It doesn’t take you know a few more quarters? Does it take some stability in commodity prices to allow perhaps more generalists to come back in and begin to step in? Perhaps, and that’s fine. That is something that the consistency of the Range program, the stability of our drilling program, the diversity of our outlets I think allows us to prove that over time in the interim. Just simply generating significant cash flow and reinvesting in our business proves our point. So, I think we can continue to highlight that. We have very constructive dialogue with investors. In fact, the volume of that dialogue, number of phone calls is as high as we’ve ever seen it. So we feel very good about the state of investor relations and the general trend of our shareholder base.
And I think the premium of our inventory, both the quality and the depth of that inventory is recognized in our relative valuation to our closest peers. So we’ll continue to highlight that, and I think you know over near and medium term, that will continue to be rewarded and better recognized in the price of the stock. So we have a great standalone plan, a great business to operate here and a lot of value yet to deliver.
Arun Jayaram : I appreciate the fulsome answer. My follow-up, because I don’t know if Alan is on the line, but wanted to get some thoughts. You gave us a $15.1 billion approved reserve PV10 value using the strip. I was wondering if you could break out maybe the PDP value embedded in that number. And I noted that you made some minor tweaks to your type curves, you raised your wet area type curve by about 7% and dry gas came down a little bit. Just maybe you could address some of the changes to the type curves as well.
Alan Farquharson : Sure. Let me address the type curve ï¬rst, and I’ll take it reverse order. I think if you look at the last several years from ’20 through ’22, well results I think really dictate the increase in terms of the wet gas area. Well performance continues to remain strong. We continue to drill really high-quality wells. If you noticed, some of the wells in ’21 were probably some of the best wells that were ever drilled in the play as a matter of fact. So it really suggests that there’s a high quality of locations left when you look at the slide. Of our inventory slide, you see very low breakeven costs on a portion of our well. They would reiterate and support extremely great well performance. So I think what you see is just recognition.
Historically we have never gone out and after a year increased the type there. We look at a little bit longer term support data to be able to increase it. And of course, the development plan that we have identiï¬ed for the next 5-plus years, we’ll also support that as well. Minor tweak down on gas, just once again kind of looking at where the well results have been and recognizing them and looking at where the well performance €“ of what we can expect to see going forward. So we have a much larger position in the wet gas portion than what we do to the dry, so there’s a lot more of the inventory that’s going to be wet. So it’s going to be sustainable for a longer period of time. On the ï¬rst part of the question, I don’t remember what the PDP percentage is.
So we will get back with you. I’ll get with Laith and the team, and we’ll get back with you on that as well. I just don’t recall on the top of my head.
