Operator: Our next question comes from Brian Reynolds with UBS.
Brian Reynolds: We continue to see some exciting announcements around bringing more natural gas from Texas into the LNG, Louisiana corridor. So kind of just curious just given the size and scope of the Sabine Pass expansion, if there are any updated thoughts around providing equity support to bring natural gas into Texas and what that permitting time line could look like just given its crossing state borders and likely need for Greenfield capacity.
Anatol Feygin: Yes. Sure, Brian. As we have said in the past, we view the gas supply component of our projects as an absolutely critical step, and we would not pursue a project that did not have a robust gas supply solution. That said, we view the Permian as a great source, not just for Corpus and this expansion but also for the expansion of Sabine, and we will continue to work with our infrastructure partners to find the best options for supplying the Sabine expansion. So whether that includes equity or not, TBD, obviously, we are not opposed to that, as you saw with our project into the Corpus expansion. And all of those options are on the table.
Brian Reynolds: Great. I appreciate all the color. And as my follow-up, Zach, I kind of want to talk about potential funding needs for the Sabine Pass expansion. Just given the attractive leverage and debt levels at CQP with the debt reduction over the past few years and the ability to flex that variable distribution when the time comes to spend capital on expansion. Just kind of curious around if you could provide some more color around funding expectations between debt and perhaps internal equity for the project.
Zach Davis: Sure. So it will be a debt and internal equity funding for that project over time. And we will start thinking about that now – we are thinking about the next few years as we are in development. what is the leverage metric should be going into FID. And honestly, the lower those leverage metrics are going into FID, more capacity we would have to lever up to help funding during construction of the project. So anything that we pay down going forward inside the CQP box is honestly like a pre-investment for that expansion. And as we look at our metrics on a consolidated basis, we are right under four times. CQP is a little over four times. So it will make sense for some of the debt paydown going forward to be inside that CQP box.
And with that, it will give us even more funding flexibility when it comes to FID in a couple of years where we will live within cash flows, maintain a base distribution and most importantly, maintain those investment-grade credit metrics so that eventually that, let’s say, high $3 DPU run rate can get to something like $5 or better.
Operator: Our next question comes from [Sam] (Ph) Burwell with Jefferies.
George Burwell: I know that you have addressed it already, so I don’t want to belabor it too much, but just the buyback seemed a little bit smaller, especially relative to the free cash flow that you put up in the quarter. So just curious if you could maybe elaborate or give a little bit more color on the 10b5 restrictions that are in place, just seeing as you repurchased a lot more stock in 4Q 2022 and 1Q 2023 relative to what you did in this past quarter despite – I mean, the shares being under pressure in May and June.
Zach Davis: Sure. I’m going to go back to the fact that we are thinking about this in the 2020 vision through 2026, and we have a three-year plan for $4 billion. And on a cumulative basis, we will get there on a one-to-one debt pay down to share buyback and to focus quarter-by-quarter is honestly not how we are looking at it. But again, if you just look at the time you are referencing where the stock was probably like $20, $25 lower than where it is today, clearly, if there has been pressure for a continued period of time, we probably would have been able to buy more. But abiding by 10b5-1 rules, we are not ones that are allowed to affect the share price. We are not allowed to buy at the opening or at the end of the day, and there is a myriad of other rules that we have to be careful of that, yes, when there is only three-days of extreme pressure at a certain price level, we can’t be a majority of it.
