But in reality, the large M&A deals that you’re seeing, whether it’s from ourselves or our peers are in the six to eight times cash flow range. So, we think there is benefit right now, to being a larger buyer of assets. We will always look at everything. I think what you’ll see is that we’ll continue to be very [Technical Difficulty] on the acquisitions that we make. We’ve had years where we’ve done no deals. We’ve had years where we’ve done one deal. This year, we did three meaningful ones, but frankly, they were all unexpected in nature. We didn’t – it’s hard to predict the M&A wave and we just happen to be in a good place at the right time. And they are assets that we really like, and we’re able to get them. So, I’d say that we’re going to participate.
We’ll be pursuing deals on a leverage-neutral basis. We don’t anticipate levering up, obviously, any more than we already are and we like our chances. And I think that, we’ve done very well historically in using our currency, either through primary offerings or direct issuances to sellers as a currency to acquire assets. I think we’re differentiated in that regard. And so, I think you’ll continue to see us in the M&A landscape. So, we’re going to be very rifle shot in our approach. Bob or Matt, anything else you guys want to add?
Bob Ravnaas: Yes. The only thing I’d like to add is, we really love the last three acquisitions that we’ve done, and we’re delighted to have been able to get them at accretive pricing. So starting with [indiscernible] last year, MB and then this most recent largest third quarter acquisition, the quality of the production on all three are excellent and just a lot of drilling activity. So, we’re very excited about the way these three acquisitions are performing.
Derrick Whitfield: Very insightful. Thanks for your time.
Bob Ravnaas: Thanks, Derrick.
Operator: Thank you. Our next question comes from the line of John Abbott with Bank of America. Please proceed with your question.
John Abbott: Hi. Good morning and Thanks for taking our questions.
Bob Ravnaas: Good morning.
John Abbott: Yes. So both our questions are really on tax. So per your presentation, you’ve indicated that 55% of the distribution paid in November will be nontax from federal – for federal purposes. I guess the real question is just how does that trajectory sort of look over a sort of a multiyear basis based off your forecast? What do you think about that?
Davis Ravnaas: In terms of future, how does that 55% number change going forward?
John Abbott: Correct.
Davis Ravnaas: Yes. Blayne, are you on the call right now? I might defer it to you to answer that question.
Blayne Rhynsburger: Yes, I am. And we used to – in previous year, provide guidance going out further than just the quarter. But then when commodity prices increased, we kind of made the change to do it quarter-by-quarter. So, I would say really that number, that 55% number is really just going to ride with commodity prices. So if you see a run in oil and that’s where the capital number is going to go down. But there’s really no other factors other than that that’s going to change that. So I would just – the answer would be that it’s going to change with commodity prices and move with that, so.
John Abbott: I understand. I understand that you don’t necessarily provide multiyear tax guidance anymore, and I understand the volatility of commodity prices. But you are taxed like a C corp. You’ve done your acquisitions, so that probably helps your taxes probably next year and maybe a little bit after that. But at what point, if just sort of assuming if you did not do another acquisition, would you guys think that you would be a full taxpayer? Are we looking four to five years out? How do you kind of – if we just sort of look at the strip today?
