Chevron Corp Q3 2020 Earnings Call Summary

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

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : 2 questions. I think one is for Mark and one is for Pierre. Pierre, what would be a reasonable allocation of future capital in the new renewable, low carbon initiative? And two, let's assume that at some point, you probably will set up a target to be net carbon zero on at least [script] 1 or 2, maybe over the next 15, 20 years. Do you need other new business by some of your peers go into the renewable power business in order to achieve that. So that's the first question. The second question is for Mark. If I look at over the last couple of quarters, one of the big performance difference between you guys and the U.S. comparing to your customers in Europe, they have far stronger downstream results, mainly because of their marketing assets and also their trading operation. On that basis, that do you think for Chevron, that is the right recipe so that you may want to further boost your marketing asset. I mean, you've been selling down your marketing asset over the past 10-plus years. And for trading, historically, you guys look at the facilitation cost center, while your European peers are looking at the profit center [to trade] around the asset. So is that the right approach for you, or that you don't think it's right fit for you?