“Frankly, going forward, we continue to see additional opportunities to become more effective and through that, then get more efficient.”

In context

“ase the pace of investment is just a function of opportunity set and not limited by your capability? Thank you. Darren Woods: Yeah. Thank you, Paul. Just to your point about the reductions that you referenced, you know, that was really the next step in a continuum of work we have been pursuing for some time now. We have worked really hard at transforming the how of what we do, and that has led to much improved effectiveness. It has also led to the efficiencies that we have been racking up. If you look, you know, since 2019 when we started this work on the strategy, implementing the strategy, we are over $14 billion of structural cost reduction. That is on average about $2.5 billion of structural cost reductions every year. My expectation is we will see something similar to that this year. Frankly, going forward, we continue to see additional opportunities to become more effective and through that, then get more efficient. The ability in terms of the capacity we have got now is limited by the opportunity set because of the high criteria that we put on it and the insistence that the projects that we bring in are advantaged versus the low end of the cost of supply curve so it is resilient and delivers robust returns across every part of the commodity cycle. That criteria set tends to narrow the pipeline down pretty quickly as we are looking at things. To date, we have not hit that limit. But I would also tell you that as we continue to learn and sharpen our pencils, the opportunity set that we see across our technology organizations, our project organization, we think there are still untapped opportunity sets to get even better in that space. So not at a limit yet, and frankly, I do not see a limit. Maybe one”