Brent Secrest: The exposure hasn’t changed since our Investor Day. So I think we’re just probably shy of 400 million a day, Natalie. It has compressed over the last several months. You go back to Tony’s forecast, we’re still fairly bullish on volumes. There has been a new pipeline that came back online, that adds some compression. But ultimately, we think it’s going to be extremely volatile. We do think ethane is going to have to price to be recovered out of the Permian Basin. But if you look at that market, it’s not a whole lot different than the LNG market, the whole gas infrastructure in the US is very, very fragile. And when something happens out there, there’s a lot of volatility and I think we’re going to embrace that volatility as we go forward.
Operator: And our next question comes from the line of Neel Mitra with Bank of America.
Neel Mitra: I wanted to touch on the NGL fractionation fees and volumes on a year-over-year basis. It seems like the market is tighter just with Medford and frac coming online until mid-2023. Can you talk about the contributing factors, outages, what’s driving fees and where you see the market right now?
Zach Strait: So when Medford went down, no doubt, we saw an increase in spot fractionation fees. You since had some cooler weather, which helps with the fractionators run rates. You also had Philips come online with the fractionator. So we’ve seen that market kind of cool down. We also see a lot of capacity coming online this year, which I think the market needs. And then as far as our results, we obviously had some unplanned downtime. We had — the vast majority of the down from quarter-on-quarter was due actually to commodity prices and blending, and then some slightly lower frac fees on average, but it wasn’t nearly as significant as the blending. Going forward, really excited about Frac 12. I can say pretty confidently that fractionator will be full on day one.
Neel Mitra: And as a follow-up, looking at the kind of the propylene markets right now, that looks like the tough one with the PGP, RGP spreads. It looks like we’re at the trough in Q4. Can you kind of talk about how fast you see that recovering? And then in terms of PDH 2, when it comes online, how do you look at the volume outlook for that in terms of like a dispatch stack once you have that online versus the fractionators in PDH 1?
Chris D’Anna: I think as far as the spread, we saw throughout last year that tightening a bit. We’ve seen that widen out a little bit, but at first month of the year and really, it’s more of a supply issue than demand. And ultimately, for that spread to remain wide, we need propylene derivative demand to be strong. So China could play a part in that but we see that a little bit further out, maybe second half of the year. And a big part of that is during COVID propylene goes into durables and we saw that accelerate throughout COVID, the demand for those durables. So we think it’s probably second half of this year before we see that demand return.
Jim Teague: What about polyethylene?
Chris D’Anna: Polyethylene demand has strengthened quite a bit. And talking to customers from where we were last year at the end of December, exports grew quite a bit. One of our customers told us that December was the highest month of polyethylene exports that they’ve seen in five years. I guess just going back to your PDH 2 question. PDH 2 is 100% subscribed, so that’s going to be day one pull.
Operator: And our next question comes from the line of Jeremy Tonet with JPMorgan.
