Q4 2025 ConocoPhillips Earnings Call

February 5, 2026

Speaker #1: Welcome to the fourth quarter call. My name is Liz, and I will be your 2025 ConocoPhillips earnings conference operator for today's call. At this time, all participants are in listen-only mode.

Operator: Welcome to the Q4 2025 ConocoPhillips Earnings Conference Call. My name is Liz, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. During the question-and-answer session, if you have a question, please press star 11 on your touch-tone phone. I will now turn the call over to Guy Baber, Vice President, Investor Relations. Sir, you may begin.

Speaker #1: Later, we will conduct a question-and-answer session. During the question-and-answer session, if you have a question, please press star 11 on your touch-tone phone. I will now turn the call over to Guy Baber, Vice President, Investor Relations.

Speaker #1: Sir, you may begin.

Speaker #2: Thank you, Liz. And welcome, everyone, to our fourth quarter 2025 earnings conference call. On the call today are several members of the ConocoPhillips leadership team, including Ryan Lance, Chairman and CEO; Andy O'Brien, Chief Financial Officer and Executive Vice President of Strategy and Commercial; Nick Olds, Executive Vice President of Lower 48 and Global HSE; and Kirk Johnson, Executive Vice President of Global Operations and Technical Functions.

Guy Baber: Thank you, Liz, and welcome everyone to our fourth quarter 2025 earnings conference call. On the call today are several members of the ConocoPhillips leadership team, including Ryan Lance, Chairman and CEO; Andy O'Brien, Chief Financial Officer and Executive Vice President of Strategy and Commercial; Nick Olds, Executive Vice President of Lower 48 and Global HSE; and Kirk Johnson, Executive Vice President of Global Operations and Technical Functions. Ryan and Andy will kick off the call today with opening remarks, after which the team will be available for your questions. For the Q&A, we will be taking one question per caller. A few quick reminders. First, along with today's release, we publish supplemental financial materials and a slide presentation, which you can find on the Investor Relations website. Second, during this call, we will make forward-looking statements based on current expectations.

Q4 2025 ConocoPhillips Earnings Call

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Q4 2025 ConocoPhillips Earnings Call

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Thursday, February 5th, 2026 at 5:00 PM

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Ryan Lance: Thanks, Guy, and thank you to everyone for joining our Fourth Quarter 2025 Earnings Conference Call. 2025 was another very strong year for ConocoPhillips, marked by consistent financial and operational execution and a number of important strategic accomplishments for our company. First, we outperformed all our major guidance drivers from the beginning of the year: CapEx, operating costs, and production, demonstrating the strength of our team's quarter-to-quarter execution. On a performance basis, we grew production by 2.5% in 2025 while driving significant reductions to both our capital and costs. On return of capital, we met our objective to return 45% of our CFO to shareholders, consistent with our long-term track record while again increasing our base dividend at a top quartile S&P 500 growth rate. And we did so while further strengthening our investment-grade balance sheet, certainly a differentiated accomplishment.

Ryan Lance: Our cash balances are higher today than a year ago, and our net debt is lower, putting us in a very strong financial position to start the year. We successfully integrated Marathon Oil, outperforming our acquisition case on the most important metrics. We added more high-quality, low-cost-to-supply resource, doubled our synergy capture, realized a further $1 billion of one-time benefits, and completely eliminated the Marathon Capital program while still delivering pro forma production growth. And as part of our drive for continuous improvement, we launched and have already made great progress on our incremental $1 billion cost reduction and margin enhancement initiative. We progressed our commercial LNG strategy, growing our offtake portfolio to approximately 10 million tons per annum.

Ryan Lance: Finally, we improved our Lower 48 drilling and completion efficiencies and advanced our differentiated major projects, which we expect to drive peer-leading free cash flow growth through the end of the decade. 2025 was a great year for the company. Yet while these are significant achievements, we're not stopping there. We will build on this success. Turning to 2026, our primary focus is on delivering $1 billion combined reduction across our capital spending and operating costs while growing our production on an underlying basis. On shareholder returns, we once again expect to return about 45% of our CFO to shareholders while continuing to grow our base dividend at a top quartile S&P 500 rate. Top quartile dividend growth is sustainable, as we expect our free cash flow break-even to decline into the low $30 per barrel WTI range by the end of this decade.

