And then, with respect to magnitude, does that mean like if the opportunity had doubled? Should we think of it as like that kind of like doubles your appetite and you’re like, oh, we can scoop up 2x the amount of things, we wanted to scoop up. Or does it translate more into – or just skew more towards quality, where you’re like, well no, we can just – it doesn’t change as much of our appetite per se. But like, wow, now we can really beat guys up and bargain and negotiate and get some good economic terms?
Nick O’Grady: I think like any business, the more optionality you have, generally, the more opportunity you have. So, if you have access to more opportunities and you have scale to participate in more opportunities and those barriers-to-entry rise in those opportunities, you’re going to have better return prospects. And as we’ve scaled, we’ve seen nothing but a benefit. But in terms of the — we have, in the past, talked about our pipeline and it had — this is certainly probably a record level. But I’d use an analogy to this, which is, like, take the real estate market and take commercial real estate as an example. Whatever that total addressable market is in the United States, there’s only a smaller portion of minority interest donors across all of those commercial buildings.
There might be billions of people that own 20% of a building or something like that. But if you’re large enough and you have the scale enough to talk about, working with the majority owners of those buildings to own it, you’re addressable market is growing in kind. And I’d say that that’s where we are in the life cycle of our company. And so frankly, I don’t think we could even really tangibly –you’ve got hundreds of billions of dollars worth of oil assets in the United States and we’re really just scratching the surface. But as Adam and I tell our investors a lot, you can carve a working interest out of anything. You can carve in an already interest out of any asset in oil and gas. And so, what we’re finding is that total addressable market has increased markedly from our sizing.
But if you want to go back to kind of how we select this stuff — M&A is one of those things that is about having a thousand yard stare. We don’t fall in love with anything. We don’t do something just because strategically we want to do it. We do it because when we can earn as much money as we require ourselves to or more. And when you do that, you can make good decisions and the thing is you’re not going to have to take a lot of swings at bat. I mean, I think our success rate on the ground this past quarter was about 5%, but that still adds up to tens of millions of dollars. And so, no different for corporate M&A. It might seem like it’s easy, because we’ve obviously done $1.7 billion in just the last two years, but it really masks a lot of failure, which is you’re probably looking at three or four times multiplier to that when you back into the success.
But I will say, we’re moving to avenues in which we remain one of the few people that can participate in those and that allows us to target the returns that we want and also broaden the horizons. I don’t know if you want to add to that?
Adam Dirlam: No. You covered it.
