Ben Lamb: Yes, Gabe, happy to expand on that a little bit. So you’ll recall that in 2022, we got ahead of what we feared it might be a weak gas market in 2023 by hedging substantially all of our natural gas exposure before we ever got to New Year’s Day. And we’re in much the same position this year. We’re very bullish on gas prices in late 2024 and beyond but we are maybe a bit less certain for the first 3 quarters of next year. And so once again, we have hedged almost all of our natural gas exposure for next year. Now as you point out, we are about 90% fee-based anyway. So, it’s not a huge driver of our business, but we’ve been proactive for the second year in a row in trying to take on risk off the table.
Gabriel Moreen: Understood. Thanks Ben.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Praneeth Satish with Wells Fargo. Please proceed with your question.
Praneeth Satish: Thanks. Good morning. Maybe just to follow up on that last question. So as I understand it, you were hedged at probably higher prices in 2023 versus what you’ve hedged for the first three quarters of 2024. Is there any way to quantify how much of a potential, I guess, step down in EBITDA would occur from 2023 to 2024% just based on the hedging profile?
Ben Lamb: Yes, Praneeth, I don’t have the number at my fingertips. What I can say, though, is in giving the preview into 2024 that I mentioned in the prepared remarks that we see 2024 being a year of modest growth compared to 2023. We incorporate in that look, the hedging that we’ve done both years. So, you’re right, we are hedged now for 2024 at somewhat lower prices than we were hedged at for 2023, but not in a way that changes the growth trajectory of the company. .
Praneeth Satish: Got it. Okay. And then other question here on 2024 and your comments there, maybe kind of two-part here. The first is, unless I missed it, I guess how many rigs are currently running on your acreage in Oklahoma? And you mentioned that the Devon-Dow JV is enough to keep volumes flat. So, I guess I’m just wondering why Oklahoma volumes wouldn’t grow in 2024. You mentioned that you expect kind of stable volumes in Oklahoma in 2024. So are you kind of effectively assuming in your guidance only the Devon-Dow rigs run your acreage in 2024?
Ben Lamb: Well, a few things to take a part there. First, I want to be clear, we’re not giving guidance at this point. We’re just trying to give you a sneak-peak as we begin to work through the budget process for what 2024 may look like. Now, specifically on Oklahoma, I think, right as of this morning, the rig count on the Oklahoma system is four rigs, three from Devon-Dow JV and 1 from another customer. That’s actually a bit of a low point. We have averaged pretty much all year anywhere from 5 to 8 rigs with Devon-Dow generally being at three. But remember, in Oklahoma, not every rig is equal to every other rig. It depends on where in the play they’re drilling, and it depends on whether you’re drilling a sustained program of multi-well pads or something maybe less debt, that takes a little bit more time to drill.
So, because of the nature of the Devon-Dow activity, that by itself is very close to keeping us flat in 2024. The rest of the activity will really determine whether we’re in a slight decline, very slight decline or in a slight growth position. So, to your question, if Oklahoma volumes grow, they may. But at this point in November of 2023, we don’t have perfect clarity yet on what all the customers are going to do next year.
Praneeth Satish: Got it. Thank you.
Operator: Thank you. Our next question comes from the line of Zack Van Everen with Tudor Pickering & Holt. Please proceed with your question.
Zack Van Everen: Perfect. Thank you. Thanks for taking my question. Just sort going back to the Louisiana storage opportunities. We’ve put a lot of conversation where storage rates are actually getting close to incentivizing greenfield projects. Are you guys looking just at a brownfield expansion? Are you also looking at potential greenfield projects there?
