Jimmy Brock: Yeah. I think you kind of answered your own question. But what we do is, we look at it and as we’ve said, we deploy that capital back to the highest rate of return. And today, as we look at the yields on both, it is share repurchase that that’s the highest rate of return. But that could change as far as the percentage goes. We’ve told everyone that we’re going to imply 60% or 75% of our free cash flow towards share buybacks. As we look at the quarter and we look at where we are and opportunities that we had in the market, then that number could be higher as it was this last quarter, whenever we feel like our share price is undervalued, we took an opportunity of the excess free cash flow we had and that’ll be…
Nathan Martin: Got it.
Jimmy Brock: … moving forward.
Nathan Martin: Perfect. And then maybe one final one. I hate to be maybe a little bit more on the negative side, but as we think about the Baltimore Terminal reopening, hopefully here by the end of May, if for whatever reason the schedule gets pushed out, what kind of contingencies do you guys have in place if that main channel doesn’t reopen for one week, two weeks, whatever the case may be beyond the end of May? Do you still have the alternative transportation in place going into June available to you? This would be great to get some more color there.
Bob Braithwaite: Yeah. We do, Nate. Our transportation partners really stepped up during this time to really give — to really assist us and they’re there for us as long as we need them. Obviously, it’s a better move to go from our Bailey Mine to Baltimore versus down to Norfolk. But they’re here to support us. We’ve had long term partnerships with them. Obviously, the longer the Baltimore port is out, the more we’ll be constrained. But the 600,000 tons a month to 800,000 tons a month, I think, is still achievable through June should this port be — channel reopening be delayed. But the good news, too, as we mentioned, our terminal took advantage of the time to get their outbound maintenance done. So our goal, again, would be to make up as much volume as we possibly can into the first week of July when typically, that would be our shutdown.
So we’ll continue to keep the terminal stuffed and the volume is still there. We haven’t lost one vessel as we sit here today. So all — everything has been deferred and we continue to get emails daily from our customers, asking when this port is going to reopen, because they want to get their vessels loaded ASAP. So, again, good news there and we’ll continue to utilize the Norfolk port so long as we need to.
Nathan Martin: All right. Thank you guys very much. I appreciate the info and the time. Best of luck here in the second quarter.
Bob Braithwaite: Thanks.
Jimmy Brock: Thank you, Nate.
Operator: Thank you. We don’t have any further questions at this time. Presenters, please continue. We have a follow-up question from the line of Lucas Pipes of B. Riley Securities. Your line is now open. Once again, Lucas Pipes from B. Riley Securities. Your line is now open. Please ask your question.
Lucas Pipes: Sorry about that. I was on mute. Thank you very much for taking my follow-up question. I want to ask on Itmann and if you could update us on the equipment delays, if there’s an update from the vendor when that situation is expected to improve? And then also kind of longer term, where would you expect those costs to shake out? Is the prior guidance still the best kind of yardstick or would you expect increases from there? Maybe you still see further improvements once the line is fully up and running. But we’d appreciate your thoughts on that. Thank you.
Bob Braithwaite: Yeah. So on the equipment delays, Lucas, we do have — one thing that’s going to help us. Hopefully here by the end of June or the first week in July, we do have some two pieces of rebuilt equipment coming back to us that should help us. Those are both CM units. But we keep getting delays on our new units that are coming, which we really need, because by that time, we’re going to have the mains development complete and we can put those new machines in these gates. As far as the costs, we are — we withdrew the guidance because we want to have more certainty around what we give and there’s two things that’s really hurting it right now. One is the equipment and the second is the labor, is the manpower.
So if we get those back to where we’re not out in these sections and we have the equipment, the people that work, then I think we can get guidance. My expectation is to be within the guidance that we provided earlier and it would be very similar to what others are running in Central App. I still feel really good about the project. It’s a great quality. We just have to get labor there and equipment and it’s been a challenge for us. I mean, we’re working every day at it, we have job fairs and we are getting closer to where we want to be, but we’re not there to where we can run 100% of the time. I mean, we are — we’ve got anywhere from 25% to 40% of our shifts out, so it’s hard to give guidance.
Mitesh Thakkar: Lucas, another variable I would add is, we are buying a lot of purchase coal as well. As you know, we built that prep plan with additional capacity, and if you look at the sales volume that we provided for the first quarter, I think, there was a fair amount of purchase volume in it, probably 40% to 45%. And so from that perspective, I would say, once we have a better view on how the purchase volume shakes out longer term as well, that will also determine that cost guidance.
Lucas Pipes: Very helpful. Thank you. And then I want to, Bob, circle back on the pricing comments from earlier. And I wondered if you could maybe specifically comment on the domestic market and how the pricing is holding up there on the backdrop of acutely weaker gas prices, curve is obviously stronger. But how are those conversations going as you look out to 2025 and maybe beyond? What’s the appetite to procure tons and how would those prices compare to the netbacks you could realize in the export market? Thank you for that perspective.
Bob Braithwaite: Yeah. I mean, there certainly was a lack of winter for sure this year again. And most of our customers are well stocked heading into the shorter months that we’re experiencing now. But I will tell you that, hearing from many, they are expecting a strong summer burn and that should translate into some strong demand in the third quarter. I will tell you, as Mr. Mitesh mentioned, we did secure 950,000 tons into the domestic market. That volume was for 2026 through 2028. The pricing we secured there was pretty much in line with what the published marks are today and we’re also in negotiations for some additional volumes beginning in 2025 through 2028. So when you look at the gas forward curve, which is what we do and I think a lot of our customers do as well, you could kind of back calculate what a reasonable, I’ll say, mine price is, which the forward curve I think is pretty spot on as it sits there today.
Lucas Pipes: Thank you. Thank you very much. A higher level question to end from my side. The recent final rule on the Clean Power Plan, what do you think this means for U.S. coal generation if it were to hold up in court? And how do you kind of square that with what you’re seeing on the demand side from data centers and such? I would appreciate your thoughts on that. Thank you.
