Joe Foran: I’d just add, second that, that I do think our reservoir group, led by Tanner, has done a real good job. And when we’ve had the outside consultant, Netherland and Sewell, they’ve been right on the money and our bank engineers the same thing. There hadn’t been — we’ve been 10% ahead. Everybody’s been right on all three groups, been right on the money. So we feel we have good confidence. And we’re figuring out ways to improve that profile. On the well, I feel like we’re drilling better wells today, than we were even back then and feel like we’re completing them better and that the Maxcom room has kept us more in zone. And I know that may be some people haven’t seen, but our visitors that come in seem to really like the room. You can see how staying in zone longer, 10% more on a 1 million barrel well can mean 100,000 barrels. So we think there’s — we’re glad to see the improvements. And we’re looking for more ways to do each well better by increments.
Zach Parham: Got it. Thanks guys. And then just one follow-up, on the cash flow statement for the quarter, there was $65 million in acquisitions. Could you give us a little color on maybe what was acquired and quantify the production impact from those acquisitions?
Joe Foran: You’re getting probably in the sum that is difficult to breakdown. Some are small, some are larger. It’s just a whole mix of items in that kind of a steep-pot where things go in, but you want to take a hand at it, Brian.
Brian Willey: Sure, Joe. This is Brian. I’d say Joe did very well. I think it’s a mix of dozens of deals. And as we look at it, it’s got non-op included, it’s got operated wells and increasing our interest in those. It’s new acreage. It’s just — it’s a broad mix. And so our land group, this does a tremendous job. We’ve talked about this for many years, this brick-by-brick approach of building the company in this kind of organic growth. And so set out to Van and to Jon Filbert and Bryan Erman and the rest of the team that does just such a good job in doing these deals and brick-by-brick continuing to build our position in the Delaware Basin. I think Joe reviewed the slide earlier that talked about the number of wells and how we’d increased on that front.
It also shows the acreage and how back in 2012, we had right around 6,000 acres, and now we’re over 150,000 net acres. And it is great to be able to increase and can see that growth over the years. And so a great job to the land team.
Zach Parham: Got it. Thanks guys.
Operator: Thank you. Our next question comes from the line of Neal Dingmann of Truist.
Neal Dingmann: Good morning, Joe and team, congrats on another nice quarter. Joe, my first question, maybe just a broad question on your comments a few minutes ago. I’m just wondering, would you plan — what are you suggesting would your planned activity and decision to add an eight rig and boost production next year change if prices fell for various reasons, or maybe if I could ask another way, I mean, how do you all view the very limited maintenance capital and production plans by many other E&Ps? And I love what you all are doing to create value. I’m just curious to know how you all are thinking about it?
Joe Foran: Well, you met the guys here, Neal, and they’re all pretty strong minded people. So I hesitate to say that my opinion reflects everybody else’s. There’s some pretty active discussion around what’s the best way to go. But what I’d say is that, the eighth rig, I think, is pretty firm. We think that commodity prices change, it changes $1 or $2. It’s not even going to be material and how much do they have to change where you’d even consider because this rig is coming on to drill some specific wells that are important to our evaluating our overall acreage. And so I don’t think we’re — at this point, seriously thinking, well, we’re going to take this rig on for a little bit, and then we may let it go. We’re laddered in on our rigs.
So we have that optionality, but the economics of a add rig looks pretty darn good, and I can’t see us doing it, unless some black swan event. And I’d also like to thank Patterson has been a great partner in these endeavors with us. And we’ve worked together and they’ve done so well in improving the cost structure that Chris was — and Patterson had worked out this year, I see the same thing happening, if prices were fall dramatically Patterson has really good to help us be more efficient on our drilling. And in the slide, Chris, do you want to say that?
Chris Calvert: Yeah. Yeah. Neal, this is Chris Calvert, EVP, Co-Chief Operating Officer. I think Joe said it well, obviously, the value that we place on the relationship with Patterson is something that is extremely important to us. The idea of the eighth rig, we were talking about the right time to add that in. I think the foundation under that decision or a lot of that foundation is execution and how can this rig come help us execute our plan not only for 2024, but also to continue to drill wells in a faster way, in a more cost-efficient manner. And so you look at the relationship with Patterson that goes back decades. It is something that has been built of an understanding of we know what we’re — what our expectations are, Patterson knows.
And it comes with a high-tech super-spec rig, it comes with a very competent exceptional crew. It comes with these things that really allow us to continue to execute in a way of reducing drilling days of reducing well costs and things like that. And so the optionality obviously is very important to us. But its also the understanding that we know what we’re going to expect, and that’s a high-tech super-spec rig. It’s going to be able to drill wells like U-Turns, longer laterals, things like that, that allow us to continue to improve on the operational front.
A – Joe Foran: One other I’d add to, Chris, is that with Patterson, we have a long history going back 40 years that when Patterson drilled my first well out there and subsequently either Paterson or their predecessors have been the guys that have drilled the wells. And what we’ve always done, if you look at our history, is that when times get tough and prices really go down, we don’t stop drilling. That’s — times that we feel we make most progress. So I don’t wish for bad prices by any means. But Patterson knows just as prices go down, we’re not going to start dropping rigs like the ever fly. Each time we take on a rig, we’ve got a planned sequence of wells for them to drill that fit their equipment and their location. And so I think you’ll see us — even if prices go down, we’re going to keep rigs running. And that’s the times that we feel we make the most progress, Chris? Yes.
A – Chris Calvert: Yes, 100%. That is something that we are very proud of when we’ve seen some of these pricing environments where oil dips down in, say, COVID times, we did make some of those best operational achievements, whether it was Stateline wells, lateral length extensions into 2 and 2-plus mile laterals, simul frac. All these things were a function of the work that was done during a down cycle in the commodity price. So if we didn’t have that maintained level of activity, we wouldn’t be talking about some of the operational prowess that we have today.
