“And after our evolution and expansion capital initiatives conclude, our run rate capital expenditures should be below $8,000,000,000 per year.”

In context

“fits across the business. We expect total 2026 capital expenditures to reach $11,400,000,000 On Slide 13, we have provided our current expectations for capital at spending through the year 2029. And now now including line extension spending associated with the Bead program. Which totals about $230,000,000 and is mostly in 2027-2029. For the years 2025 through 2028, the outlook you see on Slide 13 is in line with what we have provided in January 2025. With the inclusion of Bead, some modified timing across years, and slight changes across categories. As I mentioned, we have added 2029 to our outlook and expect it to exhibit about the same amount of spend as we expected for 2028. Looking beyond 2026, we expect total capital spending in dollar terms to be on a meaningful downward trajectory. And after our evolution and expansion capital initiatives conclude, our run rate capital expenditures should be below $8,000,000,000 per year. Just to highlight, that reduction in capital expenditures on its own from $11,700,000,000 in 2025 to less than $8,000,000,000 in 2028. Is equivalent to $28 of free cash flow per share based on today's share count. Turning to free cash flow on Slide 14. Fourth quarter free cash flow totaled $773,000,000 about $200,000,000 lower than last year given a less favorable change in working capital and higher CapEx, partly offset by lower cash taxes due to the One Big Beautiful Bill Act, and cash paid for interest. Turning to cash taxes, fourth quarter cash taxes totaled $139,000,000 And while year 2025 cash tax payments totaled just under $900,000,000 We currently expect that our calendar year 2026 cash tax payments will total between $500,000,000 and $800,000,000. We finished the fourth quarter”