Brad Corson: Yes. Thanks for that question. And obviously it’s something we spend a lot of time thinking about as well. And I guess it starts with, kind of the foundation of our capital allocation strategy, which is to provide a reliable and growing dividend. That’s where we start/ And we have a long history of that. We’ve been paying a reliable dividend to our shareholders for over 100 years. We’ve grown that dividend year-on-year for the last 28 years. And so that is core to our strategy. And that’s going to continue to be the first place we go as we think about shareholder distributions. We certainly supplement that with NCIBs and SIBs to be reflective of current market conditions and cash flow generation, but the foundation is this reliable and growing dividend.
And you’ve seen us grow it quite significantly over the last couple of years. And we see that there is potential for further growth in the dividend, but we are always going to be conscious of the sustainability of that dividend. So, when we take a decision, whether it’s a small growth or a large growth, it’s with a lot of consideration to what does the future look like and ensuring that that dividend is sustainable over a wide range of scenarios, not just the current market we’re in, but we’re recognizing we are in a commodity market that has a cyclical nature to it. And whereas we’re all benefiting from $80 crude today, it wasn’t that long ago that was $40 or below. And certainly, the potential is that somewhere in the future will return to lower levels of commodity pricing.
And we want to make sure that, that dividend is sustainable. So, we’re going to continue to evaluate on that basis. Mathematically and mechanically, you are exactly right though, as we buy back shares and we reduce the outstanding share count. That gives us flexibility to raise the dividend, but not really raise the cash outlay for the dividend because it applies to fewer shares. And as Dan just described, we bought back almost 15% of the shares. So that gives us significant flexibility in that regard. So as we go forward over the next couple of quarters, we’ll be continuing to evaluate what’s the appropriate strategy to return cash to shareholders, but again, that strategy starts with growing the dividend.
Doug Leggate: Appreciate the answers guys. Thanks so much.
Operator: We’ll go next to Dennis Fong with CIBC World Markets.
Dennis Fong: Hi, good morning and thanks for taking my questions. The first one, maybe I wouldn’t mind starting. You guys have focused on optimizing the existing assets in your opening comments, as well as the acceleration of the Grand Rapids project. I wanted to hopefully pick your brain a little bit about maybe the pipeline of additional projects that can possibly drive, we’ll call it, upside in terms of upstream production, as well as helping, kind of moderate cost inflation or even lowering unit operating costs amongst your various assets.
Brad Corson: Yes. Thanks for that question, Dennis. And we do have a suite of project opportunities across our assets. It sounds like your question is mostly focused on the Upstream, although I would just maybe first note what we’re doing in the downstream with the renewable diesel project, 20,000 barrel per day growth to the Strathcona asset, which is slightly above 200,000 barrels a day base today. So, 10% increase right there alone. So that’s on the downstream. But back to the upstream, we have now for several years, laid out this vision at Kearl to grow to 280,000 barrels a day, and we continue to make material progress towards that, and that’s with multiple project initiatives, brownfield, high-return projects. And as you know, we have now firmed up our guidance and commitment that by next year 2024, we will reach 280,000 barrels a day at Kearl, and we’re continuing to evaluate further opportunities to move us even beyond 280,000 barrels a day.