Thank you, Mr. Chair.
Mr. Woods, I won't have any questions for you, that I can assure you.
I'll start with Imperial Oil. It was interesting to listen to your presentation. You're one of the larger players, not a small company, not a small specialist energy research firm, so you have large amounts of capital.
Walk me through how you decide what to do R and D on. For the sake of this committee, could you tell me what the decision-making process is when you decide to spend on innovative energy projects? How does Imperial Oil decide to do it, and how do large players like your company decide to do it? What are the positives and what are the negatives when it comes to Canada as you try to make those decisions in your budget?