“We are not contemplating feathering back distributions; we expect to remain peer leading.”

In context

“Andrew O'Brien (President and Chief Executive Officer-designate / Chief Financial Officer and Executive Vice President, Strategy and Commercial): Yep. Thanks, Scott. A couple of things on the short term and then the medium and longer term. In the near term, as I said in my prepared remarks, we averaged about 40% of our payout for the first half of the year and we are guiding to 45% for the full year. So you can do the math on how we move from 40 to 45 in the second half. We remain committed to 45% and we do not choose to manage quarter to quarter given the volatility in commodity prices; that volatility reminds us why we do not do that. I will reaffirm that 45% of our CFO is our target for this year. Looking beyond this year, as we start getting the free cash flow inflection and a materially lower reinvestment rate—and as Ryan and I have described, we do not expect a big ramp in CapEx—this narrows where the cash can go. We are not contemplating feathering back distributions; we expect to remain peer leading. We will have flexibility as projects come online to evaluate commitments, and our peer-leading distribution position and capital framework enable us to stay peer leading with our distributions. I fully expect us to carry on with that strategy.”