The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: First, Stephen, thank you for the help, and congratulations and wish you a wonderful retirement.
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Two questions, please, I think for Darren. You guys have just announced sort of a streamline [topic] restructuring. But historically
that your chemical and refining is already wanting as -- maybe as coordinating as anyone, I mean 70%, I think, of your chemical
facility linked to -- directly to your refinery operation. And you're always in the management committee that have an executive sort
of overseeing both chemical and refining. So with this structural change, are we talking about major headcount reduction? Is that
the rationale behind? Or how exactly the topic realignment really changing the way how -- what consider probably really seamless
and one of the best in the industry in coordinating between chemical And refining? I mean, how is that really going to change that
[post] and further improve?
And maybe after that, then I will ask the second question.
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. And the second question maybe is for Kathy. That 20%, 21% debt to capital at a $90 oil price, obviously, is extremely comfortable,
and one will argue that maybe it's low [lease]. But the volatility in the market is unpredictable. So from that standpoint, given you
are generating a lot of free cash, should we continue to put a portion of that into the balance sheet, into the cash until you reach
maybe an ultra-conservative, such as 0 net debt. I mean, if you look at in 2020, if you have a 0 net debt entering into the downturn,
there's tremendous opportunity, whether it's from buyback or other things that you can do. So is that a reasonable approach for a
business as unpredictable and volatile as oil and gas? Or do you think that's just clearly not the efficient use of capital structure?
And on the side, quickly, if I can sneak in is can you talk about your U.S. cash tax payment position over the next several years?
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