 Hello. I'm Sarah Williamson, CEO of FCLT Global. Welcome to today's panel on accelerating a real economy-led recovery. And with thanks to the World Economic Forum for hosting this panel and for hosting this virtual Davos. Please let me start by introducing our panel members and then we'll jump into our discussion. We have four CEOs of companies who are very important to the global economic recovery joining us today. First, Vicky Hallam, CEO of Occidental Petroleum. Blake Morritt, CEO of Rockwell Automation. Marcus Stileman, CEO of Covestro. And Jeremy Ware, CEO of Trafigura. So the format of this session is a live stream panel for 30 minutes followed by a discussion among the top link participants who are registered to this session. We're taking questions in the chat box so please send in those questions and we will get to as many of those with our panelists as we can. So each of these CEOs leads a company that is very much part of the real economy from commodities to energy to materials to controls. And each of these CEOs has had to manage their business through a very challenging year on many fronts from COVID to changing demand patterns to investor pressure. And so as we look ahead, hopefully, to a post-COVID world, these businesses play a vital role in jumpstarting our economic recovery and at the same time can help drive a more sustainable economy. So at focusing capital in the long term, one of our ongoing efforts is how to shift more investment into climate solutions. And each one of these sectors is vital to the development of those solutions. So let's hear how our panelists have weathered this past year and how they're looking to the future. So Vicki Hallow from Occidental Petroleum, let me start with you. In the last year, the oil and gas business has had quite a wild ride, even for a business that's used to wild rides. So in the face of such disruption, what is the most significant way that you see your sector has transformed over the last year? Certainly, I think this has been the wildest stride ever in the history of our industry. But our industry has managed to weather it. And we've weathered it because we already started down the path of digitalization in our industry and technology. And through both of those, we were able to essentially lose no productivity in what we were trying to accomplish this year. And the same with many other companies in our industry. In fact, our employees, knowing that we were in the midst of the greatest crisis our industry had ever faced, and one of the greatest crisis that the world has ever faced, they stepped up and they did more than we expected. They exceeded all of our goals. And so what we took away from this is when the chips are down, our employees can do what we need to do and accomplish even more. And I think a part of that was just the fact that we were prepared for a remote world, thanks to the technologies from the tech industries, and we could adapt. And the other thing I think I've taken out of this, though, as we've come through this and what's also critically important for our industry is never before has the importance of our employees and how we support our employees been so important and so significant. And I think going beyond this stakeholder capitalism and other things like that are going to be much more top of mind for us into the next phase of the industry. But again, they delivered and we've learned a lot and better prepared for the next challenges. That's great. And I think the tide of stakeholder capitalism is so important. It shows you how important those various stakeholders are to the business success. So, Jeremy, let me come to you. You're in the commodities business, largely, also one that's had quite a volatility. How has your sector really been transforming itself in the face of this pandemic over the last year? You're quite right and say it was a volatile period. It was extremely volatile across all markets. What is very interesting, though, was it was not just a single bit of volatility. Markets traded very differently depending on which commodity, which in our particular business required a significant amount of understanding and deep knowledge of the underlying commodities and also the impact it would have on the supply chain, because we had to be very focused on ensuring that supply chain was in place regardless of the environment within which we were working. When you see drop in consumption of oil by 30% or an aviation by 90%, at the same time we had production issues in Chile, which has impacted the metal markets. And while we might have seen a huge requirement potentially a big surplus in some areas, in fact, they ended up in deficit. And then you saw China's economy resurging from about the middle of the year. So, very dynamic changes in the marketplaces. From our point of view, what we required was a great understanding of the business, global footprint, very much focused on our client base to ensure that we could provide solutions to them and help them through this pandemic and through the issues that they were facing and ensuring that we had robust systems and processes in place to manage the volatility. When Vicky alluded to it before in terms of extreme volatility in oil, when the oil price went negative in April, we're in a situation where we had to find places to store and still deliver oil and buy it when there was a significant surplus. So, very challenging times and actually picking up on what Vicky said as well, it was great to see when our highest turnover period was in April, when most of our employees were working from home, we were able to get through that period without significant disruption, without errors and manage the risks. And that was a great testament both to our employees and the systems and the robust procedures that we had in place. So, very challenging times, but to come out of it, we've learned a lot. And I think actually with the way we were able to work with our customers and supply or provide them with solutions, it probably put us in better stead as you move into 2021 and beyond. Great. Now, Blake, you run a very different kind of business, Rockwell Automation. I always think robots don't get COVID. So, tell us how your business has transformed over the last year and what happened with your business in the pandemic. Well, we saw really both in our internal operations, our factories as well as those of our customers is an acceleration of some trends that were already underway, but really sped up over the last year in terms of increasing resilience and agility. When we talk about resilience for manufacturers, it's things like eliminating single points of failure in the supply chain. It's remote operations. One of our biggest projects over the last couple of years in the