Chris Perrella: All right. And then just one final question. How much of the volume is locked in or was pre-sold into the fourth quarter?
Mark Behrman: Well, we don’t generally give out a percentage, but suffice it to say that a good portion of our fourth quarter sales are pre-sold.
Chris Perrella: All right, thank you very much. I appreciate the time this morning.
Mark Behrman: Sure. Great to talk to you.
Operator: Our next question is from the line of Andrew Wong with RBC Capital Markets. Pleased to see you with your question.
Harrison Reynolds: Hey, good morning. It’s Harrison Reynolds on for Andrew Wong. I was just wondering if you could provide some thoughts on the hedging position and maybe any comments on the strategy for next year?
Mark Behrman: Yeah, so going, I think we’ve talked about this on a couple of earlier calls, but I think Late last year, we were able to, we had the ability to lock in gas at certainly less than $4, and I’d say between $3 and $4 for the full year of 2023. And given where gas prices were and where people, at least the futures were, we thought that was prudent. Clearly it turned out to be not prudent as gas dropped down to almost $2 in MMBTU. So we have, as Cheryl said, gas hedged about 90% for the fourth quarter at around $4. So we’re still suffering with that hedge for the fourth quarter. Going forward, you will not see us hedge at all. We will — buy first of the month gas for most of our gas, leaving a little bit as daily gas due to just fluctuations within the plant. But we will basically be spot on first of the month starting in January.
Harrison Reynolds: Great. Thanks so much.
Operator: Our next question is from the line of Laurence Alexander with Jefferies. Please proceed with your question.
Laurence Alexander: Good morning. Two questions. One is on the off-take agreement. Actually, three questions. One is on the off-take agreement, can you just characterize when you think you may reasonably have off-take agreements for the blue ammonia in place? And secondly, can you give a little bit more detail on how you’re thinking about the nitric acid trends into year-end or possibly into early next year? And then just lastly, on the marine fuel, can you just give an update on your thinking about what needs to fall into place for that to become material and when you think you’ll start to see sort of a significant chunk of end market demand for marine fuel applications?
Mark Behrman: Sure. Hopefully I remember the questions. So on off-take for the new ammonia plant, right now our schedule is, you know, we’re currently in discussions with many off-takers, as are a lot of our competitors who are looking to build facilities as well. Right now, we’ve entered pre-feed, so that will last until the second quarter of 2024 and then we’ll certainly evaluate where we are from a cost perspective, and then hopefully move into feed, which will take one year. So we’ll finish in the second quarter of 2025. Within the time of us executing on a feed study, we would expect that we would have negotiated take or pay contracts with the federal government. Japanese and Korean and potentially European and U.S. off-takers for the ammonia that we would produce.
At the end of feed, we would have to make a decision on whether we’re moving forward, so FID, and we would not move forward without take-or-pay contracts. As far as — I’m sorry, I forgot the second question.
Laurence Alexander: Nitric acid.
Mark Behrman: Yes as far as nitric acid casted I mean, we’ve got really healthy markets here is — as we mentioned earlier and we see the demand continuing to be pretty strong nitric acid sales we’ve been in that market for you know the last 30-plus years And then I would say nitric acid obviously is upgraded to other products. On the non-fertilizer side would be ammonium nitrate, both solution and prill today. And we’re seeing really strong trends there as well. So we hope that we believe that will continue.
Laurence Alexander: And then just lastly on the marine fuel.
