“Although we repurchased shares at a strong pace in the third quarter and expect that to continue for the remainder of the year, we have been impacted by higher-than-anticipated inflationary pressures and service costs.”

In context

“rough the third quarter increased 9% to $7.1 billion. Our comparable cash flow conversion rate was 80%, and free cash flow totaled $2.1 billion. Although this is a decrease of $517 million versus 2021, it includes $745 million of increased cash capital spending and $317 million in higher dividends. With the increased capital spending to date, we now expect full year 2022 capital to be around $3.4 billion, up slightly from our prior guidance, but well within our overall guidance of less than 15% of revenue. Year-to-date, shareholders have received $7.9 billion through dividends and share repurchases. This level of cash returns demonstrates our firm commitment to rewarding shareholders with strong returns. Related to share repurchases, we now expect to buy back roughly $6.5 billion in 2022. Although we repurchased shares at a strong pace in the third quarter and expect that to continue for the remainder of the year, we have been impacted by higher-than-anticipated inflationary pressures and service costs. Lastly, we finished the third quarter with a comparable adjusted debt-to-EBITDA ratio of 2.8x as we continue to maintain a strong investment-grade credit rating. In fact, during the quarter, we received an upgrade from Moody's to A3, and we are now A-rated across all 3 credit agencies. Also during the quarter, we issued $1.9 billion in debt, which included $600 million of green bonds, our first such issuance. Wrapping up on Slide 20. With a little over two months left in the year, we are focused on building upon the positive momentum of the third quarter. The operating team is executing on its plan to improve operating performance and capture additional unmet customer demand. As you heard from Kenny, however, markets are softening a bit, and that is resulting in a slight reduction in our”