“We have also added a modest amount of Permian activity over the second half of the year to maintain our operational efficiency into 2027.”

In context

“future. We will continue delivering base dividend growth competitive with the top quartile of the S&P 500. We will maintain and protect our investment-grade balance sheet. Recall last year, we were one of the only companies that delivered on our shareholder return objectives and strengthened the balance sheet. We will continue returning significant CFO to shareholders right off the top. We have averaged about 45% over the past decade through the cycles. And after meeting all these priorities, we will evaluate disciplined reinvestment for growth. In terms of how these priorities are translating to our 2026 plan, our expected CFO generation is up materially given our unhedged oil and LNG torque. Shareholders will directly share in this upside with our 45% of CFO return of capital objective. We have also added a modest amount of Permian activity over the second half of the year to maintain our operational efficiency into 2027. Long term, ConocoPhillips continues to offer a compelling value proposition that is differentiated in the market. We believe we have the highest-quality asset base in our peer space. As we have said before, we are resource rich in a world that is looking increasingly resource scarce. This is a distinguishing competitive advantage. We have the deepest and most capital-efficient Lower 48 inventory in the sector, and outside the Lower 48, we have an abundance of diversified low cost of supply legacy assets. And we are uniquely investing in our portfolio to drive peer-leading free cash flow growth. We are on track to deliver our previously announced $7 billion free cash flow inflection by 2029, driven by our cost reduction efforts, LNG projects, and Willow. With that, let me turn the call ove”