CapEx Guidance and Future Spending
Q: Why is CapEx running low and where will it end up?
A: CapEx is currently below guidance but is expected to reach $22–$24 billion by year-end due to upcoming payments and project completions. The company remains disciplined, focusing on value-accretive investments while ensuring sustainable cash flows.

Share Buybacks Increase
Q: Will you consider increasing the buyback rate above $3.5 billion?
A: The company prioritizes consistent and predictable shareholder distributions, maintaining a $3.5 billion buyback per quarter. While the balance sheet is strong, any increase in buybacks will be carefully considered to align with long-term value creation.

Excess Cash and Balance Sheet Strategy
Q: How will you use excess cash given strong net debt reduction?
A: With a robust balance sheet and current net debt levels, the company is comfortable with its cash position. Excess cash provides resilience and enables value-driven opportunities, including potential shareholder returns, while managing natural debt volatility.

Operational Outperformance in Integrated Gas and Upstream
Q: Is sustained earnings beat due to operational improvements?
A: The consistent outperformance in Integrated Gas and Upstream reflects enhanced operational delivery, disciplined cost management, and strong asset performance, such as improved availability at key facilities like Prelude and Queensland Gas Company.

Renewables Division Loss and Capital Allocation
Q: How should we view the Renewables division's profitability?
A: The Renewables and Energy Solutions segment experienced a loss due to reduced trading optimization opportunities and lower volatility. Capital employed includes assets and working capital, which can vary. The company expects average earnings around breakeven without market volatility.

Nature Energy Acquisition and Biogas Strategy
Q: Why isn't Nature Energy accretive, and what's the biogas plan?
A: Near-term margins are pressured due to low natural gas prices and higher feedstock costs. The company views Nature Energy as a strategic long-term investment, building a platform now to capitalize on anticipated growth in the late 2020s and 2030s.

Liquid Production Plans Amid Rising Demand
Q: Will you grow liquid production with global demand rising?
A: The company plans to keep liquids production flat through 2030, focusing on high-margin barrels and portfolio high-grading rather than volume growth, consistent with its value-over-volume strategy.

Biofuels Plant Cancellation and Future Strategy
Q: Why cancel the German biofuels plant, and what's next?
A: The decision was due to market conditions, including softened mandates and oversupply, affecting the project's value proposition. The company remains committed to biofuels, focusing on strategic positions in the value chain that offer better returns on capital.

Exploration Success in Namibia
Q: What's the plan following exploration success in Namibia?
A: The company is evaluating the complex subsurface to determine commercial viability, focusing on achieving desired returns before committing capital. Collaborating with other active players aids in understanding the reservoir for potential future development.

Chemical Operations and Improvement Opportunities
Q: Is there room for further improvement in chemicals operations?
A: Yes, with assets like the Pennsylvania Chemicals complex achieving stable production, ongoing opportunities exist to enhance value through product slate optimization, cost structure improvements, and leveraging competitive facilities.

Sustainability of Current CapEx Spending
Q: Is current CapEx spending enough to sustain cash flow?
A: The company is comfortable with its investment levels, making significant moves in projects and FIDs. CapEx is expected to be within the guided range, supporting long-term cash flow sustainability.

Cost Savings and Culture Change
Q: Can you break down cost savings by project or segment?
A: While specific breakdowns aren't provided, the company focuses on cultural transformation to drive competitiveness, simplifying operations, and prioritizing high-value activities to achieve cost savings, with more opportunities ahead.

Investments in Hydrogen and CCS Technologies
Q: What's the rationale behind hydrogen and CCS investments?
A: Investments like the German hydrogen electrolyzer and the Polaris CCS project in Canada leverage government incentives and decarbonization goals. These projects utilize existing capabilities and are expected to meet return hurdles, contributing to long-term value.

Marketing Division Performance and Potential
Q: What drove the strong Marketing results, and future plans?
A: The Marketing segment outperformed due to higher premium volumes and cost reductions. The focus is on maximizing potential through portfolio high-grading and operational efficiency, aiming for higher returns and considering value-maximization strategies.