Brendan McCracken: Yes, Arun, I appreciate the call out here. I think — look, I think we’ve been really clear, we think one of the keys to generating durable returns is having a deep premium inventory. And we drill a little over 200 wells a year as our ’23 plan. So we need to be replacing that as we go is our view. And our strategy is to do that with a combination of both the organic effort to get more locations on the acres we already control, but also the bolt-on approach that you’ve seen us be following in. And we think we’ve had very good success in ’22 on both of those fronts, and you’ve seen the numbers. I won’t quote them again here. And so that’s been the place that we’ve seen the most accretive to do that work. To your question on the go forward, I think we’re just going to keep following that strategy.
I think we’re very returned and value-focused and we have to do like the numbers said, we had to do over 90 transactions to make that happen. So we obviously are very familiar with the market is. And I think for your 300, the one thing that we’ve said all the way along is that’s not going to be ratable because, of course, we don’t control the other side of these transactions. So we have to be opportunistic, but that’s the approach we’re going to take is that over time, it should kind of iron out to that level, but it’s probably not going to wind up being ratable, even though it relatively was about that number in 2022. So it’s going to be one of these ones where we’re just going to have to watch and see how the market develops and how sellers look to optimize their portfolio with time.
Arun Jayaram: Great. And my follow-up, Corey, I wanted to go back to the cash tax question. In your previous commentary, you suggested that, call it, there’d be kind of a $5 gas price where you thought that you wouldn’t really be subject to Canadian cash taxes in 2023. And I think you provided that in the second quarter call. I was wondering if you could help us kind of reconcile what changed, and any forward thoughts on 2024, if you run a maintenance program at a similar $75 and $3 deck in terms of cash taxes next year?
Corey Code: Yes, Arun, just I guess, if you think about from that second quarter number, at that point, we were probably seeing it closer to 100. If you took the $5, that’s where it got more material. This is all just to emphasize it in case people missed the prepared comments, it’s all Canadian tax. And so the realized gas price is probably the biggest driver there. That’s where we’ve got the full 1 Bcf a day out of the 1.5 roughly that we have total. So any market diversification benefits that we have accrued into that Canadian cost center. And so we saw a better performance in the back half of the year than we probably forecast at the time of the Q2 call. So just consume those Canadian NOLs a little bit faster than we thought.
So that’s really the driver for why it’s now $200 million to $250 million at the $75 million. And then going forward, the bigger step change is really the cash tax in the U.S. from the AMT that we could likely trigger at these prices. tripping over that $1 billion threshold this year to be — I don’t want to say qualifying for that, but be subject to that next year.
Operator: Your next question comes from Gabe Daoud at Cowen.
