“For production, the midpoint of our annual guidance is updated to 2.31 million barrels of oil equivalent per day.”

In context

“4% year-over-year growth on an underlying basis. We generated $1.89 per share in adjusted earnings and $5.4 billion of CFO. Capital expenditures were $2.9 billion. We returned $2 billion to our shareholders during the first quarter: $1 billion in ordinary dividends and $1 billion of share repurchases. We ended the quarter with cash and short-term investments of $6.7 billion as well as $1.2 billion in liquid long-term investments. Turning to our outlook, we are updating our guidance to account for the impact of recent macro events and the uncertainty surrounding the Middle East conflict. To be clear, this is not a call on when we think the conflict will resolve. We are simply trying to provide a clear and transparent framework to model and assess the underlying performance of the company. For production, the midpoint of our annual guidance is updated to 2.31 million barrels of oil equivalent per day. This reflects a 20 thousand barrel of oil equivalent per day annual impact due to Qatar being excluded from second-quarter production guidance and a 15 thousand barrel of oil equivalent per day annual royalty rate adjustment at Surmont due to higher prices. We have made no other adjustments to our annual production guidance. The midpoint of our second-quarter production guidance is 2.2 million barrels of oil equivalent per day, which reflects the full exclusion of Qatar production from guidance for the quarter, the Surmont royalty rate adjustment, and planned second-quarter maintenance. Moving to operating costs, full-year guidance of $10.2 billion is unchanged, reflecting a $400 million reduction from 2025 due to the benefits of our cost reduction and margin enhancement program. We made”