Darren Woods: I’ll let Kathy maybe dive into a little more detail. I would just say, with respect to pricing and the impact on the business, actually our quarter came in pretty much in line with what we had expected. If you looked at the 8-K that we put out and our best attempt to model the impact. Just from the market environment, we are pretty rigorous in making sure that when we put an 8-K out there, it’s really focused on discrete planned events, but much more importantly on what the market impact has been to the business quarter-on-quarter. And so I think that kind of laid out pretty consistently with what we expected. Obviously, gas prices were down, but I think refining margins are down a bit but still in very healthy territory.
And if you look at the fundamentals, quite frankly, as we head into the back half of the year, I think as demand picks up, we’re going to see limits that we have on additional supply, I think, come back into the mix and see the supply/demand tighten up a bit. So, my expectation is, the back half of the year, we’ll see some an upward pressure just given demand changes in the limited options we have to significantly increase supply. Kathy, anything to add to that?
Kathy Mikells: Yes. I’ll mention a couple of other things to you. As a result of some of the divestments we’ve done over the past year, if you look at our gas portfolio, we’re now about 45% LNG, so a little bit more tipped to LNG. If you just look at kind of impact of pricing across our gas portfolio and results, I mean, Henry Hub was down about 40%. TTF was down almost 50%. And the last thing I’d say is we always talk about the fact that on LNG a lot of our contracts are tied to lagged oil prices. And so, if you just look at where oil prices were in the fourth quarter kind of relative to where they are more currently, I’m going to call them down roughly $10 a barrel. And so, that pricing impact would have flowed through as well.
And then the last thing that I will mention associated with our trading results is, if you exclude mark-to-market, so if you look in upstream, mark-to-market was a positive for us in the quarter. But if you exclude it mark-to-market, I would have then said our gas trading results were a little bit lighter this quarter. So kind of all of that packaged together, I think, gives you a pretty good understanding of our gas results.
Ryan Todd: Great. Thank you.
Operator: We’ll go next to Jason Gabelman with TD Cowen.
Jason Gabelman: Hi. Good morning. I wanted to ask about another energy transition area that’s been receiving some attention in the media in terms of Exxon’s activity, which is, lithium drilling and then refining. And it seems like you’re waiting a bit more into the space. I’m wondering how you view that opportunity, given your expertise in drilling and refining of materials in the ground. And if that development in that space was contemplated at all in that $17 billion energy transition budget that you previously laid out? Thanks.
Darren Woods: Sure. Yes. Maybe I’ll just come back to kind of the fundamentals of how we think about ExxonMobil’s participation in the transition space. And it comes back to the focus on leveraging the advantages that we have as a corporation where we believe we can add unique value. That’s why we have, since the very beginning, stayed focused on what I’d say is the molecule side of the equation in carbon capture and hydrogen and biofuels. But we’re looking at, frankly, all the areas that we believe we have an expertise and a unique capability and seeing if there’s a fit for products or solutions that can help society decarbonize. Lithium and production of lithium from brine water is, if you think about what’s required to do that is really an extension of a lot of the current capabilities that we have in our upstream.
