Status Update

May 11, 2017

Slides

Welcome to ExxonMobil's shareholder webcast. This webcast is being recorded. Your host for today will be Jeff Woodbury, Vice President, Investor Relations and Secretary and Randy Powers, Manager, Executive Compensation, Benefits and Policy. The format of today's call will include prepared remarks from Mr. Woodbury and Mr. Powers, followed by the question and answer session. At this time, I will turn the webcast over to Mr. Wordberry. Please go ahead, sir. Thank you. Ladies and gentlemen, good morning and welcome to today's shareholder webcast. Over the next hour, Randy Powers and I will cover key highlights of ExxonMobil's executive compensation program. We'll review our new Energy and Carbon Summary and then briefly touch on the shareholder proposals. We do recognize that the proxy season is a very busy time, so we'd like to thank you upfront for your participation this morning. As in prior years, the webcast is part of our broad shareholder outreach program that is implemented throughout the year. We will leave time today at the end of our prepared remarks for questions and answers, should there be any. Please feel free to submit questions via the Internet at any time during the session. Also, please feel free to reach out to us should you have any questions later. Also want to point out that in the back of the presentation, you'll find our cautionary statements, compensation related terms and footnotes and a summary of our many disclosures that form the basis for our Energy and Carbon summary. You may also refer to the Investors section of our corporate website for additional information and definitions of key financial and operating terms that we may use today. First, a few comments on shareholder engagement. We do believe ongoing engagement with our shareholders is essential and keeping our shareholders informed on relevant business matters is a priority for us. The company connects with shareholders through a variety of venues. We engage directly with shareholders throughout the year to maintain contact and address issues of interest, and we strive to respond to all shareholder inquiries. Of course, the Annual Shareholders Meeting is a time when we interface with many individual institutional shareholders. Our many company publications, our corporate website and the webcast, which is this one, are other ways that we communicate with you and provide information about the company. I'll say that this is a robust program that's designed to be responsive to our shareholders and provide relevant and useful information in an efficient manner. Should you like to communicate directly with the Board, the Board does have established procedures for shareholders to communicate with individual directors, including the presiding director, the Board committee members or the non employee directors as a group. More information about this process may be found in our proxy statement or on our website. Our key message here is that we do welcome and value input from all shareholders and that input is taken seriously by the company and is carefully considered in our deliberations. In fact, the executive compensation overview and the energy and carbon summary are products of engagements with our shareholders. Now, I'd like to turn over to Randy, who will review our executive compensation program. Thank you, Jeff. I'd like to start today's overview by reflecting on the strategic design choices in our executive compensation program that underpin our goal of achieving sustainable growth in shareholder value. Specifically, our compensation program is designed to reward outperformance, drive sustainability and ensure alignment with our business model, all of which are the priorities of our shareholders. I will review how we performed, how we link performance and pay, how we paid our CEO in 2016 and how we manage risk. Before I move into the specific details of our program, I'd like to share with you a description regarding an important design feature that I'll emphasize throughout the discussion this morning. First, ExxonMobil's performance shares incorporate performance criteria at grand versus vest, which creates a strong linkage between performance and pay while allowing for much longer performance investing periods. 2nd, by applying the performance criteria at Grant, we eliminate the constraint inherent in alternative programs whereby performance investing periods must be shorter, 3 years or less in order to maintain line of sight. These shorter performance investing periods or alternative programs do not align with ExxonMobil's business model. And 3rd, given the significant performance hurdles designed into our program at Grant, which I'll speak about in greater detail, combined with vesting periods that are 3 times longer than most comparator companies, the ExxonMobil program has a very strong performance profile. Now turning to the next slide. This slide contains the key messages across 4 questions and illustrates the sequence in which we will describe the compensation program during this presentation. First, how did we perform? With best ever safety performance, industry leading return on capital, earnings of $7,800,000,000 12,500,000,000 dollars in shareholder distributions in 2016, our company has maintained its leading position relative to industry peers over the business cycle. 