Tom Long: Absolutely. We do evaluate a lot of the various opportunities that are good bolt-ons if you will to our system. But even if you look at some of the last ones, as you know, the Enable, the Lotus, the Woodford Express. When you really look at these, they all just further enhance our top asset base of the midstream space. And it’s something we’re going to continue to pursue on those opportunities that make sense but here’s the next piece that we always evaluate very carefully and that is that it’s accretive. We always want to look at these things and make sure they’re going to bring incremental value to our equity holders. And they have, they’ve all been very accretive to us. And we’re always very conservative in how we run our numbers.
So we feel like that every acquisition we’ve made has exceeded any forecast that we put on there. So that’s how you — we’ve been able to continue to get the coverage up, get the distributions back up to where they are, while at the same time, the leverage coming down. So we’re going to continue to follow that model as we look, meaning looking at the various areas that are good bolt-ons for us. And the more tools we can give the fantastic team we have, the better off we’re going to be for the long term.
Jean Ann Salisbury: Great. That’s all for me. Thanks.
Operator: Thank you. And the next question comes from Keith Stanley of Wolfe Research.
Keith Stanley: Hi, thank you. Quick follow-up on the guidance, so just the math behind it. So the Q1 obviously had a really strong quarter. If you annualize that, you’re at $137 billion of EBITDA and the updated guide is $13.25 billion at the midpoint. So I know Tom you listed some of the inventory swings and things like that, but are there any other unique items in Q1 you just outperformed on spread, marketing type items that you’re assuming don’t repeat over the balance of the year or how should we think about that updated guidance?
Tom Long: Yes, that’s actually a very good question. Keith, glad you asked it. When you really kind of look at our earnings by quarter throughout the year. The first quarter is generally the strongest. I think you can go back and look at that. And so, when we forecast out at the remainder of the year, we will generally bake in what we see from — everything from a volume, pricing, et cetera. So what you’re looking at once again is that first quarter and that’s not the way that it plays out as far as just annualizing that first quarter. And it’s going to be a lot of the things you mentioned in there, whether it be some of the spreads we see, pricing, et cetera. So if you just take the forward curve on the pricing and you look at it, I think you’ll kind of see what — how we look at it when we look at the forecast going up a year.
But once again, this is guidance. It’s our numbers that we’re currently seeing and currently targeting. And as you know, those can move around. But as of right now, we feel good about it every quarter when we come out with updated guidance, we feel good about the numbers that we’re providing.
Keith Stanley: Great. That’s helpful. Second question just on the leverage target, the 4% to 4.5%. Some of your peers have moved lower over time. And Tom, when you talk, you still talk to reducing leverage. So do you see the company ever aspiring to go below 4 times eventually or is the goal to get the BBB flat credit rating and less of a focus on a number?