mining industry has been to provide secure remote control centers for Kedelko in the copper mining application. And that's an example of the type of technology application that we think is going to speed up and continue even as the world recovers. It's about traceability. So, if you're thinking about vaccine production and other production of critical materials and foods and medicines, it's being able to track that through a complex supply chain so that you know that the quality is what it needs to be. It's also about agility. And that could be being able to move very quickly to provide different packaging sizes to meet the new buying requirements that we're seeing during the pandemic. But it's also to be able to sustain those changes so that you can be flexible to be able to move from one product to another. Vicki talked about digitization and the importance of that. And the companies that are faring the best throughout this are those that have already embarked on digitization, which helps increase the agility of that enterprise. So, those are a couple of the things that we've seen. And as we go forward, we'll see that move into how do we make those sustainable. Great. Okay. Thank you. And Marcus, your business is a key supplier to many critical industries in the world. What insights can you share with us on how your sector has responded over the last year? And maybe building on what Blake was just saying, which of these changes do you think will be long lasting? Which are the trends that are accelerated versus deviations from the road you were traveling? Yeah. Thanks, Sarah. And also building on with Vicki, Jeremy, as well as Blake actually have said, and without repeating everything they have said, I think for the chemical industry, which I'm representing, and also the sector that the chemical industry is in, you can say that this is the mother of all industries. Everything we talk about in terms of what we are doing today, but also what lies ahead of us is depending heavily on the chemical industry. And if the pandemic has actually told us one lesson in this context, it revealed the necessity of a strong real economy and here particularly the chemical industry, the indispensability of the chemical industry. Think about all the disinfectants just to give you a simple example. So, think about, for example, those masks, you know, most of the product, if not all, actually coming in the end of the day from products that the chemical industry is providing in this context. So, short-term fighting the pandemic, get the pandemic under control is important. And now with the pharmaceutical industry, which once again is heavily relying on chemistry in the end of the day and biochemistry, will maybe also pave the way out of this crisis or at least to live in a reasonable way with the new situation having this virus around. So, all in all, chemicals and also advanced materials under heart, I would say, of a functioning healthcare system. They are in the heart of a functioning society and also sustainable society. And that leads me to the fact, how could the way out of this crisis look like? And what do I see as trends continue? Well, first and foremost, as mentioned by all my dear fellow members on the panel, it is the digitization that will not go away. It will actually accelerate at an unprecedented pace. And many people talk in this context about home office. Yeah, that's one topic. But another thing, just think about research and development. We simply were not able or could not at least for some time send people into our research labs, because we first need to understand how to really protect them. And it has sparked a lot of ideas about that we wanted to follow up for many, many years in terms of electronic or in silico research and development. That means how computers can even further assist us to get to major scientific breakthroughs. Another aspect in this context is sustainability. Actually, the entire industry has made a lot of pledges in terms of how they want to become more sustainable, more energy efficient, paving the way towards carbon neutrality, but also how to support, for example, renewable energy, energy savings, and supporting the mobility transition and revolution towards electrical propulsion systems and so on and so forth. That means the pandemic today and the pandemic of last year has actually shown us the way and has shown us the way how to accelerate more sustainable trends. And that's where the sector and the real economy will lead the way. Well, let me stick with with you on that question about sustainability going forward. And just a quick reminder, if people want to ask questions in the chat box to feel free, we'll try to get to them. But Marcus, as we look to a more sustainable future, each of your sectors, obviously the chemical sector, as you mentioned, have both opportunities to drive a greener economy, but they also face pressures in certain parts of your business in your current business. So having the capital to transition your business from today to the business of tomorrow is going to be critical to your success. So as you think about some of those opportunities that require capital, none of your businesses is an app on the phone. They require real capital. How do you think about the opportunities in front of you to deploy capital? What's an example of something that would both accelerate the economic recovery and help you in this sustainable transformation that you've mentioned? Well, what we need to think about in particularly we as a company who has given itself last year very strong vision, which is to become fully circular. And that is an idea that's spread and it is spreading in the industry. And many of my fellow industry leader colleagues actually move towards the same direction because we fully understand that we cannot go on with the linear model, but we have to go circular. Circular means that we take today's waste and make it the raw material of the future and by that closing loops. However, this major transition needs major investments and those major investments need in the end of the day pay off because otherwise private companies might not and will not invest because the uncertainty and economic risk for individual corporations are simply too large. Having said that, public-private partnerships kick in here so to also mitigate but also manage and distribute the risks. It is also important that we keep an openness for different ways and technologies because nobody can in this context predict the future what technology will be the best. So we have to have competing technologies but also range of technologies. The next topic is a full electrification and many consumers and many participants are not aware that this transition towards the green economy