Eric Fisher: Yes. If you — we’re not going to speak on everyone else’s projects, but we do see that a lot of the R&D projects are taking longer to come up and their projects are being slowed down. So our outlook is the expected growth curve of R&D is not going to be as aggressive as a lot of predictions.
Jason Gabelman: Okay. I appreciate that. And then my follow-up is just going back to the outlook on cracks. And I think a lot of investors have been surprised that the strength we’re seeing in cracks and so kind of two parts to this one. Do you think the kind of hotter-than-normal weather globally has supported diesel demand at all? You’ve already mentioned that you’re not going to comment on refining operations of your peers in the warm weather. So wondering if there’s been a demand impact, though, from the high weather? And then the second part is, — can you talk about just given you mentioned inventory product inventories are low. The path forward to rebuilding those, given the global capacity seems to be running all out how does the world restock gasoline and diesel, which are at or below historical levels? Thanks.
Gary Simmons: Yes, Jason, this is Gary. I don’t know that we can see that the warmer weather has caused a significant change in diesel demand. I think where inventories are low in the United States, we’re seeing the same thing globally. Low diesel inventories and a pull from the United States into — especially into Europe, very high as a result of low inventory globally. Moving forward, I don’t know really where the path is in terms of restocking the inventory. You look — we’re 35 million barrels below the five-year average. Last year at this time, we were 35 million barrels below the five-year average. So we really aren’t making it dent in it. If you look going forward, yes, there’s no refined capacity coming online, but — when you look at the stated nameplate capacity, that new refining capacity and you look at the estimates of global oil demand growth, it doesn’t look like a significant impact on the supply-demand balances going forward.
Jason Gabelman: Great. Thanks for the color.
Operator: Thank you. The next question is coming from Matthew Blair of Tudor, Pickering, Holt. Please go ahead.
Q – Matthew Blair: Hi, good morning. Thanks for taking my questions. Do you have any thoughts on the expected impact on RD margins in 2025 when the BTC converts to a PTC. As we look at it, it appears the dollar per gallon subsidy would go down with the PTC, but then, it seems like you might be helped out by just less competition from foreign RD imports. Does that make sense on your end? And is there anything else you would add there?
A – Lane Riggs: Yes, I think you’ve got that surrounded. The one thing I would add is when you go to a carbon intensity basis for the PTC, that will advantage Diamond Green Diesel because we run the lowest CI feedstocks. So whatever the PTC becomes, we will still have the highest capture of PTC versus our peers. So there’s no doubt that it becomes a fraction of $1 based on CI but we’ll still have the most advantaged platform.
Q – Matthew Blair: Great. Thank you. And then on the ethanol side, is an alcohol to jet SAF projects still a long-term possibility? And could you — if so, could you compare that to what you’re doing currently at DGD? Like how do the two production techniques compare in terms of capital cost, operating cost, scale and do airlines distinguish between the two different types of fuel?