2nd, how do we link performance and pay? The compensation committee considers relative performance across 7 pre established areas and metrics over time periods aligned with the investment lead times of the business to determine the level of individual bonus and long term stock awards. 3rd, how do we pay? The CEO's 2016 realized pay is down 7.4% versus 2015. Total reported pay for 2016 is consistent with 2015 and is down from $0.14 reflecting the 2nd consecutive decrease in the annual bonus program and an increase in share price in 2016. The market orientation of ExxonMobil's CEO's combined realized and unrealized pay over the period of 'six to 20 16 is at the 35th percentile of our compensation benchmark companies. And 4th, how do we manage risk? For our senior executive, long term performance shares vest 50% in 5 years and 50% in 10 years or retirement, whichever is later. These long vesting periods result in a significant stock holding requirement. This design feature holds executives accountable for decisions made today on projects that may not be fully commercial for many years. Moreover, unvested performance shares are at risk of forfeiture and cannot be used as collateral for any purpose, and they are not accelerated upon retirement. I'd also like to highlight that our CEO and other named executive officers do not have change in control arrangements, employment contracts or severance agreements. Let's move to Slide 6. Looking now specifically at how we performed. As mentioned, industry leading results in 7 pre established performance areas and metrics over the investment lead times of the business across companies within the oil and gas industry of similar scale and complexity are required to achieve a top quintile bonus and long term performance share award. Specific to 2016, we continue to lead on workforce safety performance for both our employees and contractors. And as I mentioned earlier, we achieved best ever results in 2016 on this metric. Regarding return on capital employed, ExxonMobil has a balanced and highly competitive portfolio of resources, assets and products resulting in industry leading return on capital over the business cycle. Another measure of the value created by ExxonMobil through strong financial and operating performance is long term free cash flow, which continues to outpace competitors. We also maintained industry leading shareholder distributions over the business cycle and distributed $0.53 of every dollar of cash generated from operations and asset sales to our shareholders from 2,007 through 2016. Let's turn to the next slide. Continuing on the subject of our performance, specific to shareholder total shareholder return, ExxonMobil has generated superior relative returns through a range of economic environments and business cycles. Finally, this brings us to our strategic business results and project execution highlights. For the upstream business segment, we remain focused on capital efficient resource developments and portfolio enhancements. The results of our Downstream and Chemical business segments are demonstrating the value of premier integrated businesses. The strength of our balance sheet illustrated here in lower right provides us the flexibility and capacity to execute our business strategy through the cycle. In a business with volatile commodity prices, a strong balance sheet is a competitive advantage. While not explicitly mentioned on the last two charts, our results in the areas of corporate governance, diversity and other goals underpin sustainable growth in shareholder value and are key factors considered by the compensation committee in assessing corporate performance. In summary, the charts illustrate industry leading performance across all seven performance areas. For more information on how ExxonMobil performed versus the industry group, I encourage you to review our executive 8. The focus here on this slide is the question of how we link performance in pay. The compensation committee requires a strong link between performance and pay. The committee seeks to reward outstanding performance, promote retention and encourage long term business decisions. Ultimately, for our executive officers to receive an overall superior evaluation, performance must be high in all seven areas. This also means that outstanding performance in one area will not cancel out poor performance in another. In addition, all of our executive officers are expected to perform at the highest individual level or they are replaced. If it is determined that another executive would make a stronger contribution than one of the current officers, a succession plan is implemented and the incumbent is reassigned or separated from the company. This is why the company puts so much emphasis on a strong management development and succession planning process as it underpins our performance standards, achieves continuity of leadership and helps achieve continuous improvement in the business. Each executive's total compensation is highly differentiated by individual performance. The performance award matrix you see here illustrates this level of differentiation and how relative performance determines the level of individual bonus and