“So when we gave that guidance that we expect to be a bit below the low end of the $27 to $29 billion cash CapEx, that is excluding those M&A transactions, and we obviously do not plan for those transactions, so that is why we excluded them.”

In context

“lio get FIDed or get, as they progress, and when exactly those things happen are hard to call far into the future, but so we give ourselves we recognize that variability and make sure that we encompass that in the range that we provide. I would expect as we go forward, you will see some of that movement just frankly because you cannot predict exactly when that capital spend will happen as you are executing a project. But we feel good about where we are at. We feel good about where that underrun is coming from. I would also say we are getting a really good product on the capital we are spending in the Permian as well, which is a benefit. Kathy Mikells: And then all I would add to that is obviously we had an acquisition, actually a couple of acquisitions this quarter in total, $2.4 billion. So when we gave that guidance that we expect to be a bit below the low end of the $27 to $29 billion cash CapEx, that is excluding those M&A transactions, and we obviously do not plan for those transactions, so that is why we excluded them. Neil Mehta: Thanks, Darren. Thanks, Kathy. Darren Woods: Sure. Thank you, Neil. Operator: The next question is from Devin McDermott of Morgan Stanley. Devin McDermott: Thanks for taking my question. Darren Woods: Sure. Good morning, Devin. Devin McDermott: So I wanted to morning. Wanted to dive into the Permian a bit more. It is record production results in the quarter. You also raised the guide for the full year. I was hoping you could unpack the drivers for us a little bit more. Are we already seeing some outperformance as a result of your advanced proppant rollout? There have been other changes you have made to development or spacing? And how does this all impact how you are thinking about the capital and activity requirements to achieve your multiyear growth target? Darren Woods: Yeah”