So the capital we spent in the first and second quarter will really go towards that waiting in the back half of the year. And so, I would imagine even from a production and a TIL cadence, which will be more closely aligned than the CapEx cadence would that you’re going to see a more material step up in the third quarter and into the fourth quarter than you would necessarily in the second even as you’re drilling a lot of those wells. And it also to be candid depends on what time they come on in the quarter. If we have a bunch of wells come online in June, that’s not going to have a huge impact on the second quarter necessarily. So we try to be very mindful of that, because those drill schedules move around all the time So, really, I think you would see probably, and Jim correct me if I’m wrong, but I would say the third quarter is probably going to be the most active quarter from a from a TIL cadence this year with the fourth quarter not far behind.
John Freeman: That’s perfect. Thanks, Nick.
Nick O’Grady: Yep.
Operator: Our next question comes from the line of Derrick Whitfield with Stifel. Please proceed with your question.
Derrick Whitfield: Thanks, and good morning all.
Adam Dirlam: Morning.
Derrick Whitfield: With respect to the larger operator specific opportunities you may pursue, how important is line of sight activity and investment pacing in your evaluation process? And would you generally require a modestly greater return to offset operator concentration risk?
Nick O’Grady: And Derrick, just to be clear, you’re talking about, like, co-bidding assets or partnering in some sort of partial sell down. Is that kind of where the question is based?
Derrick Whitfield: Yes. And I’m thinking more like the Mascot opportunity. I was directionally seeing that was the 14 larger packages as you’re referring to?
Nick O’Grady: Yes, I mean, the answer is all those risks weigh in to it. What we really focus on is alignment with the operator, and that can be through governance. It can be through what share of what everyone owns, and it can be a combination of all those things, with concentration risk comes just that, But the line — we are a an IRR, NPV, and risk adjusted return on capital weighted company. That’s how we evaluate these projects. And so, line of sight is also incredibly important. But that line just because you have line of sight, you need to make sure that you have governance that they can’t change their mind and not do that, because that’s obviously an easy way to store values. So we try to weigh all those things contractually and to ensure that the operator is aligned to do the same thing that we would want to do with our money.
Adam Dirlam: Yes. And I think it’s understanding the needs and the wants of the operating partner, right? Because each individual operator is solving for something different. We’ve had conversation with operators that say, hey, Northern choose your own adventure. You tell us what you want to drill in order to come up with the best number that you can. And then you’ve got other operators that want more autonomy in terms of what that drill schedule looks like and we’ll underwrite it accordingly and take those factors into consideration.
Derrick Whitfield: That’s great. And then, building on John’s earlier question on service prices Are you guys seeing any improvement in well cost across any categories on a leading edge basis? And then separately, regarding your Continental commentary, does that price advantage appear to be efficiency or market pricing based?
