Pleased to have John Hess, a great friend and CEO of Hess Corporation, but also a board director at Goldman Sachs, a boss or my boss. So thank you very much for being here, John, to share your insights. It's our hope that you will continue to represent this industry at this conference after the transaction closes. But there's a lot to talk about. But let's start with the operations and the year in review and how the underlying operations performed across your key assets, the Gulf of Mexico, across Asia, the Bakken, and of course, Guyana. Sure, well, first of all, Neil, honored to be here. Thanks for your support and coverage of the company. It's great to be back at the conference, and it's a great conference. So hats off to you and the team at Goldman, and I'm honored to be part of that team too. Our company in 2024 just had an outstanding year of performance, both operationally and financially. Our operating targets that we gave guidance on, on production in the different parts of our portfolio, met or beat guidance. On the financial side, beat consensus. We had a really, really strong year. For example, the Bakken, we had a target to reach 200,000 barrels a day of oil equivalent production in 2025. We met it in 2024. Has to do with efficiency. Great work of our people using lean manufacturing. In the Gulf of Mexico, we tied back infrastructure well called Pickerel, produced over 10,000 barrels a day over the year. That made the U.S. Gulf production for the first nine months go from 28,000 barrels a day to 38,000 barrels a day, and then there's Guyana, which we can talk more in detail about with the third ship coming on during the year. And then on top of that, the business we have in Malaysia, the Joint Development Area and also North Malay Basin, which continues to be a great annuity for us, so you know, obviously during the time that we were doing our shareholder vote and then the FTC process that we had to go through, we were more tempered in our communications. But now that that's over, you know, getting to the finish line on the merger, we're still very confident about, but we want people to realize that the company's performing on all cylinders. John, let's start on Guyana. Production for FPSO has been very strong relative to nameplate capacity. Can you talk about what's driving that outperformance and how you see this evolving? Yeah, we have three FPSOs, floating production, storage, offloading facilities producing now. They're producing on a gross basis. Remember, Hess has 30% of the joint venture, 660,000 barrels a day, pretty consistently. Our sanctioned capacity was about 100,000 barrels a day, less than that. So why is that happening? The reservoirs are some of the best in the world, very prolific, high permeability, high porosity, and a lot more oil in place than we originally estimated. So at the end of the day, you know, the big oil fields get bigger. The first three FPSOs certainly prove that. And those learnings are going into the development of the processing facilities that we're going to have for the fourth, fifth, and sixth sanctioned FPSOs as well. So business is performing at a very high level. Yeah. John, we spoke about Exxon's update, and they indicated that they think Guyana will be 1.3 million barrels a day versus capacity of 1.7, which would imply only a 76% capacity factor. Do you think they're being potentially conservative in that estimate? And how does that expectation compare to yours? Yeah, we don't subscribe or support the number they put out on production. You know, right now the plan's in place to have sanctioned and producing six FPSOs in 2027 that will produce 1.3 million barrels a day and then eight FPSOs by 2030 for 1.7 million barrels a day. That's the sanctioned capacity. As I mentioned before, the first three ships that we have are producing in excess of that. We have every reason to believe with the prolific reservoirs that we have and the operating efficiency and productivity that we have in our Guyana asset that the next three ships are going to produce in excess. And probably the next five ships bringing a total of eight will produce in excess. So, you know, I don't think that's in the Exxon number. I think the Exxon number is conservative. There are also a lot of tiebacks there that we haven't even cracked yet that, you know, we're doing appraisal on. So, you know, the nameplate or sanctioned capacity of 1.7 million barrels a day, I'll take the over on their number of 1.3 and say the number is going to be closer to 1.7 in 2030. There has been a history of conservatism in the past around that number. That's right. So let's talk about Yellowtail. That is expected to begin production in 2025. How is that project development relative to expectations and what are the next steps there? Yeah, ships being outfitted almost complete. I think construction is about 95% complete as we speak. Sail out of Yellowtail, which is going to be a 250,000 barrel a day FPSO, sails out the end of March, should get in Guyanese waters in the second quarter and is slated to start production in the fourth quarter. You know, that's going to be a very prolific field that's going to, you know, fill that ship for a long time. And the two projects that were just sanctioned, Hammerhead and Longtail, those do seem like they’re different quality and different