Capital Allocation

Through our focus on overall enterprise growth we have the ability to generate substantial free cash flow that we deploy through our capital allocation program to enhance shareholder returns. We have a consistent track record in our disciplined approach to capital allocation that focuses on three key pillars to drive shareholder value:

  • Investing in high-return, value-enhancing projects
  • Increasing our dividend to reach our targeted dividend payout ratio of 35% by 2018
  • Executing on our share repurchase program with targeted buybacks of $4 to $5 billion annually.