“So if you look at the ramp in activity throughout the year, that's true across our asset base, especially true in the Permian, 500 completed wells brought on throughout the entire year, but 90 in the first quarter. So it's going to build and be back-end loaded.”

In context

“safe combination. And we have just now begun bringing wells online with our vendors and our style of completion and things like that. So if you look at the pace of activity in the Lower 48, we were going to bring on 500 completed wells throughout the year. I think we brought on 90 in the first quarter. And so it's always been back-end loaded and building on a ramp of -- we closed the quarter with 22 drilling rigs in the Lower 48 and 8 frac spreads. And we planned -- when we rolled out our 10-year plan and guidance, we were going to build that over the next 10 years. And we're still on track to deliver all that type of activity. And so that's the plan we're on. That's what Ryan described as not cutting our capital back, but trying to run a steady ship and get the most efficiency out of it. So if you look at the ramp in activity throughout the year, that's true across our asset base, especially true in the Permian, 500 completed wells brought on throughout the entire year, but 90 in the first quarter. So it's going to build and be back-end loaded. Philip Gresh: Okay. Great. That's helpful. Second question, I think, would be for Bill. Clearly, significant reductions in net debt in the first quarter. You talked about the pay down of the gross debt and the targets you have there. I'm curious how you think about the right levels of net debt or cash that you're holding because I think you also have, what, $2 billion to $3 billion of asset sales still coming here. So it just seems like you -- even with the $10 billion return of capital, there's a lot of cash building up. So any additional color there? William Bullock: Yes. Sure, Phil. So I think that you can see it manifesting itself in the rebuild of our balance sheet with our cash growing to $7.5 billion. I think we're pretty happy right now with our pace in terms of debt reduction and”