And if you see the kind of rebound spending and activity in that economy that we’ve seen in other economies around the world, that’s one of the things that could buoy the global economy and firm up demand for products. So, there’s still some variables in the equation. We’re not past the risk of recession and clearly, central banks are still tightening to slow things in certain parts of the world. So there’s some puts and takes. But net-net, this continues to trend in a recovering direction with the two biggest questions probably related to the two biggest economies, China and the US.
Roger Read: Always the big guys, right? A follow-up question to come back to the Permian, and I recognize the Investor Day coming. But Pierre, when we were at the sell-side dinner end of November, there was a lot of discussion over kind of the changing in the range and how that was really just a function of messaging more so than €“ overall change in the way you’re developing the Permian, kind of following from that to the comments about things a little different in the bench and the DUC comparisons year-over-year. You look at it as any different from the messaging at the end of November, or is this €“ is there something else here with.
Pierre Breber: No, nothing different. We’ll show that at our Investor Day. Again, we were in the middle of the range. You can see the fourth quarter number was 738. So that was strong. We had some learning’s, as Mike said, in 2022, and we’ve adjusted our plans to go to deeper targets and more single bench developments and that results in a little longer drilling times and a few more rig moves and we’ll update all that. And all that is obviously included in our production guidance. So we’ll continue to learn and adapt in the Permian. It’s a large royalty advantage position. It’s an asset that delivers higher returns and lower carbon. It’s a big source of free cash flow. Our free cash flow growth over the next five years is really driven by Permian, , Gulf of Mexico, a few other assets.
And it’s remarkable to have an asset that can grow at that rate and do it free cash flow positive the whole time and free cash flow growing the whole time. So, it will ebb and flow a little bit as we learn more, but what you’ll see at our Investor Day, something very consistent with what we’re saying today and what we said in the past.
Mike Wirth: And Roger, just to emphasize the point I made earlier to another one of the questions, we remain focused on returns and value, not on production. And so that is the — that’s what drives all of this. Thanks.
Operator: We’ll take our next question from Irene Himona with Societe General.
Irene Himona: Thank you very much for taking my questions which are both related. So, I will ask both at the same time. So, firstly, thinking about balance sheet strength, of course, the other use it can be put to is M&A. You’ve been very disciplined with your M&A timings, both with Noble and Regi . How do you see the current market in these two, let’s say, POTS legacy oil and gas versus low carbon? And then secondly, has the IRA Act perhaps changed your appetite for faster expansion in low carbon businesses, please? Thank you.
