“You saw it in the first quarter; you will see it year on year, and that will continue into 2027.”

In context

“kely translate to a higher level of OBO spend over the second half of the year. We are not going to elect out of low cost of supply, high-return OBO projects in this price environment. We have seen it in the past. They are competitive projects, short cycle, with good returns. These additions are a modest capital add to our second-half program and will maintain our operational efficiency going into 2027. Ryan M. Lance: I would just add, Betty, these are no-brainers for us. We are not going to be drilled out of inventory by others, and we are going to keep our efficient machine running. These adds are weighted to the last half of the year, so they do not have a large impact on 2026, but they set us up for the continued growth that we are seeing in the Lower 48 in our portfolio year on year. You saw it in the first quarter; you will see it year on year, and that will continue into 2027. In the meantime, we will be assessing what we think mid-cycle price is going to do and what the new equilibrium might look like and then what that follow-on means to the cash flows that we generate as a company, the returns that we send back to our shareholder, and what we reinvest for growth and development in the company. That will be coming later this year as part of our normal processes. Operator: Our next question comes from Doug Leggate from Wolfe Research. Your line is now open. Doug Leggate: Thanks for taking my questions. Hi, everybody. I am looking at slide five, and those of us who have been around long enough, Ryan, remember what you went through in 2016 with the dividend. Now we are sitting here looking at low 70s. You are probably doing $10 billion of free cash flow accordin”