John Daniel: Okay. And then I thought the commentary in the release in on the prepared remarks was helpful. But as you look at the difference between smaller bolt-ons versus the larger deals, I mean again very general question, but how would you – who’s more realistic in their expectations? And if you could just opine on that, if that makes any sense.
Stuart Bodden: Yes. I think what I would say is we’re probably more focused on the bigger transactions than the smaller ones. And part of that, John is that, I think on the smaller ones, unless it’s really tied to a specific region that we’re not in, right? So it’s a geographic expansion, or perhaps they have a technology or a sort of a defensible position. I think those are interesting to us. But in general, a lot of the smaller players, we feel like we have equipment, and a lot of the smaller players don’t really – they don’t give us a lot. Whereas I think we feel like with some of the bigger ones, we can really kind of continue the consolidation theme that we’ve been pursuing. So I think we’re more focused on the bigger ones.
John Daniel: Bigger one. Fair enough. And then the last one for me is just on coil tubing. I know it’s not the biggest of your businesses, but just your thoughts on what you’re seeing there. And then just as laterals are getting longer at the Permian, sort of separately, any difference in demand for stick pipe versus coil? I know just some thoughts would be helpful on the operation side.
Stuart Bodden: Yes, I’ll start off on the first one on the coil. And again, the coil business for us in the Rockies. I think what we are seeing is even there with the longer laterals, we’re seeing demand for kind of, again sort of more capable equipment, so we’re seeing – we are starting to see that. And we do have some investments that are planned for the year to satisfy that demand. I think if you look at on the drill out space for us in 2023, even with the slowdown in frac, that kind of happened through the year. Our 24 hours space or our drill out space was very, very consistent through the year. So its – I wouldn’t say it’s a huge shift, but again, I think we’re seeing demand hold up pretty well. It was a little slower in January, but we’re kind of back off to the races on that.
John Daniel: Okay. Thank you for including me.
Stuart Bodden: You bet. Thanks. Appreciate it.
Operator: The next question comes from William Kim of Custodio Asset Management [ph]. Please go ahead.
William Kim: Hey, Stuart, Melissa, thank you for taking the call.
Stuart Bodden: Hey, William.
William Kim: I guess it looks great that Ranger is in a great financial position to be able to repurchase shares being debt free compared to your competitors. I think your shares have been reflecting that versus the other guys. But my question relates more to the shareholder dynamics today. I know that your largest shareholder has distributed shares to their limited partners, partially, but I know there’s also a large chunk left. Do you have any color on what the exit strategy may be in the coming year?
Stuart Bodden:
LPs:
William Kim: Got it. Would you – do you think that there’d be maybe an opportunity to repurchase a large chunk of those shares or is that kind of not in discussion or on the table.
Melissa Cougle: Yes. I mean, I guess I’ll take a stab at that to say, our best understanding right now is those are not available to be purchased. One thing Stuart did mention is there was some selling on the back of the distribution of fund one. We understood that to be some small rebalancing. So it’s not our understanding at this point that those shares are available and they’re interested in actually hitting the market. I think if we were to become aware that there was a distribution planned or there was a need to sell further, the fund – our Board member is pretty keenly aware of our desire to repurchase. So we have a very active dialogue around that. So we would be very interested in engaging in that discussion. As best we know now, those shares are not coming up.
William Kim: Got it. Thank you so much and keep up the great work.
Stuart Bodden: Thanks, William. Appreciate it.
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: Thanks, Andrea. Thanks, everybody, for joining the call. Thanks for your interest in Ranger. Very much appreciated, and hope, everyone has a great day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. And you may now disconnect.
