Ezra Yacob: Yeah. John, great question. And yeah, you pretty much hit it on the head. It really just flexes as we move kind of across our acreage into different sections and as the geology changes. So you will see that. If you look at the last four years, you really do see that flex back and forth because we’re moving section to section and with our codevelopment strategies strategically codeveloping up from the bottom up to the top of it. So yeah, it will flex kind of through the next handful of years that you see in that three-year scenario.
John Freeman: Great. And then just my follow-up, when we look at the infrastructure projects, obviously this year they stepped up with what you’re doing at Dorado and Delaware. When we think about something like the Utica combo, is it going to continue to get more and more scale and grow? Should we assume that that kind of infrastructure bucket within the total CapEx, that sort of stays at kind of the level it was this year as a percentage of the budget? Does that potentially go higher when you’re looking at kind of that three-year outlook and having these kind of emerging plays like you do?
Lloyd Helms: Yeah, John. This is Billy. Let me answer that in a couple of different ways. The infrastructure span, just to address that real up front here. Those are discrete projects that offer long-term support to plays that are going to be developed over multiple decades. So that’s a very specific direction for those infrastructure projects that continue to lower our cost in the plays for the company going forward and expand margins for a long, long period of time. For the Utica, there is adequate processing capacity up there, so we’re not seeing those kind of projects as an opportunity for the company. I think we’re going to be looking at largely gathering process or gathering lines in that area as we develop each play out.
Typical of any other normal play, we don’t see the need at this point to develop out the large strategic infrastructure in that area. And so I would expect to see over time the infrastructure will stay in that 15% to 20% of our normal capital budget going forward when you take out these two discrete projects.
Operator: The next question comes from Arun Jayaram of JP Morgan Securities. Please go ahead.
Arun Jayaram: Yeah. Good morning. My first question is regarding your marketing agreement with Chenier to sell some volumes on a JKM link basis tied to Corpus Christi Stage 3. A question for you is on their conference call, they mentioned that the project is undergoing perhaps an accelerated timeline with first LNG possible by the end of this year and for some meaningful full production at this project in 2025. So I was wondering if you could give us some thoughts — would the marketing agreement kick in earlier coincident with an earlier receipt of first gas?
Lance Terveen: Arun, this is Lance. I’m not going to comment on the confidential nature of the agreement, but what I can tell you is we’re very excited and we’ve heard the same comments in terms of effectively probably taking a little bit of feed gas to start some of their operations. And what I want to really point you to is we saw that early, right? I mean, getting that agreement put in place. But I’d say more importantly, right, as you heard Ezra talk about and Billy too on the strategic infrastructure, having that pipeline connectivity, we’re going to have a direct connection to Chenier and to that facility. So we’re actually very excited and want to be very helpful from that startup of that facility just because that’s a major increase of demand that we’re going to see that’s going to help here within the U.S. as we think about LNG demand.
So I really want to point more to that than just we’re positioned is what I’ll tell you, Arun, we’re very well positioned that we can meet that. And so if there’s an early startup, great. If not, we’re going to be positioned there with our pipeline at the second half of this year to be able to commence deliveries.
Arun Jayaram: Okay. Just to clarify, it sounds like if first gas is earlier, you would be able to market your volumes earlier. Is that fair, Lance?
Lance Terveen: We would be able to sell into our agreement. That’s right.
Arun Jayaram: Okay, great. My follow-up is several or a few of your E&P peers have claimed an R&D tax credit, maybe associated with exploration-type activities. I was wondering, just given EOG’s historically spent money on exploration, do you qualify for that tax credit? And just give us some thoughts on what it takes and maybe the magnitude if you do qualify.
Ann Janssen: We took it — this is Ann. We took an R&D credit several years ago. Can’t remember the year off the top of my head. But we’re not planning on taking anything going forward. We don’t have the opportunity to take anything forward. And we went and researched again back several years ago on the R&D and took what was available to us.
Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Mr. Yacob for any closing remarks.
End of Q&A:
Ezra Yacob: Thank you. We appreciate everyone’s time today. And we want to thank our shareholders for their support, and special thanks to our employees for delivering another exceptional quarter.
Operator: The conference is now concluded. Thank you for attending today’s presentation and you may now disconnect.
