Steven Kobos: That’s a great point, and there’s no one-size fits all for these markets. And we’ve said for some time now that the home for the LNG is going to be in a lot of different-sized opportunities. We’ve mentioned how much of an impact any single FSR you can have and the proof point for that is our FSRU and Karachi delivering something like 1.25% of global LNG into that market. So they can make a difference. But at the same time, we fully expect that many of the projects out there in the world that will come online this decade and the coming years are going to be in the — they’re not going to be that size. A lot of — some of them will, but some will be in the 1 billion, 3 million ton range. And those are going to call from a variety of solutions. Oliver, if you want to weigh into that, there’s just — it’s my way of thinking there’s not one size fits all.
Oliver Simpson: No, I think that’s exactly the point that we’re seeing a downstream demand in these markets than on gas and therefore LNG. We have a wide range of technical solutions that we can provide. And we’re happy to assess all the different solutions. We’re not married simply to large-scale FSRUs and will assess each project depending on the needs of that market.
Operator: And our next question comes from Robert Brooks of Northland Capital Markets.
Robert Brooks: Congrats on the solid quarter. So on Slide 5, you guys mentioned the piece on investing in the core business to protect and enhance long-term revenues and margins. Outside of maintenance CapEx, what are maybe some examples of this? And are those examples — could that push margins even higher?
Steven Kobos: Thanks, Bobby. Yes, I think that would really build upon Oliver’s comments. We are bullish on our asset class. We’re going to continue to invest in these assets. We have a track record of upgrading these assets, and we will continue to do that. There are all sorts of upgrades that you can make, upgrades that have been valued by our customers. We are looking at an entire suite of those. This could be anything from reliquefaction capacity modules. Those could be minimum send-outs or compressors. There are all kinds of approvals that you could make to them. And that’s really one of the drivers and why we were able to get 17 years of contract extensions in 2023. We are looking all the time for how do you deliver the product that your customer needs and that your customer has evolved into needing.
Robert Brooks: Got it. And then maybe more specifically kind of circling back on previous questions, but when looking at acquiring specifically interest in regas terminals that are either existing or developed outside of economics and then obviously, the key that you guys made was market dynamics. What are — outside of those 2 pieces, what are maybe the other key focuses when evaluating on a project that’s already operating or one that’s under development?
Steven Kobos: Thanks, Bobby. I mean we find the markets that need LNG, when they get LNG, they need more LNG. So as you say, the fundamentals of the market are going to remain the critical driver. One of the other drivers is obviously our outstanding reputation for governance that we enjoy all over the globe which we take very seriously and which we believe is a value driver for Excelerate. So that’s one aspect of what we need and require. And then obviously, the third part is financial, just how we think about the WACC for those projects. And does it allow us an entry point into a market that we want to be in? So that and the counterparty as well. I think those are the key pieces of the puzzle.
Robert Brooks: Got it. So it’s not necessarily you kind of looking at existing projects and projects that are under development pretty much the same way. There’s no kind of no preference for either.
Steven Kobos: No, I think it’s all about what helps you get to where you want to go and what helps you get into the markets you want to be in and what you think is going to allow you the most upside from, as Oliver mentioned earlier, the incremental opportunities associated with certain projects.
Robert Brooks: Got it. And then just one last question for me. I want to say Slide 7, with all the prioritized projects, I think that was excellent. So thanks for providing that detail. But my question is — and I know you kind of — I think you said those projects range from $50 million to $400 million, I think, maybe was that. But I know all projects are going to vary in terms of the size. But in general, how should we think about maybe projects like CEG, H&K, which check all 4 boxes in terms of how much that would cost and the associated EBITDA generation potential from them? Are those sized opportunities something that you could maybe do 2 over the next 18 months? Or would it more so be one and then take some time to digest?
Steven Kobos: Bobby, we’re out there doing a full-court press my friends, and we are going to vote as many [tunes] as we can. I’d like to give you more color, but the reality is we want to be as transparent as we can with our investors. We’re committed to doing that. And I’m, of course, eager to share everything we can with you all. I hope this is a step in that direction. But events on the ground are going to drive some of this. But we are going full speed on as many of our prioritized projects as we can.
Dana Armstrong: Well, I mean, I’ll also comment, and this is probably obvious, but obviously, the more integrated projects, the ones that you mentioned, are the larger, more integrated projects. Those are going to cost more. They’re going to be a little bit more complex. And then the smaller projects are going to be more in that $50 million to $200 million range. And so we’re very pleased that we have this wide diversity of projects, and some of these will be potentially equity buy-ins that we can go to market on real quickly. Others like Pira will be more complex and take a little bit more time.
Operator: [Operator Instructions] Our next question comes from Michael Scialla of Stephens.
Michael Scialla: Stephen, you talked about the new projects you’re working on, you mentioned Asia Pacific, which you’ve talked about in the past. And you also mentioned the Americas was a little surprised there rather than, I think, in the past, you talked about Sub-Saharan Africa. Has there been any changes in market dynamics that are driving that?
