“Our LNG projects will begin contributing in 2027, and Willow continues to hit all key milestones in advance of first oil in early 2029.”

In context

“Ryan Lance (Chairman and Chief Executive Officer): Thank you, Guy, and thank you to everyone for joining our second quarter 2026 earnings conference call. Before I get into our quarterly results, I want to acknowledge the other announcement we made this morning: I will be retiring as CEO effective September 1. I have spent more than 40 years at ConocoPhillips and I have had the honor of leading the company for the past 14 years. We have some of the most talented employees in the industry, and together, we have positioned the company for long-term success with a track record of delivering superior returns on and of capital through the cycles. I am incredibly proud of what we have accomplished together. I am also excited that Andy will assume the role of President and Chief Executive Officer. You all know Andy well already. He has been with the company almost 30 years. I do not need to list his credentials, but I do want to take the opportunity to call out the valuable contributions he has already made helping to shape our company and strategy. His leadership experience and deep understanding of our business make him well positioned to lead the company forward, and I have full confidence in him and the leadership team he has chosen. I will assume a true transitional role as Executive Chairman to support a smooth leadership transition. Andy will have full accountability for leading the company and managing day-to-day operations. I want to thank our employees and the board for the confidence they have shown in me over the years and our shareholders for their continued confidence in ConocoPhillips. Let me now turn to the results for the quarter. ConocoPhillips delivered strong second quarter results. Production was above the high end of our guidance range with our peer-leading Permian position achieving a new record of over 900 thousand barrels of oil equivalent per day. We generated over $4 billion of free cash flow, and we increased shareholder distributions to $3 billion, doubling our share repurchases from the prior quarter. We also made meaningful progress on strategic initiatives that further strengthen our portfolio and support long-term value creation. We achieved our $5 billion disposition target ahead of schedule, expanded our commercial LNG offtake portfolio, and added new growth opportunities in the Middle East at an attractive cost of supply. Simply put, ConocoPhillips is in a stronger position than ever before. We have the highest-quality asset base in the sector with the deepest and most capital-efficient Lower 48 inventory and a diversified portfolio of low-cost-of-supply legacy assets. We are executing well and driving continuous improvement. Our balance sheet is rock solid with leverage well below 1x and cash of more than $8 billion. We continue to lead the peer group in returning capital to shareholders, as we have done in the last decade. Our cost reduction program is progressing ahead of plan. Our LNG projects will begin contributing in 2027, and Willow continues to hit all key milestones in advance of first oil in early 2029. We remain firmly on track to deliver our $7 billion free cash flow inflection by 2029, effectively doubling last year's total free cash flow. All of this is made possible by the best people in the business, and I am pleased to transition our leadership of the company with us being in such a strong position. So with that, let me turn the call to Andy to discuss our second quarter results and outlook in more detail.”