Jeff Martin: Yes. I would say we focused on really the last two remaining items that we are working on right now is focusing on lined up our non-recourse debt and also the sell-down of equity, right. And I think if you think about historically, what we have communicated about how we finance projects. We do step one, we look at project level debt is non-recourse to our owners. Two, we leverage the benefit of partners at the project level. We are very pleased to have ConocoPhillips play in that role in Port Arthur. Third, we use capital calls from our partners at separate infrastructure partners. We have got ADIA and KKR and the capital structure and they are going to have an important role in helping us move this project forward.
And then finally, as we are doing now, we look to bring in new sources of private equity capital to sell down our interest. So, for us, it’s all about striking the right numbers to take FID, and you should expect us to execute in a way that economizers calls on our equity while striking the right balance of efficient financing, risk mitigation and retention of upside from future project cash flows.
Nicholas Campanella: Thanks for all the color. Appreciate it.
Jeff Martin: Appreciate it. Thank you.
Operator: Thank you. And our next question will come from Anthony Crowdell from Mizuho. Your line is open.
Jeff Martin: Hi Anthony.
Anthony Crowdell: Hey. Good afternoon Jeff. Good afternoon Trevor.
Trevor Mihalik: How are you doing?
Anthony Crowdell: Good. Hopefully, two easy ones. And I guess €“ I don’t know if you mentioned it in Shar’s question, but Slide 14, you guys talk about maybe basis differential in the Western gas market. Is that an investment opportunity for either the regulated utilities or SIP?
Jeff Martin: I would go back to a couple of first principles here, which is we are very focused on building an infrastructure company. It’s one of the reasons that we talked about the reposition of this business back in 2018 really around being an infrastructure business and really removing non-core assets and commodities from our business model. So, in the Western region right now, we are focused on working through this Western region gas event. And certainly, we are trying to do that from a customer perspective. We have been relatively aggressive about trying to ensure we are making the appropriate announcements to our customers and put some good programs in place. But no, we are not pursuing a basis differential opportunity. But I would think it might be helpful, Justin, talk about how we think about your asset position, particularly in Texas, Louisiana and Mexico.
Justin Bird: Yes, sure. Thanks Jeff. I think €“ and I will hark into something that you said earlier, Jeff, that as a starting point, SI is really focused on long-term contracted cash flows from our infrastructure projects in Louisiana, Texas and Mexico. And I think there is two important points to remember there. One, we don’t own infrastructure in the Western U.S. and two we work to avoid commodity exposure. As you think about ECA LNG in Baja, as you recall, when we took FID decision in 2020, we essentially leased transportation capacity that would allow natural gas to be delivered from the producing basins both in Texas and New Mexico to the project when it comes online in 2025. And in the interim, we look to offset those costs by utilizing that capacity to deliver gas to customers.
