Unidentified Analyst: Hi there everyone. This is Eli on for Jeremy. Just wanted to touch on unit repurchases. You guys repurchased $7 million in the first quarter. It seemed like a slight step down from historical levels. So, framing less financial flexibility, how should we be thinking about the cadence of share repurchases throughout the remainder of the year? And like, what could move the needle there a bit?
Michael Ure: Yes. Eli, it’s a great question. So, we’ve had the same logic and perspective around unit repurchases that we always have. It’s on an opportunistic basis. Up to this point, we had already — we’ve already largely fulfilled about half of our original buyback authorization amount. We’re about 40% of the total. So we’ve obviously executed on that commitment over time. And so, in any one given quarter, it’s just dependent on whether or not we see dislocations and opportunities to repurchase units. So, I couldn’t specifically forecast what that’s going to look like on a quarter-to-quarter basis, because it’s really dependent on what the market conditions might drive us towards during that particular quarter.
Unidentified Analyst: Understood. That’s helpful. Thanks. And then maybe switching gears a little bit. I wanted to get some more color on CapEx. We recognize Mentone III is coming on in 4Q, but maybe beyond that, how should we be thinking about return parameters for kind of incremental projects or general thoughts around future spend?
Michael Ure: Yes, our return parameters have been consistent and will continue to be consistent. We always look for a solid return profile before we sanction projects and capital. So, as it relates to Mentone, thus far, we’re still on track from a timing and capital perspective. It’s really positive or really pleased with where we sit on that. And then any incremental capital and in particular with regards to additional processing capacity would still be under the same logic that we’ve held around driving returns overall. And the timing or requirement of that will be dependent on when it is that we can feel comfortable that that’s a project that would meet those return thresholds that we’ve already established.
Unidentified Analyst: Got it. That’s helpful. Thanks, guys.
Operator: Your next question comes from the line of Keith Stanley with Wolfe Research. Your line is open.
Keith Stanley: Hi. Thank you. Can you quantify, how the volumes are tracking across the products versus what you guided to last quarter on the percentage change basis? I imagine there’s some impact just from the weather in Q1.
Kristen Shults: Yes. Overall, we’re still tracking to the same numbers that you saw last quarter. You had a little bit of noise this quarter just with the storms, we saw in Wyoming and Utah, but nothing that materially impacted, where we’re seeing it just from an average year-over-year perspective.
Keith Stanley: Got it. And then separate just technical question. As you amend contracts with Oxy to add firm volume commitments. Should we assume that the processing rate under the amended contracts for the expanded capacity is similar to what the existing contract rate is, or does this vary deal to deal as you move forward and add volumes?
Michael Ure: Yes. Typically with the amendments, it’s really more around the service level that we’re offering up with regards to those incremental volumes. So, in other words, going from interruptible to firm.
Keith Stanley: Okay, got it. Thank you.
Operator: Your next question comes from the line of Gabe Moreen with Mizuho. Your line is open.
Gabe Moreen: Hey, good afternoon everyone. I know this may be the wrong question to ask after obtaining investment-grade, but I’m curious about the 3.2% kind of target that you’re driving towards the year-end and as it pertains to unit repurchases. Should we really consider that 3.2% kind of a line in the sand just because I think Michael you’re comments about being opportunistic on the unit repurchases and all the slides talking about the free cash flow yields and quite frankly, all the volatility out there in the market. I’m just wondering how much you’re willing to put your balance sheet to work to work should the opportunities arise for more unit repurchases?
