Brendan McCracken: Yes. And we — I don’t have the slide number off the top of my head here, but the slide that shows the Permian type curve performance also shows the math of where those 44 wells are across our land base. And what you can see from that is there’s spread across the land base. So what that is telling us is this — these completion designs are working across the Permian for us. And so as far as sort of the Tier 1, Tier 2 implications, really, what we are seeing is it’s making the Tier 1 stuff better. And the good news story for our acreage position is we are pretty much in the core of the basin across the board. So we’ve really been just using it on the acres we’ve got, which are really all in that Tier 1 bucket.
So — but I think your point is valid, which is moving locations from near premium into that premium bucket is a win, and we look to do that all the time as well. One of the things we’ve talked about on the new acres is that 800 premium count underwrites 3 bench development across the acreage. And Greg pointed out, we’ve got quite a number of wells in progress that we will be bringing on stream and those cubes are all either 3 or 4 bench cubes or even higher in some instances. So excited to see how those completion designs show up when we start to get them later this year.
Arun Jayaram: Great. Thanks. [Indiscernible].
Brendan McCracken: Thanks, Arun.
Operator: Your next question will come from Neal Dingmann at Truist Securities. Please go ahead.
Neal Dingmann: Good morning. Thanks for the time. Brendan, my first question is on your forward plan, which seems quite good. Specifically, you all talked about stable out your production, I believe. And I’m just wondering, would you kind of consider this kind of a maintenance plan? And if so, could you maybe speak to the — around the level of CapEx needed to sustain this?
Brendan McCracken: Yes, Neal, I appreciate it. Yes, we reiterated that 2024 view here today and obviously feel good about where that is sitting as we get further and further into the year here and now actually have control of the new assets, continuing to feel really good about that guide. The big movers are going to be how much deflation actually shows up. We think sitting here today with what we know about cost structure and activity levels that guide still makes total sense to us. So the implied midpoint of capital for ’24 and then settling in at that 200,000 barrels a day in the second half, make total sense. The only thing I’d add to that in terms of maintenance is we continue to think that’s the right way to prosecute this business.
And we’ve talked about really 3 gates of decision making to consider around capital allocation for either maintenance or modest growth. And really, in order to even think about modest growth, the 3 gates for us would be, first, it would have to be a better cash flow per share outcome than just buying our shares back. And so that’s the first test. And then the second test would be does the world need more barrels and more BTUs. And then the third test would be what’s the execution risk on adding that activity. And if I just quickly run through that model here, today the buyback still screen more favorably than adding rigs and spreads to the program. And then our judgment today is the world isn’t asking for more barrels and BTUs from our company.
And then the third gate there, certainly, that execution risk from a year-over-year perspective feels a lot better than it did last year when inflation was running pretty hard. So — but still, those other 2 gates would have us staying in that maintenance mode.
