Overview Key strengths Key risks Massive, highly diversified, global operations in the oil and gas exploration and production, refining, and petrochemical sectors, which provide stability despite the volatile nature of each industry. Highly capital-intensive operations. Strong track record of completing large-scale, complex projects on time and on budget. Large annual dividend payments and consistent large share repurchases. Above-average profitability and positive free operating cash flow at most points in the commodity cycle. Exposure to volatile and highly cyclical industries that face longer-term challenges from the energy transition. Currently low leverage and our expectation of solid credit measures under our current price assumptions. The company remains committed to maintaining a strong balance sheet and low leverage. Since the end of 2020,
