“In 2025, we expect growth to be weighted towards the second half of the year as key projects in Tengiz and the Gulf of America come online and ramp throughout the year.”

In context

“l flow elsewhere within the portfolio to support continued growth. Affiliate c is expected to trend down further as investments at TCO and CPChem come online. We’re targeting $2 billion to $3 billion in structural cost reductions by the end of 2026. Work is underway to deliver these savings through asset sales; scaling technology solutions, such as expanding the use of robotics; and changing how we work to improve efficiencies. We’re executing our plans to lower absolute costs while delivering growth. Last year, worldwide oil equivalent production was the highest in our history, benefitting from a larger position in the DJ Basin following our acquisition of PDC Energy and nearly 18% growth in the Permian. Excluding asset sales, we expect production to grow around 6% annually through 2026. In 2025, we expect growth to be weighted towards the second half of the year as key projects in Tengiz and the Gulf of America come online and ramp throughout the year. We’re excited about the year ahead. We’re focused on delivering growth across advantaged assets and value chains while reducing absolute costs; starting up profitable New Energies projects and advancing new behind-the-meter power solutions; and continuing to reward our shareholders with higher returns and a differentiated value proposition. I’ll now hand it off to Jake. Jake Spiering : That concludes our prepared remarks. Additional guidance can be found in the appendix to this presentation and the slides and other information posted on chevron.com. We're now ready to take your questions. We ask that you limit yourself to one question. We will do our best to get all of your questions answered. Katie, please open the line. Operator: Thank you. [Operator Instructions] We'll take our first q”