“But I’d expect the deferred tax source full year to be lower in 2022. Now we are in a U.S. cash tax paying position for the full year, but we also utilized all significant U.S. net operating losses, NOLs and EOR credit carryforwards in 2022. And that utilization generated a larger source of cash last year compared to what we’re going to be seeing in 2023.”

In context

“r – almost like you’re moving to a new normal based on your U.S. spending, thinking IDCs and things of that nature. Can you move just – am I thinking about that right? Should we be expecting a ratable deferred tax credit going forward in your cash flow? And I’ll leave it there. Thank you. Bill Bullock: Well, yes. So deferred taxes were a source of $0.5 billion in the fourth quarter, Doug, and we had a source of about $700 million in the third quarter. Now the source of those deferred taxes is primarily due to the impact of intangible drilling costs and generating deferred tax liabilities now that we’re in a U.S. cash tax paying position. Now as we look at 2023 at current investment levels, we’d expect deferred taxes are going to continue to generate a source of cash on a normalized basis. But I’d expect the deferred tax source full year to be lower in 2022. Now we are in a U.S. cash tax paying position for the full year, but we also utilized all significant U.S. net operating losses, NOLs and EOR credit carryforwards in 2022. And that utilization generated a larger source of cash last year compared to what we’re going to be seeing in 2023. Doug Leggate: Really helpful. Thank you. Thanks. Phil Gresh: Michelle, next question. Operator: Our next question comes from Steve Richardson with Evercore. Your line is now open. Steve Richardson: Thank you. Ryan, there is been a lot of focus on the Permian Basin of late, certainly from an industry perspective, and not all of it has been good, we’d say. And I’d love if you just took a moment and help us differentiate Conoco’s assets in the basin, what you’re seeing from your asset. And certainly, some of the performance speaks for itself, but I’d love if you could address that today. Ryan Lance: Yes. Thanks, Steve. Let me make a couple of comments, and then I’ll turn it over to Nick for maybe a couple of his thoughts in a bit more detail. We’re not worried about our long-term development”