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You are watching the pulse. Im guy johnson. This morning shell was the first Major Oil Producer to post earnings since crude prices fell by more than a half area that has happened over the last six months. Oil is down today with crude below 45 a barrel. Lets bring in mark barton. Mark, lets start with you. I think the line that i took away from the interview was, we enter this period with strength. We knew volatility would came back. We aimed to preserve flexibility. It goes back to what he did a year ago. He said, he wanted to make these hard choices on new projects 15 billion of assets over 2014 and 2015, and slow the investment growth. I just cut to the taste. They missed earnings estimates. They had a horrid quarter. Faltering production, escalating costs, trimming earnings to a fouryear low. I cut to the chase, you missed earnings. Why the gap . It was the sharply Lower Oil Price coming through in our upstream earnings. Our downstream earnings were pretty strong. If i look at the

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