Exxon Mobil Corp, Pioneer Natural Resources Co to Discuss the Proposed Merger Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst : Just on the step-up in the return of capital profile. I think with the added shares, the dividend goes up by about $2.5 billion. And you mentioned about a $5 billion free cash flow uplift, which then grows to $6 billion and grows to $10 billion over time. Just thinking about how you guys may allocate that additional amount, either in the buyback or just growing on the balance sheet, I think, Kathy, you mentioned that you're still targeting the $17.5 billion, but why not step up the buyback level with the additional free cash flow?

Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst : Got it. And then most of the synergies or it looks like almost all of the synergies that you've targeted in the $2 billion are on the Upstream side. Can you just talk about the ability to enhance margins or synergies that may come across either the Midstream or Downstream portfolio? Because obviously, the integration should be able to enhance some of the opportunities there as well.