Brad Corson: Okay, thanks Neil and Happy New Year. On M&A, our position on that has not changed from what I’ve described in the past, which is very much centered around keeping the aperture open looking for opportunities that are strategic and accretive for our portfolio. And part of that determination is not just what’s available in the market, but also looking at our existing inventory of our own opportunities. And as we’ve continued to evaluate M&A opportunities, and we’ve evaluated several, we continue to conclude that they, from a value standpoint, don’t compete with projects and investment choices we already have in our portfolio, whether that be smaller projects like a Grand Rapids or like a renewable diesel that we just talked about or an even larger project like an project.
And so, we’re going to continue to evaluate how do we best maximize value for our shareholders? Is it through acquisitions? Is it through continuing to advance our own deep pipeline of opportunities. And that assessment may change over time depending on what’s available in the market to what degree is consolidation occurring or incentivized. And so again, we’ll just continue to evaluate that, but no fundamental change. And as you saw in 2022, and I hope you’ll continue to see that in 2023, we can generate a lot of value from our existing portfolio. We can return a lot of cash to shareholders. And so, that’s our first priority, but the aperture is always open. And then on the WCS differential, as I’ve discussed in the past, we saw that differential widen pretty substantially in 2022 that was driven by several external factors and not the typical egress constraints that we saw in the past.
That was not a material factor in the widening this last year. It was more about the release of SPR barrels that we’re competing with the Canadian heavies for market share. It was some refinery outages in the second half of the year that reduced demand for the heavies. It was the impact of natural gas prices, energy on refiners’ ability to convert crude in the products and how they €“ what products would require less energy to produce. And so, all that kind of suppressed the demand for WCS for heavy Canadian crudes and that caused the spread to widen. Many of those effects were limited in duration. And so, now we’re starting to see a return back to a more normal situation as the SPR program was completed. Refineries, mostly returning back to the operation.
So, we are seeing continued growth in demand for WCS. And so, I think that’s going to €“ we’ve seen that spread already tighten a few dollars a barrel this year. And as we look forward, we think it will continue to return to more normal levels, but it takes €“ as supply demand balances globally have been disrupted by what’s happened with Russia and Ukraine and the sanctions, those balances take a while to, kind of restabilize. And so, it’s not a couple of week type thing, not even a couple of month type thing. It’s often several months, but I think we’re now starting to see that, kind of a more stable environment.
Neil Mehta: Thanks Brad.
Brad Corson: Thank you.
Operator: That does conclude the Q&A. I will turn the call back over to Dave Hughes for closing remarks.
Dave Hughes: Okay. Thank you. Thanks, everybody, for joining us this morning. If you have any further questions, please just reach out to anybody on the Investor Relations team here, and we’re happy to continue the discussion. Thank you very much.
Operator: This does conclude today’s call. You may now disconnect.