“This underlying improvement in our free cash flow will structurally lower our breakeven and increase our capacity to return capital to shareholders.”

In context

“ed 2.5 billion to shareholders in the first quarter. We believe our shares represent a very attractive investment at these prices and we will continue returning a significant portion of our cash flow to our shareholders, consistent with our long term track record of distributing 45% of our annual CFO. To close out my commentary, while I recognize the current focus is on the near term macro uncertainties, we are playing the long game. I'll remind everyone that our fundamental long term value proposition is truly differentiated. We have a deep, durable and diverse portfolio with decades of high quality, low cost supply inventory to develop. And we are on the cusp of a compelling multi-year free cash flow growth trajectory, led by our high quality, longer cycle investments in Alaska and LNG. This underlying improvement in our free cash flow will structurally lower our breakeven and increase our capacity to return capital to shareholders. Finally, you'll also have seen our announcement this morning that Bill Bullock has decided to retire after 39 years of service to the company. And then Andy O'Brien will take over as CFO. Bill has been an outstanding colleague and an integral part of our executive leadership team. I know you will all join me in congratulating Bill on an exemplary career and wishing him well in retirement. Now, I'll hand it over to Bill for the last time to cover our first quarter performance and 2025 guidance in more detail. Bill Bullock: Well, thanks, Ryan. Shifting to our first quarter performance. As Ryan mentioned, we started 2025 with another quarter of strong execution across the portfolio. We produced 2.389 million barrels of oil equivalent per day, exceeding the high end of our production guidance”