Michael Blum: Okay. Got it. That’s helpful. Thank you. And then just wanted to ask about kind of what steady-state sustaining CapEx would look like after MVP is in service. And if we just kind of ignore some of these discrete projects that you’ve already outlined. I know you have that. I think it’s Slide 8 you talk about sustaining CapEx of $200 million to $250 million. Is that why you would view as like the total amount of CapEx required to keep kind of the cash flows of the overall business flat, or is there more costs we should be thinking about?
Kirk Oliver: So that number is specific to our Gathering segment. And I think as we look at this year, we’ve guided to the $200 million to $250 million for some time now, in terms of gathering sustaining CapEx. We’re probably on the low end of that range for 2023 and now for 2024. If you take some of the growth projects, compression-related projects that we have in the works this year, we’re probably closer to that $200 million for the Gathering segment. If that answers your question.
Michael Blum: Great. Thank you so much.
Operator: Our next question comes from Jeremy Tonet from J.P. Morgan. Please go ahead. Your line is open.
Jeremy Tonet: Hi, good morning.
Diana Charletta: Good morning.
Kirk Oliver: Good morning.
Jeremy Tonet: Just want to start off with a question on Hammerhead here. It seems like the expected EBITDA ticked down a bit from the last disclosure if we have that correct. Just wondering if you could talk about some of the drivers there.
Nate Tetlow: Yeah, Jeremy, this is Nate. So that slide now reflects $65 million of EBITDA, which is really from the 1.2 Bcf a day of firm commitments and those are directly tied to MVPs in service. I think previously on that site we had included about 200 a day of uncontracted capacity. Justin mentioned it in the opening remarks. But the Hammerhead pipeline, we’ve been moving volumes on that pipeline, it is bidirectional. So we have interconnects with other pipes beyond MVP. And in 2023 we earned about $5 million of revenue moving those volumes. We do have another pad that’s coming on here, I think mid-year and those volumes will flow North on Hammerhead. So that’s additive to the $65 million. So I think we really just cleaned up that slide to make it the EBITDA that’s directly attributable to the timing of MVP in service. But certainly, we’re looking to earn above the $65 million and have started to do that in 2023.
Jeremy Tonet: Got it. Thank you very much for that. And at the risk of bringing too fine of a point of it on MVP, a timeline. Just wanted to see when you put the May 30th, June 1 dates out there, is that considered — is that the most recent as of today, there’s a bit of — there was lot of snow over the weekend. Just wondering if that’s all considered here. Sorry, if this is too fine of a point.
Diana Charletta: We didn’t get snow over the weekend on the right way. At least no one told me we did. So I don’t think we had snow down there. So we’re good that is — that second quarter is — as of right now, that’s where we are.
Jeremy Tonet: Got it. That’s very helpful. Thanks and appreciate if — you can’t touch on this or you don’t want to touch on this, but as far as discussing the strategic of you, is there any reason to talk about that today versus any point in the past or why in general just bring it forward?
Diana Charletta: Yeah, we’re not going to comment on that today.
Jeremy Tonet: Got it. Understood. Thanks.
Diana Charletta: Thank you.
Operator: Our next question comes from Neel Mitra from Bank of America. Please go ahead. Your line is open.
Neel Mitra: Hi, good morning. Thanks for taking my question. I wanted to just understand where we are with two important crossings, the Appalachian Trail and Roanoke River, and how long that would take to complete, and if there is any challenges you see there.
Diana Charletta: Sure. On the trail, we have made good progress. We’re at about 60% complete. We have had some mechanical issues with equipment that have slowed us down a little bit. But when we are drilling, we are making good rates. So, I feel pretty good about that. The Roanoke, we have about 20 feet left of that bore, I think it’s like 330 feet. We have about 20 feet left. It is slow going, but it is going. We’re under the river, so I feel good we’re under the water, it’s just been slow.
Neel Mitra: Are there variance requests being filed for any of these crossings, or are you ready on that path to completely go forward?
Diana Charletta: So, I believe we already have approved variance requests for the trail. Roanoke, there is one out there for Roanoke. It’s a 24/7 so that we can operate 24/7 with two crews. Right now we’re just working with one. Our existing guidance has –doesn’t require us to get that approval, but it would help speed things up for us. So if we can get it, that’s what we’re trying to do.
Neel Mitra: Okay, perfect. And if I could just follow up on one question on the balance sheet. I know your covenant leverage ratio has been revised upward. I’m just wondering where you see kind of the peak leverage going to with the increase in cost.
Diana Charletta: Yes. We believe that the amended revolver covenant is more than adequate cushion. We are probably in the high five with this amended targeted MVP in service. And then we would expect that would come down very quickly after we do the MVP project-level financing.
