Cary Marshall: Yes, I think, Mark, just as it relates to the Bitcoin mining activity, as I mentioned in my prepared remark, it was just an opportunity that we saw due to the fact that we’ve got excess power at our mining operations and back in 2020, we were just looking for a way to potentially be able to monetize that particular asset that we had and so at that particular point in time we chose to enter into the Bitcoin mining area and purchase some miners and have been mining there ever since, since late 2020 into 2021. If you look at the end of the quarter, we ended up with about 425 Bitcoin at quarter end in terms of what we own. We’re not actually out there buying Bitcoin or anything of that nature. We’re mining the Bitcoin associated with these miners that we have.
Joe Craft: And we are selling what we need to cover our expenses. So our exposure is limited. And we do have some extra capacity that we’re renting out to other Bitcoin miners within the data center that we’ve effectively built for this Bitcoin mining to take advantage of the low energy costs we have.
Mark Reichman: Oh, I see. Okay. Well, I appreciate that. Just one final question. You know, you’ve really done a great job growing the oil and gas business. And I was just wondering kind of how you’re thinking about that going forward? I mean, right now you’re weighted more to oil. Do you see that continuing or do you — I guess it’s really driven by what’s out there in terms of the acquisition opportunities. But do you — will you kind of continue to maintain a preference for oil exposure or is this anticipated growth in LNG change your thinking in any way with respect to natural gas?
Joe Craft: Our focus today and really for the last two years has been in the Permian Basin. So we have been more focused on the liquids side of the oil and gas space. I think we’ll continue to do that. As we do move into the Delaware, it does have a little bit more gas exposure than what we have in the Midland, but we’re not changing our strategy as far as looking for more of the liquid side of the oil and gas sector in our royalty business at this moment in time.
Mark Reichman: Okay, great. Well, thank you very much. That’s very helpful. I appreciate it.
Cary Marshall: Thank you, Mark.
Operator: Our next question comes from Dave Storms with Stonegate Capital. Please proceed with your question.
Dave Storms: Good morning.
Joe Craft: Good morning, Dave.
Cary Marshall: Good morning.
Dave Storms: Good morning. Just hoping we could start. I know you mentioned that you’re expecting two longwall moves in the second quarter. Do you have a sense of how many longwall moves we should expect in the second-half of the year? And any logistical challenges around the additional infrastructure projects that you mentioned?
Cary Marshall: Yes, as it relates to the longwall moves, Dave, we actually have three longwall moves in the upcoming quarter. So one at each of our longwall operations, which would be one in the Illinois basin, two in northern Appalachia. If you look in the back half of the year in the third quarter, we’re anticipating two longwall moves in the third quarter and one longwall move in the fourth quarter.
Dave Storms: Understood. That’s very helpful. And then you also had a little bit of outside coal purchases in the quarter. It looks like it’s coming down sequentially. How should we be thinking about outside coal purchases maybe in the next quarter and then throughout the balance of the year if you have that foresight?
Cary Marshall: Yes. Yes, I think when you look at coal purchases for the year, I think they came in for the quarter it was right about 9 million or so. We do anticipate those to continue on through the balance of the year. Not to that level, but I think as we look on a going forward basis, more in the neighborhood of 5 million a quarter throughout the balance of the year.
Dave Storms: Understood, very helpful. And then just one more for me. Are you, and apologies if I miss this, are you able to quantify how much of your 2024 order book is contracted? And how much is exposed to the spot market?
Cary Marshall: So when you look at our 2024 order book, we’ve got 32.6 million tons committed at this particular point in time. Our guidance ranges are anywhere from 34 million to 35.8 million tons of overall sales. So if you take the midpoint of that guidance range, it’s about 93% committed.
Dave Storms: Understood. Very helpful, and thank you for taking my questions.
Cary Marshall: Thank you.
Operator: Our next question comes from the line of David Marsh with Singular Research. Please proceed with your question.
David Marsh: Hi, guys. Good morning. Thanks for taking the questions and just to echo some previous comments and congrats on the quarter. It’s very good.
Cary Marshall: Thank you, David.
David Marsh: I just wanted to follow-up on the previous question there with regard to outside volumes or outside purchases. It looked like your inventory picked up a bit sequentially and you did produce a bit more than was sold in the quarter? Could you just give us a little bit of — a little better understanding of what the need is for the incremental outside purchases? Just because the positioning of the coal?
Cary Marshall: Yes, really the outside purchases really for the most part for this year is related to our metallurgical operation. And it’s just a nice blend coal that we put in associated with our met tons that allows us to benefit our metallurgical sales throughout this year.
David Marsh: Okay, and then just to follow-up on your comments, Cary, about the notes and plan to take those out throughout the course of the year. Could you talk a little bit more, you mentioned some potential financing alternatives around those? Could you just talk about some of those alternatives? And what your timing? How you guys feel about timing in terms of taking those notes out?