performance of share awards by each quintile and pay grade, which are determined by annual benchmarking. We balance the benchmarking activity with an objective to keep the number of shares at each performance quintile flat year over year to avoid situations where more shares are added when stock prices are low and vice versa. We refer to this as a share denominated strategy versus a price strategy and it better tracks the true experience of our long term shareholders. This design puts our executives in the same shoes as our long term shareholders. Many companies on the other hand use formulas with preset goals for their bonus and or equity programs. Instead, we consider industry leading performance across all seven metrics to be the goal. And executives receive a top category bonus and performance share award only if this goal is met. Let's turn to the next slide. I'd like to finish this section on linking performance and pay by highlighting the scale of ExxonMobil and each business segment on the basis of 2016 revenue. All three business segments on a standalone basis would rank among other large companies based on revenue. The primary factor in determining compensation levels by the compensation committee is business and individual performance as measured across the 7 pre established performance areas and metrics we covered previously. However, the committee also believes that the compensation program should recognize that our senior executives are responsible for managing a larger investment on behalf of shareholders relative to that of most other large publicly traded companies. As such, the size and complexity of ExxonMobil are considered among several factors. Moving now to Slide 10. Let me now focus on answering the question, how did we pay? Before we discuss the level of CEO compensation, I'll share highlights of our bonus and performance share programs, both of which have been applied consistently for the past 15 years to all of our executives worldwide, including the CEO. The annual bonus is determined by 3 performance factors, which in combination ensure that executives are focused on sustainable growth in shareholder value. First, the size of the individual or the annual bonus pool, I should say, is determined by changes in annual earnings, an approach that has been consistently applied since 2002, including years in which earnings declined. Individual grant levels are determined by the 7 pre established performance areas and metrics illustrated on the previous Slide 8. And 3rd, and unique to our business bonus program, half of the annual bonus is delayed until cumulative earnings per share reach a specified level. The EPS threshold has been raised from $3 per unit in 'one to $6.50 in 2014, 'fifteen and 'sixteen. This delay provides an additional performance hurdle and strengthens our forfeiture flexibility. The CEO's bonus was down 30% in 2016, which followed a 35% reduction in 2015. I'd also like to note that the annual bonus is intentionally a small portion of total compensation to reflect the committee's objective to continue emphasis on a long term orientation. Said differently, the committee ensures that long term compensation is a much higher percentage of total compensation to align with our business model and they want to make sure that this principle is not undermined by the short term program. Let's go to the next page. This brings me to the performance share program, which is underpinned by 4 design principles that in combination result in performance and risk profiles aligned with the returns of long term shareholders. First, we previously covered the performance award matrix, which is determined by annual benchmarking. 2nd, the number of performance shares at Grant are determined by the 7 pre established performance areas and metrics. 3rd, the value of performance shares at vest is determined by share price at vest. And 4th, the time between grant and vest represents long vesting periods aligned with the long investment lead times of our business. It should be noted that these longer vesting periods also result in another performance dimension because executives must hold substantially more shares to the commodity price cycle than executives at competitor companies. As previously discussed, attaching performance criteria at Grant versus Vest results in strong alignment between performance and pay and allows for much longer performance investing periods. These performance investing periods are 3 times longer than competitors. Further, utilization of a share denominated strategy versus price strategy more effectively aligns with the experience of long term shareholders. Moving to the next slide. This slide illustrates the absolute and relative level of CEO compensation. In 2016, CEO reported pay was consistent with 2015 and down from 20 14, reflecting the 2nd consecutive decrease in the annual bonus program and an increase in share price in 2016. Looking at reported pay in isolation is not the most complete way to assess compensation, however. For this reason, we have also disclosed CEO realized and unrealized pay. We have received positive feedback from our shareholders on the additional perspective that it provides. The chart on the left compares CEO realized pay for ExxonMobil to that of compensation