size than the first stuff that came out. Yeah, I know exactly where you're going. Just so everybody understands, the first six ships that have been sanctioned, the fifth ship is Uaru, that's 250,000 barrels a day. And the sixth ship is Whiptail, that's 250,000 barrels a day. Those are on track to come on in 2026 and 2027 respectively. And they're each 250,000 barrels a day. And the two ships you're talking about are the ones yet to be sanctioned. Hammerhead is in the range of 150,000 barrels a day. We have a field development plan that we're looking for the government to give us sanction, let's say by April of this year. That's one tank of oil. It's a little heavier, but it's still got very attractive economics, one in and of itself, and two, because we have the production sharing contract that we have. So we're going to have very high returns even though it's a smaller ship. Now people are saying, well, that's your seventh ship and it's not 250, it's 150. So therefore, you know, the future opportunities you have in Guyana are not as attractive. Not true. It's a tank of oil. We want to produce it. We don't leave the oil behind. So, you know, we're all about bringing value forward. So the next best value investment for us is Hammerhead. Then after that is Longtail. And that is a 240,000 barrel a day ship to make the point that 150 is not the new normal. And that one is actually gas liquids development. So it's going to be lighter crude. And that's got very attractive economics. And we would look for that to be sanctioned about a year from now. So that's really the pathway to 2030 for to have eight FPSOs producing in the range of 1,700,000 barrels a day. And there's more to come after that. There's some deeper horizons. There are also some inboard horizons, younger rock as well. Then there's some exploration that we're doing in Guyana, some extra appraisal that's northwest of the Liza complex. And then there's a gas development that one day will come forward as well. So based upon value and where the highest returns are, you know, we still have a pipeline of opportunities ahead to grow our production further beyond that 1.7 million barrels a day. John, talk about where you and the operator are in this exploration journey in Guyana. We've been waiting for a couple of years for that 11 billion barrel numbers to be updated. How do you think about the sizing? Yeah, the operator, and we've had talks with Exxon about this. As operator, they're very conservative. They haven't updated the 11 billion barrels equivalent, greater than 11 billion barrels equivalent of discovered resource. Our number is higher. So, you know, I think with the passage of time, you know, with the six ships that we have already sanctioned, we're going to be developing over 5 billion barrels of that 11 billion barrels equivalent. So there's more to come, Neil. Okay. And you spent a lot of time in Guyana. Maybe we step back and talk big picture about how the country's development is going. It's been an incredible story, but resource curse is a challenge for this industry. And so how do you ensure that the country of Guyana is able to effectively develop and prove that we can both develop resource and develop economies? Yeah, no, it's a great question. Look, Guyana before the oil discovery was a poor country, GDP per capita equivalent of Jordan, which obviously is a country that also has had its economic challenges. Right now, the GDP per capita of Guyana is greater than Mexico or Brazil. It's really an economic miracle underway. Very enlightened leader and President Ali, who is in charge of developing the country as president, representing his people. Election coming up, very confident that he will be reelected for another five years. He is very ambitious. He's very well spoken. He's a visionary, and, you know, the wealth is starting to spread down to the people, 800,000 people. I think they could be Guyana, the next Norway, or the next Abu Dhabi of oil producers. They have a low carbon development plan that they're executing. Hess is playing its role to help the country help itself outside of the joint venture where Hess is working with Mount Sinai Hospital in New York and the government where we have a partnership to modernize the healthcare system. It's in the third year of implementation. I'm going to be going down to the country in the next several months to be announcing a five-year plan for their healthcare modernization. Just to give you some examples of the work that's being done when a child is born in Guyana now, the health record on that child, boy or girl, is date of birth, the name, and the weight. And that's the only healthcare record for these kids, you know, until they get older and they have to deal with a medical care issue. What's being done now is there are six different tests that are being performed on kids in school. We'll cover about 150,000 young people in Guyana from 18 years down. They'll have very detailed healthcare records where they check their vision, they check their breathing, check heart rate, hearing, and identify a lot of problems early. It really warms your heart, actually brings tears to your eyes when you see some of these children being examined in their schools. A lot of them have vision problems and they have headaches from it. All of a sudden, you give them glasses when