Thank you, morning, certainly today. Stephen taking I everybody. and safe and hope to you join time are healthy. We your all of good you families us and appreciate
been these pandemic with know, all personally health workers the I the that I times. for agree are can first front on thoughts speak who when I who our challenging I affected those by this responders care are think are lines. say very with and we many that And have
current we preserving near-term and will are to and through market I shareholder morning, and safe how people managing the are discuss approaching we long-term the working downturn communities keep circumstances value. our This how
health price in As downturn you two we know, to a acute economic today a commodity global resulting global public and threat well a collapse. face challenges: significant
was started by in made unprecedented the down more shut virus. energy economy to oversupply situation extreme drop a demand stop with the of sudden and as an What spread the
certainly business, capital-intensive we price downs commodity of the weathered ups many cycles. As a and
However, I is have to world what today. say we've never seen the anything like experiencing
for position keeping provide the employees aggressively eventual modern to our spend operations response the that we Our life while and response recovery. in to the energy and in on depressed ensure the is value markets, communities, and three products areas: reducing are primarily efforts and today's running of focused safety protecting best health COVID support preserving critical and our the
see on holds, I to business clear our that and not that The different changed. but I lot business know the uncertainty how drive a future volatility, of remains are underpin current views we strong. fundamentals long-term have our the it. want fundamentals the there Despite be what that on
people We that? that Billions more the by class X and energy. coming know will the seek require enter once in billion up that of and will say than X I populations today. do over will from middle billion to XXXX Economies products Why again. decades expand people grow just lifestyles
economic followed but are historically by of the be are likely to growth. short-term, some bumps periods the course, there in significant Of road of over periods contraction
nations of result will increased natural through met demand populations downturn will economic growing of growing energy consumption XX% of that the increase. gas. by prosperity a and in growth energy developing consumption projections energy with than Finally oil Even Most show as current half will the expansion, by be be and more and XXXX.
we all focuses company the you on long know, that As are term. a
we to conditions time This as face based sight exactly business losing what doing. value. At we the to unprecedented short-term of the we're long-term horizons strategy we is today back address while Our why on is market same go time, not in have is which fundamentals. the challenges long always such
to advantage while cash remain taking sheet. in balance spend strong allocation the the that and investing deep our progressing growing industry-advantaged provide a We structurally strong of We're improve sheet company. reliable reprioritizing portfolio and dividend grow that capital priorities to support flow projects projects balance cash, options conserve a committed and
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began largely been sites. successful facilities. we've distancing additional the let limiting put our that to discuss to pandemic, point, our emergency me response implemented the to few our continuity and take business a minutes plans. People response pandemic. place Early teams in protective To-date, and who into Further from personal at activated our we working were cleaning, home, exposure equipment our protocols and while could infections at
and our ingredient To increased society's isopropyl Baton in alcohol, Rouge of and specialty to medical-grade that, New and masks reconfigured York, sanitizer sanitizer. Ohio, Mexico, gowns. produce, top to this New package and broader people Louisiana, polypropylene operations and support a in providers response product distribute medical in we key We're first of Pennsylvania Jersey, production responders blend, our On hospital care in health New hand donating both Texas. used
supporting for face efforts with and masks and design, masks first with donations helping the around meals also to We're produce distribute And banks, help shields and and support schools, care medical and reusable to the for our responders. we're food workers communities shortages. to world health fuel, new
and response efforts next, taking the on the supporting of of what their starting their around impact employees. jobs, to with doing proud care which turn want They're our to extremely themselves I'm world, is pandemic's families, the I market. and
perspective of This range shows demand chart area provides represent third-party dotted IEA's lines shaded The demand of and supply forecast blue projections. the the projections. a
range. As a pretty you see, can it's broad
Our XX% views jet in IEA's. are demand and pretty reflecting consistent May April significant the of and use with XX%, to gasoline the reductions down fuel.
fourth quarter, last due will we lost below economic be the demand to reach activity. expect we As year
on we it Of of it and lot course, takes uncertainty time slow happens We're as recovery. businesses timing to than to consumers' think. a restart a Hopefully, confidence the of one there's the grow. for for faster planning
range million a X barrels day. per from For year, the loss full XX million to estimates of
expect the We on it the be higher end to of range.
balance XX growing see from and the per significant demand. inventories, low and market supply line, loss demand We're the can the insufficient announced short are on seeing cuts you this the half As about the red sometime OPEC+ of while barrels in shut-ins. totaling in to OPEC+ third-party Based and of global announced day and million of the demand into go prices year. the second number reductions, projections come increasing then in offset
challenging projected, number again does market see expect down. be worked happen of to of a are faster back this a growing demand. factor the inventories here, market to the pretty the on the move than we it it's as going in depending half a industry with When the in very sloppy into could When Bottom you line shut-insurance, we until response, year. happen summer don't recovery
adjusted price We've environment through and a margin our year-end. plans low to
Our we end China. Once price particularly our low ongoing have the of projections out which tend third-party to with given hope experience be we're again, at I recovery, a ruled in quick surprised not estimates.
