Sheridan Swords: The — Michael, what I’d say about frac capacity coming online. In the NGL world, the people that are building those fracs as us, we contract that volume and build our fracs to be able to grow into. So as these fracs come on, you’d probably see the spot market be a little bit weaker than it was when our frac went down. But long term, those fracs are contracted and as volume comes on, they will fill that. In terms of MB-6, remember, MB-6 is really just replacing Medford. And so MB-6 is completely contracted as Medford was completely contracted. So we’re really only looking at our really add to our frac fleet is the MB-5 that we had substantially contracted before the Medford incident. So I think you’ll see a little bit of softening in rates in the spot market. But long term, I do not think you will see softening of rates.
Operator: The next question comes from Harry Mateer with Barclays.
Harry Mateer: On the 3.5x leverage target, Walt, you’ve spoken about it as being aspirational for some time. But at this point, with out ’22 and given your ’23 guidance, it seems more reality than aspirational. So how are you thinking about it now? Is the plan to hold this level going forward? Or are you not ready to commit to that with Sahara ahead of you? And what is still a pretty good oil price environment?
Walter Hulse: Well, Harry, I think that we’ve definitely achieved the goal as we sit here today, given the fact that we had an $830 million infusion from the insurance settlement, over the course of the next couple of years, we obviously will utilize some of that cash to build out MB-6. And we would expect to come back into that 35% or below in the not-too-distant future. We like that as a spot to give us flexibility going forward. But I think the peers walk through our capital allocation thoughts earlier. We’re not concerned if it trails down a little bit lower as we look for projects. But I would just go back to Pierce’s discussion about our capital allocation.
Harry Mateer: Okay. And then my follow-up is just — I know you guys recently redeemed one of your maturities later this year. You have another one. Any guidance you can give us on potential financing plans for the year and how are you planning to manage potential debt capital markets needs.
Walter Hulse: Sure. Well, yes, you’re right, that we actually did the make call because we could do it at par on the 4.25% for May. The other coupon that we have later in the year is 7.5%. So the make hall doesn’t work. So we’ll wait until the actual contractual call date, which I think the first time we can do that is early May. I think you can assume that given the fact that we have — had this cash infusion that we will take that out for cash at that point in time. And we’ll just assess our needs as we go through the year if there is a need for any further issuance. But as we sit today, we will cover off our maturities with cash on hand.
Operator: Next question is from Jackie Caleres with Goldman Sachs.
Unidentified Analyst: First, I’d like just to focus a little bit on the macro front. What are your thoughts on comfort level on backing egress out of the basin? And further, are you seeing the need for Bison River, any other ways to add gas capacity there?
