“In the lower 48, we expect to reduce spending by approximately $1.4 billion.”

In context

“rels per day of planned turnarounds. Turnarounds are expected to be highest in the second quarter with a triennial turnaround at Ecofiska Norway, a turnaround Accutar, and maintenance in Australia. Then in the third quarter, we will have turnarounds in Alaska. For the first quarter, we expect production to also be in a range of 2.34 to 2.38 million barrels of oil equivalent per day. This guidance reflects a 20,000 per day impact on the full quarter from January weather events. We expect a minimal first-quarter impact from turnarounds, and that's similar to the fourth quarter. For capital spending, our full-year guidance is approximately $12.9 billion. On slide eight of the presentation material, we provide a pro forma bridge from 2024 to 2025 with some of the key year-over-year variables. In the lower 48, we expect to reduce spending by approximately $1.4 billion. And for long-cycle projects, we expect to see a $400 million increase in spending to roughly $3 billion in 2025, inclusive of capitalized interest of about $400 million. Finally, in Alaska International, we expect to see a $200 million increase in spending driven by our growth opportunities in Canada and Alaska. Shifting to cost guidance, we expect full-year adjusted operating costs to be in the range of $10.9 billion to $11.1 billion. Full-year cash exploration expenses are expected to be $300 million. Dollars and full-year DD and A expense is expected to be in the range of $11.3 billion. Full-year adjusted corporate segment net loss guidance is approximately $1.1 billion, and we expect our effective corporate tax rate to be in the 36-37% range at strip pricing. Excluding any one-time it”