Keith Stanley: Okay. Great. Thank you. Second question just on going back to Saddlehorn, but are you optimistic that you could find other bolt-on type opportunities like that over the course of the next year, or was that more of a one-off with Western’s process? I noticed you didn’t list acquisitions as part of the capital allocation priorities in your remarks?
Pierce Norton: So, this is Pierce. What I would tell you is we are always looking for opportunities to expand our footprint out there. That’s one of the things that we look at. As far as M&A goes, we continue to be focused and actually very pleased with the integration as it’s related to Magellan. So, at this time, our – that is our organization’s primary focus is on the integration of what we just acquired last year. I would say that future M&A will be the same as it always has been here at ONEOK. We are going to be intentional and disciplined about what we look at.
Keith Stanley: Okay. Thank you.
Operator: Our next question comes from Neal Dingmann with Truist Securities. Please go ahead.
Neal Dingmann: Good morning. Thanks for the time. My first question, just looking at your NGL raw, just the throughput on the raw volumes there, I am just wondering, it looks like the range is a little wide in this run, could you discuss some drivers behind that and how this is shaping up sort of year-to-date so far?
Sheridan Swords: Neal, could you repeat that question one more time?
Neal Dingmann: Just looking at the – I am looking specifically at Slide 8 around that at NGL raw, the throughput volumes and just sort of looking on expectations behind ‘24. And it’s not terribly wide, but just wondering what would cause that to trend towards the higher side and how that’s looking sort of year-to-date?
Sheridan Swords: On our raw feed NGL volumes, one of the big things on the raw feed NGL volumes that’s going to make it go up is ethane recovery. And we have come out and said that we are going to have – naturally the Rockies is going to be in rejection, but we are going to have opportunities to incentivize that. And then I also said we are going to manage our capacity in our pipeline at Elk Creek until we get the expansion on is up more to the high end of its capacity. Then you have the Mid-Continent, where we have said that’s going to be kind of in and out of ethane recovery. So, is that more – we have the opportunity to – as prices spreads stay wide like they kind of are today, we will see more ethane throughout the year come out, which will drive that up, your raw feed throughput up.
And then out of the Permian, we have always said that’s going to be in full ethane recovery from here on out. So, the biggest one is going to be ethane recovery. Obviously, we are seeing we have talked about volume in the Bakken that looks really, really good. We are also seeing plentiful of rigs in the Mid-Continent drilling in different areas in some of the oil-rich areas, some very high GPM areas, that as we go through this year, we are cautiously optimistic that we are going to see really good growth there as well. So, those are some of the areas we see could push it to the high end, but definitely ethane recoveries, the biggest swing here in 2024.
Neal Dingmann: Very helpful. And then just a second question on looking at your natural gas pipeline earnings, I am just wondering, part I saw of the sequential increase was driven by – that earnings was driven by the higher natural gas sales volumes previously held in inventory. I am just wondering, is that something you anticipate to continue to see potential upside from these incremental volumes in inventory? I mean is there – is that more to come, or what should we think about with other volumes around – associated around that?
Chuck Kelley: Yes. Neil, this is Chuck. Seasonality, obviously, the prices are higher in Q1. So, when we set up for each calendar year, we look at our portfolio of equity gas and choose where we are going to – what months we are going to sell that in and try and optimize our value there. So, that was part of our plan going into Q1. Obviously, you have seen gas prices fall here in Q2, so you got seasonality at work. So, we will just be – throughout this summer, we see electric generation pick up, and we will see prices spike, we may sell into some of that. And then again, it will be a seasonal back to the winter months next year.
Neal Dingmann: Helpful. Thank you all.
Operator: Our next question comes from Craig Shere with Tuohy Brothers. Please go ahead.
Craig Shere: Good morning. Thanks for letting me in. Sheridan, back to that $0.20 to $0.30 Williston NGL bundled rates question and this issue of incented ethane recovery. Are you seeing the spread of ethane discounts required to incent recovery less than historical to the degree that we ramp up ethane? Do you see that having relative to the history, less of an impact?
Sheridan Swords: Craig, what I would say right now is we – in the incentivized ethane that we have done so far this year, it has been at or maybe a little bit above what we have done, what you would say more as a run rate in the past. A lot depends on not just the price of ethane, which we have good demand for ethane on the Gulf Coast, but also what the price of natural gas is in the Bakken. And so you got to look at the spread between those two. But so far, we have been very pleased with what we have been able to lock incentivized ethane in it.
Craig Shere: Got it. And just to finish off, do you see prospects for ethane being tailwinds year-over-year even into 2025. And separately around the Conway to Mont Belvieu basis spreads that seems to have contracted last couple of quarters. Do you see that stuck in the doldrums for a while?