benchmark companies and puts in perspective why relying solely on reported pay to determine CEO compensation market orientation may not result in the right conclusions. More specifically, realized pay can differ significantly from reported pay for companies that grant stock options and or have formula based pay with steep payout factors. As a case in point, in 2016, ExxonMobil's CEO Realiz Pay ranked 9 of 13 among the compensation benchmark companies versus 3 of 13 for reported pay. ExxonMobil's CEOs realized pay of $14,400,000 dollars down 7.4% versus 2015, compares to benchmark companies median of close to $15,400,000 and a high of $52,500,000 It should be noted that ExxonMobil CEO's compensation has been below the median for the entire period with the exception of 2011, which excluded the exercise of his last stock option grant in 2,001. This leaves one final step to complete the analysis, which is the market orientation on the basis of combined realized and unrealized pay, where unrealized pay includes the value of compensation granted, but not yet vested or paid out. During the period 2006 to 2016, CEOs combined realized and unrealized pay was at the 35th percentile. We believe that this more in-depth analysis provides a more balanced and accurate perspective on how ExxonMobil CEO compensation compares to that of compensation benchmark companies. I believe these charts put in perspective how the committee links performance and pay and how performance criteria determine the overall level of pay. Moving to Slide 13, regarding how do we manage risk, the current industry environment underscores the importance of sustainable risk management. So it is important to highlight how ExxonMobil manages risk within the framework of our executive compensation program. Our long vesting periods for performance shares far exceed competitor practice and are strongly integrated with our business model, which is critical, particularly in an industry with significant exposure to volatile commodity prices. This makes Executives accountable for prior business decisions through a full range of economic and commodity price cycles. The chart you see here illustrates cumulative vested shares year over year for 2 distinct programs. ExxonMobil's program is depicted in red in which 50% of an annual grant vest in 5 years and the remaining 50% vest in 10 years or retirement whichever is later. An alternate formula based program is depicted in blue and grants shares that vest in 3 years based on relative TSR compared to industry peers. The chart illustrates cumulative vested shares assuming a grant of 100 shares each year between 2006 2016 as compared to crude oil prices, which have a significant impact on industry earnings. This chart shows that in 2013, close to the peak of crude prices, the alternate program vested 84% of awards granted compared to 19% in the ExxonMobil program. The chart illustrates that programs with a shorter term performance investing schedule enable executives to monetize and diversify stock based compensation at a much faster pace, which we believe is not aligned with the interest of our long term shareholders. The ExxonMobil program on the other hand puts executives in the shoes of long term shareholders. Turning to the next slide. In addition to the long vesting periods, our program is underpinned by sound governance practices. Most of these governance practices we have covered in detail throughout this presentation and are based on a desire to encourage significant performance differentiation and discourage inappropriate risk taking. Turning to Slide 15. Finally, on this chart, I'd like to address the agreement we reached with Mr. Tillerson subject to his retirement to comply with the conflict of interest requirements associated with his appointment as U. S. Secretary of State on February 1, 2017. The key message you see on this page is that we maintained the core principles of our program in the agreement that was reached. Mr. Tillerson severed all financial ties with ExxonMobil and he surrendered all unvested performance shares, earnings bonus units and its entitlement to other benefits such as retiree medical and dental benefits and administrative, financial and tax support. An irrevocable ethics compliance trust was established and was structured to maintain the long term design of ExxonMobil's performance share program with payout over 10 years, no acceleration and specific risk of forfeiture. Turning to the next slide. In closing my comments on our executive compensation program, I'd like to say on behalf of your Board of Directors, we recognize your vote is important and encourage you to carefully consider the information provided today and vote for the advisory vote to approve executive compensation. ExxonMobil's compensation program supports a business model that has weathered volatile commodity prices and industry business cycles for many years and has consistently generated industry leading financial and operating performance and shareholder returns over the business cycles. The compensation program sets ExxonMobil apart and has established a strong culture of performance, integrity, reliability and continuous improvement. We hope that you as shareholders recognize that the compensation program has been a key