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Balance sheet quality is a clear strength. YE25 cash $0.62 billion, total debt $5.03 billion, net debt/EBITDA well under 1x by our calculation (EBITDA ≈ NI + D&A + interest + taxes ≈ $5.5 billion). Investment‑grade ratings from S&P and Fitch (Oct 2024) and Moody’s (Apr 2025) confirm strong credit.

Capital allocation prioritizes at least $1 billion per year of net debt reduction, with a base dividend and variable returns on top. Interest expense ($235 million in 2025) is well covered by operating cash flow ($4.58 billion). Maturity profile and undrawn credit capacity further support resilience.