Philip Johnson: Yes. Okay. That’s helpful. On the reserve report, and just wondering if you can maybe share what your next 12-month PDP decline rate is, I guess, for both oil and gas. And, for us how that’s changed relative to where you are in the past couple of years? I’m assuming it’s come down a little bit, but just looking for the approximate magnitude or so.
Chad Allen: Yes. So our base PDP decline is going to be in the low 30s to 32% to 34%. Obviously, as we go through the year, and we start bringing on some of these acquisitions, MPDC projects, those sorts of things are declining, right will increase throughout the year. So as we exit the year, we’re probably going to be closer to mid-30s to high 30s and that kind of range, but that’s kind of where we’re starting out today.
Operator: . Our next question is from John Abbott with Bank of America.
John Abbott: First question. Cascading DD&A came a little bit high for the fourth quarter with the mergers closing. How do you think about inappropriate DD&A rate, just sort of going forward?
Chad Allen: Yes, John, we were just looking at that this morning. And I think, when we roll in PDC, and I think we’re sitting right around 10.50 for kind of exit DD&A. I think MPDC will likely add a buck or two to it. So I think once we get that rolled in, are probably somewhere in the 11.50 to 12.50 range, I would guess.
John Abbott: Appreciate it. And then, the second questions on the acquisitions that you just sort of — you’re just closed on here. Any, you just got them in the door? Any pleasant surprises? Any changes in activity levels versus what you originally assumed?
Nick O’Grady: Yes. I mean, I think maybe a few anecdotes to start first, like, a small anecdote like our first Midland acquisition that we closed in October performing exceptionally well. And we actually just did this look back this morning, and in aggregate, we are ahead of schedule and the assets are performing really well. As a non-operator, you just have to say like anything, this will change and pivot, depending on the environment. But we underwrite conservatively and focus on good geology. And so they should be relatively resilient. And so ultimately, while drilling schedules move around here and there, I don’t think we expect any major surprises in 2023.
Operator: Our next question is from Donovan Schafer with Northland Capital Markets.
Donovan Schafer: The first one I want to ask is, I know it is definitely way too early to get specific at all on guidance or any type of an outlook for 2024. Obviously, but I’m just wondering if you can talk about this at a much higher level, just broadly in terms of given the high level of M&A activity, that you’ve had including this quarter and the preceding four quarters? Is there any kind of in embedded growth in that that you would expect to translate into 2024 in terms of the cadence. Did you see rigs moving through that acreage? Yes, I know, maybe we assume — if we assume something like an $80 oil price, roughly, just when you’re looking at all that acquisition activity that you did, and you kind of hold things constant? Do you see that as something leading to incremental growth in 24 over 23? Or would growth in 24 over 23 need some additional kind of proactive activity on your guys’ part?