they walk out and both they and their parents are crying because, you know, you're improving their life. So it's a very fulfilling thing that we're being part of working with the government and the president's leadership at Mount Sinai, working on things like diabetes, but also pathology where someone has a biopsy in the past. That biopsy, you'd get the analysis back in three months. Now you can get it back in two days. So we're just scratching the surface of modernizing their healthcare system. That's something Hess believes in, you know, having a positive impact on the communities where we do business. Healthcare is one. Another is on the environment. Two years ago, we announced the largest carbon credit deal ever done in the world, $750 million to protect Guyana's forests. Most people don't realize that, you know, we're here about the energy transition and the role that energy plays and how do we, you know, it's not more energy that's the problem, it's the emissions. 17% of the world's carbon emissions come from deforestation and land degradation related to it. We did this carbon agreement, $750 million over 12 years to protect their forests. So Hess is trying to play a very constructive role to get back to your point to help the country develop itself and basically build shared economic prosperity for every Guyanese citizen. And we're very committed to that. John, as you think about the election later this year, how should we be thinking about political risk in the country? Yeah, I think two points there. First of all, the opposition party is very supportive of the joint venture just as the current ruling party is, number one. Number two, I think it's also important to know last week someone asked President Ali about, you know, are you going to use the election as a catalyst to renegotiate the contract? And he was categorically very, very clear, no, we are not going to touch the Production Sharing Agreement. We want the joint venture to continue to aggressively invest to bring the oil online so it can become the people's wealth of the country. So I see the political risk there being very low and the fiscal risk being very, very low. Yeah, and the Venezuela issue seems to be behind us. Yeah, I think the Venezuela issue where they saber-rattled during the time that Maduro was running for reelection, that has gone and passed. I think what's also interesting is the second issue became an issue with Venezuela having some soldiers at the border of Guyana, which by the way, they couldn't go in. The way, the only way they could go in the country is through Brazil, and Lula is not going to let that happen. The United States government sent sorties of jets through the Southern Command down to send a message to Venezuela to lay off, so I don't think the political risk from Venezuela is something we need to worry about. Okay, John, let's pivot over to the U.S. operations. You've got a significant position in the Gulf of Mexico, recently started up Pickerel, as you noted. How should we think about growth and development projects in the region? Yeah, the one area since COVID that we've tried to step up, just like the industry, is to get back in the offshore. We kept our deep water capability, thank God. That's one of the reasons we're in Guyana. We're happy to have short cycle shale in the Bakken, but we also believe that you have to have offshore as part of your portfolio to build a sustainable long-term business in the exploration and production industry, oil and gas industry. So the Gulf of Mexico has always been a heartland for us. We have a strong inventory of leases. We're focused on tiebacks as one part of our strategy. That's where Pickerel comes in with a successful discovery. That's 100%, by the way, that we tie back to the Tubular Bells facility that we have. And it's very attractive returns because the pre-investment and infrastructure has been made. We have another tieback that we'll be doing soon this year called Black Pearl that'll tie back to our Stampede facility, and then Llano that we're going to be tying back this year as well, so that's an active part of the program. The other active part of the program is hub class exploration wells. We're currently drilling operations in Vancouver, and then we'll have more wells coming on the hub class side, both in the Miocene, but also the Cretaceous, so that's an area of growth for Hess, as it should be for the industry, because as we look forward, the world's going to need more oil. It's going to need oil and gas for decades to come. Shale has certainly played a key role, but now it's maturing. You're going to need offshore deep water resources to give the world the oil production that it needs as you look out five and 10 years from now. So the Gulf of Mexico is a core focus area for us. And it is with our merger partner, Chevron, as well. Before we talk about Chevron, let's round up the operations in the Bakken. Yes. And you finally got into that plateau level and seems to be executing really well. But just what are your thoughts on that business? Yeah, we're running a four-rig program. I think ten years ago it would have been a 17-rig program. I say that because we use lean manufacturing. I think we're the only oil and gas company that really has lean as part of our culture. It starts with leadership. And it's really every