But I think what we’re seeing that’s really attractive is we’re continuing to see the kind of small ball ground game to be the most attractive opportunities that are the highest rate of return, the most inventory accretive and ultimately set us best up for long-term value creation. So I think we’ll continue to be active on that front, and we’ll evaluate larger packages as they come, but kind of does see anything coming down the pipeline that we think is fit for us.
Leo Mariani: Okay. That’s helpful. And then just on Q4 for PR standalone you guys talked about kind of dropping a crew a little bit earlier. You kind of went faster. Obviously, a lot of efficiencies in Q4. Can you kind of help us out with sort of expected kind of standalone TIL count in 4Q in terms of number of wells? Is that coming down a fair bit this quarter? And just per your earlier comments, one to sort of clarify, given that the strength in 3Q seems like you’re fairly confident that you’re going to be kind of above midpoint of oil for full year for PR standalone.
Will Hickey: Yes. Q3 was our highest TIL count quarter as a business and Q4 will come down from there as expected. And also, yes, we were — you’ll never — PR standalone won’t be a thing because in Q4, it will include PR plus two months of Earthstone, but on a PR standalone basis, we were headed for a Q4 beat relative to the 90,000 barrels of oil per day target that we put out at the early year guidance. So yes, all of that driven by just acceleration of TILs into Q3, some into Q4 and then obviously increase in well productivity and better downtime numbers than originally budgeted for.
Operator: Our next question comes from Paul Diamond from Citi.
Paul Diamond: Apologies for that, had a bit of technical difficulties. I just wanted to touch base real quick on the ground game opportunities, 740 acres, 20 deals last quarter. Now with Earthstone in-house, just want to get your idea or get you guys idea on how — I guess what the opportunity is on the kind of legacy operations or the new stuff? And is your kind of attention shift anywhere or will all be kind of an all-inclusive type of event?
Will Hickey: Yes. I mean I think I’d say the opportunity set is brighter for our ground game effort with Earthstone. I think just kind of a larger footprint creates more opportunities for bolt-on acquisitions for trades, et cetera. I think it’s probably obvious that that’s going to be exclusively focused in the Delaware today. I think that’s where the full force of our operational and acquisition efforts are. But I think we’re excited. I think there’s a lot to do with these assets, we’re kind of one plus one equals more than two. So we’re excited and think the opportunity set only grows from here.
Paul Diamond: Understood. Just kind of one quick follow-up, given the recent mechanics of rising M&A in the market. Are you guys seeing any of kind of fluctuations on — in those negotiations? Or is it still kind of moving with the general market or kind of any deviation there in?
Will Hickey: I think small bull market has been really interesting over the last eight years. It’s been a lot more steady, kind of people. It’s largely independent private sellers or kind of legacy family-owned oil companies, et cetera. And we haven’t seen kind of prices change as much. They don’t — prices don’t fall as quickly when commodity prices or the broader market falls and they don’t rise as quickly when those markets are up into the right. So I think those opportunities have been steady. And I think for us represent a pretty unique value proposition today.
Operator: There are no further questions at this time, handing it over to James Walter for the closing remarks.
James Walter: Perfect. Thank you. I’d like to conclude today’s conference call on Slide 11, which helps to reemphasize our value proposition for current and future investors. Since the formation of Permian Resources last year, we delivered best-in-class returns for our sector and meaningfully outperformed the S&P 500. This outperformance was largely driven by successful execution. And as a result, our business continues to represent a compelling value proposition against other large capital oil and gas companies. It’s worth noting that Permian Resources now sits in a new class of large-cap peers, with enterprise value of almost $15 billion and 100% of our business focused on the Permian. It continues to be our belief that quality businesses such as ours with core assets, organic growth, efficient operations and a strong financial position have room to rerate to more competitive multiples, not only with our direct peers but also with other sectors in the broader market.
By continuing to enhance and cultivate these attributes to quarter in, quarter out execution and opportunistic transactions such as Earthstone, we believe that we can continue to create outsized value for shareholders and solidify our position as a leader in the energy sector. Thank you again for your time today.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for joining. You may now disconnect.