Ryan Lance: Looking beyond 2026, I believe ConocoPhillips continues to offer a compelling value proposition that is differentiated both within our sector and relative to the broader S&P 500. As I've said before, I believe we have the highest quality asset base in our peer space, a distinguishing competitive advantage, especially in the context of a U.S. shale industry that continues to mature. We are resource-rich in a world that is looking increasingly resource scarce. We have the deepest, most capital-efficient Lower 48 inventory in the sector. And outside the Lower 48, we have an abundance of high-quality, low-cost-to-supply legacy assets. And we are uniquely investing in our diverse major projects to transform the free cash flow generation profile of our company.

Andy O'Brien: Thanks, Ryan. Starting with our Q4 performance, we reported another quarter of strong execution across the portfolio. We produced 2,320,000 barrels of oil equivalent per day, consistent with the midpoint of our production guidance. We generated $1.02 per share in adjusted earnings and $4.3 billion of CFO. Capital expenditures were $3 billion, which brought our full-year capital spend to $12.6 billion. We returned $2.1 billion to our shareholders during the fourth quarter, including just over $1 billion in buybacks, and $1 billion in ordinary dividends, bringing the full-year return of capital to $9 billion, or 45% of our CFO, consistent with our guidance and our long-term track record. We closed over $3 billion of asset sales during 2025, demonstrating strong progress against our recently upsized $5 billion divestiture target, with $1.6 billion of proceeds received in the fourth quarter.

Andy O'Brien: 2026 capital spend guidance of about $12 billion is consistent with the preliminary outlook provided last quarter, down about $600 million year-over-year due to significant capital efficiency gains in the Lower 48 and a decline in our major project spending. 2026 operating cost guidance of about $10.2 billion is also consistent with the preliminary outlook, down about $400 million compared to 2025. The improvement in 2026 is driven by a combination of our cost reduction program and a full year of Marathon Oil synergies. 2026 production guidance is 2,330,000 to 2,360,000 barrels of oil equivalent per day, providing modest growth for the year. Q1 production is expected to be in the range of 2,300,000 to 2,340,000 barrels of oil equivalent per day, including the estimated impacts of weather-related downtime from Winter Storm Fern.

Andy O'Brien: In the Lower 48, once again, we expect to deliver more production for less capital as we continue to benefit from the highest quality asset base in the sector. We are a clear leader in inventory depth, with over two decades of low-cost supply inventory across the Permian, Eagle Ford, and Bakken. We're also the clear leader when it comes to bottom-line results, capital efficiency, the amount of oil we recover for every dollar of capital we invest. We have the best rock in the best part of the best plays, and our team continues to execute really well. In 2025, we improved our drilling and completion efficiencies by more than 15%. We expect our capital efficiency improvements to continue in 2026, again driven by strong well productivity, ongoing D&C excellence, and further increases in our longer lateral developments.

Andy O'Brien: And third, we'll continue to leverage our diverse, low-cost supply legacy assets for ongoing capital-efficient development, including at Surmont, where we delivered our most recent pad ahead of schedule and on budget, with another pad expected online early next year. To wrap up, 2025 was a very strong year for ConocoPhillips, and we're looking to build on this success in 2026, starting with a $1 billion improvement in our CapEx and costs, as the multi-year free cash flow growth profile we've discussed is now well underway. And we'll continue to find ways to enhance our differentiated investment thesis: unmatched portfolio quality, including leading lower 48 inventory depth, attractive long-cycle investments, strong returns on and off capital, and a sector-leading free cash flow growth profile through the end of the decade. That concludes our prepared remarks. I'll now turn it over to the operator to start the Q&A.

Ryan Lance: Yeah. Thanks. Good morning, Neil. Yeah, appreciate the question. Look, we've done our heavy lifting on the M&A side over the last 4 to 5 years, and I think I've never seen the portfolio in a better shape and really no strategic gaps that we can identify. We're globally diverse. We like our combination of a leading resource position in the Lower 48 combined with what we've got going on around the world and the LNG projects that we're leading into the Willow development and then what Andy talked about in some of our other projects going on around the world. So our pivot has been to the organic side of the portfolio. I can see the rationale for some of the M&A activity in terms of capturing the synergy, but we've been there, done that. We've got that behind us.

