Tim Moore: Thanks and congratulations on the hearing outcome last month. It’s also nice to see — yes. I mean, it was great. I was watching that online. It was nice to see the multiyear multi-well Gulf of Mexico contract extension. And I really appreciated Elijio’s crystal clear comments about having enough liquidity to provide equity dilution because I’m sure a couple of investors were thinking about that a year ago, but it’s very clear now you don’t have to issue equity. So I just want to follow-up on one update that Elijio had already mentioned, about the buyout of the one Argentina early production facility. Just out of curiosity, and if you look back the last nine months or so, how were the EBITDA contributions or even the past year from the facilities compared to maybe what you expected? And when do you think next year, another one or two could come online? Would it be next summer or next fall?
Elijio Serrano: So the EBITDA contributions are significantly higher in our base water management and flowback business because they’re more capital intensive. And obviously, we’re only making the investment to achieve a return on capital. Now after the first two, we communicated to the market that we will continue to build and operate early production facilities, but we were not going to fund the CapEx on behalf of the customers. We believe that our CapEx will be better served by directing it to our investments in Arkansas that we think have a significantly longer tail to it. We expect that by maybe the back end of next year, we could add a fourth EPF because remember, even though we sold this early production facility, we will continue to operate on behalf of the customer.
We just won’t get the income associated with the capital invested, but we will continue to get income associated with people and maintenance of that facility. So we’re dropping to two owned EPF and one client-owned EPF that we’re providing people and equipment, and we’ll probably add another one late next year or the year after that.
Tim Moore: Great. That makes a lot of sense, Elijio. And maybe what would be helpful is — I don’t want to put any words in your mouth, Brady gave some comments maybe on a little bit of a timeline for this. But if we’re switching gears maybe to the bromine and lithium carbonate equivalent development projects, you’re making a lot of progress there. There’ll be the FEED study completed soon and then the preliminary economic assessment. When do you think — maybe you can just talk us through kind of the milestones and rough timing, when you think maybe if everything goes well and contracts are signed, could you start building some of the infrastructure December next year?
Brady Murphy: Well, we certainly feel the construction will start well before that, Tim. So timing wise, the way we see things playing out. First, now that our binding terms of our MOU go into effect with the unit approval, we are in negotiations with our partner for the joint venture operating agreements, responsibilities, et cetera, between the partners. That’s a critical issue. We like to think we can have that done if not by the end of the year or early in 2024. In the next couple of weeks, we expect to have our resource report completed. Again, that will quantify the amount of bromine and lithium in our Evergreen unit, which will be an important milestone. The FEED study, we’re anticipating to have completed for lithium within plus/minus 10% from a detailed engineering in the first quarter.
And then from that time point, obviously, we’ll be working with our respective Boards, both our Board and our JV partner’s Board’s for an FID decision point. But in parallel to all of that, we’re looking at all the long lead items that we would need to account for, if we were to start early on this project and understand what those long lead items would look like. Obviously, we’ve not made any decision on investment on those long lead items, but we’re going to be taking a careful and close look at that as we finish up the year as well. So that’s kind of the timing of things. But we would certainly be thinking about starting construction well before second half of 2024.
