“Transaction-related costs will gradually flow through working capital during 2025, as we achieve our premise synergies.”

In context

“ance and 2025 guidance in more detail. Bill Bullock: Thanks, Ryan. In the fourth quarter, we generated $1.98 per share in adjusted earnings. Now we had a number of special items in the quarter. The two largest were related to the Marathon acquisition. First, we recorded over $400 million of transaction and integration-related expenses. Now this was mostly offset by over $400 million of tax benefits resulting from the utilization of certain foreign tax credits associated with the Marathon acquisition. Both of these items were largely non-cash in the quarter, and the one-time cash benefit will show up as a working capital tailwind in the first quarter of this year. And it is in addition to the NOLs associated with the Marathon acquisition that we expect to recognize over the next few years. Transaction-related costs will gradually flow through working capital during 2025, as we achieve our premise synergies. Shifting to fourth-quarter operations, we produced 2,183,000 barrels of oil equivalent per day. This included one month of production from the acquired Marathon assets, which added 126,000 barrels per day to the quarter. Excluding Marathon's production, we achieved 8% underlying growth year over year. This is above the high end of our guidance range. Now inclusive of one month of Marathon, Lower 48 produced 1,308,000 barrels of oil equivalent per day. And by basin, we produced 833,000 in the Permian, 296,000 in Eagle Ford, and 151,000 in the Bobcat. Moving to cash flows, fourth-quarter CFO was over $5.4 billion, and this included over $250 million of AP LNG distributions. Operating working capital was a $1 billion headwind in the quarter, primarily due to normal changes in accounts receiv”