Tom Martin: Yeah. I think, at the end of the day, whether the barrels are supplied by the [PAD 5] (ph) refiners are imported, I think they’ll move on our pipelines. I think as long as the demand is there, the inland demand is there, and as well as the demand in the Bay areas and the LA areas that move across our racks, whether it’s produced in California or it comes in, I think it will find its way into our assets.
Theresa Chen: Thank you.
Operator: Our next question comes from Zack Van Everen with TPH & Company. Your line is open.
Zack Van Everen: Hey. Thanks, guys, for taking my question. Just following back up on the Permian pipeline, is there a market that you guys are looking more towards, whether it’s Agua Dulce, or Carthage, or Houston, that would make more sense at the time for a new pipe?
David Michels: So, look, we like them all. But, as I said, it’s in a very competitive environment that we’re in. I think ultimately, there is a need in probably both locations, right? And so, really that’s all I’ll say. And we’re trying — like I said, we like them all. I’m not sure we’re going to get them all. So, not sure if I answered your question. But, I think there is a pipe — there is probably a pipe that needs to get to the Eastern Louisiana Coast, ultimately across to kind of the Louisiana Gulf Coast corridor and there is probably a pipe that needs to get to South Texas.
Kim Dang: And ultimately the customer — the customers and the customer contracts will drive that.
David Michels: That’s right.
Zack Van Everen: Okay. That makes sense. And then, turning to M&A, I know you all don’t rule it out. And one of your peers this year will have some assets on the market. Curious if you guys would ever step out of the US for assets or mostly focused on just US assets for M&A?
Kim Dang: Sure. I mean, we will look at the opportunity, that’s what I would say. I would say, in general, what we have found outside of the US is that it’s hard to get the types of risk-adjusted returns that we would like to get. And so, because you’ve got different tax issues associated with repatriating the cash and generally returns, depending on which market you’re talking about, but returns have been lower in most of those international markets. So, I think, what I’m saying is, I doubt that happens, but we will look at those opportunities. We don’t pass up looking at things and evaluating whether that could make sense and whether that has — if there are synergies with our existing assets. So, I’ll just leave it at that.
Zack Van Everen: Alright. Perfect. That’s all I had. Thanks, guys.
Operator: Thank you. Our next question comes from Harry Mateer with Barclays. Your line is open.
Harry Mateer: Hi, good afternoon. First one, for the past couple of quarters you’ve been disclosing your 10-Q, some potential financial effects on the EPA’s Good Neighbor Act, with the high-end of the range fairly material. I was wondering if you can update us on where you stand in that process and things we can keep an eye out for in terms of whether the ultimate effect winds up being towards the higher or lower end of the range?
Kim Dang: And I’ll repeat some of the stuff that we’ve said in the past. But I mean, we think this is a flawed rule and it was a flawed process. It’s heavily challenged and it’s legitimately challenged. Every state that has requested a stay on their state plans has prevailed. So, this has stayed in the fourth, fifth, sixth, eighth, and ninth Circuit Courts. And with respect to the Federal plans, that has been appealed to the Supreme Court and what we think is a very positive sign, the Supreme Court has requested a hearing that will happen later in February. So, where that leaves us is, there are only three states right now where KMI — where the rule is not stayed and KMI is impacted. And so, that the impacts that we disclosed in the 10-K are much smaller and I think we discussed that in there as well. The potential impacts, I should say.
Harry Mateer: Got it. All right. Thank you.
Operator: Thank you. We are showing no further questions at this time.
Kim Dang: Thank you, Sheila.
Rich Kinder: Thank you. Appreciate it. Have a good day.
Operator: That does conclude today’s conference. Thank you for participating. You may disconnect at this time.
