“That will drive the CapEx. We are also on the final projects that will be coming onstream into the back end of this year, into next year.”

In context

“ting into the backlogs. Unidentified Analyst: Okay. Thank you. Operator: And we will take our next question from [Indiscernible] Your line is open. Unidentified Analyst: Good morning. And sorry if my question has already been asked and my line dropped a few times. I am just wondering one quick one on CapEx. What is driving your 2024 CapEx for $4.525 billion? Is it guarantees related to the recent award you announced or that this indicate an acceleration of growth for 2025 and 2026? Thank you. Sanjiv Lamba: Matt, do you want to talk to? Matt White : Sure. So, as I mentioned earlier, a lot of the energy transformation we are seeing a little more capital-intensity. So ROCI project for one, which is our largest project that we have won. We are in the early stages about ordering equipment. That will drive the CapEx. We are also on the final projects that will be coming onstream into the back end of this year, into next year. So that’s also driving a higher component. But when you think about our CapEx in general and break it down, we tend to have about $2 billion plus towards what we call our base CapEx, which is a little over a half is for growth projects. But growth projects that do not meet our disciplined backlog definition. And the remainder, in this case would be roughly another two plus billion will be for our project backlogs. So that is contractually committed. It has defined returns and it has contract terms to ensure we get our return like things they have certain FX fees. So therefore, the higher CapEx, we feel quite good about. We feel good about our execution that we are undertaking. And so it’s really just a function of the wins we had causing that increase. Operator: And we will take our next”