ingredient in achieving these objectives. With that, Jeff, I'd like to turn it back to you. Thank you, Randy. Next, we'd like to take some time to review our Energy and Carbon Summary. As indicated, this new disclosure was a result of our ongoing engagements with shareholders and their interest in a concise explanation of energy supply and demand, the potential impact from climate risk, and then how are we mitigating implications of preparing for the future. I ask that you consider this information with regards to shareholder proposal Item number 12, which is a report on impacts on climate change policies. First, I'll note the dual challenge that is meeting society's need for energy while addressing the risk of climate change. I also want to note that the dual challenge addresses 2 of the 17 United Nations Sustainable Development Goals. Number 7, which is affordable and clean energy and number 13, which is climate action. Next, we state ExxonMobil's position on climate change, which you can find on our website. We acknowledge that the risks of climate change are serious and they warrant thoughtful action. We do believe ExxonMobil is part of the solution and we do this by pursuing opportunities to reduce greenhouse gas emissions from our operations. Next, we provide products that help consumers reduce their emissions. We also support research to achieve technology breakthroughs. And lastly, we're actively participating in constructive dialogue on policy options. With that, we'll now take a look at future supply and demand forecasts. And this next slide highlights the interdependence of energy and living standards. The world GDP is forecasted to double from 2015 to 2,040 with the non OECD nations leading the GDP gains. Middle class expands on a global basis, more than doubling by 2,030 to reach almost 5,000,000,000 people. By 2,040, global energy demand is likely to increase by 25% even with significant energy efficiency gains. To meet this demand, all forms of energy will be needed with preference to affordability and reliability. Utilizing new and future technology to use energy even more efficiently will be crucial to meet this demand and mitigate emissions. Increased efficiency and technology such as carbon capture and storage will cause energy related CO2 emissions to peak during the 2030s and then gradually decline. Next slide is a summary of energy demand from ExxonMobil's annual outlook for energy and I'll tell you that a more detailed summary is available on our website. A few key messages. 1st, the outlook forms the foundation for ExxonMobil's strategic decisions, our business plans and investments. I'll note our outlook is consistent with aggregation of commitments made under the Paris Climate Agreement. Also, it reflects increasingly stringent climate policies, including the use of a proxy cost of carbon to assess potential impacts on consumer demand. We do expect that nuclear, solar, wind and biofuels will grow at the fastest rate. However, even with more stringent policy and high renewable growth rates, oil and natural gas are expected to meet about 55% of energy demand through 2,040. Let's now take a look at our supply outlook from the International Energy Agency or IEA's perspective. This next slide demonstrates an important point. Based on IEA data, the slide shows the need for substantial new investment to meet global energy demand. Turning on the left is the liquid supply in 2015 and the reduction in that supply through 2,040 in the absence of further investment to offset natural field decline. The IAA's new policy scenario, which is very similar to our outlook, will require about $18,000,000,000,000 of new investment to develop additional resources for incremental production capacity of about 87,000,000 oil equivalent barrels per day to meet projected demand. Now even assuming a 2 degree C pathway such as IEA's 450 scenario would require new investment of about $11,000,000,000,000 to develop additional resources to generate capacity of 57,000,000 oil crude barrels per day. So at less than 3% of total today's global production, ExxonMobil is well positioned to compete under either scenario due to our proven competitiveness and industry leading returns. Further, I want to note that we expect all hydrocarbons in our proved reserves to be produced and not be stranded. So let me now comment on our reserves and resources, which I just referenced and which are governed by a rigorous process. Through year end 2016, ExxonMobil maintains approximately 20,000,000,000 oil equivalent barrels of food reserves. These reserves are updated annually in accordance with SEC rules, which define technical criteria in a prescribed pricing basis. They are also reported in detail in our annual 10 ks, including discounted future cash flows. At current production rates, our proved reserves represent about 13 years of production well within our understanding of projected demand. Now on the right, we have over 90,000,000,000 oil crude barrels in our resource base, which includes the 20,000,000,000 barrels of crude reserves I just discussed. Our resource reporting is aligned with the Petroleum Resources Management System guidelines and our portfolio of non proven resources is globally diverse with high quality opportunities for future