An outcome of buybacks is a lower absolute dividend, but it’s not the driver. And so, I don’t want — there should be no confusion about that. We’ve got confidence in our dividend increases, whether we’re buying shares back or not. We wouldn’t increase the dividend if we didn’t have that confidence. And so the two are not linked in that manner.
Doug Leggate: That’s very clear. Thanks, Mike. My follow-up is a bit unfair, given your Analyst Day is a month away, but I’m going to give this a go anyway. But — so if you made the point in — your balance sheet is in terrific shape, obviously. You’ve got a lot of capacity there. But also, if I go back to that sort of $90 breakeven, all I’m doing is taking that $15 billion run rate, $400 million a year and adding it to the $50 breakeven, $90. What does that say about your outlook for maybe stepping up growth capital? That would seem to imply that the growth capital of the $17 billion for the CapEx number is probably what we should expect going forward. Is that the right way to think about it, or should we wait until the end of the month, at the end of February?
Mike Wirth: Yes. I mean, we’ll talk about it more in February. I’m not sure I followed all your math there, but we’re growing. We had a 3% compound annual growth rate at $15 billion to $17 billion of CapEx in a market that’s not growing that fast. We’re growing well better than the overall demand for oil or for gas, which is growing faster than oil is. And so, we are growing production, but what we’re really focused on is growing returns and cash flow. And if we can grow returns and cash flow, the equation works. And so, I — we’ll be happy to talk about this more when we’re together at the end of the month, but — or at the end of next month. But we can grow cash flow; we can improve returns at the rate that we’re spending at. And so, I don’t know why there would be a question about our ability to do that and the production numbers and outcome of those decisions. It’s not the goal.
Doug Leggate: Appreciate the answers. Really glad. See you soon. Thank you.
Operator: We’ll take our next question from John Royall with JPMorgan.
John Royall: Hi, guys.
Mike Wirth: Good morning, John.
John Royall: Good morning. And thanks for taking my question. So maybe just kind of a spin on Doug’s question. So with the balance sheet at 3%, is there a point where you think of yourself is actually underlevered and I realize that’s a good problem to have. But if you ever got to that point with the mechanism be to get leverage higher by increasing the buyback, or how do you think about that generally is the 3% where you want to be?
Pierre Breber: This is Pierre. I’ll take that. Our guidance is for the net debt ratio to be between 20% and 25% and mid-cycle conditions. And as you said, we’re at 3%, so we’re much stronger than that. And that’s what happens in the short-term. So Mike has talked about our financial priorities. They’re simple. We’ve been consistent with them for a very long time. And three of the four are pegged. We just increased our dividend 6%. We have a 2023 CapEx budget of $14 billion. We’ve given guidance that keeps that CapEx flat over the next several years. And we have the buybacks at the top end of the guidance range of $15 billion. So swings in cash flow in the short-term will go to the balance sheet. And that’s because commodity prices and margins, we just were talking about natural gas prices and refining margins and things are moving up and down.
