“We expect an effective cash tax rate to be roughly in line with book tax, which is a function of discrete items in the first quarter.”

In context

“hould 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 with book tax, which is a function of discrete items in the first quarter. Now moving to cash flows. Full year APLNG distributions are now expected to be $800 million primarily due to lower pricing. From a timing perspective, we expect the remaining $600 million of distributions for this year to be in the third quarter with no APLNG distributions in the second or fourth quarter. In terms of working capital, we expect a modest use of cash on a full year basis. This includes an operating working capital outflow of $800 million in the second quarter related to normal timing of tax payments, as well as the unwinding of the $800 million investing working capital tailwind from the first quarter over the remainder of the year. So to wrap up, ConocoPhillips had a strong start to 2025. The teams executed well operationally. We continue to improve our plan and deliver on”