Arun Jayaram
JPMorgan Chase & Co, Research Division

Yes. Good morning. This is Arun Jayaram from JPMorgan's E&P OFS and Integrated Oil Research team. Welcome to day 1 of our conference. Delighted to have EOG Resources. This is our 11th Annual Conference, and I'm delighted to say that EOG has been here all 11 years.

Joining us today is Jeff Leitzell. He's the EVP and COO of EOG. He's a lifer. He spent your entire career at EOG, started off as a completions engineer, rising through the ranks, spent some time in Midland, and he got promoted to COO in late 2023. Jeff, how are you?

Jeffrey Leitzell
Executive VP & COO

That's correct. I'm good.

Arun Jayaram
JPMorgan Chase & Co, Research Division

Well, Jeff, I hate to start with the macro, but it's really, really important because at the end of the day, it really shapes how investors think about the investment in E&P stocks. So give us a sense, I know that EOG spends a lot of time thinking about supply-demand balances, how do you survey the geopolitical risk supply disruptions? How are you thinking maybe about the near-term and medium-term outlook for crude oil?

Jeffrey Leitzell
Executive VP & COO

Yes, it's a great question. Obviously, things are extremely dynamic right now with the disruptions that we've seen with the Iran conflict. And what we really see is if you just kind of step back and you look at it from the 30,000-foot view is over the last 4 months, we've had about 1.3 billion to 1.5 billion with