Randy Fowler: That’s at Wilson Storage that we’ve leased for years and years. And in the contract, they had the right to put it to us. And they put it to us. And it was a reasonable price. So we weren’t upset. And that was legacy going back to GulfTerra Energy Partners. We sort of inherited that when we acquired GulfTerra.
Spiro Dounis: Okay. Perfect. Thanks, guys. I will save my project 10 questions for the April call. Thanks, everyone.
Randy Burkhalter: Josh, this is Randy. Let me cut in. We have time for one more question.
Operator: Thank you. One moment for questions. And our next question comes from John McKay with Goldman Sachs. You may proceed.
John Mckay: Hey, everyone. Good morning. Thanks for the time. I just wanted to touch one more time on the export side, understand that FOB spreads, FOB premiums are really high right now. But you talked about kind of outer coming down farther. Is it really just, we are going to see these rates stay high until yours and your kind of competitors’ projects come online in 2025? Or would you expect some benefit there once or if the Panama Canal starts to clear up?
Randy Fowler: Yes, we expect the rates to remain elevated until the expansion comes online from us and our competitors. We call that mid-25. But with respect to the Panama Canal issues and even issues in the Red Sea, really I haven’t seen that impact the FOB values too much. The VLGC fleet has done a really good job at repositioning itself. There’s over 380 VLGCs on the water to help mitigate those issues. In fact, as I mentioned earlier, we’ve seen freight come down. So I don’t really see that impacting the FOB values too much from the Canal.
John Mckay: How many VLGCs came on in 2023? How many do we expect in 2024?
Randy Fowler: Yes, I was calling around north of 40 VLGCs came online in 2023. And there’s going to be another 22 or so come online in 2024.
John Mckay: All right. That’s great. I appreciate that. And maybe just one more clarification from earlier. I appreciated the color on the fee floors on processing in the Permian. Just one thing we wanted to try to frame up. I mean, if we look year-over-year, Permian processing volumes are up about half a B, but margins effectively flat. Just curious if you can comment, is that all commodity impact or is there some kind of underlying deflation on the fee side as well?
Randy Fowler: All commodity. All right. Makes sense. That’s it for me. Thanks again.
Operator: Thank you. I would now like to turn the call back over to Randy Burkhalter for any closing remarks.
Randy Burkhalter: Thank you, Josh. Before we close out, I’d like to thank Randy for the kind comments and the offer from EGEMP [ph]. And many thanks to all of you I’ve worked with for the years.
Jim Teague: He’s getting a little emotional. Thank you. Close it out, Libby.
Libby Strait: And I guess with that, we’ll end the call. Thanks to everyone for your participation.
Jim Teague: Thank you. Randy, you’re great.
Operator: Thank you for your participation. You may now disconnect.