person in the field operation is a problem solver. And our spud-to-spud time moving from one well location to another two years ago was 13 days. One year ago was 12 days. And just last year in 2024 was 10 days. And that's allowed us to increase the number of wells we're drilling for the same dollars from 125, which we projected in 2024 to 137. And that's one of the reasons we've been able to increase our production a year earlier to meet our target. We're also doing three-mile laterals. In fact, we just drilled, I think the first two four-mile laterals there. So we just have a world-class team operating there with lean manufacturing. We're very confident that by putting ourselves together with Chevron's world-class operating team and unconventionals, there's a lot of value to be captured still in the unconventional space. But the Bakken is heartland for us. John, that's a great pivot to talk about the transaction. You know, Hess's story is so attractive on a multi-year basis with this idiosyncratic cash flow growth. Can you take a moment to talk about why and how the deal came about, why you elected to ultimately sell the company, and then why Chevron? Yeah. Look, Hess has the best growth portfolio in the business. We're the only growth company left that's, you know, organically driven because of Guyana, because of the Bakken. We have not only the highest growth rate in production and cash flow growth, but we also have the highest cash margin. So we were fully prepared to go it alone. But at the end of the day, I have a lot of respect for Mike Wirth, a lot of respect for Chevron. And they were really the only merger partner where, you know, we felt we were putting two strong companies together to really build the premier oil and gas company position for the energy transition. Obviously, we give growth to Chevron and improve their intrinsic value, but they bring a lot of financial strength to us in terms of a diversified portfolio of world-class assets, in terms of a strong balance sheet, one of the strongest in the industry, and the highest cash returns of any of the oil and gas companies and integrated companies out there. So, you know, when you put us with them, we improve their intrinsic value, they improve our cash returns, and you get the best of both. And so we're very excited about it. We're also, you know, people talk about the arbitration. It's taken longer than we expected, but at the end of the day, the hearing should be for arbitration in May. And about 90 days later, we should have a decision rendered. And we're very confident we'll prevail. We think Exxon's position and CNOOC's position is without merit, baseless. It's about the right of refusal. We think it's very clear that the words on paper in English law that there's no right of refusal to be exercised. So we're very confident that the merger is going to go through and we're getting prepared for that. And John, we've made a lot of progress since the last conference with the shareholder vote and the approval, but arbitration does remain outstanding. Talk about the roadmap going forward in terms of process. And you started to allude to what gives you confidence in the outcome, but any more color that you could. Yeah. Well, look, it's English law and very clear, you know, because Guyana was an English colony. And so they still have English law, even though they're an independent state now. And it's very clear that it's the words on paper that the ROFR doesn't apply. So we're letting that go through the arbitration process. Memorials have been exchanged. The hearing is going to be in May. The decision should be rendered about 90 days later. So let's say late August or September. And once that's done, we look forward to completing the merger. Is there anything that Exxon could do to change the timeline relative to that August-September resolution, or this thing should be wrapped up by Q3? I think it should be wrapped up. The three arbitrators that are in place now have been very clear. That's when their decision is going to be rendered, and once that's done, we'll close our deal. Okay. Thanks, John. And as you think about the partnership between the operator and the non-operating partners, has this process changed the dynamics between the parties? And also talk about the conversations with government. How has that been since the announcement of the arbitration? Yeah. Two points there. While there's a corporate issue among our companies, the operating level hasn't been impacted at all. Our people continue to work with Exxon. Exxon has always said on an operating basis, we've been their best partner where we contribute to the benefit of the Guyana asset. We have a great technical team that helps pick well locations, helps analyze seismic, that helps optimize developments. I mean, Exxon is doing a world-class job in project management, but Hess is doing its share to be a vocal partner to contribute to the benefit of the joint venture itself. So the working relationship between the two companies is still working just as well as before the arbitration was filed by Exxon. In terms of the government, the government's been clear. They want a three-way partnership to continue. They don't want a two-way partnership to own the asset. President Ali has been very clear about that. He's gone public. He's been in the Financial