“Assuming a $70 per barrel WTI price environment, we expect the major projects we're currently progressing in combination with the additional cost and margin enhancements we just announced to drive a $7 billion free cash flow inflection by 2029.”

In context

“hat's already differentiated, not only relative to our sector, but relative to the broader S&P 500 as well. We believe we have the highest quality asset base in our peer space. Our global portfolio is deep, durable and diverse, and we're recognized as having the most advantaged U.S. inventory position in the sector. We believe this will -- advantage will become increasingly apparent as the U.S. shale industry continues to mature. And investors are forced to more clearly sort through what we call the inventory haves and have-nots. We are a clear leader in the U.S. inventory haves. In addition, we're uniquely investing in our high-quality portfolio, specifically in our longer cycle projects in LNG and Alaska to deliver strong returns and a compelling multiyear free cash flow growth profile. Assuming a $70 per barrel WTI price environment, we expect the major projects we're currently progressing in combination with the additional cost and margin enhancements we just announced to drive a $7 billion free cash flow inflection by 2029. That would almost double the consensus free cash flow expectation for the entire company this year. Now with that, let me turn the call over to Andy to cover our second quarter performance, 2025 guidance and strategic objectives in more detail. Andrew M. O’Brien: Thanks, Ryan. Starting with our second quarter performance. As Ryan mentioned, we had another quarter of strong execution across the portfolio. We produced 2,391,000 barrels of oil equivalent per day, once again exceeding the high end of our production guidance. In the Lower 48, production averaged 1,508,000 barrels of oil equivalent per day. Alaska and International production averaged 883,000 barrels of oil equivalent per day as we successfully completed turnarounds in Norway and Qatar. Regarding our second quarter financials,”