Robert Jornayvaz: Most of that business – I would say the large majority of that business is centered in New Mexico. And so the fundamentals of servicing the oil and gas industry are very strong, but we continue to navigate the regulatory environment. So for example, our [sand mine] project, we’re still waiting on one more permit that we should have had months ago. So we continue to navigate the continuing complexity of the New Mexico regulatory environment. So it’s really hard to give really solid guidance based on the number of projects that we have teed up and ready to go that we just continue to wait on permitting. So it’s hard to give specific guidance when we can’t get specific answers as to when certain permits will come out of regulatory agencies. So I hate to make excuses, but that’s the reality of life in Southeast New Mexico right now.
Joel Jackson: So if you were – like someone like me asked about your company, would you then assume kind of a similar like base case balancing all the risks, kind of a similar profitability or similar business size in 2024 versus 2023?
Matthew Preston: Yes. I mean I think that’s a good place to start, Joel. We certainly have some opportunities there from the sand project Bob mentioned, continue to look to increase the high margin sales we have around freshwater and 10-pond brine that we’ve had great success selling and kind of growing that business over the last couple of years. So I think it’s a good place to start. It’s pretty consistent. You do see, and we’ve talked about this on past calls, some quarter-to-quarter variabilities, particularly in our South Ranch where we sell 1 or 2 large fracs a year. And so that variability and timing of sales can cause some of the quarterly fluctuations. But from a calendar year perspective, it’s a good place to start is being consistent with prior year as activity continues to be strong down there.
Joel Jackson: Thank you very much.
Robert Jornayvaz: Thanks, Joel.
Operator: [Operator Instructions] We have a follow-up question from Joshua Spector with UBS. Please go ahead.
Christopher Perrella: Yes. Just a quick one. With all the moving parts here in the fourth quarter, is there incremental EBITDA that you’re expecting to generate in 4Q here?
Matthew Preston: I mean, Chris, do you mind maybe rephrasing that? When you say incremental to what?
Christopher Perrella: I’m sorry, yes. So sequentially, I mean, with better pricing here and volumes looking a little bit better and maybe cost coming down a little bit, I mean what’s a reasonable range for EBITDA for the fourth quarter expectations?
Matthew Preston: Yes, we’re not going to give guidance as far as quarterly EBITDA. But certainly, Q3 historically is a low point, sales pickup from just a volume standpoint in the fourth quarter. We had some LCM we took in the third quarter roughly $3.4 million, and we expect it to increase kind of quarter-to-quarter, but I’m not going to provide a number there.
Christopher Perrella: All right. Okay. No, that’s fair. I was just looking for any other onetime items that maybe as I think about modeling this thing – modeling profitability sequentially you would call out or should be aware of?
Matthew Preston: No, there’s certainly no onetime items that we expect right now. And I just kind of reiterate, certainly, sales, we expect we’ll pick up here in Q4 a little bit, given kind of the rough guidance on pricing and volumes, hopefully, that kind of can help get you there.
Christopher Perrella: Appreciate that. Thank you very much.
Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Bob Jornayvaz for closing remarks.
Robert Jornayvaz: I want to thank everyone in your interest in Intrepid and appreciate your interest, and thank you, and have a great day.
Operator: Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.
