“On shareholder returns, we once again expect to return about 45% of our CFO to shareholders while continuing to grow our base dividend at a top quarterly S&P 500 rate.”

In context

“improvement, we launched and have already made great progress on our incremental $1 billion cost reduction and margin enhancement initiative. We progressed our commercial LNG strategy, growing our offtake portfolio to approximately 10 million tonnes per annum. And finally, we improved our Lower 48 drilling and completion efficiencies and advanced our differentiated major projects, which we expect to drive peer-leading free cash flow growth through the end of the decade. So 2025 was a great year for the company. Yet while these are significant achievements, not stopping there. We will build on this success. Turning to 2026, our primary focus is on delivering a $1 billion combined reduction across our capital spending and operating costs while growing our production on an underlying basis. On shareholder returns, we once again expect to return about 45% of our CFO to shareholders while continuing to grow our base dividend at a top quarterly S&P 500 rate. Top quartile dividend growth is sustainable, as we expect our free cash flow breakeven to decline into the low $30 per barrel WTI range by the end of this decade. Looking beyond 2026, I believe ConocoPhillips continues to offer a compelling value proposition that is differentiated both within our sector and relative to the broader S&P 500. As I've said before, I believe we have the highest quality asset base in our peer space. Distinguishing competitive advantage. Especially in the context of a US Shell industry that continues to mature. We are resource-rich in a world that is looking increasingly resource-scarce. We have the deepest, most capital-efficient Lower 48 inventory in the sector, and outside the Lower 48, we have an abundance of high-quality, low-cost supply legacy assets. And”