Strategy

We aim to manage climate-related risk, optimize opportunities and better equip the company to respond to: Evolving investor sentiment, technologies for emissions reduction, alternative energy technologies and uncertainties such as government policies. 

The evolving energy landscape requires a strategy that will remain robust across a range of potential future outcomes. Our strategy is comprised of four pillars: 

• Objectives: Our framework consists of a hierarchy of objectives — a long-term ambition that sets the direction and aim of the strategy, medium-term performance targets for operational GHG emissions and methane intensity, and near-term targets for flaring and methane intensity reductions that guide implementation of our strategy.   

• Technology choices: We continue to enhance our emissions reduction programs in our current operations, while also evaluating new opportunities and technologies that can closely integrate with our global operations, markets and competencies. 

• Portfolio choices: We have integrated climate-related risk into our portfolio decision making through consideration of carbon pricing and focusing on low cost of supply, low GHG intensity resources by asset class. 

• External engagement: Our stakeholders’ points of view inform the evolution of our climate-related frameworks, actions and public policy.  

Progress in these four pillars is demonstrated throughout the following sections. Across the pillars, our strategy takes into consideration transition demand, results from scenario planning, near, medium, and long-term risks and ways to address impacts from those risks.