“We also expect to grow production in Alaska and Canada.”

In context

“to deliver on our returns-focused value proposition. We generated a trailing twelve-month return on capital employed of 14%, or 15% on a cash-adjusted basis. We returned $9.1 billion of capital to our shareholders, representing 45% of our CFO consistent with our long-term track record and well above our 30% commitment. Now looking ahead to 2025, we remain confident in the plan that we outlined in our third-quarter call. To deliver low single-digit production growth for $12.9 billion of CapEx in the lower 48 on a pro forma basis, we plan to reduce capital spending by over 15% year over year while still delivering low single-digit production growth. This is primarily due to expected material synergy capture associated with the acquisition of Marathon and significant drilling and completion. We also expect to grow production in Alaska and Canada. And we are doing all of this while continuing to invest in differentiated high-return, longer-cycle projects. Now on these projects, we're making steady progress across the board. We expect 2025 to be the peak year of our long-cycle spending at around $3 billion, followed by a steady stream of project startups from 2026 to 2029. Once these projects are all online, we expect $3.5 billion of incremental CFO from NFV Port Arthur, NFS, and Willow. All combined at $70 WTI, $10 TTF, and $4 Henry Hub. And that leads to roughly $6 billion of incremental annual sustaining free cash flow relative to 2025. Shifting to shareholder distributions, this morning, we announced a target to return $10 billion back to shareholders this year, assuming current commodity prices. This consists of $4 billion of o”