Massive, global, cost-competitive upstream operations, largely concentrated in OECD countries, with adequate historical and expected reserve-replacement rates and sustained production-growth expectations for the rest of the decade. Unique competitive strengths to supply the growing and lucrative U.S. gas market from U.S. and Trinidad and Tobago equity reserves. Large, diversified, and profitable refining and marketing operations across the U.S. and parts of Western Europe. Solid financial profile and moderate financial policy. Share buybacks, which will continue to absorb all free cash flow generated by net disposals and by prices exceeding $20/barrel Brent and $3.5/thousand cubic feet (mcf) Henry Hub. Significant unfunded asset-retirement and operating-lease obligations globally, and deficits outside the U.S. and U.K. on postretirement benefits. Low proportion of developed reserves
