A good set of half-year results with net income up 49% year-on-year, dividends maintained and a balance sheet in good shape. Production suffered from unplanned outage during H1, but the start up of the Wheatstone LNG project is close. Other projects are progressing and we think a 15% growth target to 2020 can be met. Management signalled progress on its long-term growth strategy outlined at its 2017 Investor Briefing. The clear focus is on unlocking value from the portfolio, delivering lower-cost LNG at its Australian hubs and capturing new exploration-led growth opportunities.