“And then looking for the rest of the year, assuming we don't see FX rates move materially for the remainder of the year, we'd expect -- we wouldn't really expect any material working capital movements across Q3 or Q4.”

In context

“an example. Operator: The next question comes from Raphael DuBois with Societe Generale. Raphael DuBois : I just have one question about the working capital deterioration in 1Q. I was wondering if you could tell us how much of it is due to some Norwegian cash tax catch-up? And what is it to expect for the rest of the year? William Bullock : Yes, sure. Happy to talk about working capital. So if you look at working capital for Q1, you can see that in the supplementary documents we put out on our website, Q1 was about a $100 million use of working capital. For Q2, we'd expect that to be just over $1 billion. And as you rightly noted, that's associated with Norwegian tax payments, which is normal for operators in Norway. We accrued those in 2022. They're payable in the second quarter of 2023. And then looking for the rest of the year, assuming we don't see FX rates move materially for the remainder of the year, we'd expect -- we wouldn't really expect any material working capital movements across Q3 or Q4. So I hope that helps for kind of full year view. Operator: The next question comes from Neal Dingmann with Truist Securities. Neal Dingmann : My question is on shareholder return plan specifically. What do you all view sort of in broad terms as an optimal quarterly payout given, I guess, now how even more volatile the commodity market continues to be and looking at your most recent, I guess, the payout was a bit over 100%? Ryan Lance : Yes. Well, I think, Neal, you have to kind of go back to how we set the VROC in the first quarter. That was actually set in the third quarter of last year in a $100 price environment. So we probably had a ratable -- a little bit higher distribution in the quarter and then it gets more ratable as we go through second, third and fourth quarter as we deliver t”