Mike Hennigan: Spiro, it’s Mike. So I’ll start off. MPC had a backend weighted turnaround year in ’22. We’re going to talk about a frontend weighted ’23. But even with our activity there, I think one of the things that has been part of our success on the MPC side is to figure out a way to keep our utilizations high, despite taking our needed turnaround activities for safe, reliable operation. So it is a heavier year for us, especially if you think of the back half of the one year and the front half of the other on the MPC side. At the same time, even with that activity, we ran 96% utilization last year. We still expect a pretty strong year. It’ll start off with more activity in the first quarter. But as Shawn mentioned earlier, we’re still expecting — even though we had a record year this year on the L&S side, we’re still expecting a pretty strong year in ’23.
Spiro Dounis: Got it. That’s helpful. Thanks, Mike. Second question, just thinking about CapEx going forward, you guys have been utilizing joint ventures pretty effectively over the last few years. And I guess I’m curious — and you sort of look back and assess that strategy. I think you’d be satisfied with it. But I’m just curious how you’re thinking about it going forward. Is that a strategy using joint ventures something you plan on doing from here on any sort of larger multiyear projects? And ultimately, do you see these joint ventures as a pathway to own more of these current assets or even maybe some of these joint venture partners over time?
John Quaid: Hi, Spiro. It’s John. I’ll start and then let Mike chime in. I think certainly, to your first point, we definitely have been very pleased with our investments in the Permian. I don’t know that we started those from a financial aspect as well as other considerations, right, when you’re entering a joint venture relationship, sharing of risks, commercial opportunity, et cetera. So I think it depends on the situation, because as you know, we certainly have a strong balance sheet and generating a good bit of cash. So those have worked really well for us. I think where there’s opportunities that have both commercial, operational, and perhaps financial reasons, we can look at JV opportunities. But given the strength of the balance sheet, I don’t know that financially we would need to leverage them in that regard.
Mike Hennigan: Yes. Spiro, I was just going to add to what John said. It’s pretty specific to the opportunity and to the desire of all the partners. We try and be a good partner, as John said, in a couple of these instances, we had the financial capability to finance it ourselves. When other members want to do it at the project level and we can live with that, we’re okay with it. We’re not opposed to it. And if it makes for a better partnership, that’s fine for us. But I would tell you, it’s specific to the project itself and who the partners are. But John mentioned earlier, when we quote our capital, that’s the capital that we’re typically doing on our side of the house, and then there is additional capital that comes from those projects that gets financed at that project level.
So it’s hard to answer your question other than it’s specific to John’s point. We have been happy with them. We’ve had good partners. We’re usually aligned. The goal, obviously, in any JV is already aligned in the intent of the project, et cetera. And we’ve been fortunate to have good alignment with our partners. And where we finance it at the project level, we’ve been okay with that as well.
Spiro Dounis: Helpful as always. Thanks for the time, guys.
Mike Hennigan: You’re welcome.
Operator: And our last question will come from Neel Mitra with Bank of America. Your line is open.
Neel Mitra: Hi. Good morning. I wanted to touch on the MPC Galveston Bay upgrades. I was wondering if that would have any impact on the L&S segment once that’s completed?
