Donovan Schafer: Okay. And then just one last question and I’ll take the rest offline. Is the NGL to gas ratio, I know is kind of above historical levels and that showed up kind of nicely in this quarter. I also know that’s a hard thing to predict and know exactly where that’s headed. I mean, the only one I know, I think Rusty Braziel is the only I know who’s like actually wrote a book on it. And knows the stuff inside and out, but kind of beyond my skill set. But can you tell us like what you look at — I know it’s like the next to impossible for you guys to kind of guide on anything like this. But just – I know you don’t control over it, right, like when the operators are electing to go ethane rejection or keep it or do the extraction and so forth.
But what are you like watching and how are the trends and what you’re watching that underlay this. If you can just elaborate all on that? And if there’s anything like we could watch or monitor that helps, give a sense of where it’s going?
Nick O’Grady: Well, I mean the NGL basket trades every day, the mix of which we receive varies from day-to-day, you mentioned ethane. And I think rejection is probably at a high. There are limits to how much you can do. Some operators extract it one way or the other because of contracts they might have entered and you’re going to get a worse realization in a market like that when that happens. But ultimately, you’re talking about probably about four variables. You’ve got in base and differential, you have the NGL basket as a ratio to gas, and then you have to fix gathering and transportation costs. And then in some cases, you have the percentage of proceeds piece, in which there is an added cost as those go up. Chad, I don’t know you want to add to that?
Chad Allen: No. I think here you said it right. I think, we would expect our guidance just be more realistic going forward. Obviously, gas differentials are volatile. And then the recent weakening in oil prices will have effect on kind of the go forward price, we believe. I think rejection, obviously played a role this quarter. As well as kind of the takeaway to the West versus Waha in the Permian for us.
Donovan Schafer: Okay. That’s helpful. Thanks guys.
Operator: Our next question comes from the line of John Abbott with Bank of America. Please proceed with your question.
John Abbott: Hey, thank you very much for taking our questions. First question is on capital allocation. Appreciate you got a dynamic process here of allocating towards growing the dividend, paying down debt, buybacks. But when you sort of see what investors can sort of earn as far as a return on cash, does that change the calculus at all? Does it make grabbing maybe makes potentially buying back shares or reducing debt more attractive in the near-term. So, how do you think about that?
Nick O’Grady: I think we think about it as — you mentioned the word dynamic. We think about it dynamically because those inputs change every day, right. The stock price versus our ability to reinvest capital versus taking risk off by paying off debt to ever increasing dividends and that balance matters. And I also think that, like anything in life, too much of anything is not a good thing, right? And so we’ve really tried to keep it balanced. I think in the coming months, we’re going to spend a lot of time. We’ve laid out we viewed as a long-term plan a couple years ago. And we really need to think about what’s next for us in the next couple years. And I think it’s going to be a balanced approach to all of those things, right?
