“We have a trajectory as we looked at the plan that we presented at Investor Day and based on that price set to kind of bring our breakevens down farther to $35 a barrel.”

In context

“me start with the Board and we are very focused on ensuring that we take an efficient approach in terms of how we're returning capital to shareholders. And obviously, share repurchases are a very efficient way to do that. As we look at the dividend, I'd say there's a number of things that we continue to evaluate. I mean clearly, we think it's pretty critical that we have a competitive dividend. And today, we think we do have a competitive dividend. We do look at that nominal level of the dividend and share repurchases do have a secondary benefit of reducing that level. But I'd also tell you, importantly, all the actions we're taking in the business reduce our breakevens, right? We talked about that a lot at Investor Day. Our breakeven came down to $41 a barrel from $44 kind of last year. We have a trajectory as we looked at the plan that we presented at Investor Day and based on that price set to kind of bring our breakevens down farther to $35 a barrel. So that just builds more resiliency in the business, which makes I'd say, the overall kind of dividend much easy for the company to both sustain and in the future to grow. So that is how we look at it and how we think about that. And as I said previously, we're trying to strike the right balance in terms of growing that dividend and doing buybacks, which have the secondary benefit of reducing that nominal dividend, and they also are a very efficient way for us to return capital to shareholders. And then I'd say, importantly, we want to make sure we're taking an approach as it relates to our cash balance and our overall balance sheet that enables us to sustain both investments and shareholder returns through the cycle. That is how we generate the highest value for shareholders. And so we'r”