“TCO have to conserve some cash because they've got 2 loan repayments to make next year, one in the first quarter and one in the third quarter.”

In context

“to-date. I think every quarter, it beats guide this year by about $700 million. Wondering what's driving that beat? Is it TCO outperformance? Is it higher LNG prices? And should we expect that to continue into 4Q and next year? Eimear Bonner: Jason, I'll cover that. Yes, I mean, the affiliate dividends performance has really exceeded expectation, and it comes down to TCO's performance since starting up early in the year. They've operated safely and reliably and the results just speak for themselves. So it is really a TCO story. When we look at the guidance, though, I mean, no change to the guidance even with that outperformance. Given that in fourth quarter, we've got a pit stop plan for TCO. So you'll see production come off in the fourth quarter due to that pit stop. And so they also -- TCO have to conserve some cash because they've got 2 loan repayments to make next year, one in the first quarter and one in the third quarter. So those 2 factors are really driving the change in guidance that we've provided that on the surface looks like it's coming down, but really, it's being driven by those 2 things. Operator: We'll take our next question from Arun Jayaram with JPMorgan. Arun Jayaram: Just a quick follow-up on TCO. That was a driver of the earnings beat this morning. Your production on the liquids side grew 5% sequentially, notwithstanding the turnaround in fourth quarter, but are you essentially ramped to capacity there? Michael Wirth: Yes. We're really pleased with how TCO has been performing. We had another quarter of very reliable production, and I want to emphasize reliability, starting up a new complex set of processing trains like we did there. Historically, can offer some reliability challenges. And t”