Unidentified Analyst: Got it. And I guess last question for me is if you look at the last downturn in 2020, 2021 Ranger advantage to kind of hang in there pretty well as a company. I guess if there’s a lot of talk of recession coming if that were to kind of happen again. How are you looking at liquidity cash flow? And how do you think in the current asset base because it’s a much larger company now how do you think Ranger would fare?
Melissa Cougle: You can go first.
Stuart Bodden: So, again, I appreciate the question. I think a couple of things that I’m really quite proud that the team has done is much like we had back then. But we’ve been very focused on making sure that we have large operations in basins versus a lot of scattered kind of local shops which really in a downturn in particular, if you have like a lot of scattered shops, it’s very hard to control costs in those environments. I think we’ve done a very good job, just by doing that and consolidating our footprint is kind of one of the first things that you do structurally to prevent or to position yourself or a downturn if it happens. So I think we’ve actually done a really nice job of that. I think that’s one thing. We run very lean G&A, again, kind of on purpose both in the corporate center and also in the regions again, trying to be protected in case there is something.
I’d also sort of highlight that in the wake of the acquisitions, we have a larger percentage of our yards and shops that we own, which actually just kind of levers our burn rate in a downturn. So I guess I feel like that a lot of the structural things that we’ve kind of worked on, position as well.
Melissa Cougle: Yeah. I mean, I would only add to that to say, I think what we’re also doing from just pure financial and management perspective is, we’ve really worked hard over the past year to get more real-time data, before I even showed up Stuart had been working on Power BI dashboards to show what rigs are working, where, how much. We’ve really worked to expand that to make our monthly financial reviews much more impactful to really start to proliferate, much more deeply our views on profitability. And then, I finally say, look, we have a lot of the same team, Matt Hookers here in the room with us. He helps manage the COVID process, if you will and Ranger appreciates that survivability is priority number one. And I would tell you that if we had — no one wants to make such decisions again, but we recognize we have two at times.
Stuart Bodden: Yeah.
Unidentified Analyst: I think that last part is kind of where I was looking for some clarity. Ranger was very, very quick to cut costs when you saw weakness out there. I guess, what is the state of the labor market now in your industry? And how does that compare to 2020, 2021?
Stuart Bodden: Yeah. I mean, it’s — as I said earlier, what we would say is essentially still pretty tight. It hasn’t kind of freed up like you might have thought. But again, I think just to kind of reiterate what Melissa said and this is a team that for better or for worse has been through a couple of downturns. And we know that acting quick is in the best interest of really the survivability of the company. So hopefully, we don’t have to do that, but we’re ready if we have to.
Unidentified Analyst: Great. Thank you. Keep up the great work.
Stuart Bodden: All right. Thank you.
Melissa Cougle: Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Stuart Bodden, for any closing remarks.
Stuart Bodden: Thank you everyone for your interest in Ranger, joining the call today. Happy Halloween. And I hope everybody has a great and safe week. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
