Connor Lynagh: I have sort of two related questions here, so I’ll ask them at once. But basically, within the guidance for OFSE, you basically called out a couple of different swing factors that could affect the range or that are driving the range. I’m curious, on one hand, what are the big variables you’re watching among the ones you called out? You call out pace of growth, you call out chemicals improvement, a few others. Could you just sort of specify for us what you think is the most important? And then, I guess, just in terms of the pace of growth, do you feel that third party service providers that you don’t have control over, customer activity plans changing or maybe something else would be sort of the biggest risk to achieving that?
Nancy Buese: Yes, I can kind of walk you through some of the variables. So the midpoint of the range assumes that the OFS business sees growth within the market fundamentals we’ve talked about with NAM, DMC growing to high double digits, international growing mid double digits and then adjusting for our portfolio, really high concentration of production related business lines in North America, higher concentration in the Middle East and also the sale of OFS Russia. We assume SSPS generates strong double digit revenue growth based on the backlog conversion. And then for margin rates, we assume 30-plus percentage incrementals as the chemical business continues to normalize and we see some benefits from our cost out efforts. The high point of that range assumes significantly stronger growth in North America driven by higher commodity prices and modestly stronger international growth.
Also, SSPS backlog conversion remains the same as it’s already locked in and then incremental margins in the high 30% range. So on the downside, I would say the low point assumes OFS North America revenue is essentially flat and international growth goes to low double digit growth, and then SSPS backlog conversion remains the same and then also really weaker incremental margins in the low 30% range.
Connor Lynagh: And then just in terms of where you see the largest potential bottlenecks, is that within Baker Hughes, is that third party service providers or is that just whether or not customers want to slow roll things based on the macro environment?
Lorenzo Simonelli: As you look at some of the external factors that we’re monitoring, it really comes down to the supply chain associated with the IET. And as you look at it, we mentioned that forgings, castings and some of the disruption you’ve heard about in the aerospace supply chain, we’re managing. We think we’ve got that in check, but we’re obviously monitoring the component flow very closely. We are starting to see some improvement in the electronic chips but monitoring that as well. So just something that we’ve got to keep our focus on and be aware that we’re not the only users of some of these components.
Connor Lynagh: Understood, thank you.
Lorenzo Simonelli: All right. Well, look, thank you very much to everyone for taking the time to join our earnings call today. I look forward to speaking to you all soon and seeing some of you also in Florence in the next week. Operator, you may now close out the call.
Operator: Thank you. Ladies and gentlemen, thank you for participating in today’s conference. This concludes the program. You may all disconnect. Everyone, have a great day.
