Woodside Energy Group Ltd

So if we look at many of the competing U.S. Gulf Coast or even the Mexican Gulf Coast projects, there are very few that have that attribute. So we've got everything fully locked in with Bechtel from a pricing perspective. It is for three trains. And the marketing we've been doing with our potential partners is focused on that foundation development of three trains. Now, the mechanics with which we progress to full notice to proceed The first notice will be for Trains 1 and 2, and there'll be a subsequent notice for Train 3. But again, the pricing is based on three trains, and our expectation and the expectation we're communicating to all of our prospective partners is that the plan is to move ahead with the foundation.

Got it. Thanks, Meg. And my second question, just picking up on Graham's comments that Woodside would consider additional shareholder returns post the start-up of Scarborough, should we interpret that comment to mean they expect gearing to peak just after the start-up of the Scarborough project? Thank you.

Thanks, Nick. So I guess if we take a step back, we've discussed about our three near-term growth and positive MPV projects being Sangamah delivering very well, You've seen delivered $950 million cash to Woodside in the first seven months of operations. That's 24, 26. We have Scarborough coming online, which will start to deliver significant cash flow. 28 is Trion. So in terms of our debt profile, as that cash starts to flow, yes, we do see the turning point in our gearing, if you want to call it. and also having the ability to have excess cash available to us from 27 onwards. So 25 and 26, we will see our net debt grow based on a positive FID for Louisiana.