“Working with their team and incorporating their technology, we will develop and scale a differentiated graphitization process that has higher throughput, is 50% more energy-efficient, and significantly lower cost than available industry alternatives today.”

In context

“de project and are converting low-value fuel oil into high-value lubricant products and diesel using a proprietary catalyst at scale. Project utilization is currently around 80%, ramping to full capacity by year-end. With our new-to-the-world base stock on grade and delivered to customers, we have also progressed the development of our revolutionary battery anode graphite that can deliver breakthrough improvements in battery performance. Early feedback from leading auto OEMs and battery producers has been promising. Their testing shows the batteries can be charged 30% faster, provide a 30% increase in effective range, and last up to four times longer. This quarter, we also announced the acquisition of key assets from Superior Graphite, a leader in the graphite and specialty carbon market. Working with their team and incorporating their technology, we will develop and scale a differentiated graphitization process that has higher throughput, is 50% more energy-efficient, and significantly lower cost than available industry alternatives today. We also commissioned our newest supercomputer, Discovery Six, developed with Hewlett Packard Enterprise and NVIDIA, delivering a step change in exploration and seismic processing. This is the world's seventeenth most powerful computer. Seismic processing that used to take months now takes just weeks and is already having an impact in Guyana, enabling more than a billion dollars in potential value capture from increased resource recovery at our first six FPSOs in the Stabroek Block. Our longstanding focus on and investment in technical innovation is paying dividends. When coupled with the capabilities we have developed in execution excellence, we deliver results that others cannot match. You have seen it this year with our global projects organization and the eight key startups we have hig”