will require incredible amounts of additional energy, not only the greenification that means decarbonization of the energy industry but also more and more energy to really support the chemical industry, as I said, which is the starting point for all other industries and real economy that we are talking about. So long story short, what we would need just as an example, where we are engaging ourselves is building circular value chains and those value chains must be profitable for each and every participant and that, for example, is today not everywhere the case as some of the alternative raw materials are simply way more expensive than today's fossil-based raw materials and that is a big, big challenge plus we need to deploy and deploy new technologies that, for example, represent an electrification of processes that are today driven by fossil fuels and so on and so forth and that's why we need to deploy capital in building those circular supply chains. That's one of the key aspects. So Vicki, let me come to you and think about opportunities you have. I know that, I mean, Marcus has called it a circular chain. I know you're obviously in the oil and gas business but you're also doing carbon capture. Is that circular? How do you think about that? Is that an opportunity for major investment? Absolutely. And as Marcus was talking about the products that the chemicals industry makes, we provide the raw materials for that. We provide raw materials for just about all the products we use in one way or another and we fuel the world. We get those products connected to the people and places and countries that need them. So it's exciting to be a part of the oil and gas industry as a result of that. Everybody appreciates the products and benefits of what we do but not how we do it. But that's created an opportunity for us and that opportunity is to decarbonize. Just like wind and solar are lower emission technologies and some say no emission technologies. We can do, we can be the same thing through carbon capture and sequestration in our oil reservoirs. We can produce net neutral carbon oil and so we can do the same thing that the solar and wind industries are doing to provide energy. That is net neutral carbon. The challenge is, as Marcus was saying too, is that it can't happen tomorrow and it's not going to be inexpensive and there has to be collaboration among all the industries and cooperation and support from the governments and regulators around the world. So it's going to take a huge effort but we are confident that we'll all get there and so we've started our process of increasing the amount of carbon that we sequester in our oil reservoirs in the Permian. We'll be building what will be the largest direct air capture facility in the Permian. That will go along with, that will take actually CO2 out of the atmosphere for sequestration in our reservoirs along with the CO2 that we will be taking directly from industry and so we've got two ways to do it and both ways will help us to produce our net neutral or net negative carbon oil. That's a really exciting opportunity. The idea of net neutral carbon oil is something we could all look forward to. So Blake, in your business, you're obviously supporting the manufacturing and the digitization that you talked about. What do you think about investment opportunities going forward to put real capital to work that both help us recover and also leads to more sustainability? Sure. Well, two pieces of it. One, we are a manufacturer ourselves and continuing to add renewable energy sources in our own facilities such as photovoltaics is an important part of investments that we will be making over the next couple of years. Probably an even larger impact is what we can do for our customers and helping them be more efficient stewards of the resources that they need. That's something that's been a part of our business for a long time and we see it obviously an increased interest in accelerating that. It's about helping with the production of renewables and new energy sources to complement fossil fuels. It's also about, as Marcus talked about, playing a role in the circular economy. Recycling is an area that automation has profound opportunities to impact and we're making larger efforts there. And then finally, and one that doesn't often get talked about in the same context of sustainability is workforce development. It's creating durable jobs for these new applications as we go forward. That's such an important part and Vicki started with the employees, but the workforce development and how the workforce changes is a critical part of this. So Jeremy, let me come to you. Obviously, you are involved in a number of commodities and also trading. How do you think about putting capital to work to both lead to a better recovery and also a more sustainable economy? How do you think about using the market set, the commodity markets in particular, to do that? I think it's actually playing off your skill set that you have. We do trade oil and petroleum products, but also in minerals and metals. And the metals and metals side of the business, copper, zinc, aluminum, nickel, cobalt are all used for electrification or battery or storage of electricity. So these are very important factors for the decarbonization and electrification that the world is pursuing. One thing that we also do is we look at our skill sets as a business and what is the opportunity set within this changing economy and the changing world. And for us, we've established a power renewables trading division. So we have, because as we look forward, while we look at renewable energy as a source of electricity, we are going to see increased volatility in power. You only just have to look at what's happened, for example, in Japan over recent months of the extreme volatility in power prices. And so therefore, we're looking to, you know, using our supply chain capabilities, our risk management capabilities to provide a service in that sector. Combining with that from an investment point of view, we also see opportunity sets in renewable energy. We've announced a joint venture where we're looking at to produce two gigawatts of renewable energy, both solar and wind, and also involved in storage capacity for electricity. That's an interesting concept and we've actually have a good pipeline of projects. We've announced, for example, a large battery storage facility next to one of our industrial facilities in Belgium. And we've also looking at new forms of energy. So hydrogen, for example, investments that we've made here in Switzerland and looking to roll that on a joint venture basis with a company which goes all the way from production of green hydrogen through storage distribution and usage through fuel cell trucks involved