Ryan Lance: Yes. Thanks Paul. No, I think we are €“ our view pretty constructive over the next number of years and through the decade. So, the time you want to do some of these big projects sort of front end of the cycle, we probably are a bit unique given our global diversified portfolio. We have opportunities in Alaska and Norway, in the Far East €“ in the Middle East. So, we look at those, make sure they fit our framework around cost of supply and what we want to go invest in. And as we look forward, we believe now is the time to be doing these projects, which is why you see us leaning in on the LNG side. We are constructive on the gas and why we are moving forward with our little project up in Alaska. And I will make a site com , this is what the administration has asked us for U.S. production, this low GHG emission production.
This is exactly what the administration has asked us to do as an industry, and that’s what we are trying to do as a company. Now, looking forward, I think we will talk at AM about where we think mid-cycle price is and frankly, we think it’s probably come up from where we have been over the last 5 years, 6 years. We will show that to you at AM. And then finally, to your last question, yes, we have set a cash return target at $80 WTI, $85 Brent. And I think it’s 3.25 Henry Hub. Those are the assumptions we made that underpin the $11 billion. The price would have to go down considerably. I mean you said into the 60s, full year average, I think before we would talk about changing that. And we are prepared to use our cash on the balance sheet to fund these projects.
That’s why we have that cash. That’s why we have that financial strength in that resilience. So, we are happy to use the cash if we need to. So, I think it’s resilient across a broad range of prices in terms of what we have established as our distribution target for the year.
Paul Sankey: Great. Thanks. And then following on the leadership, you were instrumental in the export ban being lifted. Can you talk a little bit more about Willow? There is obviously some €“ you mentioned low GHG. Can you talk a bit about how it fits alongside what you just said about the administration asking for this in terms of its environmental footprint? Thank you very much.
Ryan Lance: Yes. It will be some of the lowest GHG emission production in the world, less than 10 kilograms per barrel. So, it’s going to be something that we believe is what the world needs right now as we go through this energy transition. We need more oil and gas. We need more base load to supply the world reliable and affordable energy. And coming to the United States and North America broadly, in general, is the right thing to be doing right now. And it comes from companies like ours that have over 40-year experience on the North Slope. We know how to do this. We know how to do it responsibly and all the stakeholders support it, including the native community on the North Slope, the congressional delegation, the union labor leaders who need this opportunity for employment in Alaska. So, there is full alignment behind what we are trying to go do there. It’s just the politics in D.C.
Paul Sankey: Thank you, sir.
Phil Gresh: Thanks Paul. Michelle, I think we have time for one more question.
Operator: Our last question comes from Bill Janela with Credit Suisse. Your line is now open.
