So to your question more directly, how do we think about the allocation between debt and share purchases? We haven’t hard coded that with a specific percentage, but what I’ll say is or reiterate is our priority is debt reduction, but we’re very close to coming within our targeted net debt range of $1 billion to $1.5 billion. We’re just a couple of hundred million away from that and free cash flow examples we have on slide seven of the investor relations deck provides some hypothetical context around that. So free cash flow generation this year could quite easily put us within that range in the coming quarter or two, which gives us latitude on share repurchases and certainly keeps us in front support of our dividend going forward, and keeping that an integral part of the program.
So it will be €“ we have incremental latitude as we get within that range. In 2023 as we get within that net debt range, we’ve got incremental latitude on how to execute on the share repurchase program. So I would give you the example of what we did in 2022. Over the course of the year as we paid down debt, we ratably increased share repurchases. We were responsive to prices in our overall free cash flow generation, and in principal it will be the same in 2023 and going forward.
Umang Chaudhry : That’s really helpful. Thank you so much, guys.
A – Jeff Ventura: Yes, thank you.
Mark Scucchi: Thank you.
Operator: Please stand by for our next question. Our next question comes from the line of John Abbott of BofA. Your line is now open.
John Abbott: Good morning, and I’m on for Doug Leggate.
A – Jeff Ventura: Good morning, John.
John Abbott: Hey, good morning. Our first question is, there was some obvious M&A chatter last week. Anything might have highlighted the miss valuation in Range’s shares. What can you do at this point to further bolster recognition of the value opportunity for Range?
Jeff Ventura: Well, I would argue, just consistently execute and stick on the plan we are on, which is I think a really strong story of having best-in-class inventory, really long core inventory. We put some new data in the debt to kind of highlight that and give you more color, having the lowest cost per Mcfe added, being able to do that for a long, long time until what we think are better markets. So I think it’s just consistent execution. Mark just talked about our strategy and return to capital and prioritization of that.
John Abbot: Appreciate it. And then Jeff, for the second question you highlighted the inventory and you’ve had the benefits of 15,000 foot laterals. I mean just sort of when you look at your inventory in general, what is the opportunity on the 15,000 foot lateral plus going forward.
Jeff Ventura: I mean, it’s the beauty of our position being a first mover, having a big blocky position with what you think is the best area to stack pace, and with a really talented team that keeps finding ways to add value. So extending laterals, landing, loading, etc., I think our teams demonstrated year-in and year-out that we can, add value and do a – just get a little bit better each year and you’ll see when you look at the recoveries per 1000 and things like that in there. The team, we’re one of the few companies in the industry that’s consistently been able to replicate those results to improve when others are seeing core exhaustion. Dennis, you want to add anything to that?
