Sustainably Growing Shareholder Value
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
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