safety of this process – technology that we will license to others. We also progressed work on our $6 billion joint-venture U.S. Gulf Coast Petrochemicals Project, which includes a world-scale ethane cracker and polyethylene units, targeted for initial production in 2017. 

Midstream and Development secured additional LNG sales commitments for delivery from Australia, despite the challenging market environment. In addition, we made good progress toward scheduled delivery of the fifth and sixth LNG carriers in 2017, to complete the largest shipbuilding program in our history. 

Our 2016 health, environment and safety performance set or matched record lows in many of our core safety metrics. We continue to focus on eliminating high-consequence personal and process safety incidents. We also continued our social investments. In 2016, we invested $186 million 

in global partnerships and programs, complementing our investments in projects and local goods and services that created jobs and generated revenues for the communities where we operate. More details are available in the 2016 Corporate Responsibility Report. 

Going forward, we’re committed to continuing to improve free cash flow and returns by focusing on investments that are economic with lower prices and by controlling our capital program. We announced a 2017 capital and exploratory budget of $19.8 billion – 42 percent less than what we spent in 2015 and approximately 12 percent lower than 2016 capital and exploratory investments. 

In 2017, we expect Wheatstone, our next major Australian LNG project, to start up and the Mafumeira Sul project in 

Angola to achieve first oil. In Kazakhstan, our 50 percent- owned affiliate, Tengizchevroil, will be working on a project expected to increase its total production to approximately 1 million barrels of oil-equivalent per day. First oil is planned for 2022. In the Permian Basin, we will continue to focus on shale and tight resource development, capitalizing on efficiencies we’ve already demonstrated in our drilling program there. 

I am optimistic about the future. Our products are responsible for the greatest advancements in living standards in recorded history. Energy demand remains strong, and we expect the need for oil and natural gas to continue to grow over the next 20-plus years as the developing world reaches for a better quality of life. 

As we work to provide the energy the world needs, we will continue to be guided by The Chevron Way (www.chevron. com/thechevronway), our roadmap for enabling human progress as the global energy company most admired for its people, partnership and performance. In 2016, we refined our business strategies to address the changing operating environment. We are focused on improving returns on all our assets. We maintained our workforce development programs and university hiring to ensure we have the talented workforce we need in order to deliver these strategies. 

I am confident Chevron will remain competitive and at the forefront of an industry that provides the reliable and affordable energy necessary for global economic growth. Thank you for your interest and investment in the company.