Christyan Malek: Congratulations on the results. So 2 questions from me. Just first, sort of slightly different topic but some related on the industrial and financial logic of renewables at this stage with energy transition. One of your peers sort of appears to be dialing back in renewables and into the returns proposition or the evolving returns. Can you share more views on the case to scale clean energy at this point, be it M&A or organic and so the time lines around how you think about the transition in the context of clean energy? My second question is regarding the oil outlook specifically. What does it take for you to grab the bull by the horns in oil investment and break out of the range you provided? As it still seems somewhat in contrast, the U.S. majors who are leaning into low-growth .
Yes, you framed the mood as more volatile and uncertain, and you’re talking about energy crisis again on the other hand. So I’m just trying to understand what are the key milestones we’re looking to see for you to step in on particularly the crude side.
Wael Sawan: Super. Thank you, Christyan, for those 2 questions. Sinead, do you want to start with the industrial and financial logic of how we’re thinking about renewables?
Sinead Gorman: Yes, indeed. I’ll keep it simple, Christyan. It sounds like you’re in an airport without a doubt. But what I am seeing on that is the logic is very simple for us. We look first at whether any of the investments that come to us are fitting our strategic way forward. And then we’re looking at very much how does it fit in terms of the returns profile. And we probably had this conversation before on that. Each investment has to fit both aspects of it. And on the return side, what we’re seeing, of course, is that we have many different projects that are open to us. So we’re not short of investment opportunities. It’s finding the right one where we can actually differentiate and we can get those specific returns. I’m very comfortable that we have the right strategy for that.
So that’s where we’re going to. But in terms of the — are we dialing back or any of that side of things, you can see from our capital investment, we have a very healthy budget within the side of things with respect to renewables, in respect to green. But it will depend, of course, on the returns that we see as those come through, and that will continue to be the case. At the moment, we’re seeing good opportunities, Nature Energy being a great one where, of course, it’s just a logic where it fits through. We’re good at molecules. We’re able to move those to different locations. And of course, having the sort of business that we have with a number of customers to be able to decarbonize them, it’s a very clear logic as well.
Wael Sawan: Thanks for that, Sinead. Let me take the oil bit, Christyan. I think first to step back, I think the strategy that we have is a very balanced strategy. I mean we’re playing the game for the short, medium and long term. So we’re looking at how do we create value for our shareholders today but also how do we create the value opportunities for 2040 when the energy system will be fundamentally different. By the way, by 2040, I’m still convinced you’re going to need oil and you’re going to need gas and you’re going to need a lot more renewables. And so our strategy is one that’s saying, how do we play across these multiple energy forms but really focus on the opportunities that create the most value for us, a bit like what we’ve done in Upstream, where we have gone to the core of 8 countries and really doubled down.