Times speaking about that. He's very supportive of Chevron becoming the third party in the country. Thank you, John. Let's pivot over to the macro. We've got a change in Washington in the next couple of days. You have an opportunity to actually spend time with many of the leaders in your capacity as one of the leaders of the oil industry. What's your message to President Trump in terms of ensuring that we have a common sense policy for the next four years? President Trump has always been a supporter, an advocate of U.S. energy dominance to help our competitive position in the world and also help our economy prosper. I'd say he's very energy literate in that sense. I think it's important both for him and the Democrats as well to be reminded and the Republicans that oil and gas are a strategic industry for the United States. We have 11 million jobs, direct and indirect, that we provide. That's more than the automotive industry and other sectors in the economy. Our power costs to consumers are two to three times less than they are in Europe and in many other places in the world because of the low cost oil and gas that we have. That's a real strategic advantage in terms of our economy. Ultimately, we're energy secure. We're energy independent. We're the largest oil and gas producer in the world, and so those are key strengths for us to build upon. And, you know, if I were to make some recommendations to this administration, it would be several to build upon that strength. First, we're talking here about the power opportunity in the United States. We should be the leader in AI, and to be the leader in AI, a lot of investment is going to be needed in power generation, in infrastructure for transmission distribution. And that's got to be underpinned by natural gas. I know a number of the hyperscalers have talked about nuclear because they want clean energy, but nuclear is probably ten years away from having an impact. And we have plenty of natural gas that a lot of the gas producers are here today at the conference that we can really, you know, get on the front foot and really make sure we're a leader in the AI revolution. So the first thing I would do to the Trump administration is advocate. Let's get going on permits. Let's get going on getting rid of the red tape and get as many of these data centers built underpinned by natural gas for the foreseeable future. I do think longer term we need to have a Manhattan Project for nuclear. This isn't for weapons. This is for power. And there is going to be a nuclear race in terms of getting nuclear energy to support AI and future energy. France has been a leader in this. The U.S. used to be a leader. The one plant we built in the last 30 years, instead of taking 10 years, took 20 years from when the permits were given. Instead of costing $15 billion, cost $30 billion. That I wouldn't say is lean manufacturing at its best. And I think our country needs to get our leadership back in terms of nuclear energy. And I would advocate that while natural gas underpins AI. So that's number one. Number two, on the transportation side, this EV mania that the country's had is making us less secure in terms of our energy dominance and energy security. Why do I say that? 75% of the battery material manufacturing and processing is done by China. And if we went to all EVs, we actually would become more dependent upon China for our energy security. I don't think that would be very smart. There's a place for EVs for sure. It should be based upon consumer choice. One thing I would advocate to the Trump administration is to repeal and revise the tailpipe rules that I think Mark talked about a little bit earlier. Also repeal or revise the CAFE standards. Just let it be a level playing field between electric vehicles, hybrid vehicles, as well as ICEs, internal combustion engines, where right now EVs are being favored to a point where U.S. manufacturers are actually dumping electric vehicles just to meet their emission requirements. For example, the F-150 of Ford sells about a million a year. 10% are electric. They should be sold for about $80,000 a vehicle. They're being sold for $48,000, actually less than the ICE price or the hybrid price. That's an unintended consequence of ill-informed regulations. Let's get rid of those regulations. Let's revise them to allow consumer choice and let the economics win the argument instead of the regulations. It's the old story about innovate, don't regulate. So that's another area where I think we could take advantage of our liquid gold as President Trump talks about it and put those in the hybrid cars or ICEs that are out there. The third thing that I would advocate is to refill the SPR. I was one of the industry leaders that advocated using it during the Russia-Ukraine war because the price was going vertical. And by having the SPR use 150 million barrels, I think it calmed the markets. And then there are other factors that worked to do that as well. You know, we had prices approaching $100 a barrel. And then, you know, we went back to a more normalized price. But at the end of the day, you know, that is the world's security blanket, not just for the U.S., but for the world. Henry Kissinger set up the SPR globally and in the United States to deal with oil disruptions. You know, geopolitics, the way they are now, we need to