Progress against our longer-term business targets
In 2023, we made good progress on the longer-term business targets that we announced at Capital Markets Day in June 2023. All other business targets have been retired in our drive for simplification and focus on performance.
More value
Shareholder distribution 30-40% of CFFO* through the cycle [A]
%
Price-normalised FCF growth* > 6% per year through 2030 [B]
$ billion
Price-normalised FCF growth/share* > 10% per year through 2025 [B]
$/share
Structural cost reduction* vs. 2022 ($2-3 billion) by end of 2025 [C]
$ billion
* Non-GAAP measure (see Non-GAAP measures reconciliations).
[A] CFFO: cash flow from operating activities.
[B] FCF: free cash flow.
[C] 2025 target reflects annualised savings achieved by end-2025.
Less emissions
Net-zero emissions by 2050 (Scope 1, 2 and 3) [D]
million tonnes of CO2e
Halving Scope 1 & 2 emissions by 2030 under operational control (2016 baseline) [D], [H]
million tonnes of CO2e
Eliminate routine flaring from upstream operations by 2025 [D], [E]
million tonnes
Methane emissions intensity maintained below 0.2% until 2025 [D], [F] and achieve near-zero methane emissions by 2030 [D], [G]
%
[D] See "Our journey to net zero" section.
[E] Subject to completion of the sale of SPDC.
[F] In view of the methane emissions intensity target of below 0.2% having been met the reference to the target year of 2025 has been removed as part of the energy transition strategy update.
[G] Methane emissions were 41 thousand tonnes in 2023 (2022: 40, 2021: 55)
[H] 2030 target is on a net basis.
