Lee Tillman: Yes. And maybe one just kind of closing comment as well, Neal. I know we spend a lot of time talking about inflationary pressures on the CapEx side of our business. I don’t want us to forget that our operating expenses are also a critical element of our business model. And if you look at our guidance, particularly for the U.S. business this year, the U.S. unit production expense is actually going down by circa 10% year-over-year. A lot — obviously, a lot of great work by the team, but also it reflects some of the implicit efficiency that we’re gaining through the scale and the performance from the Ensign acquisition. So I just don’t want to focus all of our time just on CapEx, OpEx is still a very key element of delivery of our financial metrics. And so I just wanted to highlight that before we let these questions.
Neal Dingmann: That’s a great. Thanks, Lee, thanks, Mike.
Operator: The next question comes from Doug Leggate with Bank of America. Please go ahead.
Douglas Leggate: Good morning, guys. Thanks for getting me on. So Lee tremendous acquisition in the Eagle Ford. My question is whether you have line of sight or any thoughts about how you address the balance of the portfolio. And let me frame my question like this. On Slide 20, you’re showing about a 13-year inventory in the Lower 48, but you’re also suggesting the Eagle Ford today is more than 15 years, and that’s about half of production. So I guess I’m coming to a conclusion that the rest of the portfolio is probably sub-10. So I’m wondering if you could give us some thoughts as to whether that sounds reasonable, maybe break it down by asset, but how you think about extending the asset life on those other parts of the portfolio? And I’ve got a follow-up, please.
Lee Tillman: Yes. No. Thank you, Doug. Well, first of all, I appreciate you pointing out the inventory life because I do think this is an important topic. This is third-party data. This is — that we showed in the pack. It’s also kind of sub-$50 WTI breakeven data. So you just have to keep in mind that this is a very specific slice of inventory life. To me, one of the key takeaways is that we’re clustered in with 4 or 5 other companies that are really sitting in that 12- to 15-year inventory life. And so we’re in a very good ZIP code there. So I want to start with that as a premise. We’re not disadvantaged in any form or fashion when it comes to quality inventory like with exceptionally low breakeven. Getting beyond that and talking about inventory life for the portfolio, but also at a basin level.
You’re right in the sense that Ensign has been very accretive specifically to the Eagle Ford. But as you know, capital allocation and consumption rates ultimately sits the inventory life calculation, that’s why we tend to look at it at a portfolio level as opposed to a basin level. But you can take comfort in the fact that when we look across our basins, in aggregate, they are all at that kind of 10-year or better inventory like when we look at that from an internal perspective. We said, well, how do you think about growing that inventory life moving forward. Well, I think right now, we’re just wanting to integrate and digest the Ensign acquisition, which, to us, was very much representative of the type of acquisition that makes sense for a company like Marathon, right?
