“In 2025, we improved our drilling and completion efficiencies by more than 15% expect our capital efficiency improvements to continue in 2026 again driven by strong well productivity, ongoing D and C excellence, and further increases in our longer lateral developments.”

In context

“ivalent per day, providing modest growth for the year. First-quarter production is expected to be in the range of 2,300,000 to 2,340,000 barrels of oil equivalent per day, including the estimated impacts of weather-related downtime from winter storm Fern. In the Lower 48, once again, expect to deliver more production for less capital. As we continue to benefit from the highest quality asset base in the sector. We are a clear leader in inventory depth, with over two decades of low-cost supply inventory across the Permian, Eagle Ford, and Bakken. Also the clear leader when it comes to bottom-line results. Capital efficiency. Amount of oil we recover for every dollar of capital we invest, we have the best rock, in the best part of the best place and our team continues to execute really well. In 2025, we improved our drilling and completion efficiencies by more than 15% expect our capital efficiency improvements to continue in 2026 again driven by strong well productivity, ongoing D and C excellence, and further increases in our longer lateral developments. Now turning to Alaska and international, a few important themes stand out for 2026. First, we continue to progress our advantaged major projects, consistent with the comprehensive update we provided last quarter. Our LNG projects are more than 80% complete with NFE expected to start up in the second half of this year. While Willow is nearing 50% complete, and on track for first oil in early 2029. Second, we remain focused on infrastructure-led exploration and are shifting our focus this year to Alaska, where we have four wells fully permitted and are looking to unlock additional resources near to our infrastructure hubs. Building on our decades of disciplined exploration and appraisal spend in Alaska. And third, we'll continue to leverage our diverse low-cost supply legacy assets for ongo”