Brendan McCracken: Yes, Roger, I appreciate the question. Look, what we’ve done is built a portfolio that can be competitive for capital in every asset that we have. And so you can see from the capital allocation across the portfolio, the two biggest places where we’re allocating capital are our two biggest assets, so this is kind of no surprise, the Permian and the Montney. But our returns that we’re generating in the other two assets that Uinta and the Anadarko are very competitive for capital. And so we could move a rig around the portfolio and not have a change in corporate return. And that’s been how we’ve designed and sort of trimmed the portfolio over the years is to have exactly that multi-basin portfolio where everything is competitive for capital.
So I think that’s what you should continue to expect. I think we’re excited about each of the assets in the portfolio and what our teams are doing to generate free cash flow and capital efficiency gains in each of them.
Roger Read: Okay, well that is my only question. Appreciate it. Thank you.
Brendan McCracken: Yes, thanks Roger.
Operator: Thank you. And the next question comes from Geoff Jay at Daniel Energy Partners. Please go ahead.
Brendan McCracken: Go ahead, Geoff, if you’re there. I think we might have lost him, operator.
Geoff Jay: Hi, can you hear me? Sorry about that.
Brendan McCracken: Hi, there we go.
Geoff Jay: Yes, sorry about that. My question is really about the multiyear outlook for the Montney. I guess, given the Trans Mountain expansion, obviously, conde is tight right now, and I wonder kind of how you sort of think about the incremental pool for condensate going forward and what the opportunity set is for you to either grow that asset or at least get maybe even better pricing up there?
Brendan McCracken: Yes, Geoff, I appreciate the question. And this has been a dynamic that our teams follow very closely for quite a number of years, and our view has always been that the Montney condensate will stay a premium product and that view is really just informed by how the marginal pricing is being set. So today, the Canadian market is about 50% domestic short on condensate. So around half of the demand is actually being imported into the basin. And that’s the price setting mechanism that creates the premium pricing that you’re referring to. And so as the oil sands producers expand brownfield projects and get more market access, that just exacerbates that net shortage of domestic condensate supply. And so we see the fundamentals continuing to be strong there for years and years to come.
And that’s been the strategy of how we’ve deployed capital into the play is to chase that premium priced barrels. So — and then to your question on growth, really, our Montney plan as it stands is maintenance level because as a company, we’re a maintenance level. And so that’s the role that, that asset has been fulfilling in the portfolio. But as we’ve highlighted over the recent years, we have the ability to modestly grow that if there is a market call for that growth.
Geoff Jay: That’s super helpful. That is all for me. Thanks guys.
Brendan McCracken: Yes, thanks Geoff.
Operator: Thank you. At this time, we have completed the question-and-answer session. I will turn the call back over to Mr. Verhaest.
Jason Verhaest: Thanks, Joanna and thanks everyone for joining us on our call today. This call is now complete.
Operator: Ladies and gentlemen, this concludes your conference for today. We thank you for participating, and we ask that you please disconnect your lines.