Ryan Lance: Oh, the Venezuelan question right off the top, huh, Lloyd? Yeah. Look, yeah, I get it in the news. And look, we're pretty focused on what we've talked about in the past, and that's focused on the pathway to get some recovery on what's owed us in Venezuela. And that's our first priority right now is making sure they owe us a significant amount of money. We've been after that, so we know where all the assets are. And that's the basis of our focus as well. We're trying to be helpful with the current administration and provide them with our sense of what's happening on the ground. A lot has to happen. Obviously, security needs to improve. Fiscals, you need a constructive relationship with local governments and the local people that actually want US companies there. And then you need durability on the policy side.

Ryan Lance: You need durability both in Venezuela and clearly here on the US side. But we're helping the administration kind of think through the short, medium, and long term, but our focus remains on trying to get the recovery that is owed us from the two judgments that we have in place. With respect to CITGO, we see no change at this point, encouraged by the administration's comments regarding wanting to keep the wanting to get the asset in American hands or US hands. That's constructive. And obviously, if there's still an appeal process to work through in that judgment from the courts, and then an OFAC license is required ultimately to satisfy that, that we would stand to collect some of our judgment through that process. But we see no change, no reason to believe it isn't going forward as it's been described to us.

Ryan Lance: Yeah. Thanks, Steve. So I'd draw a little bit of a distinction. I mean, we've been trying to improve fiscals in Libya for nearly a decade. So we finally got to that point here a couple of weeks ago with signing the agreement with the Libyan government and our partner there. But it's an asset inside the portfolio that we're trying to improve every day. And so this just is another organic opportunity inside the portfolio, specifically to Libya. And the improvement in the fiscals are just going to make it more competitive as we think about it. But we've been investing money in Libya, and this just makes those investments even more profitable and more competitive in the portfolio as we go forward as a result of what we've done. I think more broadly, what you're getting at, yeah, there are some opportunities.

Ryan Lance: We look at those and look for opportunities that might benefit the company and be additive to our plans and be consistent within our financial framework. And so it's exactly what you did. It's a risk-adjusted cost of supply of that opportunity. And would it compete for capital inside the company? And could we slot it in with what we're doing inside the company over the long term, the next 10 and 20 years? So the uniqueness about our company is we have that muscle inside the company. We're already a pretty diverse company. We've got a BD organization that looks around the world, not just in the Lower 48 in the unconventional space, but also conventionally around the world. But it's got to compete inside the portfolio just like everything does in the organic side of the business.

Ryan Lance: And so as you've certainly heard from us before, our objective is to continue to find what we might describe, even though it's onshore, as tieback opportunities into both Willow and actually into our WNS Alpine asset as well. So to your point, this is an opportunity for us to identify continued volumes, continued resource plays to bring into this existing infrastructure, and Willow being the next hub, if you will. And when we look back on our performance history there in Alaska, we have and continue to project or expect we'll produce well over double the volumes through those existing facilities, through that existing infrastructure, over double what we originally premised when we took FID on those. And so naturally, then that's our same objective here for Willow specifically, is as we explore to the west, we'll be looking for those resource opportunities to just keep that infrastructure full.

Ryan Lance: All right, Arun, good morning. Yes, we surely did have a strong productivity year in 2025 across that entire portfolio, as you mentioned. It was definitely consistent with our type curve expectations and consistent with the high quality of inventory, as you mentioned. One of the things we continue to do is we benchmark ourselves in each of our basins. I'm pleased to say, on an oil productivity per foot, we're among the best in every basin we operate. Now, specifically, I want to call out a couple areas that you mentioned. In the Delaware Basin and Eagle Ford, we saw impressive year-on-year improvements. In the Delaware, our oil productivity per foot in 2025 is up about 8% year-on-year. And that's even with a notable increase in our average lateral length of 9% year-on-year. Now, a couple of components to dive in on the Delaware side.

Ryan Lance: Again, we know the depth and quality of our acreage position out in the Delaware, but the teams are continuously optimizing our development strategies and adjusting spacing and stacking. Then, of course, depending on where you're drilling in North Delaware or Southern Delaware, you have a little bit of mix driving that just due to the vast, deep, broad portfolio. Now, pivoting to the Eagle Ford, our 2025 oil productivity per foot was up another 7%, and that's off a very strong program in 2024. Again, we're a clear leader in the Eagle Ford, and we have the lion's share of remaining Tier One Inventory and have had strong well results of any operator. Now, in the Eagle Ford, we brought in the Marathon assets. We've integrated that together. Teams continue to optimize completion designs using divergers to improve recovery, and we're seeing those in the results that you had mentioned.