development, but not commercially mature as our proven reserves. As such, we employ a dynamic development planning process to assess and evolve commercial viability, which I'll describe on the next chart. On discovery of our resource, we evaluate and optimize development plans often through an iterative process with the objective to maximize resource value. The ultimate development decision is based on many key variables, which are optimized to enhance investment return to acceptable level. Should 1 or more of these variables change like new regulatory requirements, the process is designed to re optimize. Ultimately, a development decision may lead to investment in resource development, but can also lead to selling or monetizing the resource or alternatively exiting the acreage altogether. The point here is that the ultimate disposition of the resource is based on many factors that may take many years to evaluate through a very dynamic process. Next chart further details investment planning to mitigate investment risk. And here we employ a robust process to assess economic resiliency. Our stress testing ensures a wide range of market environments and economic factors are considered in our investment planning process and I'll say it provides valuable insights that help mitigate risk. In short, a proven process that gives us confidence in our investment decisions. Let me now briefly comment on the 4 focus areas to mitigate climate impacts that I mentioned at the outset. First, minimizing the impact of our operations. ExxonMobil has a robust set of processes to improve efficiency and reduce emissions in our own operations. Tailored objectives are set at the business site and at equipment levels and then progress is stewarded toward meeting these objectives. We believe the bottom up approach is a more effective meaningful way to drive efficiency improvement and greenhouse gas emissions reduction. In the near term, we're working to increase energy efficiency while reducing clearing, venting and fugitive emissions in our operations. And over the past 5 years, we have avoided almost 9,000,000 metric tons of additional greenhouse gas emissions, as you can see in the chart on the right. In the medium term, we're deploying proven technologies such as cogeneration and carbon capture and storage were technically and economically feasible. I'll note that our current gross capacity for cogeneration is large enough to meet annual electric needs for 2,500,000 U. S. Homes. Additionally, ExxonMobil is working interest in about 1 quarter of the world's current CCS capacity. Now longer term, we're conducting and supporting research to develop breakthrough technologies. And since 2000, ExxonMobil has invested nearly $7,000,000,000 to develop lower emission energy solutions. And you can find more details of these facts in our Corporate Cision Ship Report. 2nd, supplying products to customers that lower greenhouse gas emissions. This slide highlights some of the products that we have a that have a direct impact on reducing emissions, such as expanding the supply of natural gas and obviously this has been a key driver to lowering U. S. CO2 emissions to a 25 year low. Another is advanced automotive materials to improve fuel efficiency. Here we're talking about lighter, more durable plastics. We're talking about more resilient tire liners. We're also developing lighter weight packaging to improve transportation efficiency and reducing waste. We're producing lower emission, higher efficiency fuels and lubricants and we're supplying raw materials required for renewable energy such as lubricants for wind turbines. Next, I'll highlight our support for long range research and development to address climate change. As mentioned, we continue to pursue significant research and development efforts and our focus areas include converting natural gas to products, increasing the efficiency of the internal combustion engine, developing breakthrough carbon capture and storage technologies to lower the cost and encourage widespread deployment, advancing biofuels such as algae and other non food based biomass feedstocks and continued active participation in climate science. All of these activities demonstrate our commitment to developing long term solutions to reduce greenhouse gas emissions. ExxonMobil has been active in climate science for over 30 years. We proactively engaged through multiple avenues, including governments and regulatory agencies across the globe. We're very active in the International Petroleum Industry Environmental Conservation Association, which is a global association, which includes national oil companies. We are also engaged with the United Nations in our governmental panel on climate change in which we have been an active participant since the formation. We're involved in over 80 academic partnerships with universities such as MIT, Princeton and Stanford. And as previously indicated, we have many disclosures and are active with our investors. We support continued dialogue across all these venues to promote sound climate policy that provides for affordable energy solutions while also addressing the risk of climate change. We believe sound policy should consider the attributes shown on this slide. One option being considered by policymakers