Alan Armstrong: Well, yes, the point I think that’s misunderstood, Jean Ann, is that we have the physical capacity to move that gas from Station 165 period into sentence and not very complicated. We have plenty of capacity to move from that point. The piece I think that got missed by some of the market consultants was the fact that the – how much would actually move from that point, because people are already buying supplies from Station 180 – or sorry, Station 85 and moving it north, but those same shippers have the ability to pick their gas up at 165 if they choose to. So it’s just going to be a matter of where they decide to pick their gas. But we have plenty of capacity to move gas out of station, the 2 Bcf a day out of 165.
So the physical capacity exists, the shippers actually are the ones that decide how we operate the system and where we move the gas from. And if they decide, they want to buy it at 165, 85 will get backed off and 165 will get picked up for supplies.
Jean Ann Salisbury: Got it. That makes sense. Thanks. And then as a follow-up, there was a big tick up in NGL and crude volumes that you classify as Overland Pass and Rocky Mountain Midstream this quarter. What was driving that?
Michael Dunn: Hey, Jean Ann, this is Michael. Some of that was Bakken volumes coming in on the OPPL line from a third-party as well as some methane volumes that picked up in the quarter.
Jean Ann Salisbury: Great. That’s all for me. Thank you.
Alan Armstrong: Thanks, Jean Ann.
Operator: Thank you. We go next now to Brian Reynolds at UBS.
Brian Reynolds: Hi. Good morning, everyone. Maybe to start off in the 2023 outlook, John, you talked in the prepared remarks about year-to-date outperformance, which supports at least the midpoint. But just kind of curious if you can give some commentary around, uncertainty around these hurricanes in nat gas pricing. Is that baked in to your confidence over the midpoint and thus just assuming constructive or normalized second half fundamentals, just kind of curious if you could sensitize the upper end of the range as well. Thanks.
John Porter: Yes. I think we want to have a lot of confidence in hitting our midpoint. So we do account for things that could happen around the hurricane season and perhaps additional weakness that could come, as I mentioned, from a further decline in natural gas prices. So we’ve built in some ability to handle those kinds of downsides relative to making sure that we can hit our midpoint. So I think conversely, the things that would move us higher in the range would just be better than forecasted performance in the underlying gathering and processing systems in the base business, which is always possible. And it is also possible that we could have a stronger marketing result in the fourth quarter. Sometimes we have fairly strong for example, Novembers and Decembers, but that is unpredictable.
Most of that performance comes in the first quarter. So we don’t like to overly depend on any kind of a marketing result to make the numbers. And so we got a lot of confidence just from the base business around hitting the midpoint of our guidance and certainly think we could exceed it as well, but still fairly early in the year and just weren’t comfortable yet in raising the guidance.
Brian Reynolds: Great. I appreciate…
Alan Armstrong: Brian, I would just add – yes, I would just add to that. On the natural gas – sorry, on our marketing business that I think it’s really important to recognize that really what drove the negative in there was primarily just the markdown on NGL inventory. So that’s just – that’s not really cash, moving through the books, it’s just a change in price on the inventory that we hold. And so unless you – if we were to mark that book right now, obviously, you’d see a pretty big step up in that, just because ethane prices have come up so much. But I think that’s really important for the Street to understand relative to balance of the year.
Brian Reynolds: Appreciate that. That makes a lot of sense. As my follow-up, great to see the environmental assessment for the Texas to Louisiana Energy Pathway Project to bring nat gas from Texas into the Louisiana border. LNG demand continues to be a theme, particularly on gas E&P calls this quarter. So just kind of curious if you could just discuss perhaps further greenfield opportunities beyond TLEP that Williams could pursue to bring even more natural gas from Texas across to LNG to support that future demand. Thanks.
Alan Armstrong: Yes. Thanks, Brian. Well, I would tell you we are engaged in a number of projects there. And we’re not in a position to be able to disclose those at this point, but we are involved in some pretty large scale projects that we’re excited about and we think we’ll add a lot of value to our shareholders as well as the industry in general and much needed. So we’re pretty excited about that, but we’re not in a position yet to disclose exactly what’s going on there.
Brian Reynolds: Great. Makes sense. We’ll leave it there. Enjoy the rest of your morning. Thanks.
Alan Armstrong: Thanks, Brian.
Operator: Thank you. We go next now to Praneeth Satish at Wells Fargo.
Praneeth Satish: Good morning. I guess, on Southeast Supply Enhancement, first, do you think the project could be upsized given that you noted a very strong open season? And then I guess, I’m still confused maybe a little bit on the lead time. The lead time for the project seems pretty long. It has an in-service date of Q4 2027. Is there anything in particular causing the timeline to be that long or is there may be a contingency in there for permitting?
