So I do acknowledge, yes, the Permian is in there. But of course, that’s part of the capital allocation that we have. We make choices about which assets we are best kept — best suited to keep and which should go out of the portfolio as well. Of course, that has implications on the CFFO as well that plays through. But we were over 30% in either way that you look at it. We tend to look at in terms of price because you were quite specific on the price. I’m not going to be drawn on what specific price it is. As you can imagine, we look at scenarios. We don’t look at one specific price or strip probably quite sensible as you can imagine, given how volatile we’ve seen in the last year as well. So we look at the different aspects of that. And that’s how we play out as we plan beyond just next quarter but through the cycle as we look to invest.
Wael Sawan: Thank you for that, Sinead. Irene, thank you for the question.
Operator: The next question is from Henri Patricot at UBS.
Henri Patricot: A couple of questions from me. The first one, a follow-up on renewables and the changes to the executive committee. Can you expand on the rationale for grouping renewables with the Downstream and whether this has any implications for the strategy for renewables? And then secondly, on Chemicals with the start-up of Shell Polymers Monaca, not just making full contribution. How long do you expect for that asset to ramp up to get to full contribution to earnings? And should we expect to improvement in the first quarter? Or does that take a bit longer?
Wael Sawan: You want to take the second question ?
Sinead Gorman: Sure. Absolutely. No, indeed. And thank you, Henri. Yes, Shell Polymers Monaca, really great to see it actually starting up and beginning to run through. It’s quite exciting when you’re actually there and just see it. In terms of the ramp-up, you can imagine with anything of this size, I’d love to say we’d get up and running within a couple of months. It doesn’t. It always takes approximately 12 months by the time you run up, you get certified on the quality of the products, et cetera. So that’s what we’re seeing. So you’ll start to see it play out in the results more and more. Of course, we’re getting all of the costs coming through now that we’re operating, but the true value of it will take approximately 12 months to play out, and then you’ll really see it hitting.
Wael Sawan: Thank you, Sinead. Then on the first question, Henri, on the RES-Downstream grouping. Dial back to 2017 when we started the renewables business, it was really nascent. We were looking at how do we think about power, how do we think about hydrogen, how do we think about CCS. And so that’s been evolving. And what you have seen, in particular in 2022, we made some big moves, right? So we made a fine investment decision on a green hydrogen project in Rotterdam, leveraging our requirements in Pernis while, at the same time, being able to leverage our leading commercial road transport business as a potential sync for that green hydrogen and leveraging, of course, also the very strong incentives from the European government.
We’ve made moves in India and in the U.S. around Sprng and Savion, respectively. And we continue to look at those opportunities. So we have a good base. The reality, of course, is we’ve always talked about a customer-backed strategy, and the majority of our customers have traditionally sat in our more conventional business in Downstream. And so there has been quite a bit of an interface between renewables and Downstream, what products should we be selling to our customer and the like. And so what this is doing is actually it’s strengthening our ability to access customers with green products that we are developing in our renewables business. It also harmonizes things because, currently, biofuels, for example, sits in Downstream, doesn’t sit in renewables.
