As that slide notes, ConocoPhillips has quality assets as the company possesses a diverse, low-decline asset base that deliver stable cash flow. It has capital flexibility as it has a number of investment options including selective, long-lived projects, such as LNG, oil sands, and offshore opportunities, to go along with a vast supply of shorter cycle opportunities in shale that can be scaled up or down quickly depending on prices. The company has a strong balance sheet that is "A-rated" by the credit rating agencies meaning it can borrow money at low rates when others cannot. Finally, it has a low cost of supply, which is critical to generating sufficient cash flow in a low oil price environment.