Investor Presentaiton

DELIVERING STRUCTURAL COST EFFICIENCIES Achieved $5 billion of annual structural cost reductions through 2021; additional $4 billion expected by 2023 CASH OPEX EXCLUDING ENERGY AND PRODUCTION TAXES Billion USD 44 5 39 2019 2021 4 See Supplemental Information for definitions and reconciliations. 38 ~38 ~38 2023 2025 2027 • Leveraged prior reorganizations to deliver structural reductions of $5 billion annually through 2021 Expect structural cost reductions of ~$9 billion annually by 2023 Holding base operating expenses flat - Aiming to more than offset inflation and growth Advancing structural initiatives to further improve cost position 47

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