Quarterly guidance

Fourth Quarter Production
Expected to average between 2.32 billion and 2.360 million barrels of oil equivalent per day.

Annual guidance

Full Year 2026 Production
Right around 2.3 million barrels of oil equivalent per day.
Full Year Shareholder Returns
Remain on track to return 45% of CFO to shareholders this year.
2027 Capital Spending
Anticipated to be modestly lower year-on-year.
2027 Production Growth
Expected to see another year of low single-digit underlying production growth, driven by the Lower 48.

Outlook

Free cash flow inflection
Well underway towards a peer-leading free cash flow inflection of $7 billion by 2029 at a $70 WTI price.
Capital reinvestment rate
Expected to operate at a structurally lower reinvestment rate well below 50% entering the next decade.
Inflation and costs
Per unit operating costs will trend lower as sustainable cost reductions and efficiency improvements offset inflation.
Willow startup
Remaining on track for first oil in early 2029 with module fabrication exceeding 75% completion.
Qatar operations
Fourth quarter guidance accounts for a range of potential outcomes in Qatar, where production remains dependent on regional conditions.
Share buybacks
Buybacks are expected to trend higher in the fourth quarter to meet the 45% annual return objective.