Keith Chiasson: And I think I just got some direction. So, basically, you got to think about kind of what the downstream organization has been through superiors down for about five years and we’ve now safely restarted that refinery and pretty excited about it. Toledo kind of came through an event and then a winter freeze event as well. And the team there has successfully restarted and has ran that refinery reliably since kind of the June timeframe. So, pretty excited about kind of where we are. I think we do continue to have opportunity though, and part of that opportunity is around the integrated nature of that value chain. Now that we’re up and running and running reliably, we are actively looking at integration opportunities between Lyman, Toledo and ways to capture additional margin.
Obviously, having around 120,000 barrels a day of heavy conversion capacity in today’s differential market provides a lot of opportunity and flexibility to capture additional crude advantage at those two refineries. So, we’re going to continue to you would’ve seen our unit OpEx drop substantially in the US downstream in the quarter. We’re going to continue to work to grind that even lower, over the next several quarters and continue to work on our reliability and continue to improve that. So, we’re not stopping, but we think we have additional opportunity to drive down unit OpEx, improve reliability, and really extract additional margin, but the assets are up and running and performing well today.
Menno Hulshof: Maybe I’ll just circle back on West White Rose. It’s 75% complete. You’ve got $440 million invested on a net basis since restart. How is that project generally tracking relative to your internal targets? And given that it’s offshore where do you see the most risk between now and 2026? Is it in the timeline or the budget?
Jonathan McKenzie: Menno, we’re pretty happy with where we’re at. When we picked up this project the gravity-based structure had kind of the base of the structure port. And over the past, six months to eight months, we’ve finished — predominantly finished that gravity-based structure. We have all the necessary contracts in place for the remainder of the project. The top sides are essentially mechanically complete down in Texas. And we’re going to start progressing through the commissioning phase. So, all in all things are lining up. I will remind folks though, we do have an asset life extension on — FPSO and that will take about nine months here in 2024. So, we will come off station in early January and come back on production in late August, early September.
And that extension really is setting us up for kind of the drilling activity that will happen in 2026 and making sure the asset can stay in place to kind of end of life. So, all in all, I would say, it’s a big project, but it’s trending well kind of as per our expectations on both cost and schedule.
Operator: Your next question is from John Royall from JP Morgan. Please ask your question.
John Royall: Hi, good morning. Thanks for taking my question. So, just wanted to clarify one thing on the capital allocation. You are — it sounds like concluding the Warren pay-down in your calculation for the 50% allocation. And then any update you can give us on potential timing of getting to that floor, it would be helpful. Thanks.
Jonathan McKenzie: Sure. Maybe we get that question just about every quarter, so why don’t I — Kam, I think you’re well practiced at this one.
Kam Sandhar: Sure. So just on the warrant, so I think, John, I would just highlight, so when you remember the time when we announced the transaction on the warrant port purchase, we did remind everybody that the warrant pay down, we’ll be included as part of our shareholder framework. So, to the extent that we pay that liability down, it will be included as part of that 50% of excess refunds flow that we allocate to shareholder returns. So as Jon mentioned, we paid $600 million of that through Q3 on top of the $360 million of buybacks we did. And so, going to Q4, you should expect us to probably pay that warrant liability completely, the remaining $111 million with the incremental, either going back to share buybacks or variable dividends.