Andy O'Brien: Okay. Yeah, I can step through that one. So where we are right now, sort of, our pre-dividend free cash flow break-even right now is in the mid-40s. And you'd add about $10 to that with the dividend. So that's kind of your starting point. And then, as you say, as a reminder, we have our pre-productive capital spend. It's down from where it was in 2025. We still have the pre-productive CapEx between now and Willow coming online, and that works off. If you do the math on what we've said on that, that's about $6, basically, just on that simple pre-productive capital. And then, as we've talked about sort of in our prepared remarks, you've kind of got the free cash flow. It's already starting to improve today, and it's going to continue to improve.

[Analyst] (Morgan Stanley): Hey. Thanks for taking my question. Ryan, I wanted to come back to one of the international growth assets that you listed in response to a prior question, and that's Equatorial Guinea. I know you've been evaluating potential backfill projects for the LNG facility there. And I believe just over the last few days, there was an agreement reached between Equatorial Guinea and Cameroon for the unitization of the Yoyo-Yolanda fields. I know it wasn't a ConocoPhillips-operated asset, but it's one of the potential tieback resources into that LNG plant. So kind of a broader question since you listed it as a growth potential area. Just talk about how you're seeing the opportunity set there and where we stand on projects to backfill and keep that LNG plant full.

Devin McDermott: Hey. Thanks for taking my question. Ryan, I wanted to come back to one of the international growth assets that you listed in response to a prior question, and that's Equatorial Guinea. I know you've been evaluating potential backfill projects for the LNG facility there. And I believe just over the last few days, there was an agreement reached between Equatorial Guinea and Cameroon for the unitization of the Yoyo-Yolanda fields. I know it wasn't a ConocoPhillips-operated asset, but it's one of the potential tieback resources into that LNG plant. So kind of a broader question since you listed it as a growth potential area. Just talk about how you're seeing the opportunity set there and where we stand on projects to backfill and keep that LNG plant full.

[Analyst] (Morgan Stanley): Yeah, certainly, Ryan. And Devin, as Ryan's been describing, we've been in discussions, certainly having taken on this asset through the Marathon acquisition. And as we've taken it into the company, we've been actively in contact with a number of other operators in and around our LNG facility and upstream assets, thinking about how do we leverage that infrastructure, specifically the liquefaction facility that's using our technology there on the island. Certainly, discussions have progressed very well. Really pleased with that. Specifically with Chevron, they've made some notable progress in a few of their projects, a couple of both new fields, as well as continued development of some existing fields that create some upside for that.

Andy O'Brien: Yeah, certainly, Ryan. And Devin, as Ryan's been describing, we've been in discussions, certainly having taken on this asset through the Marathon acquisition. And as we've taken it into the company, we've been actively in contact with a number of other operators in and around our LNG facility and upstream assets, thinking about how do we leverage that infrastructure, specifically the liquefaction facility that's using our technology there on the island. Certainly, discussions have progressed very well. Really pleased with that. Specifically with Chevron, they've made some notable progress in a few of their projects, a couple of both new fields, as well as continued development of some existing fields that create some upside for that.

Ryan Lance: Yeah, thanks, Ryan. Yeah, we have our own sort of macro view on supply and demand. And I'd say consistent with a lot of what people were saying, we saw some softness coming into the year. So we set our plans and our budgets in 2026 based on that. Obviously, we've seen a little bit of tailwinds with the current geopolitical things that are going on around the world, but generally thought 2026 would be a little bit more tougher year on the commodity price. We set our plans accordingly. And Nick's team, as he's described, has been doing a great job capturing the efficiencies. And we've been able to grow that business without adding more capital to it. And that's kind of our starting place. And I would say our scope is kind of set for 2026 with what we're trying to execute.

Ryan Lance: But today, I think we're pretty comfortable with our plans. There's a lot of volatility in the market, but we're built for this. We're built to handle it with the balance sheet that we have and the programs that I know the teams are executing. They're trying to get as much as they can for every precious capital dollar that we're spending. So we're trying to balance our returns of our capital back to our shareholder with the returns we're getting on the capital that we're putting back into the company. So this year, we should see some modest production growth and executing the plans to start delivering the free cash flow inflection that we see over the course of this decade, starting this year with $1 billion and next couple of years with $1 billion and then another $4 billion coming with Willow.