or the it's While some days key businesses early it back responses economies with up even line above reflects if year. and are period demand cautiously too the around as China It's still this be given be early activity of other to the economy, are April optimistic last range or three if in in to of in of to world rebound policies. initial and sales if with there our sustained, pick relevant reasons government broader slightly the beginning is it tell, economic to same and will signs
Nonetheless, true I medium in supports encouraging the will it find be will long Economies it what term. recover. to I somewhat know and
OpEx to lower which we effort XXXX. deeper springboard why to is demand We this and for short cash significant as the compensate announced we a in revenue, served reduction CapEx cost, and the term, XX% reduction effort. in loss need much which the quarter in and in has XX% an initiated However a fourth drive broader efficiencies a to and for in
prioritizing environment. items. the on are activities the people integrity efficiencies critical additional the focusing safety and Spending and prices, our spend of the less deferring operations, to that and of our maintained on quick of market We're be lower capturing protection payout will critical
see chart, the these can already you As yielding efforts are in results.
to further achieve As reductions target. we our see progresses, the year announced to expect
want ensure remain maintain eventual to be the we particular, capacity sensitive unknown. the upswing. are we quickly market We working to this we to respond well doing to positioned the to While In to hard changes. capture
to capital. took a similar We Turning approach.
capital You to we our may make our recall market said our contractors intensified venture spend Shortly and thereafter, Day with spend and resource that if then required. Investor reductions time. would we based of of we optimize work partners, in in that the continue further growing to at impacts on the the monitor during reductions market light owners pandemic. the I discussed conditions
by returns. market without with the savings We set compromising an aggressive objective, Through have CapEx had I'm very project inefficiencies we've reduce reduce to spend efficiencies. or the with preserving identified be and or the returns project extensive other done to collaboration, offset advantages Any $XX date. pleased opportunities to work we billion down to than costs, advantages. XX% more and deferral our offset
during first As we work is our of concluded in March, this of very much little spend. quarter it reflected
capital development reducing out I at clear projects our through will the target. the progress downstream reductions meet am the savings, readily sight Mozambique the specifically the up. line With Basin of we'll very we of our small sites our some that reduction where As and We're the will to unconventional pushing of more we year, be and largest see LNG. pace a ramp of confident of the investments in short-cycle share adjusted. business, the The projects chemical are growing most Permian
Let on me this. a perspective provide
scale, maintaining maximizing developments. reduce Permian the cube March, indicating we these As in potential in discussed showed the to through while our preserving with range in reductions associated the spend recovery resource of and efficiency charts have flexibility CapEx. production we capital Neil
of diamond indicated at are by bottom the Our end range. the revised the red plans
XX% by at ending approximately in we expect the ramp the Permian the rigs. Over rigs year, course XX down about year to the of
one focused where utilization Delaware on will be Central This scale Basin the Cowboy activity we and maintaining the productivity seeing development Lake include are and Poker Line high remaining Point. the recently a of wells Our advantage. will at Delivery completed
primarily will per reduced we estimates. Since of equivalent per affect XXXX's barrels XXXX equivalent at previous already to of locked from oil spend will barrels impact is In lower our where CapEx will be XXXX, in with XXX,XXX production XX,XXX about day the in completed, most be day. the down work oil volumes much capital the expect XXX,XXX reduction
be production will larger much associated A impact shut-ins. with
the very production shut sense in during wells of With two wells years rates environments. the economic to these it of makes low first high in operation, price
For shut XXX,XXX price this we roughly per The on in to will expect day. shut-ins reason, these obviously of equivalent oil depend evolving environment. barrels duration the
long-term part Guyana. integral growth our and next an me Let Guyana on such move plans as of high update to is an priority. a remains
full managed Production second Liza start-up. largely reach a X pandemic. XXXX the also X Our on the in project been by progressing Liza impact Phase Phase have quarter. should capacity is schedule operations on this ramp-up keeping and unaffected the for We've
election ongoing process the development of approvals uncertainty Unfortunately, plan. Payara has the the next slowed government administration and around
COVID-XX the campaign. challenge due rotating our the of to In drilling addition, has crews of impact slowed temporarily
our As per than objective delay a XXXX. a of XX production of developments into our result, six roughly pushing barrels we day months to XXX,XXX expect more future in
about few Finally, like say has let this. me words been a times for financial built capacity our which
to As allocation itself trying demand strong sheet a balance during price part proven maintain competitive you across structurally has business a cycles. This advance and despite is of us these low times allowing the to us margins. approach advantage know, strategy an selectively our core improve allowing and capital priorities our to our critical integral investments very
to capital the to debt $X.X to XX% than increasing issued balances raising billion. in and billion more $XX cash first quarter, We of our debt
also With gives very increased a $XX cash, markets. facilities and uncertain We us our solid these in volatile this backstop to our revolving billion. credit
window $X.X to market capital and billion. issue about a In in a taking anticipation our April provides This XX% took another of strong recovery, to manage cash to of challenges debt foundation $XX we to economic debt increasing the remaining billion in XXXX. a advantage estimated of slow to
eye as course, to need keep accordingly. and Of always developments we'll on an respond
fundamentals remain want to underpin unchanged. In the our closing, that business I that reemphasize
Our create growing allocation investing value, and strong capital the priorities same, balance a a maintaining to also reliable dividend rewarding shareholders remain with sheet.
in opportunities. term, portfolio we our optionality long-term the a we near leveraging on While to advantages provided conserve the work cash of focused competitive deep by and enhancing remain value,
and We ensure safety to do society to support communities people response the working and all this, pandemic. to our of doing our part while
company Our remains strong.
face find only to the to people experience, but than in challenges skills, have ever. stronger them Our not fortitude and the emerging opportunity
Stephen to taking it we questions. With back your to look that, forward I'll and turn
