“we expect it to build our cash balance to between $20 billion to $30 billion, which gives us both a strong balance sheet and a strong cash balance, which we view as a competitive advantage that provides us flexibility through the cycle.”

In context

“of course, we've got work going on in PNG. And so bringing more LNG supplies to help offset some of the Russian gas going into Europe will be another really critical step forward and the diversification of supplies for Europe. Neil Mehta: And the follow-up is around capital returns. Just talk through how you're thinking about the dividend where there hasn't been a reset this year at least and whether it makes sense to return back to dividend growth and return of capital, a very strong buyback number in the quarter. How are you thinking about tracking towards the $30 billion that you outlined a couple of months ago? Kathryn Mikells: Sure. I'm happy to take that. So look, as you know, our first priority is to continue to invest in the business. And we talked last quarter about the fact that we expect it to build our cash balance to between $20 billion to $30 billion, which gives us both a strong balance sheet and a strong cash balance, which we view as a competitive advantage that provides us flexibility through the cycle. We're trying to strike the right balance in terms of share repurchases and dividends. As you know, we raised our quarterly dividend by $0.01 in the fourth quarter of 2021. And last quarter, we tripled the size of our share repurchase plan, which is now up to $30 billion of share repurchases this year and next. So we're definitely focused on being efficient as we look to return capital to shareholders. And obviously, the share repurchase program has a secondary benefit of reducing the nominal size of our dividend. So I'd say we're trying to strike the right balance. Our Board reviews this pretty regularly, and we feel good about where we're at right now. Jennifer Driscoll: Thank you. And just a reminder, a single question per analyst, please. Jennifer? Operator: We'll go next to Doug Legg”