“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.”

In context

“n 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 than half of this capital investment will be in 2023. For Willow, we are guiding to $100 million to $400 million of incremental spending with the higher end of this range, assuming that the project is sanctioned this year. In summary, we are happy with our strong 2022 results, which would not be possible without the hard work and dedication of our talented workforce. And we are”