“Then third quarter turnarounds should be around 25,000 barrels per day, primarily in Alaska.”

In context

“ding $1.5 billion in buybacks and $1 billion in ordinary dividends. That represents 45% of CFO returned in the quarter, consistent with our long term track record. And we ended the quarter with cash and short term investments of $7.5 billion plus $1 billion in long term liquid investments. Now turning to our outlook for the year. Full year production guidance remains unchanged. We still expect to deliver low single digit production growth at this lower level of capital spending. For the second quarter, we expect production to be in a range of 2.34 to 2.38 MBOE per day, including approximately 40,000 barrels per day of planned turnarounds. We expect the second quarter to be our peak turnaround activity for the year, with the triennial turnaround at Ekofisk Norway and a turnaround at Qatar. Then third quarter turnarounds should be around 25,000 barrels per day, primarily in Alaska. For capital, we now expect to spend between $12.3 billion and $12.6 billion for the full year or about $0.5 billion lower than our prior guidance of approximately $12.9 billion. This is the result of continued capital efficiency improvements and plan optimization. Now second quarter capital should be similar to the first quarter and then decline materially over the back half of the year. On adjusted operating costs, we have lowered our guidance range by $200 million to $10.7 billion to $10.9 billion primarily due to ongoing cost optimization efforts. We expect our full year effective corporate tax rate to be a bit higher than prior guidance of 36% to 37% percent range, excluding one-time items, and this is due to geographic mix. We expect an effective cash tax rate to be roughly in line w”