And you’re seeing the benefits of that through margin expansion and our ability to really focus on value drive. Does that mean we will continue to look at that? Absolutely, you’ve heard me say earlier as well, we will continue to look at how do we have longevity in our oil business. But I would also say I love the fact that we have a world-leading Integrated Gas business that actually has a significant portion, north of 70% of our term contracts indexed to Brent. I want to continue to grow that part of the business because I can get exposure to a business that we are uniquely differentiated in that gives Brent exposure and, at the same time, where we are able to have much more resilience as we go through the energy transition because of the lower-carbon footprint of that business.
That is at the core of the strategy. And so we will continue to follow that. And we’ve built on that in 2022, the North Field expansion, North Field South, our ability to be able to pick up significant volumes from the U.S. through Venture Global, Mexico Pacific Limited. And so we’re really putting that strategy into action to be able to grow without necessarily saying it just has to be oil, but oil exposure is a good thing for us as a company, and that’s what we’re really looking. That exposure to Brent is going to be important. Thank you for the question, Christyan. Safe travels wherever you’re going as well.
Operator: The next question is from Irene Himona at Societe Generale.
Irene Himona: My first question, if I can go back to the cash payout ratio, please. You point to 20% to 30% through the cycle and 35% at current prices. To be fair that 35% was clearly helped by the proceeds from the Permian disposal. My question is, can you give us a sense and indication of what for you is the Brent oil price which you would consider as average through the cycle and which would, therefore, correspond to the 20% to 30%? And then the second question, just a numerical one on RES. Capital employed more than doubled basically between Q2 and the end of the year. I presume this was due to the spike in power prices possibly more working capital for trading. Is that correct? Or is there anything else behind the increase?
Wael Sawan: Thanks. Do you want to take both?
Sinead Gorman: Yes. I’ll take both. So on the RES one, Irene, very simply put, there’s a mixture in there. You’re completely right. The working capital part of it is to do with power. But a large part of it is to do with the build into storage. So we talked about earlier, Germany and Austria, also some storage in the U.K., of course, as well. So you saw — between Q2 and Q3, you saw that go up. You saw a little bit of that come down in terms of the storage side of things as well as it played out. So that’s part of what occurs there. That will play out as we release out of storage as well. If I were to look at the first one as well that you asked around the payout ratio, fundamentally, it’s — if you said Permian, it’s still above 30% as well.
