Ravi Srivastava: CNX is the sole supplier of gas to that facility at this point in time.
Alan Shepard : There’s volumes produced in that field beyond what that plant consumes.
Jacob Roberts : Perfect, appreciate the time.
Operator: The next question comes from John Abbott with Bank of America. Please go ahead.
John Abbott : Hey, good morning, and thank you for taking our questions. So with the New Technology business in the free cash flow guide that you provided here, I mean, how do you think about the potential impact to your credit rating going forward?
Alan Shepard : Yes, we’ve had those discussions yet. It’s not being incorporated. I think that probably credit guys usually wait for some more quarters on our belt before we give us credit for it. I think the one thing we did want to point out was that it will create some natural deleveraging, even before considering reductions in absolute debt.
John Abbott : Very, very helpful. And then also, again, with the free cash flow outlook that you provided there. I mean, it doesn’t seem like there’s any incremental CapEx spend on there. Is there incremental CapEx that we should be thinking about related to New Technology guide, as relates to copay methane abatement in 2024 and 2025?
Ravi Srivastava: Yeah, on ’24-’25, we do expect to spend some capital on the New Tech Group front, but not necessarily on the COVID coal mine methane abatement side of things.
John Abbott : I guess I guess you will get further clarity on that probably at year-end results here. But any idea in terms of what how should we should think about other capital for 2024?
Alan Shepard : Yeah. I mean, we’ll provide the full guidance breakout when we get to Q1, or sorry, January of 2024. But you should expect to see everything kind of decline from this year as we make our way towards that $500 million a year.
John Abbott : All right, great, helpful. Thank you very much.
Operator: The next question comes from Brian Velie with Capital One Securities. Please go ahead.
Brian Velie: Good morning, everybody really appreciate all the detail on New Tech. I have a couple of other questions that maybe to be able to answer and help me out a little bit. Just wondering if you can help me understand how much methane do you capture to earn one of the credits, like a single credit?
Ravi Srivastava: Not sure how to answer that question. But I think what I can tell you is, and we’ve provided details in our CSR, and our in our quarterly updates on we’re capturing out 6 million tonnes of CO2E of methane. And the different programs have different ways of monetizing that. So that’s why it’s difficult to answer specifically what your question was.
Brian Velie: Okay, I understand. So it sounds like just different conversion rates, depending on the program. And then I guess, probably answers, the next question. I was going to ask was, what was the credit price that you could sell these credits at that was assumed in the $75 million to $100 million budget, or I’m sorry, free cash flow range for next year. But I assume that those price assumptions vary also by program?
Ravi Srivastava: That’s correct.
Brian Velie: Okay, one last question —
Alan Shepard : That’s based on kind of the current market.
Brian Velie: I’m sorry, say that one more time. Apologies.
Alan Shepard : That’s why we provided the range and then the expected range is based on kind of the current market condition. Yeah.
