We will work on continuous improvements in operating performance, with an emphasis on health, safety and environment, asset performance and operating costs. Asset sales are a core element of our strategy – improving our capital efficiency by focusing investment on the most attractive growth opportunities. Shell has sold a substantial portion of its non-core assets in the last years. Asset sales of up to $3 billion are expected in 2012 as Shell exits from further non-core positions.

We have initiatives underway that are expected to improve Shell’s integrated Downstream businesses, focusing on the most profitable positions and growth potential. Shell announced exits from 800 thousand b/d of non-core refining capacity and from selected retail and other marketing positions in 2009–2011, and has taken steps to improve the quality of its Chemicals assets.