MAINTAIN STRONG OPERATING EXCELLENCE
Our commitment to operating excellence guides everything we do – it always will. Continuous improvement in safety, environmental stewardship and cost efficiency is a fundamental requirement for our company and employees. We employ rigorous training and audit programs to drive ongoing improvement in both personal and process safety as we strive for zero incidents. We are committed to protecting the environment and continually seek to reduce our environmental footprint throughout our operations.
Deliver Profitable Growth
Manufacturing and logistics capacity expansions in Chemicals and Midstream have the potential to deliver significant growth in earnings and free cash flow. Over the next few years, our Chemicals joint venture, CPChem, plans to reinvest the majority of its net income to build additional processing capacity that benefits from lower-cost NGL feedstocks. The need for additional new gathering and processing, pipeline, storage and distribution infrastructure – driven by growing domestic unconventional crude oil, NGL and natural gas production – is creating capital investment opportunities in our Midstream business.
ENHANCE RETURNS ON CAPITAL
We intend to increase ROCE and capital efficiency through greater use of advantaged feedstocks, a disciplined capital allocation process and portfolio optimization. By processing lower-cost crude oil and NGL feedstocks, we have improved our gross margins and returns on capital in Refining and Chemicals. We also expect to drive higher returns by selling finished products to higher-margin export markets. A disciplined and rigorous capital allocation process ensures that we focus investments into projects that generate competitive ROCE throughout the business cycle. We anticipate our portfolio to shift to higher growth and returns businesses as we redirect capital to our Chemicals, Midstream, and Marketing and Specialties segments and reduce Refining exposure in regions that generate below-average returns.
GROW SHAREHOLDER DISTRIBUTIONS
We believe shareholder value is created through consistent and ongoing growth of regular dividends, supplemented by share repurchases. Regular dividends demonstrate the confidence our management has in the company’s capital structure and its capability to generate free cash flow throughout the business cycle. At the discretion of our board of directors, we plan to increase dividends annually and fund a share repurchase program while continuing to invest in the growth of our business.
BUILD A HIGH-PERFORMING ORGANIZATION
Our success is primarily attributed to the contributions of our talented global workforce. We provide a great place to work where employees can reach their fullest potential, thrive on delivering results and create shareholder value through individual, team and organization success. We foster an achievement-based culture that drives accountability and meritocracy while investing in learning and development.