Operator: Your next question comes from the line of Michael Dudas with Vertical Research. Please go ahead.
Michael Dudas: Good morning, Jason, Joe, Dave.
David Constable: Good morning, Michael.
Michael Dudas: Joe, maybe you could share with us your updated thoughts on financial profile on the balance sheet relative to the 2024 notes and maybe an update on new scale would be helpful.
Joe Brennan: Yes. Thanks, Mike. We’re we have signaled over the last few quarters we’re going to be addressing the 2024 that is something that we plan on doing here kicking off towards the last half of 2023 and into 2024. So we have – our plans are still to address the 2024s. And in terms of new scale we continue the discussions around the monetization. They are going well. We would expect to have additional information to share with this audience towards the end of the year December or January time frame.
Michael Dudas: Appreciate that. Thank you. And David, as you’re looking at the $300 billion worth of front-end or FID a front-end design engineering and study work, can you maybe share a little bit of it is it across the board? What areas seem to be peaking your clients’ interest more to get you involved? And is that – and I assume energy transition and we think of lithium even I guess the Dow project would fit into that. Is that – do you anticipate being a step function over the next couple of years of those types of projects coming in? And is that going to allow for maybe a possible better margin performance given what you guys are doing on the productivity in process?
David Constable: Hey, good morning, Michael. Yes you’re spot on energy transition, right? That $300 billion we think after analyzing it solid prospects are about $160 billion of that $300 billion. So we see $160 billion as very likely going forward. And a lot of it sits in the energy transition space. Just to give you an example of the Inflation Reduction Act and the carbon credits that flow through that the IRA, we’re seeing significant activity in our carbon capture – in our Production & Fuels Energy Solutions business line. I think we’ve got 30 projects on the go or at some mostly front-end work, a few moving further on into EPC. So that’s important like you said lithium as well. So energy transition is going to feature quite a bit.
I think they are about 28%. If you look at the total work we’re chasing, energy transition is about 28% of that. We’re looking for about almost $3 billion in energy transition awards in Q3. And like you said Dow would feature because it is a path – Path To Zero program. But you also in those numbers see Mining & Metals feature significantly in the $160 billion. The downstream production of fuels again, a lot of it energy transition, LNG is in there. And the biggest portion, as I look at it here is chemicals. So we’re seeing a lot of activity in chemicals with – across the board including recycling of plastics and the whole ethylene value chain. So pretty broad across those prospects and about like I said about $49 billion of full EPC, EPCM prospects that we’ll be chasing in the next 18 months.
And obviously, that gets supplemented by our Mission Solutions work which is the Department of Energy Department of Defense and the intelligence agencies all those budgets continue to either stay flat or grow year-on-year. So a lot of good growth coming at us in all of our business lines Michael. So thanks.
Operator: Your next question comes from the line of Brent Thielman with D.A. Davidson. Please go ahead.
Brent Thielman: Hey. Thank you. Good morning. Just a comment about margins on new awards. I think you said 200 basis points above the current backlog margin, which business line or lines or markets are you seeing sort of more meaningful improvement in terms of what’s coming in the door now relative to what you have in the book today?