refill it. We need to go from 400 million barrels back to the 600 million barrels where we were before the Russia invasion. I think what's irresponsible of the Biden administration is that they have not tended to the SPR. You can take a million barrels a day out, but I was shocked to learn two years ago that you only can put about 150,000 barrels a day back in. And at the end of the day, just the change in pumping and engineering, we could get that number to be much higher. So, you know, we should make a top priority to get the SPR refilled. And at the end of the day, when we talk about energy policy in the country, and we've talked about it here, it's really three elements: energy security, energy affordability, and energy transition. And you have to get the balance right. And with oil and gas, you know, we really have the foundation to position our company for economic success for many years to come. The one other thing I would advocate to the Trump administration is to stay in COP, stay in the IEA, but have our voice heard. Have a pragmatic approach to energy that, you know, was talked about earlier. Apply that to the rest of the world so the world has a better chance to develop energy at an affordable cost, in a secure way, and a reliable way for future generations. John, staying on the macro, the overall tone in conversations in the hallways has been quite cautious on the oil macro, and curious on your perspective, if you share, are we still in a structural oil upcycle or are we due for some volatility and are we still working through some oversupply? Yeah. Look, it was a great session this morning that you had with Jeff, Daan, and Arjun. I think they're three of the smartest people out there along with you in terms of what the oil picture is going forward. Our view is, you know, last year there were inventory draws on oil. That's why the market still is backwardated. There was tremendous pessimism between September and December related to China. That sort of was a wet blanket on the price of oil. I think people are starting to see now that maybe the inventory builds of a million barrels a day that were projected for 2025 maybe are 500,000 barrels a day. It remains to be seen. The winter's off to a good start finally. You know, I have to tell you, you know, when I was growing up in the business with my father, if it was cold, we always had a smile on our face because that meant heating oil prices and gas prices were going up while everybody else in the elevator had frowns on their face because they were freezing. Well, the fact that it's cold now is a good start. It obviously is January. It could get warm in February and March, but heating degree days do matter. And so I think that's helped natural gas. It's helping oil. So I think we're off to a good start to maybe making sure the inventory build is maybe a little bit less. It remains to be seen. Is China going to get their economy really going? Are they going to have two years of a challenged economy? I'll take the over that China figures out how to get their economy back on track. So that should help oil. You know, people talk about Asia. Asia's 50% of the world's population, 50% of the energy demand, and 50% of the emissions. They're going to take energy affordability over energy transition any day. So at the end of the day, I think the demand is probably a little more robust than people think. And then you have the geopolitical risk of what happens to Iran, what happens with Venezuela, with Trump in power. Will the sanctions be reinforced? I think probably so. At the end of the day, I think the market is probably closer to balance than being oversupplied. But, you know, it's going to be volatile as we see the journey for the next year. But if you look out the next five years, you know, I think the oil and gas industry has an investment challenge ahead of it. I think the power industry because of AI has an investment challenge ahead of it. That's why we have this investor meeting here every year, which is really important to sort of take stock of where we are. And I'm pretty constructive on what the oil price is going to be certainly the next five or 10 years because the oil and gas is going to be needed. Yeah. John, when we build the long-term balances, as you get into 2027, which is not that far away, two years from now, it's clear to us that non-OPEC supply is in deficit of demand growth. That's right. Barring something dramatic happening. The one question is really around shale efficiency. Yes. Because that could be a big swing. And we've seen NGLs really surprise in the model. And the Bakken was supposed to be in decline, and it's been holding in pretty well. The Eagle Ford was supposed to be in decline. It's holding in pretty well. What's your perspective on the durability of shale efficiency improvements? Yeah. Well, you know, our own company is an example. I just talked about it. Yeah. So I think there's more efficiency to come. But to make the tier two locations have economics that are competitive with the tier one, you're going to need that efficiency to offset the fact that the resource that you're shooting for is getting smaller with the passage of time. At the end of the day, I think efficiency will continue, but it's going to be needed. But at the end of the day, you also have to remember that shale is