Andy O'Brien: Hi, there. This is Andy. I can jump in and take that one. Yeah, I think the short answer is sort of in the short and medium term, we're not really expecting to see that much of an impact. As most people know, if you start with sort of the PADD 2 refiners, they're structurally reliant on the Canadian heavy, and they have minimum alternative options to displace those barrels. And as you say, the Gulf Coast refiners can process the heavy barrels, and we're starting to see some of those refiners express interest in purchasing some of those Venezuelan barrels. But our view is the incremental Venezuelan barrels will likely get absorbed. The markets will rebalance the global flows. And we kind of will, you see, a thing from month to month where there's maybe crude being backed out or being moved in different directions, possibly?

Andy O'Brien: Yeah, I can take that one, Scott. I think in the prepared remarks, I stepped through sort of just how strong our cash balances are starting this year and the fact that we actually reduced our net debt by $2 billion. So we're starting with a balance sheet that is in a really, really solid position. I think we look at it across a range of prices. I think we've been pretty clear that 45% of our CFO basically works across basically a range of prices in terms of our distributions. That's kind of what you could expect. There's a reason we have a strong balance sheet, is that if there were a period where sort of a quarter here and a quarter there, you're needing to drop into the balance sheet to sort of help fund that, that's what we would do.

Andy O'Brien: Okay. Kind of touching a few different topics there. I'll try and sort of try and cover them. The first part of it is we've been very clear that sort of basically, we're seeing $1 billion per year, 2026, 2027, 2028, of free cash flow improvement. And I think you're starting to allude to this, that 2026 basically is essentially being driven by our OpEx and our CapEx guidance that we've given, driving that. But as we get into 2027 and 2028, a significant part of that is being driven by the LNG, where we have NFE coming on, Port Arthur coming on, and NFS coming on. So we're seeing that basically drive the next $2 billion after the one we have now, then the next two comes from those LNG projects. And remember, it's a combination of the revenues coming on, but the CapEx going away as well.

Ryan Lance: Yeah, exactly. If I go back to Shell, I mean, one of the key things as you look at in that area is we continue to core up in strategic trades all the time to increase our lateral length in that area. That drives our capital efficiency as we extend the laterals in there. And we continue to do that on an ongoing basis. As you mentioned, for the Western Midstream, we did directly contract that through West. And that's one of the key drivers that Andy had mentioned that achieves that $1 billion of cost savings run rate by year-end 2026. But on the strategic trades, we continue to do that on an ongoing basis. And if you look at long lateral inventory in that area you mentioned, if I step back to 2023, about 60% of our Permian future well inventory was two miles or greater.

Andy O'Brien: Hi, this is Andy. I'll take the question. I'll actually thank you for the question asking about reserves. We think reserves remains an important and very relevant metric, especially the organic reserve replacement. As you know, that's basically essentially what we're replacing with the drill bit. And as you said, one-year performance is important. But we do also focus on our multi-year track record, especially when you think about some of the longer cycle projects. So just to quickly step through the numbers, our three-year organic reserve replacements, 106%, and our five-year organic reserve replacements, 133%. And what's particularly pleasing about that is across that timeframe, we've got strong contributions across our entire global portfolio, Lower 48, Alaska, and International. It's another example, as Ryan was pointing to earlier, the power of our diversified portfolio. And 2025 was no different. It was another solid year of organic reserve replacement.

Ryan Lance: Yeah, thanks, Paul. Look, our view inside the Lower 48 just in particular is over two decades of low-cost supply inventory. So we're going to be in this business for 20+ years. It's not going to roll over in 5 years in our portfolio. But I take your point. I think broadly in the industry, where at these kinds of prices, seeing sort of plateauish production in the shale, North American or US shale, but that is not the case inside our company. So we will see sort of major project capital spend, the pre-productive capital that Andy talked about, that will start to roll off through the end of this decade. We'll see growth in our unconventional investments as we continue to capture efficiencies and look at that business. But we've got multiple decades of growth opportunity there. And then Kirk talked about the rest of the business.

