“In the second half of the year, we expect free cash flow tailwinds in the form of higher APLNG distributions, cash tax benefits and lower capital spending.”

In context

“investments of $5.7 billion, plus $1.1 billion in long-term liquid investments. Turning to our outlook. For full year production guidance, we have narrowed the range and reiterated the guidance midpoint even after adjusting for the Anadarko sale of approximately 40,000 barrels of oil equivalent per day, which is expected to close at the beginning of the fourth quarter. Our capital spend and cost guidance ranges, both of which we reduced last quarter are unchanged. We now expect our full year effective corporate tax rate to be in the mid- to high 30% range, excluding onetime items, lower than we previously guided due to geographical mix. And we now expect a total full year deferred tax benefit of about $0.5 billion, primarily reflecting the positive impacts from the One Big Beautiful Bill. In the second half of the year, we expect free cash flow tailwinds in the form of higher APLNG distributions, cash tax benefits and lower capital spending. Further guidance details can be found on our earnings slide deck. Turning now to our strategic updates. As Ryan noted, we have completed the Marathon asset integration and are realizing comprehensive outperformance against our acquisition case. We're delivering everything we said and much more. First, we've upgraded our low-cost supply resource estimate by 25%. While we are most attracted to Marathon's significant Eagle Ford and Bakken positions, both of which are every bit as good as we expected and delivering excellent well results, the majority of the increase has been driven by the Permian, where our resource estimate has approximately doubled versus the initial estimate. The second point I would highlight, we have significantly outperformed our initial synergy guidance. At the time o”