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Investor Presentaiton

LOWERING BREAKEVENS 2021 breakeven $41/bbl; 2022-2027 Plan breakeven at ~$35/bbl AVG BREAKEVEN 2022-2027 TO COVER CAPITAL BREAKEVEN 2021-2027 PROGRAM AND DIVIDENDS 1,2 $/bbl $/bbl 41 2021 (5) Cost (9) Mix 9 (2) Volume (3) Business improvement Adjust to ~35 3 41 40 ~37 ~34 ~30 20 Avg. asset sales Avg. Capex 0 2022-2027 avg. (real) 2021 2022/23 2025 2027 2021 dollars See Supplemental Information for footnotes and definitions,. Covered 2021 Capex and dividend at $41/bbl on average price/margin basis Business improvements further reduce 2022-2027 average breakeven to ~$35/bbl - - Portfolio upgrading driven by higher mix of low cost-of-supply barrels and higher- value Fuel and Chemical products Cost reductions contribute $5/bbl improvement Business improvement more than offsets higher investments and lower asset sales Breakeven improves by $10/bbl through 2027 51
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