tru”