Massive, highly diversified, global operations in the upstream, downstream, and petrochemical sectors, which provides a measure of stability despite the volatile nature of each industry. A disciplined management team that has displayed strong continuity with respect to strategy and philosophy. Excellent technical talent and a track record of completing large, complex projects on time. Although the company still has a long pipeline of large projects progressing toward final investment decision and development, it has recently shifted its focus to shorter cycle projects and we expect production to be roughly flat for the next two years. Highly capital-intensive operations. Strong profitability and cash flow at most points in the commodity price cycle. Conservative financial leverage measures. High utilization of short-term commercial
