“As we go forward with the changes that we’ve been making in the organization continuing, we’re going to continue to deliver more structural cost savings.”

In context

“that we remain robust to any period in the commodity cycle and making sure that we’re positioned competitively versus everyone else in the industry. That drive over time to reshape the portfolio continues to move our collective production to the left and to lower cost, and then at the same time adding higher value barrels, we’re lowering cost and increasing revenue, and so that’s where the value game is getting played out. That’s the work that we’ve been doing and that’s the high grading that you’ve seen in the portfolio and the improvements in structural cost. We mentioned at the top of the meeting that we’ve actually achieved the $9 billion in structural cost this quarter, third quarter, so a quarter ahead of what our initial plans were, and we expect to see more in the fourth quarter. As we go forward with the changes that we’ve been making in the organization continuing, we’re going to continue to deliver more structural cost savings. The whole strategy is around making sure that we have the best portfolio and the most resilient portfolio, so that we can basically be successful irrespective of the commodity price environment that we’re in, and that we’re well positioned versus others in the industry. That is the strategy, and you see that playing out certainly in the upstream, but you also seeing it playing out in the downstream where we’ve been high grading our assets there and playing out in our chemical business, where we continue to bring on units that produce high performance products. That strategy is manifesting itself in each of our businesses. Then I’ll just end on that same philosophy underpins what we’re doing in low carbon solution. As we build out that business and position ourselves for the long term, it”