Gregg Brody: All makes sense and consistent with the past. And just one last one, something you said on the call, which I think it’s consistent with what you’ve implied in the past. But I think you have this debt target near term, I believe it’s about $1 billion. You made a comment about paying down the debt. Is there an actual goal to get debt at Antero Resources to zero? Or is $1 billion the right number?
Michael Kennedy: Yes, now again zero is the target.
Gregg Brody: If you were to take a guess when that would happen by, when do you – is that just a function of paying down debt….
Michael Kennedy: Commodity prices – I would say that, like you mentioned, it’s always been $1 billion is the goal. So the first – the free cash flow will go to that first. Then once you get to the $1 billion and below, that would get you out of the credit facility and the 2026 notes that are callable in January, then you look at it and say, well, maybe 50-50, probably a little bit more on the return of capital but it will just depend on commodity prices and where our bonds are priced. I mean our 2030s are 5.375 [ph]. So that’s a good piece of paper, that’s $600 million. So you may want to kind of keep that in the capital structure and buy back shares or return capital. But the other debt pieces are at pretty high interest rates that we’d like to take out.
Gregg Brody: I appreciate the time guys and all the color. Thanks.
Michael Kennedy: Thanks.
Operator: The next question is from Subash Chandra of Benchmark. Please proceed with your question.
Subash Chandra: Hi, good morning. On the spot to sales improvement there over the years, I think a big element of that is just well sort of waiting on completion. So I guess my question is, can you describe sort of the path you took to reduce that time. And if you think that the program is going to maximize or I should say, minimize that variable going forward.
Michael Kennedy: Yes. We don’t really have any waiting on completion. We try to plan all of our programs that it’s just in time. So when you’re done drilling the well, you’re on that pad completing it as soon as possible. So that’s how we do it. There may be a week here or there where there’s some white – we call it white space in the schedule. But generally, we try to minimize that and be as efficient as possible and not have any DUCs because that’s nonperforming capital.
Subash Chandra: Yes. So I guess, several years back when it was 400 days plus, et cetera. What was different then?
Michael Kennedy: We can see our on that Slide 3, the pumping hours have almost – are up like 65%. That’s an 86% increase in completion stages per day and then the drilling times to have a greatly improved. So it’s a combination of both. But to go from 427 [ph] year-to-date, 160, it’s over 60% reduction and that 160 is definitely sustainable.
Subash Chandra: Got it. Okay. And just a clarification, I guess, on the debt reduction question. Zero, I guess, is the ultimate target, I guess, bank debt is there, I would assume, as a top priority to reduce the zero first? And is that sort of.
Michael Kennedy: Yes.
Subash Chandra: Is that sort of a priority before there’s meaningful share buybacks? Or how do you sort of balance the two?
Michael Kennedy: Yes. The goal is always, and we had zero bank debt essentially or near zero coming into the year. So that would be the first use of the free cash flow is paying down that credit facility, then after that, it would be over 50% to return to shareholders. But we also have the 2026 notes. There’s less than $100 million on the callable in January. So I would kind of lump that together with the credit facility.
