Mike Hennigan: Theresa, it’s Mike again. The one last thing to your question on what’s limiting technology or whatever, in a lot of the areas, the returns that we can get on those opportunities are not quite meeting what we would like to implement. But I think over time, the technologies will evolve and that will be an area for us to invest. As we’ve been talking throughout the call, we have a lot of financial flexibility on this side of the house. John mentioned, we’re 3.5x on the balance sheet, we’re generating $1 billion a year of excess cash beyond growing distribution. So we have the financial flexibility. We are ready and able, but we are going to be strict on returns. So part of what has held us back from some of what I’ll call the splashier discussions that the returns just are not at a level that we think is investable at this point. But we think they’re going to get there. It’s just a matter of time.
Theresa Chen: Thank you for the thorough response and I agree, John, that we definitely look forward to that 2026 re-contracting on the Martinez logistics assets. Maybe turning to the Northeast for a second. Following the startup and ramp up of your deethanizer, would love to get your take on how that facility is doing to support feedstock delivery to the Monaca cracker as well as your general outlook for economics in the Northeast, given the recent price volatility?
Greg Floerke: Theresa, this is Greg. I’ll answer that question on several — there’s several layers to it. We have within MPLX over 300,000 barrels a day of deethanization capacity in our fleet. We’re unique and then our fleet is — our deethanizer actually fleet is spread across all of our processing plants. So we have the ability to reject or recover ethane almost by customer, but definitely by plant. All those plants are connected by purity ethane line and we deliver to Mariner East, Marina West, Utopia, ATEX as well as the Shell Falcon line for pipeline for Monaca. The Smithburg deethanizer is the latest addition to our fleet. It adds a little over 40,000 barrels a day of purity ethane production capability to our fleet, which I mentioned is over 300,000 barrels a day.
So that plant is in operation. It’s operating well. It’s ramping up along with the rest of our fleet to not only supply Monaca but also all of the Gulf Coast, East Coast and even Canadian takeaway points. In terms of the economics, the fractionation spread between ethane and natural gas, whether it’s rejected or not, recently we’ve seen natural gas prices drop at a little higher rate than the ethane price drop. So the economics for recovery have improved. But it’s really up to the producer in terms of whether we recover more or reject. We have the ability to do both. We have the capacity to do it. And frankly, in the Northeast, most of the recovery is tied to commitments that are already made by the producers for those takeaway pipelines and to the Shell plant.
So we continue to ramp up towards as we increase our utilization there.
Theresa Chen: Thank you very much.