Ryan Lance: We see opportunities in Alaska. We see them in Canada. We talked about Qatar, or Guyana, the signing of the new agreement in Libya. So I think we're just in a completely different place than a lot of our competitors. And we've got a lot of optionality for investment in the portfolio to continue sort of modest growth depending on what the commodity price environment ends up being. And again, we're pretty constructive long-term as we see demand growth continuing to grow. So that's going to give us the opportunity to continue to invest organically in the portfolio across a broad set of assets that have already captured to develop that resource potential that we have. And it doesn't stop by the next decade in the Lower 48. It continues for quite a period of time. And I think all the data, third-party data supports that.

Ryan Lance: Yeah, hi, Charles. Thanks for the question. We've certainly had a number of inbounds, especially on that latter part of your question around the Doyon 26 incident. So I might start there, and then, of course, I'll address your question on Willow. Yeah, certainly very unfortunate event there with that Doyon 26. Of course, naturally, top of mind for us were the folks, the individuals that were around the Doyon 26 and the few that were piloting that Doyon 26. Fortunately, no injuries. And of course, the owner, the operator of that Doyon 26 are ultimately accountable, and they are leading both the investigation and the response. We're naturally in support of that company and working with them as they coordinate and manage in and around that. That Doyon 26 was one of two Doyon 26s that we had planned for the exploration program here this year.

Ryan Lance: We roughly assigned 2 wells for each one of those rigs. And of course, we have multiple rigs up there running. And so we were able to just simply backfill that Doyon 26 rig with one of the active rigs that we have operating within our existing units. And so the exploration program continues, and we'll be able to pivot those rigs back after the exploration season into our ongoing development. So no change to either exploration. And to your point around Willow, we have 2 rigs premised for the pre-drill on Willow leading up to startup in early 2029. And Doyon 26 was one of those rigs. Now, again, because we have multiple rigs deploying, no impact. And again, pre-drill starts for Willow next year in 2027. So ultimately, what you're hearing from me is after that unfortunate event, no impact on our exploration and no impact on Willow.

Ryan Lance: On Willow, you heard certainly earlier in my comments that we were able to get out early due to an early start to the winter season and some cold weather with ice. That the same goes for Willow. And so that winter construction season for us started early. It's on track and proceeding really quite well. When we think about the work scope that we have planned here for this year, it really revolves around some of the earlier points you've heard from me. We're trying to knock out the bulk of the gravel work here this year, roads, pads, the airstrip so that we have full year-round access into Willow in a more efficient way than we have in the past. We'll be continuing pipeline work, bridges, etc. And then, of course, all the work here out of the state on prefab of the process modules continues.

Ryan Lance: And we're seeing some strong progress from our business partners on that front as well. And then back to your point, yes, we're seeing costs come in as we guide it. We're seeing that cascade down largely because last year's winter construction season was our largest. And then we've been able to knock out some pretty important milestones up there on the North Slope. Our permanent camp there in Willow is open. And that's pivotal because it allows us to start moving away from and turning away a lot of these temporary camps that we've had to rely on. And so this is part of the story about our ability to wind capital down from previous levels in the last few years. So we'll be coming in on a pretty major milestone here within the next couple of months of being 50% complete on the project.

Ryan Lance: Yeah, I appreciate the question on Canada. It's a place the Surmont asset specifically is one where we just continue to see really strong performance. Ultimately, we had positioned ourselves for first oil, first steam late last year, and then first oil early this year. That came in about a month early. And that was on pad 104 WA. So ultimately, that activity is cascading through. It's, in essence, rolling through as we have started work on the next pad, 104 WB. And as you've heard from me in the past, we're expecting to bring on a new pad roughly every 12 to 18 months. And we are expecting this next pad to come on in about 12 months from now for a first steam and first oil. So that activity is really quite level loaded, certainly, as you can imagine, with that kind of pace.

Ryan Lance: And so we're not seeing necessarily a material change in certainly how we think about capital or even our production profile other than it de-risks, certainly, the growth that we've started to see. And when we think about when I talk about growth in Surmont, it's really quite moderate and disciplined with this pace of capital deployment. So again, we took a bit of a cut last year with having reached payout on the full Surmont project last year. Net royalties changed on us. And yet, when I back up a little bit and I think about the health of the asset and how it's performing, gross volumes continue to be climbing and to be up. So the performance of these pads is offsetting decline. And again, just really pleased with how the overall asset is performing and how our capital and production is coming in on trend.

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