that we believe is generally consistent with these principles is a revenue neutral carbon tax. Adoption of such a policy by government in place of more arbitrary patchwork of regulations would facilitate reliable and affordable energy while supporting a transition to a lower carbon economy. So how do we manage the impacts of policies to reduce carbon? ExxonMobil is committed to addressing climate policies through engagement of stakeholders and incorporating potential impacts in our investment analysis. We will anticipate and mitigate policy impacts through cost reduction solutions and optimization of project scopes. Of course, innovation from research and development will be crucial to enhance economics, lower emissions and capture lower carbon intensity solutions. Let me emphasize that we are well positioned to create long term shareholder value and being a partner active partner in defining and pursuing solutions. I'll summarize by reiterating several key messages. It's clear affordable energy solutions are essential to advance global prosperity. Our outlook reflects increasingly stringent greenhouse gas policy with diverse energy supplies to meet demand growth. Our proved reserves are reported annually in full compliance with SEC rules. Our dynamic resource planning is designed to minimize risk and maximize value and we are committed to pursue responsible solutions. I'd like to close with some brief comments now on this year's shareholder proposals. First, we appreciate the opportunity to engage with many of our shareholders. As I said, we do very much value the input. Each year, the corporation receives a number of suggestions from our shareholders, some of which are in the form of a proposal to be included in the proxy and presented at the annual meeting. We seek a dialogue with all proponents and often we're able to reach agreement and exclude those proposals from the proxy. This year, we once again excluded many shareholder proposals due to these engagements. For the remainder of the proposals that you see at the right, I'll note that we are generally in agreement with the underlying objectives. However, we differ on the approach with the mechanics. I want to emphasize that we are firmly committed to constructive dialogue with proponents to better understand positions and importantly to work collaboratively toward alignment. So that concludes our prepared comments. We appreciate all of you that joined us in the review on these important topics. I'll say again that your vote is important to us and we do look forward to continuing our shareholder engagement throughout the year. We would now be happy to take a few questions. We are ready for your questions at this time. Let me remind you that the questions can only be submitted via the webcast. At this time, I will turn the Q and A over to Mr. Woodbury. Please go ahead, sir. We do have a question from one of the participants regarding Guyana and specifically our recent discoveries in Pariara and Snook, I would just summarize by saying that our current assessment for Guyana on the Stabroek block is between 1,400,000,000 and 2,000,000,000 barrels of recoverable resource. We will be drilling another appraisal well or appraisal well at Payara next, which will include a deeper exploration target. We just drilled a discovery well at Shneub and well results from both of these resources will be integrated to our ongoing resource assessments to update what we anticipate to be recoverable through current discoveries. I guess we Randy, there was one more question here about tying compensation to our performance and maybe you might want to say a few words about just how we use the 7 key areas. And the way I read that question has to do with how you weigh those parameters. Yes, it's a good question. And the compensation committee has talked about that extensively. We have not yet had a situation where we've had to where we haven't met the criteria to grant a 1st quintile award. Meaning, if you recall again in the presentation, we said that we have to be leading across the investment lead times of the business across all seven metrics in order to grant a 1st quintile award. We haven't been faced with what it would take to result in a second or third quintile award. However, the committee has in discussing this has concluded and confirmed is that 2 there are 2 metrics out of the 7 that would receive a more significant weighting in the event that they have to make that decision. That includes safety, performance, operations which is safety and operations integrity, and then second, return on capital employed. And to the extent to which we did not lead across those 7 metrics, we would the awards would be lowered to a second or third quintile or more so depending on how we performed on those two metrics. So again, it's a good question. It's been discussed. We haven't had to deal with it yet, and hopefully we won't. But if we do, the awards will go down. Thank you, Randy. Well, I can see there are no more questions on the website. Once again, as I said, Val said, I want to thank everybody for their participation, especially during this busy period. We remain available. If you have any follow-up questions, please reach out. And we look forward to further discussions in the future. Thank you.