“For 2023 cash flow, we forecast $22 billion in CFO at $80 barrel WTI, $85 Brent and $325 Henry Hub at current strip prices for regional differentials.”

In context

“turn of capital was $15 billion, while $3.4 billion went to debt reduction with cash and short-term investments ending the year at $9.5 billion. Turning to 2023 guidance, we forecast full year production will be in a range of 1.76 million to 1.8 million barrels of oil equivalent per day, which represents 1% to 4% of organic growth. Our first quarter production guidance range is 1.72 million to 1.76 million, which includes $35,000 of planned maintenance, primarily in Qatar and the Lower 48. Our full year planned maintenance is expected to be similar to 2022. On capital spending, we expect a range of $10.7 billion to $11.3 billion, which I will discuss in more detail in a moment. We expect operating costs of $8.2 billion, DD&A of $8.1 billion, and corporate segment net loss of $900 million. For 2023 cash flow, we forecast $22 billion in CFO at $80 barrel WTI, $85 Brent and $325 Henry Hub at current strip prices for regional differentials. Included in our cash flow forecast is $1.9 billion in APLNG distributions with $600 million expected in the first quarter. Now regarding CapEx, we provide a waterfall in our prepared materials bridging 2022 actual spending to 2023 guidance. Starting with base capital spending, we forecast an increase from $8.1 billion in 2022 to a range of $9.1 billion to $9.3 billion in 2023. The remaining $1.6 billion to $2.0 billion is allocated to longer term projects. Of this amount, $1.5 billion to $1.6 billion is for LNG projects, which includes Port Arthur, North Field East and North Field South. For Port Arthur specifically, after factoring in expected project financing, we forecast that ConocoPhillips net investment will be just under $2 billion over the 5-year investment period. However, more t”