Brent Secrest: I mean, I think ultimately, when you talk about spot and so like — I think Tony is going to lay out his forecast in our Investor Day. And I still think when it comes to volume, we have a bullish view of Permian volumes. And the question is, do you believe in the US producer and do you think that volumes are going to increase specifically out of the Permian Basin. And the next question is, do you believe that domestic demand is going to decline. And then ultimately, if you believe that crude production is coming online, it’s going to have to find its way to Houston because for the most part, its Corpus pipes are full. And then you got to think about the most environmentally friendly, the most efficient way and the most cost effective way to export those barrels to help them clear.
And in terms of the timing on spot when that could potentially come online, our conversations with customers, it’s still frankly a project that this market needs. And we’ve had good conversations. We’re in the process of a lot of meetings and a lot of trips. But I’d say, overall, it’s been positive.
Operator: And our next question comes from the line of Theresa Chen with Barclays.
Theresa Chen: I’d actually like to follow up on Jean Ann’s question related to spot. As you’re working through the process of getting an additional or other anchor shippers, how do you view the demand side of things if you have like a demand pull anchor shipper? Because I believe a lot of the large refining complexes in Asia that were previously under contemplation are taking incrementally more euros at this point. And as that flow reroutes, does that threaten the outlook for spot?
Brent Secrest: I think ultimately, I mean, we’ve talked about LPGs, we talk about LNG. This barrel is going to price to export. So from the routes that it takes that maybe different, I don’t — probably at one point in time, Theresa, I would have thought that we would have seen more global type customers. But I do think there’s going to be some producer push behind us. I do think we’re going to have potentially some traders involved with this project in terms of the advantages on freight to play in that game. But I think our view on global crude demand is probably more aligned with Exxon and BP. And we think that demand is going to be out there and it’s going to be out there for a fairly long time. And ultimately, we think a lot of crude oil has to come from this country to satisfy that demand.
Tony Chovanec: With our lighter barrels, it’s really a perfect fit for the integration that you see now in the large refineries in Asia that are integrated with petchem operations.
Brent Secrest: And if you look at the amount of VLCCs that are coming from the Gulf Coast, we’re north of 30 a month . There’s a lot to share between markets, between the Corpus market and also the Houston market, and that number is going to go up.
Theresa Chen: And then shifting gears a bit, can you just give us an update on your exposure to Waha basis given your open capacity on the Texas interstate business and your outlook on that through this year as well as the outlook for ethane economics recovery versus projection from the Permian?
