Phillips Johnston: Hey, guys. Thank you. First, just to follow up on Neal’s question on well productivity. Slide 9, you show an expected 3% increase in your average productivity this year [indiscernible] from the Delaware. Is that mainly a function of the geographic mix shifts with 70% of your activity on towards Mexico versus the 40% last year or were there other factors driving that?
James Walter: No, well mix should be the biggest factor there. You’re spot on.
Phillips Johnston: Okay. I assume that’s all baked into your ’24 guidance, right?
William Hickey: Yes.
Phillips Johnston: Yeah? Okay. And then just last question, just the next 12 months PDP decline, that [indiscernible] assumed in your year-end 23 reserve report. And would you expect that decline rate to change significantly between now and the end of this year?
William Hickey: Sorry, what’s the second part of your question? Can you just repeat that real quick?
Phillips Johnston: Yeah, just — I’m looking for just a PDP decline rate that [indiscernible] assumed in your reserve report? And then I said the follow-up, would you expect that decline rate to change significantly between now and the end of this year?
William Hickey: I can’t say I’ve read what [indiscernible] reserve report says, but I can say what we say. It’s low to mid-30s on a BOE decline. And then, do I expect it to change? Sure, yeah. Every year, it should — especially years where we’re not having the significant amount of growth like we had last year, you’ll see that decline will slowly arrest. I don’t assure it’s going to be super significant, but yeah. That decline will continue to shallow out between now and year end.
Operator: Your next question comes from the line of Subash Chandra from Benchmark.
Subash Chandra: Yeah. Thanks, guys. The 150-ish type transactions, 17,000 acres are, I think, the metrics you threw out. What do you think the dollar per location map has worked out to?
James Walter: We haven’t — we potentially haven’t published that in a lot of these especially smaller transactions, I think there’s probably some competitive dynamics that are important to keep tight to the vest and some — frankly, some confidentiality there. But I would say the dollar per location is going to be in the pretty low single-digit millions, if that gets you in the right direction.
Subash Chandra: Yeah. Yeah, I guess directionally, that’s cool. And then secondly, on the integration costs, are they all done at this point? Or should we see anything flow into ’24?
James Walter: Well, it’s — about 20 in the first half of the year.
Subash Chandra: Another $20 million?
James Walter: Yeah, and then done.
Subash Chandra: Got it. Okay.
Operator: There are no further questions at this time. I will now hand the call back to James Walter for closing remarks.
James Walter: In closing, I just want to say that we believe our Q4 ’23 results and our 2024 go-forward plan speak for themselves and demonstrate just how good our Permian business is. As the lowest cost operator in the Delaware Basin, we believe that we are positioned to continue to generate significant returns for our shareholders as we build our track record of consistent low-cost execution, year in and year out. Thanks to everyone for joining the call today and following the Permian Resources story.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.
