The other project, in addition to Phase 2, that’s important to note is support of the Haisla led Cedar LNG project, which would be the largest single indigenous lead investment in Canada’s history. So we’re working with them as a customer as well as an offtaker off of CGL. So very exciting opportunity. Getting this corridor on the ground is really — it’s very similar to our broader footprint and that we’ve established the right corridors to the right markets, connecting supply and demand.
Praneeth Satish: And you touched on asset sales and CapEx as options to help the funding program, wondering about dividend growth and whether slowing dividend growth is a lever that you’d consider to accelerate or manage deleveraging?
Francois Poirier: I think with respect to the comments I made earlier, Praneeth, around our payout ratios being among the lowest in our peer group. When we look at our $34 billion capital program going forward, we look at the divestiture program that is well underway. We don’t see a scenario where we will need to change our dividend policy. We expect to continue to grow the dividend in that 3% to 5% range. I’ll remind everyone that, that is subject — that, that is a Board decision. But in terms of what management would be recommending, we don’t foresee any need to make any changes to our long-term dividend growth range even after giving effect to the divestiture program.
Operator: Our next question comes from Harry Mateer of Barclays. Please go ahead.
Harry Mateer: As you’re advanced in the asset sale program, can you talk a bit about your financing strategy in the meantime? I saw you guys borrowed on a term loan in 4Q. So are you thinking of using the bank debt market as an interim measure to bridge until asset sales close maybe with some prepayable debt in the mix? Or are you more inclined to take advantage of the inferred rates curve right now and issue some term debt?
Joel Hunter: Yes, Harry, it’s Joel here. As you’ve noted, we did do a term loan for $1.5 billion here in December. Going forward, we do have a normal course refinancing that we would do here. So we look to the capital markets, debt capital markets, both in Canada and the U.S. moving forward. To your point, when you look at the curve right now, obviously, funding levels look pretty attractive further out. We need a 10-year and 30-year space. So we’ll look to that, potentially the front end of the curve by cash. But we’ll still do with normal course financings in the debt capital markets here going forward. Keeping in mind, though, that we will have cash proceeds coming in from asset sales. So we factor that into our calculus. We’ll use a combination of funding in the debt capital markets and short-term debt.
Harry Mateer: And then my follow-ups with respect to hybrid capacity. You’ve been very close to S&P’s maximum. Can you just update us on how you see that hybrid capacity evolving in the next year or so and what that might mean for your ability to tap that market?
Joel Hunter: Yes. So to your question, it’s 15% of our total capital structure. That’s the S&P methodology, and that’s what we adhere to. So as the balance sheet grows, obviously, there is going to be additional capacity that’s created, so we’ll still look to that market for additional funding going forward. I’d just remind everyone that we do get 50% equity credit when we do issue hybrid securities. So it’s an attractive way to help with our deleveraging, if you will. We did do USD 800 million of hybrids last March to replace our preferred shares that we redeemed at par in May. So again, as the balance sheet grows, so does our hybrid capacity, and we’ll still adhere to around that 15% threshold?
