Brendan Krueger: Yes. No update outside of what we disclosed in the 10-K. So always hard to pinpoint timing on those things and no update there. In terms of — none of the guidance we put out there includes [indiscernible] to the extent the cash comes in, we’ll certainly just evaluate like we do with our regular free cash flow and what’s the best return on that cash flow to the extent it comes in.
Zack Van Everen: Alright. Perfect. That’s all I had. Thanks guys.
Operator: Thank you. Our next question comes from the line of Ned Baramov with Wells Fargo. Please proceed with your question.
Ned Baramov: Hi, thanks for taking the question. It seems you continue to pay down debt even after hitting your 3 times target later this year. So what is the ultimate leverage metric you would like to get to at AM?
Brendan Krueger: Yes. I mean, again, I think we put out the 3 times. I don’t think we’re necessarily saying we’re going to pay down more than the 3 times leverage. I think we’re just saying we’ll evaluate once we get to that level, what makes the most sense between share repurchases, asset bolt-on acquisitions, further dividend increases. I mean, I think we’ll evaluate once we get to that point. As we sit here today, share repurchases certainly make a lot of sense, which is why we came out with our $500 million share repurchase program, but we’ll just continue to evaluate. And if you need to re-up [ph] the share repurchase program or if you get through it over the next few years, then you’ll do that, but no magic to that and no identified further leverage target beyond the 3 times right now.
Ned Baramov: Got it. And then a quick clarification on Slide 10, does the 2025 through 2027 outlook for free cash flows after dividends, does that reflect the impact of share repurchases?
Brendan Krueger: That is before share repurchases. So you’d have slightly different — after share repurchases.
Ned Baramov: Okay. Understood. And then a housekeeping item, if I may, just on some of the drivers for the water business. It seems that you’re looking for fewer wells to be serviced in 2024. However, lateral length is now longer and I presume the barrels per foot is essentially unchanged, but net-net, my math seems to indicate that total water volumes should be pretty much unchanged in 2024 relative to 2023. Am I thinking about this correctly?
Brendan Krueger: No, they should be down. So the guidance we gave was about 20 fewer completions and lateral feet are up 2,000 feet. So you’re down about 180,000 feet. And so volumes are down about 15% to 20% overall, which is a part of the guidance that we gave.
Ned Baramov: Understood. Thanks for that. That’s all I had.
Operator: Thanks you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Mr. Agnew for any final comments.
Justin Agnew: Thank you, everybody, for joining today’s conference call. Please feel free to reach out with any further questions.
Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.