in distribution of groceries for larger institutions here in Switzerland. So, the skill set that we have can be very well applied for the transition of energy and electrification of the world. We see fantastic opportunities both from a commercial trading point of view, but also from an investment perspective. Right. All right. Well, let me stick with you for a minute, Jeremy. We know in the last year, it's really interesting things in some of your businesses in the face of both economic hardship and calls for social justice around the world. And we need to do better on all of those things. It's not easy. One of the things that the forum has been focusing on is how do we get to a full socioeconomic recovery, not just a pure economic recovery, but a socioeconomic recovery. So, maybe I can ask each of you and Jeremy, I'll start with you. What do you think one to two key challenges are to getting to an economic recovery that really does include everybody? Obviously, there's a lot of scars that as a result of the pandemic, social inequality is a big issue that we have to contend with. We have to look at re-employment. And coming back to this, if you like, the Green Deal here in Europe, under the new administration in the U.S., some of the initiatives which are done from an infrastructure spend, for us, we're very supportive of these initiatives. We think this is a very good way to kick out the economy. It's obviously looking in combined with decarbonisation objectives as well, which again is very positive. And we think this is where the focus really should be and this is where we're willing to help. Right. Thank you. Blake, ideas from you? Well, it starts at home within our own company as we increase the diversity of our workforce. And we do that because diverse teams make better decisions and its diversity in all its forms that will make sure that it is more universal participation in the recovery. And again, creating durable processes that keep that here to stay. I think it's also important in our particular industry to put an emphasis to redouble our efforts towards workforce development, to create the mechanism where people can develop the skills to be comfortable acting alongside of advanced technology and to be able to foster the use of the decision-making skills that people have, again, working to maximise the benefits of advanced manufacturing in consort with the technology. And then longer term, it's about making sure that we're doing things to increase general STEM skills in the workforce because that's going to be so important to make sure that everybody can participate in these new applications and new industries. And, Barkas, your business is built on STEM skills. So maybe you would echo Blake's thoughts there, but other things we should be doing or challenges to getting a full socioeconomic recovery? Yeah, building on what everybody in this context has said in particular also what Blake just mentioned. It is important that we also build now back in that context resilient, yet still global supply chains that help particularly developing countries to participate. And here, I think the developed countries have a specific responsibility to reach out, even give a helping hand in this context, so that we also distribute the wealth that is generated to more people, to more countries. And by that, also helping people's education and also helping, let's say, to create the basis that people can afford and get access to education. And I cannot reiterate it, let's say, once again, and often enough, a STEM education is what we need for the transition that lies ahead of us. If we want to rebuild the economy, if we want to innovate, if we want to go for new technologies, science, technology, engineering, all those subject matters are of utmost importance. So it's not only about quantity as an output of universities, but here in this context, let me call it quality and the right subject matter expertise. And that's what we desperately need. And Vicki, what do you think about key challenges or ways, things that we can really make this recovery work for all? I think just as others have said, STEM is critically important, and it's important that we do have a diversified workforce, and ours is diversified in a lot of ways. Ours is not only racially and from a gendered perspective and ethnicity diverse, but also diverse in the types of jobs that we have. We have people who have multiple PhDs, all the way down to people who have bachelor's degrees and out in our field locations. We have people who choose not to go to college, who choose not to get bachelor's or PhD, but choose rather to go a technical hands-on route. And so we employ people in the local communities that have chosen not to get a formal degree, but who have the aptitude technically to do amazing things right in our field operations. And so the breadth of the types of choices that people make from a career perspective is widely ranging in the oil and gas industry. So we touch a lot of people, touch a lot of communities, smaller communities. And so I'm really proud of what we're able to do from an employment perspective in our industry. All right, I'm looking at the clock. We only have three minutes. So one quick lightning round. One last question. I'm going to ask each of you, what's one key takeaway about the role of your sector and its contribution to a sustainable economic recovery that you'd like the audience to take away from this conversation? So Blake, one key thing about your sector in an economic, in a sustainable recovery. You can't build the quantity and the quality of masks and medicines and food without some basic degree of automation in factories. Okay, that's a good one. Marcus? As I said, never forget that chemistry is the mother of all industries. So there is no life on us without chemistry. And there's also no sustainable future. And looking to Vicky so far, we have built all on that on oil to give some credit to Vicky as well. So All right, Vicky. I want people to understand that the oil and gas industry, while the what we produce and the products that are built as a result of what we produce do cause emissions. But we have the ability to offset those emissions. So we have the bills we get net neutral. And some people in the world don't recognize that, but that's a reality. And that's the exciting part of our industry. And that's how we will become sustainable. Great. Jeremy, the last word. Supply chain management is critical as we as economies emerge from the pandemic. Regardless of the commodity and, you know, our role and our function is to ensure the continuity of the supply of goods, regardless of market environments. Great. Well, I'd love to thank all of the panelists for their insights here. I know I've learned a lot.