Steven Adam: Sure. Thanks, Sean. Good question, Noel. Let me kind of give a little bit of backdrop for it. Up until middle of last year, we were only 1 rig. And so we had kind of a lot of gaps in our frac schedule. But since the middle of last year, we haven’t been able to fully level load frac rig, but we’ve been a — proven spread, but we’ve been in a position to, on average, around 80%, 85% of the load, and we’ve been able to find comfortable fills for those gaps because we have a schedule that looks pretty far out. So the timing of all that, Noel, we’ve been able to come back pretty fast on anything that’s either an opportunity or as it’s scheduled. So for instance, our frac schedule follows pretty much in cadence with their drilling rigs.
As you know, historically, we’re not really a DUC company. So as it relates to these DUCs that we do have already in our portfolio, we have flexibility, and we have GAAP opportunity by which to take our frac spread to that. So that’s — availability right now hasn’t been a concern. In terms of the efficiency, right now, our frac spread is the premier frac spread in the entire Eagle Ford, and it’s the #4 frac spread in all of America short of 3 opportunities in the DJ Basin, which are much more — much different environment and not even as risk-oriented as what we do in the Eagle Ford. So very fortunate there from a frac efficiency point of view with respect to the crew that we’ve been able to use for some time now and continue to plan to use.
And then products related to that frac facility, as we look at all the components to it, horsepower, sand and chemical, we’ve been able to work with our provider and also hold the line on certain items as it relates to unit cost for that. And then secondly for sand and some of the other needs in terms of our water facility needs for that, we’ve also been able to hold the cost. And there, that’s why we’ve been able to offset some of those inflationary pressures that we talked about earlier and being able to now hold within 1% of AFE and then some — and then also at midpoint of CapEx. So we feel comfortable in being able to go with that forward, especially with the backdrop of some of the lower decline issues we’re seeing in inflation.
Noel Parks: Great. And just one last one for me. When you’re talking about with the DUCs, you do have some capital that’s in the ground that if you were just completing straight ahead, you get that return sooner. So just kind of thinking about liquidity. And yes, of course, you have flexibility on the credit line. But I’m just sort of thinking maybe for the rest of this year, there’s a little bit of crystal ball stuff I’m asking. But if you decided you were going to do a transaction or maybe gas responded more quickly, and you decided you were going to, I don’t know, go a little bit more aggressive on activity, all things being equal, would you see yourself if you decided to do some debt financing more gravitating towards the credit line, like a variable rate type debt?
Or would you be thinking more looking at the debt markets about, no, we want fixed rate, kind of the double we know? So I know it’s kind of a very amorphous question, but just curious your thoughts on that.
