"We do not do buybacks to manage dividends. Dividend -- absolute dividend load is an outcome. It's not a reason that you would do buybacks. Our dividend growth expresses confidence in the ability to grow free cash flow at mid-cycle prices, and it is a long-term decision, a long, long, long-term decision. We haven't cut the dividend since the great depression. Pierre mentioned, we've increased the payout 36 years in a row now. Buybacks are different. They signal confidence that we're going to generate excess free cash flow, where we've got excess balance sheet capacity, which we have significant capacity in the current commodity cycle. And as we satisfy our commitments on the dividend, our reinvestment plans in a disciplined manner to grow free cash flows and maintain that strong balance sheet, we've got the capacity then to buy shares back through the cycle. An outcome of buybacks is a lower absolute dividend, but it's not the driver. And so, I don't want -- there should be no confusion about that. We've got confidence in our dividend increases, whether we're buying shares back or not. We wouldn't increase the dividend if we didn't have that confidence. And so the two are not linked in that manner"
