Michael Wirth: Well, Doug, you’re right. I think there has been a reaction apparently in the market this morning to this. We’ve spent a lot of time – I’ll go back to Jay Johnson spending time not only in these calls but on traveling around, talking about what we’re doing on capital project execution. This is a unique project. And I won’t repeat the things that I went through earlier with Paul. But this is a large, multiyear effort that had supply chains coming in from all the way around the world through the Russian inland waterway system through the pandemic. And we’ve had our challenges with it. There are not projects in our queue that are remotely similar to this one. The kinds of things that we’re talking about now are factory development projects across multiple shale basins.
They’re deepwater developments that I think the track record on those is quite different. And so I think the lessons on these really complex capital projects are that despite employing the best engineering and construction firms in the world, bringing in partners that have strong capability, they are really complex and challenging. And part of the way we mitigate that is we’d be very selective about the ones we do. We walked away from the Kitimat LNG project because we – despite a lot of efforts to make that project better, we had concerns about execution in that kind of an environment and ultimately said we’re not going to take on a project like that, particularly at this point in time. And so part of it is the way you choose what you do.
Part of it is continuing to learn and apply those learnings, many of which from a decade ago have been implemented into the TCO project. But some of which from the TCO project will be implemented and integrated into other projects that go forward of similar complexity. So look, we’re close to the finish line on this thing. And we’ve got a full-court press on it to make sure that the commissioning is safe and reliable and we have a clean start-up. And the lessons from that will be applied in every other project that we do.
Pierre Breber: And I’ll just restate the impact that Mike – yes, thanks, Doug. And I’ll just restate the impact that Mike talked about. It’s $2.5 billion, that’s at $60, that’s less than $1.50 a share. So clearly, they were down a lot more than that. We talked about the earnings in this. We know that weighs also on the shares, at the same time, non-cash items, timing effects that reverse and discrete items that are nonrecurring. So we feel good about the company’s performance in the quarter in terms of how we operated safely and reliably, how we captured margin. We know, as Mike said earlier, we have these quarters where it can be messy, can be noisy. It’s one of them. But the underlying company is very strong and healthy.
Douglas Leggate: I agree. It looks overdone, Pierre. Thanks so much.
Pierre Breber: Thanks.
Operator: We’ll go next to Irene Himona with Societe Generale.
Irene Himona: Thank you very much. Good morning. You’re referring to your comments to higher OpEx and DD&A from the PDC legacy assets having impacted Q3 upstream. Now that you own that business fully and you can sort of look under the bonnet, how are you thinking about your original synergy estimates on PDC OpEx and CapEx? And how long would you expect it takes for those to start accruing to you in the results? Thank you.
