“Dollars and full-year DD and A expense is expected to be in the range of $11.3 billion.”

In context

“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 items, with an effective cash tax rate, the 35-36% range. Finally, on cash flows, we expect full-year APLNG distributions to be about $1 billion, with about $200 million in the first quarter. So to wrap up, ConocoPhillips had a strong year in 2024. Executed well operationally. We're continuing to deliver on our strategic initiatives, across our deep, durable, and diverse portfolio, and we remain highly competitive on our shareholder distributions. Concludes our prepared remarks. I'll turn it back over to the operator to start the Q&A. Operator: In the interest of time, we ask that you limit y”