A central topic for all of our analysis is “what will the energy world look like in ten years?” While ten years is long-term, it is still a practical planning horizon. The timeframe is one where many of the current corporate leaders will be accountable for those decisions and results. However, ten years is a short enough timeframe that planning must begin soon to accomplish the objectives. The long-term energy outlook is one with countless variables including identifying the opportunities and challenges associated with societal ambitions, government policies, engineering and physical realities, and geopolitics as well as the impact of new technologies, capital flows, and, importantly, financial returns. We believe that in continually analyzing the range of rolling ten-year scenarios, we can make our own capital allocation, and that of our partners, much better. We work with partner companies to research, debate, and strategize around these complex issues to address the needs of their specific organizations. We are also evaluating technologies and innovations to invest capital in the solutions we believe in through our NexTen fund.