Obviously, on our contracts and Products and Terminals, we have inflation escalators, which help increase the EBITDA in those businesses. And we’ve seen some nice rate increases, especially as a result of improving markets. On the Terminal side, especially in the New York Harbor and so those businesses have some nice tailwinds. I think in CO2, obviously, the forward curve right now is that it’s a little bit below where we are right now. But I think on average, it is above where we have been. The 2024 curve is above 2023. I think rent prices in 2024 above 2023 right now; we will have these projects that are in service. So I think we have a lot of tailwinds coming in this business. I would say, the one thing that we have to manage is just the regulatory environment, which we’ve seen increase over the last couple of years.
And so those are things we’ll address as we go through the 2024 budget, but it’s – we’ve done a lot of project opportunities also on gas. To some, a lot of which we have added to the backlog, but there’s still many, many more that aren’t in the backlog yet. And I went through some of those in my opening commentary. So it’s hard to boil it all down to a rate until we get very specific on numbers. But I think in terms – the tailwinds right now are very nice.
Jeremy Tonet: Got it. That’s helpful. Thanks for that. And maybe just kind of pivoting gears a little bit here towards capital allocation and see that the leverage is still at 4.1, which I think is below the long-term target here. And it seems like most of the buybacks have been done below $17. And so when you think about capital allocation, do you think this buyback is below $17 sending the message to the market on how management thinks about the value of the stock? Or you see more value in retaining dry powder for acquisitions or growth CapEx? Just wondering if you could update us on your thoughts there?
Kim Dang: Sure. I mean, I think that where we have our return set with respect to projects, as we’ve stated a lot of times is in the mid-teens. And we move up and down from that depending on the risk of the project. And so those are going to be very nice returns and well above our cost of capital and so the priority when we have our target returns set at that threshold are going to take priority over share repurchase. That being said, when we have excess cash flow, and we will do opportunistic share repurchase. And so we don’t have unlimited cash flow to do share repurchases. And so we want to make sure that when we do those, we’re getting a very attractive price.
Jeremy Tonet: Got it. I’ll leave it there. Thank you.
Operator: Thank you. Our next caller is Jean Ann Salisbury with Bernstein. You may go ahead.
Jean Ann Salisbury: Hi. I think a minor for Tom. I know you’ve talked a bit on prior calls about rates for gas storage rising and getting close to $3. I wanted to understand how much of KMI’s 700 Bcf of storage should eventually be able to reset up to these higher rates and the time line of that occurring?
Tom Martin: Yes. I mean I’ll give you a high level and then let Sital step in for more clarity. But yes, I mean much of that capacity is a single-cycle reservoir storage, smaller percentage of that is salt storage, which is really what the multi-cycle storage facilities, which garner those higher rates. As you know, part of our storage is in regulated services. So there’s limits as to what rate increases we can charge for those services. But what we’re seeing in those instances, we’re getting much longer term. And we also have also, as you know, house services, which are another way where we can extract additional value that may not be limited by regulatory caps. And so it’s hard to put a number to answer your question. But we do think whether it’s through salt service that we sell, fee-for-service or these opportunistic PAL services, both short-term and long-term, that we do, as well as getting additional duration on our single cycle storage services.
