Daniel Brown: I think the short answer to that, John, is yes. We’ve seen four miles in other basins. We have — there’s certain least geometries we’ve got that would really lend themselves to doing four-mile laterals. You’re right. It is early from a three-mile standpoint. I’ll tell you if you sort of rewind the clock and we would have thought at some point, moving into three laterals was, was a big step into the unknown, and we would have had lots of concerns about it. But certainly, the three-mile program, to-date has, we think, has been very successful. We’re excited about it moving forward. And I think the opportunity for four-mile laterals is absolutely out there and something we’re investigating.
John Abbott: Thank you, Danny. And then for our follow-up question, you gave some color in 2024. You talked about — your current underlying decline rate is a little bit elevated at this point in time. You suggested that could reverse by the end of next year. You indicated that for 2024, that CapEx could be roughly around the low $900,000 range. So, when you think about that potential reversal in the underlying decline rate at the end of 2024, when you think about your 2000 — you spent in 2024, you think about the potential implications to 2025 CapEx given the change in the underlying decline rate versus the $900 million for 2024?
Daniel Brown: I think with, as you’d expect, with a lower decline rate, it should be helpful from a reinvestment rate perspective. And so if we’re running a maintenance program, all else being equal, you’d expect lower CapEx needed to maintain, whatever production you’re trying to hold. And so I think it’s nothing but beneficial as we see the contribution of these — as these three-mile laterals grow in proportion to our existing base, and we see that contribution of the shallower decline, it’s going to be helpful to us as we march forward in maintaining a production base for better capital efficiency, if you want to look at it that way, but certainly a lower CapEx to maintain or achieve any sort of production level.
John Abbott: So, if I can squeeze a quick one in there. So, where do you think long-term maintenance CapEx gets you at this moment? If you take — if you think about that sort of, reduction, if that’s changing your underlying decline rate?
Daniel Brown: Yes. I think if you think we’re thinking it’s going to be something in the, low 900s next year, what we should reverse off of that a little bit. Of course, lots of things can change between here and there with service costs, et cetera. And so we’ll have to see when we get to that timeframe. But I think with where we’re at right now, what we’ve seen in 2023 and where we’re going in 2024, you would expect to be something more capital efficient than the than the anticipated 2024 program. And so pro probably trending back towards what we saw this year.
John Abbott: All right. Thank you very much.
Operator: [Operator Instructions] I’m showing no further questions. That will conclude our question-and-answer session. I would like turn the conference back over to Danny Brown, Chief Executive Officer, for any closing remarks.
Daniel Brown: Thanks Laura. Well, to close out, I just want to thank the employees of Chord for their commitment and dedication to our company. It was a really strong quarter from an execution standpoint and the team did a fantastic job. And I know — also know we all have a relentless drive to improve, so we’ll continue to work as a team to make Chord an even stronger company for all of our stakeholders. We’re proud of a great third quarter, excited about the setup for the remainder of 2023, and plans for 2024 and beyond. And with that, thanks to everyone for joining our call.
Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.
