They’re producing about 90,000 barrels a day now, which is up about 40,000 barrels a day since we saw the change in these license terms. So that’s been a good short-term effect. I’m not going to say you can extrapolate that, but it’s where we are today. We are continuing to work on the ground to expand production, but it’s too early to guide to anything. We’re also lifting oil and bringing it to the US. We’ve got a couple of cargoes coming into our Pascagoula Refinery. We’re going to be delivering cargoes to other customers on the Gulf Coast. And then the revenues go into a series of structured channels to pay expenses and other obligations. On the accounting standpoint, we’re using cost affiliate accounting. So we’ll record earnings only if we receive cash.
And at this point, I would say the cash flows are expected to be modest. So this is a step-wise change in the environment there. We’re going to go into it thoughtfully. It’s a six-month license, and it’s a dynamic environment. So we’ll continue to advise you as we learn more and as things evolve.
Jason Gabelman: Great. Thanks a lot for the detail.
Mike Wirth: You bet.
Operator: We’ll take our next question from Sam Margolin with Wolfe Research
Sam Margolin: Hey, good morning. Thank you.
Mike Wirth: Good morning, Sam.
Sam Margolin: I’ll ask about the Rockies. The Rockies is interesting. It’s a place where you could maybe add a little bit of activity to face your aggregate Lower 48 activity levels, but without some of the inflationary pressures and just infrastructure tightness in the Permian and inventory depth there is good. Is the Rockies a place where there may be a little bit of extra focus. And I ask that in the context of sort of the broader theme around your overall resource depth and production and all these topics that are sort of flowing into the broader conversation today.
Mike Wirth: Yes, absolutely, Sam. We got over 320,000 net acres there. Last year, we started out with one rig and one frac crew. We ended the year with three rigs and two frac crews working and the plan for this year is activity in that level. So it’s been a positive movement in terms of activity and production expectations there. It’s a really nice resource. It’s a low carbon resource. It’s a — we got a lot of this is powered off the grid. There’s been some permitting questions about this in the past. There’s been large areas done under development plans, and we’ve got permits well out into the future and continue to work that closely with the authorities there. So — it’s one we can talk about a little bit more at Investor Day. It’s a really positive part of addition to our portfolio out of Noble and the Eastern Med gets a lot of attention, but we’re very excited about the DJ.
Sam Margolin: Okay. And yes, just a follow-up. I mean, because obviously, between — I think you can surmise the reserve numbers getting some attention to the overall pace of activity and production trends over the long-term are getting attention. But we’ll get to this at the Analyst Day, I’m sure. But is there a way right now where you can kind of add it all up and size the Gulf of Mexico, other shale and tight, Eastern Med gas and just kind of frame that aggregate resource number against maybe what you see in the portfolio today as tail resource and just speak to a final answer around your organic portfolio and how it extends.
