Brian Cree: Yes. We talked about what our pipeline is. And at the end of the year, our pipeline was just under 17 net wells. Typically, that pipeline is anywhere from 15 to 20 net wells at the end of any quarter, just kind of depending on where we are with our acquisitions and how many wells are still in the DUC status and whatnot. So it feels like it’s – we’re right in line kind of with our expectations over the past few years, and that feels like when we combine that, Bob mentioned the M&A activity, and that includes our near-term development acquisitions. That pipeline is still strong. From our standpoint, we look at a lot of transactions, potential transactions, a lot of deals. We bid on almost everything, but we don’t have a very high hit rate. But when we combine kind of where our pipeline is right now with what we see on the organic side, it feels like that’s kind of why we, again, continued with our guidance into 2024 unchanged.
Chris Baker: Great. Thank you.
Bob Gerrity: Thanks, Chris.
Operator: Thank you. And our next question comes from Jeff Grampp with Alliance Global Partners. Please state your question.
Jeff Grampp: Hi, guys.
Bob Gerrity: Hey, Jeff.
Jeff Grampp: I am curious on the production numbers. Q4, you guys kind of almost jammed whole year’s worth of production increase in one quarter. And you mentioned timing and well performance being the big factors there. I’m curious to dig into that a bit more and more curious on the performance side. Is that – would you characterize that as perhaps just some inherent conservatism that you guys tend to put in your model? Or is there anything maybe tangibly different that you saw from operators that might help explain the better performance?
Brian Cree: Jeff, this is Brian. I’ll take a first crack at that and let Bob or Jimmy weigh in also. But one of the things we really touched on when we did those acquisitions at the end of the third quarter and talked about them in the fourth quarter, was that we were looking for – this was an opportunity to bring on some wells earlier than you would normally do in our near-term development acquisition strategy. Because typically, when we do that, we’re buying more wells that are just in the process of being drilled where during that third and fourth quarter, we were able to acquire things that were coming on sooner. And the unfortunate part for the fourth quarter is just a lot of those wells came on as we had expected, maybe a little earlier than we expected.
I’m not sure that the performance itself was that much better than we had underwrite it. It was underwritten – it was a little better than what we had underwritten, but it was really the timing of those wells coming on sooner, which, again, from our standpoint, it’s all about velocity of capital. We want to make sure that when we acquire things, love to see those get turned on as fast as possible. And that was kind of more of the impact in the fourth quarter. Wells just came on sooner than we had expected.
Bob Gerrity: Yes. Jeff, this is Bob. It’s that whole concept of when we see a deal that really is economic, we will buy it. It’s not like we have a fixed budget every quarter. So we don’t try to smooth our production. And in the third quarter last year, we found some really nice wells. And so it’s going to be lumpy, Jeff. It’s hard to extrapolate that, but when we see them that are attractive, we get them.
Jeff Grampp: Absolutely. Understood there. I appreciate that. And maybe to tie into that last point, Bob – and with respect to acquisitions and maybe more of the ground game world, I think in ‘23, you guys did about $35 million in acquisitions. And exactly as you said, I know you don’t set goals per se for capital deployed, but in the context of what you’re seeing out there in your funnel today, how would you kind of handicap or assess what ‘24 may look like relative to ‘23? Was ‘23 a gangbuster year with $35 million? Was that a slower year? How do you – how would you kind of book and activity levels as you look in your crystal ball for ‘24?
Bob Gerrity: Yes, fair question. Hard to give you a quantitative answer for that. We’ve been doing this for 12 years, and I will tell you that this is the best opportunity set we’ve ever seen. So that doesn’t mean we’re going to do everything, but we’re we’ve got a lot to choose from. So this is a – it’s a healthy year. So we’ll – again, I can’t give you a number. But Brian, you got any more color on that?
