Katie Greifeld

So we've got a very strong track record of distributing free cash to shareholders.

And at any price, we're well positioned to do that.

Oh, yeah, absolutely.

Our dividend, we increased our dividend during COVID when prices were

you know, in the teens and went negative for a while.

And so we've got to prepare for the volatility of a commodity business.

That's the business that we're in.

And we built a portfolio that will withstand the cycles of this business.

Well, I think oil prices in 2026 are likely to feel more pressure than LNG prices.

There's a lot of oil supply that's coming back from the OPEC plus countries that had been holding supply back.

And so that is has brought crude prices lower than they had been for the prior period of time.

LNG is a little bit of a longer dated story where there are a lot of new projects underway in the Middle East and in the United States.

that will add supply in large chunks over the second half of this decade.

Demand tends to grow in a linear fashion, and you get a step change in new supply.

And so there's a period of time when it would appear we're going to see more supply coming into the market than demand will be able to absorb.

That probably results in lower spot prices.

That's the commodity business that we're in.

Well, one of the things we talk a lot about today was not the power demand of AI, but what we can do with AI to improve our business, to make our business safer, to reduce emissions, to improve asset productivity, to improve efficiency, to improve our ability to explore for and find resources.

And I think the story of technology in our industry is it only goes in one direction.

It helps us do things at lower cost and higher efficiency.