So we’re excited and happy to work together with the governor, the legislators and NGOs to get this done.
Timothy Rezvan: Okay. That’s great color. Thank you for that. And then as my follow-up, I wanted to shift gears a little bit. I know you all have been out meeting with investors more this year. There’s a growing debate out there about your differentiated dividend outlook. Obviously, repurchases have been in favor. And I know for you all, it’s a little more complex issue because it is a sort of meaningful part of the comp structure that’s been put in place. So Chris, I don’t know if you could put your director hat on and address this or if Marianella, you have some views. But just kind of curious what you’re hearing from investors on repurchases versus this differentiated dividend? And maybe how the Board is sort of thinking about this going forward now that you’ve – you’re digesting these acquisitions? Thank you.
Chris Doyle: Yes. I’ll kick this off and then maybe see if Marianella to smooth out the edges. This is an executive team that’s very well aligned with shareholders. And so this is a debate that we have internally to say nothing of what we hear from investors. At formation, we felt like it was important that the commitment to getting cash back to shareholders was real. And I think what I’m really proud about is as a company since November 2021, we’ve really lived up to that commitment. Now the really interesting thing in my view is because of the strength of the assets, the cash flow generating power of these assets, we’ve been able to really deploy in all of the above strategy. And so we’ve been able to hit the dividends at the same time deliver on buybacks and tandem return a significant portion of our value back to shareholders just over the past couple of years.
It’s something I would say we consider as a capital allocation decision. And so it’s something that the Board debates. Management will continue to debate it. To this point, we’ve had the strength to be able to do all of the above, but it is something that we evaluate.
Marianella Foschi: Tim, I would add that as you know, we’ve been in the conference [circuit out] a lot over the last 45, 60 days or so. I’d say the feedback from the [buy time] in general has just been the flexibility in our capital plan, how do you think about committing to returning a certain percentage of our cash, adjusted dividends versus thinking about a more flexible framework. I would argue that based on our balance sheet, based on the strength of our cash flow and based on the caliber of our asset base, we do retain that flexibility, right, and you’ve seen us do a lot of everything. Consistent with the comments we made last quarter, I think it’s important to remember that we continue to return cash through the cycle.
We definitely want to position our company to do that over the long-term. And if you look at what we’ve done to date, we have an extremely strong track record of doing that as good as anybody. Going forward, you can expect us to continue to execute on that. We like our all of the above philosophy. We believe this strategy has served us well. And on the buyback front, you’ve seen us do a lot of that, certainly over the last couple of quarters and even more so over the last 15 months. We’ll continue being opportunistic and countercyclical. One thing you know very well is this industry is full of examples of companies that buy backs their equity at the wrong time, right? And some of the frameworks out there that are just leverage based that just by definition, they – because your leverage would be low in a higher commodity prices, and that’s where your stock would be high as well, you just get yourself in trouble with buying at the wrong time.
So from our perspective, we have a $330 million authorization outstanding. We’re extremely in the money in terms of the weighted average price we repurchased those shares at. And we will continue to be opportunistic. We’re going to be patient, and there will likely be some lumpiness in how we deploy the remaining authorization of the results.
Timothy Rezvan: Okay. I appreciate the comments. Thank you.
Operator: Our next question comes from William Janela from Mizuho. Your line is now open.
William Janela: Thank you. Good morning. Chris, I wanted to ask one more on the Colorado fee proposal. I know you’ve been very involved in the process here. So I’m curious if you could give us a sense of where that bill stands in terms of legislative support, if you’re seeing any opposition to it coming in from anywhere? And how likely you think it is to be passed when that vote happens next week? I think that removes a pretty big headwind for your stock certainly for next 3.5 years?
Chris Doyle: Yes. Thank you. Thanks, Bill, for the question. And really, it’s a tip of the CAP to Hodge and his team. We’ve been involved over the past few weeks. It was critical and the governor, I would say, did a good job making sure that both sides of the aisle within legislature, the NGOs and industry were together and ready to stack hands on we can go forward with this. And so we believe that it will work through the system that, that coalition was developed over the past few weeks with an agreement that works for all. I think importantly, and our industry brings in a lot of tax revenue for the state to individuals. And a lot of our dollars go into hitting local communities in a very, very positive way. I think what this tax does and the governor was very clear, that it starts to build a coalition at the state level.
And when you fast forward to the legislative session of 2028 as the state will be looking to balance its budget. Now all of a sudden, an extremely important industry within the state in terms of jobs and tax revenue. It also has this additional fee. And I think we’ll strengthen the coalition, will there be noise four years from now? Probably. But this, I think, will go a long way to really strengthening the ties between the State of Colorado and this, the great industry that we’re blessed to work in.
William Janela: Very helpful. Thank you.
Chris Doyle: Thanks, Bill.
Operator: Question comes from Oliver Huang from TPH. Your line is now open.
Oliver Huang: Good morning all and thanks for taking the questions. On the op side, it seems like the efficiencies have come in a bit faster than you all would have envisioned, which looks to be pretty much across the board, which is good to see. Just wanted to kind of see if there’s anything else that we should be keeping on a radar for that could drive further efficiency gains in the near term? And any initial takeaways on kind of getting the venture side up to the same speed of the Hibernia assets? Just kind of given how you all had the keys to that one for a few extra months? The same that it will just be a bit more expedient if you’re not already there, but just any comments there would be helpful?
