“We're maintaining a measured pace of share repurchases subject to reasonable market conditions, while preserving flexibility to invest through the cycle.”

In context

“tise. Our transformed company will continue to build on this success in 2026, with higher structural earnings power, stronger mix, lower breakevens, and a portfolio designed to perform across commodity cycles. Our strategy is working, and the benefits are evident in operating performance, cash generation, and shareholder returns. We're capturing more value from every barrel and molecule we produce, and building growth platforms with scale. We're focused on high-margin, technology-differentiated markets where our integration, process expertise, and global footprint give us a durable, material competitive advantage. Our capital priorities remain consistent and disciplined: invest in competitively advantaged opportunities, maintain financial strength, and return surplus cash to shareholders. We're maintaining a measured pace of share repurchases subject to reasonable market conditions, while preserving flexibility to invest through the cycle. Underpinning all of this is a new enterprise-wide process and data platform that is changing how the company operates. With redesigned end-to-end processes and connected data transactions, and decision-making across every business geography, and function. You will enable us to learn and act faster and better leverage our scale, accelerate the adoption of artificial intelligence, integrate new solutions. It's already delivering results, with much more to come. 2025 again demonstrated that the advantages we've built, the capabilities we've developed, the performance we're delivering is creating industry-leading value for our shareholders, today and far into the future. Jim Chapman: Thank you, Darren. Before we move to Q&A, I have a few quick announcements to share. First, on February 2, we'”