Ann: Full-Year 2021 Results and Briefing, page-4

Absolutely stellar result - and the oil price is even higher now.

Market response very disappointing, but then the institutions have down-rated the whole O&G sector due to concerns over climate change and the view that they will all be consigned to history very soon. Strange how Natural Gas went from being the savior - a low carbon bridging fuel between coal and renewables for electricity generation - to one of the villains, in the space of just a few months. Completely irrational.

The Sustainable Development Report & now the Climate Report are clearly an attempt to get back into favour with the institutions. It didn't seem to work last year so now they are pulling out all the stops. At 124 & 48 pages respectively, they collectively exceed the Annual report!

It won't change anything on the ground, but then is only really designed to make it politically defensible for fund managers to buy. The fact is, the pendulum is going to swing back regardless. The down-rating was overblown and people want the lifestyle that fossil fuels deliver. Even the protesters drive cars (most of them) and avail themselves of countless goods and services that are only possible because of the O&G sector and resource sector more widely.

O&G is simply the whipping boy ATM, but reality can't be ignored for ever.

BTW I regard myself as an environmentalist and conservationist, but I differentiate myself from most others in being realistic about what can be achieved and what it will take to achieve it.