Nat Stewart: Okay. And on the cost side, would that
Andrew Williamson: From 8.1% to the 9.6% as you point out.
Nat Stewart: And then what would the cost part look like?
Andrew Williamson: The cost part would be the same because
Nat Stewart: Okay.
Andrew Williamson: we’re now netting that out of upstream costs.
Nat Stewart: Okay. All right.
Andrew Williamson: On the gathering system OpEx would be the same.
Nat Stewart: Okay. Now in terms of your investment outlook, I guess, I had that pretty well covered. Are you looking at kind of all size deals, because you have a pretty substantial capacity here? I assume if something substantial came up, you could have a pretty good capacity relative to your current asset base to buy something. Are you looking at kind of all sized deals or are you looking at, how does the ability to put a decent amount of money to work look?
Andrew Williamson: It will depend on the opportunity. But, yeah, I think, we’re
Nat Stewart: Okay.
Andrew Williamson: There aren’t many advantages to being a small cap energy company. But for us, that balance sheet and having the flexibility that it provides, I think, is an advantage for us in considering a variety of different opportunities large and small. Small things move the needle for us, but we’re certainly open to larger opportunities that make sense for the shareholders.
Nat Stewart: Yeah. I agree with that. And I think really to succeed as a public company, building that kind of operating leverage with some substantial investments would make a big difference. In terms of hedging, is there anything you’ve done since December that wasn’t mentioned or is that your full hedge position?
Andrew Williamson: That’s the full hedge position. We — back in December, I thought there was some softness potentially over the summer. It’s hard when you’ve got our balance sheet
Nat Stewart: Yeah. Yeah.
Andrew Williamson: to think aggressively about hedging. But we thought the risk reward, it was about a 525 Henry Hub, the risk reward versus what we saw as some of the downside potential in price made sense to put the hedges on in retrospect.
Nat Stewart: Yeah.
Andrew Williamson: I would have loved if we’ve done more, but things fell apart pretty fast right after…
Nat Stewart: Yeah. Right. I think that…
Andrew Williamson: Yeah.
Nat Stewart: That must have caught a lot of people by surprise, obviously. So, yeah, that sounds great. Keep it up and I look forward to seeing what you guys come up with. Thanks for answering my questions.
Andrew Williamson: Thanks, Nat.
Jason Stabell: Thanks, Nat.
Operator: Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Jason Stabell for any closing remarks.
Jason Stabell: Thanks, Chad. On behalf of the company, I want to thank everybody for their interest in Epsilon. If you have any additional questions, feel free to contact us. And I’d also like to highlight we have a refresh website that we launched today and we expect in the early part of the second quarter to be posting an updated corporate presentation on the website as well. So look out for that, and again, everybody have a great weekend. Thank you.
Operator: And thank you, sir. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
