What I can tell you is we will increasingly focus our investments on the highest quality barrels and drive returns and cash flow, not production volumes. And with that, you can expect oil and gas production to decline gradually over time.
Does that mean you will be producing and refining hydrocarbons in 2050?
Yes – very likely.
Does that mean you will be producing and refining less of them by 2050?
Yes – and our aim is that any residual hydrocarbons will be decarbonized. And in a world that is serious about net zero, they will have to be. But we can only reimagine energy if we are financially strong, able to pay the dividend our owners depend on – and generate the cash needed to invest in new low and no carbon businesses.
Yes, we will, over time.
But the goal is not just to spend more money, it is to invest wisely – into businesses that will make a difference to the world.
Businesses we can develop at scale…
In areas where we have unique capabilities…
And where we can deliver competitive returns.
We don’t plan to commit to an arbitrary or pre-set number.
But make no mistake, we aim to invest more and more in low carbon businesses over time – and less and less in oil and gas.
I appreciate you want more than a vision – you want to see milestones, near-term targets, some ways to measure progress.
We do not have those for you right now.
But we will have more to say in September when we announce our new strategy, and in the months and years to come.
I will say this now though – we don’t expect progress to be a straight line.
But make no mistake…
The direction is set.
We are heading for net zero.
There is no turning back.