Jean Salisbury: Great. As a follow-up, Cove Point transacted recently at a much lower multiple than in 2019. Can you just kind of – is this a sign that the LNG space is becoming more challenged. How did you view that transaction multiple?
Jack Fusco: But it is hard to make that comparison, right, from a single train confined – I mean I have spent a lot of time down in that part of the woods. As you all know, I have a house in Annapolis and there is no growth potential to compare Cove Point to Cheniere is not even close to being correct. But you want to get through the share.
Zach Davis: Sure. I think there is more dynamics to this than just looking at the multiple. I think they sold to an existing operator, an existing owner and it is probably the easiest way for Dominion to get out of the business. But if you account for no growth to customers, polling versus our FOB, BS , IPM, CMI model, where you get all the steady cash flows, but also, like this quarter, incremental cash flow from all the optionality that comes with the platform. I think it only reaffirms that we are going to get a premium valuation to anything that Cove Point has or something like that. So that is how we think about it. And clearly, even at the share price today, we are barely getting valued at that type of multiple. And what we are pretty keen on is every turn on that multiple is probably over $25 to the share price. So we will take it. And yes, I just wouldn’t say it is apples-to-apples.
Operator: We will go next to Julien Dumoulin Smith with Bank of America.
Cameron Lochridge: This is actually Cameron Lochridge on for Julien. I wanted to start just on the expansion efforts, right, with Sabine, specifically asking kind of how you guys are thinking about open capacity for those trains. Would you give any consideration maybe to carrying in a little more open capacity than you have with some of your other projects. And then on a related note, just any update on the regulatory front, just given some of the recent decisions and whatnot by the DOE and elsewhere?
Jack Fusco: Cameron, this is Jack. I will start off. And the answer on the first one was exposure to the commodity markets. I would say no. We are going to do this the way we have done trains in the past. We are going to use our financial discipline. We are going to commercialize 85% to 90% of the output of the train that we feel comfortable that we can reliably serve and make sure it meets all of our financial criteria that Zach and the team have laid out many times in the past. . As you know, I have spent time in the power business, and that was almost a 100% merchant day in and day out. And I felt like a farmer, I was always worried about the weather. And we have no desire to invest billions of dollars – continue to invest billions of dollars in American infrastructure and pray that commodity markets will come back our way.
So that is the first part. And then second question was on the regulatory structure or recent regulatory developments. I mean I, for one, I’m guardedly optimistic. I think under Chairman Philips, FERC is trying to act a little more in a bipartisan way. They have approved some major natural gas projects and specifically some LNG projects to go – to move forward, and that is been very positive all the way around that things are actually being reviewed and approved in FERC. And then similarly, I would say at the DOE, Secretary, Granholm was very clear when she discussed the critical role of U.S. LNG to support our allies and testimony that you recently gave to the House of Representatives. So those to me are really positive developments on the regulatory front for our expansion opportunities.
Cameron Lochridge: Got it. And then maybe one for Anatol real quick. You mentioned European appetite for long-term contracts in your prepared remarks, just how strong that is been of late. Any insight you can share on what is – perhaps what is driving that and for how long you maybe see that persisting?
Anatol Feygin: Yes. Thanks, Simon. I do think that European sort of direct end users will continue to be part of the long-term sort of support equation for U.S. projects. My comments were kind of in the context of Europe not being as big a piece of the equation in 2022 as I would have expected and that has changed slightly, but it is still only a quarter. And the vast majority of that volume moving forward will still be addressed by intermediaries who are still half of that volume. So it has improved. I expect that to continue to be a healthy market for long-term commitments, but it will still be very much intermediated by portfolio players as well.
