Luke Lemoine: Good morning. You have outlined 2023 international growth and at your investor event kind of give us some parameters around 2025, but then your comments today about international growth could keep going through 2027 and possibly to 2030. I think we are all pretty familiar with Middle East, strong growth offshore as well, growing substantially, but what do you see as some kind of the later cycle growers or is this cycle mainly Middle East and offshore?
Olivier Le Peuch: Yeah. I think, again, to make sure we are clear on the commentary we have shared. I think I was specific about the later part of the year, the ’27 to 2030 oil capacity and gas development commitments in the Middle East, okay? Offshore, similarly, I think, it’s a typical development and FID that are being blessed and sanctioned this year and years to come, have three years to five years horizon. So combining the, what is expected to be the FID and dollar value in offshore environment in 2023 in the last 10 years with a pipeline is still strong going forward, we indeed expect three years to five years follow through on offshore from today and combining with Middle East, the rest, I think, is more related to short-cycle and it’s difficult to combine.
But I think these two major growth engines internationally, I think, have the potential to sustain a very resilient growth of international environment for years to come. Indeed, that’s correct and that’s hypothesis at this point.
Luke Lemoine: Okay. Thanks so much.
Olivier Le Peuch: Thank you.
Operator: Next we go to Kurt Hallead with Benchmark. Please go ahead.
Kurt Hallead: Hey. Good morning.
Olivier Le Peuch: Good morning, Kurt.
Kurt Hallead: So, Olivier, I wanted to kind of follow up as you kind of laid out your financial targets back from your Analyst Day in November and it looks like you are very much on track to kind of meeting those targets. And I just want to get a sense now as we are kind of entering into 2023, you got — are you getting a feeling that the market momentum in both international and offshore is even better than you thought it was when you laid out your plans for the Analyst Day in November?
Olivier Le Peuch: No. I think, generally speaking, I think, directionally, I think, the market assumption we took, the macro backdrop we anticipated are roughly the same. I think I will only put two comments. I think first is that the dynamic of this year has, as I commented in my remarks, a little bit of an upside depending on the China economic rebound and opening and that could lead later in the year to upcycle and FID acceleration and that will have an uptick on the year outlook. And secondly, I think, the — and I think building on the recent visit I had in the Middle East and the engagement I had with a lot of customers there. I think the strength of the — and commitment to this capacity expansion and to this gas development program, I think, is here to stay and will be resilient to market condition, I would say.
So I believe that the duration of the cycle, I think, we limited our guidance to 2025, but it’s obvious — becoming obvious — increasing obvious that this cycle will expand and we will have the strength to expand growth beyond €˜25 both on offshore and Middle East growth engine that will materialize.
Kurt Hallead: Okay. That’s great color. And then a lot of great information around your core businesses, just kind of curious now what — if you could give us a brief outlook on what’s happening on the New Energy side?
