ExxonMobil's downstream business has always been a key portfolio strength. Holding close to 6 million b/d of distillation capacity, the company is the world's largest refiner with a strong foothold in North America, Europe and Asia. Integration with a peer-leading chemicals business is a core differentiator. Downstream became increasingly important to ExxonMobil's financial performance during the oil price crash, generating much-needed cash flow and positive earnings. The business accounted for around two-thirds of ExxonMobil's earnings in 2017. Earnings have been relatively stable over the past decade, offering stability and hedging protection in times of oil price volatility. While the rest of the industry chose to reduce exposure to downstream, ExxonMobil continued to invest and grow operations. We believe vertical integration will continue to play an important role in ExxonMobil's strategic decision-making and will be vital to delivering sustainable double-digit returns.