a 20-year-old industry now. It's mature. It's in the harvest mode. It's really not in the growth mode anymore. The Bakken is flat in terms of where its production is going to go. Our company at 200 a day, it's probably going to flatten out at 200 a day and then run for the next ten years at that kind of rate. I think the rest of the industry is similar. The Bakken is similar and the Eagle Ford. One growth area is still there in the Permian. You have Permian producers here. They're telling you it's getting mature. So there's still some growth there. So I would say, you know, maybe the industry grows 100,000-200,000 barrels a day at current rig counts for the next several years and then it plateaus. The future oil demand growing, let's say, a million barrels a day each year out to 2030, where's the oil going to come from? And that's where the deep water comes in. And that's where, and that has a longer cycle to it. I remember in meetings we had, you know, are you ever going to get paid for long-dated oil in Guyana? Well, yeah, it took about three years longer than I wish it had, but now it's getting recognized. So that oil is going to be needed from the deep water, but you're also going to need it from OPEC. So much more constructive as you go out into the next several years. Yeah. And we have a ramp-up here. And we had a good discussion this morning with regard to Saudi spare capacity. But one thing is clear: their budget break-evens are still way higher than where we are right now. Exactly. Yeah. One last point, John, to talk about is how do we get the generalists to reengage with the sector? And we were talking about this over the holidays. Are you optimistic in our ability to get the generalists and broader investor interest into the energy sector? Or do you think it's going to continue to be an uphill battle? I think that's why these conferences are so important to really make sure people get informed the way they need to about their investment choices. It's very frustrating that energy is 3% of the S&P in terms of value and 8% in terms of income. So there's a gap there where obviously on the tech side it's in reverse where I think income is about 28% of the S&P and tech and 33% of the value. So right now all the momentum and earnings momentum is going to the hyperscalers as we all know, the Magnificent Seven or whatever number you want to pick. At the end of the day, I also think it's really important for people to realize I think the industry has done a great job of focusing on financial discipline since COVID. Returns on capital are actually competitive with the S&P 500. You know that better than anybody. Most of the people in the room know that, and the free cash flow yields are actually better than most of the S&P by a factor of two to three, so that, you know, free cash flow yield I think is a strong point for the oil and gas industry to get in front of investors and say, look, there's a great value proposition here. The value proposition is that you can get yields greater than Treasuries, but you still have the equity component where you participate in energy. Energy is growing either because of power or because of the population in the world needing to improve their standard of living, so you get the equity upside. You'll always get the idiosyncratic occasions where you get geopolitical risk where, you know, you get extra profit. So I do think there's a unique role that energy can play in an investor's portfolio. I think we just need to keep educating people about it. The fact that most shale producers' price to cash flow is three to five times and yet oil and gas and those shale producers are going to be producing ten years from now. There's something out of sync there. And as Jeff said, it's the revenge of the old economy. Eventually that light literally and figuratively will go on where I think people will want to invest in energy because it's, you know, an inflation hedge, but it's also part of the economy that really is essential to making the world work to support the economic growth of the world, especially in places like Asia. Our own company, we've always been guided in our strategic priorities to grow the resource, go down the cost curve, and generate industry-leading cash flow growth. And to do that, we did it both with short-cycle shale in the Bakken, but long-cycle in the Gulf of Mexico and in Guyana. And, you know, I think, you know, the fact that, you know, we created that value proposition, it got recognized finally. And I think, you know, Jeff talking yesterday was energy should be a buy and hold because it's just a matter of time where, you know, I think the superior returns will be had. We're not going to compete with the hyperscalers, the superior growth. But I also think, you know, right now we just have the headwinds of the momentum going to them. I think it's a matter of time where the balance gets reshifted and people get back in oil and gas, and I hope all of you will pick both Hess and Chevron as your number one stock. We're standing room only in this room. So we appreciate the interest that we see here today to hear you, John. Thank you so much for being here. It's always a highlight. Thanks for the opportunity, Neil. Thank you. Thank you. There's food outside. Pick up your lunch. At 12:00 P.M. we'll have a keynote with the NextEra Energy.