As the first U.S.-based oil and gas company to adopt a Paris-aligned framework and set an ambition to achieve net-zero operational emissions by 2050, we are committed to achieving sustainable success throughout the energy transition. We are applying our strategic capabilities and resources to meet this challenge in an economically viable and responsible way that balances the interests of our stakeholders.

This effort is aligned with our Triple Mandate, the objectives of which are to reliably and responsibly deliver production to meet energy transition pathway demand, deliver competitive returns on and of capital, and achieve our Paris-aligned targets and 2050 net-zero operational emissions ambition. A comprehensive governance framework provides oversight for these efforts.

Our Triple Mandate will drive continued focus and accountability for both returns and resilience in a well-managed and orderly energy transition. We are positioning ourselves to participate in the emerging low-carbon economy, and a key element of this effort is our Low Carbon Technologies organization.

Established in early 2021, the multi-disciplinary group’s areas of responsibility are to prioritize opportunities for future competitive investment as part of a net-zero roadmap for Scope 1 and 2 emissions and understand the new energies landscape. Our 2022 operating plan capital budget includes $200 million for projects to reduce our Scope 1 and 2 emissions intensity and fund investments in several early-stage low-carbon opportunities, including evaluating emerging opportunities in carbon capture and storage and low-carbon hydrogen. We are approaching this effort with the same discipline we follow in our traditional business investment and capital allocation process. This includes keeping costs low, leveraging competencies, identifying viable economic opportunities, and anticipating and managing risk while focusing on projects with competitive returns potential.