“Yes, Sam, well, after years of investing, as the project starts up over the next couple of years, we do expect the CapEx profile to continue to decline, and that will enable free cash flow over the next couple of years to grow.”

In context

“we got more modern equipment in place. So all of this reads through to higher degree of reliability, strong production performance. And last year was the second strongest year in the past several. So it gives us high confidence in delivering what we've said we'll deliver there. And then as we get into the third quarter, we'll start commissioning some of the process equipment as part of FGP, which, as you say, first half start-up next year is when you see the incremental production come online. So good progress all the way around. I'll reiterate that schedule and cost guidance are unchanged. And we'll continue to provide details each quarter on milestones and progress as we proceed. Eimear, maybe you can just talk about what that means financially. Eimear Bonner: Yes. Thanks, Mike. Yes, Sam, well, after years of investing, as the project starts up over the next couple of years, we do expect the CapEx profile to continue to decline, and that will enable free cash flow over the next couple of years to grow. With WPMP, it will keep the plants full. So this will allow IBS business to generate significant cash, and that will be available for distribution. With the second phase of the project then next year in '25, TCOs free cash flow is going to grow even further because with that phase of the project, we get incremental production. So what does this mean for Chevron? Well, we expect $4 billion of free cash flow in 2025 and $5 billion in 2026. This is a $60 Brent. This will flow to us through a combination of dividends, so you'll see this come through cash flow from operations and loan repayments, which will flow through cash for investing. So we do expect dividends this year. We have guidance -- affiliate guidance to dividends for 2024. But we've also included in the deck today the outlo”