“In low carbon solutions, we expect to generate $1 billion of earnings by 2030 in businesses that are insulated from commodity price cycles.”

In context

“And while our total cash CapEx grows to between $28 billion and $33 billion per year through 2030, our reinvestment rate declines from 50% to 40% of cash flow over the planned period. We're putting capital to its highest and best use to further strengthen the earnings power of the company. In the upstream, we're focused on growing volumes of our most profitable barrels. We're on track for more than 60% of our production to come from advantaged assets by 2030, with an increase in per barrel profit from $10 a barrel last year to $13 a barrel in 2030. In product solutions, advantage projects are accelerating our shift to a more profitable mix of products. We're on track for 80% growth of high value products by 2030, which will bring them to more than 40% of total product solutions earnings. In low carbon solutions, we expect to generate $1 billion of earnings by 2030 in businesses that are insulated from commodity price cycles. We know that shorter-term investors will want lower CapEx and higher cash distributions. I suspect with today's level of market uncertainty, the call for this will be even stronger. That's shortsighted. We play the long game. We are rewarding shareholders today with investments made in the past when we face similar circumstances and a lot of criticism for staying the course. The passage of time demonstrated the value in this approach. We know that the advantaged investments we're making today are critical in growing shareholder returns and distributions in the future. Having said this, we are focused on value. If changes in market conditions present opportunities to improve the NPV of our investments by pivoting or inventorying opportunities, we'll take them. The flexibility of our invest”