Chase Mulvehill: Jeff, I guess a quick follow-up or a question, maybe we can kind of dig in a little more on the international side. We spoke a little bit about this at dinner, but we get a lot of questions around confidence in multiyear growth on the international side. Obviously, we saw a strong growth last year and expectations are for another year of strong growth. I guess, could you speak to what you see for continued growth on the international side, once you get past ’23 and kind of what gives you confidence that we will continue to see growth on the international side post this year?
Jeff Miller: Well, I would just start with the underinvestment that we’ve seen for the last roughly eight years and really haven’t caught up with that. And so if I just look broadly at kind of reserve replacement and availability, that portends a lot of years of recovery and we’re in the early stages of that in a lot of ways. It takes time to get international projects up underway, a lot has to be renegotiated with different partners. And so I think that what we see building is the tender backlog and these are tender backlogs that go beyond a year, well beyond a year and that’s consistent with sort of the slower recovery in spend that we typically see internationally. But I’m confident that that’s basically what’s required to recover and produce enough oil to meet demand.
Beyond that, specifically dialog with customers, target set by countries, outlooks that nearly all international countries that produce oil have targets that are certainly above where they are today, less clarity about how they get there, which actually really does indicate more service intensity in terms of how they get there, which is more activity certainly for us.
Chase Mulvehill: If I can pivot a little bit and follow up on some of the North America questions. Obviously, here, you’ve stated you talked about there’s probably upside to North America that you don’t see pricing pressure unfolding in pressure pumping, supply chain constraints, probably upside to demand. But we do get a lot of questions around pressure pumping and the risk of pricing. And really, those questions revolve around kind of lower tier fleets and kind of investors kind of asking about who has the high end fleet to the lower end fleet. So I don’t know if you could take a moment and just talk about how many — what percentage of your fleets are kind of Tier 2 diesel where if you were to see some pricing pressure, that’s maybe where you would see it if you would see any?
Jeff Miller: Look, I don’t see that in our business today at any level of equipment. In fact, all equipment is called for. Clearly, we have a strong environmentally — a low emissions fleet as well that’s probably at the higher end of price deck. But even at the bottom end of the price deck, our equipment — we’ve systematically replaced equipment over time. And so we’re really pleased with the fleet that we have and even a Tier 2 dual fuel equipment is in demand, most certainly. But what I’m most impressed with actually is sort of the strong market pull that we see around our e-fleets. We’ve got strong customer demand and especially I’m seeing repeat customers, which is terrific, where it’s not one but two to the same customer are all fully contracted.
And I think that’s just an indication of the strength of our technology, it’s proven, proven technology. I believe it’s a better mousetrap. And quite frankly, we have a very strong IP portfolio and I think that is going to continue to be important.
Operator: Our next question will come from Roger Read with Wells Fargo.
